Rights, preferences and restrictions attached to equity shares.
The Company is having only one class of equity shares having par value of Rs. 10 each. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts in proportion to their shareholding.
B. Other Terms & Conditions of Loans -
a. Working Capital Loans from Axis Bank are secured by hypothecation of stock and debtors. It includes pre-shipment and postshipment credit against export orders.
b. Terms Loans against Plant & Machinery , Working Capital Term Loan and Working Capital Loans from Axis Bank are against mortgage of factory land and building situated at Plot No. C-12 , MIDC , Ambad ,Nashik . Further these loans are secured by entire current assets and movable fixed assets of the company present and future.
c. Vehicle Terms Loans are against security of respective vehicles.
29. Employee benefits: a) Defined Contributions Plans
i) The company contributes certain percentage of salary & wages for all eligible employees toward providend fund managed by the Central Government.
The company also contributes certain percentage of salary for all eligible employees
ii) in managerial cadre towards Superannuation Fund managed by approved trust / Life Insurance Corporation of India.
Defined Benefit Plans - As per actuarial valuation As At -31-03-2024
The company has defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure, at 15 days salary (on last drawn basic salary) for each completed year of service. Other non funded plan include death & disability benefit. The following tables summarise the components of net benefit / expense recognised in the statement of profit and loss and amounts recognised in the balance sheet:
The Company is exclusively engaged in the business of designing and manufacturing of Propeller Shafts and other accessories required for automotive, industrial , agricultural and other applications which in the context of Indian Accounting Standard (Ind AS- 108) on "Operating Segments", is considered as a single operating segment.
i) As employee wise break-up of contribution to gratuity fund is not ascertainable, the same has not been included in the above figures.
ii) It is informed that the Chairman and Director, Mr. S. C. Saran has been paid professional fees of Rs. 36.00 lakhs plus taxes for the year ended 31st March 2024 and Rs. 36.00 Lakhs plus taxes for the year ended 31st March 2023 for the Technical Expertise and Services provided by him as a Consultant under section 188 read with section 177(4) of the Companies Act, 2013.
42 As per information given, the company does not have relationship with any company which have been struck-off from the register of Registrar of Companies (ROC).
43 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
44 The Company has complied with requirements of number of layers prescribed under clause (87) of section 2 of the Act read with Companies ( Restrictions on No of layers ) Rules, 2017.
45 The Balances of Creditors and Debtors appearing in the balance sheet are subject to balance confirmation / reconciliation at the year end. The management is in the process of obtaining the respective confirmations in due course. However, it is informed that the reconciliation is not expected to result in any material adjustment in stated balances.
46 Figures of the previous year have been regrouped / rearranged wherever necessary to conform to the current year's presentation.
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