*The Company has completed its initial public offer ("IPO") of37,00,000 equity shares of face value of Rs 10 each at an issue price of Rs 145 per share during the financial year ended March 31st, 2025. The issue comprised of fresh issue of 32,50,000 equity shares aggregating to 4,712.50 lakhs and offer for sale of4,50,000 euity shares aggregating to 652.50 lakhs.
**The members of the Company, at their Annual General Meeting held on August 12th, 2024, approved the issue and allotment of bonus shares of 76,99,800 (Seventy Six lakhs Ninty Nine thousand and Eight Hundered only) Equity Shares of ? 10 each credited as fully paid up to the equity shareholders in the proportion of 30 (thirty) equity shares for every 1 (one) equity shares held by them on record date i.e. August 14th, 2024 fully paid-up Equity Share held by them.
1.2 Rights, Preferences and restrictions attached to Equity shares:
The Company has a single class of equity shares. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
The Company has neither issued any shares for consideration other than cash including bonus shares nor has there been any buy back of shares apart from the above stated issue of bonus shares during the period of five years immediately preceding March 31st, 2025.
6.1 Pursuant to disclosure of amount due to Micro, Small and Medium Enterprises as defined under the ’’Micro, Small and Medium Enterprises Development Act, 2006” (MSMED ACT) included under the head “Trade Payable”, the Company has initiated process of seeking necessary information from its suppliers based on the information available with the company regarding the total amount due to supplier as covered under MSMED Act is given below. The company is generally regular in making payment of dues to such enterprise. This has been relied upon by the auditors.
ii. The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 along with the amount of the payment made to the supplier beyond the appointed day during each accounting year
iii. The amount of interest due and payable for the period of delay in making payment but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006
iv. The amount of interest accrued and remaining unpaid at the end of each accounting year
v. The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under Section 23 of the Micro, Small and Medium Enterprises Development Act, 2006
31 Segment Information
The Company operates in single business segment i.e. manufecturing of Furniture hence segment information has not been provided. Further the Company conducts its business in only one Geographical Segment, viz., India.
34 Disclosure of Transactions With Struck Off Companies
The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
35 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:
i Crypto Currency or Virtual Currency
ii Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder
iii Registration of charges or satisfaction with Registrar of Companies
iv Relating to borrowed funds:
a) Wilful defaulter
b) Utilisation of borrowed funds & share premium
c) Borrowings obtained on the basis of security of current assets
d) Discrepancy in utilisation of borrowings
e) Current maturity of long term borrowings
36 Particulars of Loans, Guarantees or Investments covered under Section 186(4) of the Companies Act, 2013
There are no loans granted, guarantees given and investments made by the Company under Section 186 of the Companies Act, 2013 read with rules framed thereunder.
37 With effect from April 1, 2023, the Ministry of Corporate Affairs (MCA) has made it mandatory for every company, which uses accounting software for maintaining its books of account, to use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
The Company uses a accounting software Tally Edit Log software to maintain its books of accounts. Which record the audit trail of each and every transaction created in books of account along with the date when such changes were made further audit trail feature can not be disable in Tally Edit Log hence each and every transaction have audit trail.
With a view to address the above challenges while ensuring compliance with the MCA notification and mitigate the risks involved therein, the Company has appropriately designed and implemented alternate mitigating controls over direct change at database level.
38 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.
39 During the financial year 2024-25, the Company has made an Initial Public Issue of32,50,000 Equity shares of face value ? 10 each at a price of ? 145 per Equity share aggregating to ? 4,712.50 Lakhs and made allotment of fully paid-up Equity Shares and an Offer For Sale of up to 4,50,000 Equity Shares of face value ? 10 each at a price of ? 145 per Equity share aggregating to ? 652.50 Lakhs by the Selling Shareholders ofthe Company.
40 Debit and Credit balances are subject to confirmation and reconciliation if any.
41 Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with current year classification.
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