M. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
(i) Provisions
A provisions is recognized when the Company has a present obligation as a result of past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of obligation.
(ii) Contingent Liability
Contingent Liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.
(iii) Contingent Assets
Contingent Assets are neither recognised nor disclosed in the financial statements.
N. CASH & CASH EQUIVALENTS
Cash & cash equivalents comprise cash and cash on deposit with banks and corporations. The company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amount of cash to be cash equivalents.
(d) Rights, Preference and Restrictions attached to Equity Shares of Rs.10 each.
The Company has only one class of share referred to as Equity Shares having a par value of Rs.10/- each. Each holder of Equity Shares is entitled to one vote per share. Dividend on such shares is payable in proportion to the paid up amount. Dividend (if any) recommended by board of directors (other than interim dividend) is subject to approval of the shareholders in the ensuing Annual General Meeting.
In the event of winding up of the company, the holder of Equity Shares will be entitled to receive any of the remaining assets of the company after all preferential amounts and external liabilities are paid in full. However, no such preferential amount exists currently. The distribution of such remaining assets will be on the basis of number of Equity Shares held and the amount paid up on such shares.
(f) Actuarial Assumptions used as at the balance sheet date:
The principal economic & demographic assumptions considered in the valuation are:
Discount Rate - 6.80 %
Salary Escalation Rate - 7.00 %
Retirement Age - 58 year
Attrition rate - 5% at younger ages and reducing to 1% at older ages according to graduated scales
2.33 The Company is engaged in manufacturing of Plastic Caps & Closures and trading of Shrink Films, Trading of Granules, Plastic Caps & Closures.Considering the nature of Business and financial reporting of the company, the company is operating in only one segment. Hence segment reporting is not applicable.
2.35 In accordance with the provisions of the Accounting Standard on Impairment of Assets, AS -28, the management has made assessment of assets in use in respect of each cash-generating unit and considering the business prospects related thereto, no provision is considered necessary on account of impairment of assets.
2.36 Based on Information available with the company and relied by us, principal amount due and remaining unpaid to Micro & Small Enterprises as defined under the Micro, Small & Medium Enterprises Development Act, 2006 as on 31st March '24 amounted to Rs 672.84 Lakhs and no interest was paid or is payable to Micro & Small Enterprises for the year. The Company has initiated the process of identification of Creditors which falls under category of MSME, the disclosure relating to amount due to MSME are made to the extent information received.
2.37 The Balances of Advances , Trade Receivables and Trade Payables are subject to confirmation from the parties and subsequent adjustment if any on reconciliation.
2.38 Previous year's figures have been regrouped / rearranged, wherever considered necessary to conform to current year presentation.
2.39 Additional Regulatory Information
a) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease Agreements are duly executed in favour of the lessee) are held in the name of the Company.
b) The Company does not have any investment property.
c) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) and Intangible
d) There are loans or advances in the nature of loans are granted to Promoters, Directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are outstanding as on 31st March '24 are as follows which is repayables on demand:
* Reason for variance More than 25 %
E Inventory Turnover Ratio ( In times)
Average Inventory increased from Rs.1151.79 Lakhs to Rs. 1522.86 Lakhs and Cost of Goods Sold decreased from 11,094.26 Lakhs to 8615.9 Lakhs because of this Inventory Turnover Ratio decreased from 9.63 times to 5.66 times.
F Trade Receivables Turnover Ratio (In times)
Company's Revenue decreased from Rs. 12819.11 lakhs to Rs. 9974.65 lakhs and Average Receivables increased from Rs. 1100.65 Lakhs to Rs.1617.48 Lakhs because of this Trade Receivables Turnover ratio decreased from 11.65 times to 6.17 times.
G Trade Payables Turnover Ratio (In times)
Company's Credit Purchase decreased from Rs. 11636.85 lakhs to Rs. 8048.41 lakhs and Average Payables increased from Rs. 726.39 Lakhs to Rs. 1026.03 Lakhs because of this Trade Payable Turnover ratio decreased from 16.02 times to 7.84 times.
H Net Capital Turnover Ratio (In times)
In the FY 2023-24, Turnover decreased from Rs.12819.11 Lakhs to Rs. 9974.65 Lakhs and Inventroy Increased from Rs. 1269.91 Lakhs to Rs. 1965.05 Lakhs because of this Net Capital Turnover Ratio decreased from 61.08 to times to 26.22 times
As per our Report of even date.
For Keyur Shah & Co. For & on behalf of Cool Caps Industries Limited
Chartered Accountants
Firm Registration No.: 141173W
Sd/- Sd/- Sd/-
Keyur Shah Rajeev Goenka Poonam Goenka
Proprietor DIN:00181693 DIN:00304729
Membership No.: 153774 Chairman Cum Managing
Director
Sd/- Sd/-
Arijit Ghosh Shivam Thakkar
PAN: BYJPG6370B PAN: AKKPT5780A
Company Secretary and
_ Chief Financial Officer
Compliance Officer
Place: Ahmedabad Place:Kolkata
Date:- 29th May '24 Date:- 29th May '24