10. Provisions, Contingent Liabilities and Contingent Assets:- (Ind-AS-37)
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of past
events, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation, and a reliable estimate can be made of the amount of the obligation.
A contingent liability is disclosed in the notes to the financial statements in the following cases:
• (i) A possible obligation that arises 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
entity; or
• (ii) A present obligation that arises from past events but is not recognised because:
a) it is not probable that an outflow of resources embodying economic benefits will be required to settle
the obligation; or
b) the amount of the obligation cannot be measured with sufficient reliability.
Contingent assets are not recognised in the financial statements, as this may result in the recognition of income
that may never be realised.
Specific Disclosure - Contingent Liability on Reversal of Trade Payables
During the year ended 31st March 2025, the Company reversed trade payables amounting to ^439.84 lakhs,
treating them as adjustments on account of quality differences and stock damage. Out of the total reversal,
^350.60 lakhs pertains to vendors against whom legal disputes are currently ongoing and remain unresolved as
at the reporting date.
Although these amounts have been removed from trade payables, the management is of the view that such
balances no longer represent a present obligation, as the underlying disputes primarily relate to quality
differences and stock damage. Based on the nature of claims and supporting internal assessments, the
management believes that these amounts are not payable and therefore do not constitute a liability. However,
considering the existence of ongoing disputes and uncertainty regarding the final outcome, the Company has,
in accordance with Ind AS-37, disclosed the amount of ^350.60 lakhs as a contingent liability.
Contingent liabilities Rs. In I akhs
|
Particulars
|
|
|
|
|
March 31, 2025
|
March 31
|
, 2024
|
|
GST Matter under Litigation
|
|
|
|
|
|
65.40
|
|
|
Nil
|
|
Trade Payable under Dispute
|
350.60
|
Nil
|
(B) Notes on Financial Statements
1. As per information received from MSME - 1, creditors are registered as per MSME Act out of which five parties
amounting to Rs. 2,80,60,284.60/- is due more than 45 days. Liability for interest on the same has not been
provided for.
2. Salaries includes directors remuneration on account of salary Rs. 22,00,000/- (Previous Year Rs.12,00,000 /-)
3. Trade receivables, Trade payables, Loans & Advances and Unsecured Loans have been taken at their book value
subject to confirmation and reconciliation.
4. Payments to Statutory Auditors:
Details of Non Cash Transaction enter amongst related parties
The Company has squared up a portion of receivables from related parties, amounting to to Rs. 63116500.00 by
way of agreement to transfer of Properties in Company's favor in lieu of due amount vide agreements dated 5th
September, 2019 and Rs. 73,36,000/- by way of an arbitration agreement dated 26th December, 2020. These
properties have been included in Value of Fixed Assets of the Company but are yet to be registered in Company's
favor. Out of these during the financial year 2023-24, the property located at Shop No. 350, 351, and 352,
Saraogi Mansion, M.I. Road, Jaipur, was sold. The said property was transferred to the original owner, Renu
Koolwal, at the same amount at which it was initially brought into the books through a written agreement.
Further, the Company has not charged depreciation on these properties. The Details of the properties held in the
name of person other than company are as under:
In terms of Our Separate Audit Report of Even Date Attached.
For Jain Chowdhary& Co. For Jhandewalas Foods Limited
Chartered Accountants
CA Yogendra Kumar
Lokanda
Partner Raakesh B Kulwal Jinko Devi Koolwal Irfan Naqvi
Membership No. Chairman & Director Chief Financial Officer
416484 Managing Director
Registration No.
113267W
Place:- Jaipur DIN : 00615150 DIN : 02531975 PAN - ABZPN5732G
Date: - 15-05-2025
UDIN:25416484BMJBAW4593
|