The Company had allotted 9531000 Equity Shares of T10/- as fully paid up by way of Bonus Issue on 17th October 2017.
b. Terms/ Rights attached to equity shares
The Company has only one class of shares viz. Equity Shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and interim dividend is declared by the Board of Directors at their duly convened meeting.
During the year ended 31st March 2024, Board of Directors have recommended dividend of 1.00/- per share.
(Previous year ended 31st March 2023 dividend was Rs.1.00/- per share) In 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.
No bonus shares were issued and no shares were issued for consideration other than cash during the period of five years immediately preceding the reporting date.
(P) unclaimed dividend
An amount of Rs.834.39/- (in Rs 000’s) is lying in the Unpaid Dividend Account with State Bank of India on 31st March 2024 towards the dividend declared and paid but not claimed for the
financial years as detailed below. All dividends declared but which remained unpaid upto and including financial year 2015-16 has been transferred to the account of Investor Education and Protection Fund (IEPF).
Previous year’s figures have been regrouped and reclassified wherever necessary to facilitate easy comparison.
(Q) IMPACT OF COVID19 ON THE FINANCIALS
The Company did not experience any negative effect on account of Covid19 during the year. Retail industry did make up for the two years which were practically lost due to covid19 restrictions, by opening new retail outlets and showrooms.
(R) CONTINGENT LIABILITIES NOT PROVIDED FOR
(i) Liabilities against bank guarantees issued on behalf of the company for participating in tenders and given as performance guarantee comes to Rs 58613(in 000’s). Previous year Rs.58,833 (in 000’s). Banks have marked lien on Company’s fixed deposits to the extent of outstanding bank guarantee amount.
(ii) The Company has received assessment orders for Kerala State VAT and CST for the years 2012-13, 2013-14, 201415,2015-16, 2016 17 demanding amounts as detailed in below statement due to non-submission of exemption forms
and other reasons. The Company has preferred appeals against each assessment order and has given security deposit of 30/20 percent of the demand before the Deputy Commissioner (Appeals)/Kerala High Court as per details given in the table below. As the Company is confident that it will be able to submit the exemption forms before the appellate authority and is confident of a favorable verdict, it does not feel that the amounts demanded will be payable, due to which no provision is made in the accounts. Company is also considering filing application under the amnesty scheme of Government of Kerala in respect of some assessment years where the amount involved is not material.
(iii) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs Nil (Previous Year Rs. Nil)
(iv) There is no outstanding (Previous year Rs. Nil) as on 31st March 2024 towards letters of credit opened by the Company for purchases effected during the year.
There are no individual items accounting for more than 10% of traded goods.
(W) managerial remuneration
As per resolution adopted at the 30th Annual General Meeting of the Company held on 30th September, 2021 the Managing Director and Executive Director are to be remunerated as per Section 309 read with Section 198 of the Companies Act, 2013 subject to
overall ceiling of 5 percent of the net profits for the year per managerial person to be calculated in the manner set-out in Section 349 of the Companies Act, 1956. As adequate profits are not available, the managerial remuneration has been provided within the limits specified under and in compliance with Schedule V of the Companies Act, 2013.
An amount of Rs. 7543 (in 000’s) has been written off as bad debts during the financial year (P.Y 6581 (in 000’s)
(ZA) provisions for income tax
Provision for Income Tax for the period comes to Rs. 1,3216.71 (in 000’s) (PY Rs.1,2286.40(in 000’s)).
(ZB) loans & ADVANCES
The Company has entered into an agreement with M/s Star Micronix, a firm in which the Directors are interested, for the purchase of fixed assets of Star Micronix and an advance of Rs. 33,05,662.00 has been made. The Company is in possession of the said fixed assets and the same has been mortgaged with M/s State Bank of India as collateral security for the cash credit facility availed by the company, though the same is yet to be registered in the company’s name
(ZC) deferred tax
The company estimates deferred tax charge /(credit) using the applicable rate of taxation based on the impact of timing differences between financial statements and the estimated taxable income for the current year. The net accumulated tax liability as at 31st March 2024 provided in the balance sheet is Rs.1011(In 000’s) which is due to cumulative timing difference on account of depreciation.
(ZD) events occuring after the balance sheet date
There are no material events that occurred after the Balance Sheet Date.