t. Provisions & Contingencies
Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. When the Company expects some or all of a provision to be reimbursed, the reimbursement is recognised as a
separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of
profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted usi ng a current pre¬
tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
Contingencies
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non¬
occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because
it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases
where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does have recognized a contingent
commitment in the financial statements.
u. Prior Period Items
Prior period items shall be separately disclosed in the statement of profit and loss in the reporting period together with th eir nature and amount
in a manner so that their impact on profit or loss in the reporting period can be perceived.
Had complied with AS 15 the prior period expenses are incurred in the reporting period and which has been recognised and disclosed
separately in statement of profit and loss.
v. Exceptional Items
On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the Company is such
that its disclosure improves the understanding of the performance of the Company. Such income or expense is classified as an exceptional
item and accordingly disclosed in the Financial Statements.
As per our report of even date
For RATAN CHANDAK & CO LLP For and on behalf of the Board of
Chartered Accountants POLYSIL IRRIGATION SYSTEMS LIMITED
Firm's Registration No. 108696W/W101028
Bharat Patel Praful Radadia
CEO & Managing Director Whole-Time Director
DIN: 07780251 DIN: 09660425
Jagadish Sate
Partner Het Savani Kiran Tilwani
Membership No. 182935 Chief Financial Officer Company Secretary
UDIN: 25182935BMIIAS2231 A55498
Place: Navi Mumbai Place: Vadodara
Date: 30-05-2025 Date: 30-05-2025
Pursuant to a special resolution at the meeting of the members of the company held on 13 December, 2022 sub-division of each of the equity
shares of the company having a face value of Rupees 100/- each in the autorised equity capital of the company into 10 equity shares.
Pursuant to a special resolution at the meeting of the members of the company held on 13 December, 2022 has been increased the authorised
share capital of the company from existing INR 70,00,000/- to revised INR 14,50,00,000/- (addition INR 13,80,00,000/-).
The Board of Directors pursuant to a resolution dated January 16, 2023 and the shareholders special resolution dated January 23, 2023 have
approved the issuance of twenty bonus equity shares of face value Rs. 10 each for every one existing fully paid up equity share of face value
Rs. 10 each and accordingly 9425800 bonus equity shares were issued and allotted in accordance with the Section 63 of the Com panies Act,
2013.
The company had made an initial public offering (IPO) cum offer for sale of 32,28,000 equity shares in aggregate of face value of Rs.10/-
each fully paid up for cash at a price of Rs.54/- per equity share (including share premium of Rs. 44 per equity share) aggregating to Rs.
1743.12/- Lakhs (Fresh Issue of Rs. 779.76 lakhs and Offer for sale of Rs. 963.36 lakhs). The equity shares were allotted on 14 February
2024. The equity shares of the company got listed on NSE Emerge Platform on 16th February, 2024. Out of 32,28,000 equity share 17,84,000
shares is offer for sale and 14,44,000 share is fresh issue.
The Board of Directors pursuant to a resolution dated January 16, 2023 and the shareholders special resolution dated January 23, 2023 have
approved the issuance of twenty bonus equity shares of face value Rs. 10 each for every one existing fully paid up equity share of face value
Rs. 10 each and accordingly 9425800 bonus equity shares were issued and allotted in accordance with the Section 63 of the Com panies Act,
2013.
The company had made an initial public offering (IPO) cum offer for sale of 32,28,000 equity shares in aggregate of face value of Rs.10/-
each fully paid up for cash at a price of Rs.54/- per equity share (including share premium of Rs. 44 per equity share) aggregating to Rs.
1743.12/- Lakhs (Fresh Issue of Rs. 779.76 lakhs and Offer for sale of Rs. 963.36 lakhs). Out of 32,28,000 equity share 17,84,000 share is
offer for sale and 14,44,000 share is fresh issue.
The loan is primarily secured by way of Hypothecation of stock , book debts & Plant & Machinery, entire current assets, FDR for Cash Margin,
Mortgage of factory premises & Open plot . Interest rate is 7.50%. The loan is repayable in 23 equal monthly Installments of Rs. 3,49,885/-
b) UBI Term Loan Machine
The loan is primarily secured by way of Hypothecation of stock , book debts & Plant & Machinery, entire current assets, FDR for Cash Margin,
Mortgage of factory premises & Open plot . Interest rate is 10.05%. The loan is repayable in 45 equal monthly Installments of Rs. 2,45,555/-
The above loans are further secured by way of equitable mortgage of factory Land & Building situated at R.S. no. 340/1, Near Sayaji Paper
Pvt. Ltd. Sakarda Raniya Road, Mouje Village Raniya, Savli, Vadodara. The above loans are further secured by way of equitable mortgage
immovable property situated at residential plot No.21 situated at block no. 478, Krushna nagar, B/H Bharat Petrol Pump, Nr. Kamrej Char
Rast, NH 8, Kamrej, Surat owned by Tulsibhai Jadhavbhai Patel, Nitinbhai Tulsibhai Patel, Rajendrabhai Tulsibhai Patel and Bharatbhai
Tulsibhai Patel are one of the director and relative of the director of the company. The above loans are also secured by way of personal
guarantee of all the directors and Tulsibhai Jadhavbhai Patel, Nitinbhai Tulsibhai Patel, Rajendrabhai Tulsibhai Patel and Asmitaben Patel
the relatives of the directors of the company.
Union Bank of India - The Company has obtained a Cash Credit facility from Union Bank of India at an Interest Rate of 9.80% per annum.
This facility is secured by a margin of 20% on the Company's stock and book debts aged upto 90 days. The security details for this facility
include Hypothecation of Stock, Book Debts, Plant and MAchinery and entir Current Assets. Additionally, the loan i backed up by the personal
gaurantees of Directors, Rajendra Patel, Tulsibhai Patel, Nitinbhai Patel and Asmitaben patel, property situated at RS No.340/1, Moje-Raiya,
besides DWD Pharmaceuticals, Sankarda-Raniya Savli state highway, Ta-Savli, Distt-Vadodara admeasuring 9229.71 q.mt in th name of
M/S Polysil Irrigations Systems Private Limited and open plot situated at block no. 478, plot no-21, Krushna Nagar, B/H Bharat Petrol Pump,
Near Kamrej Char rasta, N.H No-8, dist-Surat, Gujarat admeasuring287.73 sq.mt jointly owned by Tulsibhai J Patel, Nitinbhai Patel,
Rjendrakumar Patel & Bharatkumar Patel.
43. Details of Benami Property held
The company does not have any Benami property, where any 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.
44. Wilful Defaulter
The company is not declared as wilful defaulter by any bank or financial Institution or other lender.
45. Registration of Charge
The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
46. Compliance with number of layers of companies
The Company does not have any subsidiaries therefore disclosure of compliance with number of layers prescribed under clause (87) of
section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable.
48. Undisclosed Income
The company has no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income
during the years 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), unless there is immunity for disclosure under any scheme.
49. Revaluation of PPE and Intangible assets
The company has not revalued its Property, Plant and Equipment and Intangible asstes during the reporting periods. The disclose as to
whether the revaluation is based on the valuation by a registered valuer as defined under rule 2 of the Companies (Registered Valuers and
Valuation) Rules, 2017 is not applicable.
The Company has deducted PTRC on salary paid to employees since November 2019. The Company is making efforts to ensure that the
compliance is regularised.
50. Subsequent Events
Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting period, the impact
of such events is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only
disclosed. Hence, there were no events occurred after the balance sheet date.
51. Regrouping
Comparative previous year's figures have been regrouped and reclassified to the extent possible, wherever necessary to confir m to current
year's classification and presentation.
52. Segment Reporting
The Company is engaged is one segment only i.e. High Density Polyethylene Pipe (HDPE)/Linear Low Density Polyethylene Pipe
(LLDPE)/Low Density Polyethylene Pipe (LDPE) and Micro irrigation Systems and hence there are no separate reportable segment.
53. Statutory Dues
The Company has deducted PTRC on salary paid to employees since November 2019. The Company is making efforts to ensure that the
compliance is regularised.
54. Disclosure related to Capital-Work-in Progress (CWIP)
As there is no Capital-work-in progress as on balance sheet dates, disclosure/ reporting with respect to ageing of the same is not applicable
during the periods under consideration.
55. Disclosure related to Intangible assets under development
As there are no Intangible assets under development as on balance sheet dates, disclosure/ reporting with respect to ageing of the same is
not applicable during the periods under consideration.
56. Title deed of immovable property not held in the name of company
The company holds all the title deeds of immovable property in its name.
57. Benami property
The company does not have any Benami property, where any proceedings have been initiated or pending against the company for holding
any benami property under the Benami T ransactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
58. Disclosure pertaining to 'details of crypto currency or virtual currency'
The company has not traded or invested in Crypto currency or Virtual Currency during the reporting periods.
59. Transactions with struck off companies
The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of
Companies Act, 2013
60. Disclosure pertaining to 'details of crypto currency or virtual currency'
The company has not traded or invested in Crypto currency or Virtual Currency during the reporting periods.
61. Scheme of Arrangements
There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013
62. Utilisation of Borrowed funds and share premium
The company has not 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:
(i) 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
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
The company has not 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:
(i) 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
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
63. Audit Trails and Backup of Books and papers
The company has used accounting software for maintaining its books of accounts for the financial period ended March 31,2025 which has
a feature of recording audit trail (Edit Log) facility. The company has operated the said facility
64. Trade Receivables, Trade Payables, Borrowings, Loans & Advances and Deposits
Balances of Trade Receivables, Trade Payables, Borrowings, Loans & Advances and Deposits are subject to confirmation.
As per our report of even date
For RATAN CHANDAK & CO LLP For and on behalf of the Board of
Chartered Accountants POLYSIL IRRIGATION SYSTEMS LIMITED
Firm's Registration No. 108696W/W101028
Bharat Patel Praful Radadia
CEO & Managing Director Whole-Time Director
DIN: 07780251 DIN: 09660425
Jagadish Sate
Partner Het Savani Kiran Tilwani
Membership No. 182935 Chief Financial Officer Company Secretary
UDIN: 25182935BMIIAS2231 A55498
Place: Navi Mumbai Place: Vadodara
Date: 30-05-2025 Date: 30-05-2025
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