X. Provisions Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events, and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes after careful evaluation by the management of the facts and legal aspects of the matters involved. Contingent Assets are neither recognized nor disclosed in the financial statements.
Note 3.30: Additional Regulatory Information
I. The company does not have any relationship with any companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
II. The Company does not have any charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period as on March 31, 2024.
III. The company has utilized the borrowings from banks and financial institutions for the specific purpose for which it was taken.
IV. The Company has not been declared as a Wilful Defaulter by any bank or financial institution as on March 31, 2024.
V. 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.
VI. No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
VII. The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other source 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.
Similarly, the company has not received any funds 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: (i) 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Note 3.31: Other Information
I. Balances of Trade Receivables, Payables and Advances are subject to confirmation / reconciliations, if any. The management does not expect any material difference affecting the financial statements consequent to such reconciliation / adjustments. In the opinion of the management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably stated.
II. In the opinion of the board, assets other than property, plant and equipment have a value on realisation in the ordinary course of business, which is at least equal to the amount at which they are stated in the financial statements.
V. Previous year's figures have been restated, (refer Note No - 1(II)) and regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.
VI. The Board of directors had recommended a dividend of Rs. 0.25 per equity share of Rs. 10 each for the financial year ended 31 March 2024 subject to approval by the shareholders at the next Annual General Meeting.
As per our report of even date attached
For RA° & KUMAR for and on behalf of the Boar of Directors
Chartered Accountants FRNo: 03089S
Sd/- Sd/- Sd/-
Anirban Pal Mohan Prasad Panday Bala Balaji Panday
Partner Director Director
M.No: 214919 (DIN: 06493918) (DIN: 06493903)
Place: Visakhapatnam
Date: September 02, 2024 Sd/- Sd/-
UDIN: 24214919BKBGOR8771 B B V Manikanta R Chandra Sekhar
Chief Financial Officer Company Secretary
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