6.Provisions and Contingencies
A Provision is recognized when the company has a present obligation as a result of Past events, and it
is probable that an outflow of resources will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their
present value and are determined based on the best estimate required to settle the obligation as at
^Jhe Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the
S ^§*^££nt best estimates. Contingent liabilities are disclosed separately.
n !4p'p2^TnPanV has been served a notice by IT dept regarding FY 2016-17(AY 2017-18) with proposing
3 to a^pack Income by Rs 2.22 Crores approximately and interest there on. The New Management of
19 ^7 Company is trying to fight against the proposal and expressed their interest in challenging with
p&Wte authorities. Even though Management is challenging the order of IT deptr-fc-is decided to
provide for the demand in books for the year. Rs 3,58,21,895/- has provided for considering all the
demand notices from the IT dept. Similarly BSE has proposed to impose Fines on the Company , the
Management is trying to get waiver from BSE, but considering the uncertainty it is also provided for
Rs 7,39,080/- during the year.
7. Previous year figures have been rearranged or recast wherever necessary; however, the same are
not strictly comparable with that of the current year as the previous year.
8. Cash and Cash Equivalents
Cash and Cash Equivalents comprise cash and Bank balances.
9. Cash Flow Statement
Cash Flows are reported using the indirect method, whereby profit before tax is adjusted for the
effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing, and financing activities of the Company are
segregated.
10. Depreciation
No depreciation has provided on Property, Plant & Equipment for the Current FY, as the value is
negligible.
11. Write off of Loans & Advances, Investment in shares
During the year the Company had written off its unrecoverable Loans & advances given to the extent
of Rs 98,94,757/-, Investment in Unquoted shares to the extent of Rs2,19,24,000/- and Quoted
Investments to the extent of 29,47,939.26.
For MOHAN & RAVI, /]
CHARTERED ACCOUNTANTSv / J
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Ven iteswaran T N <Xo frQ/'' lo/s jose leelamma thenumkal Joseph
Partnpr //^/Firm Regn.No\v\\ Director Director
' .. // 05167S \ 1 DIN 09559240 DIN 03407620
Membership No. 217768 * Cochj^ *
Firm Registration No. 05167S 682019 /W/ /n f\ / ,*
V.'r^U
£laC®: ACGC£&' THENGVA^P^ VINAY SOMANI
• 30/05/2024 ^----^^TSfrfetor COMPANY SECRETARY
UDIN :24217768BKHIGB4366 DIN 09033432 CNJPS6915G
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