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You can view the entire text of Notes to accounts of the company for the latest year

BSE: 541276ISIN: INE626Z01029INDUSTRY: Trading

BSE   ` 33.38   Open: 34.00   Today's Range 33.00
35.07
-0.30 ( -0.90 %) Prev Close: 33.68 52 Week Range 17.25
57.00
Year End :2023-03 

The business activity of the company falls within one broad business segment viz; "Purchase and Sale of trading of Hardware ,kitchen goods and aluminum products There is no income and profit from any other segment as prescribed in IND-AS 108 . Hence the disclosure requirement of IND -AS 108 of "Segment Reporting” is not applicable.

The Company has elected not to recognise right-of use assets and lease liabilities for leases due to low value lease expense amounting to Rs. 36.85 lakh. The Company recognises the lease payments associated with these leases as an expense on a straight- line basis over the lease term of respective lease agreement.The Company tentatively decided that lease payments would be recognised on a straight-line basis over the lease term unless another systematic and rational basis is more representative of the time pattern in which use is derived from the underlying asset.

The company has not carried out impairment testing in respect of its investment in equity shares of Fiba Hardwyn Locks Limited, its subsidiary company. The company believes that as the acquisition of the shares in the said entity has been made very close to the end of reporting period, the investment has not been materially impaired between the aquisition period and reporting period.

The Company has established a comprehensive system of maintenance of information and documents as required by transfer pricing legislation under section 92D for its international transactions as well as specified domestic transactions. Based on the transfer pricing regulations/ policy, the transfer pricing study for the year ended March 31, 2023 is to be conducted on or before due date of the filing of return and the Company will further update above information and records based on the same and expects these to be in existence latest by that date. Management believes that all the above transactions are at arm's length price and the aforesaid legislations will not have impact on the financial statement, particularly on the amount of tax expense and provision for taxation.

36. Previous year figures are being regrouped/redrafted as and where found applicable to make those comparable with the figures and / or presentation for the current year.The figures for the previous year have been regrouped wherever necessary to comply with amendments in Schedule III of the Companies Act, 2013.

37. All amounts in the financial statements are presented in Lakhs with two decimal except per share data and as otherwise stated.

38. Additional regulatory information required by Schedule III to the Companies Act, 2013

(i) . There are no immovable properties held in the name of the company.

(ii) . The company has not revalued any of its Property, Plant and Equipment and intangible assets during the year.

(iii) . No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988.

(iv) . The company have borrowings from banks or financial institutions on the basis of security of current assets. The Company is complying with submission of requisite documents/details as and when required with the respective bank/financial institutions.

(v) . The company has not granted any Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties during the year.

(vi) . The company has not been declared as wilful defaulter by any bank or financial institution or other lender.

(vii) . As per information and explanation provided to us, The company complied with the number of layers prescribed under clause (87) of section 2 of the Act read with companies (Restriction on number of Layers) Rules, 2017 for the financial years ended March 31, 2023 and March 31, 2022.

(viii) . The Company does not have any charges or satisfaction of charges which is yet to be registered with the Registrar of the Companies beyond the statutory period.

(ix) . The company has not advanced/loaned/invested funds (borrowed/share premium/any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries), with the understanding (whether recorded in writing or otherwise) that the intermediary shall :

(a) directly or indirectly lend or invest in other persons or entities identified in any manner by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(x) . The company has not received any funds from any other person(s) or entity(ies), including foreign entities (funding party), with understanding (whether recorded in writing or otherwise) that the intermediary shall :

(a) directly or indirectly lend or invest in other persons or entities identified in any manner by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(xi) . The Company has not have any 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.

(xii) . The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.