Issue of 49,38,000 Share by way of IPO at a Issue Price of Rs.66 for the year ended March 31,2025.
Issue of 4,07,407 shares by way of Right Issue at a Issue Price of Rs.81 and Issue of 92,813 shares pursuant to Conversion of loan taken from the promoter at a Issue Price of Rs.81 and Issue of 66,00,965 shares by way of bonus for capitalization of Reserves for the year ended March 31,2024.
(ii) Rights, preferences and restrictions attached to shares
Equity Shares: The Company has one class of equity shares. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Note A : Secured against Hypothecation of entire Stock and book debts not older than 90 days.
Additionally Secured by way of registered mortage of industrial land and factory building situated at Sr no 4/1, Nr. GEB SubStation, B/h Meghmani Factory, Kalana Road, Moje.Village Kalana, Tal. Sanand, Dist: Ahmedabad owned by the company and Residential Tanament No. C/2(ad-mesuring 59 sqyd), situated at SyNo. 19 paiki, Panchyat No. 3395/C/2, BhagyakunjCo-op Housing Society Ltd., Jannatual Naim Society, B/h. Park land Society, Juhapura-SarkhejRoad, Juhapura, Dist-Ahmedabad reigstered in the name of Zakirbhai N Qureshi, relative of Ex-director of the company.
The Modification in the allocation of funds was approved by the shareholders through a special resolution passed via postal ballot through e- voting concluded on March 19, 2025. Variation in the amount of object for which fund originally allocated as stated in the prospectus of the Company dated September 12, 2024. However, there is no deviation or variation in the utilization of the funds raised as of March 31, 2025.
Explanation for the Variation : The company at the time of initial public offer had proposed to install the 4 MW DC and 3.5 MW AC Ground Mounted Solar Power Plant. However, due to change in provision of electricity (Promoting renewable energy through Green Energy open Access) Rules, 2022- regarding Ref:- (1) MoP notification No- 23.09.2021 R&R dtd. 21.08.2024 via letter no. GUVNL/0079/08/2024 under clause8(2) of rules 2022 issued by Gujarat Urja Vikas Nigam Limited regarding the consumption capacity from "The permitted quantum of banked energy by the green energy open access consumers shall be at least 30.00% of total consumption of electricity from the distribution licensee by the consumers during the billing period" to "Permitted quantum of banked energy by the green energy open access consumers shall be maximum upto 30.00% of total consumption of electricity from the distribution licensee by the consumers. However, Due to the above said changes, the maximum consumption of the electricity is upto 30.00% only. therefore, the company has now proposed to install 1.4 MW Ground Mounted Solar Power Plant for existing manufacturing plant and 1MW Ground Mounted Solar Power Plant for the proposed rolling mill as mentioned in object no.02. Further, the board has also received the revised quotation from Solar Energy Private Limited for installation of solar Plant of Rs. 1103.65 (In lakhs) which costs company less than the earlier quoted for installation of Solar Plant. In Continuation, the Board intends to use Rs. 1195.10 (i.e. deviated amount) of above-mentioned object no.01 in object no.02 (i.e. Capital expenditure for setting up of rolling mill at Survey No.452, Khata no. 280, Khegariya, Taluka - Viramgam, District-Ahmedabad by construction of the industrial Shed, purchase of equipment/machineries, other assets etc.)
40 Details of Benami Property held
No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
41 Relationship with Struck off Companies
The company has not entered any transactions with struck off companies under section 248 of the companies Act, 2013 or section 560 of companies Act, 1956.
42 Registration of Charge
The company had complied with requirement of registration of charges with Reglstrar of Companies in respect of borrowings from the bank for
company's assets
43 Compliance with number of layers of comapanies
The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
Reasons for Variances
a) The ratio increased as Current Assets includes cash and cash equivalent which also having IPO funds balance in current year
b) The ratio improved due to increase in Equity funds by way of IPO during the current year and reduction in Debt as compared to previous year.
d) The ratio decreased due to increase in average share holders equity by way of IPO during the current year and also decrease in profit during the current year as compared to previous year
f) The ratio decreased due to lower average receivables compared to sales in current year
h) The ratio decreased as the average working capital is higher during current year as compared to previous year as it includes unutilised IPO funds as Cash and cash equivalent Balance
i) The ratio decreased due to lower turnover and profit during the year as compared to previous year
j) The ratio decreased due to lower profit during the current year as compared to previous year and also higher capital employed with IPO fund pending for utilisation during the current year
45 Disclosure where company has given loan or invested to other person or entity to lend or invest in another person or entity
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other persons or entities, including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (Ultimate beneficiaries) by or on behalf of the company or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
46 Disclosure where company has received fund from other person or entity to lend or invest in other person or entity
No funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), 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 ("Ultimate Beneficiaries") by or on behalf of the Funding Parties or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.
47 Undisclosed Income
There are no transactions that are not recorded in the books of account to be surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
48 Details of Crypto Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
49 Other Statutory Disclosures as per the Companies Act, 2013
There is no Scheme of Arrangements that has been approved in terms of sections 230 to 237 of companies Act, 2013.
50 Subsequent Events
There is no adjusting event occurred between reporting date and date of signing the financial statements.
51 Regrouping
Previous year's figures have been regrouped and re-arranged whenever necessary to suit the current year's figures.
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