NOTE 1: Operating Leases
The Company's lease agreements are in respect of operating lease for office premises. These lease arrangements are cancellable by either parties there to as per the terms and condition of the agreements.
NOTE 2: Segment Reporting
The Company is predominantly in the business of execution of HVAC & MEP Contracts and allied activities and as such there are no separate reportable segments.
NOTE 3: During the year the Company came out with Initial Public Offering (IPO) in the month of October, 2015 to fulfill the requirement of its long term working capital requirements and to invest money in its subsidiary and got listed first time on National Stock Exchange SME Exchange on 20th November, 2015. The total issue size of the IPO was Rs. 5, 76,84,000/- and proceeds of the IPO were utilized as follows,
Out of the Said issue Proceeds Rs. 5, 97,494/- were held in escrow account on the date of the balance sheet, which are utilized towards payment of outstanding issue expenses during the subsequent year.
NOTE 4: The Sale tax Authorities have carried out survey/search in respect of the Company's operations In Maharashtra under MVAT Act, 2005 on 5/4/2016. No specific demand is raised on the Company so far and also the Management is confident that no major liability will be payable by the Company in respect of the said search/survey. Meanwhile the Company has deposited Rs.20, 00,000/- under protest.
NOTE 5: PREVIOUS YEAR FIGURES
Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current periods classification/disclosure.
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