2.26 Provision, Contingent Liabilities and Contingent Assets
a. Provisions are recognized in terms of Accounting Standard (AS-29) -Provisions, Contingent Liabilities and
Contingent Assets notified pursuant to Companies (Accounting Standards) Rules, 2006, when there is
present legal or statutory obligation as result of past events, where it is probable that there will be outflow
of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be
made.
b. Contingent liabilities are recognized only when there is an obligation arising from past events due to
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Company or where any present obligation cannot be measured in terms of future outflow of resources or
where a realizable estimate of the obligation cannot be made. Obligations are assessed on an ongoing
basis and only those having largely probable outflow of resources are provided for Contingent Liabilities.
c. The company has FDRs in bank and has investment in Union Balanced Advantage Fund (Note 12) against
which margin money towards bank guarantee is adjusted by bank as and when issued.
2.27 Additional regulatory and other information as required by the Schedule III to the Companies Act 2013
a. The Company has not granted any loan or advance in the nature of loan to promoters, directors, KMPs and
other related parties that are repayable on demand or without specifying any terms or period of repayment.
b. Registration, Modification and Satisfaction of charges relating to the year under review, had been filed with
Registrar of Companies, within the prescribed time or within the extended time requiring the payment of
additional fees.
c. The Company is not required to spend on Corporate Social Responsibility (CSR) expenditure, since neither
Company’s Net worth is Rs. 500 crore or more, Turnover Rs. 1,000 crore or more and nor the Net Profit is
Rs. 5 crore or more during immediately preceding financial year and hence provisions of section 135 of the
Act are not applicable for the current Financial Year. However, considering the fact that Company’s Net
Profit crossed Rs. 5 crores during the F.Y. 2024-25, CSR expenditure is applicable from F.Y. 2025-26.
d. There are no proceedings initiated or are pending against the company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
e. The Company is not declared as willful defaulter by any bank or financial Institution or other lenders.
f. The Company does not have central data base of struck off companies in India and hence Company is
unable to trace parties with whom it has entered into transactions, which are struck off by Registrar of
Companies.
g. The Company do not have any parent company and accordingly, compliance with the number of layers
prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of
Layers) Rules, 2017 is not applicable for the year under consideration.
h. There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237
of the Companies Act, 2013 during the year.
i. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or
any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities
(intermediaries) with the understanding (whether recorded in writing or otherwise) 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) or (ii) provide any guarantee, security or the like to
or on behalf of the Ultimate Beneficiaries.
j. The Company has also 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) or (ii) provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
k. The Company do not have any transactions which are not recorded in the books of accounts that has been
surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 during any of
the years.
l. The Company did not trade or invest in Crypto Currency or virtual currency during the Financial Year.
Hence, disclosures relating to it are not applicable.
2.28 Previous year figures
Previous year’s figures have been regrouped and rearranged wherever necessary to make comparable with
those of Current Year.
FOR Ashok Shetty & Co. FOR & ON BEHALF OF THE BOARD
Chartered Accountants
FRN 117134W
CA Ashok R. Shetty R C VISHWAKARMA N C VISHWAKARMA
Proprietor Managing Director Director & CEO
MRN - 102584 DIN:00091492 DIN:00103447
Place : Mumbai M C VISHWAKARMA DHARA P SHAH
Date: May 24, 2025 Wholetime Director & CFO Company Secretary
UDIN: 25102524BMJLOE6073 DIN:00096586 DIN:00096586
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