(e) Terms/riahts attached to equity shares
The company has only one class of equity shares having a par value of ' 10/- per share. Each share holder of equity share is entitled to one vote per share.
(f) In the event of the 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 will be in proportion to the number of equity shares held by the shareholders.
(h) During the year under consideration the company has not issued any shares. However, during the financial year 2016-17, the company has issued 32,96,000 Equity Shares including 18,16,000 Equity Shares issued under the SME IPO.
(i) During the past 5 years the company has not allotted any shares pursuant to contracts, without payment being received in cash.
(j) During the year under consideration the company has not allotted any Bonus shares. However, during the financial year 2016-17 the company has allotted 31,68,468 Equity Shares as Bonus Shares by capitalisation of Reserves of the company.
(k) During the past 5 years the company has not bought back any shares.
(l) No shares have been forfeited by the company.
3.2 The Vehicle loans from Kotak Mahindra Prime Ltd. and Tata Motors Finance Ltd. are secured against hypothecation of Vehicles &trailors, which is repayble in 24 to 60 monthly installments.
3.3 The mortgage loan from Kotak Mahindra Bank Ltd. carries interest @ 9.70% p.a. The said loan is repayable in 120 monthly installments begining from the date of loan. The loan is secured against the mortgage of Shop No. 901 & 914, Rajhans Complex, Ring Road, Surat belonging to the company.
3.4 The term loan from Axis Bank Ltd. sanctioned under the ECLGS is secured against the extension of hypothecation of charge on primary securities available for existing securities and is also secured by way of extension of second charge on existing security, which is to be in line with the security as currently available with the bank.
3.5 The Vehicle loans from HDFC Bank Ltd. is secured against hypothecation of Commercial Vehicles, which is repayble in 35 to 47 monthly installments carrying interest @ 7.75% p.a.
3.6 The closing balances of unsecured loans are subject to confirmation however, the Directors have certified the respective balances. Interest at 6% to 12% p.a. has been paid on unsecured loans during the current year.
6.1 The Company has availed cash credit facility, SBLC facility and buyer's credit facilities from the Axis Bank Ltd. which is secured against the exclusive charge by way of hypothecation of current assets of the company both present and future, as also the personal gurantee (except for ECLGS) of the directors of the company and their relatives. The said facility is also secured by way of collateral security in the form of pledge of LIC policies of directors and their family members and registered mortgage of the immovable properties held in the name of the company as also in the name of directors and their family members. The said facility is also secured by way of pledge of bank FDRs belonging to the company, directors and their relatives.
6.2 The overdraft account with the Axis Bank Ltd. is secured against the bank FDRs of the company.
7.2 The above information has been provided as available with the company to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under the MSMED Act.
7.3 Trade Payables are non interest bearing and are normally settled within the terms. There are no other amounts paid/payable towards interest/principal under the MSMED Act.
10.1 Property, Plant and Equipment are stated at cost of acquisition less depreciation.
10.2 Depreciation on Property, Plant and Equipment is calculated on Written Down Value Method. The depreciation for the respective assets has been computed on the basis of their useful life as specified in Schedule II to the Companies Act, 2013, in accordance with the information and explantions as provided to us by the management of the company
10.3 The carrying amounts of the company's assets are reviewed at each balance sheet date. If any indication of impairment exists, an impairment loss is recognized to the extent of the excess of the carrying amount over the estimated recoverable amount.
10.4 The Company has not revalued any of its Property, Plant and Equipments or intangible assets during the year
26 Earnings per Share
The detail of Earnings Per Share, as required by AS-20 "Earnings Per Share" is given below.
The basic earnings per share is computed by dividing the net profit in the Profit and Loss Account attributable to the equity shareholders by weighted average number of equity shares outstanding during the reporting year. There being no potential equity shares the diluted earnings per share is same as basic earning per share.
27 Significant Accounting Poliicies & Notes on Financial Statements
(1) Corporate Information
Titaanium Ten Enterprise Limited (the company) is a public limited company, incorporated under the provisions of the Companies Act, 1956 having CIN: L52100GJ2008PLC055075 and its shares are listed on the Bombay Stock Exchange Ltd. on SME plalform. The company is primarily engaged in the business of trading of yarn, grey cloth / fabrics, curtain and export of fabrics and that of hiring of goods vehicle & machinery and acting as commission agent.
The standalone financial statements for the year ended on March 31, 2024 were authorised for issue in accordance with a resolution of the directors on 29-05-2024.
(2) Basis of Accounting
The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India ('Indian GAAP') to comply in all material respects with the notified Accounting Standards ('AS') under section 133 of the Companies Act, 2013 ('the Act'), read with rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016. The financial statements have been prepared on an accrual basis and under the historical cost convention. The financial statements are presented in Indian Rupees (INR) in Lacs and all values are recorded to the nearest ruppes (INR), except otherwise indicated.
(3) Use of Estimates
The preparation of the financial statement in comfimity with Indian GAAP requires the management to make judgments, estimates and assumptions that effect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertaintity about these assumptions and estimates could result in the outcomes requiring a material adjustments to the carrying amounts of assets or liabilities in future periods.
(4) Prior period Items
Previous years adjustments are on account of payment of taxes, duties, interest on tax etc. of earlier years due to short / excess provision thereof, which has been shown under the head 'Extraordinary Items.'
(5) Recognition of Income and Expenditure
All incomes and Expenditure are accounted on accrual basis. Sales/Highseas Sales, Purchases/Highseas Purchase, Imports and all expenses are accounted for exclusive of tax, duties, gst, cess, etc. collected on behalf of the government and are net of goods returned, discount, rate difference, late payment interest, highseas commission income, transport & freight, claim, clearing charges and exchange rate difference etc. and are inclusive of custom duty and other direct expenses on imports/purchases.
(6) Government Grants
During the year under consideration or in the previous year, the company has not claimed/received any interest subsidy or government grants.
(7) Employee Benefits
Contribution to employee's benefit funds remitted to statutory authority is charged to revenue. Liability in respect of Gratuity of employees of the company is provided for as per actuarial valuation as at the current year ended. Actuarial gains and losses are recognised in full in the statement of profit and loss, in the year in which they occur.
(8) Borrowing Cost
The total borrowing cost on the acquisition of fixed assets if pertaining to the period up to the date on which the said fixed assets have been put-to-use, has been capitalized in the respective fixed assets and the cost for the period after the said fixed assets have been put-to-use has been debited to the Profit and Loss Account.
(10) Dues to small scale and ancillary undertakings
' 148.88 Lacs (Previous Year : ' 3.75 Lacs) due to micro, small and medium enterprises registered under the Micro, Small and Medium Enterprise Development Act, 2006 (MSMED Act). There are no other amounts paid/payable towards interest/principal under the MSMED; and
The above information has been determined to the extent such parties have been identified on the basis of the information available with the company regarding the status of suppliers under the MSMED.
(12) A fire had occurred at the factory premises of the company during the year under consideration on 14-11-2023, during which part of goods viz. Yarn weighing 47043.750 Kgs. having value of Rs. 85.36 Lacs belonging to the company, were burnt and destroed and hence, the same has been reduced from the yearened inventory and shown as Insurance Claim income in the P&L Statement & Claim receivable in the Balance Sheet under the note 'Other Non-Current Assets'. The insurance claim in respect of this fire has not been settled as at the year-end and accordingly, upon receipt of the insurance claim, the necessary accounting treatment in respect thereof, would be given effect to in the financial statements of the company of the said year.
(13) Taxation
Tax comprises of Current tax and Deferred tax. Current tax in the books is recognised by opting the provisions of section 115BAA as introduced vide Taxation Laws (Amendment) Ordinance of 2019 to the Income Tax Act, 1961. Deferred Tax Liability is recognised on account of temporary timing differences. During the year, company has recognised deferred tax assets of ' 0.01 Lacs (Previous Year : Deferred Tax Assets ' 5.76 Lacs) on account of timing difference attributable to the claim of depreciation which has been set off against the balance of brought forward deferred tax liability.
(14) Impairment of Assets
The carrying amounts of the company's assets are reviewed at each balance sheet date. If any indication of impairment exists, an impairment loss is recognized to the extent of the excess of the carrying amount over the estimated recoverable amount.
(15) Provisions, Contingent Liabilities and Contingent Assets
The Company claims to have no Contingent liability and hence, it is not provided for in the books of accounts. The company has issued payment guarantee to Groyyo Private Ltd. in respect of sales made by it and such outstanding amount as at the yearend is Rs. 1.53 Cr., however, the company is assured of the realisation from those customers and accordingly, no provision is considered necesssary for the same. Contingent assets are only discolsed when it is probable that the economic benefits will flow to the assessee.
(16) Previous Year's Figures
Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.
(v) There is no intangible asset under development as at the year-end.
(vi) No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
(vii) The quarterly statements of current assets filed by the Company with Bank for its borrowings are in agreement with the books of accounts and there are no material discrepancies therein.
(viii) The Company is not declared wilful defaulter by any bank or financial institution or other lender.
(ix) The Company does not have any transactions with companies struck off u/s. 248 of the Companies Act, 2013 or u/s. 560 of the Companies Act, 1956.
(x) No charges or satisfaction is pending to be registered with Registrar of Companies beyond the statutory period.
(xi) The company does not have any subsidiary and hence, there is no violation with regard to the number of layers prescribed u/s. 2(87) of the Act r.w. Companies (Restriction on number of Layers) Rules, 2017.
(19) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
(20) Utilisation of Borrowed funds and share premium:
(A) Company has not advanced or loaned or invested any funds to any person(s) or entity(ies) including foreign entities (Intermediaries) with the understanding that the Intermediary shall -
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoevr by or on behalf of the company (Ultimate beneficieries) or
(ii) provide any guarantee, security or the like to or on behalf of the Untimate Beneficiaries.
(B) Company has not received any funds from any person(s) or entity(ies) including foreign entities (Funding Party) with the understanding that the company shall -
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoevr by or on behalf of the Funding Party (Ultimate beneficieries) or
(ii) provide any guarantee, security or the like to or on behalf of the Untimate Beneficiaries.
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