j. Provisions, Contingent liabilities and Contingent assets
A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect
of which reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate
required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to refect the current best estimates. Contingent liabilities are not recognised
in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.
k. Cash and cash equivalents
The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original
maturities of three months or less from the date of purchase, to be cash equivalents.
As per our report of even date
For Venus Shah & Associates LLP For and on behalf of the Board
Chartered Accountants
Firm's Registration No. 120878W/W101094
Sd/- Sd/-
Shashank Mewada Atul Arya Agrahari
Chief Financial Officer Company Secretary
PAN: AQAPM8094Q PAN: AMMPA1939Q
Sd/- Place: Mumbai Place: Mumbai
Manish S. Patil Date: 24 May 2025 Date: 24 May 2025
Partner
Membership No. 140937
UDIN: 25140937BMIJRR9673 Sd/- Sd/-
Ashish Kukreja Mukesh Kumar Mishra
Director Director
03068422 06450500
Place: Mumbai Place: Mumbai Place: Mumbai
Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025
During the Financial Year 2022-23, the Company issued 4,50,000 Equity Shares of face value of
' 10/- each on cash at a price of ' 197/- per equity shares (including Security Premium of ' 187/-
per Equity Share) each Aggregating to ' 8,86,50,000/- on preferential basis by passing special
resolution dated on 9th November, 2022.
During the Financial Year 2022-23, the Company had made an initial public offering (IPO) of
8,05,200 Equity shares of face value of ' 10/- each fully paid up for cash at a price of ' 197/- per
equity share (including share premium of ' 187 per equity share) aggregating to RS. 1586.24/-
lakhs. The aforementioned equity shares were alloted on 28th December, 2022. The equity
shares of the Company got listed on NSE Emerge Platform on 2nd January, 2023.
31.1 The Debt Service Coverage Ratio has reduced as the EBITDA has declined by 47% and
the debt service cost has increased by 31%. The Company has availed an additional
vehicle loan during the year.
31.2 The Company's net profit has declined by 60%, which has adversely impacted the
Return on Equity (ROE) ratio.
31.3 The Company has improved its trade payables days, indicating a stronger cash flow
position. This enhancement has also helped in strengthening relationships with its
suppliers.
31.4 The Company's net profit margin has been adversely impacted, with net profit declining
by 60% compared to the previous year. The Company is taking appropriate measures to
improve its financial performance in the upcoming year.
31.5 The adverse impact on the Company's ROCE is due to a year-on-year decline in EBIT by
74%.
31.6 Despite a 24% increase in the Company's asset base, net profit has declined by 60%,
leading to an adverse impact on the Return on Investment (ROI) ratio.
32. DISCLOSURE WHERE COMPANY HAS GIVEN LOAN OR INVESTED TO
OTHER PERSON OR ENTITY TO LEND OR INVEST IN ANOTHER PERSON
OR ENTITY
No funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other persons or
entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on
behalf of the Company or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.
33. DISCLOSURE WHERE COMPANY HAS RECEIVED FUND FROM OTHER
PERSON OR ENTITY TO LEND OR INVEST IN OTHER PERSON OR ENTITY
No funds have been received by the Company from any persons or entities, including foreign
entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise,
that the Company shall directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
34. OTHER STATUTORY DISCLOSURES AS PER THE COMPANIES ACT,
2013
1. The Company has not traded in crypto currency or virtual currency during the year.
2. The Company is not declared a willful defaulter by any bank or financial institution or other
lenders.
3. The Company has no transactions with the struck off Companies under Section 248 or 560
of the Act.
4. No proceedings were initiated or pending against the Company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988.
5. There are no ultimate beneficiaries to whom the Company has lent/invested nor received
any fund during the year within the meaning of Foreign Exchange Management Act 1999
and Prevention of money Laundering Act 2002.
6. The Company has Compliance related to number of layers prescribed under clause (87) of
Section 2 of the Companies Act read with the Companies (Restriction on number of Layers)
Rules, 2017.
7. There was no transaction in the Company which is 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.
8. The Company does not have any charges or satisfaction, which is yet to be registered with
Registrar of Companies beyond the statutory period.
9. The Company is not covered under Section 135 of the Companies Act, hence Corporate
Social Responsibility (CSR) is not applicable to the Company.
35. REGROUPING
Previous years figures are regrouped or rearranged or reclassified wherever necessary in order
to confirm to the current years grouping and classifications.
As per our report of even date
For Venus Shah & Associates LLP For and on behalf of the Board
Chartered Accountants
Firm's Registration No. 120878W/W101094
Sd/- Sd/-
Shashank Mewada Atul Arya Agrahari
Chief Financial Officer Company Secretary
PAN: AQAPM8094Q PAN: AMMPA1939Q
Sd/- Place: Mumbai Place: Mumbai
Manish S. Patil Date: 24 May 2025 Date: 24 May 2025
Partner
Membership No. 140937
UDIN: 25140937BMIJRR9673 Sd/- Sd/-
Ashish Kukreja Mukesh Kumar Mishra
Director Director
03068422 06450500
Place: Mumbai Place: Mumbai Place: Mumbai
Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025
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