(n) Provisions, Contingent Liabilities and Contingent Assets:
Provisions:
(i) Provision is recognized in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
Contingent Liabilities:
(ii) A Contingent liability is a possible obligation that arises from the past events whose existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare cases where there is liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.
(o) Cash Flow Statement:
(i) The cash flow statement is prepared using the "indirect method” set out in Accounting Standard 3 "Cash Flow Statements” and presents the cash flows by operating, investing and financing activities of the Company. Cash and cash equivalents presented in the cash flow statement consist of cash on hand and unencumbered, highly liquid bank balances.
3. Notes to financial statements:
(a) Current assets, loans & advances and liabilities:
(i) In the opinion of the Board, the value on realization of Current Assets, Loans and Advances, if realized in the ordinary Course of Business, shall not be less than the amount, which is stated in the current year Balance Sheet.
(ii) The Provision for all known liabilities is reasonable and not in excess of the amount considered reasonably necessary
(b) Utilization of Fund raised through Initial Public Offering.
(i) On 1 February, 2024, the Company has raised Rs. 1944.00 Lakhs through Initial Public Offer, and thereafter utilized the funds as under.
(ii) The Company had initially projected an expenditure of ? 145.00 lakh for I PO-related expenses. However, only ? 33.10 lakhs were utilized for this purpose. Unutilized funds of ? 111.90 lakh were utilized for working capital requirements.
(iii) The Company raised ? 400.00 lakh for general corporate purposes and this General Corporate Purpose included business acquisition. But due reason beyond the control of the management, such business acquisition could not be possible up to 31 March, 2024 and therefore, the management decided to pay back its short-term liabilities from banks to reduce interest burden.
(iv) The Company raised ?184.33 lakhs for the acquisition of plant and machinery. Out of this amount, ?135.94 lakhs have been utilized for the intended purpose. The remaining funds have been temporarily used for working capital requirements.
(v) The Company has Rs. 5.60 Lakhs in the separate bank account for unutilized funds.
As per our report of even date
For M/s. J C RANPURA & CO For and on behalf of the Board of
Chartered Accountants Mayank Cattle Food Limited
Firm's Registration No. 108647W
Ketan Y. Sheth Bharat P Vachhani Ajay P Vachhani
Partner Managing Director Whole time Director
Membership No. 118411 DIN : 00585375 DIN: 00585290
UDIN: 24118411BJZWTP4573
Ankit B Vachhani Payal M Pandya
CFO Company Secretary PAN: AFLPV7525D M No.: A53251 Place: Rajkot Place: Rajkot
Date: 16 May 2024 Date: 16 May 2024
Reasons for Variances
A - Due to Increase in Trade Receivables & Inventory Current Ratio has been improved.
B - Due to Issue of new Capital this ratio has been improved.
D - Due to issue in new Equity Shares made increase in Average Share Capital so reduction in Return on Equity
F - Due to Increase in average trade receivables this ratio got reduced H - As Increase in Working Capital this ratio got improved I - Due to increase in profitability this ratio got improved
NOTE 39: Disclosure where company has given loan or invested to other person or entity to lend or invest in another person or entity
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person/s or entity/ies including foreign entity/ies (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediaries shall lend or invest in party (“Ultimate Beneficiaries) identified by or on behalf of the Company._
NOTE 40: Disclosure where company has received fund from other person or entity to lend or invest in other person or entity
The Company has not received any fund from any party(s) (“Funding Party/ies”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiary”) or provide any guarantee, security, or the like on behalf of the Ultimate Beneficiary.
NOTE 41: CSR Expenditure
Nature of CSR activities
Provisions of Corporate Social Responsibility are not applicable to the Company for the year ended on 31st March, 2024
NOTE 42: Details of Crypto Currency
The Company has not traded or invested in Crypto Currency or Virtual Currency during the year ended on 31st March, 2024 & Financial Year ended 31st March, 2023
NOTE 43: Other Statutory Disclosures as per the Companies Act, 2013
a) The company has not entered into any scheme of arrangement approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
b) There are no dividends proposed to be distributed to equity and preference share holders.
c) The Board of the Company is of the opinion that the assets other than Property, plant and equipment, Intangible assets and Non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.
d) The company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date.
NOTE 44: Subsequent Events
1. On 1 April, 2024 The Company has Acquired Partnership Firm M/s. Ajay Industries with purchase consideration of ? 6,00,00,000.00/- (No Consideration is paid in Equity Shares)
2. On 7 April 2024 The company has invested ? 65,000 in M/s. Nanogen Agrochem Private Limited, Rajkot and acquired 6,500 No. of Equity Shares of ? 10 each and made 65.00% of Holder of the Company
NOTE 45: Regrouping
The company has regrouped / rearranged previous year figures in view of easy comparison with current year figures.
As per our report of even date
For M/s. J C RANPURA & CO For and on behalf of the Board of
Chartered Accountants Maya nk Cattle Food Limited
Firm's Registration No. 108647W
Ketan Y. Sheth Bharat P Vachhani Ajay P Vachhani
Partner Managing Director Whole time Director
Membership No. 118411 DIN : 00585375 DIN: 00585290
UDIN: 24118411BJZWTP4573
Ankit B Vachhani Payal M Pandya
CFO Company Secretary
PAN: AFLPV7525D M No.: A53251
Place: Rajkot Place: Rajkot
Date: 16 May 2024 Date: 16 May 2024
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