1.12 Provisions/Contingencies
(a) Provision involving substantial degree of estimation in measurements is recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.
(b) Contingent Liabilities are shown by way of notes to the Accounts in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable.
(c) A Contingent Asset is not recognized in the Accounts.
1.13 Segment Reporting
A. Business Segments :
Based on the guiding principles given in Accounting Standard 17 (AS - 17) on Segment Reporting issued by ICAI, the Company has only one reportable Business Segment which is engaged in business of manufacturing of artificial flower and interior decor items in India. Accordingly, the figures appearing in these financial statements relate to the Company's single Business Segment.
B. Geographical Segments
The Company activities / operations are confined to India and as such there is only one geographical segment. Accordingly, the figures appearing in these financial statements relate to the Company's single geographical segment.
1.14 Foreign Currency Transactions
Foreign exchange transactions are recorded at the rate prevailing on the date of respective transaction. Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date. Non monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of transacion. Exchange diffrences arising on foreign exchange transactions settled during the year and on restatement as at the balance sheet date are recognized in the statement of profit and loss for the year.
1.17 Balance Confirmations
Balance of Debtors & Creditors & Loans & advances Taken & giving are subject to confirmation and subject to consequential adjustments, if any. Debtors & creditors balance has been shown separately and the advances received and paid from/to the parties is shown as advance from customer and advance to suppliers. Details of MSME Trade Payables are provided by the management as per data available with the management.
1.18 Regrouping
Previous years figures have been regrouped and reclassified wherever necessary to match with current year grouping and classifiaction.
1.19 Pandemic (Covid-19) impact
The World Health Organization announced a global health emergency because of a new strain of coronavirus ("COVID-19") and classified its outbreak as a pandemic on 11 March 2020. On 24 March 2020, the Indian government announced a strict 21-day lockdown across the country to contain the spread of the virus. The management has made an assessment of the impact of COVID-19 on the Company's operations, financial performance and position for the year ended 31 December 2023 and has concluded that no there is no significant impact which is required to be recognized in the financial statements. Accordingly, no adjustments are required to be made to the financial statements.
a. The Authorised Share Capital of the company was increased from 11,00,000 Equity Shares of Rs.10/- each to 20,00,000 Equity Shares of Rs. 10/- each vide resolution passed in EGM dated 05th October, 2020.
b. The company alloted 7,70,000 Equity Shares of Rs.10/- on 11th January, 2021, issued at par for a consideration in cash.
c. The Authorised Share Capital of the company was further increased from 20,00,000 Equity Shares of Rs.10/- each to 60,00,000 Equity Shares of Rs. 10/- each vide resolution passed in EGM dated 09th January, 2023. Further the Authorised Share Capital of the company was increased from 60,00,000 Equity Shares of Rs.10/- each to 80,00,000 Equity Shares of Rs. 10/- each vide resolution passed in EGM dated 08th August, 2023
d. The company issued 34,30,000 equity shares of Rs. 10/- each as bonus shares in the ratio of 2:1 (i.e. 2 (Two) Fully paid Bonus Shares of Rs.10/- each will be allotted against the holding of 1 (One) equity shares of the Company) vide EGM resolution passed on 16th June, 2023 and alloted on 17th June, 2023. The effect of bonus shares are considered for calculation of EPS.
e. The company alloted 18,50,400 Equity Shares of Rs.10/- on 20th February, 2024, issued at premium of Rs. 227 each, including of premium of Rs. 217 each, for a consideration in cash.
2B: Term/rights attached to equity shares:
The Company has only one class of equity shares having a par value of Rs 10 per share. Holder of each equity share is entitled to one vote. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the board of directors is subject to the approval of shareholders at 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 all preferential amounts. The distribution to equity shareholders will be in proportion to the number of equity shares held by the shareholders.
II. Defined benefit plans
Gratuity
The Company should provide for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service, subject to a payment ceiling of INR 20,00,000/-.
Based on the actuarial valuation obtained in this respect, the following table sets out the details of the employee benefit obligation as at balance sheet date:
IV. Sensitivity analysis method
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and expected salary increase rate. Effect of change in mortality rate is negligible. Please note that the sensitivity analysis presented below may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumption would occur in isolation of one another as some of the assumptions may be correlated.
The accompanying notes 1.1 to1.23 are an integral part of the Financial Statement
In terms of our report of even date annexed For and on behalf of the Board of Directors of
For Jay Gupta and Associates For INTERIORS & MORE LIMITED
(Erstwhile Gupta Agarwal & Associates) Chartered Accountants
Firm's Registration No: 329001E Ekta Tibrewal Manish Mohanlal
Jay Shanker Gupta Director Tibrewal
Partner DIN: 01289275 Managing Director
Membership No: 059535 DIN: 05164854
UDIN: 24059535BKBIZO4440 Date: 28/05/2024
Place: Kolkata kuntal Pankaj Sharma Rajat Singhal
Company Secretary & Director & CEO
Compliance DIN: 09660995
DIN: 01289275
Date: 23/08/2024 Place: Mumbai
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