1. All amounts are in Lakhs (Rs.) unless otherwise specifically stated. The figure “0” represents value less than one thousand.
2. Estimated amounts of contracts remaining to be executed on capital account and not provided for: Nil
3. Contingent liability: In the opinion of the Directors of the Company, there are no known contingent liabilities which remain undisclosed. Further, there are no undisputed liabilities so far.
6. Confirmations of balances of various parties have not been obtained. Any rectification, if necessary, will be made at the time of receipt of confirmation.
7. Previous year’s figures have been regrouped wherever necessary to make them comparable with the current year’s figures.
8. In trade payables amount due to Micro, Small and Medium Business Enterprises as defined under Micro, Small and Medium Business Enterprises Development Act, 2006, as ascertainable are disclosed separately.
9. The company had deposited a sum of Rs. 1 Crore towards Rent with Vithoba Healthcare & Research Pvt Ltd, the director of which is Shri. Kartik Shende who is also a director of Nirmitee Robotics India Limited.
11. Disclosure relating to Working Capital Borrowings:
The company has the facility of Overdraft from ICICI Bank Ltd and for enjoying such facility the ICICI Bank Ltd., does not require the submissions of quarterly returns and statement of current assets. Charges relating to working capital borrowings have been registered.
12. Investment in Subsidiary under Non-Current Investments - A subsidiary by the name of Nirmitee Robotics AC Maintenance LLC was incorporated in June 2022 in Dubai, UAE. According to the laws of UAE, there is no minimum paid up capital requirement in case of a company limited by shares. The memorandum of association of the subsidiary states that the amount of share capital has to be paid by the holding company. Nirmitee Robotics India Ltd, however had paid a sum of Rs. 70,66,070/- towards the capital of the subsidiary and had also advanced a sum of Rs. 62,99,444/- for the purposes of carrying out the operations in Dubai.
The subsidiary has been liquidated with effect from 15th July 2024. Following the liquidation, the parent company has closed all subsidiary related balances in these standalone financial statements. Consequently, these debit balances reflecting in the standalone financial statements have been written off from the Profit & Loss Account and Retained Earnings.
Sub-Note (i) - Current Ratio and Working Capital Turnover Ratio along with ratios relating to working capital have increased due to an increase in current assets, being cash and cash equivalents and trade receivables.
Sub-Note (ii) - Repayment of Unsecured Loan has caused a change in Debt Equity Ratio.
14. Wholly-Owned Subsidiary
The Company had set up a foreign establishment by the name of ‘Nirmitee Robotics AC Maintenance LLC.’ The said entity was a wholly owned subsidiary of Nirmitee Robotics India Limited. The subsidiary was based in Dubai, United Arab Emirates and was incorporated on 20th June 2022. The objective of setting up of such entity was to expand the Company’s operations and explore investment opportunities in foreign countries.
As per the Memorandum of Association of Nirmitee Robotics AC Maintenance LLC, the company was formed for the purposes of ‘Air Conditioning ventilations and Air Filtration systems installation and maintenance.’ The objectives of the foreign subsidiary were in line with the objectives of Nirmitee Robotics India Limited.
The Share Capital of Nirmitee Robotics AC Maintenance LLC was stipulated at 3,00,000 AED divided into 300 shares of 100 AED each. The Company had paid a sum of Rs. 70,66,070/-towards the capital of the subsidiary up to 01st April 2024.
However, the subsidiary has been liquidated with effect from 15th July 2024. The financial loss on account of such wholly-owned subsidiary is shown under the consolidated financial statements of the Company, which would have marginal effect on these standalone financials of the company. This is not going to have any impact of going concern on the Parent Company. The investment in this wholly owned subsidiary and its impact on the overall financials of the Company is disclosed in the Notes to Accounts.
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