c. Provisions
Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.
d. Impairment of nonfinancial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or a group of assets. Where the carrying amount of an asset or exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is used.
e. Impairment of financial assets
The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.
f. Right-of-use assets and lease liability
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgement. The Company uses judgement in assessing whether a contract (or part of contract) include a lease, the lease term (including anticipated renewals), the applicable discount rate, variable lease payments whether are in-substance fixed. The judgement involves assessment of whether the asset included in the contract is a fully or partly identified asset based on the facts and circumstances, whether the contract include a lease and non-lease component and if so, separation thereof for the purpose of recognition and measurement, determination of lease term basis, inter alia the non-cancellable period of lease and whether the lessee intends to opt for continuing with the use of the asset upon the expiry thereof, and whether the lease payments are fixed or variable or a combination of both.
Further where the rate implicit in the lease is not readily available, an incremental borrowing rate is applied. This incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment. Determination of the incremental borrowing rate requires estimation.
Note:
(a) Explanation not provided as change in the ratio is not more than 25%.
(b) Debt service coverage ratio is not calculated as the debt of the company includes only unsecured interest free loan taken from the promoters Mr. Vishal Kampani and Mrs. Benu Kampani.
(c) Return on equity ratio cannot be calculated as the shareholder's equity is negative as on 31st March 2024 and 31st March 2023.
(d) Net Profit/(loss) ratio has been improved due to reduction in net loss compared to previous year.
(e) Variance has not been calculated as the return on capital employed for FY 2022-23 was not determined due to negative earnings before interest and taxes as of 31st March 2023.
(f) Since the company is not having investment as on 31st March 2024 and 31st March 2023 and therefore return on investment is not calculated.
37 Additional Informations
A Transfer to reserves for Contingency, Specific Liability,etc., - Not Applicable B Transfer from reserves for Contingency, Specific Liability,etc., - Not Applicable
C Transfer to provisions for Contingency, Specific Liability,etc., - Not Applicable
D Transfer from provisions for Contingency, Specific Liability,etc., - Not Applicable
E Dividend from Subsidiary companies - Not Applicable, as no holding-subsidiary relationship exists F Provisions for losses of subsidiary companies - Not Applicable, as no holding-subsidiary relationship exists
39. Segment Reporting
The Company's operation predominantly relates to manufacturing and selling of scrub pads, scrubber & other household cleaning related items and is the only operating segment of the Company. The Chief Operating Decision Maker (CODM) reviews the operations of the Company as one operating segment. Hence no separate segment information has been furnished herewith.
The Company operates in one geographic segment namely "within India" and hence no separate information for geographic segment wise disclosure is required.
40. Corporate Social Responsibility
Provisions of Section 135 of the Companies Act, 2013 with regard to Corporate Social Responsibility (CSR) are not applicable to the Company.
41. Gratuity Plans payable to employees
The Company's liabilities under the Payment of Gratuity Act, 1972 are determined on the basis of actuarial valuation made at the end of each reporting period using the projected unit credit method.
The gratuity benefit is provided through funded plan and annual contributions are charged to the statement of profit and loss. Under the scheme, the settlement obligation remains with the Company. Company accounts for the liability for future gratuity benefits based on an actuarial valuation. The net present value of the Company's obligation towards the same is actuarially determined based on the projected unit credit method as at the Balance Sheet date.
Discount rate
Discount Rate for this valuation is based on government bonds having similar term to duration of liabilities. Due to lack of a deep and secondary bond market in India, government bond yields are used to arrive at the discount rate.
Mortality/ disability
If the actual mortality rate in the future turns out to be more or less than expected then it may result in increase / decrease in the liability. Employee turnover/Withdrawal rate
If the actual withdrawal rate in the future turns out to be more or less than expected then it may result in increase / decrease in the liability.
48. Corporate Governance:
As on the last day of the previous financial year i.e. 31st March 2023, the paid up equity share Capital of the Company is Rs. 906.56 Lacs and net worth is (negative) Rs. 441.42 Lacs, which is below the limits prescribed under Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, therefore the Company is not required to comply with the provisions of Corporate Governance for the financial year 2023-24.
49. On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the Companies Act, 2013.
50. The inventories were physically verified during the year by the Management at reasonable intervals and no discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories when compared with the books of account.
51. The company has not been sanctioned any working capital limits from banks or financial institutions on the basis of security of current assets at any point of time during the year.
52. The Company has not made any investments, granted secured/ unsecured loans/advances in nature of loans, or stood guarantee, or provided security to any parties during the year.
53. The Company has not granted any loans or made any investments or provided any guarantees or security to the parties covered under Sections 185 and 186 of the Companies Act, 2013.
54. The Company has not accepted any deposits or amounts which are deemed to be deposits within the meaning of Sections 73, 74, 75 and 76 of the Companies Act, 2013 and the Rules framed there under to the extent notified.
55. The maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 for the business activities carried out by the Company.
56. The company has not defaulted in repayment of dues to a financial institutions or banks during the year. The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year. Also, no funds have been raised on short-term basis by the Company during the year.
57. The Company does not hold any investment in any subsidiary, associates or joint venture as defined under the Companies Act, 2013 during the year ended 31st March 2024.
58. The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) during the year.
59. The company has made preferential allotment or private placement of shares during the year and the requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised.
60. No fraud by the company or no fraud on the company has been reported during the year.
61. No report under section 143(12) of the Companies Act, 2013 has been filed by the secretarial auditor or by the statutory auditor in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year (and upto the date of signing of this financial statement).
62. There were no whistle blower complaints received by the Company during the year (and upto the date of signing of this financial statement).
63. The Company is not a Nidhi Company and hence, the Nidhi Rules, 2014 are not applicable to the Company.
64. The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act.
65. The Company has not entered into any non-cash transactions with its directors or persons connected with him during the year.
66. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Also, the Company has not conducted non-banking financial/housing finance activities during the year. Further, The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.
67. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
68. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
69. Previous year figures have been regrouped/reclassified where necessary, to confirm with current period's presentation for the purpose of comparability.
Signatures to Notes 1 to 68
For and on behalf of Board of Directors of
As per our Report of even date attached Yuvraaj Hygiene Products Limited
For N S Gokhale & Co., Chartered Accountants Vishal Kampani Vishal Gupta
ICAI Firm Registarion Number-103270W Managing Director Chairman
DIN:03335717 DIN-09257363
Abhay Sidhaye
Ravindrakumar Sharma Mustafa Badami
Membership No.-033522 Chief Financial Officer Company Secretary
UDIN : 23033522BGQJFS5303 Membership N°.-3°133
Thane, May 29, 2024 Navi Mumbai, May 29, 2024
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