q) Provisions Contingent liabilities and contingent assets:-
A provision is recognized if, as a result of a past event, the Company has a present legal 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 the best estimate of the
outflow of economic benefits required to settle the obligation at the reporting date. Where no reliable estimate can be made, a disclosure is
made as Contingent Liability.
A disclosure for a Contingent Liability is also made when there is a possible obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Possible obligation that arises from the past events whose existence will be confirmed by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an
outflow of resources will be required to settle the obligation is reported as Contingent Liability. In the rare cases, when a liability cannot be
measures reliable, it is classified as Contingent Liability. The Company does not recognize a Contingent Liability but disclosed its existence in
the standalone financial statements.
26. The previous year's figures have been reworked, regrouped, and reclassified wherever necessary. Amounts and other disclosures for the preceding year
are included as an integral part of the current annual financial statements and are to be read in relation to the amounts and other disclosures relating
to the current financial year.
27. The Company has not revalued its Property, Plant and Equipment for the current year.
28. There has been no Capital work in progress for the current year of the company.
29. There is no Intangible assets under development in the current year.
30. Credit and Debit balances of unsecured loans, Trade Payables, sundry Debtors, loans and Advances are subject to confirmation and therefore the effect
of the same on profit could not be ascertained.
31. Since the company has taken unsecured loan which is given by director of company but for that company has not any agreement in writing.
32. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
33. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
34. No proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act,
1988, as amended, and rules made thereunder.
35. The company has not been declared as willful defaulter by any bank or financial institution or government or government authority.
36. The Company has not advanced or loaned to or invested in funds to any other person(s) or entity(is), including foreign entities (Intermediaries) with
the understanding that the Intermediary shall:
a. directly or indirectly lend to 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
37. The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the understanding (whether
recorded in writing or otherwise) that the Company shall
c. directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(Ultimate Beneficiaries) or
d. Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
38. The company does not have transaction with the struck off under section 248 of companies act, 2013 or section 560 of Companies act 1956.
39. The company is in compliance with the number of layers prescribed under clause (87) of section 2 of company's act read with companies (restriction on
number of layers) Rules, 2017.
40. For the year ended March 31, 2024, the company is not required to transfer any amount (previous year: NIL) to the Investor Education & Protection
Fund.
41. Utilisation of borrowings from Banks and Financial Institutions- Company has not borrowed any funds from banks and financial institutions.
42. There were no whistleblower complaints received during the FY 2023-24.
43. The Company has filed the required Quarterly returns with Bank.
44. The Company has registered all charges or satisfaction with registrar of companies within statutory period.
45. The Company has not entered into any scheme of arrangement which has on accounting impact on current or previous financial year.
46. The Company has used accounting software's for maintaining its books of account during the year ended March 31, 2024, which has a feature of
recording audit trail (edit log) facility, except that the audit trail feature was not enabled in this accounting software throughout the year. However,
subsequent to the year end the Company has enabled the audit trail feature.
47. Related Parties Disclosure: -
The Disclosures of Transaction with the related parties as defined in the related parties as defined in the Accounting Standard are given below:
As per Accounting Standard 18, issued by the Chartered Accountants of India, The Disclosures of Transaction with the related parties as defined in the
related parties as defined in the Accounting Standard are given below:
The company has initiated the process of obtaining the confirmation from suppliers who have registered themselves under the Micro, Small and
Medium Enterprises Development Act, 2006 (MSMED Act, 2006) but has not received the same in totality. The above information is compiled based
on the extent of responses received by the company from its suppliers.
52. Title deeds of immovable Property
Tittle deeds of immovable property has not been held in the name of promoter, director, or relative of promoter/ director or employee of promoters /
director of the company, hence same are held in the name of the company.
53. Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties:-
No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,)
either severally or jointly with any other person.
54. Compliance with approved Scheme(s) of Arrangements
The Company does not have made any arrangements in terms of section 230 to 237 of companies act 2013, and hence there is no deviation to be
disclosed.
55. Utilization of Borrowed funds and share premium:-
As on March 31, 2024 there is no unutilized amount in respect of any issue of securities and long-term borrowings from bank and financial institutions.
The borrowed funds have been utilized for the specific purpose for which the funds were raised.
As per our report on even date attached
For B B Gusani & Associates For REX SEALING AND PACKING INDUSTRIES LIMITED
Chartered Accountants
Bhargav B Gusani Niranjan Nayak Naresh Nayak
Proprietor Whole Time Director & CFO Managing Director
M.No. 120710 DIN: 02606926 DIN: 0 0 347765
F.R.N. : 140785W
Place : Jamnagar Place: Mumbai Aishwarya Kachhawaha
Date : 30-05-2024 Date: 30-05-2024 Company Secretary
UDIN : 24120710BJZWDF3373 M.No.: 51475
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