16. Provisions, contingent liabilities and contingent assets
Provisions
Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an
outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
Contingent liabilities
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that
arises from past events where it is either not probable that an outflow of resources will be required to settle or reliable estimate of the amount
cannot be made, is termed as contingent liability.
Contingent Assets
Contingent assets is disclosed where an inflow of economic benefit is probable.
17. Earnings Per Share (EPS)
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to Owner share holder (after deducting
attributable taxes) by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to owner shareholders and the
weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
18. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and
any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the
Company are segregated based on the available information.
C. Recent pronouncements
Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards)
Rules as issued from time to time. On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023
Ind AS 1 - Presentation of Financials Statements
This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies. The
effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Group is currently revisiting their accounting
policy information disclosures to ensure consistency with the amended requirements.
Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
This amendment has introduced a definition of 'accounting estimates' and included amendments to Ind AS 8 to help entities distinguish changes in
accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after
April 1, 2023. The Company has evaluated the amendment and there is no impact on its consolidated financial statements.
Ind AS 12 - Income Taxes
This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and
offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Group is
currently assessing the impact of the amendments.
Note 3: Critical accounting estimates and judgements
Preparing the financial statements under Ind AS requires management to take decisions and make estimates and assumptions that may impact the value
of revenues, costs, assets and liabilities and the related disclosures concerning the items involved as well as contingent assets and liabilities at the balance
sheet date. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances.
The Company make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual
results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are discussed below:
a) Impairment of Non-Financial Assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual
impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an
asset's or CGU's fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate the cash
inflow that is largely independent of those from other asset or group of assets. Where the carrying amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing the value in use, the estimated future cash flow are discounted to their present value using a pre-tax discount rate that reflects current
market assessment of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market
transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are
corroborated by valuation multiples, quoted shares prices for publicly traded subsidiaries or other available fair value indicators.
b) Defined benefit obligations
The present value of the defined benefit obligations depends on a number of factors that are determined on an actuarial basis using a number of
assumptions. The assumptions used in determining the net cost (income) for post employments plans include the discount rate. Any changes in these
assumptions will impact the carrying amount of such obligations.
The Company determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present
value of estimated future cash outflows expected to be required to settle the defined benefit obligations. In determining the appropriate discount rate,
the Company considers the interest rates of government bonds of maturity approximating the terms of the related plan liability.
c) Income taxes
There are transactions and calculations for which the ultimate tax determination is uncertain and would get finalized on completion of assessment by
tax authorities. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and
deferred tax provisions in the period in which such determination is made.
Deferred tax on temporary differences reversing within the tax holiday period is measured at the tax rates that are expected to apply during the tax
holiday period, which is the lower tax rate or the nil tax rates.
d) Recoverability of advances /receivables
At each balance sheet date, based on historical default rates observed over expected life, the management assesses the expected credit loss on
outstanding receivables and advances.
e) Investments made / Intercorporate deposits ("ICDs”) given to subsidiaries
In case of investments made and Intercorporate Deposits ("ICD") given by the company in its subsidiaries, the Management assesses whether there is
any indication of impairment in the value of investments and ICDs.
f) Fair value measurement of financial instruments
In estimating the fair value of financial assets and financial liabilities, the Company uses market observable data to the extent available.
here such Level 1 inputs are not available, the Company establishes appropriate valuation techniques and inputs to the model. The inputs to these
models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values.
Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect
the reported fair value of financial instruments. Information about the valuation techniques and inputs used in determining the fair value of various
assets and liabilities are disclosed in Note below.
10.1 Equity Shares :
a) Terms /Rights attached to Equity Shares
The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per
share. The company declares and pays dividends in Indian rupees. The dividend proposed by the board of directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2025, the amount of dividend proposed for distribution to equity shareholders is Nil per share (As at March
31, 2024: Nil per share)
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The Shareholders have approved Capital Reduction by Cancellation of Paid-up Share Capital of the Company u/s 66(1)(b)(i) of the Companies
Act, 2013 whereby, the issued, subscribed and paid-up Equity capital of the Company is reduced from Rs. 31,36,61,750 (Rupees Thirty One Crore
Thirty Six Lakhs Sixty One Thousand Seven Hundred and Fifty Only) consisting of 3,13,66,175 (Three Crores Thirteen Lakhs Sixty Six Thousand
One Hundred And Seventy Five Only) equity shares of Rs. 10 (Rupees Ten) each to Rs. 31,36,610 (Rupees Thirty One Lakhs Thirty Six Thousand
Six Hundred And Ten only) consisting of 3,13,661 (Three Lakhs Thirteen Thousand Six Hundred And Sixty One Only) equity shares of Rs. 10
(Rupees Ten) each by cancelling and extinguishing, in aggregate, 99% (Ninety nine percent) of the total issued, subscribed and paid-up equity
share capital of the Company, comprising 3,10,52,514 (Three Crore, Ten Lakhs Fifty Two Thousand Five Hundred And Fourteen Only) equity shares
of Rs. 10 (Rupees Ten) each.
Note:
0.01% Non Cumulative Redeemable Preference Shares:
Authorised Capital: 1,22,98,000 (March 31, 2024 : 1,22,98,000 - 100%) 0.01% Non-cumulative redeemable Preference Shares of Rs 100/- each fully
paid-up held by Triton Trading Company Private Limited.
Issued Capital: No of Preference Shares: 1,22,98,000 shares as on March 31, 2025 (As at March 31, 2024: 1,22,98,000 ) allotted to Triton Trading
Company Private Limited.
i) Terms /Rights attached to 0.01% Non Cumulative Redeemable Preference Shares Holder of the Shares shall be entitled to dividend @ 0.01% per
annum from April 01, 2015. The shares are non-participating and carry a preferential right vis-a-vis Equity Shares of the Company, with respect
to payment of dividend and repayment in case of a winding up or repayment of capital and shall carry voting rights as per the provisions of
Section 47(2) of the Companies Act, 2013.The shares are redeemable for cash at par, at the end of 20 year from the date of allotment with an
option to the Company to redeem at any time earlier.
** Fair Valuation of Investments (FVOCI) has been routed through Business Reorganization Reserve till previous year.
There were no transfers between any levels during the year.
Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices. This includes publicly traded Share Price, derivatives
and mutual funds that have a quoted price. The quoted market price used for financial assets held by the Company is the current bid price. The
mutual funds are valued using the closing NAV.
Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined
using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case
for unlisted equity securities which are included in level 3.
(ii) Valuation processes
The Company has obtained assistance of independent and competent third party valuation experts to perform the valuations of financial assets
and liabilities required for financial reporting purposes, including level 3 fair values. Discussions of valuation processes and results are held
between the Company and the valuer on periodic basis.
Discount rates are determined using a capital asset pricing model to calculate a pre-tax rate that reflects current market assessments of the
time value of money and the risk specific to the asset.
The carrying amount of current financial assets and liabilities are considered to be the same as their fair values, due to their short term nature.
The fair value of the long-term Borrowings with floating-rate of interest is not impacted due to interest rate changes and will not be significantly
different from their carrying amounts as there is no significant change in the under-lying credit risk of the Company borrowing (since the date
of inception of the loans).
For financial assets and liabilities that are measures at fair value, the carrying amount is equal to the fair values.
22 CAPITAL MANAGEMENT
Risk management
Since FY 2022-23, the Ind AS financial statements of the Company have been prepared on a liquidation basis i.e. assets are measured at lower of
carrying amount and estimated net realisable value and liabilities are stated at their estimated settlement amounts and accordingly the above is not
applicable.
23 FINANCIAL RISK MANAGEMENT
The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company's financial risk
management policy is set by the Managing Board.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument.
The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other
market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including
investments and deposits, foreign currency receivables, payables and loans and borrowings. The Company tries to minimize its market risk through
management of its cash resources.
(A) Credit risk
The company is exposed to credit risk, which is the risk that counter party will default on its contractual obligation resulting in a financial loss
to the group. Credit risk arises from cash and cash equivalents, financial assets carried at amortised cost, derivative products and deposits with
banks and financial institutions, as well as credit exposures to trade/non-trade customers including outstanding receivables.
(i) Credit risk management
Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the
Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition,
current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically
reviewed on the basis of such information.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in
credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company
compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It
considers reasonable and supportive forwarding-looking information such as:
i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty's ability to meet its
obligations,
iv) Significant increase in credit risk on other financial instruments of the same counterparty,
v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit
enhancements.
Financial assests are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment
plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to
attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.
The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend,
industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and
past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.
(B) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of
the underlying businesses, group treasury maintains flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecasts of the group's liquidity position (comprising the undrawn borrowing facilities below) and cash and
cash equivalents on the basis of expected cash flows. This is generally carried out at local level in the operating companies of the group in
accordance with practice and limits set by the group. These limits vary by location to take into account the liquidity of the market in which the
entity operates. In addition, the group's liquidity management policy involves projecting cash flows in major currencies and considering the
level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements
and maintaining debt financing plans.
(i) Maturities of financial liabilities
The tables below analyse the group's financial liabilities into relevant maturity groupings based on their contractual maturities for all
non-derivative financial liabilities
The amounts disclosed in the table are the contractual undiscounted cash flows.
(iii) Price risk
(a) Exposure
The Company's exposure to equity securities price risk arises from investments in equity shares (Quoted) held by the Company and
classified in the balance sheet at fair value through profit and loss. To manage its price risk arising from investments in equity
securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the
Company. Unquoted investment in equity shares of subsidiaries are not exposed to price risk fluctuations.
(b) Sensitivity
The table below summarizes the impact of increases/decreases of the BSE index on the Company's equity and Gain/Loss for
the period.
The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held
constant, and that all the Company's equity instruments moved in line with the index.
Notes:
I) i) The City Civil Court at Kolkata had passed an order dated December 3, 2009 not recognizing the company as a tenant whereby the
godown had been handed over to the Standard Chartered Bank ("the Bank'), the recognized tenant. However, the Bank had been given
time by the court to recover rent and / or charges as well as other amounts in respect of the said godown. However, till date no recovery
proceedings have been initiated by the Bank and, therefore, the liability if any, cannot be quantified.
ii) The Company had entered into an MOU with M/s Maharashtra Wood Based Industrial Estate (MWBIE) on January 21, 2019 for sale of land
at Wada. As per the MOU, the obligations under the understanding was to be completed within 60 days or such mutually extended time
in writing. MWBIE failed in completing the transaction by making payment of the consideration. Hence, the MOU was terminated and
termination letters dated December 09, 2019 and February 13, 2020 were sent to MWBIE. Subsequently, the land was sold to another
party vide deed of conveyance dated March 31, 2021 and was duly registered. MWBIE has issued a notice and has also filed a case in the
district court Thane . The matter is sub-judice.
iii) The Company has given Counter guarantee to a BNP Paribas "the bank' in respect of a guarantee furnished by the company to the
Government of India for certain transactions of a M/s. Devidas & Co ("partnership firm") against the original counter guarantee of
Rs. 89.97 lakhs. The fixed deposit with the bank as at 'March 31, 2025 is Rs. 181.42 lakhs (As at 'March 31, 2024 Rs.181.42 lakhs) and
accordingly the Company has provided for Rs 181.42 lakhs (As at 'March 31, 2024 Rs.181.42 lakhs) as the subject matter of the bank is
subjudice. In the prevoius year, the bank has given interest and deducted TDS on the same which has been recognised as interest income.
II) The Company had given Corporate Guarantees to Edayar Zinc Ltd. (EZL) and Letter of Comfort / Undertaking to BIL Infratech Limited through
banks in the earlier years for the purpose of working capital requirements. The aggregate outstanding balance of EZL as at the year ended March
31, 2025 is Rs. 8,025 Lakh (excluding Interest) (March 31 2024: Rs.8,025 Lakh). Edayar Zinc Limited (EZL, erstwhile subsidiary) has entered
into One Time Settlement (OTS) with bank. Mina Ventures Private Limited has consented to replace the Corporate Guarantee of the Company
given to the Bankers of EZL and have also consented to take care of the entire liabilities (present and contingent) of EZL without recourse to
Binani Industries Limited. The change in the Corporate Guarantor is pending approval from the Bank. EZL ceased to be a subsidiary with effect
from March 04, 2022. Further, for BIL Infratech Limited, the Company had issued letter of comfort / undertaking for Rs.5,171.20 lakh. In the
absence of determination of liability to be incurred for such corporate guarantees/letter of comfort, the Company has made the provision for
loss allowance of Rs.2,149.1 lakh in respect of such corporate guarantees/Letter of Comfort given.
Pursuant to M/s Mina Ventures Private Limited agreeing to meet all the liabilities of Edayar Zinc Limited including the liabilities towards Banks,
Employees, contract employees and workers, statutory both present and future, there is no Corporate Guarantee liability towards EZL.
The Company has given letter of comfort to the Bankers of BIL Infratech Limited.
25 EMPLOYEE BENEFIT OBLIGATIONS:
A Gratuity:
The company provides for gratuity to employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a
period of 5 years are eligible for gratuity. Gratuity has been booked based on Company's estimate as per Payment of Gratuity Act, 1972. However,
the company does not maintain any fund for the same and shall bear the same at the time of actual payment.
28 The Ind AS Financial Statements have been prepared in accordance with the accounting principles generally accepted in India relating to the liquidation
basis of accounting including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with relevant
rules issued thereunder, except where disclosed.
During the financial year ended March 31, 2025, the Company had a total income of Rs. 2.51 lakh (March 31, 2024 - Rs. 28.33 lakh) and profit/(loss)
after tax of Rs. 681.19 lakh (March 31, 2024 - Rs. (584.06) lakh). As at March 31, 2025, the Company's accumulated losses were Rs. (21,762.85) lakh
(March 31, 2024 - Rs. (22,444.05) lakh, which has eroded its paid-up equity capital of Rs. 3,138.49 lakh. Further, the Company's liabilities exceeded its
total assets by Rs. 18,624.36 lakh (March 31, 2024 - Rs. 19,305.56 lakh).
Triton Trading Company Private Limited, the promotor company has committed to provide continued operational and financial support to the Company.
However, in the absence of any business plan, the going concern assumption is not appropriate for the preparation of Ind AS Financial Statements
of the Company as and for the year ended March 31, 2025. Accordingly, the Ind AS Financial Statements of the Company have been prepared on a
liquidation basis i.e., assets are measured at lower of carrying amount and estimated net realisable value and liabilities are stated at their estimated
settlement amounts in the Ind AS Financial Statements except for items below:
a. The Company has not provided for estimated liabilities towards Corporate Guarantees/Letter of Comfort extended to its erstwhile subsidiary EZL
& BIL Infratech Limited outstanding as at March 31, 2025, except for provision for loss allowance of Rs. 2,149 Lakh.
b. The Company is in the process of determining the realisable values of their Land and Building as at March 31, 2025. Until such determination,
certain Land and Buildings are carried at their book value as at March 31, 2025 instead of estimated net realisable value as on that date. The
Company does not see any significant loss on determination of the realisable value vis-a-vis book value.
29 The Company identifies the suppliers who qualify under the definition of micro and small enterprises, as defined under the Micro, Small and Medium
Enterprises Development Act, 2006. During the current year and previous year there are no such instances found.
30 The company is hopeful of recovering the loans extended to Global Composite Holding Inc., a wholly owned foreign subsidiary of the Company. The
amount outstanding as on March 31, 2025 is Rs. 15.24 lakh (March 31, 2024 - Rs. 17 lakh). In the current year, the company has created a provision of
Rs. 2.16 lakh (March 31, 2024 - Rs. 377.81 lakh) to bring down the loan amount to the extent of assets of the company.
31 As approved by the shareholders of the Company vide postal ballot dated 18 November, 2022, the Company has sold off its land situated in the State
of Rajasthan in the quarter ended September 30, 2023. Further, the company is in process to sell off remaining land in State of Rajasthan.
32 Pursuant to a separate Scheme of Amalgamation approved by the Hon'ble High Court at Kolkata between Wada Industrial Estate Limited (WIEL)
and an erstwhile step down wholly owned subsidiary of the Company on March 18, 2014, being the Company as a successor to WIEL (the scheme),
the Company had applied AS 30, Accounting Standard on Financial Instruments: Recognition and Measurement (AS 30), issued by the Institute of
Chartered Accountants of India (ICAI), and pursuant thereto has as on March 31, 2014, being the date of conclusion of the first Accounting Year post
the provisions of AS 30 becoming applicable to the Company, classified the investments as "available for sale financial assets" and has accordingly,
measured such investments at fair value as on that date. All amounts required to be taken as per AS 30 to revenue reserve or to an appropriate equity
account shall be aggregated and such aggregate shall be taken to the Business Reorganisation Reserves (BRR). As mentioned in the Scheme, In the
event of any conflict between the provision of AS 30 and any other Accounting Standards, the provisions of AS 30 will be applied in preference to
any other Accounting Standard. BRR shall constitute a reserve arising as per this Scheme and shall not for any purpose be considered to be a Reserve
created by the Company.
During the year 2016, the Institute of Chartered Accountants of India (ICAI) has withdrawn AS 30. Consequent to this, the Company has applied
principles of notified Ind AS 109 related to Financial Instruments being new accounting standards applicable instead of AS 30. All equity investment
including Investment in Subsidiaries are fair valued. Accordingly, all amounts required to be taken as per the Financial Instruments Standards under
Ind AS to revenue reserve or to an appropriate equity account / Other Comprehensive Income are aggregated and such aggregated amount is taken to
Business Reorganisation Reserves (BRR).
In the previous year, owing to Company's decision of preparing its financial results on liquidation basis, this reserve had been adjusted against
accumulated losses.
33 The Shareholders have approved Capital Reduction by cancellation of Paid-up Share Capital of the Company u/s 66(1)(b)(i) of the Companies Act,
2013 whereby, the issued, subscribed and paid-up Equity capital of the Company is reduced from Rs. 31,36,61,750 (Rupees Thirty-One Crore Thirty Six
Lakh Sixty One Thousand Seven Hundred and Fifty Only) consisting of 3,13,66,175 (Three Crores Thirteen Lakh Sixty Six Thousand One Hundred And
Seventy Five Only) equity shares of Rs. 10 (Rupees Ten) each to Rs. 31,36,610 (Rupees Thirty-One Lakh Thirty-Six Thousand Six Hundred And Ten only)
consisting of 3,13,661 (Three Lakh Thirteen Thousand Six Hundred And Sixty One Only) equity shares of Rs. 10 (Rupees Ten) each by cancelling and
extinguishing, in aggregate, 99% (Ninety nine percent) of the total issued, subscribed and paid-up equity share capital of the Company, comprising
3,10,52,514 (Three Crore, Ten Lakh Fifty-Two Thousand Five Hundred And Fourteen Only) equity shares of Rs. 10 (Rupees Ten) each. The Scrutinizer
Report dated 17th July, 2020 was taken on Board and filed with Stock Exchange. The Company is yet to make application to NCLT.
34 As the matter of BNP Paribas is subjudice, company had stopped recognising interest income on Fixed Deposit in earlier years. The principal amount
is Rs.181.42 lakhs. However, the bank has given interest after deducting TDS on the same amounting to Rs. 19.95 lakhs in the previous year and the
same has been recognized as interest income in previous year.
35 Ind AS 115- "Revenue from Contracts with Customers" which is mandatory w.e.f. April 1, 2018 has replaced existing revenue recognition requirements.
The company has applied the modified retrospective approach on transition. There is no significant impact on the retained earnings as at 1st April 2018
and on these financial results.
36 Details of Benami Property held
The company does not have any Benami Property. No proceeding has been initiated or pending against the company for holding any Benami Property.
37 Wilful Defaulter
The company has not been declared as wilful defaulter by any bank or institution or government or any government authority.
38 Relationship with struck off companies
The company does not have any transaction with companies struck off u/s 248 of Companies Act 2013 or section 560 of Companies Act 1956
39 Compliance with number of layers of companies
The company has complied with number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Ristriction on number
of layers) Rules 2017.
40 Registeration of charges or Satisfication with Registar of Companies
The comapny is yet to receive no - due certificate from lenders. Considering the same, the company does not any charges or satisfication which is yet
to be registered with ROC beyond statutory period.
41 Details of crypto currency or virtual currency
The company has not traded or invested in crypto currency or virtual currency during current and previous period.
42 Valuation of PPE, Intangible and Investment property (Asset held for Sale)
The Company is in the process of determining the realisable values of their Land and Building as at March 31, 2025. Until such determination, certain
Land and Buildings are carried at their book value as at March 31, 2025 instead of estimated net realisable value as on that date.
43 Undisclosed Income
There is no income surrendered or disclosed as income during current and previous period in the tax assessments under the Income Tax Act 1961 that
has not been recorded in the books of account.
44 Compliance with approved scheme of arrangements
There has been no scheme of arrangements that has been approved by the competent authority in terms of section 230 to 237 of the Companies Act
2013 which the company has not disclosed.
45 No events or transaction has been occurred since the date of balance sheet or are pending that would have material effect on the financials statements
for the year ended other than those reflected or fully disclosed in the books of account.
46 Utilisation of borrowed funds and share premium
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.
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.
47 Previous year's figures have been reclassified and regrouped where ever necessary to conform to current year's presentation.
As per our report of even date attached
For V.P.Thacker & Co. For and on behalf of Board of Directors
Chartered Accountants
ICAI Firm Registration No. 118696W
Sd/- Sd/- Sd/- Sd/-
Abuali Darukhanawala Rajesh Kumar Bagri Archana Manoj Shroff Santwana Todi
Partner Director MD & CFO Company Secretary
Membership No: 108053 DIN: 00191709 DIN: 10479683
Place: Mumbai Place: Mumbai
Date : 19th May, 2025 Date : 19th May, 2025
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