. The Company have one class shares-Equity, have a face value of Rs.lO/-and each entitled to one vote per share. In the event of liquidation of tire company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all payments of liabilities according to their rights and interests in the company.
i. Company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date.
ii. The company has not been declared as a wilful defaulter by any bank or financial institution or other lender.
iii. Quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of accounts.
b. Working capital loan taken from State Bank of India is secured by way of:
i. Primary security on Stocks, Book debts and all other current assest of the Company.
ii. Collateral security on Immovable properties which are in the name of Company, Mr. Rajagopal Reddy, Mrs. Mydhili Rajagopal Reddy, Mr. Nageswara Rao and Mrs. Meenaben Chaudary.
iii. Personal guarantee of Mr. Rajagopal Reddy, Mrs. Mydhili Rajagopal Reddy, Mr. Nageswara Rao R and Mrs. Meenaben Chaudarv
* The information regarding micro and small enterprises has been identified on the basis of information available with the Company. Based on the information available with the company, there are no micro and small enterprises to whom the company has paid interest or any interest payable on outstanding (under the provisions of Section 16 of Micro, Small and Medium Enterprises Development Act, 2006) during the period ended March 31, 2024.
26. Employee benefit expenses
The Company has defined benefit gratuity plan. Every employee who has completed at least five years of service is eligible for the gratuity scheme. The gratuity amount is calculated based on no, of years of employee service period.
The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the gratuity plan.
During the current financial year, the company has adopted a gratuity provision for the first time. An amount of Rs. 1.12 lakhs related to the current financial year is accounted for under employee benefits. An amount of Rs. 3.57 lakhs related to past periods is accounted for under prior period expenses.
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to change in the market scenario.
29. Capital and other commitments
As at March 31, 2024 the Company has commitments of Rs. 101.45 lakhs (March 31, 2023: Rs. Nil) relating to contracts remaining to be executed on capital account.
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30. Contingent liabilities
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March 31,
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March 31,
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i. Contingent liabilities on account of pending litigations
a. Goods and service taxes (appeal pending with GST appellate Authority)
b. Supplier disputes pending before MSMED
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2024
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2023
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25.97
2.00
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7.80
2.00
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ii. Other contingent liabilities
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a. Guarantees issued by Bank on behalf of the Company
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714.16
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418.79
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31. Additional regulatory information
i. The Company does not have any transactions with companies struck off.
ii. The Company does not have any charges or satisfaction which is yet to registered with ROC beyond the statutory period.
iii. The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
iv. The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
v. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies) , including foreign entities (intermediaries) with the understanding that the intermediary shall: a) Directly or indirectly lend or invest in otiter persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or b) Provide any guarantee, security or the like to or behalf of the Ultimate Beneficiaries.
vi. The 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 Group shall: a) 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 b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
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