O. Provisions, Contingent Liabilities and Contingent Assets
Provision is recognised in the accounts when there is a present obligation as a result of past
event(s) and it is probable that an outflow of resources will be required to settle the obligation and
a reliable estimate can be made. Provisions are not discounted to their present value and are
determined based on the best estimate required to settle the obligation at the reporting date. These
estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.
Contingent liabilities are disclosed unless the possibility of outflow of resources is
remote.
Contingent assets are neither recognised nor disclosed in the financial statements. Cash and Cash
Equivalents
P. Cash and Cash Equivalents
In the cash flow statement, cash and cash equivalents include cash in hand, demand deposits with
banks and other short-term highly liquid investments with original maturities of three months or
less.
3.1 Details of Repayment Schedule as well as Security against borrowing from Punjab and Sindh
Bank:
Repayable in 108 monthly installment of ? 1,85,185 and 72 Monthly Installment of ? 2,77,778.
Mortgage of Properties:
1. Equitable Mortgage of Industrial Property (Land and Building) situated at Plot No E-123 and E-
124, RIICO Industrial Area Palsana, Sikar admeasuring 8,000 sq. meter, in the name of M/s
Tunwal E-Motors Private Limited.
2. Equitable Mortgage of Residential Flat No. 59, 5th Floor, admeasuring area of 815 Sq Ft in
"Greenwoods" in building "C" in Ranjeshwar Co-Operative Housing Society in New Survey No.
7/2/1 & 6/2/1 (OLD) in limits of Pune Municipal Corporation.
3. Cost of Construction of Plant & Building Value of f 300.30 Lakhs.
4. Cost of Machinery & Equipment Value of f 295.00 Lakhs.
Guarantees:
Personal Guarantee of Mr. Jhumarmal Pannaram Tunwal, Director of the Company.
Personal Guarantee of Mr. Amit Kumar Pannaram Mali, Director of the Company.
Personal Guarantee of Mrs. Sangita Jhumarmal Tunwal, Erstwhile Director of the Company.
Personal Guarantee of Mr. Karan Kumar Saini, Director of the Company.
Rate of Interest:
The Rate of Interest is 9.00 % p.a. and shall be payable on monthly basis.
3.2 Vehical Loan from Punjab National Bank
Security
(i) Are secured by first charge by way of hypothecation of vehicles acquired under the specific
facility granted.
(ii) Carrying value of the fixed assets pledged is ? 16.06 lakhs ( March 31st, 2023 : ? 19.94 lakhs).
Terms of Repayment
Amount disbursed under the term loan shall be repaid in monthly installements of f 0.38 Lakhs
(including Interest), over a period of 84 months.
Rate of Interest
The Rate of Interest is 9.90 % p.a. and shall be payable on monthly basis.
3.3 Vehical Loan from Bank of India
Security
(i) Are secured by first charge by way of hypothecation of vehicles acquired under the specific
facility granted.
(ii) Carrying value of the fixed assets pledged is ? 48.38 lakhs (March 31st, 2023 : f 59.73 lakhs).
Terms of Repayment
Amount disbursed under the term loan shall be repaid in monthly installements of f 1.19 Lakhs
(including Interest), over a period of 60 months.
Rate of Interest
The Rate of Interest is 8.85 % p.a. and shall be payable on monthly basis.
3.4 Vehical Loan from Baroda Gramm
Security
(i) Are secured by first charge by way of hypothecation of vehicles acquired under the specific
facility granted.
Terms of Repayment
Amount disbursed under the term loan shall be repaid in monthly installements of f 0.54 Lakhs
(including Interest), over a period of 84 months.
Rate of Interest
The Rate of Interest is 8.00 % p.a. and shall be payable on monthly basis.
3.5 Vehical Loans from Punjab Sind Bank
Security
(i) Are secured by first charge by way of hypothecation of vehicles acquired under the specific
facility granted.
(ii) Carrying value of the fixed assets pledged is f 48.71 lakh as on 28.05.2024.
Terms of Repayment
Amount disbursed under the term loan shall be repaid in monthly installements of f 0.70 Lakhs
(including Interest), over a period of 84 months.
Rate of Interest
The Rate of Interest is 8.95 % p.a. and shall be payable on monthly basis.
7.1 Details of Primary and Collateral Security against borrowing from Punjab and Sindh Bank
(Limit - 12.00 Crs):
Mortgage of Properties:
1. Equitable Mortgage of Industrial Property (Land and Building) situated at Plot No E-123 and E-
124, RIICO Industrial Area Palsana, Sikar admeasuring 8,000 sq. meter, in the name of M/s Tunwal
E-Motors Private Limited.
2. Equitable Mortgage of Residential Flat No. 59, 5th Floor, admeasuring area of 815 Sq Ft in
"Greenwoods" in building "C" in Ranjeshwar Co-Operative Housing Society in New Survey No.
7/2/1 & 6/2/1 (OLD) in limits of Pune Municipal Corporation.
3. Exclusive charge on the land situated at Plot No G-58, Near Power Station, Mau, Shri Madhopur-
Ajeetgarh Road, Neem-Ka-Thana, in the name of Mr Amit Kumar Pannaram Mali.
4. Stock and Receivables upto 90 days and all current and future assets of the Company.5. Exclusive
charge by way of hypothecation of Plant and Machinery purchased out of the bank finance.
Guarantees:
• Personal Guarantee of Mr. Jhumarmal Pannaram Tunwal, Director of the Company.
• Personal Guarantee of Mr. Amit Kumar Pannaram Mali, Director of the Company.
• Personal Guarantee of Mr. Karan Kumar Saini, Director of the Company.
Rate of Interest:
• The Rate of Interest is 9.00 % p.a. and shall be payable on monthly basis.
7.2 Details of Security against borrowing from Bank of Maharashtra:
Mortgage of Properties:
1. Office No. 501, 5th Floor, Rama Icon, Plot No. 11, FP No. 31, CTS No. 2164, Sadashiv Peth,
Opposite-Peshve Garden Saras Bagh, Pune - 411 030 owned by Tunwal E-Motors Private Limited.
2. 1st Pari passu charge of all current assets of the Company (including stock and receivables)
present and future (Debtors upto 90 days).
Guarantees:
• Personal Guarantee of Mr. Jhumarmal Pannaram Tunwal, Director of the Company.
• Personal Guarantee of Mr. Amit Kumar Pannaram Mali, Director of the Company.
• Personal Guarantee of Mrs. Sangita Jhumarmal Tunwal, Erstwhile Director of the Company.
• Personal Guarantee of Mr. Karan Kumar Saini, Director of the Company.
Rate of Interest:
• The Rate of Interest is RLLR 0.85% and shall be payable on monthly basis.
7.3 Details of Security against borrowing from IDFC First Bank (Overall Exposure Limited - 10
Crores):
Mortgage of Properties:
1. Loan is secured by way of Fixed Deposit placed at bank.
Rate of Interest:
• The Rate of Interest is Interest Spread = 7.40% and shall be payable on monthly basis.
7.4 Details of Security against borrowing from DBS Bank (Overall Exposure Limited - 20 Crores):
Mortgage of Properties:
1. Office No. 501, 5th Floor, Rama Icon, Plot No. 11, FP No. 31, CTS No. 2164, Sadashiv Peth,
Opposite-Peshve Garden Saras Bagh, Pune - 411 030 owned by Tunwal E-Motors Private Limited.
2. NA Land bearing Gat/Survey No. 15, Hissa No. 4A, admeasuring 10800 Sq. Mtr. situated at
Village Bhorwadi, Taluka Junnar, District Pune-410504 within the limits of Sub Registrar,
Narayangaon, Junnar, for the use of Industrial purpose owned by Tunwal E-Motors Limited.
3. First pari passu charge on entire current assets and unencumbered movables fixed assets both
present and future.
4. Fixed Deposits of INR 50,000,000/- duly lien marked in favour of the Bank.
Variance is on account of entries posted in routine book closure process which is normally
concluded post filling of statements with the banks and owing to certain payable and receivable
balances to/from companies under same group or same companies, which was inadvertantly
reported at a gross level by the management while submission of the year-end return/ statements
to the banks. However, the same was correctly netted off while finalizing the books of accounts at
the year end.
38. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the
value stated as realizable in the ordinary course of business and the provision for all known
liabilities are adequate.
39. During the financial year 2024-25, the Company has made an Initial Public Issue of 1,38,50,000
Equity shares of face value f 2 each at a price of f 59 per Equity share aggregating to f 8,171.50
Lakhs and made allotment of fully paid-up Equity Shares and an Offer For Sale of up to 57,50,000
Equity Shares of face value f 2 each at a price of f 59 per Equity share aggregating to f 3,392.00
Lakhs by the Selling Shareholders of the Company.
40. The Company did not use an accounting software with a feature of recording audit trail (edit log)
facility for maintaining its books of accounts for the financial year ended 31 March 2025. The
Company is planning to obtain appropriate accounting software which has the requisite feature of
recording and maintaining audit trail for maintaining its books of accounts during the financial
year 2025-26.
41. Debit and Credit balances are subject to confirmation and reconciliation if any.
41. Previous year figures have been regrouped / reclassified, wherever necessary, to
correspond with current year classification.
As per our report of even date
For Mittal Agarwal & Company
Chartered Accountants For and on behalf of the Board
Registration No.
131025W
Sd/- Sd- k ,
Amitkumar Mali
Sd/- Jhumarmal Tunwal
Whole lime Director
Deepesh Mittal Managing Director
Partner DIN - 07486090 DIN - 07683275
M. No. 539486
Sd/- Sd/-
Place" Pune Riya Lunkad Niharika Choudhary
Dated: 26/05/2025 Chief Financial Officer Company Secretary
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