Provisions are recognized when there is a present obligation as a result of past events and, it is
probable that there will be an outflow of resources. Contingent liabilities are not recognised but
disclosed in the notes. While contingent assets are neither recognized nor disclosed. ; jagpur h |
\\ o \ FRN ) I
\%\118251W/J-/
25. Going Concern: -
The Financial Statements are prepared on a going concern basis unless management either
intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. The
Management intends to close the business activities of its wholly owned subsidiary company
named Nirmitee Robotics AC Maintenance LLC, Dubai by the end of the year 2024. However,
this does not impact the business of the parent company.
26. Preliminary Expenses: -
The Company has opening balance of Rs. 40,164/- as preliminary expenditure. During the year,
l/5,h of such expenditure was written off. The closing balance of preliminary expenditure is Rs
8,042/-as on 31.03.2024.
27. Deferred Revenue Expenditure: -
The Company has opening balance of Rs. 21,80,627/- as deferred revenue expenditure. During
the year, a part of this expenditure, including expenses on IPO and Depository fees, was written
off to the Profit and Loss Account. The closing balance was Rs. 9,58,315/-.
28. Income Tax Provision; -
Provision for taxation is made after taking into consideration benefits admissible under the
provisions of Income Tax Act, 1961. Deferred tax resulting from timing difference between the
book profit and taxable profit is accounted for using the tax rates and tax laws that have been
enacted or substantively enacted as on the balance sheet date. The deferred tax asset is
recognised and carried forward only to the extent that there is reasonable certainty that the asset
will be realized in future.
29. Expenditure: -
Expenses are accounted on accrual basis and provisions are made for all known losses and
liabilities. No personal expenses are charged in the accounts and the genuineness of all the
expenses is affirmed.
30. Depreciation: -
Depreciation on fixed assets of the company has been provided on the basis of written down
value method at the rates prescribed for this purpose as per Schedule II Part “C” and in
accordance with the Companies Act, 2013 as followed from previous years except the
corrections wherever required. Depreciation so charged is debited to profit & loss account.
31. Profit and Loss Account - The Profit and Loss account is drawn incorporating the revenues
and expenses of the business operations.
C) NOTES TO ACCOUNTS
1. All amounts are in thousands (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 providecreA
for: Nil § * ( nagpur
loV FRN I*
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.
4. Remuneration to Directors FY 2023-2024 FY 2022-2023
Nil Rs. 11,00,000/-
5. Payment to Auditors FY 2023-2024 FY 2022-2023
(inclusive of internal audit) Rs. 1,50,000/- Rs. 1,50,000/-
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 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.
10. Deferred Tax - Adjustment of Rs. 1,36,345/- is made towards deferred tax asset during the
year for the current year on account of timing difference between book profit and taxable
profit arising due to rate of depreciation applied in the books of accounts as per schedule II of
the Company Act, 2013 and rate of depreciation as per the Income Tax Rules, 1962. The
details are as follows: -
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 caseof a
II CO / \ (ft \\
*( NAGPUR *
LrA FRN LZ
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 has paid a sum of Rs. 70,66,070/- towards the capital of the subsidiary. However, the
Management intends to close the business activities of its wholly owned subsidiary company
named Nirmitee Robotics AC Maintenance LLC, Dubai by the end of the year 2024. The
effect on such closure vis a vis the capital and the financial impact thereon, will be dealt with
at the time of actual closure.
Sub-note (Hi): A reduced Inventory Turnover Ratio is due to an increase in the average
inventory.
Sub-Note (iv) : Decrease in trade receivables turnover ratio is due to decrease in turnover.
Sub-note (v): Due to working capital changes as mentioned in sub-note (i) above, the Capital
Turnover Ratio has decreased.
14. Impact of Covid - 19:
In March 2020, the World Health Organization declared COVID-19 to be a pandemic. The
Company has considered and taken into account, impact if any, on its financial statement based
on internal and external information up to the date of approval of the financial statements by
the Board of Directors. The actual impact of the global health pandemic may be different from
that which has been estimated, as the COVID -19 situation evolves in India and globally. The
Company will continue to closely monitor any material changes to future economic conditions.
As on current date, based on the prevailing circumstances, the company has assessed that the
impact of covid-19 pandemic is not material on the carrying value of the assets of the business
and it won’t have any impact on the company’s ability to function as a going concern.
15. Wholly-Owned Subsidiary
The Company has set up a foreign establishment by the name of ‘Nirmitee Robotics AC
Maintenance LLC.’ The said entity is a wholly owned subsidiary of Nirmitee Robotics India
Limited. The subsidiary is 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 is formed for the purposes of ‘Air Conditioning ventilations and Air Filtration
systems installation and maintenance.’ The objectives of the foreign subsidiary are in line with
the objectives of Nirmitee Robotics India Limited.
The Share Capital of Nirmitee Robotics AC Maintenance LLC is 3,00,000 UAE Dirhams
divided into 300 shares of 100 UAE Dirhams each. The Company has paid a sum of Rs.
70,66,070/- towards the capital of the subsidiary during the year.
However, the wholly owned subsidiary company is intended to be closed due to unviability of
the projects initiated and to arrest further losses by the end of 2024. The financial loss on
account of such wholly-owned subsidiary is shown under consolidated financial statements of
the Company, which would have marginal effect on the 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 will be dealt
with at the time of closure.
Nirmitee Robotics India Limited For BPSD & Associates
For and on behalf of the Board Chartered Accountants
FRN: 118251W
Sd/- Sd/-
Jay Motghare Kartik Eknath Shende Sd/
Whole-Time Director Director
DIN: 07559929 DIN: 02627131 CA Shantanu Deshmukh
Partner
Sd/- Sd/- Memb. No.: 103837
Neelam Bahlani Atul Dhawad UDIN: 24103837BKBFZG9956
Company Secretary Chief Financial Officer Place: Nagpur
Mem No. A63685 PAN: AOYPD841 IQ Date: 30.05.2024
|?| NAGPUR ]*!
\o\ PRN /*J
*\118251W/#/
| 