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You can view the entire text of Notes to accounts of the company for the latest year

BSE: 522183ISIN: INE478D01014INDUSTRY: Engineering - General

BSE   ` 375.00   Open: 375.00   Today's Range 374.00
375.05
-3.05 ( -0.81 %) Prev Close: 378.05 52 Week Range 327.00
530.00
Year End :2024-03 

b) Terms / Rights attached to Equity Shares

The Company has one class of equity shares, having a par value of '10 per share. A member of the company holding equity share carrying voting right therein have a right to vote on every resolution placed before the company and right to receive dividend and a member of the company holding equity share not carrying voting right therein doesn't have any right to vote on any resolution placed before the company but has a right to receive dividend. The voting rights on a poll is proportionate to the share of the paid-up equity capital of company carrying voting rights held by the shareholders.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Nature and purpose of Reserves:

Capital Reserve: The Reserve is created based on statutory requirement under the Companies Act, 2013. This is not available for distribution of dividend but can be utilized for issuing bonus shares.

General Reserves: General reserve is a free reserve and it represents amount transferred from retained earnings.

Retained earnings: Retained earnings comprises of the Company’s undistributed earnings after taxes.

FVOCI equity instrument: The fair value changes of the long term investments in securities have been recognised in reserves under FVOCI equity instruments as at the date of transition and subsequently in the other comprehensive income for the year.

A) Vehicle Loan

a) Mercedes-Benz Financial Services India Pvt Ltd.

i) Mercedes Benz E220D

Purpose of Loan : The term loan of ' 80.00 Lacs has been taken from Mercedes-Benz Financial Services India Pvt Ltd for the purchase of Mercedes Benz E220D.

Tenure of Loan : Repayable in 60 monthly installment of ' 1.64 Lacs

ii) Mercedes Benz A220D

Purpose of Loan : The term loan of ' 47.00 Lacs has been taken from Mercedes-Benz Financial Services India Pvt Ltd for the purchase of Mercedes Benz E220D.

Tenure of Loan : Repayable in 60 monthly installment of ' 0.96 Lacs

b) HDFC Bank

Purpose of Loan : The term loan of ' 47.00 Lacs has been taken from HDFC bank for the purchase of Audi Q3 40 TFSI Quattro.

Tenure of Loan : Repayable in 60 monthly installment of ' 0.95 Lacs

c) Federal bank

i) Innova crysta

Purpose of Loan : The term loan of' 26.50 Lacs has been taken from Fedral bank for the purchase of Innova crysta . Tenure of Loan : Repayable in 60 monthly installment of ' 0.54 Lacs i) Skoda kodiaq

Purpose of Loan : The term loan of' 40.68 Lacs has been taken from Fedral bank for the purchase of skoda kodiaq . Tenure of Loan : Repayable in 60 monthly installment of ' 0.83 Lacs i) Fortuner (AT)

Purpose of Loan : The term loan of ' 41.43 Lacs has been taken from Fedral bank for the purchase of fortuner . Tenure of Loan : Repayable in 60 monthly installment of ' 0.84 Lacs

d The amounts receivable from customers become due after expiry of credit period which on an average up to 90 days. There is no significant financing component in any transaction with the customers.

e The Company does not have any remaining performance obligation as contracts entered for sale of goods are for a shorter duration. There are no contracts for sale of services wherein, performance obligation is unsatisfied to which transaction price has been allocated.

f Performance obligation

The performance obligation is satisfied upon delivery of the goods and payment is generally due within 0 to 180 days from delivery.

4) Pursuant to disclosure pertaining to Section 186 (4) of the Companies Act, 2013 the following are the details thereof: a Loan given-outstanding as at the year-end:

Refer Note No. 11 (d) of the Financial Statements. b Investments Made:

Refer Note No. 4 & 7 of the Financial Statements. c Guarantee Given or Security Provided:

During the year there is no such transactions.

5) In accordance with Ind AS 24 the related party disclosure is as under, the information regarding related party have been determined to the extent, such parties have been identified on the basis of information available with the company:

1. All the above transactions are on arm's length basis. Current Account transactions are excluded.

2. The aforementioned transactions in respect of expenses, purchase & sale are shown exclusive of GST.

6) The company has not received any funds from any person/entities, for the purpose of directly or indirectly lending/ investing/ providing guarantee/ security to a another person/ entity, by or on behalf of the person/ entity from whom such amount is received.

The company has not advanced/ loaned/ invested funds to any person/ entity for the purpose of directly or indirectly lending/ investing/ providing guarantee/ security to a third person/entity, by or on behalf of the company

7) Pursuant to Ind AS 112 - 'Disclosure of Interests in Other Entities' the interest of the Company in its Subsidiary/ Associate is as follows:

A) Subsidiary

The Company is holding more than 50% Equity Shares in M. M. Metals Private Limited 52.55% ( PY 52.55%), which is therefore a subsidiary within the meaning of section 2(87) of the Companies Act, 2013 and as per applicable IND AS the consolidated financial statements shall be separately prepared.

B) The company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

8) Directors Remuneration:

The Company has paid directors' remuneration as per the provisions of Schedule V to the Companies Act, 2013 and has complied with all the provisions of the said act:

c Provision For Taxation:

Provision for taxation for the year has been made as per the old regime of Income Tax Act, 1961 after considering allowance, claims and relief available to the Company (if any).

d There were no such transactions that were not recorded in the books of accounts that have 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).

16) Financial Instruments by Category and fair value hierarchy:

Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values.

The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties.

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Ind AS. An explanation for each level is given below.

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Notes: 1. There have been no transfer between Level 1, Level 2 and Level 3 during the period March 31, 2024 and March 31, 2023.

2. The management assessed that cash and bank balances, trade receivables, loans, trade payables, borrowings (cash credits, commercial papers, foreign currency loans, working capital loans) and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

17) Financial risk management objectives and policies to the extent applicable:

The Company’s risk management activities are subject to the Board direction and control under the framework of Risk Management Policy as approved by the Board of Directors of the Company. The Management ensures appropriate risk governance framework for the Company through appropriate policies and procedures and that risks are identified, measured and managed in accordance with the Company’s policies and risk objectives.

The Company is primarily exposed to risks resulting from fluctuation in market risk, credit risk and liquidity risk, which may adversely impact the fair value ofits financial instruments.

a) Market risk

Market risk is the risk that future earnings and fair value of future cash flows of a financial instrument may fluctuate because of changes in market price. Market risk comprises of currency risk and interest risk.

i) Interest rate risk

The Company is exposed to changes in interest rates due to its financing, investing and cash management activities. The risks arising from interest rate movements arise from borrowings with variable interest rates.

The Company’s risk management activities are subject to the management, direction and control of Central Treasury Team of the Group under the framework of Risk Management Policy for interest rate risk. The Group’s Central Treasury Team ensures appropriate financial risk governance framework for the Company through appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies and risk objectives.

The Company’s exposure to the risk of changes in market interest rates relates primarily to the borrowing from banks. Currently company is not using any mitigating factor to cover the interest rate risk.

Interest rate sensitivity

The sensitivity analysis below have been determined based on exposure to interest rates for borrowing at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in case of interest rate variation (fund based) 1%, and (non fund based) 0.25%. If the interest rates had been higher or lower and all the other variables were held constant, the effect on Interest expense for the respective financial years and consequent effect on companies profit in that financial year would have been as below:

ii) Foreign currency risk

Since the Company operates internationally and portion of the business transacted are carried out in more than one currency, it is exposed to currency risks through its transactions in foreign currency or where assets or liabilities are denominated in currency other than functional currency.

Credit risk refers to the risk that a counterparty or customer will default on its contractual obligations resulting in a loss to the Company. Financial instruments that are subject to credit risk principally consist of Loans, Trade and Other Receivables, Cash & Cash Equivalents, Investments and Other Financial Assets. The carrying amounts of financial assets represent the maximum credit risk exposure.

Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of counter parties on continuous basis with appropriate approval mechanism for sanction of credit limits. Credit risk from balances with banks, financial institutions and investments is managed by the Company’s treasury team in accordance with the Company’s risk management policy. Cash and cash equivalents and Bank Deposits are placed with banks having good reputation, good past track record and high quality credit rating.

Since the Company has a fairly diversified portfolio of receivables in terms of spread, no concentration risk is foreseen.

Trade and other receivables

To Manage trade and other receivables, company has placed a customer credit limit monitoring system in its accounting software and also periodically assesses the financial reliability of customers, taking in to account the financial conditions, economic trends, analysis to historical bad debts and ageing of such receivables. To cover its risk/ losses, the company makes a provision (ECL) on the outstanding balance at the year end.

Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.

Liquidity risk refers the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities. The Company’s objective is to provide financial resources to meet its obligations when they are due in a timely, cost effective and reliable manner without incurring unacceptable losses or risking damage to the Company’s reputation. The Company monitors liquidity risk using cash flow forecasting models. These models consider the maturity of its financial investments, committed funding and projected cash flows from operations.

d) Capital Management

For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value.

No changes were made in the objectives, policies or processes for managing capital during the year ended 31st March, 2024 and 31st March, 2023.

The Company monitors capital using gearing ratio, which is net debt (borrowings less cash and bank balances) divided by total equity plus net debt.

18) Consolidation of Accounts:

a The company is under an obligation to make consolidated financial statements covering its subsidiary M.M. Metals Private Limited(CIN no. U02710MP1983PTC002163) (Shareholding 52.55%) and accordingly the said consolidated audited balance sheet will be separately made.

19) Figures of Trade Receivables, Trade Payables, Borrowings and Loans & Advances are subject to respective consent, confirmation, reconciliation and consequential adjustments, if any.

20) Subsequent events

The Company has evaluated all subsequent events upto 30.05.2024, the date on which these financial statements are authorized for issuance. No adjusting or significant non-adjusting events have occurred between March 31,2024 and the date of authorization of these standalone financial statements that would have a material impact on these financial statements or that would warrant additional disclosures.

21) In the opinion of board of directors of the company, the current assets, loans and advances have to value at which they are stated in the balance sheet if realised in the ordinary course of business.

22) Disclosure Pursuant to regulation 54(F) of the SEBI (Listing Obligations & Disclosure Requirements) Regulation 2013.

a Loans and Advances in the nature of Loans to Subsidiary:

There were no such transaction during the year.

b Loans and Advances in the nature of loan to Associates, Related Party and parties where directors/promotors are interested:

There were no such transaction during the year.

c i) None of the parties to whom loans were given have made investment in the shares of the Company.

ii) The above advances (if any) fall under the category of loans, which are repayable on demand and interest has been charged on it.

23) Gratuity and post employment benefits:

Defined contribution plan - Provident fund and ESIC

24) Details of Benami Property held:

During the year, no proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

25) Indications of Impairment:

In the opinion of management, there are no indications, internal or external which could have the effect of impairing the value of assets to any material extent as at the Balance sheet date requiring recognition in terms of Ind AS 36.

26) Registration of charges or satisfaction with Registrar of Companies (ROC):

During the year, the charges or satisfaction which were to be registered with ROC have been done within the statutory period.

27) The Company has borrowings from banks or financial institutions on the basis of security of current assets with respect to which the periodival returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.

28) Relationship with Struck off Companies:

The Company has no Investment in securities, Receivables, Payables, Share-holding or Other outstanding balances with such companies.

29) Additional information as required under part II of schedule III to the Companies Act, 2013 is as under:

a. Expenditure in foreign currency on account of Raw Material ' 1085.06 Lacs [Previous Year ' 431.11 Lacs ]

b. Earning in foreign currency on account of Export of goods on CIF/FOB Basis and advance from customers is ' 1239.55 Lacs [Previous Year ' 1248.88 Lacs]

c. Particulars of consumption of Imported and Indigenous Raw Materials:

31) The Companies (Significant Beneficial Owners) Amendment Rules, 2019 lays down the rules and compliances required to be adhered by the reporting company in India with respect of Significant Beneficial Owners (“SBO”) . There is no Significant Beneficial Owner in the Company.

32) Previous year figures have been regrouped or rearranged where ever necessary.

33) The figures have been rounded off to the nearest multiple of a rupee, in lakhs.