a) Terms / Rights attached to equity shares
The Company has only one class of equity shares having a par value of- 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General meeting.In the event of liquidation of company, the holders of equity shares will be entitled to receive remaining assets of the compnay, after distribution of all prefrential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders.
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Note 15: Contingent liabilities and commitments
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a) Contingent Liabilities
—Jharkhand Value added tax ( Tax))
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2016-17
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Penalty, CC(S) 117/2016
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11,475
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—Jharkhand Value added tax ( Tax))
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2017-18
|
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-
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20,644
|
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—Jharkhand Value added tax ( Tax))
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2015-16
|
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-
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3,612
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—Jharkhand Value added tax ( Tax))
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2016-17
|
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-
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15,811
|
| |
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-
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51,542
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b) Capital Commitment
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Estimated amount of contracts remaining to be executed
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on capital account (Net of
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-
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-
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-
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-
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e) Segmental Reporting :-
1) Based on guiding principles given in the Accounting Standard on Segment Reporting (AS-17) issued by the "The Institute of Chartered Accountants of India', the Company has chosen Manufacturing of Components as its primary segments.
Revenue, Expenses, Assets & Liabilities directly attributable to segment is reported under each reportable segment.
Revenue from other business activity are not more than 10% of total revenue so the accounting standard for segment reporting is not applicable during the audit.
2) There is no secondary segment.
g)
__Excess funds available to the company has been given as short term loans and advances to generate higher returns._
h) Company has not borrowed fund from banks or financial institutions on the basis of security of current assets, hence disclosure relating to quaterly statement of current assets filed by the company with the bank or financial Institutions is not applicable.
i) Since the company is listed on the SME platform, it is exempted from preparing its financial statements as per the Indian
_Accounting Standards (lndAS)._
j)
Certain Sundry Debtors are subject to confirmation and reconciliation. However in view of the management the _adjustments, if any, arising out of the reconciliation will not be materials and hence,no provisions is considered necessary
k) Corporate Social Responsibility (CSR) is not applicable to the company as per provision of Section - 135 of the Companies Act, 2013.
l) GST liabilities tor the year has been taken as per books of accounts. Change in liability, it any, after audit under the provisions of GST Laws be accounted for in the year in which the audit is completed. In the opinion of the management/assessee there will be no significant change in the liability and will not impact significantly the profitability or
_the financial position of the company/ assessee._
m) the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the
_provisions of section 197 read with Schedule V to the Companies Act._
r)_Other Statutory information_
i) The Company does not have any Benami property, where any proceeding has been
__initiated or pending against the Group for holding any Benami property._
ii) __The Company does not have any transactions with companies struck off._
iii) The Company does not have any charges or satisfaction which is yet to be registered
__with ROC beyond the statutory period._
iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
v) The Company has not been declared wilful defaulter by any bank or financial
__institution or government or any government authority._
vi) The Company has not advanced or loaned or invested funds to any other person(s) __or entity(ies), including foreign entities (Intermediaries) with the understanding that
a) directly or indirectly lend or invest in other persons or entities identified in any __manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
b) b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
vii)
The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing __or otherwise) that the Group shall:_
a)
Directly or indirectly lend or invest in other persons or entities identified in any __manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
b)
__Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
viii) The Company has no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
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