Out of the above, Execution of Guarantee Documents of loan sanctioned to Ratnagene Lifescience Private Limited of Rs. 5625.00 Lakhs was executed after the balance sheet date but before the Finalisation of Accounts.

Note - ii

It is not practicable for the company to estimate the timings of cash outflows, if any, in respect of the above, pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending with various forums/ authorities.

Note - iii

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. As per the opinion of the management, the Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial Position.

ii) Commitments

Company does not have Capital Commitments and hence not provided for.

a) The Company has Changed the method of accounting for providing Gratuity from cash basis to accrual basis:

Had the Company continued to follow cash system of Providing Gratuity as per the previous financial year, the profit for the year would have been higher by Rs 10.22 lakhs and liability of “Provision for Gratuity” would have been lower to that extent.

b) Change in the method of providing Gratuity & resultant impact in the opening balance as per the previous financial year ended on 31.03.2022 from cash basis to accrual basis:

Had the Company continued to provide the gratuity on cash basis for the earlier years, then opening balance of Reserves & Surplus would have been higher by Rs 19.51 lakhs and liabilities of “Provision for Gratuity” would have been lower to that extent.

c) Directly debiting the Provision for Gratuity of earlier years to the Opening Balance of Reserves & Surplus instead of routing through Statement of Profit and loss.

Had the company debited earlier year provision for gratuity to the statement of Profit and loss account, the profit for the year transferred to Reserves & Surplus would have been lower by Rs 19.51 lakhs.

34 Figures have been rearranged and regrouped wherever practicable and considered necessary.

35 The management has confirmed that adequate provisions have been made for all the known and determined liabilities and the same is not in excess of the amounts reasonably required to be provided for.

36 The balances of trade payables, trade receivables, loans and advances are subject to confirmations of respective parties concerned.

37 In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and that the provision for depreciation and all known and ascertained liabilities are adequate and not in excess of the amount reasonably necessary.

38 Contractual liabilities: All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

39 Amounts in the financial statements: Amounts in the financial statements are rounded off to nearest lakhs. Figures in brackets indicate negative values.

40 Corporate Social Responsibility (CSR) reporting

Based on the average net profits of the Company after computation of Net Profit as per Section 198 of the Companies Act, 2013 for the preceding three financial years, the Company is not required to spend any amount on CSR activities during the financial year 2022-23.

41 Undisclosed Transactions

As stated & confirmed by the Board of Directors, The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

42 Benami Transactions

As stated & confirmed by the Board of Directors, the Company does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.

43 Loan or Investment to Ultimate Beneficiaries

As stated & confirmed by the Board of Directors, The Company has not advanced any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

44 Loans and Investment from Ultimate Beneficiaries

As stated& Confirmed by the Board of Directors, The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) 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

(b) P rovide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

45 As stated & Confirmed by the Board of Directors ,the company has taken term loan during the Year under review which has been applied for the purpose for which it was raised.

46 Working Capital

As stated & Confirmed by the Board of Directors, the Company has been sanctioned working capital limits from a bank, however as informed by the Board of Directors, the company is not required to submit the stock and book debt statment to bank .

47 Willful Defaulter

As stated & Confirmed by the Board of Directors, the company has not been declared willful defaulter by the bank during the Year under review.

48 Transactions with Struck off Companies

As stated and confirmed by the Board of Directors, during the year, the Company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

49 Satisfaction of Charge

As stated & Confirmed by the Board of Directors, the company does not have any pending registration or satisfaction of charges with ROC beyond the statutory period.

50 Crypto Currency

As stated & Confirmed by the Board of Directors, the Company has not traded or invested in Crypto Currency or Virtual Currency.

51 Compliance with number of layers of companies:

As informed and confirmed by the Board of Directors, the Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

52 Compliance with approved Schemes of Arrangements

During the Year under review, the Company has not applied for any scheme of Arrangements under sections 230 to 237 of the Companies Act 2013.