2.12 Provision, Contingent liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are 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. Contingent Liabilities are not recognized but are disclosed in the Notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
(f) Details of Benami Property held
The Company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made there under.
(g) Borrowings obtained on the basis of security of current assets
The Company has been sanctioned working capital limits from banks on the basis of security of current assets. The quarterly returns / statements filed by the Company with such banks are materially in agreement with the books of accounts.
(h) Wilful Defaulter
The Company has not been declared Wilful Defaulter by any bank or financial institution or any other lender during any of the year reported.
(i) Relationship with Struck off Companies
The Company does not have any transactions with struck off companies during any of the year reported.
(j) Registration of charges or satisfaction with Registrar of Companies (ROC)
The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.
(k) Compliance with number of layers of companies
The Company is in compliance with number of layers of companies in accordance with clause 87 of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
(l) Approved scheme of arrangements
The Company has not entered into any scheme of arrangement approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during any of the year reported.
(m) Utilisation of Borrowed funds and share premium
The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or kind offunds) to any other persons or entities, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:
(i) 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
(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The Company have not received fund from any persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(i) 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
(ii) provide any guarantee, security, or the like on behalf of the ultimate beneficiaries.
(n) Undisclosed Income
The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during any of the year in the tax assessments under the Income Tax Act, 1961.
(o) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in crypto currency or virtual currency during any of the year.
(p) Corporate Social Responsibility (CSR)
The Company does not fall under the provisions of Section 135 of the Companies Act, 2013 and accordingly is not required to spend any amount for CSR.
34 Code on Social Security, 2020
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post- employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The company will assess the impact of the Code when it comes into effect and will record any related impact after the Code becomes effective
35 Statement of Management
(a) The current assets, loans and advances are good and recoverable and are approximately of the values, if realized in the ordinary courses of business unless and to the extent stated otherwise in the Accounts, provision for all known liabilities is adequate and not in excess of amount reasonably necessary. There are no contingent liabilities except those stated in the notes, if any.
(b) Balance Sheet, Statement of Profit and Loss and Cash Flow Statement read together with the schedules to the accounts and notes thereon, are drawn up so as to disclose the information required under the Companies Act, 2013 as well as give a true and fair view of the statement of affairs of the Company as at the end of the year and results of the Company for the year under review.
36 All amounts in Financial Statements are represented in Rupees Lakhs, unless otherwise stated.
37 The previous year’s figures have been regrouped, reworked and reclassified where ever necessary.
FOR G. K. CHOKSI & CO. FOR AND ON BEHALF OF THE BOARD
[Firm Registration No. 101895W]
Chartered Accountants
SD/- SD/- SD/-
ROHIT K. CHOKSI SACHHIN GAJJAER RONAK GAJJAR
Partner Managing Director Whole Time Director & CFO
Mem. No. 031103 DIN No.: 06688019 DIN No.: 07737921
SD/-
RINA KUMARI
Company Secretary
Place : Ahmedabad Date : 04/09/2024
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