NOTES ON ACCOUNTS:
a) Foreign Currency Earning / Expenditure:- NIL
b) Related Party Disclosures:-
a) Transactions with Related Parties as specified under Accounting Standard - 18 issued by the Institute of Chartered Accountant of India-
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Enterprises over which Key Managerial Personnel exercises significant influence
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NIL
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Key Managerial Personnel ( KMP) on the Board
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Mr. Final Shah
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Promoter- Managing Director
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Mrs. Riddhi Shah
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Promoter- Director
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Mrs. Nutanben Patel
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Promoter
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Miss. Shaili Mehta
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Company Secretary
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Mr. Mittal Shah
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CFO (appointed w.e.f 14th November, 2018)
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Mr. Kunjal Panchal
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CFO (Resigned w.e.f 21st August, 2017)
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b) Particulars of Related Party Transactions:-
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(Amount in Lakh)
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Particulars
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Salary/ Remuneration
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Purchase/ Sale
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O/S Payable
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| |
2017-18
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2016-17
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2017-18
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2016-17
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2017-18
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2016-17
|
| |
|
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Purchase
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Sale
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Purchase
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Sale
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|
|
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Final Shah
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6.00
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4.25
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Nil
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Nil
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Nil
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Nil
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0.45
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Nil
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Riddhi Shah
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5.66
|
4.10
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Nil
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Nil
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Nil
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Nil
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0.43
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Nil
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Nutan Patel
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2.90
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3.12
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Nil
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Nil
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Nil
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Nil
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Nil
|
Nil
|
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Shaili Mehta
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2.15
|
0.37
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Nil
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Nil
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Nil
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Nil
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0.22
|
0
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Kunjal Panchal
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0.80
|
0.19
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Nil
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Nil
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Nil
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Nil
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Nil
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0
|
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Mittal Shah
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0.79
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0
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Nil
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Nil
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Nil
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Nil
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0.16
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0
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7NRInc
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NA
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NA
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0.50
|
0.66
|
7.33
|
16.81
|
11.13
|
9.48
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c) Capacity & Production: -
Currently the Company is not engaged in any manufacturing business activities. Therefore no details can be provided.
d) In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value of realization equivalent to the amount at which they are stated in the Balance Sheet. Adequate provisions have been made in the accounts for all the known liabilities.
e) The balance of Sundry Creditors, Sundry Debtors, and Loans & Advances are unsecured, considered good and reconciled from subsequent transaction and/ or confirmations are obtained.
f) Previous year's figures have been regrouped / reclassified wherever necessary to confirm to current year's classification.
g) As informed to us, there are no contingent liabilities as on Balance Sheet Date.
h) During the year, the Company had raised fund through IPO amounting to Rs 511.92 lakh and the said funds to be used in Issue Expenses amounting To Rs. 30.00 lakh and balance Rs. 481.92 lakh in working capital requirements. However, the Company had used the funds as per object of the issue and Interim Utilisation of Balance IPO proceeds as on balance sheet date was as a Fixed Deposits in Banks amounting to Rs 40.00 lakh.
i) As certified by the Directors all amounts in the Balance Sheet relating to Sundry Debtors, Sundry Creditors, Unsecured Loans, Deposits, Loans and advances are shown at net realizable or net payable as the case may be.
j) As certified by Company that it has received written representation from all the Directors, that Companies in which they are Directors had not defaulted in terms of section 164 (2) of the Companies Act, 2013, and that representation of Directors taken in Board that Director is disqualified from being appointed as Director of the Company.
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As per our report of even date.
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For and on behalf of Board of Directors
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For, Loonia & Associates,
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Chartered Accountants
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Sd/-
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Sd/-
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Sd/-
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Hitesh Loonia
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Pinal Shah
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Riddhi Shah
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Proprietor
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Managing Director
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Director
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M.No. 135424
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Firm Reg No 130883W
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Sd/-
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Sd/-
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Place: Ahmedabad
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Shaili Mehta
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Mittal Shah
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Date: 30.05.2018
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Company Secretary
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Chief Financial Officer
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