The above information has been certified by the actuary and relied upon by the auditors.
The estimate of future salary increase, considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
The net of provision for unfunded leave encashment liability up to 31, March 2025 is Rs. 7.24 lacs (P.Y. 2.19 lacs)
1 Current assets significantly improved because of operating performance during the year
2 Debt Equity ratio has reduced because of increase in Debt and reduction in Shareholder fund (due to net losses)
3 Debt service coverage ratio decreased mainly due to huge loss in current year
4 Return on Equity ratio has been increased due to reorganisation of share capital in current year.
5 Sales increased by 2.30 times as compared to increase in Average Trade receivable by 4.20 times
6 Purchases increased by 2.65 times whereas Average trade payable increased by 2.30 times
7 Working Capital has eroded significantly due to operating losses in current year. Hence Net Capital turnover ratio deteriorated.
8 Previous year Huge FDs kept during CIRP Period
13 Corporate Social Responsibility
The Company is consistently incurring losses. In accordance with section 135 of the Companies Act, 2013 the Company is not required to spend expenditure under the Corporate Social Responsibility.
14 To the best of our knowledge and information available to us, the company has not entered any transaction with companies struck off under section 248 of Companies Act 2013 or Section 560 of Companies Act 1956.
15 The company as per the resolution passed in its Annual General meeting held on 23-09-2024 approved the sales/lease or otherwise disposal of its Tubes division. Accordingly the company has made agreement with M/s S S Tyres and Tubes Pvt Limited for sale of its tubes division at a price of Rs. 703.00 lakhs. Of which an amount of Rs. 682.85 lakhs has been received and appearing as long term advances received.
The amount due, payable and remained unpaid as on 31st March 2025 is Rs. 4.71 lakhs which could not be paid for want of banking details of old employees and foreign customer. This amount was deposited by the Successful Resolution Applicant i.e. M/s Ten on Ten Rubtech Pvt Ltd into special account opened by it specially for this purpose only. Thereafter the resolution applicant has deposited the amount by way of fixed deposit as per the directions in the monitoring committee.
During the year the company has made reorganisation of share capital and allotted fresh equity to the resolution application as per the Honourable NCLT's Order dated 09-08-2023 and dated 04-06-2024
17 The Company is engaged in the business of Tyre & Tubes and therefore, there is only one reportable segment in accordance with the Accounting Standard on Segment Reporting (AS-17).
18 In the Opinion of the Board, the Current Assets / Non Current Assets, Loans & Advances (including Export Benefits / Incentive, Trade Payables are approximately of the value stated, if realized / paid in the ordinary course of business and are subject to confirmation / reconciliation.
19 The third party payments made / received on behalf of the Company as well as payment to third parties on behalf of suppliers by the Company are subject to confirmations from respective parties.
20 Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.
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