Provisions are recognized when there is a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Contingent liabilities are disclosed on the basis of judgment of management / independent experts. These are reviewed at each balance sheet date and are adjusted to reflect the current management estimate.
Provisions for warranty-related costs are recognized when the product is sold to the customer. Initial recognition is based on scientific basis as per past trends of such claims. The initial estimate of warranty-related costs is revised annually.
The financial statements of the Company are presented in INR, which is also the functional currency (i.e. the currency of the primary economic environment in which the Company operates). In preparing the financial statements, transactions in currencies other than the entity's functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items denominated in foreign currency are reported at the exchange rate ruling on the date of transaction.
Statement of cash flows is prepared in accordance with the indirect method prescribed in the relevant IND AS. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, cheques and drafts on hand, deposits held with Banks with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. However, Bank overdrafts are to be shown within borrowings in current liabilities in the balance sheet for the purpose of presentation.
The Company derives revenues primarily from sale of goods comprising of (i) Glass Lined Equipment- Manufacturing of Carbon Steel Glass Lined Equipment viz. reactors, receivers, storage tanks, columns, agitators, valves, pipes and fittings and other similar equipment and related spares and accessories and (ii) Filtration, Drying and Other Equipment - Manufacturing of Agitated Filters and Dryers, Rotary Vacuum Paddle Dryers, other Chemical Process Equipment and related spares and accessories.
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price allocated to that performance obligation. The transaction price of goods sold and services rendered is net of variable consideration on account of delayed delivery of goods /product discounts and schemes offered by the company as part of the contract with the customers. The Company recognises changes in the estimated amounts of obligations for discounts in the period in which the change occurs. Revenue also excludes taxes collected from customers.
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when payment is being made.
Revenue from contract with customers is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services.
Revenue from the sale of goods is recognized at the point in time when control is transferred to the customer.
Revenue from sale of services is recognised when the activity is performed.
Revenue in excess of invoicing are classified as contract assets while invoicing in excess of revenues are classified as contract liabilities.
• Judgement is also required to determine the transaction price for the contract. The transaction price could be either a fixed amount of consideration or variable consideration with elements such as delayed delivery of goods/ product discounts. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer. The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur and is reassessed at the end of each reporting period. Some contracts for the sale of goods provide customers with a right of return.
• Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods sold and services rendered is net of variable consideration on account of product discounts and schemes offered by the company as part of the contract with the customers. The Company recognizes changes in the estimated amounts of obligations for discounts in the period in which the change occurs.
All employee benefits payable wholly within twelve months of rendering services are classified as short-term employee benefits. Benefits such as salaries, wages, short-term compensated absences, performance incentives etc., are recognized during the period in which the employee renders related services and are measured at undiscounted amount expected to be paid when the liabilities are settled.
The cost of providing long-term employee benefit such as earned leave is measured as the present value of expected future payments to be made in respect of services provided by employees upto the end of the reporting period. The expected costs of the benefit is accrued over the period of employment using the same methodology as used for defined benefits postemployment plans. Actuarial gains and losses arising from the experience adjustments and changes in
actuarial assumptions are charged or credited to profit or loss section of the Statement of Profit or Loss in the period in which they arise except those included in cost of assets as permitted. The benefit is measured annually by independent actuary.
The Company provides the following postemployment benefits:
i) Defined benefit plan i.e., gratuity
ii) Defined contributions plan i.e., provident fund.
The cost of providing benefits on account of gratuity obligations are determined using the projected unit credit method on the basis of actuarial valuation made at the end of each balance sheet date.
Re-measurements comprising of actuarial gains and losses arising from experience adjustments and change in actuarial assumptions, the effect of change in assets ceiling (if applicable) and the return on plan asset (excluding net interest as defined above) are recognized in other comprehensive income (OCI) except those included in cost of assets as permitted in the period in which they occur. Re-measurements are not reclassified to the Statement of Profit and Loss in subsequent periods.
Payments to defined contribution retirement benefit plans, viz., Provident Fund are recognized as an expense when employees have rendered the service entitling them to the contribution.
Income tax expense represents the sum of income tax currently payable and deferred tax. Tax is recognized in the profit or loss section of the Statement of Profit and Loss, except to the extent that it relates to items recognized directly in equity or in other comprehensive income.
Current tax is the expected tax payable/ receivable on the taxable income/ loss for the year using applicable tax rates for the relevant period, and any adjustment to
taxes in respect of previous years. Tax on Income for the current year is determined on the basis of estimated taxable income and tax credits computed in accordance with the provisions of the relevant tax laws and based on the expected outcome of assessments/appeals.
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all tax deductible temporary differences, unabsorbed losses and unabsorbed depreciation to the extent that it is probable that future taxable profits will be available against which these deductible temporary differences, unabsorbed losses and unabsorbed depreciation can be utilized.
Basic earnings per share are calculated by dividing the total profit attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the year. Basic earnings per share are calculated separately for both continuing and discontinuing operations.
A financial asset inter-alia includes any asset that is cash, equity instrument of another entity or contractual rights to receive cash or another financial asset or to exchange financial asset or financial liability under condition that are potentially favorable to the Company.
Investments in subsidiaries are carried at cost.
Financial assets of the Company comprise trade receivable, cash and cash equivalents, Bank balances, loans/advances to employee/ others, security deposit, etc.
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. However, Trade receivables that do not contain a significant financing component are measured at Transaction Price. Transaction costs of financial assets carried at fair value through profit or loss are expensed in Profit or Loss.
For purposes of subsequent measurement financial assets are classified in three categories:
• Financial assets measured at amortized cost
• Financial assets at fair value through OCI
• Financial assets at fair value through profit or loss
Financial assets are measured at amortized cost if the financials asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These financials assets are amortized using the effective interest rate (EIR) method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income in the statement of profit or loss.
Financial assets are mandatorily measured at fair value through other comprehensive income if the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. At initial recognition, an irrevocable election is made (on an instrument-byinstrument basis) to designate investments in equity
instruments other than held for trading purpose at FVTOCI. Fair value changes are recognized in the other comprehensive income (OCI). On derecognition of the financial asset other than equity instruments, cumulative gain or loss previously recognized in OCI is reclassified to Profit or Loss.
Any financial asset that does not meet the criteria for classification as at amortized cost or as financial assets at fair value through other comprehensive income, is classified as financial assets at fair value through profit or loss.
The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
The Company assesses impairment based on expected credit loss (ECL) model on the following:
• Financial assets that are measured at amortized cost.
• Financial assets (excluding equity instruments) measured at fair value through other comprehensive income (FVTOCI).
ECL is measured through a loss allowance on a following basis after considering the value of recoverable security:
• The 12 month expected credit losses (expected credit losses that result from those default events on the financial instruments that are possible within 12 months after the reporting date)
• Full life time expected credit losses (expected credit losses that result from all possible default events over the life of financial instruments)
The Company follows 'simplified approach' for recognition of impairment on trade receivables or contract assets resulting from normal business transactions. It recognizes impairment loss allowance
based on lifetime ECLs at each reporting date, from the date of initial recognition.
For recognition of impairment loss on other financial assets, the Company determines whether there has been a significant increase in the credit risk since initial recognition. If credit risk has increased significantly, lifetime ECL is provided. For assessing increase in credit risk and impairment loss, the Company assesses the credit risk characteristics on instrument-byinstrument basis.
Impairment loss allowance (or reversal) recognized during the period is recognized as expense/income in profit or loss.
The Company's financial liabilities include loans and borrowings, trade payable, accrued expenses and other payables.
All financial liabilities at initial recognition are classified as financial liabilities at amortized cost or financial liabilities at fair value through profit or loss, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
All Financial Liabilities other than derivatives are measured at amortised cost at the end of subsequent accounting periods. Interest expense that is not capitalised as part of costs of assets is included as Finance costs in Profit or Loss.
A financial liability is derecognized when the obligation under the liability is discharged / cancelled / expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in of profit or loss.
The Company identifies segments as operating segments whose operating results are regularly reviewed by the Management to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment assets include all operating assets used by the business segments and consist of property plant and equipment, intangible assets, debtors and inventories. Segment liabilities include the operating liabilities that result from operating activities of the business segment. Assets and
Liabilities that cannot be allocated between the segments are shown as part of unallocated corporate assets and liabilities, respectively. Income / Expenses relating to the enterprise as a whole and not allocable on a reasonable basis to business segments are reflected as unallocated corporate income / expenses.
Ministry of Corporate Affairs ('MCA') notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st March, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
1. Term Loan(s) from Bajaj Finance Limited are secured by mortgage of certain immovable property(ies) owned by the Promoters. The Term Loans are repayable in 76 and 79 quarterly instalments commencing from November, 2017 and May, 2018 respectively and carries an interest of 11.70% p.a. (March 31, 2023: 11.60% p.a.) payable monthly.
2) Term Loan from HDFC Bank Limited is secured by first pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company and second pari passu charge on the entire present and future current assets viz. stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company. The Term Loan is repayable in 72 equal monthly instalments commencing from September, 2022 and carries an interest of 9.90% p.a. (March 31, 2023: 8.40% p.a.) payable monthly.
3) Term Loan from Citibank N.A. is secured by first pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company and second pari passu charge on the entire present and future current assets viz. stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company. The Term Loan is repayable in 16 equal quarterly instalments from April, 2022 and carries an interest of 11.68% p.a. (March 31, 2023: 8.25% p.a) payable monthly.
4) Term Loan (foreign currency loan) from Citibank N.A. is secured by first pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company and second pari passu charge on the entire present and future current assets viz. stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company. The Term Loan is repayable in 16 equal quarterly instalments commencing from March, 2023 and carries an interest of 8.30% p.a. (March 31, 2023: 2.50% p.a.) payable monthly.
5) Term Loan(s) from State Bank of India are secured by first pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company and second pari passu charge on the entire present and future
current assets viz. stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company. The Term Loans are repayable in 78 and 48 equal monthly instalments commencing from October, 2019 and October, 2020 respectively and carries an interest of 9.80% p.a. and 10.05% p.a. (March 31, 2023: 9.80% p.a. and 10.05% p.a.) respectively payable monthly.
6) Term Loan from ICICI Bank is secured by first pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company and second pari passu charge on the entire present and future current assets viz. stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company. The Term Loan is repayable in 48 equal monthly instalments commencing from March 2024 and carries an interest of 9.15 % p.a. (March 31, 2023: 9.15%) payable monthly.
7) Term Loan from Axis Finance Ltd. is secured by first pari passu charge on the entire present and future movable and immovable fixed assets of the Company and second pari passu charge on the entire present and future current assets of Company. The Term Loan is repayable in 72 unequal monthly instalments commencing from March 2024 and carries an interest of 9.85 % p.a. (March 31, 2023: Nil) payable monthly.
8) Vehicle Loans availed from HDFC Bank are secured by hypothecation of respective vehicles taken on loan. Each loan is repayable in equal monthly instalments from the month subsequent to the disbursement of the loan. Interest is payable on monthly basis and ranges from 6.25% p.a to 10.00% p.a. (March 31, 2023: 6.25% p.a to 10.00% p.a.)
1) Working capital facilities including packing credit and foreign bill discounting from HDFC Bank Limited are secured by first pari passu charge on the entire present and future current assets viz. Stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company and second pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company. The rate of interest for cash credit is 9.00% p.a. [March 31, 2023: 9.43% p.a.] and for other facilities is SOFR plus 250 bps [March 31, 2023: SOFR plus 250 bps].
2) Working capital facilities including packing credit and foreign bill discounting from Citibank N.A. are secured by first pari passu charge on the entire present and future current assets viz. Stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company and second pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company. The rate of interest for cash credit is 10.00% p.a. [March 31, 2023: 9.25% p.a.]
3) Working capital facilities including packing credit and foreign bill discounting from ICICI Bank Limited are secured by first pari passu charge on the entire present and future current assets viz. Stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company and second pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company. The rate of interest for cash credit is 9.28% p.a. [March 31, 2023: 9.25% p.a.]
4) Working capital loan facilities including packing credit and foreign bill discounting from State Bank of India are secured by secured first pari passu charge on the entire present and future current assets viz. Stocks of raw material, stock in process, finished goods, consumable stores and spares and book debts of the Company and second pari passu charge on the entire present and future movable (plant and machinery) and immovable fixed assets of the Company. The rate of Interest for cash credit is 9.35% p.a. [March 31, 2023: 7.95% p.a.]
5) Purchase Bill Discounting/ Short Term Revolving Loan facility from Bajaj Finance Limited are secured by mortgage of certain immovable property(ies) owned by the Promoters and carries an interest of 9.35% p.a. (March 31, 2023: 9.5% p.a.) payable monthly.
For the purpose of Company's capital management, capital includes Issued Equity Capital, Securities Premium, and all other Equity Reserves attributable to the Equity Shareholders of the Company. The primary objective of the Company's Capital Management is to maximise the Shareholder's Value.
The Company manages its capital structure and makes adjustments in the light of changes in economic conditions and requirements of the financial covenants and to continue as a going concern. The Company monitors using a gearing ratio which is net debts divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, less cash and short term deposit.
The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the operations of The Company. The principal financial assets include trade and other receivables and short term deposits.
The Company has assessed market risk, credit risk and liquidity risk to its financial liabilities. a) Market risk
Is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial instrument, as a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected by market risks, primarily include loans , borrowings , foreign currency receivables and payables .
Interest rate risk can be either fair value interest rate or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rate. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
The Company's interest rate risk arises from borrowings. Borrowings issued at fixed rates are exposed to fair value interest rate risk. The interest rate profile of the Company's interest-bearing financial instruments as reported by the management of the Company is as follows:
The Company accounts for floating-rate financial assets or financial liabilities at fair value through profit or loss.
If the interest rates had been 1% higher / lower and all other variables held constant, the company's profit for the year ended 31st March, 2024 would have been decreased/increased by ' 220.89 lakhs (Previous Year ' 133.05 lakhs)
The Company is affected by price stability of certain commodity due to significantly increase volatility of certain commodities , the Company has entered into contracts with the customers that has provision to pass on the change in raw material prices . The Company has risk management framework aimed at prudently managing the risk arising from volatility in commodity prices.
It is the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company. It arises from cash and cash equivalents, investments as well as credit exposure to customers.
The Company holds cash and cash equivalents with banks which are having highest safety rankings and hence has a low credit risk.
The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company also has an external credit risk insurance cover with ECGC Policy. The Company uses Expected Credit Loss (ECL) Model to assess the impairment loss or gain.
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of credit facilities to meet obligations when due. The Company's treasury team is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company's liquidity position through rolling forecasts based on expected cash flows.
Valuation techniques and significant unobservable inputs
The management assessed that cash and cash equivalents, trade receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The Fair Value of financial assets included is the amount at which the instrument could be exchanged in a current transaction between willing parties.
The following methods and assumptions were used to estimate the fair value.
1. Non current financial assets / liabilities measured at amortised cost.
2. The Company enters into Derivative financial instruments with counterparties principally with Banks with investment grade credit ratings. The Interest Rate swaps is valued using valuation techniques which employs the use of market observable inputs namely, Marked-to-Market.
1. Amount of Loans and advances in the nature of loans outstanding from subsidiaries ' Nil (Previous Year ' Nil)
2. Loans to employees have been considered to be outside the purview of disclosure requirements.
3. Investment by Loanee in the shares of the Company- Not applicable (Previous Year Not applicable)
(i) The Company does not have any Benami property nor any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) 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
(vi) 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 :
(vii) The Company has not recorded any transaction 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.
(viii) The Company has not been declared a wilful defaulter by any bank or financial institution or any of the lenders.
The Company make contributions towards provident fund, in substance a defined contribution retirement plan to the Regional Provident Fund Commissioner for qualifying employees.
The Company make annual contributions to the Employees' Gratuity Trust, for funding the defined benefit plans for qualifying employees.
Footnotes:
i) Remuneration does not include provisions made for Gratuity and Leave benefits amounting to ' 28.69 Lakhs (Previous year ' 21.69 Lakhs)
ii) The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances other than unsecured loan at the year-end are unsecured and interest free. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 March 2024, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2023: ' Nil). This assessment is undertaken in each financial year through examining the financial position of the related party and the market in which the related party operates.
The operations of the Company are limited to two segment viz. (i) Filtration, Drying and Other Equipment (ii) Glass
Lined Equipment
The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following
additional policies for segment reporting.
a) Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as “Unallocable”.
b) Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Unallocable”
(i) Estimated amount of contracts remaining to be executed on capital account, net of advances and not provided for ' 1,132.28
lakhs (Previous Year ' 408.51 lakhs)
(ii) Letters of credit issued by the banks ' Nil lakhs (Previous Year ' 2,185.62 lakhs)
(i) Claims not acknowledged as debts:
(a) Disputed Service Tax for the period 2008 to 2013 is ' 16.47 lakhs (Previous Year ' 16.47 lakhs) pending before CESTAT, against which the Company has made payment of ' 5.19 lakhs(Previous Year ' 5.19 lakhs).
(b) Disputed Service Tax for the period 2012 to 2015 is ' 29.07 lakhs (Previous Year ' 29.07 lakhs) pending before CESTAT, against which the Company has made payment of ' 5.09 lakhs(Previous Year ' 5.09 lakhs).
(c) Disputed Service Tax for the period 2013 to 2017 is ' 22.92 lakhs (Previous Year ' 22.92 lakhs) pending before CESTAT, against which the Company has made payment of ' 4.01 lakhs(Previous Year ' 4.01 lakhs).
(d) There is a pending litigation against the Company for compensation of loss of profit of ' 500.00 lakhs. The Court has decided the judgment in favour of the Company during the year.
As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per the Act. The funds were primarily utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013:
i) The Board has recommended a dividend @ 55 % (' 1.10 ) per equity share and declared a dividend @ 9.5 % (' 0.19) per preference share at its meeting held on 27th May 2024.
r) Previous period's figures have been regrouped and/or rearranged, wherever considered necessary.
As per our report of even date attached For and on behalf of the board
For M M Nissim & Co LLP Himanshu Patel Aalap Patel
Chartered Accountants Managing Director Director
Reg. No. 107122W / W100672 DIN - 00202312 DIN - 06858672
N. Kashinath Achal Thakkar Naveen Kandpal
Partner Company Secretary Chief Financial Officer
Membership No. 036490 ACS 30459 ACA 406038
Silvassa, Dadra & Nagar Haveli, Dated May 27, 2024 Silvassa, Dadra & Nagar Haveli, Dated May 27, 2024