East India Drums and Barrels Manufacturing Limited (formerly known as Precision Containeurs Limited) is a public listed company incorporated under the Companies] Act, 1956, with its registered office in Mumbai. The company is primarily engaged in the manufacturing of industrial barrels and related packaging solutions. During the financial year, the company underwent a significant corporate restructuring through a reverse merger scheme, wherein East India Drums and Barrels Manufacturing Private Limited (the transferor company) was amalgamated into Precision ContaineursLimited (the transferee company). This scheme became effective from 1st April 2024 after receiving all necessary approvals, including those from shareholders, creditors, the Securities and Exchange Board of India (SEBI), and the National Company Law Tribunal (NCLT), followed by filing with the Registrar of Companies, Mumbai. Post-merger, the transferor company stands dissolved without winding up, and the combined entity continues operations under the new name - East India Drums and Barrels Manufacturing Limited - while retaining its listed status on the stock exchange. The merger has resulted in the consolidation of all assets, liabilities, and business operations of both entities under the unified corporate structure.
The financial statements of East India Drums and Barrels Manufacturing Limited (formerly Precision Containeurs Limited) have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015, and the relevant provisions of the Companies Act, 2013. The financial statements are presented in Indian Rupees (Rs.), rounded off to the nearest lakhs as permitted by Schedule III to the Companies Act, 2013, unless otherwise stated. These financial statements include the accounts of the Company following the reverse merger of East India Drums and Barrels Manufacturing Private Limited (Transferor Company) with Precision Containeurs Limited (Transferee Company), effective from 1st April 2024 as approved by the National Company Law Tribunal (NCLT). The figures for the previous year (April 2023 to March 2024) represent the standalone financial statements of Precision Containeurs Limited only, as the merger was not yet effective during that period. Consequently, the comparative numbers are not directly comparable with the current year figures, which reflect the combined entity post-merger. Appropriate disclosures regarding this lack of comparability have been made in the relevant notes to the financial statements.
The financial statements are prepared on a historical cost basis, except for certain financial instruments that are measured at fair value as required by the applicable Ind AS. All material adjustments pertaining to the merger have been incorporated in these financial statements.
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