h) Provisions and Contingencies
A provision is created when there is a present obligation as a result of a past event that probably requires an
outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a
contingent liability is made when there is a possible obligation or a present obligation that may, but probably will
not, require an outflow of resources. 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.
Contingent liabilities not provided for, are disclosed by way of Notes to Accounts with particulars of the nature
and quantum, wherever possible, of such liabilities.
i) Segment Reporting: -
The Company has carried out no trading activity and hence there is no separate segment.
j) Earnings per Share:-
The Company presents basic earnings per share ("EPS") data for its equity shares. Basic EPS is calculated by
dividing the profit and loss attributable to equity shareholders of the Company by the average number of equity
shares outstanding during the period.
k) Accounting for taxes on Income:-
In view of the accumulated losses, the Management has not disclosed Income tax expense in its financial
statements. Hence the accounting treatment of income tax as required under Ind AS 12 issued by ICAI is not
applicable.
l) Cash Flow Statement
Cash flows are reported using indirect method as set out in Ind AS-7 "Statement of cash flows", whereby profit/
(loss) before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flows from operating, investing and financing activities of the
company are segregated based on the available information.
NOTES FORMING PART OF ACCOUNT:
16. Disputed liabilities not provided for:
Central Excise Refund
As per the order of the Asst. Commissioner of Central Excise, Kottayam Division, Kottayam dated 23.12.1998
holding that Calcium Carbide manufactured and used captive consumption in the manufacture of acetylene black
within the factory is not liable for levy of excise duty, the company is entitled to a refund of excise duty of
Rs.82,89,691/- in respect of the period from April, 1978 to July, 1983.
This was confirmed by the Hon'ble CEGET, New Delhi as per the order No.A/1076/02 NB (D) dated 24.10.2002.
Based on the above order the company filed a refund claim for Rs.82,86,691/- before the Deputy Commissioner
of Central Excise, Kottayam Division on 30.01.2003. However, the Deputy Commissioner allowed only
Rs.37,99,198/-as refund and the same was recognized as income in the Profit & Loss account in the year 2002¬
2003. The claim for the balance amount of Rs.44,86,993/- was rejected by the Excise authorities for want of proof
payment of duty.
Against this order the company had filed an appeal before the Commissioner of Central Excise and Customs
(Appeals) Cochin on 22-10-2003 and the appeal was disposed of in favour of the Company.
The Department has gone in appeal. In view of the above, the claim for the refund of the balance amount of
Rs. 44,86,993/- has not been recognized in the accounts. Company has also filed appeal before CEGAT, New Delhi
for release of balance amount, which is pending for disposal.
17. Disclosure of transactions with Related parties, identified on the basis of representations made by key
managerial personnel and information available with the Company.
Relationship Entitieswhere control exist: Nil
I. Associate and Group Companies: Nil
II. Key Management Personnel:
Lizhyamma Kurian
Varghese Kurian
Shaji Mathew Kalladayil
Madhavan Thundil Biju
Prem Kumar Sankara Panicker
Parameswaran Radhakrishnan Nair
Puthuparambil Parameswaran Pillai Vijayakumar
Jeeben Varghese Kurian
Ramasubramonia Iyer
CS Jofin John
25. Details of dues to micro and small enterprises as defined under MSMED Act, 2006
There is no defaults and overdue amount payable to suppliers who have intimated about their status as Micro
and Small Enterprises as per the provisions of Micro Small and Medium Enterprises Development Act 2006
(MSMED Act, 2006).
26. The Ministry of corporate affairs (MCA) has issued a notification (Companies account Amendment rule 2021)
which is effective from 1st April 2023, states that every company which uses accounting software for maintain
its books of account shall use only the accounting software where there is a feature of recording audit trail of
each and every transaction and further creating an edit log of each change made to books of account along
with the date when such changes were made and ensuring that the audit trail cannot be disabled.
The company uses Tally Prime Edit Log Release 2.1 which has feature of recording audit trail edit log facility as
required by MCA and has been operative throughout the financial year for the transaction recorded in the
software.
27. The Company has full time Company Secretary as required u/s 203 of the Companies Act, 2013 during the
year.
28. The company has not advanced/loaned/invested funds to any entities including foreign entities
(intermediaries), with the understanding that the intermediary shall directly or indirectly lend or invest in other
entities by or on behalf of the company (ultimate Beneficiaries). Further company has not provided any
guarantee, security on behalf of the ultimate beneficiaries.
29. The company has not received funds from any entities including foreign entities (funding parties), with the
understanding that the company shall directly or indirectly lend or invest in other person or entities by or on
behalf of the funding parties (ultimate Beneficiaries). Further company has not provided any guarantee,
security on behalf of the ultimate beneficiaries.
30. Contingent Liabilities:
The Company has made construction including infrastructure developments on the lease hold land. The
Government of Kerala vide G.O 117/2015 dated has resumed the leasehold land. The Company has filed
petition before the Hon'ble High court of Kerala claiming compensation for the infrastructure and
improvement made by the Company on the lease land, which is pending before the Hon'ble High court of
Kerala. Hence necessary entry in the books of accounts will be made on finalization of compensation matter.
31. Other matters:
a. Advance for land at Chingavanam:
An advance of Rs. 10,00,00,000/- was received from M/s. Kayaltheeram Builders and Realtors India Private
Limited for sale of land. Execution of deed is pending.
b. Arbitration Award:
An Arbitration Award passed by the Hon'ble Arbitrator on 09.12.2015 directing the Company to pay a sum of
Rs. 79.50 Lakhs in the matters of ARC No.4 of 2014 of A, R.38/2011 of the High Count of Kerala in the Arbitration
proceedings between Mr. T Baburaj and Company. Against this Award, the company as well as Mr. Baburaj
has filed Appeal before the District Court, Kottayam. Hence no provision has been made in the accounts.
c. Dues to Small Scale Industrial undertakings:
There are no outstanding dues as defined under the Interest on Delayed Payments of Small Scale and Ancillary
Industrial Undertaking Act, 1933 and section 3(i) of the Industrial (Development and Regulation) Act, 1951.
d. The Company has filed an appeal against the order No. 8501/14 dated 29.06.2016 of the Additional Tahsildar,
Kottayam directing to pay Rs 10,52,337/- towards penalty and value of sand removed from lease land.
32. Figures of the previous year have been regrouped / rearranged wherever necessary and are given in bracket
unless otherwise specified. The Company has completed the above accounts based on the revised / modified
Schedule III applicable for the accounting period 2022-23. The disclosure requirements are made in the notes
to accounts or by way of additional statements. The other disclosures as required by the Companies Act are
made in the notes to accounts.
As per attached report of even date
For S R PAI & CO For and behalf of Board of Directors
CHARTERED ACCOUNTANTS
FRN:0010793S
Sd/-
Sd/- Sd/-
CA S Rajeeva Pai Varghese Kurian SRS lyer,CFO
(Partner) Chairman and Managing Director
Membership No: 214230 DIN No.: 01114947
UDIN:25214230BMJLGT2573
Sd/- Sd/-
ShajiK Mathew JofinJohn
Whole-time Director Company Secretary
DIN No.:01866682 M.No:A47891
Place: Kochi
Date:26.05.2025
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