(o) Provisions, Contingent Liabilities and
Contingent Assets
Provisions
A provision is recognized when an enterprise 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 a reliable estimate can be made. Provisions
are not discounted to their present values and are
determined based on management estimates of
the obligation required to settle at the Balance
Sheet date. These are reviewed at each Balance
Sheet date and adjusted to reflect the current
management estimates.
Provision for warranties:
The estimated liability for product warranties
is recognised when products are sold. These
estimates are established using historical
information based on the nature, frequency
and average cost of warranty claims and
management estimates regarding possible
future incidence based on corrective actions
on product failures. The timing of outflows
will vary as and when warranty claim will arise.
The company accounts for the provision for
warranties on the basis of information available
to the management duly taking into account the
current and past technical estimates.
Contingent Liabilities:
Contingent liabilities are disclosed in respect
of possible obligations that have arisen from
past events and the existence of which will
be confirmed only by the occurrence or non¬
occurrence of future events not wholly within
the control of the Company. When there is an
obligation in respect of which the likelihood of
outflow of resources is remote, no provision or
disclosure is made.
Contingent assets:
Contingent assets are not disclosed in the
financial statement unless an inflow of economic
benefit is probable.
(p) Cash and Cash Equivalents
Cash and Cash Equivalents in the balance sheet
comprise cash at banks, cash in hand, term
deposits, and fixed deposits kept as security /
margin money for more than 3 months but less
than 12 months. For the purpose of the statement
of cash flows, cash and cash equivalents consist of
cash in hand, bank balances in current accounts
and bank deposits, as defined above, as they are
considered an integral part of the Company's
cash management. The deposits maintained by
the Company with banks comprise of deposits,
which can be withdrawn by the Company at
any point without prior notice or penalty on the
principal.
(q) Government Grants and Production Linked
Incentives
Government grants:
Government grants are recognised where there
is reasonable assurance that the grant will be
received and all attached conditions will be
complied with. Where the grant relates to an
asset the cost of the asset is shown at gross value
and grant thereon is treated as capital grant. The
capital grant will be recognised as income in the
statement of profit and loss over the period and
in proportion in which depreciation is charged.
Revenue grants are recognised in the statement
of profit and loss in the same period as the related
cost, which they are intended to compensate are
accounted for.
Production Linked Incentive:
Production Linked Incentives are recognised as
income when, on the basis of the judgment of
the management and based on the supporting
data with respect to the eligibility conditions,
the Company fulfils the eligibility conditions as
per the approval letter. The management applies
its judgement for the recognition of incentive
income based on the management's assessment
for likelihood of recoverability."
(r) Impairment of Assets
The Management periodically assesses, using
external and internal sources, whether there
is an indication that an asset may be impaired.
An impairment loss is recognized wherever the
carrying value of an asset exceeds its recoverable
amount. The recoverable amount is the higher
of the asset's net selling price or value in use,
which means the present value of future cash
flows expected to arise from the continuing
use of the asset and its eventual disposal. An
impairment loss for an asset is reversed if, and
only if, the reversal can be related objectively
to an event occurring after the impairment
loss was recognized. The carrying amount of
an asset is increased to its revised recoverable
amount, provided that this amount does not
exceed the carrying amount that would have
been determined (net of any accumulated
amortization or depreciation) had no impairment
loss been recognized for the asset in prior years.
(s) Research and Development Expenditure
Research and development expenditure that
do not meet the criteria for the recognition of
intangible assets are recognised as an expense
as incurred. Development costs previously
recognised as an expense are not recognised as
an asset in a subsequent period.
(t) Subsequent Expenditure
Subsequent expenditure is recognised only if it
is probable that the future economic benefits
associated with the expenditure will flow to
the Company and the cost of the item can be
measured reliably.
(u) Cash Flow Statement
Cash flows are reported using the indirect
method as per Accounting Standard 3, Cash
Flow Statements, whereby profit for the period
is adjusted for the effects of transactions of a
non-cash nature, any deferrals or accruals of past
or future operating cash receipts or payments
and item of income or expenses associated with
investing or financing cash flows. The cash flows
from the operating, investing and financing
activities of the company are segregated. The
company considers all highly liquid investments
that are readily convertible to known amounts of
cash to be cash equivalents.
E) Terms, Rights, Preference and Restrictions attached to Equity Shares:
The company has only one class of equity shares having a par value of C10/- per share. Each holder of equity shares is
entiltled to one vote per share. Dividend on such shares is payable in proportion to the paid up amount. Dividend (if any)
recommended by the 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 holders of equity shares will be entitiled to receive any of the remaining
1) Axis Bank Ltd Vehicle loan of C21.84 Lakh secured with mortgage of 3 nos. Car.
2) Bank of Baroda Vehicle loan of C17.57 Lakh secured with mortgage of 3nos. Car and personal guarantee of
Shreeram Bagla.
3) Kotak Mahindra Bank Vehicle loan of C13.34 Lakh secured with mortgage of Car and personal guarantee of Rajesh Shaw.
4) Kotak Mahindra Bank Corporate Home loan of C139.93 Lakh secured with mortgage of residential flat at newtown.
5) SIDBI Solar Panel term loan of C105.02 Lakh secured with 1st charge by way of hypothication of Plant & machinery
proposed to be accquired under the project (solar power plant), collatteral security of C38 Lakh FDR, Personal gurantee
of Shreeram Bagla & Sumit Sengupta.
6) Company has taken loan from Bajaj Finance ltd at interest of 9.75% p.a., sanction amount of C2000 Lakh with tenure of
6 years secured with personal guarantee of Sumit Sengupta, Rajesh Shaw, Shreeram Bagla and Promoter Ritesh Shaw.
Bajaj Capital have exclusive charge on plant and machinery funded by Bajaj Capital
7) Loan from Comfort Fincap Ltd C. 500 Lakh with interest rate of 17% p.a. for 6 Months"
Borrowing from Axis Bank Ltd:
Tenure: One year from the date of Sanction i.e. upto 16.08.2025
Sanctioned Amount : 3000 Lakh CC limit and 150 Lakh BG limit
1. Primary Security: Hypothecation of entire Current Assets of the Borrower, both present and future on exclusive basis.
2. Collateral Security: Extension of EM of the following properties on exclusive basis:
(a) Commercial Property located at Premises No. 90, Phears Lane, Kolkata - 700 012, P.S. Bowbazar, within the limits
of Kolkata Municipal Corporation, Ward No. 44, owned by the M/s. Annapurna Agro Industries
(b) Residential Property located at Flat No. 701 & 702 on the 7th Floor at Indralok, 187, NSC Bose Road, Kolkata in the
name of Darsh Advisory Pvt Ltd
(c) Residential Property situated at Holding No. 0140001490000X1, Town Plan Plot No. 706 (Part), Jamabandi No.
3096, Mouza - Shyamganj, Ward No. 20, P.S. Deoghar, P.S. No. 413, Dist. Deoghar owned by Anand Shaw
4. Liquid Collateral: Liquid Collateral of C0.30 Crores
5. Personal Guarantee of Mr. Nirmal Kumar Bhakat, Mr. Rajesh Shaw, Mr. Sumit Sengupta, Mr. Ritesh Shaw, Mr. Shreeram
Bagla, Mr. Anand Kumar Shaw
6. Corporate Guarantee of M/s. Darsh Advisory Pvt Ltd
The Company has filed monthly returns or statements with such banks, where applicable, which are in agreement with the
books of account"
Borrowing from ICICI Bank Ltd:
Tenure: One year from the date of Sanction i.e. upto 17.02.2026
Sanctioned Amount : 1000 Lakh WCDL
1. Security: Hypothecation of entire Current Assets of the Borrower, both present and future on exclusive basis.
2. Collateral Security: Extension of EM of the following properties on exclusive basis:
(a) Commercial Property located at Premises No. Chatterjee International Building, 13th Floor, Units A01, A02 and
33A, Jawaharlal Nehru Road, Kolkata 700012
(b) Fixed Deposit in 2 Crore in ICICI Bank
4. Liquid Collateral: Liquid Collateral of C0.30 Crores
5. Personal Guarantee of Mr. Rajesh Shaw, Mr. Sumit Sengupta, Mr. Shreeram Bagla, Mr. Anand Kumar Shaw
6. Corporate Guarantee of M/s. Darsh Advisory Pvt Ltd"
Borrowing from ICICI Bank Ltd:
Tenure: One year from the date of Sanction i.e. upto 07.02.2026
Sanctioned Amount : 2000 Lakh Cash Credit Facility
1. Security: Hypothecation of entire Current Assets of the Borrower, both present and future on exclusive basis.
2. Collateral Security: Extension of EM of the following properties on exclusive basis:
(a) Commercial Property located at Premises No. 90, Phears Lane, Kolkata - 700 012, PS. Bowbazar, within the limits
of Kolkata Municipal Corporation, Ward No. 44, owned by the M/s. Annapurna Agro Industries
(b) Commercial Property located at Premises No. Chatterjee International Building,13th Floor, Units A01, A02 and
33A,Jawaharlal Nehru Road,Kolkata 700012
(c) Commercial Property located at Premises No Flat No.-702 , 7th floor of Indralok Apartment, Netaji Subhash
Chandra Bose Road Premises No.187 ,Kolkata-700040
(d) Commercial Property located at Premises No.-Mouza-Bhastra ,Bhastara Gram Panchayat , P.s. Gurab, Dhaniakhally,
Bhastra , Hooghly, West Bengal, India -712303
4. Liquid Collateral: Liquid Collateral of C 0.30 Crores
5. Personal Guarantee of Mr. Rajesh Shaw, Mr. Sumit Sengupta, Mr. Shreeram Bagla,
6. Corporate Guarantee of M/s. Darsh Advisory Pvt Ltd"
Borrowing from Equentia Financial Service Pvt Ltd:
Tenure: Maximum 90 (Ninety) days from the relevant date of Drawdown, in accordance with the Finance Documents
The Facility will be secured inter alia by:
(a) Second exclusive charge by way of hypothecation of all Receivables, book debts and Current Assets of the Borrower,
both present and future.
b) 5 (five) undated cheques in favour of the Lender, provided as security, with due intimation to the drawee bank.
c) Unconditional and irrevocable personal guarantees of Ritesh Shaw & Shreeram Bagla.
d) Cash Collateral of 10% (Ten Percent) of the Facility (""Cash Collateral"")
e) Total purchase bill discounting limit of C1500 Lakh."
Borrowing from Axis Invoice Mart:
Tenure: Maximum 90 (Ninety) days from the relevant date of Drawdown, in accordance with the Finance Documents
The Facility will be secured inter alia by:
(a) Second exclusive charge by way of hypothecation of all Receivables, book debts and Current Assets of the Borrower,
both present and future.
(b) Total purchase bill discounting limit of C1000 Lakh.
(c) Rate of Interest will be as per biding recieved by the lendors plus 20% of Transaction fee of the discounting amount"
* No amount was required to be transferred to Investor Education and Protection Fund by the company during the year.
The Company did not have any long-term contracts including derivative contracts for which material foreseeable losses
may occur in future.
33. Other Statutory Compliance
(i) No proceedings have been 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.
(ii) There are no transactions with the companies whose names are struck off under section 248 of the Companies Act,
2013 or section 560 of the Companies Act, 1956 during the year ended 31 March 2025.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company have not 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.
(vi) The company is not declared as a wilful defaulter by any bank or financial institution or any other lender.
(vii) The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.
(viii) The Company has utilised the borrowed funds for the purposes for which the fund is obtained.
(ix) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the company to or in any other person(s) or entities, including foreign entities
("Intermediaries"), with the understanding that the intermediary shall whether directly or indirectly lend or invest in
other persons or entities identified in any manner by or on behalf of the company (Ultimate Beneficiaries) or provide
any guarantee, security or the like on behalf of ultimate beneficiaries;
(x) No funds have been received by the company from any person(s) or entities including foreign entities ("Funding
Parties") with the understanding that such company shall whether, 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 provide guarantee, security or the like on behalf of the Ultimate beneficiaries.
(xi) The Current Assets, Loans & Advances are realisable in ordinary course of business at least equal to the amount at
which they are stated in the Balance Sheet.
(xii) There are no indications of impairment on any individual cash generating assets or on cash generating units in the
opinion of management and therefore no test of impairment is carried out.
34. Previous year Figures
Previous year figures have been regrouped / reclassified, where necessary, to confirm to this year's classification.
35.Subsequent Event
Based on the evaluation, the Company is not aware of any subsequent events or transactions, that would require recognition
or disclosure in the financial statements.
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