1 Financial Instruments: (Indian Rupees in Hundreds) i Financial Risk Management:
The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations to support its operations. The Company's principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.
The Financial Risks in a Business Entity can be classified as Market Risk, Credit Risk and Liquidity Risk. The status of these Risks at the Company is as brought out hereunder:
a) Market Risk:
Market risk is the risk that the changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
i) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The floating rate borrowings are determined based on SBI base rate which is the minimum rate. Since the company had borrowed only form the Holding company (TCIL), the effect of increase in interest rates will not impact the group. During the year Company did not have any floating rate borrowings.
Interest rate sensitivity analysis
The table below summarises the impact of increase/decrease of the interest rates on floating rate borrowings at the reporting date, on the Company's equity and loss for the year. The analysis is based on the assumption of /-1% change.
ii) Foreign currency risk
Exposures to currency exchange rates arise from the Company's overseas sales and purchases, which are primarily denominated in US dollars (USD). The Company has not entered into any hedging transaction to mitigate the foreign exchange fluctuation risk, the fluctuation risk is controlled by way of natural hedging.
b) Credit Risk:
Credit risk arises from the possibility that customers or counterparty to financial instruments may not be able to meet their obligations. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of accounts receivable. Credit risks arises from cash and cash equivalents, deposits with banks, financial institutions and others, as well as credit exposures to customers, including outstanding receivables. The Company's policy is to place cash and cash equivalents and short term deposits with reputable banks and financial institutions.
The Company continuously monitors defaults of customers and other counterparties, identified either individually or by the Company, and incorporates this information into its credit risk controls. The company had filed legal cases for recoverability of the trade receivables and had created adequate provision for expected credit loss:
03-2023
97,258
98,696
c) Liquidity Risk:
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Company's reputation.
ii. Fair Values Hierarchy
Financial assets and Financial liabilities measured at fair value in the statement of financial position are categorized into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:
Level 1 - Quoted Prices (unadjusted) in active markets for financial instruments
Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data rely as little as possible on entity specific estimates
Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Valuation Techniques:
The Carrying value of financial assets and liabilities with maturities less than 12 months are considered to be representative of their fair value.
There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has not classified any material financial instruments under Level 3 of the fair value hierarchy. There were no transfers between Level 1 and Level 2 during the year.
iv. Capital Management:
The Company's capital management objectives are:
- to ensure the Company's ability to continue as a going concern
- to provide an adequate return to shareholders
The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of Balance Sheet.
Management assesses the Company's capital management in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company's various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
OTHER EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS:NOTE NO. 29:
The Company is having a system of sending letters to the vendors & customers for confirming the balance as at the year-end 31st March. However, the balances of Trade receivables, Trade payables, loans and advances & Deposits (other than Telecommunications Consultants India Limited (TCIL)) are subject to confirmation.
NOTE NO. 30:
(a) No provision is made for BSNL which is a long pending debtor of Rs. 3,39,505 (previous year Rs. 3,39,505) in view of the arbitration proceeding completed against the Purchaser for which the Award was received on 14th January 2005 in favour of the Company but has since been challenged by the Purchaser in the court. Further the court remitted back the case to the Arbitrator for speaking orders which also had been awarded on 14th November 2014 in favour of the Company after arguments, cross examinations and written submissions. The purchaser has again appealed in the High Court. Now the matter is posted on list of final hearings of High court.
(b) No provision is made for Rs. 13,397 (previous year Rs. 13,397) due from RailTel arbitration case was appealed against award in Delhi High Court which was disposed by Delhi high court.
(Indian Rupees in Hundreds)NOTE NO.31:
After restructuring as per the Sanctioned Scheme of erstwhile BIFR during 2010-11, the net worth of the Company was positive during 2010-11. However, during the year 2011-12 the net worth had again eroded. The Company was under rehabilitation period as per the erstwhile BIFR Sanctioned Scheme. Lack of executable orders and dull phase of Optical Fiber Cable (OFC) market from the year 2010-11 onwards is the reason for the poor performance.
During the year 2012-13 the Company had received order from BSNL for supply of 3206 KMs of OFC valuing Rs.15,97,011 and successfully executed the order in time and got 50% addon order of 1602 KMs and executed during 2013-14 valuing Rs.7,98,007. These two were the only major orders executed during these two years.
Bharat Broadband Network Limited (BBNL), the Special Purpose Vehicle of the Government, had floated the tender towards the National Optic Fiber Network (NOFN) project to connect all the villages by broad band. The date of tender opening was 08.05.2013. Though the initial projection was 600000 KMs, the tender called for is to cover 404995 KMs under six packages based on geographical location. For this huge quantum, BBNL has fixed the delivery time frame of
eight months only including initial two months for preliminary arrangements. The Company has participated in one package considering its production capacity to cover the quantum in the given short delivery period. The Company has received APO and given acceptance during February, 2014 for 5800 KMs including accessories. The Value of the APO is Rs. 31,90,444. BBNL has proposed to issue PO in two phases of 50% each. During April,2014, BBNL has issued the first 50% PO for 2900 KMs including accessories valuing Rs. 1,595,273. Delivery period was upto October, 2014. BBNL has issued the consignee details in full periodically for four months consignments of 1740 KMs only. For fifth month consignment, consignee details were provided for only 48 KMs out of 580 KMs. Hence consignee details are not provided for balance around 1112 KMs. BBNL has extended the delivery schedule by another six months beyond October,2014. Hence the supply of balance around 1112 KMs and second 50% PO for 2900 KMs was anticipated during 2016-17 and 2017-18 for execution. However, BBNL did not decide on the consignees and no supply could, therefore, be made thereafter.
The Company had participated in the tender floated by BSNL for supply of 24,000 KMs of 24F HDPE DS OFC. The technical bid opened and the company has been technically qualified. Financial bid opened on 21.5.2015 which was followed by e-reverse auction but TTL could not compete in the e-reverse auction.
The company had railway orders worth Rs.10 cr during the financial year 2016-17 and 2017-18. But due to non-availability of fiber from Fujikura, Japan, the orders could not be executed.
The requirement of OFC in the country is huge; however the delay in procurement is due to various procedural matters / issues in execution of big projects by the Government Clients.
The Company is hoping to get continuous orders since the OFC market has picked up. The order booking position is expected to improve as there is huge requirement of OF cable in the near future due to the impact of 5G.
Therefore, the company and its promoters were taking various efforts for revival of the company as detailed below:
i. MOU was signed with ITI Limited (PSU) in the presence of Hon'ble Minister of Communication during the synergy meeting held on 22th February 2018 at New Delhi for contract manufacturing.
ii. The proposal of taking over the company/utilizing capacity by BSNL was discussed with BSNL & TCIL both under Department of Telecommunication. DOT discussed in the meeting held on 07.03.2019 with regard to takeover of TTL by BSNL, it was suggested by Ministry to BSNL to utilize the capacity of TTL since BSNL requirement is 100000 km per annum against TTL capacity of 10000 Km per annum. Follow up action has been taken up by the company and TCIL.
iii. Diversion of existing skilled employees to Fiber Optic Splicing, Survey, Optical Laying Supervision and other telecom related service contracts to maximize the utilization of existing skilled manpower has been taken care. Orders for deputation to TCIL were issued to all the employees of TTL and 60 employees joined in TCIL on deputation basis till Last Financial Year. Few employees were posted at TCIL Chennai to attend of minimum requirement of TTL factory and TTL office work.
iv. To obtain preferential orders from Tamilnadu State PSU, for supplying Optical Fiber Cable in Tamilnadu. Management has been continuously pursuing and approaching the concerned secretaries and ministers of Government of Tamilnadu.
v. To obtain Turnkey contracts with the help of TCIL on nomination basis from DOT / PSUs / Tamilnadu Govt. and execute the orders so that excess skilled manpower will be utilized.
vi. TCIL management has been taking efforts to revive TTL through various correspondence and meeting with Ministers of Government of Tamilnadu and TIDCO CMD.
vii. Promoter TCIL has initiated the proposal of sale of entire stake of TCIL in TTL through DIPAM as per the revised procedure for strategic disinvestment in CPSEs. The same has been pursued with Department of Telecom, Ministry of Communication. The strategic disinvestment will pave the way for revival of the company by the prospective buyers.
viii. Department of Telecom has also been pursuing the matter and required data has been shared. EoI was floated in the year 2021 for engaging Consultant to explore various revenue generation options. Consultant was appointed for monetization of factory and factory premises. Based on the consultant report RFP was floated on 29/12/2021 was floated through company website and newspaper advertisement for “Grant of Lease of the Manufacturing Facilities and Premises of TTL”. The proposal was taken to the approval of Board in their 176 Board meeting dt.20th May 2022 and in the AGM on September 2022. The selected party did not come for signing the agreement and tender was cancelled. RFP was floated again on 02.01.2023. Single party quoted. LoA was issued by TTL. After the receipt of LoA, the party withdrew from the tender process.
Present status of Revival of TTL
a) As a first step, electricity connection has been restored in the factory on 12th April 2024.
b) Preferential orders being pursued through promotors of the company.
c) Request for Proposal (RFP) No. TTL/RFP/22-23/ CHENNAI/02 dated 15.03.2023 was published on 16.03.2023 in the websites of TCIL (www.tcil.net.in) and TTL (www.ttlofc.in) for grant of lease of manufacturing facilities and premises of TTL Factory at Maraimalai nagar, near Chennai, Tamilnadu. It was also advertised in the leading newspapers All India English edition and Chennai Tamil edition. Single quote was received for Grant of Lease of the Manufacturing Facilities and Premises of TTL located in Maraimalai Nagar, near Chennai, Tamilnadu, on lease cum revenue sharing model basis. The bid has been accepted. With the approval from competent authority Letter of Award has been issued to the party on 24.05.2023. Electricity connection has been restored on 12.04.2024. Lease cum revenue is expected to commence during the FY 24-25 for 9 years and 11 months. Against the Letter of Award, the company has received partial security deposit of Rs.15,000 (in Hundreds) which is grouped under Note No. 16.
Considering the scope during the immediate future, with the assured income from the lease period of 9 years & 11 months and with TCIL's financial / preferential order support to TTL, the accounts have been prepared on going concern basis.
NOTE NO.32: LAND
a) The Company is currently in possession of 2.42 acres of land acquired from CMDA. In respect of the said land Memorandum of Lease cum Sale Agreement has been entered and on completion of payment, the Company has executed Sale Deed and the same in original was surrendered to SBI, which is yet to be returned by SBI for which due clearances were received from all the banks of the consortium. The Company is following up with SBI, in this regard.
b) The Company is also in possession of 7.36 acres of free hold land of the Tamilnadu State Government. The cost of land determined by the Government in 2010 was paid by the Company. Land delivery receipt was issued to the Company by the Government. In the case of TN Government land, it is to be utilized for the purpose for which it is allotted.
NOTE NO.33: Actuarial Valuation
As per Indian Accounting Standard 19 “Employee Benefits”,
the disclosures of Employee benefits are given below:
A. Defined contribution Plan (Indian Rupees in Hundreds):
Contribution to Defined Contribution Plan, recognized as expense for the year are as under.
Upto the year 2008-09 the Company has set up separate Trust for Provident Fund and has been contributing towards the same. In view of the fact that the Company is industrially sick as declared by erstwhile BIFR and its net worth has fully eroded, the Provident Fund Commissioner-I has withdrawn with effect from 01.04.2009 the relaxation order issued under Para 79 of the Employees' Provident Fund Scheme 1952, with a direction to remit the whole cash balance to Employees' Provident Fund (EPF) Account No.1 and the balance available in Special Deposit Account to Central Board of Trustees, Employees' Provident Fund. During the year the Company has followed the directions of the Provident Fund Commissioner-I and remitted the monthly contributions to the concerned Regional Provident Fund Commissioner.
B. Defined Benefit Plan (All Figures in Rs. hundreds) Gratuity (Un Funded)
The Company provides for gratuity, a defined benefit retirement plan (the “Gratuity Plan”) covering eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment. Vesting occurs upon completion of five years of service. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation as of the balance sheet date. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method.
The following table set out the status of the gratuity plan as required under Ind AS 19.
* Total gratuity provision included in Note 13 and 18 amounts to Rs.5,23,000 (Previous year Rs.4,73,782)
Note: The estimates of rate of escalation in salary considered in actuarial valuation, taken into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is based on the valuation certified by the actuary.
• The base liability is calculated at discount rate of 7.19% per annum and salary inflation rate of 4.00% per annum for all future years.
• Liabilities are very sensitive to salary escalation rate, discount rate & withdrawal rate.
• Liabilities are very less sensitive due to change in mortality assumptions. Hence, sensitivities due to change in mortality are ignored
C Leave encashment (All Figures in Rs. in Hundreds)
The employees of the Company are entitled to compensate absence. The employees can carry forward a portion of the unutilized accrued compensated absence and utilize it in future periods or receive cash compensation at retirement or termination of employment for the unutilized accrued compensated absence for a maximum of 240 days. The Company records an obligation for compensated absences in the period in which the employee renders the services that increase this entitlement. The Company measures the expected cost of compensated absence as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the balance sheet date based on actuarial valuations.
The following table set out the status of the Leave Benefit plan as required under Ind AS 19.
* Total Leave encashment provision included in Note 13 and 18 and amounting to Rs. 1,33,627 (Previous year Rs. 90,891)
NOTE NO.34:
a. Current Tax: No provision for income tax is made in view of the current year loss and the accumulated losses of previous years available for set off.
b. Deferred tax: During the year, the Company has not accounted/taken the credit/charge for the deferred tax assets/liabilities. The excess of timing difference over the deferred tax liability has been ignored for want of reasonable certainty of the company making taxable income in the near future. Similarly, for the same reason, certain other provisions made in the earlier years have been ignored for creation of deferred tax asset. The accumulated losses and carried forward depreciation under the tax laws have been ignored for creating the deferred tax asset considering that there is no reasonable certainty of the company making taxable income in the future. The treatment noted above is in accordance with the Indian Accounting Standard 12 “Taxes on Income/ Income Taxes” notified under Section 133 of the companies Act, 2013.
NOTE NO.35:
Work-in-Progress under Inventories as on 31.03.2024 includes realizable scrap comprising short length cables, quality defects cables, excess production cables for operational reasons, type approval cables and disputed returned cables. The above items are saleable with further processing and re-testing to the same or other customers. Due provision is made in respect of non-moving/ slow moving WIP inventories wherever necessary.
NOTE NO.36:
a. The Componentization of Fixed Assets have already been done at the time of capitalization of Fixed Assets. Further Componentization of Fixed Assets, at present is not technically felt appropriate by the Company.
b. As stipulated in Ind AS - 36, the company is of the view that assets employed in continuing business are capable of generating adequate returns over their
useful life in the usual course of business. There is no indication to the company of impairment of any asset and accordingly the Management is of the view that no impairment provision is called for during the year.
NOTE NO.37:
The Company is having only one segment namely
“manufacturing of cables” and there are no other business
segments to be disclosed.
NOTE NO.38:Contingent Liabilities (Indian Rupees in Hundreds)(a) Claims against the company not acknowledged as debt:
(i) Commercial Tax Department had demanded a sum of Rs.1,86,088 as Additional Sales Tax in respect of Financial Year 2000-2001 and 20012002 (up to November 2001). The company has obtained a Stay from Madras High Court against the collection of above demand by depositing a sum of Rs.75,000 with Commercial Tax Department as directed by the High Court while granting the stay (Refer Note No. 7). As the demand is disputed, the same is not provided for in the accounts. The case came up for hearing during November, 2011 and directions were issued to post the case along with the writ appeal before the Bench in another similar case where the judgment is in favour of the assessee. The writ petitions were heard by High Court, Madras, on 02-09-2015 and on 09-09-2015. On hearing the argument single Judge of High court Madras reserved the judgement. Orders are still not given by the Court.
(ii) The Sales Tax department has demanded a sum of Rs. 22,950 during the financial year 200607 for non-submission of “C” Forms from BSNL / MTNL pertaining to AY 2001-02, 2002-03 and 2003-04. The Government has exempted “C” forms in respect of inter-state sales to BSNL / MTNL. The company has represented to the Department and also referred the matter to BSNL / MTNL. Next hearing date is not yet fixed.
(iii) The Customs Authority has demanded an amount of Rs. 102,067 towards difference in classification of Optical Fibre during the year 2006-07. However, the order of the Commissioner of Customs has come in favour of the Company during the year 2009-10 dropping the proceedings. Department has gone for appeal against the order. The company has filed the Counter. The Tribunal vide its Final Order dated 19/12/2017 remanded the matter back to the Commissioner for fresh
decision after the outcome of the case pending in Supreme Court on the issue of jurisdiction of DRI to issue the notice. As such, the issue has to be argued and decided afresh.
(iv) There is a demand from IT department for Rs.29,052 towards short deduction of TDS against interest payable to TCIL. The Company have represented the case with IT Department.
(v) There is a IT demand for the AY 2009-2010, of Rs.2,978.
(vi) Total penalty amounting to Rs. 47,766 is levied by BSE and NSE stock exchanges pursuant to noncompliance with SEBI (Listing Obligations and Disclosure Requirements) during the year 2018-19 and Rs. 38,373 during the year 2019-20. The company has made written representation to the stock exchanges for waiver of this penalties.
b. Guarantees (Indian Rupees in Hundreds)
Guarantees extended by TCIL (the Holding Company) on behalf of the Company against performance obligation and EMD bank guarantee in the name of BSNL for an amount of Rs.3,88,000 as on 31.03.2024 (previous year Rs. 4,09,877).
NOTE NO.39: (Indian Rupees in Hundreds)
The Sales Tax department has demanded a sum of Rs. 45,835/- during the financial year 2018-19 pertaining to the years 2011-12 to 2015-16 for Tax on non-submission of C forms Rs. 14,354/-, ITC Reversal for CST sales without C forms Rs. 27,793/-, Tax on cross verification of buyer and seller Rs.3,430/- and TN vat 14.50% on disposal of movable assets Rs. 257/-. Provision for the same has been made in the books of accounts.
NOTE NO.40:Commitments
(a) Estimated amount of Contracts remaining to be executed on Capital Account and not provided for during the year is Rs. ‘Nil' (previous year Rs. ‘Nil').
(b) Uncalled liability on shares and other investments which are partly paid up during the year is Rs.'Nil' (previous year Rs.'Nil').
NOTE NO.41:
The Company has no long term operating lease. No financial lease has been availed during the year.
(Indian Rupees in Hundreds)NOTE NO.42:
A writ petition has been filed by the Company in Madras High Court during the year 2008 against BSNL for reducing the
awarded rate during the scheduled delivery period, in one of their orders without giving effect to BSNL's amendment to the ‘Fall clause' applicable from 01.08.2005. BSNL has rejected and returned the differential claim invoice of the company for Rs.1,39,913. The case was disposed off by Madras High Court rejecting our claim. However, the company has decided to make an appeal at AMRCD.
NOTE NO.44:
(i) A civil suit has been filed by the company in Delhi High court on 31.03.2011 to stay the Advance Purchase Order issued by BSNL, HQ for supply of 42000 KMs of OFC. This is in addition to the purchase order issued during January, 2011 for supply of 18000 KMs. The order for OFC supply is with Nylon 12 jacketing and subsequently BSNL has changed the specification with HDPE Double sheathing. During the year 2011-12 BSNL has floated tender for 42000 KMs with the new specification. Initially the case was filed in Delhi High Court against the APO. Now the matter is transferred from Delhi High court to District court (Patiala House) for deciding the APO. The both PBGs are kept alive as per Court direction. The rejoinder before Supreme Court was submitted. Last hearing was held in 06.03.2017, but again the matter appeared in the court and arguments held and stay on award will continue till the High court decides over limitation issue.
(ii) The Company has invoked Arbitration Clause during the year 2014-15 in respect of BSNL's short closure of the PO for supply of 18000 kms.
(iii) For the further proceedings case is transferred to High Court.The Hon'ble Division Bench noted that the Written Submissions have been filed by both the parties. The captioned matter on transfer from other bench was listed before the Hon'ble Division Bench of HMJ Rajiv Shakdher & HMJ Amit Bansal. They heard preliminary arguments in April.
NOTE NO.45:
The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure relating to amounts unpaid as at the year- end together with interest paid / payable under this Act could not be ascertained.
The remuneration has been paid by the Holding company TCIL and the company accounted the expenditure based on the debit advice issued by the TCIL. Hence, section 197 of Companies Act, 2013 will not be applicable as the above persons are not employees on the roll of the company.
(Indian Rupees in Hundreds)NOTE NO.48:
In view of the commitment by the company to pay Telecommunications Consultants India Limited (the holding company) on demand basis, the company has taken a conservative approach to reflect the amount due of Rs.1,57,85,738 (previous year Rs.1,46,41,843) at book value and not at fair value. Further since the aforesaid financial liabilities are current in nature there would only be an immaterial finance cost/income involved, on account of restatement of the balances to fair value.
(Indian Rupees in Hundreds)NOTE NO.49:
On 16.08.2021, theft took place in the Electrical Substation of the company's factory located at Maraimalainagar,
Chengalpattu District. Bus bars and accessories were stolen from two transformers, HT & LT panels and the electrical substation unit is in a damaged condition. A complaint has been filed in the local police station against which an FIR copy is also received. The company has also submitted for insurance claim with the Insurance company and it is in process. The valuation for the insurance claim was done by a professional Valuer, who has given an estimated valuation of Rs.48,970 for the assets that were stolen. The same has been claimed for insurance. MV panel and transformer work has been completed and power has been restored on 12th April-2024. Surveyor from the New India Assurance has scheduled to come to factory for inspection in the month end of May-2024. After their assessment, the claim will be settled.
NOTE NO.50:
Particulars of Imports, Consumption etc.,
(a) Value of imports during the year- CIF Basis is nil (previous year nil)
(b) Expenditure in foreign currency during the year (on payment basis) is nil (previous year nil)
(c) Consumption of imported and indigenous raw materials, spare parts and components is nil (previous year nil)
(d) Amount remitted in foreign currency during the year is nil (previous year nil)
(e) Earnings in Foreign exchange (on realization basis) is nil (previous year nil)
(f) Dividends proposed to be distributed is nil (previous year nil)
(g) Raw Materials Consumed is nil (previous year nil)
Note -51 Additional Regulatory Disclosure Requirement51.1 Details of Immovable Property not held in name of company
The Company does not have any Immovable property not held in the name of the Company. However, Immovable property of 7.36 acres situated at maraimalai nagar, has been allotted to the company by the Government of Tamilnadu, during the financial year 2010-11 by issuing a land delivery receipt note which constitutes as property held in the name of the Company.
51.2 Investment Property:
The company does not have any Investment property as on 31.03.2024.
51.3 Revaluation of Property, Plant & Equipment
The company has not revalued its Property Plant & Equipment during the current year.
51.4 Revaluation of Intangible Assets
The company does not have any Intangible assets as on 31.03.2024.
51.5 Loans Granted to Related Parties
The Company has not granted any loans to related parties as on 31.03.2024.
51.6 Capital Work in Progress
a) Capital Work in Progress Ageing Schedule
CWIP ageing schedule as on 31.03.2024.
There are no capital-work-in progress, whose completion are overdue or has exceeded its cost compared to its original plan.
51.7 Intangible Assets Under Development
There are no Intangible assets under development during the year.
51.8 Benami Property
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
51.9 Secured loans
The Company has not availed any borrowings on security of current assets from banks or financial institution as on 31.03.2024.
51.10 Willful Defaulter
The company is not a declared wilful defaulter by any bank or financial institution or other lender.
51.11 Relationship with Struck off Companies:
The Company do not have any transaction with the Struck off Companies.
51.12 Registration of Charges:
The MCA portal shows that the following loan for the creation of charges availed in the earlier years, for which the company is yet to file the satisfaction of charges as on 31.03.2024. There are no outstanding balances in respect of the loans mentioned below in the books of accounts as on 31.03.2024.
There are no amounts in CWIP as on 31.03.2023.
b) Capital work in progress Completion Schedule51.13 Compliance with Number of Layers of Companies
Since the company does not have layers of holding beyond prescribed limit, the disclosure of number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules,) 2017 is not applicable.
51.15 Compliance with approved schemes of Arrangements:
The company has no approved scheme of arrangements as on 31-03-2024 by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
51.16 Utilization of Borrowed funds and share premium:
a) The company has not advanced or loaned or invested funds to any other persons or entities with the understanding that the Intermediary shall:-
i) 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
ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
b) The company has not received funds from persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall-
i) 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
ii) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
52 Undisclosed Income
The company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of accounts in the tax assessments under the Income Tax Act, 1961 (43 of 1961) as income during the year and in previous year.
53 Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
54 Previous year figures have been regrouped and reclassified wherever required.
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