1 SHARE CAPITAL :
The authorised share capital of the company is Rs. 1800 lakhs (180 lakhs shares of Rs. 10 each) during the year. The paid up share capital of the company is 1726.77 lakhs ( 172.677 lakhs shares of Rs. 10 each ). The Equity Share of the company have been listed on SME platform of NSE limited on 10th March 2017. The share price as on 31st Day of March,2018 was Rs 52. The details regarding the authorised, issued and paid up share capital of the company is given hereunder in a tabular format for better understanding.
2 RESERVES & SURPLUS :
2.1 As per the information provided and explanation given to us, the company is not transferring any amount to any special reserve.
2.2 The profit and loss account is the balance of net profit after provision of taxation and all carried over to balance sheet from profit and loss account
3 LONG TERM BORROWING
3.1. Kotak Mahindra bank WCTL (00140) of Rs100.00 (Rs in Lac) @10.50%p.a are repayable in 36 monthly installements.
3.2 Kotak Mahindra bank Jaguar Car Loan of Rs 37.50 (Rs in Lac) @7.75%p.a are repayable in 60 monthly installements.
3.3. As per the information & explanation provided to us the company's directors has decided not to remmit their loan in atleast one year and thus the same has been treated as the Long term Borrowing. The same details are hereunder:
4 SHORT TERM BORROWING
4.1. Cash credit, working capital demand loan (WCDL) and working capital term loan (WCTL) from the bank is secured by way of hypothecation of all existing and future current assets/movable fixed assets of the company.
4.2 Kotak Mahindra bank WCTL (00082) of Rs200.00( Rs in Lacs) @ 10.85%p.a are repayable in 36 monthly installements.
4.3 Kotak Mahindra bank WCDL (00011) of Rs200.00 (Rs in Lac) @9.45%p.a are repayable in 60 Days
5 LONG TERM LOANS AND ADVANCES
As per the information provided and explanation given to us the secutity deposit includes telephone deposit and deposit with UGVCL and it is considered as secured and good. A deposit of 1% is given to NSE for clearance of IPO in previous year and the same is refunded during the current year.
6 INVENTORIES
6.1 The value of closing stock is verified, valued and certified by the management according to AS -2 and the same is accepted by us.
6.2 Raw Material includes Ammonuim Molybdate, Causrtic Soda Lye & Flake, Copper, Hydrochloric Acid,Liquid Clorine, Phthalic Anhydride, Sulphuric Acid, T.g.Urea
6.3 Finished Goods includes Copper Sulphate, cupiric chloride,Cuprous Chloride.
6 .4 Stores & Spares includes Fire Wood,Fuel Gas, HDPE Bag,Lab Chemicals,Polythine Liner Bag.
7 SHORT TERM LOANS AND ADVANCES
As per the information provided and explanation given to us the amount of short term loans and advances is unsecured and considered good.
8 REVENUE FROM OPERATIONS :
The company is dealing in manufacturing of chemicals. The sales of the company is inclusive of excise duty & VAT and w.e.f 01.07.2017 it is inclusive of GST. The total revenue from the operations during the year is Rs. 1945.48 lakhs which is by furcated as below:
9. Corporate Information:
Sanginita Chemicals Limited (The company) is a public limited company which was initially registered as a private limited company with Registrar of Companies Gujarat with CIN number L24100GJ2005PLC047292 from 15.12.2005 and engaged in the business of manufacturing of Chemicals with registered address at 301, 3rd Floor, Shalin Complex, Sector-11, Gandhinagar, Gujarat, India Pin 382 011 and factory address at Block No. 1133, Nr GIDC- Chhatral Phase IV, At : Chhatral, Ta- Kalol, Dist, Gandhinagar, Gujarat, India.
From 23rd day of December 2016, the company Sanginita Chemicals Pvt. Ltd. was converted in to a Public Limited company limited by shares under section 18 of the company's act 2013 and so the name of the company is changed to SANGINITA CHEMICALS LIMITED from the same date.
10. The Company has made an Initial Public Offer of 45,66,000 Equity Shares of Rs. 10/- each with premium of Rs. 12/- per share for cash at Rs.22. vide Prospectus dated 23rd February, 2017. So the company made an IPO of an amount of Rs. 10,04,52,000/-. The Company has successfully completed the Initial Public Offering (IPO) in the previous year pursuant to the applicable SEBI Rules and Regulations. The IPO opened on 1st March, 2017 and closed on 3rd March, 2017.
The IPO of the Company received an encouraging response from the investors and the public issue was oversubscribed. The Equity Shares of the Company have been listed on SME Platform of NSE Limited on 10th March, 2017.
11. Secured Loans:
Short Term Loans and Advances from Banks:
The company had taken working capital cash credit, Working capital Term loan And Working capital demand loan from Kotak Mahindra Bank and it is secured by way of hypothecation of all existing and future current assets/movable fixed assets of the company. During the year the company has purchased a car in name of director and the car loan is secured by way of hypothecation of car.
12. Unsecured Loans:
The loan taken from directors is totally unsecured.
13. The breakup of SSI/Non SSI is provided to us by the management and the same is accepted by us.
14. All the balances in the balance sheet are as per books of accounts and are subject to third party confirmations and reconciliation.
15. Previous year figures are regrouped and rearranged wherever necessary to make them comparable with current year figures.
16. In the opinion of the board the current assets, loans & advances and other receivables have value on realization in ordinary course of business at least equal to the amount at which they are stated in the balance sheet.
17. As it is not possible to confirm about due period of all the debtors, so classification of due period of debtors shown in balance sheet is taken as certified by Board of Directors.
18. The Company has not proposed any dividend on paid up share capital during the year under audit.
19. The company is operating in single segment hence therefore segment reporting is not disclose separately
|