15 Provisions and Contingent Liabilities
A provision is recognised, when the Company has the present obligation as result of past events and it is probable that an
outflow of resources will be required to settle the obligation in respect of which reliable estimate can be made.
Where no reliable estimate can be made or when there is a possible obligation or present obligations that may, but probably
will not, require an outflow of resources, disclosure is made as contingent liability.
When 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.
16 Onerous Contract
The excess of unavoidable costs of meeting the obligations on onerous contracts over economic benefits expected to be
received is charged to the Statement of Profit and Loss in the year in which the contract become onerous and is recognized
and measured as loss.
1 Financial Instruments: (Indian Rupees in Hundreds)
i Financial Risk Management:
The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and
other payables. The main purpose of these financial liabilities is to finance the Company's operations to support its
operations. The Company's principal financial assets include loans, trade and other receivables, and cash and cash
equivalents that derive directly from its operations.
The Financial Risks in a Business Entity can be classified as Market Risk, Credit Risk and Liquidity Risk. The status
of these Risks at the Company is as brought out hereunder:
a) Market Risk:
Market risk is the risk that the changes in market prices such as foreign exchange rates, interest rates and
equity prices will affect the Company's income or the value of its holdings of financial instruments. The objective
of market risk management is to manage and control market risk exposures within acceptable parameters,
while optimising the return.
i) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The floating rate borrowings are determined based on SBI
base rate which is the minimum rate. Since the company had borrowed only form the Holding company
(TCIL), the effect of increase in interest rates will not impact the group. During the year Company did not
have any floating rate borrowings.
ii) Foreign currency risk
Exposures to currency exchange rates arise from the Company's overseas sales and purchases,
which are primarily denominated in US dollars (USD). The Company has not entered into any hedging
transaction to mitigate the foreign exchange fluctuation risk, the fluctuation risk is controlled by way of
natural hedging.
The carrying amounts of the Company's foreign currency denominated monetary assets and monetary
liabilities at the end of the reporting period are as follows:
b) Credit Risk:
Credit risk arises from the possibility that customers or counterparty to financial instruments may not be
able to meet their obligations. To manage this, the Company periodically assesses the financial reliability of
customers, taking into account the financial condition, current economic trends, analysis of historical bad debts
and ageing of accounts receivable. Credit risks arises from cash and cash equivalents, deposits with banks,
financial institutions and others, as well as credit exposures to customers, including outstanding receivables.
The Company's policy is to place cash and cash equivalents and short term deposits with reputable banks and
financial institutions.
The Company continuously monitors defaults of customers and other counterparties, identified either
individually or by the Company, and incorporates this information into its credit risk controls. The company had
filed legal cases for recoverability of the trade receivables and had created adequate provision for expected
credit loss:
c) Liquidity Risk:
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to Company's reputation.
ii. Fair Values Hierarchy
Financial assets and Financial liabilities measured at fair value in the statement of financial position are categorized
into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs
to the measurement, as follows:
Level 1 - Quoted Prices (unadjusted) in active markets for financial instruments
Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximize the use of observable market data rely as little as possible on entity specific estimates.
Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is included in
level 3.
Valuation Techniques:
The Carrying value of financial assets and liabilities with maturities less than 12 months are considered to be
representative of their fair value.
There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has
not classified any material financial instruments under Level 3 of the fair value hierarchy. There were no transfers
between Level 1 and Level 2 during the year.
iv. Capital Management:
The Company's capital management objectives are:
- to ensure the Company's ability to continue as a going concern
- to provide an adequate return to shareholders
The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as
presented on the face of Balance Sheet.
Management assesses the Company's capital management in order to maintain an efficient overall financing structure
while avoiding excessive leverage. This takes into account the subordination levels of the Company's various classes
of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the
Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares,
or sell assets to reduce debt.
NOTE NO. 29:
The Company is having a system of sending letters to the
vendors & customers for confirming the balance as at the year-
end 31st March. However, the balances of Trade receivables,
Trade payables, loans and advances & Deposits (other than
Telecommunications Consultants India Limited (TCIL)) are
subject to confirmation.
NOTE NO. 30:
(a) No provision is made for BSNL which is a long pending
debtor of Rs. 3,39,505 (previous year Rs. 3,39,505) in
view of the arbitration proceeding completed against
the Purchaser for which the Award was received on
14th January 2005 in favour of the Company but has
since been challenged by the Purchaser in the court.
Further the court remitted back the case to the Arbitrator
for speaking orders which also had been awarded
on 14th November 2014 in favour of the Company
after arguments, cross examinations and written
submissions. The purchaser has again appealed in the
High Court. Now the matter is posted on list of final
hearings of High court.
(b) No provision is made for Rs.13,397 (previous year
Rs.13,397) due from RailTel arbitration case was
appealed against award in Delhi High Court which was
disposed by Delhi high court.
(Indian Rupees in Hundreds)
NOTE NO.31:
After restructuring as per the Sanctioned Scheme of erstwhile
BIFR during 2010-11, the net worth of the Company was
positive during 2010-11. However, during the year 2011-12
the net worth had again eroded. The Company was under
rehabilitation period as per the erstwhile BIFR Sanctioned
Scheme. Lack of executable orders and dull phase of Optical
Fiber Cable (OFC) market from the year 2010-11 onwards is
the reason for the poor performance.
During the year 2012-13 the Company had received order from
BSNL for supply of 3206 KMs of OFC valuing Rs.15,97,011
and successfully executed the order in time and got 50% add¬
on order of 1602 KMs and executed during 2013-14 valuing
Rs.7,98,007. These two were the only major orders executed
during these two years.
Bharat Broadband Network Limited (BBNL), the Special
Purpose Vehicle of the Government, had floated the tender
towards the National Optic Fiber Network (NOFN) project to
connect all the villages by broad band. The date of tender
opening was 08.05.2013. Though the initial projection was
600000 KMs, the tender called for is to cover 404995 KMs
under six packages based on geographical location. For this
huge quantum, BBNL has fixed the delivery time frame of
eight months only including initial two months for preliminary
arrangements. The Company has participated in one package
considering its production capacity to cover the quantum in the
given short delivery period. The Company has received APO
and given acceptance during February, 2014 for 5800 KMs
including accessories. The Value of the APO is Rs.31,90,444.
BBNL has proposed to issue PO in two phases of 50%
each. During April, 2014, BBNL has issued the first 50% PO
for 2900 KMs including accessories valuing Rs.1,595,273.
Delivery period was upto October, 2014. BBNL has issued
the consignee details in full periodically for four months
consignments of 1740 KMs only. For fifth month consignment,
consignee details were provided for only 48 KMs out of 580
KMs. Hence consignee details are not provided for balance
around 1112 KMs. BBNL has extended the delivery schedule
by another six months beyond October, 2014. Hence the
supply of balance around 1112 KMs and second 50% PO for
2900 KMs was anticipated during 2016-17 and 2017-18 for
execution. However, BBNL did not decide on the consignees
and no supply could, therefore, be made thereafter.
The Company had participated in the tender floated by BSNL
for supply of 24,000 KMs of 24F HDPE DS OFC. The technical
bid opened and the company has been technically qualified.
Financial bid opened on 21.5.2015 which was followed by
e-reverse auction but TTL could not compete in the e-reverse
auction.
The company had railway orders worth Rs.10 cr during the
financial year 2016-17 and 2017-18. But due to non-availability
of fiber from Fujikura, Japan, the orders could not be executed.
The requirement of OFC in the country is huge; however the
delay in procurement is due to various procedural matters /
issues in execution of big projects by the Government Clients.
The Company is hoping to get continuous orders since the
OFC market has picked up. The order booking position is
expected to improve as there is huge requirement of OF cable
in the near future due to the impact of 5G.
Therefore, the company and its promoters were taking various
efforts for revival of the company as detailed below:
i. MOU was signed with ITI Limited (PSU) in the presence
of Hon'ble Minister of Communication during the
synergy meeting held on 22th February 2018 at New
Delhi for contract manufacturing.
ii. The proposal of taking over the company/utilizing
capacity by BSNL was discussed with BSNL & TCIL
both under Department of Telecommunication. DOT
discussed in the meeting held on 07.03.2019 with
regard to takeover of TTL by BSNL, it was suggested
by Ministry to BSNL to utilize the capacity of TTL since
BSNL requirement is 100000 km per annum against
TTL capacity of 10000 Km per annum. Follow up action
has been taken up by the company and TCIL.
iii. Diversion of existing skilled employees to Fiber Optic
Splicing, Survey, Optical Laying Supervision and other
telecom related service contracts to maximize the
utilization of existing skilled manpower has been taken
care. Orders for deputation to TCIL were issued to
all the employees of TTL and 60 employees joined in
TCIL on deputation basis till Last Financial Year. Few
employees were posted at TCIL Chennai to attend of
minimum requirement of TTL factory and TTL office
work.
iv. To obtain preferential orders from Tamilnadu State
PSU, for supplying Optical Fiber Cable in Tamilnadu.
Management has been continuously pursuing and
approaching the concerned secretaries and ministers of
Government of Tamilnadu.
v. To obtain Turnkey contracts with the help of TCIL on
nomination basis from DOT / PSUs / Tamilnadu Govt.
and execute the orders so that excess skilled manpower
will be utilized.
vi. TCIL management has been taking efforts to revive
TTL through various correspondence and meeting
with Ministers of Government of Tamilnadu and TIDCO
CMD.
vii. Department of Telecom has also been pursuing the
matter and required data has been shared. EoI was
floated in the year 2021 for engaging Consultant to
explore various revenue generation options. Consultant
was appointed for monetization of factory and factory
premises. Based on the consultant report RFP was
floated on 29/12/2021 was floated through company
website and newspaper advertisement for “Grant of
Lease of the Manufacturing Facilities and Premises of
TTL”. The proposal was taken to the approval of Board
in their 176 Board meeting dt.20th May 2022 and in
the AGM on September 2022. The selected party did
not come for signing the agreement and tender was
cancelled. RFP was floated again on 02.01.2023.
Single party quoted. LoA was issued by TTL. After
the receipt of LoA, the party withdrew from the tender
process.
Again RFP (No. TTL/RFP/22-23/CHENNAI/02 dated
15.03.2023) was published on 16.03.2023 in the
websites of TCIL (www.tcil.net.in) and TTL (www.ttlofc.
in) for grant of lease of manufacturing facilities and
premises of TTL Factory at Maraimalainagar, near
Chennai, Tamilnadu. It was also advertised in the leading
newspapers All India English edition and Chennai Tamil
edition. Single quote was received for Grant of Lease
of the Manufacturing Facilities and Premises of TTL
located in Maraimalai Nagar, near Chennai, Tamilnadu,
on lease cum revenue sharing model basis. The bid
has been accepted. With the approval from competent
authority Letter of Award has been issued to the party
on 24.05.2023. Electricity connection has been restored
on 12.04.2024. After signing of Lease cum revenue
sharing agreement, TIDCO vide its letter Dt. 10.10.2023
informed TTL to refrain from proceeding further with the
proposal of leasing and not to execute / register the
lease. The Lessee did not take over the factory. The
lease has been cancelled. Company is exploring other
possible avenues to generate revenue.
Present status of Revival of TTL
a) As a first step, electricity connection has been restored
in the factory on 12th April 2024.
b) Business partners are being explored for fresh
investment in the company for revival of the factory and
in the new areas of business.
c) Promoter TCIL has initiated the proposal of sale of
entire stake of TCIL in TTL through DIPAM as per
the revised procedure for strategic disinvestment in
CPSEs. DIPAM has given the In-principal approval
and the same has been communicated to Department
of Telecom, Ministry of Communication. Tenders for
Transaction Adviser and Legal adviser were floated by
TCIL and were uploaded in websites of TCIL & TTL in
April-25. This strategic disinvestment will pave the way
for revival of the company by the prospective buyers.
Considering the scope during the immediate future, the
accounts have been prepared on going concern basis.
NOTE NO.32: LAND
a) The Company is currently in possession of 2.42 acres
of land acquired from CMDA. In respect of the said land
Memorandum of Lease cum Sale Agreement has been
entered and on completion of payment, the Company
has executed Sale Deed and the same in original was
surrendered to SBI, which is yet to be returned by SBI
for which due clearances were received from all the
banks of the consortium. The Company is following up
with SBI, in this regard.
b) The Company is also in possession of 7.36 acres of
free hold land of the Tamilnadu State Government. The
cost of land determined by the Government in 2010 was
paid by the Company. Land delivery receipt was issued
to the Company by the Government. In the case of TN
Government land, it is to be utilized for the purpose for
which it is allotted.
NOTE NO.33: Actuarial Valuation
As per Indian Accounting Standard 19 “Employee Benefits”,
the disclosures of Employee benefits are given below:
A. Defined contribution Plan (Indian Rupees in Hundreds):
Contribution to Defined Contribution Plan, recognized
as expense for the year are as under.
Upto the year 2008-09 the Company has set up separate
Trust for Provident Fund and has been contributing towards
the same. In view of the fact that the Company is industrially
sick as declared by erstwhile BIFR and its net worth has fully
eroded, the Provident Fund Commissioner-I has withdrawn
with effect from 01.04.2009 the relaxation order issued under
Para 79 of the Employees' Provident Fund Scheme 1952, with
a direction to remit the whole cash balance to Employees'
Provident Fund (EPF) Account No.1 and the balance available
in Special Deposit Account to Central Board of Trustees,
Employees' Provident Fund. During the year the Company has
followed the directions of the Provident Fund Commissioner-I
and remitted the monthly contributions to the concerned
Regional Provident Fund Commissioner.
B. Defined Benefit Plan (All Figures in Rs. hundreds)
Gratuity (Un Funded)
The Company provides for gratuity, a defined benefit retirement
plan (the “Gratuity Plan”) covering eligible employees.
The Gratuity Plan provides a lump sum payment to vested
employees at retirement, death, incapacitation or termination
of employment, of an amount based on the respective
employee's salary and the tenure of employment. Vesting
occurs upon completion of five years of service. Liabilities
with regard to the Gratuity Plan are determined by actuarial
valuation as of the balance sheet date. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method.
C Leave encashment (All Figures in Rs. in Hundreds)
The employees of the Company are entitled to compensate
absence. The employees can carry forward a portion of the
unutilized accrued compensated absence and utilize it in
future periods or receive cash compensation at retirement
or termination of employment for the unutilized accrued
compensated absence for a maximum of 240 days. The
Company records an obligation for compensated absences
in the period in which the employee renders the services
that increase this entitlement. The Company measures the
expected cost of compensated absence as the additional
amount that the Company expects to pay as a result of the
unused entitlement that has accumulated at the balance sheet
date based on actuarial valuations.
NOTE NO.34:
a. Current Tax: No provision for income tax is made in view
of the current year loss and the accumulated losses of
previous years available for set off.
b. Deferred tax: During the year, the Company has not
accounted/taken the credit/charge for the deferred tax
assets/liabilities. The excess of timing difference over
the deferred tax liability has been ignored for want of
reasonable certainty of the company making taxable
income in the near future. Similarly, for the same
reason, certain other provisions made in the earlier
years have been ignored for creation of deferred tax
asset. The accumulated losses and carried forward
depreciation under the tax laws have been ignored for
creating the deferred tax asset considering that there is
no reasonable certainty of the company making taxable
income in the future. The treatment noted above is
in accordance with the Indian Accounting Standard
12 “Taxes on Income/ Income Taxes” notified under
Section 133 of the companies Act, 2013.
NOTE NO.35:
Work-in-Progress under Inventories as on 31.03.2025 includes
realizable scrap comprising short length cables, quality
defects cables, excess production cables for operational
reasons, type approval cables and disputed returned cables.
The above items are saleable with further processing and
re-testing to the same or other customers. Due provision is
made in respect of non-moving/ slow moving WIP inventories
wherever necessary.
NOTE NO.36:
a. The Componentization of Fixed Assets have already
been done at the time of capitalization of Fixed Assets.
Further Componentization of Fixed Assets, at present is
not technically felt appropriate by the Company.
b. As stipulated in Ind AS - 36, the company is of the
view that assets employed in continuing business are
capable of generating adequate returns over their
useful life in the usual course of business. There is no
indication to the company of impairment of any asset
and accordingly the Management is of the view that no
impairment provision is called for during the year.
NOTE NO.37:
The Company is having only one segment namely
“manufacturing of cables” and there are no other business
segments to be disclosed.
NOTE NO.38:
Contingent Liabilities (Indian Rupees in Hundreds)
(a) Claims against the company not acknowledged as
debt:
(i) Commercial Tax Department had demanded a
sum of Rs.1,86,088 as Additional Sales Tax in
respect of Financial Year 2000-2001 and 2001¬
2002 (up to November 2001). The company
has obtained a Stay from Madras High Court
against the collection of above demand by
depositing a sum of Rs.75,000 with Commercial
Tax Department as directed by the High Court
while granting the stay (Refer Note No. 7). As
the demand is disputed, the same is not provided
for in the accounts. The case came up for hearing
during November, 2011and directions were
issued to post the case along with the writ appeal
before the Bench in another similar case where
the judgment is in favour of the assessee. The
writ petitions were heard by High Court, Madras,
on 02-09-2015 and on 09-09-2015. On hearing
the argument single Judge of High court Madras
reserved the judgement. Orders are still not given
by the Court.
(ii) The Sales Tax department has demanded a sum
of Rs. 22,950 during the financial year 2006¬
07 for non-submission of “C” Forms from BSNL
/ MTNL pertaining to AY 2001-02, 2002-03 and
2003-04. The Government has exempted “C”
forms in respect of inter-state sales to BSNL /
MTNL. The company has represented to the
Department and also referred the matter to BSNL
/ MTNL. Next hearing date is not yet fixed.
(iii) The Customs Authority has demanded an amount
of Rs. 102,067 towards difference in classification
of Optical Fibre during the year 2006-07. However,
the order of the Commissioner of Customs has
come in favour of the Company during the year
2009-10 dropping the proceedings. Department
has gone for appeal against the order. The
company has filed the Counter. The Tribunal
vide its Final Order dated 19/12/2017 remanded
the matter back to the Commissioner for fresh
decision after the outcome of the case pending in
Supreme Court on the issue of jurisdiction of DRI
to issue the notice. As such, the issue has to be
argued and decided afresh.
(iv) Total penalty amounting to Rs. 47,766 is levied
by BSE and NSE stock exchanges pursuant to
noncompliance with SEBI (Listing Obligations
and Disclosure Requirements) during the year
2018-19 and Rs. 38,373 during the year 2019-20.
The company has made written representation to
the stock exchanges for waiver of this penalties.
b. Guarantees (Indian Rupees in Hundreds)
Guarantees extended by TCIL (the Holding Company)
on behalf of the Company against performance
obligation and EMD bank guarantee in the name of
BSNL for an amount of Rs.3,88,000 as on 31.03.2025
(previous year Rs.3,88,000).
NOTE NO.39: (Indian Rupees in Hundreds)
The Sales Tax department has demanded a sum of Rs.
45,835/- during the financial year 2018-19 pertaining to the
years 2011-12 to 2015-16 for Tax on non-submission of C
forms Rs. 14,354/-, ITC Reversal for CST sales without C
forms Rs. 27,793/-, Tax on cross verification of buyer and
seller Rs.3,430/- and TN vat 14.50% on disposal of movable
assets Rs. 257/-. Provision for the same has been made in
the books of accounts.
NOTE NO.40:
Commitments
(a) Estimated amount of Contracts remaining to be
executed on Capital Account and not provided for
during the year is Rs. ‘Nil' (previous year Rs. ‘Nil').
(b) Uncalled liability on shares and other investments which
are partly paid up during the year is Rs.'Nil' (previous
year Rs.'Nil').
NOTE NO.41:
The Company has no long term operating lease. No financial
lease has been availed during the year.
(Indian Rupees in Hundreds)
NOTE NO.42:
A writ petition has been filed by the Company in Madras High
Court during the year 2008 against BSNL for reducing the
awarded rate during the scheduled delivery period, in one of
their orders without giving effect to BSNL's amendment to the
‘Fall clause' applicable from 01.08.2005. BSNL has rejected
and returned the differential claim invoice of the company
for Rs.1,39,913. The case was disposed off by Madras High
Court rejecting our claim.
NOTE NO.44:
(i) A civil suit has been filed by the company in Delhi High
court on 31.03.2011 to stay the Advance Purchase
Order issued by BSNL, HQ for supply of 42000 KMs of
OFC. This is in addition to the purchase order issued
during January, 2011 for supply of 18000 KMs. The
order for OFC supply is with Nylon 12 jacketing and
subsequently BSNL has changed the specification
with HDPE Double sheathing. During the year 2011-12
BSNL has floated tender for 42000 KMs with the new
specification. Initially the case was filed in Delhi High
Court against the APO. Now the matter is transferred
from Delhi High court to District court (Patiala House)
for deciding the APO. BSNL issued show cause notice
for encashing the EMD BG of Rs.1.12 crs. TTL filed a
stay order. Arguments were heard on 13.05.2025 the
Application (filed by BSNL) for framing of additional
issues and Order was reserved. The Order is yet to be
uploaded; however, the Court was inclined to dismiss
BSNL's Application and putting up the matter for final
arguments.
(ii) Limitation issue was dismissed by the High Court. BSNL
sent a notice to bank for encashment of performance
bank guarantee for Rs.2.76 crs. The PBG was given to
BSNL by the promotor TCIL on behalf of the company.
TTL took the last and final chance and filled SLP(2) at the
Hon'ble Supreme court against the order 06.11.2024.
The Hon'ble Supreme Court didn't allow SLP. The PBG
amount of Rs. 2.76 crs was settled by promotor TCIL
on behalf of the company (by providing working capital
loan to TTL) through Indian Overseas Bank to BSNL on
23.04.2025 against the encashment notice.
NOTE NO.45:
The Company has not received information from vendors
regarding their status under the Micro, Small and Medium
51.1 Details of Immovable Property not held in name of
company:
The Company does not have any Immovable property
not held in the name of the Company. However,
Immovable property of 7.36 acres situated at
maraimalai nagar, has been allotted to the company
by the Government of Tamilnadu, during the financial
year 2010-11 by issuing a land delivery receipt note
which constitutes as property held in the name of the
Company.
51.2 Investment Property:
The company does not have any Investment property
as on 31.03.2025.
51.3 Revaluation of Property, Plant & Equipment
The company has not revalued its Property Plant &
Equipment during the current year.
51.4 Revaluation of Intangible Assets
The company does not have any Intangible assets as
on 31.03.2025.
51.5 Loans Granted to Related Parties
The Company has not granted any loans to related
parties as on 31.03.2025.
51.7 Intangible Assets Under Development
There are no Intangible assets under development
during the year.
51.8 Benami Property
The Company does not have any Benami property,
where any proceeding has been initiated or pending
against the Company for holding any Benami property.
51.9 Secured loans
The Company has not availed any borrowings on
security of current assets from banks or financial
institution as on 31.03.2025.
51.10 Willful Defaulter
The company is not a declared wilful defaulter by any
bank or financial institution or other lender.
51.11 Relationship with Struck off Companies:
The Company do not have any transaction with the
Struck off Companies.
51.12 Registration of Charges:
The MCA portal shows that the following loan for the
creation of charges availed in the earlier years, for which
the company is yet to file the satisfaction of charges as
on 31.03.2025. There are no outstanding balances in
respect of the loans mentioned below in the books of
accounts as on 31.03.2025.
51.6 Capital Work in Progress
a) Capital Work in Progress
There are no amounts in CWIP as on 31.03.2025.
b) Capital work in progress Completion
Schedule
There are no capital-work-in progress, whose
completion are overdue or has exceeded its cost
compared to its original plan.
51.13 Compliance with Number of Layers of Companies
Since the company does not have layers of holding
beyond prescribed limit, the disclosure of number of
layers prescribed under clause (87) of section 2 of the
Companies Act, 2013 read with Companies (Restriction
on number of Layers) Rules,) 2017 is not applicable.
51.15 Compliance with approved schemes of Arrangements:
The company has no approved scheme of arrangements as on 31-03-2025 by the Competent Authority in terms of sections
230 to 237 of the Companies Act, 2013.
51.16 Utilization of Borrowed funds and share premium:
a) The company has not advanced or loaned or invested funds to any other persons or entities with the understanding 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.
b) The company has not received funds from 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.
52 Undisclosed Income:
The company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of accounts
in the tax assessments under the Income Tax Act, 1961 (43 of 1961) as income during the year and in previous year.
53 Details of Crypto Currency or Virtual Currency:
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
54 Previous year figures have been regrouped and reclassified wherever required.
As per our report of even date attached
Sundaram & Srinivasan For and on behalf of Board of Directors
Chartered Accountants
Firm Regn No. 004207S
-Sd/- -Sd/- -Sd/-
P.Menakshi Sundaram J. Ramesh Kannan D.Porpathasekaran
Partner Managing Director & CFO Chairman
Membership No. 217914
-Sd/-
Place : Chennai Swapnil Gupta
Date : 28th May 2025 Company Secretary
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