6.1 Deferred tax asset Is recognized to the extent it Is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized.
12.2 During the year ended on 31st March 2022, the Company has issued 43,61,278 fuil paid bonus share of R$. 10 each in the ratio of 44:100 by capitalisation of its reserves including securities premium.
12.3 During the year ended 31st March 2023, the company has made sub- division of its equity shares of Rs. 10 each into the new nominal value of Rs. 1 each. Necessary approvals were received from members through postal ballot resolution closed on 15th February 2023 and relevant intimation was filed including with the Registrar of Companies. BSE. NSDL, CDSL and share transfer agent. The split will take effect on BSE with effect from record date i.e. 25th April 2023 under the new ISIN INE705X01026.
12.4 Terms and rights attached to equity shares
The company has issued only one class of equity shares having a par value of Rs. 1 per share. Each holder of equity shares is entitled to vote per share. The company declares and pays dividend if any, in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
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 the preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.
13-1 During the year, the company has recognised provision for gratuity being applied first time on Its existing payroll on the basis of actuarial valuation. As a result, present value of obligation existing on 1st April 2022 alongwith changes due to interest cost, current service cost and gain/ loss on actuarial valuation during the year ended on 31st March 2023 has been disclosed as a change in accounting estimate of the past period and accordingly restated as per requirements of Ind AS 8 (Accounting Policies, Changes in Accounting Estimates and Errors).
14.1 Term loan from Banks includes unsecured loans obtained from HDFC Bank for a sum of Rs. 2,500.00 thousands carrying interest » t4% p.a and from IDFC First Bank for a sum of Rs. 4,080.00 thousands carries interest ® 15.50% p.a., both repayable in 36 equated monthly instalments.
14.2 Term loan from others includes unsecured loans obtained from various NBFCs carrying interest rate from U% to 16% p.a. and repayable in 30 to 48 equated monthly instalments.
14.3 Finance lease obligation reflects car loans obtained from Bank of India.
Rs. 1950.00 thousands has been obtained from Bank of India repayable in Equated Monthly 35 Instalments of Rs. 65.74 thousands whereas Rs. 593.00 thousands has been obtained from Bank of India repayable in 60 Equated Monthly instalments of Rs. 12.71 thousands. Such loans are secured against hypothecation of such motor vehicle.
The Company's significant leasing arrangements are in respect of Land and Building/ Shed for non-restdential purpose for a period of 24 months commencing from 1st June.2023. The amount of ROU assets and lease liabilities recognized in Balance Sheet are disclosed in Note No. 3 and Note No. 15 respectively. The total cash outflow for lease for the year Is Rs. 810.00 thousands
17.1 Cash credit facilities from Bank of India upto a limit of Rs. 20,000.00 thousands, are secured against hypothecation of Stock 6 Book Debts upto 90 Days, with collateral mortgage of property held In the name of Sandeep Goyal .Pradeep Goyal and Recurring Deposit of 30.00 thousand p.m. for a period of 60 months and personal guarantee of Mr. Sandeep Goyal, Mr. Pradeep Goyal, Mr. Chahat Gupta and Mrs. Deepti Goyal.
Basis used to determine the Expected Rate of Return on Plan Assets
Discount Rate: The rate used to discount other long term employee benefit obligation (both funded and unfunded) have been determined by the reference to market yield at the Balance Sheet Date on oovernment bonds. The currency and term of the government bond shall be consistent with currency and estimated term of the Dost employment benefit Rate of Return on Plan Assets: Interest income on plan assets is calculated using the expected rate of return and the assets at the beginning of the period.
Withdrawal Rates: withdrawal rates takes into account the board economic outlook, type of sector the company operates in and measures taken by the management to retain/ relive the employees.
Sensitivity Analysis
Sensitivity analysis is performed by varying a single parameter while keeping alt the other parameters unchanged. Sensitivity analysis falls to focus on the interrelationship between underlying parameters. Hence, the results may vary if two or more variables are changed simultaneously. The method used does not indicate anything about the likelihood of change in any parameter and the extent of the change if any.
Rbk management framework
The Company’s activities expose it to a variety of financial risks, including market risk . The Company’s primary risk management focus is to minimize potential adverse effects of risks on its financial performance. The Company's risk management assessment policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same Risk assessment and management of these policies and processes are reviewed regularly to reflect changes in market conditions and the Company's activities. The Board of Directors and the Audit Committee are responsible for overseeing these policies and processes.
(1) Market risk
Market risk is the risk of changes in the market prices on account of foreign exchange rates, interest rates and Commodity prices, which shall affect the Company’s income or the value of its holdings of its financial Instruments . The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising the returns.
(a) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to market risk for changes in Interest rates relates to borrowings from banks and others.
Interest rate sensitivity - variable rate instruments
A reasonably possible change of 100 basis points in interest rates at the reporting date would have Increased /(decreased) equity and profit or loss by amounts shown below. This analysis assumes that all other variables, in particular, foreign currency exchange rates, remain constant. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date.
(ill Credit risk
Credit risk Is the risk of financial loss to the company If a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the company? receivables from customer. The Company establishes an allowance for doubtful debts, impairment and expected credit loss that represents it estimate an allowance for doubtful debts, impairment and expected credit loss that represents its estimate on expected credit loss.
A. Trade receivables
The Company’s exposure to credit risks influenced mainly by the Individual characteristics of each customer. The demographics of the customer , including the default risk of the industry has an influence on credit risk assessment. Credit risk 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.
However, the company does not expect any losses from non performance by these counter parties apart from those already given in financials, and does not have any significant concentration of exposures.
B. Cash and cash equivalents
The Company holds cash and cash equivalents with creditworthy banks of ? 722.06 thousands. The credit worthiness of such banks is evaluated by the management on an on-going basis and is considered to be good.
(ill) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company has been taking measures to ensure that the Company's cash flow from business borrowing is sufficient to meet the cash requirements for the Company’s operations. The Company managing its liquidity needs by monitoring forecasted cash inflows and outflows in day to day business. Liquidity needs are monitor on various time bands, on a day to day and week to week basis, as well as on the basis of a rolling 30 day projections. Net cash requirements are compared to available working capital facilities In order to determine head room or any shortfalls. Presently company’s objective is to maintain sufficient cash to meet its operational liquidity requirements.
39 The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
40 The Company is primarily engaged in the business of trading of aluminium and other metals. The same is considered as a business segment and the management consider this as a single
reportable segment. Hence. Indian Accounting Standard 108 on Segment Reporting are not applicable on the Company.
41 Balance shown under tread Sundry Debtors. Creditors and Advances arc subject to confirmation.
42 Tire company does not have transactions with the companies struck off under section 248 of Companies Act ,2013.
43 The Company does not have any Benami property, where any proceeding has been Initiated or pending against the Company for holding any Bcnami property.
44 I he Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory penod.
45 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
46 The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
47 There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
48 The financial statements were approved for issue by the Board of Directors on 29th May, 2024
49 Previous year’s figures have been re arranged or re- grouped wherever consider necessary.
50 The Company has not any such transaction which is not recorded 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).
51 Figures have been rounded off to the nearest thousands of rupees.
52 Figures in brackets indicate negative (-) figures.
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