1. The Company has only one class of equity shares of par value Rs 10/- each. Each equity shareholder is entitled to one vote per share held, and on liquidation entitled to receive balance of net assets remaining after settlement of all debts, creditors & preferential amounts, proportionate to their respective shareholding.
2. The company has issued 28,50,000 equity shares of face value Rs.10/- for cash at an issue price Rs.40/-per share on September 22, 2023 as Initial Public Offering on the National stock exchange.The equity shares allotted shall, rank pari-passu with the existing equity shares of the company and shall be entitled to dividend and corporate benefits,if any declared by company after allotment
I Canara Bank Limited
a The Company has availed Canara Bank - Loan in account No.170002829489 which is repayable in 60 monthly installement of Rs. 2,57,563 each till 15-Dec-2026, current rate of interest for the loan is 9.7%, this loan is secured by Plant and machinery.The company closed the loan on 21-Nov-2023.
b The Company has availed Canara Bank - Loan / GECL in A/c No.170002369836 which is repayable in 60 monthly installments of Rs. 41,667 each till 25-Nov-2026 , current rate of interest for the loan is 7.5%.This loan is primarly secured by Stock and Book debts.The company closed the loan on 05-April-2023.
c The Company has availed Canara Bank Loan in A/c No. 2339755000057 which is repayable in 60 monthly installments of Rs. 47,538 each till 4-Aug-2026 , current rate of interest for the loan is 7.5% . This loan is secured by stock and book debts.The company closed the loan on 05- April-2023.
II Vehicle loan from Kotak Mahindra Prime Ltd
a The Company has availed Vehicle Loan which is repayable in roughly 60 installments of Rs. 30,989 , each till 5 April 2024 , current rate of interest for the loan is 8.16% ,this loan is secured by the way of hypothication of vehicle.The company closed the loan on 30-sept-2023.
b The Company has availed a vehicle loan which is repayable in roughly 60 installements of Rs. 42,711 , each till 1 Feb 2026 , current rate of interest for the loan is 6.25% ,this loan is secured by the way of hypothication of vehicle.The company closed the loan on 30-sept-2023
Note : The Company was previously valuing its liability for gratuity based on a statement provided by Life Insurance Corporation, the Company’s gratuity fund manager. However, in FY 2022-23, the Company decided to approach an external actuarial valuer for the purpose of obtaining an actuarial valuation in compliance with the provisions of Accounting Standards - 15 on Employee Benefits issued by the Institute of Chartered Accountants of India. Accordingly, gratuity expense for FY 2022-23 and thereafter has been determined in accordance with the actuarial valuation and the balance amount to arrive at the net liability as at March 31, 2023 has been shown as prior period income.
Note: Contingent liabilities
a The Company has not deposited an amount of Rs.17,75,790 towards building tax claimed by the
Kalamassery Municipality on account of dispute. The appeal filed by the Kalamassery Municipality is presently pending before the Honourable High Court of Kerala. b The Company has issued Performance Bank Guarantee to its customer worth Rs. 62,50,214 for the satisfactory performance of their products supplied.
33 Retirement benefits
Employee benefit plans
Gratuity
The Company has a defined benefit gratuity plan. Gratuity is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement/ termination/resignation. The benefit vests on the employees after completion of 5 years of service.
The Gratuity liability has been externally funded with Life Insurance Corporation. The present value
obligation is determined based on
actuarial valuation using Projected Unit Credit Method.
The following tables summarise 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 gratuity.
The estimates of future salary increases, considered in actuarial valuation, take in to account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
34 Obligations towards non cancellable operating leases
The company has not entered into any non cancellable operating lease during the year. The Company has taken godowns, office premises and guest houses on cancellable operating leases. There are no restrictions imposed by the leasing arrangements.
35 Cash Flow
The Cash Flow Statement has been prepared under the “Indirect Method” as set out in Accounting Standard -3 ‘Cash Flow Statement’. Previous year’s figures have been regrouped / rearranged / recasted wherever necessary to make them comparable with those of current year
36 Statement of Related Parties & Transactions
The company has entered into following related party transactions for the periods covered under audit. Such parties and transactions are identified as per Accounting Standard 18 issued by Institute of Chartered Accountants of India.
38 Additional Regulatory Information
i There are no proceedings that have been initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended from time to time) (earlier Benami Transactions (Prohibition) Act, 1988) and the rules made thereunder.
ii The Company has not been declared wilful defaulter by any bank or financial institution or other lender.
iii Relationship with Struck off Companies
iv The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017, and there are no companies beyond the specified layers
39 Utilisation of Borrowed funds
A The Company has not advanced or loaned or invested funds (either borrowed funds 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:
i 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
ii provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
B 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 the Company shall :
(i) 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
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
40 Undisclosed Income
The Company does not have any transaction not recorded 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). Further, there was no previously unrecorded income and no additional assets were required to be recorded in the books of account during the year.
41 Details of Crypto Currency or Virtual Currency
The Company has neither traded nor invested in Crypto currency or Virtual Currency during the financial year ended March 31, 2024. Further, the Company has also not received any deposits or advances from any person for the purpose of trading or investing in Crypto Currency or Virtual Currency.
42 Previous year figures have been regrouped / reclassified wherever necessary to suit current
year layout.
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