g) PROVISIONS AND CONTINGENT LIABILITES
1. Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as result of past events and it is probable that there will be outflow of resources.
2. Contingent Liabilities - Nil
h) IMPAIRMENT OF NON FINANCIALS ASSETS
Consideration is given at each balance sheet to determine whether there is any indication of impairment of the carrying amount of the company's fixed assets. If any indication exists an asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds recoverable amount.
i) Trade & Other Payable
These amounts represents liabilities for services received by the Company prior to the end of Financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortised cost using the effective interest method.
j) BORROWING COST
As there are no borrowings during this financial year the same is not applicable.
k) SEGMENT REPORTING :
The Company is engaged in the business of manufacture and export of cotton yarn and grey fabrics and also trade in the same commodity and accordingly trading is considered as a segment.
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16. ADOPTION OF INDIAN ACCOUNTING STANDARD (IND AS):
Pursuant to the notification of the Companies (Indian Accounting Standard) Rules, 2015 by the Ministry of Corporate Affairs (MCA) on 16 February 2015, the company has adopted IND AS (Indian Accounting standards) from the financial year 2017-18.
17. OTHER DISCLOSURES AND ADDITIONAL INFORMATION AS PER REQUIREMENTS IN Revised SCHEDuLE III OF The COMpANIES ACT 2013
(A) OTHER DISCLOSuRES
1. employee benefit plans
As per Accounting Standard 15, Employee Benefit, the disclosure of employees' benefits are given below:
2. The debit and credit balances of parties are subject to confirmation.
3. In the absence of taxable income as per the provisions of the Income Tax Act, 1961, no provision has been made for taxation in the accounts.
4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.
5. Disclosures in respect of provisions pursuant to Accounting standard - 29
For and on behalf of the Board As per our report of even date
For M/s.VIVEKANANDAN & ASSOCIATES
R.Veeramani S. Gopal S. Sakthivel Chartered Accountants
Managing Director Director Director Firm regn. No.: 005268S
Din: 00032895 Din: 06448007 Din: 10642354 V.Vivekanandan
partner
Place : Chennai A. Vani G.Senthilvel Membership No. 027204
Date : 29.05.2024 Company Secretary Chief Financial Officer uDIN : 24027204BKEZFG1174
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