1) Notes to Accounts
(i) Share Issue:
a) During the year Company issued bonus on 20th July, 2017 at the ratio of 1:1 i.e., 65,00,000 shares for existing 65,00,000 shares @ Rs.10/- i.e. Rs. 6,50,00,000/- out of reserves.
b) Right Issue of 4,84,900 equity shares of face value of Rs.10/- per shares of our Company was made to the existing shareholders of our Company in the ratio of 373:10,000 i.e., 373 equity shares for every 10,000 equity shares held in our company vide Board resolution dated 15th September, 2017 @ Rs.30/- per share which includes a premium of Rs.20/- per share i.e. Rs.48,49,000/- share capital and Rs.96,98,000 share premium.
c) The Company made its IPO (Initial public Offer) for SME Listing on 31st January, 2018 of 40,00,000 shares @ Rs. 60/- which includes a premium of Rs.50/- per share i.e., Rs.4,00,00,000 share capital and Rs.20,00,00,000 share premium.
(ii) Earnings per share:
Earnings per share are calculated by dividing the profit/ (loss) attributable to the Equity Shareholders by the total number of Equity Shares outstanding during the period. The numbers used in calculating the basic and diluted earnings per Equity Share are as follows:
(iii) Related party disclosures:
a) Related Party Relationships:
The related party relationships have been determined on the basis of the requirements of the Accounting Standard (AS)-18 'Related Party Disclosures' and the same have been relied upon by the auditors.
(iv) Employee Benefit: Define contribution Plans:
Retirement benefits in the form of provident fund (where contributed to the regional PF Commissioner) are a defined contribution scheme. The contribution to the provident fund is not applicable to the company.
(v) Leases:-
(a) The company has taken various office premises under operating lease that are renewable on a periodic basis at the option of both the lessor and lessee.
(vi) Corporate Social Responsibility (CSR)
(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the company during the year is Rs. 10,62,843/- (Previous Year Rs.7,15,802)
(b) Expenditure related to Corporate Social Responsibility is Rs, 11,05,772/-(Previous Year Rs. 29,53,219/-)
(vii) The Company has not received any information from its suppliers regarding their registration under the 'Micro, Small and Medium Enterprises Development Act, 2006' Hence the information required to be given in accordance with Section 22 of the said Act, is not ascertainable and not disclosed.
(viii) The balances in accounts of sundry debtor and creditors and Loans & Advances are subject to confirmation, and consequent reconciliations. Adjustments in this respect in the opinion of the management are not likely to be material and would be carried out as and when ascertained.
(ix) In the opinion of the management, current assets, loans, advances and deposits are approximately of the value stated, if realized in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.
(x) Additional information pursuant to Schedule III of the Companies Act, 2013 has not been furnished as the same is either Nil or not applicable.
(xi) SEGMENT INFORMATION:
The Company has identified two reportable segments viz.; Trading of CVD and Risk Management Service. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.
Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".
Segment Assets and Segment Liabilities represent Assets and Liabilities in respective Segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".
d) Inter segment pricing are at Arm's length basis.
e) As per Accounting Standard on Segment Reporting (AS-17), the Company has reported segment information on consolidated basis.
(xii) CONTINGENT LIABILITIES not provided in respect of demand against which company will preferred an appeal / Rectification within allowable time, management is of opinion that the demand is likely to be either deleted or substantially reduced accordingly.
(a) TDS demand for which rectification uploaded to department Rs.2,85,000/-
(b) Old outstanding ESIC on which interest approximately Rs.8,80,000/-
(c) Service tax for the prior period for which no demand notice received form the department. However, Company has paid Rs. 1.75 cr. as contingent.
(xiii) There is no impairment loss on fixed assets on the basis of review carried out by the Management in accordance with Accounting Standard (AS)-28 "Impairment of Assets"
(xiv) Previous year's figures have been reclassified/regrouped, where necessary to make the same comparable with the current year's figures.
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