17. Provisions and Contingent liabilities.
The Company creates a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
18. On the basis of our examinations of the records of the company, the following are the particulars disputed amounts payable in respect of Goods and Service Tax, Sales Tax and Excise Duty and other statutory dues as at the last day of the period ending 31st March, 2024 are as follows.
The company has withdrawn the appeal from joint Commissioner and after that company has paid tax under amnesty scheme of MVAT on 10/05/2023 of Rs. 2,30,967.00/-. Final order under amnesty scheme has not been received as on the date of balance sheet, it is under the process as on the date of balance sheet.
19. Sundry Debtors, Sundry Creditors, unsecured loans and advances are subject to confirmation by the respective parties and reconciliation. The impact of the differences, if any will be given in the year of settlement of accounts.
20. We have broadly reviewed the basis of compiling details & information & we have test checked whenever the details/information compiled by the assesse.
21. The company has entered into an agreement with Shri. Manoj D. Rakhasiya for use of the brand MCPL, which is owned by him and has paid Interest Free Security and
Performance Deposit of Rs.675 (Rs. In Lakhs) and has paid Royalty of Rs. NIL for the current year for the use of his Brand for its business purpose.
22. The Board of Directors of the Company at its meeting held that Company for Preference Shareholders who want to Waive the Right to receive Dividend in respect of :-
15% Non-Cumulative Redeemable Preference Share (PS 1 series) issued in April, 2019 15% Non-Cumulative Redeemable Preference Share (PS 2 series) issued in February, 2020.
The preference shareholders have waived their right for all past years and for the year ended 31-03-2024 to any dividend on the preference shares.
23. The Tally back up of Books of Accounts in electronic form is maintained on daily basis in server located at Unit No. 2 to 8, Building no 19 and 24, Indian Corporation Compound, Opp. Gajanan Petrol Pump, Mankoli Naka, Dapode Road, Bhiwandi Thane 421302.
25. a. The inventory of finished goods, except those lying with third parties, and in transit, has been increased. No discrepancies exceeding 10% or more in aggregate for each class of inventory were noticed on physical verification of inventories as compared to book records.
b. The Company has been sanctioned working capital limit in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets. The quarterly returns or statements filed by the company with banks or financial institutions were in agreement with the books of account of the Company and discrepancies are given as under:
1) There is a discrepancy between the amount reported in quarterly statement / return and the amount as per books of account. Discrepancies are due to the following reasons.
The company to meet the compliance needs has to submit its data within stipulated time lines. Accordingly, the data prevailing as on those reporting dates as per books of accounts are submitted to banks, which is subject to adjustment for discrepancy if any.
26. The profit of the company would have been lower by Rs. 4.02 Lakhs if provision for Interest on TDS Late made in books.
27. Details of Crypto currency or Virtual currency
Company has not traded or invested in Crypto currency or Virtual currency during the financial year 2023-24
28. Wilful Defaulters*
Company is not declared as a willful defaulter by any bank or financial institution or other lender during financial year 2023-24.
29. Benami Properties
There are no proceedings have been initiated or pending against the company under the Benami Transaction (Prohibition) Act, 1988 (45 of 1988) and rule made there under.
30. Compliance with number of layers of companies
The company does not have any layers of subsidiaries prescribed under clause (87) of Section 2 of the Companies Act, 2013.
31. Utilization of Borrowed funds and share premium:
Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall
- 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
- provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
company has not received any fund from any person(s) or entity(ies)/ including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall
- 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
- provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
32. Relationship with Struck off Companies
Company has not done any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956
33. Undisclosed income
Company has not recorded any transaction in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
34. Valuation
Company has not revalued its Property, Plant and Equipment (Including right-of-use asset) or Intangible asset during the current and previous financial year
35. Registration of charges or satisfaction with Registrar of Companies (ROC)
Company has not to be registered any charges or satisfaction with ROC beyond the statutory period
36. Company has not granted any loans or advances to it promoters, directors, KMPs and related parties (as defined under Companies Act, 2013)
For Chhogmal & Co For Manoj Ceramic Limited
Chartered Accountants Firm Reg. No. 101826W
Sd/- Sd/- Sd/-
Mr. Chintan Shah Mr.Manoj D.Rakhasiya Mr. Dhruv M.Rakhasiya
(Partner) (Director) (Managing Director)
Membership No. 107490 UDIN - 23107490BGSZQT1941
Sd/- Sd/-
Mr Pankaj S Rakhasiya Ms Krupa B Thakkar
(Chief Financial Officer) (Company Secretary)
Place: - Mumbai Date:- 30/05/2024
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