P. Provisions & Contingencies
A provision arising from claims, litigation, assessment, fines, penalties, etc. is recognized when the Company has
a present obligation (legal or constructive) as a result of a past event and 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. These are reviewed at each balance sheet date and adjusted to reflect current management
estimates. Contingent liabilities are disclosed in respect of possible obligations that have arisen from past events and
the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of the enterprise. When there is a possible obligation or present obligation where
the likelihood of an outflow is remote, no disclosure or provision is made.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. A
contingent asset is disclosed, where an inflow of economic benefits is probable.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party,
the receivable is recognized as an asset, if it is virtually certain that reimbursement will be received and the amount of
the receivable can be measured reliably.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognized as a finance cost.
Q. Income Taxes
Income tax comprises current tax and deferred tax. Income tax expense is recognized in the statement of profit and loss
except to the extent it relates to items directly recognized in equity or in other comprehensive income.
Current Tax
Current tax for the current and prior periods are measured at the amount expected to be recovered from or paid to
the taxation authorities based on the taxable income for the period. The tax rates and tax laws used to compute the
current tax amount are those that are enacted or substantively enacted by the reporting date and applicable for the
period. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to
set off the recognized amounts and where it intends either to settle on a net basis or to realize the asset and liability
simultaneously.
Deferred Tax
Deferred tax is recognized using the balance sheet approach. Deferred tax assets and liabilities are recognized for
deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying
amount in standalone financial statements, except when the deferred tax arises from the initial recognition of goodwill or
an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profits
or loss at the time of the transaction.
Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Deferred tax liabilities are recognized for all taxable temporary differences.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset
is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted
at the reporting date.
*This information as required to be disclosed under Micro and Small Enterprises Development Act, 2006
has been determined to the extent such parties have been identified on the basis of information available
with the company during the year.
47 The Company is engaged in the trading of PET bottles & jars and there is no separate reportable segment
as per the Accounting Standard 17 on 'Segment Reporting' notified in the Companies (Accounting
Standard) Rules, 2006.
48 During the year, Provision for Income Tax has been made on the basis of Income Tax Act, 1961.
49 Disclosure for operating leases under Accounting Standard 19 "Lease". The Company has taken various
residential flats/godowns/office premises (including furniture and fittings, there in as applicable) under
operating lease or leave and license agreements. These are generally not non-cancellable and range
between 11 months and 10 years under leve and license, or longer for other leases and are renewable by
mutual consent on mutually agreeable terms. The Company has given refundable interest free security
deposits in accordance with the agreed terms. No contingent rents are recognized in the P&L Account.
50 Other statutory information
(i) The Company does not have any Benami property, where any proceeding has been initiated or
pending against the Group for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC
beyond the statutory period,
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial
year.
(v) The Company has not been declared wilful defaulter by any bank or financial institution or government
or any government authority.
(vi) 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
(vii) 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 Group
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,
(viii) The Company has 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
(ix) The company do not have any working capital/term loan from Banks or any other financial institutions
during the year.
Explanations given where the change in the ratio is more than 25% as compared to the preceding year.
Note :
a) Due to operating losses incurred during the year.
b) Due to reduction in credit period of sales..
c) Due to better management of working capital for business.
52 Previous Year figures have been regrouped/reclassified, wherever considered necessary to conform to
current year's classification.
For Goel Goyal and Co. For and on behalf of the board of directors
CHARTERED ACCOUNTANT
(FRN No.020934C)
Udit Seth Varun Seth
Chairman & Managing Director Whole Time Director
CA NIKHIL GOEL DIN-00005403 DIN-00017552
Partner
Membership No. 537710
Sanjeev Rikhi Aman Thakran
Place: New Delhi Chief Financial Officer Company Secretary
Dated: 30th May 2025 M.No.66476
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