Contingent Liabilities not provided for Not Any
(a) The Interlocutory Application No.4471 of 2023 is allowed. The resolution plan submitted is hereby approved by NCLT, Mumbai and it shall become effective from 25-10-2024. It shall be binding on the corporate debtor, its employees, and members, creditors, including the Central and State Government or any local authority to which a debt in respect of payment of dues arising under any law for the time being force is due. The MOA and AOA shall accordingly amend and filed with ROC, concerned for information and record.
(b) During verification process of shares held stock in trade for preparation of financial statement, following Share Certificates were found missing, however we have been informed by Board of Directors (Old Management) that they
are in process of searching these share certificates. If the management fails to locate these share certificates, the Company will apply for Duplicate Shares.
|
Particulars
|
Quantity As per Financials Statement
|
Remarks
|
|
Shriniwasa Roadways Pvt. Ltd
|
250000
|
Physical Share Certificate missing
|
(c) The Company is having investments in some of small cap illiquid stocks where either there is very thin trading or is no trading during the entire financial year. Even trading in some of these shares has been suspended by Stock Exchanges. The Company has valued these shares on last traded price on BSE and has not made any provision for the possible losses.
(d) The audited financial statement, valuation of the unquoted investments are subject to the valuation by independent valuer, as per management explanation they are under process to carrying out fair valuation from registered valuer , these are shown its investment value.
Note 19: Corporate Social Responsibility
The Company does not meet the criteria specified in sub section (1) of section 135 of the Companies Act, 2013, read with Companies [Corporate Social Responsibility (CSR)] Rules, 2014. Therefore it is not required to incur any expenditure on account of CSR activities during the year.
Note 25:
There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2025. This information as required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.
Note 26: Other Notes to Accounts
i. In the opinion of the management, current assets, loans and advances and other receivables are approximately of the value stated, if realized in the ordinary course of business. The provisions of all known liability are ascertained, except for Trade Receivables. Since the receivables are dues for more than one year, we are not certain about the recoveries of the same. The Company is confident of receiving the dues and hence no contingency liabilities have been provided.
ii. Previous year figures have been restated to confirm the classification of the current year.
iii. Balances of Sundry Debtors, Unsecured Loans, and Sundry Creditors are Loans & Advances are subject to reconciliation, since conformations have not been received from them. Necessary entries will be passed on receipt of the same if required.
iv. The company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS-15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Statement of Profit & Loss.
v. We draw the attention of members that the Company is having investments in some of small cap illiquid stocks where either there is very thin trading or is no trading during the entire financial year. Even trading in some of these shares has been suspended by Stock Exchange (BSE). The Company has valued these shares on last traded price on BSE and has not made any provision for the possible losses.
vi. The audited financial statement, valuation of the unquoted investments are subject to the valuation by independent valuer, as per management explanation they are under process to carrying out fair valuation from registered valuer , these are shown its investment value.
vii. We have not been provided with the Valuation Report of Unquoted Stocks and thus have been taken at cost price. We are unable to comment on the impact of the same on Statement of Profit & Loss.
| 