(m) PROVISION FOR CURRENT & DEFERRED TAX
Provision for current tax is made after taking into consideration benefits admissible under the
provisions of the Income Tax Act, 1961 and based on the expected outcome of assessments /
appeals in Company's cases. Deferred tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates & laws that have been enacted or substantively
enacted as on the Balance Sheet date. The deferred tax asset is recognized and carried forward
only to the extent that there is a reasonable certainty that the assets will be realized in future. The
effect of tax rate change is considered in the Profit & Loss Account of the respective year of change.
(n) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized only when there is a present obligation as a result of past events and
when a reliable estimate of the amount of the obligation can be made. Contingent liabilities (if
material) are disclosed by way of Notes to Accounts. Contingent Assets are not recognized in the
financial statements since this may result in the recognition of income that may never be realized.
* Due to widening of negative net worth.
* * Due to negative figures in both Numerator and denominator, the result of Return on Equity
Ratio and Return on Capital Employes, are in Positive.
30 The Company is engaged in one segment only i.e. Machine Tools for Automotive and other classified
industries which are governed by the same set of risk and returns. The said treatment is in accordance
with the guiding principle enunciated in the Ind AS-108 on Segment Reporting.
4Q Registration of charges or satisfaction with Registrar
of Companies
Where any charges or satisfaction yet
to be registered with Registrar of
Companies beyond the statutory period, NIL
details and reasons thereof shall be
disclosed.
41
Compliance with number of layers of companies
Where the company has not 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, the name and CIN of the
companies beyond the specified layers and the relationship/extent of holding of the company in such
downstream companies shall be disclosed. Not Applicable
42 Compliance with approved Scheme(s) of
Arrangements
Where any Scheme of Arrangements has been approved by the Competent Authority in terms of sections
230 to 237 of the Companies Act, 2013, the Company shall disclose that the effect of such Scheme of
Arrangements have been accounted for in the books of account of the Company ‘in accordance with the
Scheme’ and ‘in accordance with accounting standards’ and deviation in this regard shall be explained
Not Applicable
Utilisation of
43 Borrowed funds
and share
premium: Not Applicable
44 Having no business in hand at present as well as continuous losses in the company coupled with negative
net worth, the management has determined that the Company has ceased to be a going concern as on
31.12.2023. Accordingly, all assets below market value have been impaired to keep on realisable value as
determined by the management. Current year losses shall be met out of unsecured loans given by the
Directors .
45 Previous year figures have been regrouped / reclassified to conform to this year's classification.
As per our Report of even date attached. For and on behalf of the Board
For B. C. Jain & CO.
Chartered Accountants (FRN: 001099C)
Sd/- Sd/- Sd/-
CA Shyam Ji Gupta Ranjana Bhargava Rakshita Bhargava
Partner Membership No. - 416155 (DIN: 00234421) (DIN: 00234224)
Add:28-Chandra Add:28-Chandra
n t : 29/05/2025 Vihar, Lakhanpur Vihar, Lakhanpur
a e: (MIG) Nawab Ganj (MIG) Nawab Ganj
Kanpur 208002 Kanpur 208002
Sd/-
Namita Sabharwal Sd/- Sd/-
(Company Secretary) Himanshu Kapoor Honey Bhatia
(M. no. A35411) (DIN: 07926807) (DIN: 10734987)
Add: 117/H-2/107, Add: 4/277, B Add: Villa No. K.21, Ratan
Pandu Nagar, Kanpur- Vishnupuri, Nawab Orbit Mukharji Vihar, Indira
208003 Ganj, Kheora Nagar Kanpur 208006
Kanpur - 208002
| 