p) Provisions and contingent liabilities
A provision is recognised if, as a result of a past event, the Company has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future obligation at pre-tax rate that reflects current market
assessments of the time value of money risks specific to liability. They are not discounted
where they are assessed as current in nature. Provisions are not made for future operating
losses.
Contingent liabilities are disclosed when there is a possible obligation arising 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 with in the control of the Company or a
present obligation that arises from past events where it is either not probable that an outflow of
resources will be required to settle or reliable estimate of the amount cannot be made.
Contingent assets are not recognised in the financial statements but disclosed, where an inflow
of economic benefit is probable.
Commitments are items that are not reported as liabilities as on reporting date. Capital
commitments are disclosed when there is a projected capital expenditure to spend on long¬
term assets over a period of time. Other commitments are disclosed when there is an
undertaking to fulfil quantified exports in future years.
Provisions, contingent liabilities and contingent assets and commitments are reviewed at the
end of each reporting date.
q) Accounting for Taxes on Income
Tax Expense comprise current and deferred tax. Provision for current tax is made in
accordance with the provisions of Income Tax Act,1961. Deferred Tax resulting from timing
differences between taxable income and accounting income that originate in one period and
are capable of reversal in one or more subsequent periods is accounted for using the tax rates
and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax
assets are recognized only to the extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets can be realized.
However, deferred tax assets arising on account of brought forward losses and unabsorbed
depreciation are recognized only when there is virtual certainty by convincing evidence that
sufficient future taxable income will be available against which such deferred tax can be
realized.
r) In respect of the trade creditors/ payables, on the basis of the information /details provided by
them about their statues under the MsME Development Act, 2006 (in Short MSmEd Act) and
in view of the terms of contracts, there is no amount which is required to be disallowed u/s
43B(h) of the Income Tax Act, 1961. However, the amount of interest, if any, payable u/s 22
of MSMED Act has neither claimed by any party nor has been paid nor any provisions for the
same has been made in the books of account.
s) Use of estimates and judgments
he preparation of the financial statements in conformity with Ind AS requires management to
make estimates, judgments and assumptions. These estimates, judgments and assumptions
affect the application of accounting policies and the reported amounts of assets and liabilities,
the disclosures of contingent assets and liabilities at the date of the financial statements and
reported amounts of revenues and expenses during the period. Accounting estimates could
change from period to period. Actual results could differ from those estimates. Appropriate
changes in estimates are made as management becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates are reflected in the financial statements state
in the period in which changes are made. Differences between actual results and estimates are
recognised in the period in which the results are known/ materialized
t) Accounting policies not specifically referred to are consistant with generally accepted
accounting practices
28 Segment Reporting:
The company's business predominantly comprises of only one segment i.e. manufacturing and trading of hosiery yarns/ cloth, therefore
there is no separate reportable segment as required by IND AS-108 on segment reporting.
29 Balances of various parties are subject to confirmation. However, in the opinion of the Board of Directors, all the Current Assets, Loans
& Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated, except
as expressly stated otherwise.
30 As a matter of prudence, deferred tax liability amounting to Rs. 0.96 Lacs (Previous year assets Rs. 2.92 Lacs) on account of
timing difference in depreciation has not been recognised in accounts.
31 The Company has given a bank guarantee to GLADA with it's application for issue of Certificate of Registration as promoter for
engaging in development of real estate.
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2025
32 Employee Benefits
i) The summarized position of Post-employment benefits and long term employee benefits recognized in the profit & Loss
account and Balance Sheet as required in accordance with Accounting Stabdard - 15 (Revised) are as under :-
(a) Changes in the present value of the abligation :
34 Undisclosed Income
During the year, the Company has not surrendered or disclosed as income any amount in
the tax assessments under the Income Tax Act, 1961.
35 Details of Crypto currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during
the financial year.
36 Additional Regulatory Information as per Schedule III of Companies
Act,2013: -
i) The company has no such immovable properties whose title deeds are not held in the
name of the company and no such immovable property is jointly held with others.
ii) The Company has not revalued its Property, Plant & Equipment during the year.
iii) The company has not granted any loan or advances to promoters, Directors, KMPs and
the related parties (as defined under Companies Act, 2013,) either severally or jointly with
any other person.
iv) There is no capital work in progress and intangible assets under development.
Hence, ageing is not applicable
v) No proceedings have 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.
vi) The company has no borrowings from banks on the basis of security of current assets.
vii) The Company is not declared as wilful defaulter by any bank or financial Institution
or other lender.
viii) The Company has no transactions with companies that are struck off under section
248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
ix) There are no charges or satisfaction of charges yet to be registered with ROC beyond
the statutory time period.
x) The Company has no subsidiary as prescribed under clause (87) of section 2 of the Act
and have no layers of subsidiaries as per the Companies (Restriction on number of
Layers) Rules, 2017.
AUDITORS' REPORT
In terms of our Report of even date.
FOR SUBASH VIPAN & CO. for and on behalf of the Board of
CHARTERED ACCOUNTANTS OSWAL YARNS LIMITED
(SUBHASH JAIN) (TEJ PAUL OSWAL) (BHARATT OSWALL)
PARTNER (MANAGING DIRECTOR) (WHOLE TIME DIRECTOR)
Membership No. : 085224 DIN : 00781144 DIN : 00469332
Firm Reg. No.: 012898N
UDINO.: 25085224BMNYDQ1230 (BANSI LAL BHAT) (AARTI SHARMA)
PLACE : LUDHIANA CHIEF FINANCIAL COMPANY SECRETARY
DATED : 29.05.2024 OFFICER
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