A- SIGNIFICANT ACCOUNTING POLICIES
1. Significant Accounting Policies:
a. Basis of preparation of financial statements:
The financial statement has been prepared to comply in all material aspects with standard specified under Section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014 & the relevant provisions of the Act. The accounting policies have been consistently applied by them.
b. Changes in Accounting Policy:
There is no change in the accounting policy for the accounting year 2023-24.
c. Fixed Assets:
Fixed Assets are stated at cost less depreciation. Cost comprises the purchase price any attributable cost of bringing the assets to its working condition for its intended use, net of GST recoverable.
d. Depreciation:
The Company has charged depreciation on the remaining useful life of the assets as per the requirement of schedule II of the Companies Act, 2013.
e. Investment:
Investment includes fixed deposit with Bank and others only which are shown at cost plus accrued interest thereon.
f. Valuation of Inventories:
In general, all inventories of Raw Material, Work in Progress, Finished Goods, and consumables are stated at cost or market value whichever is lower.
g. Sales represents Electrical Press Components, Sheet Metal Fabrication, Injection Moulded Plastic Components, Tools, Moulds & Dies, Irrigation Equipment's, Surface Coating both manufacturing and Job work.
h. Retirement benefit in the form of provident fund and gratuity is defined contribution scheme. The contribution to the provident fund and gratuity fund is charged to the profit and loss for the year when the contribution is due. The Company has no obligation, other than the contributions payable to the provident fund and gratuity fund.
2. Closing stock is taken as valued and certified by Management of the Company and is valued at cost or market
value whichever is lower. Quantitative details are provided.
3. Balance of Sundry Debtors, Creditors and Loan from relatives are subject to confirmation.
Disclosure required (x) of para 5 of part II of schedule III of the Companies Act, 2013 The provisions of the Section 135 of the Companies Act, 2013 to the Company.
Disclosures with regard to CSR activities -
a. amount required to be spent by the Company during the year - Rs. 26.48/- Lakhs
b. amount of expenditure incurred - Rs.27.19/- Lakhs
c. shortfall at the end of the year - NIL
d. total of previous years shortfall- NIL
e. reason for shortfall - N.A
f. nature of CSR activities - The Company has done following activities under the Corporate Social Responsibility
(CSR)for the year 2023-24:
1. High-Protein Nutrition Kit Distribution to the TB MDR-T Patients -
As part of our commitment to corporate social responsibility (CSR), our company has taken significant initiative for supporting the health and well-being of patients battling multi-drug-resistant tuberculosis (MDR-TB). Recognizing the importance of nutrition in the recovery and management of TB, we have undertaken the distribution of high-protein nutrition kits to these patients.
Objective:
The primary goal of the company to take this initiative is to provide essential nutritional support to MDR-TB patients, who often face severe nutritional deficiencies due to the prolonged and intensive treatment required for their condition. We believe that, proper nutrition plays a critical role in boosting the immune system and enhancing the effectiveness of TB treatment.
Implementation:
In collaboration with Rotary Club of Gold City, Jalgaon, we have distributed high-protein nutrition kits to the identified MDR-TB patients for the nutritional support. The high-protein nutrition kits, which include a variety of protein-rich foods and supplements, have distributed directly to the patients. These kits have distributed to meet the specific dietary needs of MDR-TB patients.
Impact:
This initiative is expected to make a significant difference in the lives of MDR-TB patients by improving their nutritional status, which is crucial for the success of their treatment. By addressing the nutritional needs of these patients, we are contributing to their overall health and supporting the broader fight against tuberculosis.
2. Distribution of Interactive Digital Board -
As part of our corporate social responsibility (CSR) efforts, the Company has taken initiative for enhancing educational infrastructure. Understanding the pivotal role of technology in modern education, we have committed to distributing interactive digital board to the educational institution.
Objective:
The primary aim of this initiative is to empower students and educators with advanced teaching tools, fostering an engaging and interactive learning environment. By integrating digital technology into classrooms, our company is strive to improve the quality of education and better prepare students for the demands of the modern workforce.
Impact:
The introduction of interactive digital board is expected to revolutionize the way subjects are taught and learned in the institutes. It will enhance students' understanding of complex concepts through visual and interactive content, encourage participation, and enable educators to adopt more innovative teaching practices. This initiative will ultimately contribute to the development of a skilled and technologically proficient workforce.
3. Development of vocational skill among freshers -
The company has undertaken a significant initiative to support the development of vocational skills among freshers as part of its Corporate Social Responsibility (CSR) efforts. This initiative aligns with the National Apprenticeship Promotion Scheme (NAPS), which aims to enhance the employability of youth through practical, on-the-job training.
As per the guidelines issued under the National Apprenticeship Promotion Scheme (NAPS), every company having 30 employees or above (including regular and contractor workers), to engage apprentices in designated trades and/or optional trades across the manufacturing, service, trading sectors etc.
Pursuant to the approved record of discussion at the meeting held between Ministry of Corporate Affairs and Ministry of Skill Development and Entrepreurship, the expenditure (including stipend) incurred by the company towards the apprentices will be considered as Corporate Social Responsibility Expenditure.
Accordingly, the Company have engaged the apprentices over and above minimum requirement as specified under the National Apprenticeship Promotion Scheme (NAPS) and provide the skill training to the freshers for development of skill and improvement their education level. The Company has spent the amount (including last year unspent amount of CSR) through stipend, and other expenses required for providing vocation skill as per the Apprenticeship Act, 1961 and under the National Apprenticeship Promotion Scheme.
Under this initiative, the company collaborates with Yashaswi Academy for skills a company incorporated under section 8 of the Companies Act, 2013 and registered as Third Party Aggregator (TPA) with the Ministry of Skill Development & Entrepreneurship for handling the statutory requirements as may be necessary for implement this initiative. Freshers are provided with apprenticeship opportunities within the company, where they receive hands-on training in relevant trades and disciplines. The training is designed to bridge the gap between theoretical knowledge and practical skills, ensuring that participants are job-ready by the end of their apprenticeship.
Through this initiative, the company is contributing to the creation of a skilled workforce, which is essential for the country's economic growth. It also helps in addressing the issue of youth unemployment by providing freshers with the skills and experience they need to secure sustainable employment. This initiative reflects the company's commitment to social responsibility and its role in national development.
g. details of related party transactions, e.g., contribution to a trust controlled by the company
in relation to CSR expenditure as per relevant Accounting Standard - NA
h. where a provision is made with respect to a liability incurred by entering into a contractual obligation, the
movements in the provision during the year should be shown separately - NA
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