P PROVISION AND CONTINGENT LIABILITIES
Provisions: Provisions are recognised when there is a present obligation as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of
the expenditure required to settle the present obligation at the Balance sheet date and are not discounted to its
present value.
Contingent Liabilities: Contingent liabilities are disclosed when there is a possible obligation arising from past
events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more
uncertain future events not wholly within the control of the company or a present obligation that arises from
past events where it is either not probable that an outflow of resources will be required to settle or a reliable
estimate of the amount cannot be made.
Q CASH AND CASH EQUIVALENTS
In the Cash Flow Statement, cash and cash equivalents includes cash on hand, demand and short term
deposits with banks, other short-term highly liquid investments with original maturities of three months or less.
R FINANCIAL ASSETS AT AMORTISED COST
Financial assets are subsequently measured at amortised cost if these financial assets are held within a
business whose objective is to hold these assets in order to collect contractual cash flows and contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
S FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Financial assets are measured at fair value through other comprehensive income if these financial assets are
held within a business whose objective is achieved by both collecting contractual cash flows and selling
financial assets and a contractual terms of the financial assets give rise on the specified dates to cash flows
that are solely payment of the principal and interest on the principal amount outstanding.
T FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at
fair value through other comprehensive income on initial recognition. The transaction costs directly
attributable to the acquisition of assets and liabilities at fair value through profit and loss are immediately
recognised in the statement of profit and loss.
U FINANCIAL LIABILITIES
Long Term Financial liabilities are measured at amortised cost using the effective interest method.
V EQUITY INSTRUMENTS
An equity instrument is a contract that evidences residual interest in the assets of the company after deducting
all of its liabilities. The Company recognises equity instruments at proceeds received net off direct issue cost.
W RECLASSIFICATION OF FINANCIAL ASSETS
The Company determines classification of the financial assets and liabilities on initial recognitions. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial
liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change
in the business model for managing those assets. Changes to the business model are expected to be
infrequent. The Company's senior management determines change in the business model as a result of
external or internal changes which are significant to the company's operations. Such changes are evident to
external parties. A change in the business model occurs when a company either begins or ceases to perform
an activity that is significant to its operations. If the Company reclassifies financial assets, it applies the
reclassification prospectively from the reclassification date which is the first day of the immediately next
reporting year following the change in business model. The Company does not restate any previously
recognized gains, losses (including impairment gains and losses) or interest.
X OFFSETTING OF FINANCIAL INSTRUMENTS
Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet if there is
currently enforceable legal right to offset the recognized amounts and there is on intention to settle on a net
basis, to realize the assets and settle the liabilities simultaneously.
5.1 The company had entered into a Memorandum of Understanding (MOU) with Dizziland Farms Pvt Ltd on 31st January 2024 for the construction
of a project named "Solitaire." However, the aforementioned MOU was cancelled for operational reasons, effective from 15th October 2024. The
full amount of advances provided by the company under the MOU has been recovered.
5.2. On 30 January 2018, Techindia Nirman Limited entered into a Joint Venture Agreement with Cosmos Builders for the development of property
located in Thane. On the same date, Cosmos Prime Projects Limited issued an Allotment Letter to Techindia Nirman Limited, confirming the
allotment of a shop situated in Andheri. The Resolution Professional, in the discharge of duties under the Insolvency and Bankruptcy Code, 2016,
is not mandated to and does not express any opinion, assurance, or representation regarding the recoverability, realizability, or enforceability of
any advances, deposits, or other sums paid in relation to the aforementioned transactions.
5.3 The company had entered into a Memorandum of Understanding (MOU) with Nath Bio-technologies Limited, a related company, for the setup of
the laboratory and research & development station. The contract value is Rs. 27,50,00,000 against which the company has paid advances
aggregating to Rs. 11,74,61,874. The recoverability of these advances is currently under review and assessment as part of the CIRP process.
24 Fair Value Measurement
The management assessed that the fair values of short term financial assets and liabilities significantly approximate their carrying
amounts largely due to the short term maturities of these instruments. The fair value of financial assets and liabilities is included at the
amount at which the instrument could be exchanged in a current transaction among willing parties, other than in a forced or liquidation
sale.
The Company determines fair values of financial assets and financial liabilities by discounting contractual cash inflows/ outflows using
prevailing interest rates of financial instruments with similar terns. The fair value of investment is determined using quoted net assets
value from the fund. Further, the subsequent measurement of all financial assets and liabilities (other than investment in mutual funds)
is at amortized cost, using the effective interest method.
Discount rates used in determining fair value
The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental borrowing rate of the
borrower which in case of financial liabilities is the weighted average cost of borrowing of the Company and in case of financial assets
is the average market rate of similar credits rated instrument.
The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data
available. In addition, the Company internally reviews valuation, including independent price validation for certain instruments.
Fair value hierarchy
All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy described as
follows, based on the lowest level input that is significant to the fair value measurement as a whole.
Level -1
Quoted (unadjusted) price is active market for identical assets or liabilities
Level 2:
Valuation technique for which the lowest level input that has a significant effect on the fair value measurement are observed, either
directly or indirectly.
Level 3
Valuation technique for which the lowest level input has a significant effect on the fair value measurement is not based on observation
market data.
25 Financial Instruments and Risk Review
i) Capital Management
The Company's capital management objectives are:-
The Board policy is to maintain a strong capital base so as to maintain inventor, creditors and market confidence and to future
development of the business. The Board of Directors monitors return on capital employed.
The Company manages capital risk by maintaining sound/optimal capital structure through monitoring of financial ratios, such as debt-
to-equity ratio and net borrowings-to-equity ratio on a monthly basis and implements capital structure improvement plan when
necessary.
The Company uses debt ratio as a capital management index and calculates the ratio as Net debt divided by total equity. Net debt and
total equity are based on the amounts stated in the financial statements.
ii) Credit Risk
Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to contractual terms or
obligations. Credit risk encompasses both, the direct risk of default and the risk of deterioration of credit worthiness as well as
concentration of risks. Credit risk is controlled by analysing credit limit and creditworthiness of customers on a continuous basis to
whom the credit has been granted offer necessary approvals for credit.
Financial instruments that are subject to concentration of credit risk principally consists of trade receivable investments, derivative
financial instruments and other financial assets. None of the financial instruments of the Company results in material concentration of
credit risk
Trade receivables
Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each date of financial
statement whether a financial asset or group of financial assets is impaired. The Company recognizes lifetime expected losses for all
contract assets and / or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected
credit losses are measured at an amount equal to 12 months expected credit losses or at an amount equal to the life time expected
credit losses, if the credit risk on the financial asset has increased significantly since initial recognition.
Before accenting any new customer, the Company uses an external/internal credit scoring system to asses potential customer's credit
quality and defines credit limits by customer. Limits and scoring attributed to customer are reviewed periodic basis
iii) Liquidity Risk
a) Liquidity risk management
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to
maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by
maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual
cash flows, and by matching the maturity profiles of financial assets and liabilities.
b) Maturities of financial liabilities
The following tables detail the remaining contractual maturities for its financial liabilities with agreed repayment period. The amount
disclosed in the tables have been drawn up based on the undiscounted cash flow of financial liabilities based on the earliest date on
which the Company can be required to pay. The table includes both interest and principal cash flows.
iv) Market Risk
Market risk is risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the market
prices. Such changes in the value of financial instruments may result from changes in the foreign currency exchange rate, interest
rate, credit, liquidity and other market changes.
28 Agritech India Limited has approached before the National Compnany Law Tribunal (NCLT) judicature at Mumbai for recovery of their dues. The NCLT has accepted
the petition filed by Agritech India Limited and vide its order no CP(IB)/787 (MB)/2024 dated 2nd January 2025 and has appointed Interim Resolution Professional (now
Resolution Professional) with whom now management of the company is vested.
29 In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of the business.
30 The accounts including detailed transactions ofTrade Payable, Unsecured Loans, Loans and Advances (including advances to Real Estate DevelopmentContractors),
bank balances are subject to confirmations and reconciliations. The difference as may be noticed on reconciliation will be accounted for on completion thereof. In the
opinion of the management, the ultimate difference will not be material.
31 In view of huge carried forward unabsorbed depreciation, the management has, as the matter of prudence, not recognized deferred tax assets during the year.
32 The Securities and Exchange Board of India (SEBI) has imposed a penalty on the company, its promoters, and employees, including ex-employees, for discrepancies
in the disclosure ofcertain data. The entire penalty amount, including that levied on the promoters and employees (including ex-employees), is borne by the company,
as the error was attributable to the company and we are of the opinion that the promoters, employees, and ex-employees were not responsible for the mismatch.
39 The Company has prepared the Financial Statements to comply in all material respects, in accordance with the applicability of Indian Accounting
Standards.
40 The Company does not have any investment property, hence related disclosure is not required.
41 Details of Benami Property held - 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 thereunder.
42 The Company has not made any borrowings from banks on the basis of security of current assets.
43 Wilful Defaulter - The company is not declared wilful defaulter by any bank or financial Institution or other lender during the year.
44 Relationship with Struck off Companies - During the year, the company has not carried out any transactions with companies struck off under
section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
45 Various Ratios - The details of various ratios along with the explanations are as under:
46 Utilisation of Borrowed funds and share premium: The company has not advanced or loaned or invested funds (either borrowed funds or share
premium or any other sources or kind of funds) to any other person(s) or entity(ies), 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.
47 Undisclosed income - There is no case of search or survey of any other cases related to income surrendered or disclosed in any tax assessments
under the Income Tax Act, 1961.
48 The provisions of Corporate Social Responsibility (CSR) as specified in Section 135 of the Companies Act, 2013 are not applicable to company.
49 The company has not invested in Crypto Currency or Virtual Currency during the year.
50 The financial statements for the financial year 2023-24 were approved by the Board of Directors at their meeting held on 23rd May 2024. However,
the same have not yet been adopted by the shareholders at the Annual General Meeting held on 19th September 2024. The opening balances for
the current financial year have been taken based on the financial statements as approved by the Board of Directors.
51 Previous year’s figures have been regrouped / rearranged wherever necessary to conform to the current year’s presentation.
Signatures to Notes “1” to "51” forming part of these Financial Statements.
For Gautam N Associates For TechIndia Nirman Limited
Chartered Accountants
Firm Registration No.: 103117W
Vallabh Narayandas Sawana
Insolvancy Professional
Reg No IBBI/IPA-001/IP-P-02652/2022-23/14114
Gautam Nandawat
Partner
Membership No.:032742
UDIN No : 25032742BMJJLD3139 Sunil Dixit Ms. Rajshree Jain
Chief Financial Officer Company Secretary
Place: Chhatrapati Sambhajinagar
Date: 29 May 2025
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