1. Axis Bank OD A/c: The Cash Credit of Axis Bank Ltd is secured against PAID Stock and Debtors and collateral
Security of Plant and Machinery, Properties Located at 1) Industrial Property of Land admeasuring 5600Sq.Mtr & Building/Shed Constructed there on at Gat No.1209, Situated at Village Wadki, Taluka Haveli Dist. Pune. 2) AeM of Flat No.302 on 3rd Floor, C building Namely: Krome Citronea Complex, Having Built up Area of 1800 SqFt. Situated in Survey no.16/12 Undri Pune, Tal Haveli Dist. Pune. 3) Industrial Plot in the name of Company Area 2450Sq Mtr. at Gat no.1217, Wadki, Pune, which is Adjoining to the Factory Land and Building at Gat No.1209 along with personal guarantee of Directors. CC of Rs 14 Crore, BG limit of Rs. 8.5 Crore and ECLGS Limit of Rs.1.47 Crore (Run down Balance) has been sanctioned by Axis Bank on 21.12.2022 In addition to guarantee of directors, other guarantors are Mrs. Baghirathi Padole & Mrs Shabri Padole.
2. ICICI Bank OD A/c : The Overdraft facility of Rs.57 lakh is secured by Residential Property situated at Vila 8, Insignia Brookland, Undri, Pune in addition to personal guarantee of Mr. Milind Padole, Mr. Manohar Padole, Mr. Rahul Padole, Mrs. Bhagirathi Padole, Mrs. Shabri Padole
11.1 Masterji AI Pvt Ltd is a subsidiary company of Affordable Robotic and Automation Ltd, holding 65% of Stake (Current Holding is 67%). The Company is incorporated in earlier year for carrying on business of formal and informal education to train students in both India and abroad for various educational programs through e-learnings. To Enhance education by developing Products using latest technology tools using different mediums including internet, satellite, television, mobile, tablets, Holograms, AGV and AI etc.
11 2
The Company has formed ARAPL North America LLC, but no investment is done till date in this subsidiary. - (100% Holding of ARAPL)
11.3
The company Arapl Intelligent Equipment Shanghai Co. Ltd. Which is a subsidiary is inoperative during FY 2022-23 (80% Holding of ARAPL), The Investment in this company has been already written off in earlier years.
11.4 ARAPL RaaS Pvt Ltd is a subsidiary company of Affordable Robotic Automation Ltd, holding 81.2% of Stake. The
Company is incorporated in earlier year for carrying on business of Warehousing Automation Solution on the concept of Robot as a Service and out right solution.
ARAPL RaaS International LLC (USA) is a subsidiary company of ARAPL RaaS Pvt Ltd, holding 100% of Stake, for expansion of the warehousing Automation Solution Business in USA.( Step 2 Subsidiary of ARAPL).
11.5 The Shares in Baramati Sah Bank Limited were acquired as a pre-requisite for getting loan from Bank, The loan taken was repaid. The shares surrender application is pending with bank for approval.
33 Transactions with struck off Companies u/s 248 or 560 - NIL
34 Charges yet to be registered with Registrar of Companies - Limits with Punjab National Bank as reported in Note No 3 is pending due to non-receipt of relevant documents and for ICICI Bank Limited OD as reported in Note no.6 (a) no separate charge created as it is already secured by Residential Property as mentioned in Note No. 6.1.2.
35 The Company has not traded or invested in Crypto Currency or virtual currency during the year
36 No proceedings are initiated or pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988).
38 Significant Accounting Policies
38.1 Method of Accounting
The accounts of the Company are prepared in accordance with the accounting principles generally accepted in India. The Company has maintained its accounts on mercantile system of accounting.
38.2 Basis for preparation of financial statements
The financial statements of the Company have been prepared under the historical cost conventions in accordance with generally accepted accounting principles. Accounting policies not specifically referred to otherwise are consistent and in accordance with generally accepted accounting principles.
38.3 Property, Plant and Equipment and Intangible Assets
Property, Plant and Equipment and Intangible Assets are stated at cost of acquisition / construction less accumulated depreciation. None of the Fixed Assets have been revalued during the year under review.
38.4 Depreciation
Depreciation on Property, Plant and Equipment is calculated on a Written Down Value Method using the rates arrived at based on the useful lives estimated by the management commensurate with The Companies Act, 2013
38.5 Investments
Investments are stated at cost of acquisition, if any.
38.6 Revenue recognition
Sales are accounted for on the basis of dispatch to customers, which excludes indirect taxes and duties and other income is recognized on accrual basis.
38.7 Inventories
The inventories of Raw material, Stores and WIP are valued by the management at cost or market price whichever is lower and on FIFO basis of physical verification of stock at the end of the year.
Particulars
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INR in Lakh
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Raw Material
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1,558.69
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WIP
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2,994.24
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WIP-Masterji.AI Project
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68.72
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Stores
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45.28
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Total
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4,666.93
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38 8 Current Assets, Loans and . Advances
In the opinion of the management, the value of all current assets, loans, advances and other realizables are not less than their realizable value in the ordinary course of business.
38.9 Employee benefit
Retirement Benefits in the form of provident fund contributions are charged to the Profit & Loss Account of the period when the contributions to the fund are due. There are no obligations other than the contribution payable to the fund. Provision of Gratuity Act ,1972 are applicable to the company . As per the actuarial valuation report taken, the company should provide for Gratuity of Rs.1,60,31,384/- up to the current year. The provision for FY 22 -23 as per actuarial report comes to Rs 44.22 lacs. The Company has not provided for the same in its books of Account and estimation for leave encashment could not be done.
38.10 Accounting for taxes on Income
Income Tax comprises of current tax, deferred tax. Provision for current income tax is made on the assessable income/benefits at the rate applicable to relevant assessment year. Deferred tax asset & liabilities are recognised for the future tax consequences of timing differences, subject to the consideration of prudence. Deferred tax assets & liabilities are measured using the tax rates enacted or substantively enacted by the Balance Sheet date. The carrying amount of deferred tax asset/liability are reviewed at each Balance Sheet date & recognised and carried forward only to the extent that there is a reasonable certainty that the asset will be realised in future.
38.11 Borrowing Costs
Borrowing costs that are directly attributable to acquisition of assets has been capitalized and other borrowing costs has been treated as an expense during the period in which they have incurred. Interest cost related to capital WIP has been capitalised.
38.12 Contingencies & events occurred after the Balance Sheet date
a) No such liabilities were noticed which are contingent in nature, other than those specified in independent auditors' report and CARO Point No VII.
b) There are no such events except mentioned above that have occurred after the Balance Sheet date which will have bearing on profitability and / or state of affairs of the company.
c) The Company is planning for migration from BSE SME platform to BSE & NSE Main board, for the same EGM Conducted on 13.04.2023 to get approval from shareholder.
d) As on 31.03.2023, Bank Guarantee Issued by the company is Rs.80.60 Lac
38.13 Foreign Exchange Transactions
Transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Exchange difference arising on the foreign exchange transaction settled during the period are recognised in the Profit & Loss Account. Monetary items outstanding on date of Balance sheet have been accounted at exchange rate as on that date and difference has been charged to Profit and Loss account.
38.14 Cash Flow Statement
Cash Flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of Income or Expense associated with investing or financing cash flows.
38.2 Impairment of Assets
The company on annual basis tests the carrying amount of assets for impairment so as to determine
a) The provision for impairment loss, if any, or
b) the reversal, if any, required on account of impairment loss recognized in previous periods.
38.2 Earnings Per Share
Basic Earning Per Share is calculated by dividing the Net Profit attributable to the Shareholders by the total weighted average number of Equity Shares outstanding at the end of the year.
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