B- NOTES TOACCOUNTS:-
1. The notes referred to in the Balance Sheet and Profit and Loss Account forms an integral part of the accounts.
3. Balances of Depositors, Sundry Debtors, Creditors and Loans and Advances are subject to confirmations and reconciliations.
4. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.
5. Previous year figures have been regrouped / rearranged wherever it founds necessary.
6. MICRO, SMALL AND MEDIUM SCALE BUSINESS ENTITIES:
Under MSME Act, 2006, the company is required to provide interest for payments not made to the eligible suppliers within prescribed time limit under this Act. The company has bifurcated the creditors in the category of others according to the available information and best judgment since most off the creditors has not replied to the inquiry of the company.
7. Employees whose remuneration in aggregate was more than 'Rs,102,00,000/- per annum or Rs 8,50,000 Per Month is Nil.
EPS is calculated as per Indian Accounting Standard-33 considering the splitting of Equity Shares and accordingly EPS is adjusted for the comparative previous year presented.
13. Disclosures under Section 22 of Micro, Small and Medium Enterprises development Act, 2006 can be considered on receiving relevant information, the amount & interest due is not ascertainable. There is no claim for payment of interest under the aforesaid law.
14. RELATED PARTY DISCLOSURE:-
As per Indian Accounting Standard-24 (IND-AS 24) - “Related Party Disclosure”, Disclosures of Transactions with the related parties as Defined in theaccounting standard are givenbelow.
15. Deferred Tax Assets :
During the year under review company has incurred huge loss but for want of reasonable certainty deferred tax assets is not created since the company operation are negligible in the comparison to the past as well as there is not certainty of profit earning in near future.
15. SECURED LOANS:
a) Following are the secured loans;
1. Cash Credit from Punjab National Bank
2. Cash Credit from State Bank of India
3. Loan against Property from Aditya Birla Finance Ltd.
4. Commercial Equipment Loan from HDFC Bank-1
5. Commercial Equipment Loan from HDFC Bank-2
The above Cash Credit facilities are secured against;
Primary Security:-
Exclusive charge by way of hypothecation on entire current assets (present & future) of the Company
including Stock of Raw Materials, Stock in Process, Finished Goods, Receivables, Stores, Spares,
Consumables etc. and other current assets.
Collateral Security:-
• Immovable property situated at Office No 803, 8th Floor, Elite, Nr. Shapath Hexa, Opp. Kargil Petrol Pump, Nr. Sola Overbridge, S G Highway, Ahmedabad in the name of ShrenikBhai Vimawala.
• Commercial Office situated at Office no. 505/506/507/508/608, TEN/11, Opp. Cargo Ford, Nr. Union Bank of India, CG Road, Ahmedabad in the name of ShrenikBhai Vimawala.
• Immovable property situated at Flat no 001, Shiromani Apartment, Opp. Ocean Park, Satellite, Ahmedabad in the name of ShrenikBhai Vimawala.
• Immovable property situated at Flat no A-2, 2nd Floor, Riviera Antilia, Nr. Ashwraj Bungalows, Corporate Road, Prahladnagar, Ahmedabad in the name of ShrenikBhai Vimawala.
• Immovable property situated at Flat no B/1003 & B/1004, 10th Floor, Saransh Ambience, B/h Lavanya Society, MojeVasna, Ahmedabad in the name of Shrenik Bhai Vimawala.
• Industrial Open Plot No.170& 171, Devraj Industrial Park, Piplaj to SP ring road, Sur. No. 113/paiki, MojePiplaj, Tal-City Ahmedabad in the name of RishitShrenikBhai Vimawala.
• Immovable property situated at A/91, 9th Floor, Pariseema Complex, Besides Time Square Building, Opp. IFCI Bhavan, C G Road, Ahmedabad in the name of SureshBhaiA Shah (Guarantor).
• Immovable property situated at Plot No.35/paiki, Vibhuti Tower, Opp. Kadambari Society, B/h IsconEmporio, B/h Star Bazar, Nr. Jodhpur Cross Road, Off. Satellite road, Ahmedabad in the name of Amit H Parikh (Guarantor).
• Open plot No 19/B Bharat Co-Operative Housing Society, Hirpur, Dist-Ahmedabad in the name of RatanlalBothra (Guarantor)
The above Loan against Property with Aditya Birla Finance Ltd is secured against:
• Flat No. 101 Shashwat Flat, Old Wadaj, Ahmedabad.
• Pledge of Shares of Shrenik Ltd..
The above Equipment Loan facilities are secured against;
• Commercial Equipment Loanfrom HDFC Bank-1 is secured against Forklift-1
• Commercial Equipment Loan from HDFC Bank-2 is secured against Forklift-2
19. Additional Infornation prescribed in Schedule III:
Regarding the additional information prescribed in Schedule III, we have given the details wherever it is applicable or any deviation required to be reported. So the conpany is not having any details applicable or nil details for Benam Property, Willful Defaulter, relationship with struck off companies, charges not registered with ROC, Compliance with nunber of layer of subsidiaries, Compliance
with approved scheme of arrangement, undisclosed income, Utilization of Borrowed fund and share premium and details of crypto currency or virtual currency.
For, S. G. Marathe& Co. For and on behalf of the Board of Director’s
Chartered Accountants Shrenik Limited
Firm Registration No:- 123655W
Sd/- Sd/-
Shrenik Vimawala Rishit Vimawala
Sd/- Chairman & MD Whole Time Director
DIN: - 03474255 DIN: - 03474249
Partner
Samir G. Marathe Sd/- Sd/-
Membership No: - 105375 Virendra V. Surti Dipen Dalal
UDIN: 24105375BKBODW2772 Chief Financial Officer Company Secretary
Date: -18th April, 2024 Date: -18th April, 2024
Place: - Ahmedabad Place: - Ahmedabad
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