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Company Information

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HARIG CRANKSHAFTS LTD.

31 December 2009 | 12:00

Industry >> Castings/Foundry

Select Another Company

ISIN No INE905C01034 BSE Code / NSE Code 500178 / HARCR Book Value (Rs.) -58.50 Face Value 10.00
Bookclosure 30/09/2009 52Week High 2 EPS 0.00 P/E 0.00
Market Cap. 0.84 Cr. 52Week Low 2 P/BV / Div Yield (%) -0.01 / 0.00 Market Lot 1.00
Security Type Other

NOTES TO ACCOUNTS

You can view the entire text of Notes to accounts of the company for the latest year
Year End :2024-03 

i. Provisions and Contingent liabilities

Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate
of the expenditure required to settle the present obligation at the Balance Sheet date and are not discounted to its present value. These are reviewed at
each year end date and adjusted to reflect the best current estimate.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the

j. Retirement/ post-retirement benefits
Defined contribution plans

Contributions to defined contribution schemes such as employees’ state insurance, Employees' Provident Fund, Labour welfare fund, etc. are charged as
Defined benefit plans

The Company’s liability towards defined benefit retirement/postretirement benefits in the form of gratuity, pensions (in respect of certain employees) and
compensated absences (in respect of certain employees) are provided as and when the employees'' is eligible for such benefits.

As the company is not having any employee as on the balance sheet date, therefore, no any provisions for employees benefits have been made in the books
of acconts. In the absence of requisite inputs, and documentary evidence the board of management carried on the previously made provisions at its book
value.

k. Income taxes

T ax expense for the year comprises current tax and deferred tax. Current tax is measured at the amount expected to be paid to (recovered from) the
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to
Considering the uncertainty with reagrd to reversal of deferred tax provison if any made, no provison has been made in the books of accounts.

l. Segment reporting

The company is not in operation during the financial year, therefore, no reporting on segment has been made.

m. Cash and cash equivalents

In absence of requsite evidence for availability/disposal of cash balance as was appearing in the preceeding financial year. Same of amount of cash has
been reported.

n. Earnings per share

Basic earnings per share is calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity

o. Use of estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires that the management makes estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements, and
the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates.

No provision is made for a liability in the books of account, which is contingent in nature.

Considering the prevailing circumstances, all assets other than tangible assets and all liabilities have been reclassfied in current to non-current and vice¬
Realisable value of all current assets are neglible. Considering the date of insolvency resolution through an Order of the NCL T, the baord of the view that all
A fair estimation of liabilities towards financial and operational creditors of the company needs to be done. Considering the date of insolvency resolution

An Application under section 7 of the Insolvency & Bankruptcy Code, 2016 against the Company was filed by was filed by Bank of India. However, later via
an Assignment Agreement registered on 18.5.2022, M/s Asrec (India) Limited substituted Bank of India and became the Financial Creditor.

On 31st March 2023, Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench, had admitted the petition for initiating Corporate lnsolvency
Resolution Process (CIRP) under the lnsolvency and Bankruptcy Code, 2016 (IBC) vide its, Order dated 31st March 2023 and appointed Mr. Saurabh
Chawla as the lnterim Resolution Processional (lRP) in terms of IBC. The Resolution Plans submitted by M/s Palika Towns LLP ("Successful Resolution
Applicant) was approved with 100% of voting shares in the 13th meeting of CoC held on 06.10.2023 (concluded on 20.10.2023) and accordingly Hon’ble
NCLT, Allahabad Bench approved the Resolution Plan vide order dated 17.04.2024.

The directors of the reconstituted board, who are approving and signing the financial statements, were not in office for the period to which these financial
statements primarily pertain.

As pointed out above, the reconstituted Board of Directors have been in office only since 17th May 2024. The reconstituted Board is submitting this report in
compliance with the Act and the Directors, as on date, are not to be considered responsible for the fiduciary duties discharged with respect to the oversight
on financial and operational reporting of the Company and performance of the management for the period prior to 17th May 2024.

As per the IBC provisions,the power of the Board of Directors related to relevant financial year were entrusted with the responsibilities to the Resolution
Professional (IRP) to manage the affairs of the company and to get filed all the financial statements prior to the approval date but RP failed to prepare,
present the financial statement and get it audited. Hence these financial are being prepared by the Reconstituted Board on the basis of records available
with them.

Consequent to the CIRP process under lnsolvency and Bankruptcy Code ,2016, The Resolution Professional (RP) has received various Claims from
financial creditors, operational creditors, employees, and other creditors. The overall obligations and liabilities including interest on loans accrued for
different financial years and the principal amount of loans was determined during the CIRP period and which was approved by Hon'ble NCLT, Allahabad
Bench after the reporting period. Hence, accounting impact in the books of account has not been considered in respect of excess, short or non-receipt of
claims from operational and financial creditors. The difference between claims received by RP and the amounts already reflected in the books of account
aggregating if any have not been taken into consideration in the books of account and in the current financial statements. Further, interest on claims of
financial creditors aggregating is also not provided in the books of accounts.

In view of above, The directors in the reconstituted board is not in a position to affirm the following statements in terms of Section 134 of the Companies
Act, 2013

i. In the preparation of the Annual Accounts, the applicable accounting standards read with requirements set out under Schedule III to the Act, have
been followed and there are no material departures from the same;

ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the company as at 31st March 2024 and of the profit/loss of the company for that period;

iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv. The Directors have prepared the annual accounts on a ‘going concern’ basis.

v. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and
operating effectively.

28 D e f e r re d Ta x Assets ( Net)

The accounting standard 22, viz accounting for taxes on income issued by the Institute of Chartered Accountants of India, has become applicable to the
company. The Company has unabsorbed depreciation and unabsorbed loss which is to be carried forward as per the provisions of the Income Tax Act,
1961. In the opinion of management there is no certainty that sufficient future taxable income will be available against which deferred tax asset can be
realized, accordingly no deferred tax asset has been recognized.

29 Financial Risk Management

Refer to Note No. 24 and the company was not in operation during the relevant financial year, the relevant disclosure required under this Para are not
relevant for these finanical statements. Hence, the same has not been disclosed.

30 Capital Management

Refer to Note No. 24 and the company was not in operation during the relevant financial year, the relevant disclosure required under this Para are not
relevant for these finanical statements. Hence, the same has not been disclosed.

31 Related Party disclosures

In absence of requisite information, no reporting as per IndAS 24 could be done.

34 Financial Ratios

Refer to Note No. 24 and the company was not in operation during the relevant financial year, the relevant disclosure required under this Para are not
relevant for these finanical statements. Hence, the same has not been disclosed.

35 Previous year figures have been regrouped wherever necessary, to correspond to current year figures.

36 There is no expenditure and income in foreign exchange during the year.

37

Under the MSMED Act which came into force from 2nd October 2006, certain disclosers are required to be made relating to Micro, Small and medium
Enterprises. Since the relevant Information is not readily available, no disclosures have been made in the accounts.

38 Refer to Note No. 24, the company has not relevant informations available and hence we are unable to provide further additional informations are required
under Schedule III which are as follows:

(i) Reporting on borrowed funds from banks or financial Institutions on the basis of security of current assets.

(ii) Whether The company is declared a wilful defaulter by any bank or finaicial institution or other lender.

(iii) The company has no transactions with the struck off companies under section 248 of the companies Act,2013 or section 560 of Companies Act,1956.

(iv) The company has complied with number of layers requirement as prescribed under clause 87 of section 2 of the Act t read with Companies (Restriction
on number of Layers) Rules, 2017.

(v) There is no scheme of arrangement which has been approved by the competent authority in terms of section 230-237 of the companies Act, 2013.

(vi) The company has not advanced or loaned or invested funds to any other person or entity with the understanding that the intermediary shall directly or
indirectly lend or invest in other persons or entities in any manner.

(vii) The Company Neither have any Crypto currency at the end of the year nor the company has traded into crypto currency during the year.

(viii) The Company has no transactions which are not recorded in the books of accounts that has been surrendered or disclosed as income during the year
in tax assessments under the income tax act,1961.

(ix) The provisions of Section 135 of the Companies Act,2013 are not applicable and hence no expense on account of CSR was incurred during the
reporting period.

As per our report of even date For and on behalf of the board of directors

For M.B.Gupta & Co
Chartered Accountants
FRN: 006928N

sd/- sd/- sd/-

CA Mahesh Baboo Gupta Manoj Agrawal Pragya Agrawal

Partner Director Director

M.N.085469 DIN:00093633 DIN:00093526

Date:

sd/- sd/-

Payas Agrawal Komal Agarwal

CFO Company Secretary

PAN: BXEPA3112K M.N. A73759