10. Provisions, Contingent Liabilities and Contingent Assets: - (AS-29)
Provisions are recognized only when there is a present obligation as a result of past events
and when a reliable estimate of the amount of the obligation can be made.
Contingent assets are not recognized in the financial statement since this may result in the
recognition of the income that may never be realized.
General:
Except wherever stated, accounting policies are consistent with the generally accepted
accounting principles and have been consistently applied.
(B) Notes on Financial Statements
1. As informed to us there are no estimated amount of contracts remaining to be executed
on capital amount.
2. The company has not disposed of any Fixed Assets during the year.
3. Income in foreign currency is NIL.
4. Expenditure in foreign currency is NIL.
5. There is no any Amalgamation or Acquisition with Other Company/Firm/Entity by the
company during the financial year.
6. The company has not received any type of Government Grants or Subsidies.
7. The company did not enter into any lease Agreement.
8. The company has not entered into any Joint Venture.
9. Previous year figures have been regrouped / rearranged wherever necessary to correspond
with the current year's classification/ disclosure.
10. No Deferred Tax Assets has been recognized on unabsorbed business losses, considering
the prudence aspect.
11. Some accounting entries have been made in books of accounts by resolution professional
on the basis of Axis Bank Statement, Data available on GST portal and as per explanation
given by SBOD.
12. The SSI status of the creditors is not known to the Company; hence the information is not
given.
13. Trade payables, Loans & Advances and Unsecured Loans have been taken at their book
value subject to confirmation and reconciliation.
14. Information on related party transactions as required by IndAS- 24 'Related Party
Disclosures' for the year ended 31st March, 2025.
15. The company has not recognized differed tax asset for the year for the provision against
the assets
16. Contingent Liabilities and commitments:
"As per the approved resolution plan, the contingent liabilities and commitments, claims
and obligations, stand extinguished and accordingly no outflow of economic benefits is
expected in respect thereof."
17. As per Ind AS - 23 "Borrowing Costs", the borrowing cost has been charged to Profit and
Loss statement. None of the borrowing costs have been capitalized during the year.
18. Corporate Social Responsibility provisions as per Section 135 of Companies Act 2013 are
not applicable to the company.
19. The company has not paid any dividend during the year.
20. Company has no geographical or product-wise segments, therefor segment reporting is
not applicable.
21. Resolution Professional does not have any information and details of previous financial
statements. Figures of FY 2023-24 is obtained from unaudited financial statement. Such
figures have been regrouped wherever necessary to make them comparable with those of
the current year.
22. The Company has not granted any loans to promoters, directors, KMPs and the related
parties either severally or jointly with any other person in the nature of Loans and
Advances during the year.
23. The Hon'ble National Company Law Tribunal, Mumbai ("NCLT") by an order dated 07-
Feb-2024 admitted the Corporate Insolvency Resolution Process (CIRP") application filed
by financial creditors and appointed Mr. Nimai Gautam Shah [IBBI/IPA-001/IP-
P00154/2017-2018/10323] as Interim Resolution Professional. In the first meeting of
Committee of Creditors ("COC"), IRP was appointed as a RP, Same has been confirmed
by adjudicating bench. The Company was acquired under CIRP as a going concern
through a resolution plan which was approved by COC committee, NCLT has also given
approval of the same vide order dated 18-Aug-2025. New management has implemented
resolution plan and is in process of reviving the company and has enough resources and
availability of funds for effective revival of the company.
24. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 are
provided as under to the extent the company has received intimation from the "Suppliers"
regarding their status under the Act.
Dues to Micro and Small Enterprises have been determined to the extent such parties have
been identified on the basis of information collected by the Management. This has been
relied upon by the auditors.
25. No provision for gratuity has been made since the Company has decided to account for
gratuity on Permanent basis.
For M/s. S PARTH & CO
Chartered Accountants
FRN NO: - 154463W
SD/-
CA Parth Shah
Place: Ahmedabad (Proprietor)
Date:13th December 2025 Membership no. : 198530
UDIN: 25198530GBJHAZ7873
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