Terms / rights attached to Equity Shares
a) Company has only one class of equity shares having a par value of K 10 each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. 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 the preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b) The bonus share was allotted on 23rd November, 2021 in the ratio of 1:2 i.e., one share for every two share.
As per the records of the Company, including its register of shareholders/ members and other declarations received from the shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
The deferred tax assets and liabilities have been recognized in accordance with the provisions of Accounting Standard 22 on Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India for giving effects for the timing differences between the taxable income and the accounting income for the period that originate in one period and are capable of reversal in one or more subsequent periods.
Interest charged by HDFC Bank @8.5% (Floating Rate) on CC Account.
Primary Securities: Hypothecation of Stocks and Debtors.
Collateral Securities: Industrial property approx. 14,779 sq. feet at plot no. 35A/36, Sector-B, Industrial Area, Mandideep, District Raisen, pledged as security for CC account with HDFC Bank amounting to ^5,12,00,000 and 8 no. Flat at Indus Mandideep approx. 450 sq. feet each pledged as security for CC account with HDFC Bank amounting to ^67,25,000.
Details of monthly stock and book debts statement submitted to Bank:
Steps have been taken to identify the suppliers who qualify under the definition of micro and small enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Disclosures relating to amounts unpaid as at the year end, have been furnished. In the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act, is not expected to be material.
20.1 There is no litigation pending against the company involving actions by Tax Liabilities, Statutory/ Regulatory Authorities and Others, in the opinion of the management, there is no present obligation that probably required an outflow of resources and a reliable estimate cannot be made of the amount of obligation, therefore no provision is recognized.
Defined Benefit Plans:
Company has made an arrangement with Life Insurance Corporation for Gratuity Benefits. Now the company makes annual contributions to the Employees' Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded defined benefit plan for eligible employees. The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuations.
29. DEFERRED TAX EXPENSE
The deferred tax expense debited to the statement of profit and loss for the period has been recognised for the tax effect of the timing difference accounting income and taxable for the year and quantified using the tax rates and Laws enacted pertaining to the period during which the difference arises. The deferred tax expense as debited in the statement of profit and loss has been computed as under:
31. Previous year's figures have been reclassified regrouped and rearranged wherever found necessary to make them comparable with current year.
32. In the opinion of the management, all current assets, loans and advances would be realizable at least an amount equal to the amount at which they are stated in the Balance Sheet. Also, there is no impairment of fixed assets.
34. RESEARCH & DEVELOPMENT EXPENSES
The Company has maintained a recognized in-house research and development facility which is registered with the Department of Scientific & Industrial Research (DSIR) under Ministry of Science & Technology, Government of India. The Company maintains details of all expenses incurred specifically for Research & development purposes.
36. ADDITIONAL REGULATORY INFORMATION:S.No. Particulars
1 All the Title Deed of the Immovable Properties is registered in the name of the Company, no disclosure required.
2 As per the information and declaration given by the management, during the financial year under review, Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets), therefore, no disclosure required for revaluation of Property, Plant and Equipment's and its valuation by a registered valuer.
3 Company has not granted any Loans or Advances in the nature of loans to its promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are repayable on demand or repayable on any terms or periods.
4 As per the information and declaration given by the management, Company has not any intangible Assets under development; therefore, no disclosure required.
5 As per the information and declaration given by the management, Company has not any Capital work-in-progress; therefore, no disclosure required.
6 Details of Benami Property held: During the Period under review, no proceeding has 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.
7 The Company has borrowings from banks or financial institutions on the basis of security of current assets and liabilities, it shall disclose the following:-
a) monthly statements of current assets and liabilities filed by the Company with banks or financial institutions are in agreement with book of accounts (except in the month of Sep-22 & Mar-23).
b) refer note 6.3 for summary of reconciliation and reasons of material discrepancies.
8 Willful Defaulter: During the Period under review, Company has not declared willful defaulter by any bank or financial institution or other lender.
9 Relationship with Struck Off Companies: During the Period under review, Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
10 Registration of charges or satisfaction with Registrar of Companies (ROC): As per information & declaration given by the management, No charges or satisfaction yet to be registered with ROC during the period under review.
11 Compliance with number of layers of companies: As per the information and declaration given by the management, Company has not made any investment; therefore this clause is not applicable.
12 Ratios: refer note no. 36
13 Undisclosed income: There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961.
14 Details of crypto currency or virtual currency: The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
15 Compliance with approved Scheme(s) of arrangement: NA
16 CSR: The provision of CSR as per section 135 of the Companies Act, 2013 is not applicable to the company.
17 Utilization of Borrowed funds and share premium: During the period under review, Company has neither advanced, loaned or invested funds (either borrowed funds, Share Premium or any other sources or kind of funds) to any other person(s) or entity including foreign entities (intermediaries) nor received any funds from any person(s) or entity(s) including foreign entities (funding party).
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