12. Provisions
Provisions are recognized when the company has a present obligation (legal or constructive) as a result
of a past event and it is probable that the company will be required to settle the obligation, and are
liable estimate can be made of the amount of the obligation.
13. Events Occurring after the Reporting Period
The company adjusts the amount recognized in its financial statements to reflect adjusting material
events after the reporting period and does not adjust the amount to reflect non-adjusting events after
the reporting period. However, where retrospective restatement is not practicable for a particular
prior period then the circumstances that lead to the existence of that condition and the description of
how and from where the error is corrected are disclosed in Notes on Accounts.
14. Prior Period Items
Errors of material amount relating to prior period(s) are disclosed by a note with nature of prior period
errors, amount of correction of each such prior period presented retrospectively, to the extent
practicable along with change in basic and diluted earnings per share. However, where retrospective
restatement is not practicable for a particular period then the circumstances that lead to the existence
of that condition and the description of how and from where the error is corrected are disclosed in
Notes on Accounts.
15. Dividends
Final dividend on shares are recorded as a liability on the date of approval by the shareholders in
general meeting and interim dividends are recorded as a liability on the date of declaration by the
directors in the meeting of the Board of Directors.
20. Other financial assets
Credit risk relating to cash and cash equivalents is considered negligible because our counter parties
are scheduled banks. We consider the credit quality of term deposits with such banks as good as these
banks are under the regulatory framework of Reserve Bank of India. We review these banking
relationships on an ongoing basis.
21. Capital Management
For the purpose of the Company's capital management, capital includes issued equity capital and all
other equity reserves attributable to the Company. The primary objective of the Company's capital
management is to maximize the shareholder value.
22. The physical verification of raw materials, WIP and finished goods have been conducted
departmentally at reasonable intervals during the year. In respect of stores and spares, advisable
to physical verify the same from external agencies once during the year. Shortages/ (Excesses)
identified on such physical verification have been duly adjusted in the books of accounts.
23. In the opinion of the board of directors, the current assets, loans and advances are approximately
of the same value if realized in the ordinary courses of business and the provision for all known
liabilities is adequately made and not in excess of the amount reasonably consider necessary.
24. GST pre-deposit amount recovered by GST department in cash as well as by reducing credit
balance of GST. Company has created such pre-deposit accounts in the books as " GST Under
Protest account" as the same amount is not yet confirm to pay as the appeal is filed by the
company.
The previous year's figures have been regrouped / rearranged, wherever necessary.
Signatures to Notes 2 to 28 of profit & loss and Balance Sheet.
As per our report of even date
For and on behalf of Board
For, NIRAV PATEL & CO. MADHAV COPPER LTD.
Chartered Accountants
SD/-
[Rinku N. Patel] Rohitbhai B. Chauhan Nilesh N. Patel
Partner. (Managing Director) (Whole Time Director)
M.No. 171232 (DIN:06396973) (DIN:05319890)
FRN. 134617W Date :27/05/2024 Place: Bhavnagar
Place: Bhavnagar
Date :27/05/2024 Kamlesh Solanki Sneha Langaliya
UDIN:25171232BMOVLO2347 Chief Financial Officer Company Secretary
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