o) Provisions and contingencies
Provisions are recognized when an enterprise has a present obligation as a result of past event for which it is probable
that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the best current estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurence or non-occurence of one or more uncertain future events not wholly within the control of the company or the present obligations that arises from past events, where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.
p) Segment Reporting Policies Identification of segments:
The Company’s operating businesses are organized and managed separately according to the nature of products and services provided, with each segment representing a strategic business unit that offers different products and serves different markets. The analysis of geographical segments is based on the geographical location of the customers wherever required.
Allocation of common costs:
Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.
Unallocated items:
Includes general corporate income and expense items which are not allocated to any business segment.
Segment Policies:
The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole.
q) Cash and Cash Equivalents
Cash and cash equivalents for the purposes of the cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.
r) Cash Flow Statement
Cash flows are reported using the Indirect Method, where by net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
(iii) Rights , preferences and restrictions attaching to each class of shares:
The Company has only one class of shares referred to as equity shares having a par value of H10/- each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in the proportion to the number of equity share held by the shareholders.
(iv) Shares allotted as fully paid-up :
During the financial year ended March 22 ,the company has allotted 42,00,000 equity shares as fully paid up bonus share in the ratio of 1:1 ( i.e. one bonus shares for every shares held) by capitalization of security premium account and free reserve of H 420.00 lakhs/-
Axis Bank: The above facility is secured by way of hypothecation charge on entire present and future current asset of the company and by way of first charge on the entire movable fixed assets of the company. The above facility is further secured by way of equitable mortgage on shed no. 121/8, 121/9, 121/20 to 22 and Shed no. 121/23 & 121/24 situated at Kalol. The facility is further secured by way of equitable mortgage on property situated at Flat no. B-302, Shivam Residency Tower, Opp. Urmi School, B/h Gangotri Party Plot, Samasavli Road, Vadodara - 390 002 which is owned by the director. The facility is further secured by way of lien on fixed deposits of H 513.00 Lakhs. The facility is further secured by way of lien on LIC policy in name of Mr. Ankur Shah having surrender value of H 62.00 Lakhs. The facility is further secured by way of personal guarantee of the Managing director. Interest rate is 9.40% i.e. Repo 2.90%
Punjab National Bank: The above facility is primarily secured by way of paripassu hyphothicatiom charge on entire stock and book debts of the company and is collaterally secured by way of paripassu charge on immovable properties mortgaged with Axis Bank Limited. Further , the loan is collaterally secured by way of exclusive charge on office owned by the company situated at Unit No. 344, 3rd Floor, A to Z industrial Estate, Ganpatrao kadam Marg, Near Peninsula Corporate Park, Lower Parel (West), Mumbai-400013, Fixed deposit of H 123.45 Lakhs and personal guarantee of managing director . Interest rate is 9.75% i.e. Repo rate 6.50% Mark up 2.50% BSP 0.25% Spread 0.50%
NOTE NO. 31 Disclosures under Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2021.
31A Disclosures under Accounting Standard - 15 (Employee Benefits)
Accounting Standard 15 on ‘Employee Benefits’ as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Accounting Standard) Rules, 2021.
(a) Defined Contribution Plans:
The Company makes Provident Fund and contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes. The company has recognized the following amounts in the Statement of Profit and Loss for the year.
(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the year.
(v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall: directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.”
vii) The Company do not have any such transaction which is not recorded in the books of accounts and that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
viii) The company holds all the title deeds of immovable property in its name.
ix) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.
NOTE NO. 33: DISCLOSURE RELATING TO PROVISION
Provision for warranty
Warranty cost are provided based on a technical estimated of the costs required to be incurred for repairs, replacement, material cost, servicing based on past experience in respect of warranty costs. It is expected that this expenditure will be incurred over the contractual warranty period.
NOTE NO. 34:
The financial statements have not been signed by the Company secretary as Ms. Charmy Shah, earstwhile Company Secretary and Compliance Officer had tendered her resignation, with effect from the closure of the business hours of 07th March, 2024. Further, The company has appointed Ms. Gunjan Bhagtani as new Company Secretary and Compliance Officer with effect from 01st June, 2024
NOTE NO. 35:
The financial statements were authorized for issue in accordance with a resolution passed by the Board of Directors on 25th May, 2024. The financial statements as approved by the Board of Directors are subject to final approval by its Shareholders.
NOTE NO. 36: Previous year’s figures
The figures of previous year have been re-arranged and regrouped wherever necessary to make them comparable with those of the current year. As per our report of even date
For CNK & Associates LLP For and on behalf of the Board of Directors
Chartered Accountants
FRNo. : 101961W/W-100036 Ankur Ashwin Shah Sandeep Ramrao Kadam
Managing Director Whole Time Director
Pareen Shah DIN : 01166537 DIN : 06841164
Partner
Mem no. 125011 Piyush Harjibhai Patel
Chief Financial Officer
Place: Vadodara Place: Vadodara
Date:25th May, 2024 Date:25th May, 2024
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