2.10.1 Security

a) Deutsche Bank STL are secured by Secondary Charge over current assets and collateral securities already existing with the bank.

b) Saraswat Bank GECL are secured by Secondary Charge over current assets and collateral securities already existing with the bank.

i) Cash Credit from Saraswat Co-operative Bank Ltd are secured against Hypothecation of stock and debtors less creditors.

ii) Saraswat Bank OD against property are secured by legal mortgage charge on property situated at Expo House, 150 Sheriff Devji Street, Mumbai - 400003

iii) Saraswat Bank collateral security includes supplementary equitable / mortgage of Factory land and Building at A-10, MIDC, Murbad, Dist Thane - 421401, hypothecation of plant and machinery, pledge guarantee.

iv) Cash Credit from Deutsche Bank AG are secured against immovable property situated at Colaba, Mumbai - 400 005

2.22 Sales considered in Profit and Loss Account is net of taxes and duties. In case of Manufacturing Sales, payment terms is on percentage basis whereas Sales is considered at the time of despatch. As regards Services income, Sales is considered on the basis of completion of work.

2.23.i The Company does not have dealings in crypto currencies.

2.23.ii No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

2.27 The Company has borrowings from banks on the basis of security of Current Assets for which the Company has to submit stock statements on a monthly basis. There are no material discrepancies to be disclosed in the statements filed with the bankers.

2.28 Unsecured Loans, Debtors or Creditors balances are subject to confirmation.

2.29 The Company has started making provision in respect of liability for gratuity & earned leave due to employees as required by IND AS 19 of the ICAI. The Company has not yet set aside any fund for gratuity / earned leave benefits but is in process and will contribute in the near future.

2.30 The Company is principally engaged in Metal fabrication and is managed as one entity governed by the same set of risks and return, hence there are no separate reportable segment as per IND AS 108 on Segmental Reporting issued by the Institute of Chartered Accountant of India.

2.36 Factory Land & Building situated at A/10, MIDC, Murbad, Dist Thane - 421401 is owned in the name of the Company & the Company pays rent to Murtuza S Mewawala & others for office situated at Expo House, 150 Sheriff Devji Street, Mumbai - 400 003.

2.37 During the year 37,60,000 Fresh Equity Shares were issued @ Rs. 20/- each comprising of face value of Rs 4/- and premium of Rs. 16/- to meet capex and working capital requirements of the Company.

2.38 Figures of the previous year have been regrouped and rearranged wherever necessary.