During the FY 2022-23, the Company has issued 1,63,22,000 Equity Shares as under:
(a) 89,44,500 Equity Shares at D10 each (being D10 of Face Value) vide Private Placement
(b) 30,55,500 Equity Shares at D45 each (being D10 of Face Value & D35 of Securities Premium) vide Private Placement
(c) 43,22,000 Equity Shares at D70 each (being D10 of Face Value & D60 of Securities Premium) vide IPO through NSE - SME Exchange Platform
D) Terms, Rights, Preference and Restrictions attached to Equity Shares:
The company has only one class of equity shares having a par value of D10/- per share. Each holder of equity shares is entiltled to one vote per share. Dividend on such shares is payable in proportion to the paid up amount. Dividend (if any) recommended by the Board of Directors (other than interim dividend) is subject to approval of the shareholders in the ensuing Annual General Meeting.
In the event of winding up of the company, the holders of equity shares will be entitiled to receive any of the remaining assets of the company, after distribution of all preferential amounts and exeternal liabilities. However, no such preferential amount exists currently. The distributions of such remaining assets will be in proportion to the numbers of equity shares held by the shareholders.
6.1. Deferred Tax Liabilities have been reviewed at each reporting date and includes the effect of change in the tax rates applicable as per Income Tax Act, 1961.
6.2. Deferred Tax Assets and Deferred Tax Liabilities have been offset wherever the company has a legally enforceable right to set off current tax assets against current tax liabilities and where the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority
Borrowing from Axis Bank Ltd:
Tenor: One year from the date of Sanction i.e. upto 16.08.2023
1. Primary Security: Hypothecation of entire Current Assets of the Borrower, both present and future on exclusive basis.
2. Collateral Security: Extension of EM of the following properties on exclusive basis:
(a) Commercial Property located at Premises No. 90, Phears Lane, Kolkata - 700 012, PS. Bowbazar, within the limits of Kolkata Municipal Corporation, Ward No. 44, owned by the M/s. Annapurna Agro Industries
(b) Residential Property located at Flat No. 701 & 702 on the 7th Floor at Indralok, 187, NSC Bose Road, Kolkata in the name of Darsh Advisory Pvt Ltd
(c) Residential Property situated at Holding No. 0140001490000X1, Town Plan Plot No. 706 (Part), Jamabandi No. 3096, Mouza -Shyamganj, Ward No. 20, P.S. Deoghar, P.S. No. 413, Dist. Deoghar owned by Anand Shaw
4. Liquid Collateral: Liquid Collateral of D0.30 Crores
5. Personal Guarantee of Mr. Nirmal Kumar Bhakat, Mr. Rajesh Shaw, Mr. Sumit Sengupta, Mr. Ritesh Shaw, Mr. Shreeram Bagla, Mr. Anand Kumar Shaw
6. Corporate Guarantee of M/s. Darsh Advisory Pvt Ltd
The Company has filed monthly returns or statements with such banks, where applicable, which are in agreement with the books of account
Borrowing from Equentia Financial Service Pvt Ltd:
Tenor: Maximum 90 (Ninety) days from the relevant date of Drawdown, in accordance with the Finance Documents The Facility will be secured inter alia by:
(a) Second exclusive charge by way of hypothecation of all Receivables, book debts and Current Assets of the Borrower, both present and future.
b) 5 (five) undated cheques in favour of the Lender, provided as security, with due intimation to the drawee bank.
c) Unconditional and irrevocable personal guarantees from the Guarantors.
d) Cash Collateral of 10% (Ten Percent) of the Facility (Cash Collateral)
Unconditional and irrevocable guarantees, provided as Security for the Facility by Mr. Ritesh Shaw & Mr. Shreeram Bagla
28. Details of IPO Expenses and Fund Utilisation
A. During this year, the Company has come up with an Initial Public Offering (IPO) of 43,22,000 equity shares of D10/- each issued at a premium of D60/- per equity share. The Equity Shares of the Company got listed and admitted to the dealings on the NSE EMERGE platform w.e.f. 27-09-2022. The purpose of IPO has been to finance the costs towards Funding the capital expenditure requirements & General Corporate Expenses. The funds received have mainly been utilized towards the Cost of the Project, General Corporate Expenses & IPO expenses. Details of the funds received from IPO and its utilization as on the balance sheet date is as given below -
B. The company has incurred IPO related Expenses amounting to D98.34 Lakhs during the year. As these expenses are not regular in nature and distinct from the expenses incurred in the ordinary course of business, these have been directly adjusted from Reserves & Surplus as disclosed in Note 4 "Reserves & Surplus')
30. Segment Reporting
As the Company collectively operates only in one business segment i.e. 'Manufacturing of Food Products'. There is no other Business or Geographical segment which fulfils the criteria of 10% or more of combined Revenue, thus Segment Reporting under Accounting Standard 17 'Segment Reporting' is not applicable to the Company.
* No amount was required to be transferred to Investor Education and Protection Fund by the company during the year.
The Company did not have any long-term contracts including derivative contracts for which material foreseeable losses may
occur in future.
32. Other Statutory Compliance
(i) No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
(ii) There are no transactions with the companies whose names are struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956 during the year ended 31 March 2023.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company have not any such transaction 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.
(vi) The company is not declared as a wilful defaulter by any bank or financial institution or any other lender.
(vii) 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.
(viii) The Company has utilised the borrowed funds for the purposes for which the fund is obtained.
(ix) 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 person(s) or entities, including foreign entities ("Intermediaries"), with the understanding that the intermediary shall whether directly or indirectly lend or invest in other persons or entities identified in any manner by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of ultimate beneficiaries;
(x) No funds have been received by the company from any person(s) or entities including foreign entities ("Funding Parties") with the understanding that such 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 guarantee, security or the like on behalf of the Ultimate beneficiaries.
(xi) The Current Assets, Loans & Advances are realisable in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.
(xii) There are no indications of impairment on any individual cash generating assets or on cash generating units in the opinion of management and therefore no test of impairment is carried out.
33. Previous year Figures
Previous year figures have been regrouped / reclassified, where necessary, to conform to this year's classification. Comparative figures for the period 11.02.2022 to 31.03.2022 as reflected in the Statement of Profit & Loss Account do not include the figures of erstwhile Partnership Firm M/s. Annapurna Agro Industries which was converted into Private Limited Company with effect from February 11,2022. Consequently, the comparative figures are not comparable with the figures for the year ended March 31, 2023 to this extent.
34. Subsequent Event
Based on the evaluation, the Company is not aware of any subsequent events or transactions, that would require recognition or disclosure in the financial statements.
1. Net Sales instead of Credit Sales have been considered for the purpose of computation of this ratio
2. Net Purchase instead of Credit Purchase have been considered for the purpose of computation of this ratio
37.1 Reasons for variations more than 25% as compared to previous year:
The Company was originally incorporated as a Partnership Firm as "M/s Annapurna Agro Industries" vide partnership deed dated November 27, 2015. The Partnership Firm was subsequently converted into Private Limited Company "Annapurna Swadisht Private Limited" on February 11,2022. Further the Company was converted into a Public Limited Company and consequently, the name of the Company was changed to "Annapurna Swadisht Limited" with effect from July 8, 2022. The figures for FY 2021-22 are for the period February 11,2022 till March 31,2022. Hence the figures of the two financial years are not comparable.
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