*The Company has completed its initial public offer ("IPO") of 86,74,800 equity shares of face value of Rs 10 each at an issue price of Rs 93 per share during the financial year ended March 31st, 2024. The issue comprised of fresh issue of 60,00,000 equity shares aggregating to 55.80 Crores.
*The members of the Company, at their Extra Ordinary General Meeting held on March 30th, 2023, approved the issue and allotment of 1,24,00,001 (One crore Twenty Four lakhs and One only) Equity Shares of ? 10 each credited as fully paid up to the equity shareholders in the proportion of 62 (Sixty Two) equity shares for every 25 (Twenty Five) equity shares held by them on record date i.e. March 28th, 2023 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.
4.1 The Company has communicated to the suppliers related to categorisation of MSME parties, on the basis of the information available with the Company. The Company has classify outstanding dues of Micro and small enterprise and outstansing dues of creditors other than Micro and Small Enterprises. Further the Company has not provided the interest on the same as reconciliation and settlement was pending with the parties.
22.
Contingent Liabilities and Commitments
(I)
Contingent Liabilities (to the extent not provided for)
a Bank Guarantees opened with banks
139.74
b Custom Duty payable against Export Obligation
-
96.01
(II)
Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)
28 Issue of Shares
The Company has completed its initial public offer ("IPO") of 86,74,800 equity shares of face value of Rs 10 each at an issue price of Rs 93 per share. The issue comprised of fresh issue of 60,00,000 equity shares aggregating to 55.80 Crores. The total IPO expenses incurred 9.71 crores (including provision) (excluding taxes) has been adjusted against securities premium.
29 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.
30 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
31 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 except as stated under note 12 to the financial statement.
32 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.
34 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 an accounting software RACE Enterprise Resource Planning (ERP) i.e. 5M The Ultimate ERP software to maintain its books of accounts which has the feature of audit trail and the same was enabled throughout the year.
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.
35 Debit and Credit balances are subject to confirmation and reconciliation if any.
36 Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with current year classification.