q. Provisions, Contingent Liabilities and Contingent
Assets
A provision is recognised when the Company has a
present obligation as a result of past event and it is
probable that an outflow of resources will be required to
settle the obligation, in respect of which reliable estimate
can be made. Provisions (excluding retirement benefits
and compensated absences) are not discounted to
its present value and are determined based on best
estimate required to settle the obligation at the balance
sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.
Contingent liabilities are not recognised in the financial
statements. A contingent asset is neither recognised
nor disclosed in the financial statements.
No provision has been made for the demands raised
by the authorities since the company has reasons to
believe that it would get relief at appropriate stage as
the said demands are excessive and erroneous.
3. Notes forming part of accounts
1. Title deeds of Immovable Property included in Property,
Plant and Equipment are in the name of the Company
Title deeds of Immovable Property not held in name
of the Company.
2. There is no revaluation of Property, Plant and Equipment
are made during the reporting period or its previous year.
3. There are no Loans or Advances in the nature of loans
are granted to promoters, directors, Key Managerial
Personnel (KMPs) and the related parties (as defined
under Companies Act, 2013,) either severally or jointly
with any other person as at the Balance Sheet Date.
4. CWIP Ageing Schedule:
The company has not prepared the CWIP Ageing
schedule as on the balance sheet date.
5. There are no intangible assets under development as
on Balance Sheet Date.
6. Details of Benami Property held :
There are no proceedings initiated or pending against
the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and the rules made thereunder.
7. The company has filed the necessary returns with the
banks for loans taken.
8. Wilful Defaulter:
The company is not declared as wilful defaulter by
any bank or financial Institution or other lender. So, no
disclosure is required to be given.
9. Relationship with Struck off Companies:
The company has no transaction with companies struck
off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956.
10. Registration of charges or satisfaction with
Registrar of Companies:
The charges are duly registered with the
Registrar of Companies.
11. Compliance with number of layers of companies:
The company does not have layers beyond the
specified layers as prescribed under clause (87) of
section 2 of the Act read with Companies (Restriction
on number of Layers) Rules, 2017. So, no disclosures
are required to be given.
12. Compliance with approved Scheme(s) of
Arrangements:
The Company has not applied for any Scheme of
Arrangements in terms of sections 230 to 237 of the
Companies Act, 2013. So, no disclosure is required to
be given by the Company.
13. Utilisation of Borrowed funds and share premium:
(A) The Company has not advanced or loaned or
invested funds (either borrowed funds or share
premium or any other sources or kind of funds)
to any other persons or entities, including foreign
entities (Intermediaries) with the understanding
(whether recorded in writing or otherwise) that the
Intermediary shall;
(i) 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
(ii) Provide any guarantee, security or the like to
or on behalf of the Ultimate Beneficiaries.
(B) The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the company shall
(i) 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
(ii) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
14. Undisclosed income
There is no detail of any transaction 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). So, no detail is required to be disclosed.
The company has paid 10% of the disputed amount - H 79.08 lakh - as required by the notice.
2. The company has commitment against EPCG licence against the average export obligation of H 187.32 crore to be
performed upto year 2027-28.
3. The company has received a notice u/s 92CA(3) in respect of International transactions for F.Y. 2023-24.
18. Miscellaneous Expenditure:
There are no miscellaneous expenses as on balance sheet date.
19. In the absence of confirmations for Loans and Advances and pending reconciliation the debit balances in regard to
recoverable, have been taken as reflected in the books. In the opinion of the management, loans and advances and
current assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.
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