n Provisions:
Provisions are recognized when there is a present obligation (legal or constructive) 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 a reliable estimate can be made of the amount of the
obligation. Provisions 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.
o Contingent Liabilities:
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non¬
occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it
is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases
where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent
liability but discloses its existence in the financial statements.
p Cash and cash equivalents:
Cash and cash equivalents in the Balance Sheet include cash on hand, cheques on hand, deposits held at call with financial institutions, other
short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.
For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash on hand, deposits held at call with
financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value and overdrawn bank balances.
Cash Flows
Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
q Dividend:
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or
before the end of the reporting period but not distributed at the end of the reporting period.
r Financial instruments:
a. Financial Liabilities
Initial recognition and measurement:
Financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the instrument. Financial
liability is initially measured at fair value plus, for an item not at fair value through profit and loss, transaction costs that are directly
attributable to its acquisition or issue.
Subsequent measurement:
Financial liabilities are subsequently carried at fair value through profit and loss. For trade payables and other liabilities maturing within one
year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.
b. Financial Assets
Initial recognition and measurement
Trade Receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Company
becomes a party to the contractual provisions of the instrument. All financial assets other than those measured subsequently at fair value
through profit and loss, are recognised initially at fair value plus transaction costs that are attributable to the acquisition of the financial asset.
Classification and subsequent measurement
Subsequent measurement is determined with reference to the classification of the respective financial assets. Based on the business model for
managing the financial assets and the contractual cash flow characteristics of the financial asset, the Company classifies financial assets as
subsequently measured at amortised cost, fair value through OCI or fair value through profit and loss.
i) Financial assets amortised at cost
A financial asset is subsequently measured at amortised cost if it is held with in a business model whose objective is to hold the asset in order
to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
consisting payments of principal and interest on the principal amount outstanding.
ii) Financial assets at fair value through other comprehensive income:
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose
objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give
rise on specified dates to cash flows that are solely payments principal and interest on the principal amount outstanding.
iii) Financial assets at fair value through profit or loss:
A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.
Equity investments
All equity investments within the scope of Ind-AS 109 are measured at fair value. Such equity instruments which are held for trading are
classified as FVTPL. For all other such equity instruments, the Company decides to classify the same either as FVOCI or FVTPL. The Company
makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.
For equity instruments classified as FVOCI, all fair value changes on the instrument, excluding dividends, are recognized in OCI. Dividends on
such equity instruments are recognised in the Statement of Profit or Loss.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and
Loss. Dividends on such equity instruments are recognised in the Statement of Profit or Loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when
the rights to receive cash flows from the asset have expired, or the Company has transferred its rights to receive cash flows from the asset or
has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and
either:
- the Company has transferred substantially all the risks and rewards of the asset, or
- the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
On de-recognition, any gains or losses on all debt instruments (other than debt instruments measured at FVOCI) and equity instruments
(measured at FVTPL) are recognised in the Statement of Profit and Loss. Gains and losses in respect of debt instruments measured at FVOCI and
that are accumulated in OCI are reclassified to profit or loss on de-recognition. Gains or losses on equity instruments measured at FVOCI that
are recognised and accumulated in OCI are not reclassified to profit or loss on de-recognition.
s Current-non-current classification:
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the following criteria:
a) it is expected to be realised in, or is intended for sale or consumption in, the company's normal operating cycle;
b) it is held primarily for the purpose of trade;
c) it is expected to be realised on demand or within 12 months after the reporting date; or
d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting
date.
Current assets include the current portion of non-current financial assets.
All other assets are classified as non-current.
Liabilities
A liability is classified as current when it satisfies any of the following criteria:
a) it is expected to be settled in the company's normal operating cycle;
b) it is held primarily for the purpose of trade;
c) it is due to be settled in demand or within 12 months after the reporting date; or
d) there is no unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that
could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.
Current liabilities include current portion of non-current financial liabilities.
All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.
t Operating cycle:
Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their realisation in cash or
cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as
current and non-current.
u Recent Accounting Pronouncements:
On 28th March, 2018, the Ministry of Corporate Affairs (MCA) issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2018,
notifying amendments to Ind AS 21, ‘The Effects of Changes in Foreign Exchange Rates’ and the new standard Ind AS 115, ‘Revenue from
Contract with Customers’. These amendments are applicable to the Company from 1st April, 2018.
Amendment to Ind AS 21:
On 28th March, 2018, MCA has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018
containing ‘Appendix B to Ind AS 21: Foreign currency transactions and advance consideration’ which clarifies the date of the transaction for
the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received
or paid advance consideration in a foreign currency. This amendment will come into force from 1st April, 2018.
Standard issued but not yet effective (Ind AS 115):
On 28th March, 2018, the MCA notified the Ind AS 115, Revenue from Contracts with Customers. The core principle of the new standard is that
an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the
consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced
disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers.
The effective date for adoption of Ind AS 115 is financial periods beginning on or after 1st April, 2018.
The Company is in process of evaluating the impact due to above changes in accounting principles.
16.1 Kalpatru Fincap Ltd (Loan assigned from Aditya Birla Finance Limited)
16.1.1 On 30-07-2022, the said loan was assigned to Kalpatru Fincap Ltd by way of assignment agreement. Thus, the debt stands
assigned.
16.1.2 The term loan is secured by exclusive charge on office no. 801, 8th floor, Wing C, Neelkanth Business Park, Kirol Road,
Vidyavihar West, Mumbai 400086.
16.1.3 On 18-09-2023, the above mentioned property, provided as security against the Loan of Kalpatru Fincap Ltd (Kalpatru), was
sold by Kalpatru by way of E-Auction to M/s. Dove Corporation. Thus, the WDV of the said property has been reduced from the
assets and difference between the WDV and outstanding balance of Kalpatru has been accordingly recorded in Profit & Loss
account.
16.2 IFCI Limited
16.2.1 The term loan was secured by exclusive charge on the immovable property owned by Nitin M Shah (HUF) situated at 7001, 70th
Floor, World One Tower, Lower Parel, Mumbai 400013, exclusive charge on an immovable property owned by the promoters
such as the combined distressed value of both the properties shall provide the cover of the one time of the loan outstanding
and personal guarantee of Nitin M Shah and Rahul N Shah. The said property has been sold as mentioned in point below.
16.2.2 The term loan outstanding as at March 31, 2020 of Rs. 3,044.23 lakhs but the lender has invoked the mortgage property of Nitin
M Shah HUF (Provided security towards loan from IFCI Ltd) and sale of property for Rs 2908.00 lakhs vide certificate for sale of
immovable property dated 5th may 2020. The lender has not submitted any claim to the liquidator during the liquidation
period.
16.3 PNB Housing Finance Limited
16.3.1 The term loan was co-borrowed along with Nitin M. Shah and Rahul N. Shah, promoters of the Company which was secured by
mortgage / possession of property owned by the Company and situated at C-802, Neelkanth Business Park, Kirol Road,
Vidyav'har -W, Mumbai 400 077.
16.3.2 Amount claimed by the lender against the term loan outstanding as at Liquidation Commencement Date i.e. January 18, 2022
Rs. 808.82 lakhs (Including principal, interest and other charges). The claim admitted by the liquidator as on the signing date of
the financial statement is Rs 798.63 lakhs.
16.3.3 On 15-03-2023, the above mentioned property, provided as security against the Loan of PNB, was sold by PNB by way of E-
Auction to MMSPL Ventures Pvt Ltd for Rs. 503.99 lakhs. Thus, the balance outstanding of Rs. 294.65 lakhs (798.63 lakhs -
503.99 lakhs) would be repaid as per Section 53(1)(e) read with Section 52(9) of IBC 2016.
16.4 ICICI Bank Limited
16.4.1 Vehicle loan is secured by the hypothecation of the Vehicle.
16.4.2 ICICI Bank has issued no dues certificate dated 12th September 2023, wherein it was mentioned they have not relinquished the
rights, however the bank has taken away the asset i.e. the car against the car loan
16.5 ACI Infocom Ltd
16.5.1 The term loan is availed by the company to meet its CIRP/Liquidation cost and for day to day expenses for a period of six
months from the date of disbursement. However, the said loan has been extended for a further period of six months.
16.5.2 As a security, the company has provided cheques and confirmation that the same shall be paid in priority as per section 53 of
Insolvency & Bankcruptcy Code 2016.
16.5.3 During the year, the outstanding loan amount has been paid and squared off.
16.6 Virat Management & Consultants Pvt. Ltd
16.6.1 The term loan is availed by the company to meet its CIRP/Liquidation cost and for day to day expenses for a period of six
months from the date of disbursement.
16.6.2 As a security, the company has provided cheques and confirmation that the same shall be paid in priority as per section 53 of
Insolvency & Bankcruptcy Code 2016.
18.1 The above borrowings are availed through a consortium agreement with bankers namely IDBI Bank Limited (Lead
bank), Bank of Baroda and Axis Bank Limited. The said borrowing were secured by the security mentioned below.
However, Liquidation order against the company has been passed on 18th January, 2022, whereby the said
lenders have relinquished their rights and as per Section 52 of IBC, ‘secured creditors’ that have relinquished
their security interest to the liquidation estate are ranked higher than the ‘unsecured creditors’ and would be
repaid from the proceeds as per section 53 of IBC, 2016.
18.1.1 Security
First pari passu charge by way of hypothecation or indenture of mortgage and /or pledge of borrowers current
assets, namely, stock of raw materials, semi finished and finished goods, stores and spares not relating to plant
and machinery (consumable stores and spares), bills receivable and book debts and all movable current assets ,
both present and future.
First pari passu charge on immovable and movable assets of the Company both present and future including its
location at (i) factory at A-117,TTC Industrial area, Pawana Village, Navi Mumbai-400 705 (ii) office premises at
501/502 Delta Technology Street, Hiranandani Gardens, Powai, Mumbai - 400 076.
18.2 Bank of Baroda & Dena Bank (Dena Bank merged with Bank of Baroda)
18.2.1 Working capital loan and other non-fund based facilities.
18.2.2 Amount claimed by the lender against the credit facility outstanding as at Liquidation Commencement Date i.e.
January 18, 2022 Rs. 17949.15 lakhs (Including principal, interest and other charges). The claim admitted by the
liquidator as on the signing date of the financial statement is Rs 17407.25 lakhs.
18.3 IDBI Bank Limited:
18.3.1 Primary security: First pari passu charge on immovable properties.
Collateral security: Second pari passu charge on (i) entire current assets and movable assets of the Company both
present and future (ii) 501/502 Delta, Technology Street, Hiranandani Gardens, Powai, Mumbai 400076 and its
factory at A-117, TTC Industrial Area, Pawana Village, Navi Mumbai 400 705 (iii) property owned by M/s Eurotech
Cylenders Pvt Ltd (Wholly owned subsidiary) situated at EL-29, TTC Industrial Area, Mahape, Navi Mumbai
(Exclusively to IDBI Bank) and possession taken by IDBI Bank Ltd. on 05-Feb-2024 and pledge of promoters shares
held in the Company to the extent of 100% of the exposure.
18.3.2 Credit facilities availed: Standby letter of credit
18.3.3 Amount claimed by the lender against the credit facility outstanding as at Liquidation Commencement Date i.e.
January 18, 2022 Rs. 42845.41 lakhs (Including principal, interest and other charges). The claim admitted by the
liquidator as on the signing date of the financial statement is Rs 42845.41 lakhs.
18.4 Axis Bank Limited:
18.4.1 Collateral Security: Pledge of the company shares having aggregate market value of at least 75% of the facility
amount
Pari Passu second charge on the fixed asset of the company's (i) factory at A-117,TTC Industrial area, Pawana
Village, Navi Mumbai-400 705 (ii) office premises at 501/502 Delta Technology Street, Hiranandani Gardens,
Powai, Mumbai - 400 076 and (iii) on the entire current assets of the company both present and future
18.4.2 Amount claimed by the lender against the credit facility outstanding as at Liquidation Commencement Date i.e.
January 18, 2022 Rs. 31379.16 lakhs (Including principal, interest and other charges). The claim admitted by the
liquidator as on the signing date of the financial statement is Rs 31379.16 lakhs.
18.5 Unsecured Loans
18.5.1 Nitin M Shah
Amount claimed by the unsecured lender against his outstanding dues as at Liquidation Commencement Date i.e.
January 18, 2022 Rs. 4917.38 lakhs (Including principal, interest and other charges). The claim admitted by the
liquidator as on the signing date of the financial statement is Rs 4917.38 lakhs.
18.5.2 Rahul Nitin Shah
Amount claimed by the unsecured lender against his outstanding dues as at Liquidation Commencement Date i.e.
January 18, 2022 Rs. 2990.53 lakhs (Including principal, interest and other charges). The claim admitted by the
liquidator as on the signing date of the financial statement is Rs 2990.53 lakhs.
18.5.3 Nitin Shah HUF
Amount claimed by the unsecured lender against his outstanding dues as at Liquidation Commencement Date i.e.
January 18, 2022 Rs. 6677.24 lakhs (Including principal, interest and other charges). The claim admitted by the
liquidator as on the signing date of the financial statement is Rs 2908.00 lakhs.
ii) Defined Benefits Plans
Gratuity: The Company provides for gratuity, a defined benefit plan (the “Gratuity Plan”) covering eligible employees in
accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested employees at
retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s salary and
the tenure of employment. The Company’s liability is actuarially determined (using the Projected Unit Credit method) at the
end of each year. The fair value of the plan assets of the trust administered by the Company, is deducted from the gross
obligation.
The following table sets forth the status of the gratuity plan of the Company, and the amounts recognized in the Balance
sheet and Statement of Profit and Loss.
Funding :
The Company makes annual contributions to the Group Gratuity cum Life Assurance Schemes administered by the LIC, a
funded defined benefit plan for qualifying employees
Notes :
Salary escalation rate: The estimates of future salary increases, considered in actuarial valuation, take account of inflation,
seniority, promotion and other relevant factors, such as supply and demand in the employment market.
Discount rate: The discount rate is based on the prevailing market yields of Indian government securities for the estimated
term of the obligations.
Assumptions regarding future mortality experience are set in accordance with the statistics published by the Life Insurance
Corporation of India.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to
the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets
due to change in the market scenario.
41 With regard to the Company’s investment in Equity Shares of Worthington Nitin Cylinders Private Limited, an associate company is carried at
a cost of ' 4,195.04 lakhs as at March 31, 2024 (as at March 31, 2023 ' 4,195.04 lakhs). The net worth of the said associate is substantially
eroded as at March 31, 2023 based on the audited financial statement having Auditor's ICAI UDIN: 23105720BGWZRV4548 (UDIN Generation
dated 16-09-2023). The Company has made provision for diminution in value of investment of ' 3,772.17 Lacs during the previous years,
based on the audited financial statement of the associate company. The Management is in discussion with majority shareholder of associate
company and expects to realise the net investment amount. Based on discussion and projected business plans of the associate, the
Management believes that no additional impairment provision is considered necessary.
42 Trade receivables for the year ended March 31, 2024 amounting to ' 29,429.75 lakhs (as at March 31, 2023 ' 29,035.65 lakhs). The Company
has, in this regard, made provision of ' 29,002.46 lakhs (as at March 31, 2023 ' 28,605.24 lakhs) by way of expected credit loss. The
Company's Management is making all efforts to recover the same and is confident of recovery. Hence, no specific provision is considered
necessary.
Further during the year foreign exchange gain amounting to ' 397.22 has also been treated as doubtful and such gain also provided in profit
and loss account as amount bad debts.
Similarly during the previous year foreign exchange loss amounting to ' 12.92 has also been treated as doubtful and such loss also provided in
profit and loss account as amount no longer required to payable/receivable.
43 The balances of Trade payables amounting to ' 6,710.55 lakhs (as at March 31, 2023 ' 6,241.65 lakhs), advance to trade payable amounting to
' 1.73 lakhs (as at March 31, 2023 ' 1.86 lakhs), advance from customers aggregating ' 1.11 lakh (as at March 31, 2023 ' 0.04 lakhs) and
security deposit given aggregating ' 2.47 lakhs (as at March 31, 2023 ' 1.02 lakhs) are subject to independent confirmations as at March 31,
2024. The Management is in the process of obtaining the confirmations and do not expect any consequential impact in the Standalone Ind AS
Financial Statements in this regard.
44 On account of non-renewal of expired license issued by The Loss Prevention Certification Board (LPCB) by the Company during earlier years,
the traded goods (consisting of firefighting equipment and other components). Accordingly, the Company has made an estimated provision
towards non moving inventory of ' 5,004.23 lakhs (including provision of ' 486.90 lakhs, based on independent valuation done during
Liquidation period) up to March 31, 2020. In the opinion of management no additional provision for non-moving inventories is considered
necessary for the year end March 31, 2024.
The Company has carried out physical verification of inventories on February 8, 2022 but physical verification report has not been available
and inventories valuation done accordingly. The closing stock as on 31-Mar-2022 is shown based on the physical verification and stock
valuation reports. As inform by the management the same stock was available as on 31-Mar-21 apart from purchase made at the last date of
the year of Rs 33.37 lakhs which was consumed in the next subsequent financial year 2021-22. After the valuation report, there was stock
consumed of Rs 5.91 lakhs till the end of financial year. Accordingly stock has been reduce from the financial statement.
The company has a policy to procure the material on buyer's requirement and the same quantity will be consumed and hence the quantitative
records of the inventories are updated periodically. The company has purchase stock based on the requirement of the project and showing as
consumption.
Further, as at the year ended March 31, 2024, a physical stock count was undertaken by internal employees of the company itself and was not
verified by any independent third party, to verify the quantity of inventory on hand. The inventory report generated from this count includes
only the quantity of the items and does not reflect their monetary value.
45 As per the audited financial statements ended March 31, 2020, during the earlier years, the Company has adjusted balances under Trade
Payable and Trade Receivable aggregating ' 5,500.74 lakhs however no details available in the records. The management is making all efforts
of executing agreements from respective counter parties under trade Payables and trade receivables and approval from Reserve Bank of
India for the balances receivable/ payable in foreign currency and do not expect any consequential impact in the Standalone Ind AS Financial
46 As at March 31, 2024, Loans to subsidiaries aggregating ' 24,366.07 lakhs and advance for purchase of materials of ' 348.09 lakhs are
outstanding for a long period of time. The Company has made provision for entire amount of ' 24,229.86 lakhs. The Company is in the process
of obtaining independent confirmations from the loans receivable and realising loans/ advance amount.
47 Due to significant defaults in repayment of short term borrowing and long term borrowing from banks and financial institutions for more than
one year, the Company's account has become Non-performing. The Company is in process of obtaining confirmation for overdue interest as
on March 31, 2024 from all lenders. Pending receipt of confirmation, the Company has made provision for interest accrued cumulatively in
respect of its borrowings aggregating ' 44,041.57 lakhs (P. Y. ' 44,041.57 Lakhs) based on agreements entered in to with lenders. The
Interest liability is being provided based on the admitted claim received during liquidation in the financial year 2020-21. The interest for the
financial year provided in the financial year 2021-22 till the commencement of liquidation is based on the interest admitted during the
financial year 2021-22 in their admitted claim. However no payment against payable accrued interest has been paid. The Company is in the
process of obtaining independent confirmations from banks and financial institutions and does not expect any consequential impact on the
Standalone Ind AS Financial Statements.
48 The Company has net carrying amount of ' 546.41 lakhs (P.Y. ' 1,102.62 Lakhs) in respect of its Property, Plant and Equipment (“PPE”) as at
March 31, 2024. The Company is in process of carrying out the impairment study of PPE in view of lower utilisation of its capacity and
operational losses for more than last two years and to comply with requirement of Ind AS 36 ‘Impairment of Assets’. The Management do not
expect any significant consequential impact on the Standalone Ind AS Financial Statements.
49 The Company has incurred net loss of ' 685.96 lakhs during the year ended March 31, 2024 and, as of that date, the Company’s current
liabilities exceeded its total assets by ' 1,08,812.87 lakhs. This indicates that a material uncertainty exists that may cast significant doubt on
the Company’s ability to continue as a going concern. Currently the Liquidation of the company is under progress and its ability to continue
affairs on Going Concern basis is dependent on many factors including continued support from its financial and operational creditors and
submission and approval of Resolution Plan. Pending CIRP/ Liquidation process. Further, In March 2024, the ex-promoter - Mr. Nitin Shah,
withdrew his revival plan and the matter was heard and his withdrawal of the plan was accepted and the auction in favour of M/S Silver
Stallion Limited (Consortium with Vikasa India EIF I Fund and AIG Direct LLC) was approved by NCLT vide order dated 4th April 2024. Thus,
the Standalone Ind AS Financial Statements are prepared on going concern basis.
50 As explained in Note 49, in absence of going concern concept, Deferred Tax Assets/Liability is not provided.
51 Balance appearing in the financial statements are subject to reconciliation with the returns and submissions made with statutory authorities,
including GST, PF, ESIC, TDS. Hence, the effect thereof, on Profit/ Loss, Assets and Liabilities, if any, is not ascertainable. GST returns filed
by the company has not been reconciled with the books of accounts, further GST input tax credit has not been reversed on amount booked as
creditor's write back. Short payment of GST on sales as per GST returns has not been provided.
52 Revenue recognized in books of accounts is under reconciliation with form 26AS & Annual Information Statement generated from Income Tax
Portal.
53 Segment information:
In line with the provisions of IND AS 108 Operating segments' and basis the review of operations being done by the Senior Management, the
operations of the Company fall under fire protection/detection equipment's and allied activities, which is considered to be the only
reportable segment by the Management.
59.02 Balance and transactions with Receivables and Payables, including loans & advances given and taken, Deposits taken &
given, trade receivables & trade payables, balance with government authorities and other assets & liabilities are subject to
confirmation and consequent reconciliation and adjustments, if any. Hence, the effect thereof, on Profit/ Loss, Assets and
Liabilities, if any, is not ascertainable. The management has established a procedure controls to review the reconciliation
and recoverability of all the assets and payability of all the liabilities, on a regular basis, based on the formal/ informal
agreements/ arrangements with the respective parties involved. As per the opinion of the Board, there will be no
substantial impact on their reconciliation with their balance confirmations as on the reporting date.
59.03 Revaluation/ Fair valuation of PPE / Intangible assets/ Investment property:
Since the company has not carried out any revaluation of its Property, Plant and Equipment (including Right-of-Use Assets)
and intangible assets held by the company during the year, the requirement of reporting regarding any revaluation of the
same is not applicable to the company. The company also does not have any Investment property during the current year as
well as previous year.
59.04 Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder
The Company do not have any benami property, where any proceeding has been initiated or pending against the company
for holding any Benami property.
59.05 Wilful Defaulter
The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.
59.06 Misutilisation of Bank Borrowing
The company has not taken any borrowings from banks and financial institutions during the current year.
59.07 Disclosure of transactions with struck off companies
The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of Companies Act, 1956 during the financial year.
59.08 Compliance with approved Scheme(s) of Arrangements
No Scheme of Arrangements has been approved by/ pending with the Competent Authority in terms of sections 230 to 237
of the Companies Act, 2013 during the year as well as previous year
59.09 Undisclosed Income
The Company have not 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).
59.10 Compliance with number of layers of companies
The compliance of number of layers of companies, prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017, are not applicable to the company.
59.11 Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year and any of
the previous financial years.
59.12 Security of current assets against borrowings
The Company has borrowings from banks or financial institutions on the basis of security of current assets. Since the
company is under CIRP/Liquidation hence the company has not filed the quarterly returns or statements with such banks.
59.13 Utilisation of Borrowed funds and share premium:
(A) During the year, 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:
(i) 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)
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(B) During the year, 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:
(i) 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)
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
59.14 Registration of charges or satisfaction of charges with Registrar of Companies (ROC)
The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
60 These financial statements are presented in Indian Rupees (INR), which is also its functional currency and all values are
rounded to the nearest Lakhs, except when otherwise indicated. The amounts which are less than Rs. 0.01 Lakhs are shown
as Rs 0.00 Lakhs.
61 The previous year figures have been re-grouped / re-classified wherever required to conform to current year’s classification
As per our attached report of even date For and on behalf of Board of Directors of
For Parekh Shah & Lodha Nitin Fire Protection Industries Limited (Under
Chartered Accountants Liquidation)
ICAI Firm Registration No. 107487W
Sd/- Sd/-
CA Pranay Bhutra U. Balakrishna Bhat
Partner Liquidator
Membership No. 623927 IBBI/IPA-001/IP-P00658/2017-18-11107
Place: Mumbai Place: Mumbai
Date: 09/07/2024 Date: 09/07/2024
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