F. SEGMENT INFORMATION
a) The Company is exclusively engaged in the business of Manufacturing of populated printed Circuit boards assembly, LED Lighting Products and USB Flash Storage Devices. This, in the context of Accounting Standard (AS 17) Segment Reporting, issued by The Institute of Chartered Accountants of India, constitutes one single primary segment.
Disclosure of Sundry Creditors under the Other Current Liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the “Micro, Small and Medium Enterprises Development Act, 2006.
2) Defined Benefit plan
1 he present Value of obligation of gratuity is determined based on actuarial valuation using the Projected unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment and long benefit award is also recognized in the same manner as gratuity.
The estimates ot rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary. ”
^Quarterly return or statement of current assets filed by the company with banks in respect of borrowings from banks on the basis of security of current assets are not having material variation with the books of accounts.
O. The company has utilized the borrowing received from banks for the purpose for which it was taken during the year.
Additional Regulatory Information
Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in Part I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those given elsewhere in any other notes to the Financial Statements.
(a) Title deeds of Immovable Property not held in name of the Company I he Company doesn’t own any immovable property.
(b) Fair Value of Investment Property
The Company do not have any Investment property.
(c) Details of Benami Property held
The company does not have any Benami Property, where any proceeding has 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.
(d) Borrowings from banks or financial institutions on the basis of security of current assets
The Company has a not availed any borrowing from bank or financial institutions on the basis of security of current assets.
(e) Wilful Defaulter
The Company has not been declared as a willful defaulter by any lender who has powers to declare a company as a willful defaulter at any time during the financial year or after the end of reporting period but before the date when the financial statements are approved.
(f) Relationship with Struck off Companies
The company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
(g) Registration of charges or satisfaction thereof with Registrar of Companies
There is no charges or satisfaction thereof yet to be registered with Registrar of Companies beyond the statutory period as on the date of Balance Sheet.
(h) Compliance with number of layers of companies
There Is no non-compliance of provisions regarding the number of layers prescribed under clause (87) of ser-tinn ? of the Act r#ad with Companion (Restriction on number of Layeis) Rules, 2017.
(i) The company has not advanced or loaned or invested funds to any other person(s) or entity (is), including foreign entities (intermediaries), with the understanding that the intermediary shall;
(1) 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
(2) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
. 0) The Company has not received any funds 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;
(1) 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
(2) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(k) Undisclosed
The Company does not have any transactions which is not recorded in the books of accounts but 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).
(l) Details of Crvpto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
(m) Compliance with approved schemcfs) of arrangements
During the year, no scheme of arrangement has been approved by the competent authority in terms of section 230 to 237 of the companies Act,2013, Hence no further disclosure is required.
(n) Corporate Social Responsibility (CSR)
The provisions of Section 135 of the companies Act, 2013 are not applicable to the Company during the year.
R^Previous year figures have been regrouped/rearranged, wherever considered necessary to conform to current year classification, The figures in brackets are those in respect of the previous accounting year.
S/The Company has not entered into any transaction with the Companies struck of U/S 248 of the Companies Act 2013.
T. All benefits ofNoida Special Economic Zone including Section 10AA of Income Tax act will be made available to the company from 22.02.2023 and onwards in pursuance of LOA letter no. 09/02/2005Proj/2794.
li. The company will fulfill stipulated export in five years and in case of failure the company will be contingently liable to pay custom duty on already imported capital goods and other materials (amount unascertained).
V. Current Assets, Loans and Advances are approximately of the value stated, if realized in ordinary course of business.
W, An audit trail has not been maintained by the company in accordance with compliance requirements. The company will be implemented on 01.04.2024.
X. The Board of Directors in their meeting held on 12,h Jan 2024 has recommended interim dividend of 65% i.e. Rs. 6.5/- on per fully paid-up equity share of Rs. 10/- each aggregating to Rs. 1,168.02 lacs. Such' dividend is proposed to be considered as final dividend.
Y. Previous year’s figures are not comparable as this is the first year of company’s full year operations.
Details of loans are granted to related parties that are repayable on demand.
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