l Provisions, Contingent liabilities and Contingent assets
A provision is recognised when the Company has a present obligation as a result of past event
and it is probable that an outflow of resources will be required to settle the obligation, in respect of
which reliable estimate can be made. Provisions (excluding retirement benefits and compensated
absences) are not discounted to its present value and are determined based on best estimate
required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised
in the financial statements. A contingent asset is neither recognised nor disclosed in the financial
statements.
As per our report of even date For and on behalf of the Board of
For Piyush J. Shah & Co. Mahickra Chemicals Limited
Chartered Accountants
Firm's Registration No. 121172W
Jainam K. Shah Mitesh C Gandhi Ashish C Gandhi
Partner Managing Director Whole-Time Director
Membership No. 166122 DIN No. : 02142361 DIN No. : 02142344
Sona Bachani
Company Secretary
Place : Ahmedabad Place : Ahmedabad
Date : 23 May, 2025 Date : 23 May, 2025
(ii) Rights, preferences and restrictions attached to shares
Equity Shares:
Equity Shares: The Company has one class of equity shares. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets
of the Company after distribution of all preferential amounts, in proportion to their shareholding.
The following person has provided personal guarantees : Mr.Ashishkumar C Gandhi, Mr Miteshkumar
C Gandhi, Mrs.Komal M Gandhi
The company has also provided the following land and building as the collateral security:
1) Immovable Property situated at bearing Plot no. 1209, Revenue survey no.150( part) and 151 (part),
situated at village -Godhasar, Taluka -Vatva, Ahmedabad
2) Immovable Property situated at Flat no. SF 04, Sun Castle Complex Part 3 of land bearing survey no. 95/1
& 100,TPS No.1 of FP No. 237,238, city survey no:4777, Ghatlodia,Ahmedabad
3) Immovable Property situated at Plot no. 1201 & 1202,vatva industrial area,Revenue survey no. 135 at
Ghodasar, Taluka, Vatva, Ahmedabad
Note : It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above,
pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending
with various forums/ authorities.
The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions
are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not
expect the outcome of these proceedings to have a materially adverse effect on its financial results.
At officer level the decision was not in favour of the company, therefore, the company has appealed in Commisioner of
appeal. Therefore, the company has recognised it as contingent liabilities.
37 Other Statutory Disclosures as per the Companies Act, 2013
38 Benami Transactions
There is no proceedings has been initiated or pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder.
39 Wilful Defaulter
The Company has not been declared wilful defaulter by any bank or financial institutions or other
lender
40 Title deeds of Immovable Property
The title deeds of immovable properties are in the name of the company, except the lease hold premises, if any.
41 Transactions with Struck off Companies
As stated & Confirmed by the Board of Directors ,The Company has not under taken any transactions nor has
outstanding balance with the Company Struck Off either under section 248 of the Act or under Section 560 of
Companies act 1956.
42 Intangible Assets under Development
The company do not have any intangible assets under development , therefore disclosure related to ageing, is
not applicable.
43 Satisfaction of Charge/Creation of Charge
There is no charges or satisfaction yet to be registered with ROC beyond the statutory period.
44 Undisclosed Transactions
As stated & confirmed by the Board of Directors, The Company does not have any such transaction
which is not recorded in the books of accounts that has been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961.
45 Loan or Investment to Ultimate Beneficiaries
As stated & Confirmed by the Board of Directors, 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
46 Loan or Investment from Ultimate Beneficiaries
As stated & Confirmed by the Board of Directors ,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 Number of layer of companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read
with the Companies (Restrcition on number of layers) Rules, 2017.
48 Crypto Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
49 Undisclosed Income
There is no undisclosed income, which was not disclosed by the company in earlier Financial year..
50 Security of current assets against borrowings
The company has sanctioned working capital limits in excess of Rs. 5.00 crores, in aggregate, during the year,
from banks financial institutions on the basis of security of current assets. The quarterly returns and statement
filed by the company with such banks or financial institutions are in agreement with the books of accounts of
the company.
51 Audit Trail
The company has used an accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions
recorded in the software.
52 Commitments and contingencies
a) Capital commitments: NIL
b) Contingencies: NIL
As per our report of even date For and on behalf of the Board of
For Piyush J. Shah & Co. Mahickra Chemicals Limited
Chartered Accountants
Firm's Registration No. 121172W
Jainam K. Shah Mitesh C Gandhi Ashish C Gandhi
Partner Managing Director Whole-Time Director
Membership No. 166122 DIN No. : 02142361 DIN No. : 02142344
Sona Bachani
Company Secretary
Place : Ahmedabad Place : Ahmedabad
Date : 23 May, 2025 Date : 23 May, 2025
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