M. Provisions, Contingent Liabilities And Contingent Assets
? Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if the Company has a present obligation as a result of a past event, a probable outflow of resources is expected to settle the obligation and the amount of the obligation can be reliably estimated.
? Reimbursement expected in respect of the expenditure required to settle a provision is recognized only when it is virtually certain that the reimbursement will be received.
? Contingent liability is stated in the case of a present obligation arising from a past event, when it is not Probable that an outflow of resources will be required to settle the obligation, a possible obligation, unless the probability of outflow of resources is remote.
? Contingent assets are neither recognized, nor disclosed.
? Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.
N. Cash Flow Statement
The statement of cash flow has been prepared under the indirect method as set out in Accounting Standard - 3 issued under the Companies (Accounting Standard) Rules, 2006.
For and on behalf of the Board As per our audit report of even date
For Rex Pipes and Cables Industries Limited For Happy Kedawat and Company
Chartered Accountants FRN: 030525C
Sd/- Sd/- Sd/-
Sharwan Kumar Kaler Rajendra Kaler CA Happy Kedawat
Managing Director Whole Time Director Proprietor
DIN 01050715 DIN 08032024 M. No. 401746
Sd/- Sd/-
Date: 20-05-2024 K L Sharma Monika Bohara
Place: Sikar Chief Finance Officer Company Secretary
UDIN:- 24401746BKGPWM9137 M No. 60048
IV In the absence of confirmation from the parties and pending reconciliation, the debit and credit balances with regard to recoverable and payables have been taken as reflected in the books of accounts of company at the period-end. In the opinion of the Directors, Loans & Advances and Current Assets, if realized in the ordinary course of business, have the value at which they are stated in the Balance Sheet.
V As required under the accounting standard of statement of employees (AS 15) issued by Institute of Chartered Accountants of India, the company has not provided liability towards gratuity, since, as informed to me by the management, payment of gratuity is not applicable to the Company. Encashment of leave accumulated while in service is at the option of the employee and accounted for, as and when claimed, and hence not provided for.
VI As required under the accounting standard of Provisions, Contingent Liability & Contingent Asset (AS 29) issued by Institute of Chartered Accountants of India. The detail as per below.
XII The Company has not received any Registration Certificate From Any Vendor as to whether it is Registered under the Sec 22 of Micro, Small & Medium Enterprises Development Act, 2006.
XIII The Company is a small and medium sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 2013. Accordingly, the Company has complied with the Accounting Standards as applicable to a SMC.
XVI Wilful Defaulter:- The Company is not categorized as Wilful Defaulter by the any Bank or Financial Institution or Other Lenders.
XVII Relationship with Struck off Companies:- The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956.
XVIII The Company was earlier known as Kaler Electricals Private Limited, however its name was changed to Rex Pipes & Cables Industries Private Limited, vide fresh certificate of incorporation issued by the Registrar of Companies, Rajasthan, Jaipur dated 19th January, 2018. The Company was thereafter converted into a Public Limited Company vide fresh certificate of incorporation issued by the Registrar of Companies, Rajasthan, Jaipur dated 1st February, 2018 and since then is named as Rex Pipes & Cables Industries Limited.
XIX The Previous year figures have been regrouped/rearranged wherever necessary.
XX Impact of COVID-19 Pandemic: In assessing the recoverability if loans, receivables & other advances, stocks, investments and other tangible assets, the company has considered internal & external sources of information, including industry reports upto the date of approval of these financial statements and based on the current indicators of future economic conditions, the company expects to recover the carrying amounts of these assets. The eventual outcome of the impact of the pandemic may though be different from what has been estimated as on date of approval of the accounts.
XXI The company has prepared these financial statements as per format prescribed by
Schedule-III to the Companies Act, 2013 ('the schedule') issued by Ministry of Corporate Affairs. Previous year figures have been recast\restated to conform to the classification required by Schedule III & make then comparable with current Period.
For and on behalf of As per our report of
Board of Directors even date attached for
FOR REX PIPES AND CABLES INDUSTRIES LIMITED FOR HAPPY KEDAWAT AND COMPANY
CHARTERED ACCOUNTANTS
Sd/- Sd/-
(SHARWAN KUMAR KALER) (RAJENDRA KALER) Sd/-
Managing Director Whole Time Director (Ca HAPPY KEDWAT)
DIN: 01050715 DIN: 08032024 PROPRIETOR
M.No.401746
Sd/- Sd/- FRN-030525C
(K L SHARMA) (MONIKA BOHARA)
Chief Finance Officer Company Secretary
Mem. No. 60048
Place: Sikar Dated: 20-05-2024
UDIN:- 24401746BKGPWM9137
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