(m) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when the Company has a Present Obligation (legal or constructive)
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 a reliable estimate can be made of the
amount of the obligation. Contingent Liability is disclosed in case of a present obligation arising
from past events, when it is not probable that an outflow of resources will be required to settle
the obligation or where no reliable estimate is possible. Contingent Liabilities are not recognized
in Financial Statements but are disclosed in the Notes to Accounts. Contingent Asset is a possible
asset that arises from past events and whose existence will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the control of the
Entity. Contingent Assets are not recognized in Financial Statements and are disclosed in the
Notes when it is virtually certain that economic benefits will inflow to the Company.
(n) Earnings per Share (EPS)
Basic EPS is computed using the Weighted Average Number of Equity Shares outstanding during
the period. Diluted EPS is computed using the Weighted Average Number of Equity and dilutive
Equity equivalent Shares outstanding during the period except where the results would be anti¬
dilutive.
16. Government Subsidy
Subsidy from the Government is recognized when there is reasonable assurance that the Company will
comply with the conditions attached to them.
ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS
17. Share Capital
There was no change in the Share capital of the Company during the year.
18. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006
As at 31st March, 2024, the Company has no dues to suppliers registered under Micro, Small and Medium
Enterprises Development Act, 2006 (‘MSMED Act’). The disclosures pursuant to the said MSMED Act
are as follows:
Disclosure of payable to vendors as defined under the “Micro, Small and Medium Enterprise
Development Act, 2006” is based on the information available with the Company regarding the
status of registrationof such vendors under the said Act, as per the intimation received from them on
requests made by the Company. There are no overdue principal amounts / interest payable amounts
for delayed payments to such vendors at the Balance Sheet date. There are no delays in payment
made to such suppliers during theyear or for any earlier years and accordingly there is no interest paid
or outstanding interest in this regard in respect of payment made during the year or on balance
brought forward from previous year.
19. Disclosure under regulation 34 (3) of SEBI (Listing Obligations & Disclosure Requirement)
Regulations, 2015
The Company does not have any subsidiaries.
20. Related Party disclosure as required by Accounting Standard (AS) 18 “Related Party Disclosure”
Related Party Disclosures with whom transaction have been taken place during the year. NIL
21. Applicability of IND AS 108
The Company operates in a Single Segment. Accordingly, disclosures under Indian Accounting Standards
(IND AS) 108 on operating segments are not applicable to the Company.
22. Earnings Per Share (EPS):
Basic EPS and Diluted EPS amounts are calculated by dividing the Profit for the year attributable to
Equity holders of the Company by the Weighted Average Number of Equity Shares outstanding during
the year.
24. Additional information pursuant to Note 5 of Part II of Schedule III of the Companies Act, 2013:
Foreign Exchange Transactions
There were no foreign Exchange transactions during the year 2023-24. (Previous year Nil)
25. Capital commitment and contingent liabilities
a) Capital commitment
There are no capital commitment outstanding as at reporting date March 31, 2024
(as at March31, 2023: NIL)
58 |MIPCO SEAMLESS RINGS (GUJARAT) LIMITED
b) Contingent Liabilities and Commitments
There are no contingent liabilities.
26. The Disclosures of Employee Benefits:
Since there are no employees during the year, no provision has been created for Gratuity or other
retirement benefits.
27. Taxes and Deferred
Tax During the year, the Company has incurred loss and consequently no provision for Income Tax has
been made. Deferred Tax asset is not accounted for against the losses since there are no commercial
operations as on the date of balance sheet.
28. Other Statutory Information:
(i) The Company has not been declared willful defaulter by any bank or financial institution or
government or any government authority.
(ii) The Company has not granted Loans or Advances in the nature of loans to promoters, Directors,
KMPsand the related parties.
(iii) The Company does not have any transactions with companies which are struck off.
29. Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the
current year’s classification/disclosure.
As per Our report of even date For and on behalf of the Board of Directors
For PPKG & Co of Mipco Seamless Rings (Gujarat) Limited
Chartered Accountants, FRN: 009655S
Sd/- Sd/- Sd/-
Girdhari Toshniwal Sachendra Tummala Sanjiv Kumar Tandon
PARTNER Managing Director Director
Membership No: 205140 DIN : 02317514 DIN : 02579261
UDIN: 24205140BKALIQ5662
Sd/-
Place : HYDERABAD D.Sridhar
Date : 14.05.2024 Chief Financial Officer
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