(ii) Rights, preferences and restrictions attached to shares
Equity Shares: 1) The Company has only one class of Equity Shares having a par value of ' 10/- per share. Each holder of Equity Share is entitled to one vote per share. The Company has not declared any dividend.
" 2) I n the event of liquidation of the Company, the holders of Equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.
1. Term loan from Indian bank is secured against exclusive hypothecation of plant & machinery purchased out of bank's finance along-with all other fixed assets of the company. It carries ROI @ 9.55% and payable in 24 monthly installments.
2. Term loan from Indian bank is secured against exclusive hypothecation of solar plant being purchased out of bank's finance. It carries ROI @ 10.50% and payable in 48 monthly installments.
3. These loans are further secured by Equitable Mortgage of land and building situated at 28-29, Xcelon Industrial Park-1, Behind Intas Pharmaceuticals, At. Vasna-Chachrawadi, TA Sanand admeasuring 1565 Sq. Mts.
4. Further secured by personal guarantees of Mr. Mayur Popatlal Sojitra, Mr. Vivek Ashokkumar Patel, Mr. Harshad Nanubhai Rathod, Mr. Hardik Mukundbhai Prajapati.
5. Cash Credit from Indian Bank - The present and future stocks hypothecated with the bank for the sanction limit of ' 10.73 Crores in Cash credit account for the tenure of one year with the annual renewal option.
General Description of the Plan
The Entity operates gratuity plan through a trust wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service or retirement, whichever is earlier. The benefit vests after five years of continuous service. In case of some employees, the Entity's scheme is more favourable as compared to the obligation under Payment of Gratuity Act, 1972.
a) DEFINED CONTRIBUTION PLAN:
Provident Fund: The Company makes provident fund countributions to a defined contribution retirement benefit plan for qualifying employees. The provident fund plan is operated by the Regional Provident Fund Commissioner. The plan envisages contribution by the employer and employees and guarantees interest at the rate notified by the Provident Fund Authority. The contribution by employer and employee, together with interest, are payable at the time of separation from service or retirement, whichever is earlier.
b) DEFINED BENEFIT PLAN :
Gratuity: The Company makes annual contribution to the the Gratuity fund administered through a master policy with the Life Insurance Corporation of India for the qualifying employees but it does not contribute fund towards the liability of the Directors. Gratuity is payable to all eligible employees on superannuation, death or on separation / termination at the rate of 15 days salary for each year of service subject to a maximum of ' 20 lakh.
The company operates a defined benefit gratuity plan for it's employees and is governed by the Payment of Gratuity Act, 1972.The liability for the Defined Benefit Plan is provided on the basis of acturial valuation, using the projected unit credit method,as at the balance sheet date,carried out by an independent actuary.
c) Basis Used to Determine Expected Rate of Return on Assets: The expected return on plan assets is determined based on several factors like the composition of plan assets held, assessed risks of asset management, historical results of the the return on plan assets and the Company's policy for plan asset management.
31 Security of Current Assets Against Borrowings
The present and future stocks hypothecated with the bank for the sanction limit of ' 10.73 Crores in Cash credit account for the tenure of one year with the annual renewal option.
32 Registration of Charge
Cash Credit from Indian Bank - The present and future stocks hypothecated with the bank for the sanction limit of ' 10.73 Crores in Cash credit account for the tenure of one year with the annual renewal option.
i. Earning available for Debt Service = Net Profit before taxes Non-cash operating expenses Interest other exceptional item
ii. Debt service = Interest & Lease Payments Principal Repayments
iii. Capital Employed = Tangible Net Worth Total Debt Deferred Tax Liability Reasons for Variances
* This Ratios are not comparable as Last year company has been converted into a Public Limited company from the Partnership Firm and Presented Financials for the period for 29th November 2023 to 31st March 2024.
34 Other Statutory Disclosures as per the Companies Act, 2013
1. Title deeds of Immovable Property are held in name of the Company.
2. The Company has not granted any Loans or Advances in the nature of loans to promoters, Directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are (a) repayable on demand or (b) without specifying any terms or period of repayment.
3. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
4. The Company has not declared willful defaulter by any bank or financial institution or other lender.
5. Based on the information available with the Company, the Company does not have any transactions with companies struck off u/s 248 of the Companies Act, 2013.
6. The Company has not traded or invested in Crypto currency or Virtual Currency during the audited period.
7. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall: (a) 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 (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
8. 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: (a) 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
9. The Company has not entered into any such transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
35 Subsequent Events
1. The company had made an intial public offering (IPO) of 29,46,000 equity shares of face value of ' 10 each fully paid up for cash at a price of ' 101 per equity shares (including share premium of ' 91 per equity share) aggregating to ' 29,75,46,000/- The equity shares of the company has been listed on NSE Emerge Platform on 21st May 2025, which is after the Balancesheet date.
2. Earning per share is not retrospectively effected due to Fresh issue of equity as it is considered as Non-Adjusting event as per AS 4 'Contingencies and Events Occurring After the Balance Sheet Date'
36 Regrouping
1. The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.
2. In the Previous Audit Report, Provision for Tax has been recorded as net off of Advance Tax paid and TDS Receivable balance, however, in the current year, we have disclosed both the ledger balances separately.
37 The Company has not entered into any scheme of arrangement therefore approval of competent authority in terms of
sections 230 to 237 of the Companies Act, 2013 is not required.
38 The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the
statutory period.
39 Based on the information available with the Company, the Company does not have any transactions with companies struck
off u/s 248 of the Companies Act, 2013.