1.12 Provisions / Contingencies
(a) Provision involving substantial degree of estimation in measurements is recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.
(b) Contingent Liabilities are shown by way of notes to the Accounts in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable.
(c) A Contingent Asset is not recognized in the Accounts.
1.13 Segment Reporting
A. Business Segments :
Based on the guiding principles given in Accounting Standard 17 (AS - 17) on Segment Reporting issued by ICAI, the Company has only one reportable Business Segment which is engaged in business of manufacturing of Manganese Oxide (MNO), manufacturing of MC Manganese and manufacturing of Wood Charcoal as well as processing of Minerals such as Quartz’s and Manganese ore and other Metals and Minerals in India. Accordingly, the figures appearing in these financial statements relate to the Company's single Business Segment.
B. Geographical Segments
The Company activities / operations are confined to India and as such there is only one geographical segment. Accordingly, the figures appearing
1.14 Foreign Currency Transactions
Foreign exchange transactions are recorded at the rate prevailing on the date of respective transaction. Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date. Non monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of transaction. Exchange differences arising on foreign exchange transactions settled during the year and on restatement as at the balance sheet date are recognized in the statement of profit and loss for the year.
1.15 Balance Confirmations
Balance of Debtors & Creditors & Loans & advances Taken & giving are subject to confirmation and subject to consequential adjustments, if any. Debtors & creditors balance has been shown separately and the advances received and paid from/to the parties is shown as advance from customer and advance to suppliers.
1.16 Regrouping
Previous years figures have been regrouped and reclassified wherever necessary to match with current year grouping and classification.
Notes:
The ratios and changes in ratios cannot be compared as during F.Y. 2022-23 the company has not started its operation, the company entered into transactions during the F.Y. 2023-24.
NOTE 1.19
No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:
a) Crypto Currency or Virtual Currency
b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder
c) Registration of charges or satisfaction with Registrar of Companies
d) Relating to borrowed funds
NOTE 1.20. 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.
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