14 Provisions, Contingent Liabilities and Contingent Assets
Provision is recognized in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources
will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are
determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date
and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed unless the possibility of outflow of resources is remote, if any.
Contingent assets are neither recognized nor disclosed in the financial statements.
15 Accounting for Taxes on Income
i) . Tax expenses comprise of current tax and deferred tax including applicable surcharge and cess.
ii) . Current Income tax is computed using the tax effect accounting method, where taxes are accrued in the same period in which the related
revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and
exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable.
iii) . Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable
temporary differences. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any
un used tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profits against which the deductible temporary
differences, and the carry forward unused tax credits and unused tax losses can be utilized.
iv) . The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilised. Unrecognised deferred tax assets are
reassessed at each reporting date and are recognised to the extent that it is become probable that future taxable profits will allow the deferred tax
asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realised or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted at the reporting date.
v) . Deferred tax is recognised in the statement of profit and loss, except to the extent that it relates to items recognised in other comprehensive
income. As such, deferred tax is also recognised in other comprehensive income. Deferred Tax Assets and Deferred Tax Liabilities are offset, if a
legally enforceable right exists to set off current tax assets against current tax liabilities and the Deferred Tax Assets and Deferred Tax Liabilities
relate to taxes on income levied by same governing taxation laws.
16 Impairment of Assets
The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment. If any indication of impairment
exists, the recoverable amount of such asset is estimated and impairment is recognized. If the carrying amount of these assets exceeds their
recoverable amount. The recoverable amount is the higher of the net selling price and their value in use. Value in use arrived at by discounting the
future cash flows to their present value based on an appropriate discounting factor. When there is indication that an impairment loss recognized
for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the statement
of profit and loss except in case of revalued asset.
17 Earning Per Share
i) . Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
ii) . For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
18 Segment Reporting
As per the information received from the management the company has only one reportable business and hence segment wise information is not
given.
19 Government Grants
i). Grants are accounted for where it is reasonably certain that the ultimate collection will be made. Grants relating to PPE in the nature of Project
Capital Subsidy are credited to that particular PPE and others are credited to Statement of Profit and Loss, if any.
20 Employee Benefits
i) . ) Short Term Employee Benefits:
Short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized undiscounted during the
period employee renders services. These benefits include salaries, wages, bonus, performance incentives, etc..
ii) . Defined Contribution Plans:
These are plans in which the company pays pre-defined amounts to separate funds and does not have any legal or informal obligations to pay
additional sums. These comprise of contributions to Employees Provident Fund. The Company's payment to the defined contributions plans are
reported as expenses during the period in which the employees perform the services that the payment covers.
21 Current and Non-Current Classification
i) . The Normal Operating Cycle for the Company has been assumed to be of twelve months for classification of its various assets and liabilities into
"Current" and "Non-Current".
ii) . The Company presents assets and liabilities in the balance sheet based on current and non-current classification.
iii) . An asset is current when it is (a) expected to be realised or intended to be sold or consumed in normal operating cycle; (b) held primarily for the
purpose of trading; (c) expected to be realised within twelve months after the reporting period; (d) Cash and cash equivalent unless restricted from
being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.
iv) . An liability is current when (a) it is expected to be settled in normal operating cycle; (b) it is held primarily for the purpose of trading; (c) it is due
to be discharged within twelve months after the reporting period; (d) there is no unconditional right to defer the settlement of the liability for at
least twelve months after the reporting period. All other liabilities are classified as non-current.
22 Critical Accounting Judgments, Assumptions and Key Sources of Estimation Uncertainty
The preparation of the Financial Statements requires management to make judgements, estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of
the financial statements. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions and
estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
i) Judgements
In the process of applying the Company's accounting policies, management has made the following judgements, which have the most significant
effect on the amounts recognised in the financial statements.
a) Determination of Functional Currency
Currency of the primary economic environment in which the Company operates ("the functional currency") is Indian Rupee (Rs) in which the
Company primarily generates and expends cash. Accordingly, the Management has assessed its functional currency to be Indian Rupee (Rs)
b) Evaluation of Indicators for Impairment of Property, Plant and Equipment
The evaluation of applicability of indicators of impairment of assets requires assessment of external factors (significant decline asset's value,
significant changes in the technological, market, economic or legal environment, market interest rates etc.) and internal factors (obsolescence or
physical damage of an asset, poor economic performance of the asset etc.) which could result in significant change in recoverable amount of the
Property, Plant and Equipment.
ii) Assumptions and Estimation Uncertainties
Information about estimates and assumptions that have the significant effect on recognition and measurement of assets, liabilities, income and
expenses is provided below. Actual results may differ from these estimates.
a) Useful lives of Property, Plant and Equipment/Intangible Assets
Property, Plant and Equipment/ Intangible Assets are depreciated/amortised over their estimated useful lives, after taking into account estimated
residual value. The useful lives and residual values are based on the Company's historical experience with similar assets and taking into account
anticipated technological changes or commercial obsolescence. Management reviews the estimated useful lives and residual values of the assets
annually in order to determine the amount of depreciation/amortisation to be recorded during any reporting period. The
depreciation/amortisation for future periods is revised, if there are significant changes from previous estimates and accordingly, the
unamortised/depreciable amount is charged over the remaining useful life of the assets.
b) Contingent Liabilities
In the normal course of business, Contingent Liabilities may arise from litigation and other claims against the Group. Potential liabilities that are
possible but not probable of crystallising or are very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in
the Notes but are not recognised. Potential liabilities that are remote are neither recognised nor disclosed as contingent liability. The management
decides whether the matters need to be classified as 'remote', 'possible' or 'probable' based on expert advice, past judgements, experiences etc.
c) Evaluation of Indicators for Impairment of Property, Plant and Equipment
The evaluation of applicability of indicators of impairment of assets requires assessment of external factors (significant decline in asset's value,
economic or legal environment, market interest rates etc.) and internal factors (obsolescence or physical damage of an asset, poor economic
performance of the idle assets etc.) which could result in significant change in recoverable amount of the Property, Plant and Equipment and such
assessment is based on estimates, future plans as envisaged by the Company.
d) Provisions
Provisions and liabilities are recognised in the period when it becomes probable that there will be a future outflow of funds resulting from past
operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires
the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities
are reviewed regularly and revised to take account of changing facts and circumstances.
2.1 Depreciation and Amortisation :
The aggregate depreciation charge for the year has been included under depreciation and amortisation expense
in the Statement of Profit and Loss."
2.2 Impairment of Assets :
The Company has carried out the exercise of assessment of any indications of impairment to its property, plant
and equipment as on the Balance Sheet date. Pursuant to such exercise it is determined that there has been no
impairment to its property, plant and equipment during the year."
2.3 Contractual obligations :
Refer Note no. 30 for disclosure of contractual commitments for the acquisition of property, plant and
equipment, if any.
2.4 Title deeds of immovable properties not held in name of the company :
The title deeds of all the immovable properties (other than properties where the company is the lessee and the
lease agreements are duly executed in favour of the lessee), as disclosed in Note no. 2 to the financial
statements, are held in the name of the company.
2.5 Revaluation of Property, Plant and Equipment :
The Company has not revalued its property, plant and equipment (including Right-of-Use Assets) and intangible
assets during the year.
2.6 The company has found that some employees have taken up unauthorized residence on the company's land or
factory premises, setting up huts, makeshift shelters, rooms, or quarters. Despite requests to vacate, these
individuals have refused to leave. As part of the settlement between the Company and the Textile Labour Union,
and in compliance with the order of the Honorable High Court of Gujarat, it is mandated that resigning employees
must first vacate any such occupied hut / chhapra / room/ quarter within the mill premises. They are required to
hand over possession of these spaces to the Mill Management. Subsequently, within a sixty-day period, the Mill
Management will provide the agreed-upon compensation to the respective employee as per the terms of the
settlement.
12.1 Right, Preferences and restrictions attached to Equity Shares :
The company has only one class of equity shares having a per value of Rs. 10 per share. Each shareholder is eligible for one vote per share held.
The final dividend, whenever proposed by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation of the Company, the equity share holders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
12.2 Issue of Bonus Shares
The Authorised Share Capital of the company is ^ 25,00,00,000 (divided into 2,50,00,000 Equity Shares with of Rs. 10/-each). Paid up &
Subscribed Capital of the Company was ^ 3,11,28,750 (divided into 31,12,875 Equity Shares with of Rs. 10/-each) as on April 01, 2023. The
Company has capitalized its profit into Shares and issued Bonus Shares to its shareholders on the basis of 1:1 (one (1) bonus shares for every one
(1) equity share held) on the entitlement date being October 13, 2023. During the FY 2023-24, the Company has issued Bonus Shares and hence,
the numbers of the Company's Share Capital and Number of Equity Shares has been increased. Further, shares issued as a bonus, remain
unclaimed by the respective shareholders. In compliance with Regulation 39(4) of the SEBI (LODR) Regulations, 2015, these unclaimed shares are
being held in a account maintained in the name of the Company. The voting rights on such shares remain frozen until they are claimed by the
rightful owners. The calculation of basic and diluted earnings per share is adjusted for all the periods presented.
1) Refer provision for employee benefits note no. 31
2) The Company's liability towards gratuity, retrenchment compensation and other employees' benefits have been considered as a current liability
since the provision for the same has been made in past and are payable immediately on receipt of the resignations from the employees of the
Textile Mill.
3) Consequent to the Honorable High Court's order dated February 15, 2008, the company has already made the provision for gratuity relating to all
employees in earlier years of the closure of the years April, 1997 to March, 2007. The liability (other than gratuity) in respect of retrenchment
compensation and salary, the company has made the payment to the workers on the basis of resignation received from the employees and
accounted for in the books in earlier years. Similarly, the company had also made the provisions for all unresigned employees including
employees from whom resignations are yet to be received in terms of the order of High Court dated February 15, 2008, which is amounting to Rs.
15,819.12/- Thousands as on March 31, 2025 (Rs. 15,819.12/- Thousands as on March 31, 2024).
4) Provision for other Employee Benefits', which include worker's dues have been ascertained on the basis of available records with the Company
and are subject to adjustments. Pending final settlement of dues, the payments to workers included in advance to employees, as per court order
amounting to Rs.762.51/- Thousands (Previous period Rs.762.51/- Thousands) made in earlier years has been adjusted against liability
provided/paid in pursuance of the Order.
At officer level the decision was not in favour of the company, therefore, the company has appealed in Commisioner of appeal. Therefore, the
company has recognised it as contingent liabilities.
B. Commitments:
Estimated amount of contract remaining to be executed on capital account and not provided for net of advance, Rs. NIL (previous year Rs. NIL).
31 Disclosures Regarding Employee Benefits
As per Indian Accounting Standard 19 "Employee Benefits" the disclosures are given below:
1). Defined Contribution Plan:
Contribution to defined contribution plan, recognised as expense for the year is as under:
1) Defined Contribution Plan: Employee benefits in the form of Provident Fund are considered as defined contribution plan and the contributions
to Employees Provident Fund Organisation established under The Employees Provident Fund and Miscellaneous Provisions Act 1952 and
Employees State Insurance Act, 1948, respectively, are charged to the profit and loss account of the year when the contributions to the respective
funds are due.
2) Defined Benefit Plan: Retirement benefits in the form of Gratuity are considered as defined benefit obligation and are provided for on the
basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet.
Every Employee who has completed five years or more of service is entitled to Gratuity on terms not less favorable than the provisions of The
Payment of Gratuity Act, 1972.
As the Company has not funded its liability, it has nothing to disclose regarding plan assets and its reconciliation.
32 The Company had suspended its operations at Ahmedabad since March 13, 1995 due to financial constraints and labour unrest. The Company
was declared as a Sick Unit within the meaning of Section 3(1)(o) of the Sick Industrial (Special Provisions) Act, 1985 (SICA). The Board for
Industrial and Financial Reconstruction (BIFR) vide its Order dated August 22, 2006 has discharged the Company from the purview of SICA. The
net worth of the Company has been represented by positive signs and recovered from the huge erosion as compared to past years financial
33 The company had vide its letter dated September 19,2005 applied to the Income tax Department for granting relief and concessions in
accordance with the sanctioned Revival Scheme of BIFR vide their Order dated January 23, 2004. Further, the BIFR vide its discharge Order dated
August 22, 2006, issued directives to the Income tax department to exempt the Company from payment of capital gain tax and permit the
Company to set off the capital gains, if any, against accumulated losses of the Company. However, the Income tax department filed an appeal
before the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) against the said directives of BIFR which was rejected by AAIFR
vide its order dated 10th June 2008. In the financial year 2006-07 relevant to A.Y. 2007-08 the Assessing Officer has interpreted the order of BIFR
and AAIFR that set-off of accumulated business loss against the Capital Gain beyond 8 years is not allowable and accordingly the demand was
raised by the Income Tax Department. The said demand was challenged by the company by filing an appeal before the CIT (Appeal). The
CIT(Appeal) has decided the appeal in favour of the company. The Income Tax Department preferred an appeal before the ITAT and the ITAT has
given the judgment in favour of the company.
34 The Company and the Textile Labour Union arrived at a settlement in respect of employees' dues on February 11, 2008 and the same has been
modified by the Honorable High Court of Gujarat on February 15, 2008 as a result of which the Company is liable to pay in respect of such
settlement, an amount aggregating Rs. 15 crores (approx.) to 848 employees on the condition precedent, that the payment will be made to the
concerned employee within sixty days after his resignation is received and in respect of the employees concerned having
hut/chhapra/room/quarter in the mill premises and he is a beneficiary of the settlement/ order, he shall have to first vacate the
hut/chhapra/room/quarter occupied by him in the mill premises and shall have to first handover possession thereof to the Mill Management and
thereafter, within sixty days period, the Mill Management will pay the amount to the concerned employee as per the consent terms. The
Honorable High Court further held that the closure declared by the Mill Management is legal and valid.
35 Consequent to the Honorable High Court's order dated February 15, 2008, the company has already made the provision for gratuity relating to all
employees in earlier years of the closure of the years April, 1997 to March, 2007. The liability (other than gratuity) in respect of retrenchment
compensation and salary, the company has made the payment to the workers on the basis of resignation received from the employees and
accounted for in the books in earlier years. Similarly, the company had also made the provisions for all unresigned employees including
employees from whom resignations are yet to be received in terms of the order of High Court dated February 15, 2008, which is amounting to
Rs.1,58,91,229/- as on 31/03/2023 (Rs.1,60,41,229/- as on 31/03/2022).
The management assessed that the fair values of short term financial assets and liabilities significantly approximate their carrying amounts largely
due to the short term maturities of these instruments. The fair value of financial assets and liabilities is included at the amount at which the
instrument could be exchanged in a current transaction among willing parties, other than in a forced or liquidation sale. The Company determines
fair values of financial assets and financial liabilities by discounting contractual cash inflows/ outflows using prevailing interest rates of financial
instruments with similer terms. The fair value of investment is determined using quoted net assets value. Further, the subsequent measurement
of all finance assets and liabilities (other than investment) is at amortized cost, using the effective interest method.
2) Discount rates used in determining fair value
The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental borrowing rate of the
borrower which in case of financial liabilities is the weighted average cost of borrowing of the Company and in case of financial assets is
the average market rate of similar credits rated instrument. The Company maintains policies and procedures to value financial assets or
financial liabilities using the best and most relevant data available. In addition, the Company internally reviews valuation, including
independent price validation for certain instruments. Fair value of financial assets and liabilities is the amount that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of
whether that price is directly observable or estimated using another valuation technique.
3) The following methods and assumptions were used to estimate fair value:-
a) Fair value of short term financial assets and liabilities significantly approximate their carrying amounts largely due to the short term
maturities of these instruments.
b) The fair value of the Company's interest borrowing received are determined using discount rate reflects the entity's borrowing rate as
at the end of the reporting period. The own non performance risk as at the end of reporting period was assessed to be insignificant.
4) Fair value hierarchy:
All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy described as
follows, based on the lowest level input that is significant to the fair value measurement as a whole.
Level: 1 - Quoted (unadjusted) price is active market for identical assets or liabilities.
Level: 2 - Valuation technique for which the lowest level input that has a significant effect on the fair value measurement are observed,
either directly or indirectly.
Level: 3 - Valuation technique for which the lowest level input has a significant effect on the fair value measurement is not based on
observation market data.
5) Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
a) the fair value of the remaining financial instruments is determined using discounted cash flow analysis.
b) the use of quoted market prices or dealer quotes for similar instruments
6) The carrying amounts of trade receivables, trade payables, dealer deposits, cash and bank balances, deposits, loans, borrowings and
other current financial liabilities and financial assets are considered to be the same as their fair values, due to their short-term nature.
The fair values for long term loans to others and long term borrowings were calculated based on cash flows discounted using a current
lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including
counter party credit risk. The security deposits are receivable on demand and hence their carrying amount is considered as fair value.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
While ensuring liquidity is sufficient to meet Company's operational requirements, the Company's financial management committee also
monitors and manages key financial risks relating to the operations of the Company by analysing exposures by degree and magnitude of risks.
These risks include market risk (including currency risk and price risk), credit risk and liquidity risk.
Market Risk
Market risk is the risk of uncertainty arising from possible market price movements and their impact on the future performance of a business. The
major components of market risk are price risk and interest rate. Financial instruments affected by market risk include FVTPL investments, trade
payables, trade receivables, etc.
Interest Rate Risk
It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The
Group's exposure to the risk of changes in market interest rates relates primarily to the Group's debt obligations with floating interest rates.
Liquidity Risk
The Company manages liquidity risk by maintaining sufficient cash and cash equivalents including bank deposits and availability of funding
through an adequate amount of committed credit facilities to meet the obligations when due. Management monitors rolling forecasts of liquidity
position and cash and cash equivalents on the basis of expected cash flows. In addition, liquidity management also involves projecting cash flows
considering level of liquid assets necessary to meet obligations by matching the maturity profiles of financial assets & liabilities and monitoring
balance sheet liquidity ratios.
The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment
periods. The information included in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Company can be required to pay.
* The company has entered into a settlement agreement to sell its investment property on May 2, 2024. As a result, the financial figures for the
year ending March 31, 2025, reflect a one-time gain of Rs. 11,620.98 thousands from this sale.
41 Certain Balance of Debtors, Creditors, Loans & Advances are non- moving / sticky . However in view of the management, the same is recoverable
/ payable. Hence no provision for the same is made in the books of accounts.
42 In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary
course of business and the provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts
reasonably necessary.
43 The balance confirmation from the suppliers, customers as well as to various loans or advances given have been called for, but the same are
awaited till the date of audit. Thus, the balances of receivables, trade payables as well as loans and advances have been taken as per the books of
accounts submitted by the company and are subject to confirmation from the respective parties.
44 The Company has assessed internal and external information upto the date of approval of these audited financial statements while reviewing the
recoverability of assets, adequacy of financial resources, performance of contractual obligations, ability to service the debt & liabilities, etc. Based
on such assessment, the company expects to fully recover the carrying amounts of the assets and comfortably discharge its debts & obligations.
Hence, the management does not envisage any material impact on the Audited financial results of the company for the year ended March 31,
2025.
45 The Company Secretary and Compliance Officer of the Company has resigned from 09th October, 2024. As per SEBI (LODR) regulation 6, any such
vacancy shall be filed by the company within 3 months. However, even after period of 3 months to till date, no Company Secretary and
Compliance Officer was appointed.
46 Previous year's figures have been regrouped and rearranged wherever necessary.
47 Segment Reporting
a) The Company operates in a single principal geographical area i.e. India and it has no reportable segments under Ind AS 108 "Operating
Segments".
48 Benami Transactions
There is no proceedings has been initiated or pending against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
49 Wilful Defaulter
The Company has not been declared wilful defaulter by any bank or financial institutions or other lender.
50 Transactions with Struck off Companies
As stated & Confirmed by the Board of Directors ,The Company has not under taken any transactions nor has outstanding balance with the
Company Struck Off either under section 248 of the Act or under Section 560 of Companies act 1956.
51 Satisfaction of Charge/Creation of Charge
There is no charges or satisfaction yet to be registered with ROC beyond the statutory period.
52 Number of Layers of Subsidiary
The company doesn't have any subsidiary. Hence, there is nothing to report.
53 Undisclosed Transactions
As stated & confirmed by the Board of Directors, The Company does 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.
54 Loan or Investment to Ultimate Beneficiaries
As stated & Confirmed by the Board of Directors, The Company has not advanced or loaned or invested funds to any other person(s) or
entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate
Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
55 Loan or Investment from Ultimate Beneficiaries
As stated & Confirmed by the Board of Directors ,The Company has not received any fund from any person(s) or entity(ies), including foreign
entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
56 Utilization of Term Loans
The Company has not availed any term loans.
57 Working Capital
The company does not have any sanctioned loan from the Banks or financial institutions in excess of Rs. 5.00/- Crores, therefore disclosure
related to security of current assets against borrowings, is not applicable.
58 Title deeds of Immovable Property
The title deeds of immovable properties are in the name of the company, except the lease hold premises, if any.
59 Intangible Assets under Development
The company do not have any intangible assets under development , therefore disclosure related to ageing, is not applicable.
60 Audit Trail
The company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in the software.
61 Capital WIP Ageing
The company do not have any immovable property under construction. Therefore, disclosure related to ageing is not applicable.
62 Crypto Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Notes referred to herein above form an integral part of the Financial Statements
As per our report of even date attached
For, Piyush J. Shah & Co. For and on behalf of Board of Directors
Chartered Accountants
ICAI Firm Reg. No. :- 121172W
Viral R. Sanghvi Kashyap Gandhi Jyoti L. Bambade
Partner Managing Director Director
Membership No :- 191046 DIN: 02604428 DIN: 07895116
Place :- Ahmedabad Ramesh Nair
Date :- 27th May, 2025 Chief Financial Office
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