3.10 Provisions :
Provisions are recognized when the company has a present obligation (legal or
constructive) as a result of past event, it is probable that the company will be
required to settle the obligation, and a reliable estimate can be made of the
amount of the obligation.
The amount recognized as provision is the best estimate of the consideration
required to settle the present obligation at the end of the reporting period, taking
into account the risks and uncertainties surrounding the obligation. When a
provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows (when the
effect of time value of money is material).
When some or all of the economic benefits required to settle a provision are
expected to be recovered from a third party, a receivable is recognized as an asset
if it is virtually certain that reimbursement will be received and the amount of the
receivable can be measured reliably. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is recognized as a finance
cost.
Product warranty
Provision for product warranty is recognized for the best estimates of the average
cost involved for replacement/repair etc. of the product sold before the balance
sheet date. These estimates are determined using historical information on the
nature, frequency and average cost of warranty claims and management
estimates regarding possible future incidences based on corrective actions on
product failures. The estimates for accounting of warranties are reviewed and
revisions are made as required.
3.11 Contingent liabilities and contingent assets :
Contingent liability is disclosed after careful evaluation of facts, uncertainties and
possibility of reimbursement, unless the possibility of an outflow of resources
embodying economic benefits is remote. Contingent liabilities are not recognised
but are disclosed in notes. Contingent assets are not accounted in the financial
statements unless an inflow of economic benefits is probable.
3.12 Financial instruments:
Financial assets and liabilities are recognised when the company becomes a party
to the contractual provisions of the instruments and are initially measured at fair
value. Transaction costs that are directly attributable to the acquisition or issue of
financial assets and liabilities (other than financial assets and financial liabilities at
fair value through profit or loss) are added to or deducted from the fair value of the
financial assets or liabilities on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value
through profit or loss are recognised immediately in the statement of profit and
loss.
Financial assets
Classification and subsequent measurement
Initial recognition and measurement
All financial assets are recognized initially at fair value, plus in the case of financial
assets not recorded at fair value through profit and loss (FVTPL), transaction costs
that are attributable to the acquisition of the financial assets. However, trade
receivables that do not contain a significant financing component are measured at
transaction price.
These include trade receivables, loans, investments, deposits, balances with
banks, and other financial assets with fixed or determinable payments.
The company measures its financial assets at fair value at each balance sheet
date. In this context, quoted investments are fair valued adopting the techniques
defined in level 1 of fair value hierarchy of Ind-AS 113 "Fair Value Measurement"
and unquoted investments, where the observable input is not readily available, are
fair valued adopting the techniques defined in level 3 of fair value hierarchy of Ind
AS 113 and securing the valuation report from the certified valuer. However, trade
receivables that do not contain a significant financing component are measured at
transaction price.
Classification
The company classifies a financial asset in accordance with the below criteria:
i. The Company's business model for managing the financial asset and
ii. The contractual cash flow characteristics of the financial asset.
Based on the above criteria, the company classifies its financial assets into the
following categories:
i. Financial assets measured at amortized cost
ii. Financial assets measured at fair value through other comprehensive
income (FVTOCI)
iii. Financial assets measured at fair value through profit or loss (FVTPL)
A financial asset is measured at the amortized cost if both the following conditions
are met :
a. The company's business model objective for managing the financial asset is
to hold financial assets in order to collect contractual cash flows, and
b. The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.
A financial asset is measured at FVTOCI if both of the following conditions are met:
a. The company's business model objective for managing the financial asset is
achieved both by collecting contractual cash flows and selling the financial
assets, and
b. The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.
However, the company recognizes dividend income from such instruments in the
statement of profit and loss and fair value changes are recognized in other
comprehensive income (OCI).
A financial asset is measured at FVTPL unless it is measured at amortized cost or
at FVTOCI as explained above. This is a residual category applied to all other
investments of the company. Such financial assets are subsequently measured at
fair value at each reporting date. Fair value changes are recognized in the
statement of profit and loss.
Impairment
The Company applies the expected credit loss model for recognizing impairment
loss on financial assets measured at amortized cost, other contractual right to
receive cash or other financial assets not designated at fair value through profit or
loss. The loss allowance for a financial instrument is equal to the lifetime expected
credit losses if the credit risk on that financial instrument has increased
significantly since initial recognition. If the credit risk on a financial instrument has
not increased significantly since initial recognition, the Company measures the loss
allowance for that financial instrument at an amount equal to 12-month expected
credit losses. 12-month expected credit losses are portion of the lifetime expected
credit losses and represent the lifetime cash shortfalls that will result if the default
occurs within 12 months after the reporting date. For trade receivables or any
contractual right to receive cash or another financial assets that results from
transaction that are within the scope of Ind AS 115, the company always measures
the loss allowance at an amount equal to life time expected credit losses. The
Company has used a practical expedient permitted by Ind AS 109 and determines
the expected credit loss allowance based on a provision matrix which takes into
account historical credit loss experience and adjusted for forward looking
information.
De-recognition
The Company derecognizes financial asset when the contractual right to the cash
flows from the asset expires, or when it transfers the financial asset and
substantially all the risks and rewards of ownership of the asset to another party.
If the Company neither transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred asset, the Company
recognizes its retained interest in the asset and an associated liability for the
amounts it may have to pay. If the Company retains substantially all the risks and
rewards of ownership of the transferred financial asset, the Company continues to
recognize the financial asset and also recognizes a collateralized borrowing for the
proceeds received.
On de-recognition of a financial asset, the difference between the asset's carrying
amount and the sum of consideration received and receivable and the cumulative
gain or loss that had been recognized in other comprehensive income, if any, is
recognized in the Statement of Profit and Loss if such gain or loss would have
otherwise been recognized in the Statement of Profit and Loss on disposal of the
financial asset.
Financial liabilities
Classification
Financial liabilities and equity instruments issued by the Company are classified
according to the substance of the contractual arrangements entered into and the
definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the
assets of an entity after deducting all of its liabilities. Equity instruments issued by
the Company are recognized at the proceeds received net of direct issue costs.
Subsequent measurement
Financial liabilities (that are not held for trading or not designated at fair value
through profit or loss) are measured at amortized cost at the end of subsequent
accounting periods. The carrying amounts of financial liabilities that are
subsequently measured at amortized cost are determined based on the effective
interest method.
Effective interest method is a method of calculating amortized cost of a financial
liability and of allocating interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments
(including all fees, transaction costs and other premiums or discounts) through the
expected life of the financial liability, or (where appropriate) a shorter period, to
the net carrying amount on initial recognition.
Foreign exchange gains and losses
The fair value of financial liabilities denominated in a foreign currency is
determined in that foreign currency and translated at the spot rate at the end of
the reporting period. For financial liabilities that are measured at fair value through
profit or loss, the foreign exchange component forms part of the fair value gains
or losses and is recognized in the statement of profit and loss.
De-recognition
Financial liabilities are derecognized when, and only when, the obligations are
discharged, cancelled or have expired. An exchange with a lender of a debt
instruments with substantially different terms is accounted for as an
extinguishment of the original financial liability and recognition of a new financial
liability. Similarly, a substantial modification of the terms of an existing financial
liability is accounted for as an extinguishment of the original financial liability and
the recognition of a new financial liability. The difference between the carrying
amount of a financial liability derecognized and the consideration paid or payable
is recognized in the statement of profit and loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported
in the balance sheet if there is a currently enforceable legal right to offset the
recognized amounts and there is an intention to settle on a net basis, to realize
the assets and settle the liabilities simultaneously.
Reclassification of financial assets / liabilities
After initial recognition, no reclassification is made for financial assets which are
equity instruments and financial liabilities. For financial assets which are debt
instruments, a reclassification is made only if there is a change in the business
model for managing those assets. Changes to the business model are expected to
be infrequent. The group's senior management determines change in the business
model as a result of external or internal changes which are significant to the
group's operations.
Impairment of non-financial assets
The company assesses at each balance sheet date whether there is any indication
that an asset may be impaired, if such assets are considered to be impaired, the
impairment to be recognized in the statement of profit and loss is measured by the
amount by which the carrying value of the assets exceeds the estimated
recoverable amount of the asset. Impairment losses are reversed in the statement
of profit and loss only to the extent that the asset's carrying amount does not
exceed the carrying amount that would have been determined if no impairment
loss had previously been recognized.
Fair value measurement
The company measures financial instruments at fair value in accordance with
accounting policies at each reporting date. Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or
transfer the liability takes place either:
- In the principal market for the asset or liability, or
- In the absence of a principal market, in the most advantageous market for the
asset or liability. The principal or
the most advantageous market must be accessible by the company.
All assets and liabilities for which fair value is measured or disclosed in the
financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value
measurement as a whole:
- Level 1:Quoted (unadjusted) market prices in active markets for identical assets
or liabilities
- Level 2: Valuation techniques for which the lowest level input that is significant
to the fair value measurement is
directly or indirectly observable
- Level 3: Valuation techniques for which the lowest level input that is significant
to the fair value measurement is Unobservable
For assets and liabilities that are recognized in the balance sheet on a recurring
basis, the company determines whether transfers have occurred between levels in
the hierarchy by re-assessing categorization (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end of each
reporting period.
3.13 Cash and cash equivalents :
Cash and cash equivalents comprise cash in hand and short-term deposits with
original maturities of three months or less that are readily convertible into known
amounts of cash and which are subject to insignificant risk of changes in value.
3.14 Earnings per share :
The Company reports basic and diluted earnings per share (EPS) in accordance
with Indian Accounting Standard 33 "Earnings per Share”. Basic EPS is computed
by dividing the net profit or loss attributable to ordinary equity holders by the
weighted average number of equity shares outstanding during the period. Diluted
EPS is computed by dividing the net profit or loss attributable to ordinary equity
holders by weighted average number of equity shares outstanding during the year
as adjusted for the effects of all dilutive potential equity shares (except where the
results are anti-dilutive).
3.15 Segment reporting :
The Company's business activity falls within two segments viz. Material Handling
and Engineering Products. Segments are organized based on business which have
similar economic characteristics as well as exhibit similarities in nature of products
and services offered, the nature of production processes, the type and class of
customer and distribution methods.
Investments, tax related assets and other assets and liabilities that can not be
allocated to a segment on reasonable basis have been disclosed as "Unallocable"
3.16 Borrowing cost :
Borrowings costs that are attributable to the acquisition or construction of
qualifying assets up to the date when they are ready for their intended use and
other borrowing costs are charged to profit and loss account. All other borrowing
costs are expensed in the period in which they occur. Borrowing costs consist of
interest and other costs that an entity incurs in connection with the borrowing of
funds.
3.17 Investments in subsidiaries:
Investments in subsidiaries are carried at cost/deemed cost less accumulated
impairment losses, if any. Where an indication of impairment exists, the carrying
amount of investment is assessed and an impairment provision is recognised, if
required immediately to its recoverable amount. On disposal of such investments,
difference between the net disposal proceeds and carrying amount is recognised in
the statement of profit and loss.
3.18 Dividend to Equity Shareholders:
Dividend to equity shareholders is recognised as a liability and deducted from
shareholders' Equity, in the period in which the dividends are approved by the
equity shareholders in the general meeting
3.19 Rounding of amounts:
All amounts disclosed in the financial statements and notes have been rounded off
to the nearest lakh as per the requirement of Schedule III, unless otherwise
stated.
3.20 Events after reporting date:
Where events occurring after the balance sheet date provide evidence of
conditions that existed at the end of the reporting period, the impact of such
events is adjusted within the financial statements. Otherwise, events after the
balance sheet date of material size or nature are only disclosed.
3.21 Cash flow statement:
Cash flows are reported using the indirect method, whereby profit / (loss) before
exceptional items and tax is adjusted for the effects of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or payments.
The cash flows from operating, investing and financing activities of the company
are segregated.
b. Pursuant to the approval of the shareholders accorded on September 16, 2024 at their Annual General
Meeting through Video Conferencing/Other Audio-Visual Means conducted by the Company, each equity
share of face value of ?2/- per share was split into 2 equity shares of face value of ?l/- per share, with
effect from 15th November, 2024.
During the previous financial year, pursuant to the approval of the shareholders accorded on March 23,
2023 at the Extra Ordinary General meeting through Video Conferencing/Other Audio-Visual Means con¬
ducted by the Company, each equity share of face value of ? 5/- per share was split into 2.5 equity shares
of face value of ? 2/- per share, with effect from 28th April, 2023.
c. Conversion of Warrants:
The Board of Directors of the Company through resolution by circulation on 4th December, 2024 have
considered and approved the allotment of 200,000 Equity shares of the face value of ?1/-each as fully
paid-up shares at a price of Rs. 253.25/- per equity share (including premium of ? 252.25/- equity share),
consequent upon the conversion of 100,000 Warrants issued earlier for ?506.50/-, after adjusting the
number of shares, paid-up capital per share and premium per share post sub-division of nominal value of
the Equity Share of the Company from 1 Equity Share of ?2/- each to 2 Equity Shares of ?1/- each, upon
receipt of an amount aggregating to ?3,79,87,500/- (Rupees Three Crore Seventy Nine Lakh Eighty Seven
Thousand Five Hundred only) at the rate of ?379.875 (Rupees Three Hundred Seventy Nine and Eight
Seventy Five Paisa Only) per warrant (being 75% of the issue price per warrant) from the allottees
pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions
of SEBI (ICDR) Regulations, 2018.
d. Board of Directors at their meeting held on 9th November 2023 have approved issuance of 2,25,000
equity shares at ?506.50/- (including a premium of ?504.50/-) per equity share aggregating to
?11,39,62,500/-, for Cash, on preferential basis by way of private placement to non-promoter category.
Shareholders of the company, in Extra-ordinary general meeting held on 9th December 2023, approved the
issuance of equity shares on preferrential basis. Subsequently, allotment of 2,25,000 fully paid up equity
share has been made on 24th December 2023.
e. Rights, preferences and restrictions attached to equity shares:
The company has only one class of issued shares i.e Equity Shares having par value of ?1/- each.The
Equity Shares of the Company have voting rights and are subject to the restrictions as prescribed under
the Companies Act, 2013. Each holder of equity share is entitled to one vote per share and equal right for
dividend. The dividend proposed by the Board of directors is subject to approval of shareholders in the
ensuing Annual general meeting.
(h) There are no shares reserved for issue under options and contracts / commitments for the sale of
shares / disinvestments.
(i) There are no bonus shares issued or bought back during the period of five years immediately
preceding the reporting date.
(j) No calls are unpaid by any director or officer of the company at the end of the reporting period.
(k) As per records of the Company, no shares have been forfeited by the Company during the year.
(l) Shares Alloted as Fully Paid-Up Pursuant to Contracts Without Payment Being Received in Cash During
the Year of five Years Immediately Preceding the Date of The Balance Sheet is Nil
(i) General reserve
Under the erstwhile Indian Companies Act 1956, a general reserve was created through an annual transfer
of net income at a specified percentage in accordance with applicable regulations. The purpose of these
transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up
capital of the Company for that year, then the total dividend distribution is less than the total distributable
reserves for that year.
Consequent to introduction of Companies Act 2013, the requirement of mandatory transfer of a specified
pe rcenta g e of the n et profit to general reserve has been withdrawn and the Company can optionally
transfer any amount from the surplus of profit and loss to the General reserves. This reserve is utilised in
accordance with the specific provisions of the Companies Act 2013.
(ii) Retained earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general
reserve, dividends or other distributions paid to shareholders. Retained earnings is a free reserve available
to the Company.
(iii) Securities Premium
The amount received in excess of face value of the equity shares is recognised in securities premium. This
reserve is utilised in accordance with the specific provisions of the Companies Act 2013.
Performance Obligation
The performance obligation is satisfied upon delivery of the goods and payment is generally due within 0
to 90 days from delivery. There are no material unsatisfied performance obligation outstanding at the
year end.
The performance obligations of the Company are part of contracts that have an original expected duration
of less than one year and accordingly, the Company has applied the practical expedient and opted not to
disclose the information about it's remaining performance obligations in accordance with paragraph 121
of IND AS 115
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from
contracts with customers
The Company has disclosed business segments as the primary segments. The segments have been
identified taking into account the nature of the products, the differing risks & returns, the
organisational structure and internal reporting system. The Company's operations predominantly
relate to manufacturing of material handling equipment. The other business segment reported is
engineered products.
Operating segments are reported in a manner consistent with the internal reporting provided to Chief
Operating Decision Maker (CODM).
There are no reportable geographical segments as the export turnover is not significant. Segments
results include the respective amounts identifiable to each of the segments as also amounts located
on a reasonable bases
39.Leases
The company's leasing arrangements are in respect of operating leases for office premises. The rent
period range between 1 years to 5 years and usually renewable on mutually agreed terms.
1.a. Post employment defined benefit plans :
The company makes annual contributions to the employee's group gratuity assurance scheme
administered by the Life Insurance Corporation of India ('LIC'), a funded defined benefit plan for
qualifying employees. The scheme provides for lump sum payment to vested employees at
retirement, death while in employment or on termination of employment of an amount equivalent to
fifteen days salary payable for each completed year of service or part thereof in excess of six months.
Vesting occurs on completion of five years of service.
The following tables set out the funded status of the gratuity plans and the amounts recognized in
the company's financial statements as at March 31, 2025 and March 31, 2024.
Additional details :
Methodology adopted for valuation is projected unit credit method.
Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not
proved to be true on different count. This only signifies the change in the liability if the difference between
assumed and the actual is not following the parameters of the sensitivity analysis.
Since investment is with insurance company, assets are considered to be secured.
Assumptions regarding future mortality experience are set in accordance with the Indian Assured Lives
Mortality (2012-14) Urban.
Expected rate of return on plan assets is based on expectation of the average long term rate of return
expected to prevail over the estimated term of the obligation on the type of the investments assumed to
be held by LIC, since the fund is managed by LIC.
The estimates of future salary increases, considered in actuarial valuation, takes into account of inflation,
seniority, promotions and other relevant factors, such as supply and demand in the employment market.
Actuarial gains/losses are recognized in the period of occurrence under other comprehensive income
(OCI). All above reported figures of OCI are gross of taxation.
43. Capital management:
The Company's objectives when managing capital are to safeguard their ability to continue as a going
concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders
and maintain an optimal capital structure to reduce the cost of capital. The capital structure of the
Company consists of debt and total equity of the Company.
The Company determines the amount of capital required on the basis of annual operating plans and
long-term product and other strategic investment plans. The funding requirements are met through
equity, long-term borrowings (term loan) and short-term borrowings. The Company's policy is aimed at
combination of short-term and long-term borrowings. The Company monitors the capital structure on the
basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.
The Company is not subject to any externally imposed capital requirements.
Total debt includes all long and short-term debts as disclosed in note 18 and 20 to the financial
statements.
The gearing ratio at the end of the reporting period was as follows:
44.Financial instruments
a. Financial instruments by category
The fair values of the financial assets and liabilities are included at the amount at which the instrument
could be exchanged in a current transaction between willing parties, other than in a forced or liquidation
sale.
The following methods and assumptions were used to estimate the fair values:
Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other
current liabilities, short term loans from banks and other financial institutions approximate their carrying
amounts largely due to the short-term maturities of these instruments.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the
fair values.
The company uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value
are observable, either directly or indirectly.
Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not
based on observable market data.
The Company has not disclosed the fair values for financial instruments such as trade receivables, cash
and cash equivalents, other bank balances, loans, borrowings, trade payable, other financial assets and
financial liabilities, because their carrying amounts are a reasonable approximation of fair value.
45. Financial risk management framework :
The Company is exposed primarily to market risk, credit risk and liquidity risk which may adversely
impact the fair value of its financial instruments. The Company assesses the unpredictability of the
financial environment and seeks to mitigate potential adverse effects on the financial performance of the
Company.
Market risk:
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices. Such changes in the values of financial instruments may result
from changes in the foreign currency exchange rates, interest rates and other market changes. The
Company's exposure to market risk relates to foreign currency exchange rate risk.
Foreign currency risk management:
The Company undertakes transactions denominated in foreign currencies and consequently,
exposures to exchange rate fluctuations arise. Exposure to currency risk relates to the company's
operating activities when transactions are denominated in a different currency from the Company's
functional currency.
The fluctuation in foreign currency exchange rates may have potential impact on the statement of
profit and loss and other comprehensive income and equity, where any transaction references more
than one currency or where assets/liabilities are denominated in a currency other than the functional
currency of the Company. The Company evaluates the impact of foreign exchange rate fluctuations
by assessing its exposure to exchange rate risks.
The following tables demonstrate the sensitivity to a reasonably possible change in USD, GBP and
Euro exchange rates, with all other variables held constant. The impact on the Company's profit
before tax is due to changes in the fair value of monetary assets and liabilities. The Company's
exposure to other foreign currencies is not material.
Credit risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt
according to the contractual terms or obligations. Credit risk encompasses of both, the direct risk of
default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk
is controlled by analyzing credit limits and creditworthiness of customers on a continuous basis to
whom the credit has been granted after obtaining necessary approvals for credit. Outstanding
customer receivables are regularly monitored. The Company maintains its cash and cash equivalents
and deposits with banks having good reputation and high quality credit ratings.
Liquidity risk:
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective
of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for
use as per requirements. The Company manages liquidity risk by maintaining adequate reserves,
banking facilities by continuously monitoring forecast and actual cash flows, and by matching the
maturity profiles of financial assets and liabilities.
Dues to micro and small enterprises have been determined to the extent such parties have been
identified on the basis of information collected by the management. This has been relied upon by the
auditors.
47. Corporate social responsibility
"As per Section 135 of the Companies Act 2013, a company, meeting the applicability threshold,
needs to spend at least 2% of its average net profit for the immediately preceding three financial
years on corporate social responsibility (CSR) activities.The CSR activities of the company are
generally carried out through charitable organisations, where funds are allocated by the Company.
These organisations carry out the CSR activities as specified in the schedule VII of the companies
Act, 2013 on behalf of the company."
b. Relation with struck off Companies
(i) Company does not have any transactions with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.
c. Other information:
(i) Details of benami property held
No proceedings have been initiated on or are pending against the Company for holding benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made
thereunder.
(ii) Wilful defaulter
The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.
(iii) Compliance with number of layers of companies
The Company does not have number of layers of companies.
(iv) Compliance with approved scheme(s) of arrangements
The Company has not entered into any scheme of arrangement which has an accounting impact on
current or previous financial year.
(v) Borrowing from banks and financial institutions for specific purpose
All the borrowings from banks and financial institutions have been used for the specific purposes for
which they have been obtained.
(vi) Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.
(vii) Details of crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the current or
previous year.
(viii) Title deeds of immovable properties not held in name of the company
The company does not own any immovable properties other than leasehold properties.
(ix) Revaluation of Property, Plant & Equipment
The company has not revalued any of its Property , Plant & Equipments during the year.
(x) Registration of charges or satisfaction with Registrar of Companies (ROC)
All the charges or satisfaction of which is required to be registered with Registrar of Companies(ROC)
have been duly registered within the statutory time limit provided under the provisions of Companies
Act 2013 and rules made thereunder.
49. The Company has not advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) to or in any other person or entity, including foreign entities ("
Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether, 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 on behalf of the Ultimate Beneficiaries.
Further, the Company has not received any funds from any person or entity, including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, 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.
50. A. Disclosure as per Regulation 53(f) of SEBI (Listing Obligation and Disclosure Requirements)
Regulations :
Loans and advances in the nature of loans given to subsidiaries, associates and others and
investments in shares of the company by such parties:
B. Disclosure as per Section 186 of the Companies Act, 20133
The details of loans, guarantees and investments under section 186 of the Companies Act, 2013 read
with the Companies (Meeting of Board and its Powers) Rules, 2014 are as follows:
i. Details of investments made are given in note 5.
ii. Details of corporate guarantees issued are given in note 35.
51. Exceptional items represent payments related to voluntary retirement scheme offered by the Company
to their permanent workers and after acceptance of the scheme the payment has been made to the work¬
ers on 23rd September 2024.
52. The Ministry of Corporate Affairs (MCA) has issued a notification (Companies (Accounts) Amendment
Rules, 2021) which is effective from April 01, 2023, states that every company which uses accounting
software for maintaining its books of account shall use only the accounting software where there is a
feature of recording audit trail of each and every transaction, and further creating an edit log of each
change made to books of account along with the date when such changes were made and ensuring that
the audit trail cannot be disabled.
During the year the Company used SAP as a accounting software for maintaining books of account, which
has a feature of recording audit trail edit logs facility.
The audit trail features was enabled and operative throughout the financial year for the transactions
recorded in the software impacting books of account at application level. Additionally, the company has
preserved the audit trail as per the statutory requirements of records and retention."
53. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and
post-employment benefits received presidential assent in September 2020. The said code is made
effective prospectively from May 3, 2023. The company is assessing the impact, if any, of the Code.
54. Balances of certain debtors/creditors, deposits received/paid and advances are subject to confirmation
and reconcillation. In the opinion of the management balances are stated at realisable value and no
adjustments will be required.
55. Previous year figures have been regrouped/reclassified wherever necessary to conform to current year
figures.
56. The Financial Statements were approved by the Audit Committee and Board of Directors on May 29,
2025.
For and on behalf of the Board of Directors
Sd/- Sd/-
Jai Prakash Agarwal Vishal Jain
Chairman Managing Director & CEO
DIN - 00242232 DIN - 00709250
Sd/- Sd/-
Rohit Jain Babita Kumari
Chief Financial Officer Company Secretary
_ Membership No. A40774
Place: Thane
Date: May 29th, 2025
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