l Provisions, Contingent liabilities and Contingent assets
A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) 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 current best estimates. Contingent liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.
m Cash and cash equivalents
The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Fixed deposits with maturity upto 12 months are also considered as part of cash and cash equivalents as they are held as highly liquid asssets.
n Retirement and other employee benefits
Short Term Employee Benefits
Short term employee benefits expected to be paid in exchange for the services rendered by the employees are recognised undiscounted during the period employee renders service
Post-Employement Benefits
Company's contribution for the period paid/payable to defined contribution retirement benefit schemes are charged to summary statement of Profit and Loss. Company's liability towards defined benefit plan viz. gratuity is determined using the projected Unit Credit Method as per acturial valuation carried out at the reporting date. The benefit is unfunded. Acturial gains and losses for both defined benefit plans are recognized in full in the period in which they occur in the summary statement of Profit and Loss.
As per our report of even date
For Rushabh R Shah and Co For and on behalf of the Board of
Chartered Accountants Essen Speciality Films Limited
Firm's Registration No. 156419W (Formerly Essen Speciality Films Private Limited)
Rushabh Shah Pallav K. Doshi Sunny D Mamtora
Proprietor Chairman and Whole time Director Company Secretary
Membership No. 607585 DIN: 02542047 M.No.:A62890
UDIN: 24607585BKDFMX5575
Place: Rajkot , Place: Shapar
Date: 30 April 2024 Jayantilal T. Jhalavadia Date: 30 April 2024
Chief Financial Officer
PAN:ABOPJ1358H
General Description of the Plan
The Entity operates gratuity plan through a trust wherein every employee is entitled to the benefit equivalentto fifteen days salary last drawn for each completed year of service. The same is payable on termination of service or retirement, whichever is earlier. The benefit vests after five years of continuous service. In case of some employees, the Entity's scheme is more favourable as compared to the obligation under Payment of Gratuity Act, 1972.
The company has obtained gratuity valuation upto 31-03-2024 and thus the same has been provided upto that period. No gratuity effect is given for the interim period.
(a) Current Ratio: This ratio changed by 301.91% due to in an increase in current asset and a decrease in current liability.
(b) Debt-Equity Ratio: Since there has been no borrowing or debt this year, the ratio is nil and has decreased by 100%.
(c) Debt Service Coverage Ratio: Since there is no debt for the current year, the ratio is dropped by 100%.
(d) Return on Equity Ratio: This year increase in equity shares and the increase in profit after taxes are the result of the 31.33% reduction in the ratio.
(g) Trade Payable Turnover Ratio: There's a rise in purchase and a drop in accounts payable, leading to a higher ratio by 109.98%
(h) Net Capital Turnover Ratio: The total turnover saw a modest rise, and the net working capital more than doubled, leading to a 45.76% decrease in this ratio.
(j) Return on Capital Employed: Share capital increased by 50% and there are less changes in the Earning before interest and tax, therefore the ratio decreases by 25.47%.
(k) Return on investment: As the company made investment in current year instead of NIL investments in previous
year, the ratio of return on investment has changed drastically.
Nature of CSR activities
Nature of Corportate Social Responsibility Activities undertaken during the year ended March 31, 2024 and March 31,2023 includes Education, Healthcare, Eradicating Hunger and Poverty, Maintenance of old Age homes and Day Care Centers for senior citizens and animal welfare.
42 Other Statutory Disclosures
1. The Company has not granted any Loans or Advances in the nature of loans to promoters, Directors, KMPs or the related parties (as defined under Companies Act, 2013) either severally or jointly with any other person, repayable on demand or without specifying any terms or period of repayment.
2. The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.
3. The Company is not declared wilful defaulter by any bank or financials institution or lender during the year.
4. The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
5. The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the statutory period.
6. The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013 read with Companies (Restrictions on number of Layers) Rules, 2017.
7. There are no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
8. The Company has 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:
a. 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
b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries."
9. The Company has 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."
10. The Company does not have any such transaction which is not recorded in the books of accounts 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).
11. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
12. As per the information and explanation given to us, the records examined by us and based on the examination of the conveyance deeds/ registered sale deed provided to us We report that the title deeds comprising all the Immovable Properties of building which are freehold and are held in the name of the Company as at the Balance Sheet date.
13. The Company has not revalued its Property, Plant and Equipments during the year.
14. The Company has a Capital Work in Progress Account as at the Balance Sheet Date and its disclosed in Note no. 11
As per our report of even date For Rushabh R Shah and Co
Chartered Accountants For and on behalf of the Board of
Firm's Registration No. 156419W Essen Speciality Films Limited
(Formerly Essen Speciality Films Private Limited)
Rushabh Shah Pallav K. Doshi Sunny D Mamtora
Proprietor Chairman and Whole time Director Company Secretary
Membership No. 607585 DIN: 02542047 M.No.:A62890
UDIN: 24607585BKDFMX5575
Place: Rajkot , Place : Shapar
Date: 30 April 2024 Jayantilal I Jhalavadia Date : 30 April 2024
Chief Financial Officer
PAN:ABOPJ1358H
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