2.13 Provisions, contingent liabilities and contingent assets
Provisions involving a substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events, and it is probable that there will be an outflow of resources will be required to settle the obligation embodying the economic benefit.
Contingent Liabilities, which are of probable nature, are not recognized in the Statement of Profit and Loss Account but are disclosed at their estimated amount in the notes forming part of the
financial statements. Contingent assets are neither recognized nor disclosed in the financial statements.
2.14 Details of dues to Micro and Small Enterprises as per MSMED Act, 2006
Based on the information available with the company, suppliers have been identified, who are registered under the Micro, Small and Medium Enterprises Development Act 2006 (MSMED) to whom the company owes and the same it was outstanding for more than 45 days as at 31 March 2024. The information has been determined to the extent such parties have been identified on the basis of information available within the company.
2.15 Foreign Currency Transactions and Exchange Differences
Foreign Currency Transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Monetary items are money held and assets and liabilities to be received or paid in fixed or determinable amounts of money which include Foreign Currencies held, Trade Receivables, Trade Payables, Borrowings and Receivables in Foreign Currency.
Exchange differences arising in the settlement of monetary items or on reporting an enterprise’s monetary items at rates different from those at which they were recorded at the date of the transaction during the period, or reported in previous financial statements, should be recognized as income or as expenses in the period in which they arise. Accordingly, the entity has disclosed the exchange difference in its Statement of Profit and Loss Account.
2.16 Impairment of Assets
The Company assesses at each reporting date whether there is any indication that any Property, Plant and Equipment and Intangible Assets or group of Assets, called Cash Generating Units (CGU) may be impaired. If any such indication exists, the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.
An impairment loss is recognized in the Statement of Profit and Loss to the extent that the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is higher of an asset’s fair value less cost of disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.
The impairment loss recognized in the prior accounting period is reversed if there has been a change in the estimate of the recoverable amount.
2.17 Earnings Per Share (EPS)
Basic Earnings Per Share is calculated by dividing the net profit after tax by the weighted average number of equity shares outstanding during the year adjusted for bonus element in equity share and excluding treasury shares. Diluted Earnings Per Share adjusts the figures used in the determination of basic earnings per share to take into account the conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted at the beginning of the period unless issued at a later date.
The weighted average number of equity shares outstanding during the period reflects the fact that the amount of shareholders’ capital may have varied during the period as a result of a larger or lesser number of shares outstanding at any time. It is the number of equity shares outstanding at the beginning of the period, adjusted by the number of equity shares bought back or issued during the period multiplied by the time-weighting factor. The time-weighting factor is the number of days for which the specific shares are outstanding as a proportion of the total number of days in the period.
Terms of Repayments SECURED LOANS Term Loan From NBFC’s
BMW INDIA FINANCIAL SERVICES P LTD 1
The repayment of the loan in 48 equal monthly installments. During the FY 2022-23, the Motor Vehicle has been sold and the loan is transferred to the buyer of Motor Vehicle.
Term Loan From Banks
State Bank Of India (WCTL)
The Working Capital Term Loan amounting to Rs. 550 Lakhs has been carved out of Cash Credit Facility amounting to Rs. 995 Lakhs. The WCTL will be repayble in 56 monthly installment commencing from 31/08/2023. the interest on said loan is 14.75 % and the same will be transferred to Funded Interest Term Loan upto period of July 2023(FITL). On balance sheet date 48 monthly installment in all amount of Rs. 5,09,95,940/- were outstanding.
State Bank Of India (FITL)
The Interest on working capital term loan (WCTL) has been converted into Funded Interest Term Loan. The said loan is repayable in 24 monthly installment amounting to Rs. 5.39 Lakhs each commencing from 31/08/2023. the same is secured as per above mentioned details. The rate of interest on the above said loan is 8.10% above rate EBLR. On balance sheet date 16 monthly installment in all amount of Rs. 84,22,194/- were outstanding.
State Bank Of India (GECL)
The company during the FY 2020-21 obtained Guaranteed Emergency Credit Limit of Rs. 198 lakhs. The rate of interest on the said loan is 9.25%. The same is secured as per below mentioned details. The repayment of said loan in 36 equal monthly installments amounting to Rs. 5.5 Lakhs each after the moratorium period of 12 months. On balance sheet date 18 equal monthly installment in all amount of Rs. 98,89,451/- were outstanding.
State Bank Of India (GECL-Ext.)
The company during the FY 2022-23 entered into restructuring and obtained GUARANTEED EMERGENCY CREDIT LINE (GECL) 1.0 Extension under Emergency Credit Line Guarantee Scheme (ECLGS) amounting to Rs. 99 lakhs. The rate of interest on the said loan is 9.25%. The same is secured as per the below-mentioned details. The repayment of said loan in 36 equal monthly installments amounting to Rs. 2.75 Lakhs each after the moratorium period of 12 months. On balance sheet date 31 equal monthly installment in all amount of Rs. 81,24,183/- were outstanding.
The First Charge is on above said property for all the existing facilities of Cash Credit, WCTL, FITL and Second charge on all the new facilities of GECL and CCECL sanctioned by the bank.
Guarantee
The above facilities are Guaranteed by Mr. Manoj Chowkhany and Sonam Chowkhany.
HDFC BANK- BREZZA CAR
The repayment of the loan is in 60 equal monthly installments. The rate of interest on such loan is 10.70%. The said loan has been fully repayed during the year under consideration.
AXIS BANK (MERCEDES BENZ)
DEUTSCHE BANK
Initially the repayment of the loan in 180 equal monthly installments. During the year, the company defaulted in repayment of said loan and entered into restructuring scheme. Now, the said loan is to be repaid in 164 equal installment amounting to Rs. 3,15,022/- each after a moratorium period of 6 months. as on balance sheet date 163 installments is pending. the said loan carries interest @10.97%.
DEUTSCHE BANK (NEW LOAN)
The repayment of said loan in 36 equal monthly installments amoutning to Rs. 1,54,999/- each after the moratorium period of 12 months. During the year, the company defaulted in repayment of said loan. as on balance sheet date total 31 installments are pending. the said loan carries interest @9.25%.
UNSECURED LOANS
ADITYA BIRLA FINANCE LTD
During the FY 2020-21, the loan was restructured and the moratorium was provided for a period of 12 months wherein only an interest amount needed to be paid and an amount of Rs. 47,110/- is payable in equal monthly installments starting from December 2021. During the FY 2022-23, the said loan is fully paid.
CapFloat Financial Services Private Limited
During the FY 2020-21, the said loan was restructured and the repayment of the loan was converted into 42 equal monthly installments. During the FY 2022-23, the company was irregular in repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 2,36,000/- and the same has been duly repaid during the year under consideration.
CapFloat Financial Services Private Limited (GECL)
The repayment of loan in 36 equal monthly installment. During the FY 2022-23, the company was irregular in repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 18,43,041/- and the same has been duly repaid during the year under consideration.
ECL FINANCE LTD.
The company was irregular in repayment of said loan. During the FY 2022-23, the company entered into full and final settlement of loan. The settled amount is duly paid and loan is duly closed in the FY 2022-23.
FULLERTON INDIA CREDIT CO. LTD
ICICI BANK LTD.
ICICI BANK LTD. (GECL)
The repayment of loan in 48 equal monthly installment. On balance sheet date 6 equal monthly installment in all amount of Rs. 1,86,413/- were outstanding.
IDFC First Bank Limited
During the FY 2022-23, the company was irregular in repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 4,00,000/- whereas the balance outstanding in the books of accounts was amounting to Rs. 8,51,329/-. The settled amount is duly paid and loan is duly closed in FY 2022-23.
The repayment of loan in 48 equal monthly installment. On balance sheet date, 6 equal monthly installment in all amount of Rs. 1,08,115/- were outstanding.
During the year the company was irregular in repayment of said loan. During the year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 11,44,000/- whereas the balance outstanding in the books of accounts was amounting to Rs. 22,69,589/-. The settled amount is duly paid and loan is duly closed.
IFMR
INDUSIND BANK
The company during the FY 2022-23 was unable to make repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 15,25,000/- whereas the balance outstanding in the books of accounts was amounting to Rs. 31,78,393/-. The settled amount is duly paid and loan is duly closed in FY 2022-23.
KOTAK MAHINDRA BANK (NEW)
The repayment of loan in 48 equal monthly installment. On balance sheet date 4 equal monthly installment in all amount of Rs. 21,299/- were outstanding.
MAGMA FINSERVE LTD
The repayment of loan in 48 equal monthly installment. On balance sheet date 9 equal monthly installment in all amount of Rs. 1,87,591/- were outstanding.
The original repayment of loan in 60 equal monthly installment. During the FY 2022-23, the company was irregular in repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 6,80,000/- whereas the balance outstanding in the books of accounts was amounting to Rs. 13,35,340/-. The settled amount is duly paid and loan is duly closed in FY 2022-23.
MAGMA FINSERVE LTD (GECL)
The repayment of loan in 48 equal monthly installment. On balance sheet date, 4 equal monthly installment in all amount of Rs. 64,811/- were outstanding. Interest rate @9.26%.
RATNAKAR BANK LTD.
The repayment of loan in 66 equal monthly installment. During the FY 2022-23, the company was irregular in repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 12,00,000/- whereas the balance outstanding in the books of accounts was amounting to Rs. 23,14,449/-. The settled amount is duly paid and loan is duly closed in FY 2022-23.
Shriram City Union Finance Ltd.
The repayment of loan in 36 equal monthly installment. During the FY 2022-23, the company was irregular in repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 7,55,000/- whereas the balance outstanding in the books of accounts was amounting to Rs. 14,33,939/-. The settled amount is duly paid and loan is duly closed in FY 2022-23.
TATA CAPITAL FINANCIAL SERVICES LTD.(GECL)
The repayment of loan in 48 equal monthly installment. On balance sheet date 6 equal monthly installment in all amount of Rs. 81,721/- were outstanding.
United Petro Finance Limited
The repayment of loan in 48 equal monthly installment. During the FY 2022-23, the company was irregular in repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 22,75,000/- whereas the balance outstanding in the books of accounts was amounting to Rs. 32,84,466/-. The settled amount is duly paid and loan is duly closed in current financial year.
IIFL Finance Limited
The repayment of loan in 48 equal monthly installment. During the FY 2022-23, the company was irregular in repayment of said loan. During the said year, the company entered into full and final settlement of loan. The loan was settled at an amount of Rs. 77,200/- whereas the balance outstanding in the books of accounts was amounting to Rs. 1,51,566/-. The settled amount is duly paid and loan is duly closed in FY 2022-23.
Note 29.4 Utilisation of Borrowed funds and share premium
A) During the year, no funds have been advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall, whether 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 provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
B) During the year, no funds have been 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 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Note: 30 Additional Information
i) The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful defaulter at any time during the financial year or after the end of reporting period but before the date when financial statements are approved.
ii) Company has not traded or invested in Crypto currency or Virtual Currency during the financial year 2023-24.
iii) The Company has not surrendered or disclosed any income during the year in the tax assessments under the Income Tax Act, 1961.
iv) During the year ended March 31, 2024, the Company was not party to any approved scheme which needs approval from competent authority in terms of sections 230 to 237 of the Companies Act, 2013.
vi) Balance of Sundry Creditors, Debtors, Receivable/Payable from/to various parties/ authorities, Loans & Advances are subject to confirmation from the respective parties and necessary adjustments if any, will be made on its reconciliation.
vii) Previous year's figures have been regrouped/ rearranged to make them comparative, wherever found necessary.
AS PER OUR REPORT OF EVEN DATE ATTACHED
For O.R. MALOO & CO. For and on behalf of the Board of Directors of
CHARTERED ACCOUNTANTS GOBLIN INDIA LIMITED
FRN: 135561W CIN: L51100GJ1989PLC012165
CA OMKAR MALOO MANOJKUMAR CHOUKHANY SONAM CHOUKHANY
MEM NO: 044074 (MANAGING DIRECTOR) (WHOLE TIME DIRECTOR)
PARTNER DIN:02313049 DIN:08071455
AJAY KUMAR SINGHANIA FARHAT PATEL
CHIEF FINANCIAL OFFICER (COMPANY SECRETARY)
(KMP) MEM NO: A68950
PLACE: AHMEDABAD PLACE: AHMEDABAD PLACE: AHMEDABAD
DATE: 30/05/2024 DATE: 30/05/2024 DATE: 30/05/2024