BOARD'S REPORT
Dear members.
The Board of Directors hereby submiLs the report of the business and operations of your
Company ('The Company" or "U n iversa I Au toft :u nd ry Li mi l ed "), alo
ng wi Lh th e a ud i led fi na neial sta teme n Ls, fo r L h e f] na nc i a [ year e ntled
Ma rch 31, 2 024.
Resu Its of Our opera! ions a nd s Late o fa ffa i rs
|
|
Ami. in Lakh |
|
STANDALONE |
| ParLieui ars |
2023-24 |
2022-23 |
| Total Income |
20321.02 |
23711.35 |
| Total Expend iiure |
IS7J5.70 |
21,156.65 |
| Profit Before Interest, Depreciation & Amortization and Tasc (PBIT) |
1565.32 |
255Sit) |
| Lcss: !nla?t |
261.70 |
396.57 |
| [jCfs: Qcpicciilion & A mortis Lion crpcnscF |
633.01 |
66257 |
| Profit Before Tn |
690.61 |
1477.06 |
| Exceptional (Lems |
0 |
0 |
| Profit from Clidinorv Activities before Tax |
690j6I |
147706 |
| Prior Period Items |
0 |
a |
| [,cfs: Tax Expenses (ineltiding deferred Lax) |
20137 |
423.13 |
| MAT Credit Availed |
0 |
0 |
| Share of profit from unirfUrn |
0 |
0 |
| Fraft After Tax (FAT) |
4B9 2A |
1043.93 |
Notes:
The above figures are extracted from the audited financial slat e men ts a s pe r I nd
ia n Account i ng Stan dards (I nd AS} Equity share 5 are at par value of Rs.10 per-share
L Brief description of the Company's working during the Year/Sta te of Company's affai r:
The company is engaged in the business of manufacturing and export specializing in the
production Of Cast Iron and Ductile Iron castings. Company offers castings in three
different conditions: Machined, Semi Machined, and as cast, all of which can be customized
with surface treatments to meet our customers' specific requirements. Our diverse range of
components, such as Housings, Suspension Brackets, flywheel housing. Differential
Housings. Hubs, Brake Drums, Flywheels, Adjuster Nuts, Pulleys. Dampers, and more, are
widely utilized in the commercial vehicle, tractors and engineering sectors, Spanning over
an expansive about 30.000 square meters, Universal Autofoundry houses state-of-the- art
manufacturing facilities. We boast a fully integrated casting and machining operation,
ensuring efficient production in an environmentally friendly foundry and machine shop, Our
capabilities extend to the supply of intricate, cored, and fully machined cast components,
with weights ranging from 4 to 12S kilograms.
Installed 3rd High Pressure Molding Line. RHINO, reaching to a total production
capacity of 42,000 iMT / Year
Company is continuous working towards to objective growth in domestic as well as
international markets. Recently, company has participated in the Event Named "Cast
Forge" International Foundry Trade Fair with Technical forum from 4 th to 6th lune in
Germany
2. Change in the Naturcofthe Business:
There is no change in the nature of Business by Lhe Company during the period under
review.
3. Transfer to Res erves:
Your hoard doesn't propose to transfer any amount to general reserve for the financial
year ended on Mareh31,2024
4, Dividend:
With a view to provide cushion for any financial contingencies in the future and to
strengthen the ft nancial posi Lion o f t he Co m pa ny. yo u r Difee tors hav e decided
not to recommend any dividend for the period u nder re vj ew.
5, Changes in Share Capital:
During the year under review, there was no change in the Authorized Share Capital of
the Company, Lhe paid-up capital of the company increased from l,2U2,500 to 1.24.34.500.
Further the Company issued 15,42.000 (Fifteen Lakh Forty-Two Thousand) equity warrants
of face value of Rs. t0/- (Rupees Ten) each at a price of Rs. 160/-
(RupeesOne Hundred and Sixty Only) per equity share (including premium of Rs, 150/-
(Rupees One Hundred and Fifty Only) per equity warrant, carrying an entitlement to
subscribe to an equivalent number of Equity Shares having Face value of Rs. 10/- (Rupees
Ten Only) each within a period of Jfi (Eighteen) months
from the date of allotment of the Warrants, to the proposed allottees on a preferential
basis for which Special Resolution was passed by the members of the Company on22,09.2023by
Postal Ballot.
Company also issued and allotted by way of Preferential Issue 3,22,000 equity shares of
10 each upon conversion of equivalent number of warrants This fund raised is being
deployed lo repayment of debts, meet increased working capital requirement and general
corporate purpose or such other objects, as the Board may from time to time decide in the
best interest of the Company,
6. Utilization of funds from proceeds of Preferential Issue
As on 31 March 2024. Rs 23.33,iO,2Si.9i is utilized from Rs, 25,63,63,500 raised from
the proceeds of Preferential Issue of shares raised in year 2022-23 towards the objects
for which the same were raised and fully utilized the amount raised from the proceeds of
Preferential issue of warrants raised during the year under review towards the objects for
which the same were raised.
7. Subsidiary Companies/ Joint Ventures/ Associate Companies
During the year under review, there was no associate. Joint Vent u re a n d Su bsid
iary Compa ny.
6. Board of Directors
fine following changes took place in the composition of the Board of Directors during
the financial year ended on 31.03.2024:
a) Resignation of Mr. Vimal Kumar Bordia (DiN: 03207122) from the post of Non•
• Executive independent Director of the Company w.e.f.
29.05.2023.
b) Resignation of Mr. Monii AryaiDiN: 02173945) from the post of Non Executive
Independent Director of the Company w.e.f. 29.05.2023
c) Resignation of Mr, Kish an Lai Gupta (DIN: 00295635) from the post ofWbolelime
Direclorof Lhe Company w.e.f. 08.05.202 3.
d) Resignation of Mrs. Veenu ain(DlN 02312309) from the Non-Executive directorship of
the Company w.e.f. 17.07.2023.
e) Appointment of Mr. Akhil Jain (DiN: 09733S30) as Independent Director of the Company
w.e.f. 30.05.2023.
f) Appointment of Mrs. Aditi Jain (DIN: 07226151) as independent Director of the
Company w.e.f. 14.07.2023.
g) Appointment of Mr, Aditya Jain (DIN: 03975359} as independent Director of the
Company w.e.f. 25.07.2023.
h) Appointment of Mr. Anupam lain (DIN: 09730862) as Independent Director of the
Company w.e.f. 25.07.2023.
i) Appointment of Mr. Vinit Jain (DIN: 02312319) as Who I et i me Di rector of t he Com
pa ny w. e. f. 25.07.2 02 3.
j) Appointment of Mr. Vikram Jain (DIN: 02312298) as Wh oleti me D i recto r of t he
Com pa ny w. e. f 25.0 7.2 023.
k) Appointment of Mr. Gajendra Kumar Tyagi (DIN: 00371981) as Wholetime Director of the
Company w.e.f. 25.072023.
l) Appointment of Mr Ullal Ravindra Bhat (DIN: 00003425) as independent Direclorof the
Company w.e.f 2 9.08.2023.
Jr. accordance with the provisions of section 149, 1S2 and other applicable provisions
of the Companies Act, 2013, one third of Directors are liable to retire by rotation, shall
retire every year and, if eligible, offer them for re-appointment at every ACM.
Consequently, Mr Vinit Jain (DIN 02312319) Whoietime Director of the Company will retire
by rotation at the ensuing Annual Cenera! Meeting and, being eligible, offer himself for
re-appointment. The Board recommends the-appointment for lhe consideration of Members of
theCompanyattheensuingAnnual General Meeting.A brief resume of lhe Director proposed Lo be
reappointed, is furnished in the notice of the ACM.
9. Number of Meetings of the Board
During the year under review the Board met for 09 Boa rd Meet i ngs. The d eta i Is of
the n u mber o f Mceti ngs of the Board held during the financial year 2023-24 forms part
of the Corporate Governance Report. The intervening gap between tire Meetings was within
the period prescribed under the Companies Act, 2013 and the 5EB1 (Listing Obligations and
Disclosure Require men is} Regu La ti o n s, 2 015.
10. Key Managerial Personnel
Appointment and resignationduri ng the year: - Mrs. ishu Jain resigned from the post of
Company Secretary and Compliance officer of the Company w.e.f 01st Januaiy, 2024:
Mrs. Ambika Sharma was appointed as Company Sec reta ry and Comp! ia nc e o the er o f
t he Compa ny with effect fro m 21 st M arc h. 2024.
Mr. Kishan Lai Gupta (DiN:00295685) resigned from lhe post of Wholetime Director of the
Company w.e.f. 08th June, 2023.
At present, following ate lhe Key Managerial Personnel of the Company:
| S. No, |
Name of Person |
Designation |
| 1 |
Mr. Vtma) Chand Jam |
Chairman and Managing Director |
| 2 |
Mr. VimL Jain |
Chief Financial Oflicer |
| 3 |
Mrs. Ambika Sharma |
Company Secretary |
1L Committees of the Board
The Board of Directors has the following committees-
1. Audit Comm it Lee:
2. Nomination and Remuneration/Compensation Committee;
3. 5h a reh ? I d er's Rela,ttonsh ip ComiTli ttee;
4 Corporate Social Responsibility Committee.
The d etails of the Committees along with their composition, number of meetings and
attendance at the meetings are provided in the Corporate Governance Report.
12. Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and the 5EB1 (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual
performance evaluation of its own performance, the directors individually as well as the
evaluation of the working of its Audit, Nomination & Remuneration Compensation,
Corporate Social Responsibility and Shareholder's/Investor's Grievance Committees. The
manner in which the evaluation has been carried out has been explained in the Corporate
Governance Report.
13- Declaration by an Independent Directgr(s) and reappointment, if any
All Independent Directors have given declarations that they meet t he c ri ter ia of i
n d ep en d ence as provi d e d in sub section (6) of Section H9 of the Companies Act,
2013 and Regulation I6tb) of SET! (Listing Obligations and Disclosure Requirements,!
Regulations. 2015.
14. Nomination and Remuneration Policy:
The policy Of the Company on Director's appointment and remuneration, including
criteria for determining qualifications, positive attributes, independence of a DirccLor
and other matters, as required under subsection (3) of Section 178 of the Companies Act,
2013 adopted by the Board is available on the following web! ink
https://ufindia.com/codes-pnd-policies/
15. Finance & Accounts
Your Company prepares its Financial Statements in compliance with the requirements of
the Companies Act 2013 and AccountingStandnrds. The estimates and judgments relating to
the Financial Statements are made on a going concern basis, so as to reflect in a true and
fair manner. The form and substance of transactions reasonably present the Company's state
of affairs, profits and cash flows for tire year ended March 31,2024.
16- Awards and Recognitions
During the year under review, Your company has been awarded Star Performer Award in
Product Group for 2016-19. 51sL Export Awards in Sanitary & Industrial Castings -
Large Enterprise category by EE PC India (Engineering Export Promotion Council) at New
Delhi on l&th]anuary'2024.
17. Auditors
(a) Statutory Auditor and their report
The Statutory Auditors of the Company M/s. Gaverdhan Agarwal & Co. Chartered
Accountants, (Firm Registration Number 0065I9C) have audited the Financial Statements of
the Company. The Independent Auditors Report forms a part of this report and no adverse
remark/comment has been made in the said report by the Statutory Auditors. The report is
self-explanatory and do not call for any further comments.
The Statutory Auditors were appointed by the members of the Company to hold office fora
period of five years, from the conclusion of this Twelfth AGM till Lhe conclusion of
Seventeenth AGM of the company aL such remuneration as may be mutually agreed between the
hoard of Directors and the Audi tors'' During the financial year 2023-24. no fraud was
reported by the Statutory Auditor of the Company in their Re port.
(b) Secretarial Auditor and their report
In terms of Section 204 of Companies Act, 2013 and rules made there under, the Company
has appointed M/s Arms & Associates LLP. a firm of Company Secretaries in Practice to
undertake the Secretarial Audit ot the Company. The Secretarial Audit Report submitted by
them in the prescribed form MR.-3 is enclosed as ANNEXURE A' and forms part of this
report. No adverse comment has been made inthesaid re port by I he Practicing Company Sec
reta ry,
During the financial year 2023-24. no fraud was reported by Lhe Secretarial AudiLorof
the Company in their Report.
(c) Cost Auditor and their Report
The cost accounts and records as required to be maintained under Section 143(1) of
Companies AcL,20l3 arc duly made and maintained by your Company.
In accordance with the provisions of Section 143 of the Actand rules made there under,
the Board ofdirectors of LheCompa ny hasappointed M/sGirdharChaudhary ?r Co., Cost
Accountants as the Cost Auditor of the Company for the financial year 2023-21.
The Company has received Cost Audit Report on the cost accounts of the Company for the
financial year ended on March 31,2024.
The Board has re appointed M/s. GirdharChaudharyfit Co., Cost Accountants (FTCN 103863)
as Cost auditor to conduct the audit of cost records of your company for Lhe financial
year 2024-25.
The pay me n t of re mu nerat ion to Cost A ud i to r req u i res the
approval/ratiftpation of the members of the company and necessary resolution in this
regard has been included in the notice of lhe ensuing Annual general Meeting of the
Company.
During the financial year 2023-24, no fraud wasreported by the Cost Auditor of the
Company in their Audit Report.
18. Internal And it and Controls
Your Company has appointed M/s Shah Patni fit Co. as its Interna! Auditor. During the
year, the company continued to implement their suggestions and recommendations to improve
the control environment. Their scope of work includes review of
processes for Safeguarding the assets of the company, review of operational efficiency,
effectiveness of systems and processes, and assessing the internal con Lrol s L renglhs in
all areas. In Lernal Au di L o rs find!ngs ? re discussed with the process owners and
suitable corrective actions taken as per the directions of Audit Committee on an ongoing
basis to improve efficiency in operations.
During the financial year 2023-24. no fraud was reported by the Internal Auditor of the
Company in their Report.
19, Vigil Mcchanism/Whistk- Blower Policy
In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013,
a Vigil Mechanism for directors and employees to report genuine concerns has been
established. The Vigil Mechanism Policy has been uploaded on the website of the Company
http://www.ufindia.com
20, Annual Return
In accordance with the provisions of Companies (Amendment) Act, 20(7, read with Section
134(3) of (he Companies Act, 2013 the copy of Annua! Return under section 92(3) is hosted
on the Company's website viz. https://ufindia.com/annual-return/
21, Material changes and commitments, if any, affecting the financial position of the
company which have occurred between the end of the financial year of the company to which
th e financ ia I sta foments rela te a nd the dale of the report
There were no material changes and comm i Linen is affecting the financial position of
the Company which have occurred between the close of the financial year till the date
ofthis Report.
22, Details of significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations in future.
There arc no significant and material orders passed by the Regulators/courts that would
impact the going concern status of the Company and its future operations.
23, Penalty
Company has received a No Lice from Bombay SLock exchange regarding fine levied for Non
-compliance of Regulation 20(2)/(2A) with respect to constitution of stakeholder
relationship committee for the quarter ended unc, 20Z3 as per 5EBT circular no.
SEB1/HO/CFD/CMD/CIR/P/2020/12 dated January 22. 2020 Company has deposited fine and
addressed the same in the Board Meeting.
24, Acceptance of Deposits
The Company has not accepted deposit from the public falling within the ambit ot
Section 73 of the Companies act. 2013 and The Companies (Acceptance of Deposits) Rules,
2014
25, Particulars ofloans, guarantees or investments
Details of Loan, Guarantees and investments covered under the provisions of section
lBGof the Companies Act, 2013 are given in the note*) to Financial Statements
i) No loan was given to any company
26. Details/Disclosures of Ratio of remuneration
The statement of disclosure of remuneration under Section 197 of the Companies Act,
2013 and Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel)
Ruics, 2004 is made thereunder ANNEXURE-C.
27. Partlcu lars of co nt racts or arrangemen ts wit h reiat ed parties
Ail transactions entered with the Related Parties during (he financial year were in
(.he ordinary course of business and on arm s length basis and do not attract the
provisions of section 13-8 of the Companies Act. 2013and rules made there underANNEXURE
-D. Related party transactions have been disclosed under the Note no. 39 of significant
accounting policies and notes forming part of the financial statements in a ccordanc e w i
th "Account ing Standa rd 181A stateme nt in summary form of transactions with
related parties in the ordinary course of business and on arm's length ba sis i s p e ri o
d i c a I ly p I aced before th e Au d i t co mm i tte e for review and recommendation to
the board for their approval, N o n e of the t ra n sacti o n s w i th related parties
were in conflict with the interest of the company. Ail the transactions are in the normal
course of business and have no potential conflict with the interest of the company at
large and are carried out on an arm's I ength bas is o r fa ir va lu e.
28. Corpo rate G ove rn a nee
As per Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations. 2015, a separate section on corporate governance
practices followed by the Company, together with a certificate from the Company's Auditors
confirming compliance forms an i ntegral pa rt o f th i s re port.
Company has submitted corporate governance report fo r every qu a rter with i n th e p
resc ri be d ti m e.
29. Environment a nd Safety
The Company is conscious of the importance of environmentally clean and safe
operations. The Company Policy requires conduct of operations in such a manner, so as to
ensure of all concerned; compliances, environmental regulations and preservation of
natural resources.
30. The Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Sedressal)Ad. 2013
U nder th e Sexual H arassme nt of Wo m en a t Workplace e (Prevention, Prohibition and
Redressal) Act, 2013 said Act every company having 10 or more employees is required to set
up an Internal Comp flints Committee to look into complaints relating to sexual harassment
at work place of any women employee.
The Company has been employing women employees in various eadres within the factory
premises. Your
Company has set up Internal Complaints Committee for implementation of said policy.
Complaints received if any are regularly monitored by women line supervisors who directly
report to the Chairman & Managing Director. During the financial year 2023-24 your
company has not received any complaint of harassment and hence no compliant is outstanding
as on March 31.2024 for redrew sal
31. Corporate Social Responsibility
A brief outline of the Corporate Social Responsibility (CSlf policy of the Company and
the initiatives taken by the company are set out in Anncxure Eofthis report in the format
prescribes in the Companies (Corporate Social Responsibility Policy) Rules, 2014. For
other details regarding CSR Committee, please refer to the Anncxure E, forming a part of
this annual report. Further, the CSR Policy is also available on http: IIwww.ufindia.com
3 2- Secretarial Standard s
The Company complies with all the applicable mandatory secretarial standards issued by
the In slit Lite t if the Compa ny Secre ta ries of! n d ia (1C S D.
33. Details in respect of frauds reported by the auditors under sectia n 143(12} of co
mpa ni es act, 2013 There arc no frauds reported by the Auditor which arc
required to be disclosed under Section 143(12) of Companies Act. 2013.
34 D i rector's Responsibility Statement
The Directors' Responsibility Statement referred to in ciause (c) of sub-seel ion. (3)
of See Lion 134 of the Companies Act, 2013, shall state that—
(i) that in the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures;
(ii) the directors had selected such accounting policies and applied them consistently
and made judgments a n d est imates tha t a re reason a b le and prudent so as to give a
true and fair view of the state of affairs of the company at the end of the financial year
and of the profi t and loss of the company for (hat pe riod:
(iii) the directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for safeguarding
the assets of the company and for preventing and detecting fraud and other irregularities;
(iv) the directors had prepared the annual accounts on a going concern basis;
(v) the directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively; and
(vi) the directors had devised proper systems to ensure compliance with the provisions
of ail applicable laws and Lhat such systems were adequate and operating effectively.
3S. Transfer of Amounts to investor Education and Protection Fund
Your Company did not have any funds lying unpaid or I unclaimed fora period of seven
years. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund(lEPF), L
36- Management Discussion and Analysis Report
The Management Discussion and Analysis Report as required under regulation 34(3) read
with Schedule V L of the SEB1 (Listing Obligations and Disclosure I Requirements)
Regulations. 2015 is presented in the sepa ra te sec tion fo rmi ng part of this Annual
Report.
37. Statutory Information
As per section 134(3) of the Companies Act, 2013 read with Rule (3(3) of the Com pa
rues (Accounts) Rules, 20)4, the information on conservation of energy', technology
absorption and foreign exchange earnings and outgo is L annexed in ANNEXURE B' an integral
part of this P report-
ln terms of provisions of section 197(12) of the Companies Act. 2013 read with Rule
5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 a statement f showing the names and other particulars of the employees drawing
remuneration in excess of the limits set out in the said rules are provided hereunder.
Further, the disclosures pertaining to remuneration I and other details as required under
section 197(12) of f the Companies Act. 2013 read with Rule 5(1) of the I Companies
(Appointment and Remuneration of L Managerial Personnel) Rules, 2014 is annexed in f
ANNEXURE 'Can integral part of this report,
The Business Responsibility Reporting as required under Regulation 34(2) of the SEB1
(Listing Obligations I and Disclosure Requirements) Regulations, 2015 is not L applicable
to your company for the Financial year r 2023-24. *
38. CaulionaryStatement L Statement in the Management's Discussion and f Analysis
Report detailing the Company's objectives, projections, estimates, expectations or
predictions are "forward-looking statements'' within the meaning of P applicable
securities laws and regulations. Actual results could differ materially from those
expressed or r implied important factors that could make a I difference to the Company's
operations include global T and I n d Lan demand-supply condi tio n s, fi ni shed good s f
prices, cyclical demand and pricing in the Company's L principal markets, changes
in Government f regulations, tax regimes, economic developments in I India and other
factors such as litigation and labor negotiations.
39. The details in respect of adequacy of internal
financial controls with reference to the financial statements;
The Company has adequate internal financial controls k beside timely statutory audit,
limited reviews and r i ntern a I aud its taking piace pe ri odically,
40. Statement for development and implementation of risk management policy u/s 134:
Ab per Regulation 21 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulation. 2015 the top 1000 Hated entities needs to adopt Risk
Management Policy. Therefore, the Company is not required to adopt Risk Management Policy
as company does noL comes underTop 1000 1 isled companies
41. A pp rec ia t io n and Ackno wledgm ents:
Your directors place on records their deep appreciation to employees at all levels for
their hard work, dedication and commitment. The Board places on record its appreciation
for the support and co operation your company has been receiving from its Suppliers.
Retailers, and Dealers & Distributors and other assoc iated with the Compa ny. The Di
rectors also take this opportunity to thank all Investors, Clients, Vendors, banks.
Government Sc Regulatory'Author!ties and Stock Exchange For their continued support
42. Miscellaneous:
The shareholders are hereby informed that Mr. Kishan Lai Gupta, who is one of the
Promoter of the Company and his family members through their Companies li.e. companies
having their control] has had Filed many frivolous complaints against the company which
are ongoing before different authorities to the extent of approx. Rs 4.50 crores the
details of which are given hereunder;
• On 29th September 2023, the company received a Notice from the National Company
Law Tribunal (NCLT) regarding application filed by Precision Autocastings Private Limited
(Operational Creditor) under Sec Lion 9 of Insolvency and Bankruptcy Code, 2016 to
initiate Company Insolvency Resolution Process against Outstanding dues of supplies made
by Precision Aut oca stings Private Limited to Universal Autofoundry LimiLed, LheCa&e
is still pending.
- On 12th October 2023, the company received a Notice from KVG High Tech Auto
Components Private Limited under provisions of section 18(1) of delayed payment to Micro
Small Enterprises of Micro Small and Medium Enterprises Development Act, 2006, regarding
nonpayment for supplied goods to the Company as per work order within 45 days, for which
the company replied on BLh November. Z023, that payment had been made and if there were
stilt difference exists in the books then it was only against the purchase return and
pricing difference and debit notes were also issued for them.
• On 17th October, 2023, the Company received a Notice from M/s Unicast under
provisions of section 18(1) of delayed payment to Micro Small Enterprises of Micro Small
and Medium Enterprises Development Act. 2006, regarding non-payment for supplied goods Lo
the Company as per work order within 45 days, for which the company replied on 8th
November, 2023. that payment had been made and if there were still difference exists i n
the books then it was only against the purchase return and pricing difference and debit
notes were also issued forthem.
- On 30lhOcLobcr. 2023, the company received a Notice from lain Autocastings Private
Limited under provisions of section 180) ofdelayed payment to Micro Small Enterprises of
Micro Small and Medium Enterprises Development AcL, 2006. regarding nonpayment for
supplied goods to the Company as per work order within 45 days, for which the company
replied on 8th November, 2023, that payment had been made and if still difference existing
in the books then it was only against the purchase return and pricing difference and debit
notes were also issued for them.
- M/s Precision Autocasting Pvt. Ltd. has filed an Application under section 12A of the
Commercial Courts Act, 2015 before Rajasthan High Court Medlation Centre. I a ipur titled
as Preci siort Autocasti ng Pvt Ltd vs Uni versa 1 Ale to fo u n d ry Ltd For recovery of
Rs. 9,74.244/- on the pretext that out of total 918 numberof goods, 336 have not been
received back by the Applicant upon which the present dispute has been filed under the
Commercial Courts Act. Since before Filing of any suiL before Commercial Court, an
Application under section 12A lias to be filed before Mediation Centre, therefore this
Application has been filed for recove ry of Rs. 9.74,244/-
Further it is informed that the time period of transactions in all the above cases
falls between June 2022 to June 2023 and in matter of case filed by Precision Autocastings
Private Limited the period of tra n sad i on s is from f u nc 2 02 2 lo Sc p Lcmbcr 2023.
The point to be taken note of is that Mr. Kishan Lai Gupta was the Chairman of Universal
Autofoundiy Limited till December 23, 2022 and was a whole-time director of the company
June 08, 2023.
For fi: on behalf of the Board
Sd/-
Vimal Chand Jain
Chairman
DIN: 00295667
Jaipur, 03-07.2024
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