The company has only one class of equity shares having a par value of Rs. 10 per share (In the year ending 31/03/2023, par value of equity shares was Rs. 1000 per share).
Each shareholder of equity shares is entitled to one vote per share.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after payment of all liabilities, the distribution will be in proportion to the number of equity shares.
(f) During the period ended 31/03/2024 the company has issued 2 Bonus shares against each equity share out of Security premium and surplus profits. Further, No Bonus shares or shares issued for consideration other than cash or shares bought back in the preceding 5 years (prior to year ending 31/03/2023)_
NOTE 28 : SEGMENT REPORTING_
Based on the guiding principles guven in AS-17 “Segment Reporting” notified under Companies (Accounting Standards)
Rules, 2006, the Company's primary business segment is manufacturing of machines. Considering the nature of nature of Company's business and operations, there are no separate reportable business segment, as there is only one business segment and hence, there are no additional disclosures required to be provided other than those already provided in the financial statements.
The analysis of geographical segment is based on the geographical location of the customers. The following tables shows the distribution of the company's consolidated sales by the geographical market, regardless of where the goods were produced.
•The Company has involved experts for the case above and the on the basis of advice received from them, the Company believes that no liability with respect to these cases will devolve on the Company. Further, in respect of the appeal filed before Commissioner Income Tax (Appeals), the same was partially allowed in favour of the company vide order dated 04/01/2024. However, the company has filed an appeal before ITAT, Ahmedabad against the CIT (Appeal) Order for the
#This pertains to assessment order for FY 2019-20. The company is in the process of filing an Appeal against the said order before CGST Commissioner (Appeals)
Note 34 : Corporate Social Resonsibility
During the previous financial year, as the Net Profit of the company is in excess of Rs. 5 Crores, therefore in compliance of provision of Section 135 of the Companies Act, 2013, the company has created the provision for Corporate Social Responsibility ampunting to Rs. 19.66 Lakhs at the rate of 2% of the Average Net Profit before tax for last 3 years. However, the actual utilization of the same will be done in the subsequent financial year.
Note 35 : Mismatch in Balance of Secured Loan from HDFC Bank
In respect of HDFC Term Loan Account No. 84067814 and 84362704, outstanding balance as per Bank Statement is in excess as compared with balance as per books of accounts amounting to Rs. 34.33 Lakhs and Rs. 14.02 Lakhs respectively as on 31/03/2024. This excess balance is on account of non-reflection of EMI paid by company during earlier financial years. In this regard, company is already following with the Bank for correction of the same in the Bank Statement and the
(ii) Defined Benefit Plans
The Company has a defined gratuity plan. Every employee who has completed five years (not applicable for death/disability) or more of services, gets a gratuity on departure at 15 days basis salary (last drawn) for each completed year of service on terms not less favourable than the provisions of the payment of Gratuity Act, 1972. The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the defined benefit obligation recognised in the balance sheet.
The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the respective plans.
The estimates of future salary increases, considered in actuarial valuation, take account of inflation,seniority, promotion and other relevant factors, such as supply and demand in the employment market.
37. Additional Disclosures
a) Title Deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lease) are held in the name of the company.
b) There are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and roles made there under.
c) The Company has not revalued its property, plant and equipment or intangible assets or both during the year.
d) The Company has been sanctioned working capital amounts from banks on the basis of security of inventories, Cash and cash equivalents andTrade receivables. The company is regular in filingthe monthlyreturn/ stock statement with bank.
e) The Company has not been declared a wilful defaulter by any bank or financial institution or government or government authority.
f) The Company does not have any material transactions with struck-off Companies.
g) The Company do not have any charges or satisfaction which is yet to be registered with Registrars of Companies (ROC) beyond the statutory period.
h) The Company has not traded or invested in Crypto currency or virtual currency during the financial year.
i) 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.
j) The Company has not granted loans or advances in the nature of loan to any promoters, Directors, KMPs and the related parties (As per Companies Act, 2013), which are repayable on demand or without specifying any terms or period of repayments.
k) The Company have not advanced or loaned of invested hands to any other person(s) or entity (ies), including foreign entides (Intermediaries) with the understanding that the Intermediary shall,
(1) Direcdy or indirecdy lend or invest in other persons of entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(2) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
1) The Company have 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,
(1) Directiy 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
(2) Received any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
38. The Parliament has approved the Code on Social Security, 2020 which could have a likely impact on the contributions made by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on 13th November 2020 and has invited suggestions from stakeholders which are under active consideration by the Ministry. The effective date from which the Code and applicable rules shall be applicable is yet to be notified. The Company shall assess and evaluate the likely financial impact once the subject rules are notified and become effective.
39. Previous year figures have been regrouped/rearranged where considered necessary to confirm those of current year classification.
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