(j) Provisions and Contingent Liabilities:
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. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date.
If the effect of the time value of money is material, provisions are discounted to reflect its present value using a current pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
(k) Revenue Recognition:
Revenue from sale of goods is recognized when all the significant risks and rewards of ownership in the goods are transferred to the buyer as per the terms of the contract, there is no continuing managerial involvement with the goods and the amount of revenue can be measured reliably. The Company retains no effective control of the goods transferred to a degree usually associated with ownership and no significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of goods. Revenue is measured at fair value of the consideration received or receivable, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the government which are levied on sales such as sales tax, value added tax, goods and services tax, etc. Interest income is recognized using the effective interest rate (EIR) method. Dividend income on investments is recognized when the right to receive dividend is established.
(l) Expenditure:
Expenses are accounted on accrual basis.
(m) Income Taxes:
Income tax expense for the year comprises of current tax and deferred tax. It is recognized in the Statement of Profit and Loss except to the extent it relates to a business combination or to an item which is recognized directly in equity or in other comprehensive income.
Current tax is the expected tax payable/receivable on the taxable income/loss for the year using applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of previous years. Interest expenses and penalties, if any, related to income tax are included in finance cost and other expenses respectively. Interest Income, if any, related to Income tax is included in current tax expense.
Deferred tax is recognized in respect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes.
A deferred tax liability is recognized based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, by the end of the reporting period. Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities; and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority.
(n) Employee Benefits:
No provision of retirement benefits of employees such as leave encashment, gratuity has been made during the year by the company. The same shall be accounted for as and when arises.
22. Previous year’s figures have been reworked, regrouped, & reclassified wherever necessary to confirm to the current year presentation.
23. In the opinion of Board of Director, the current Assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which these are stated.
24. The company state that one of loan given by the company in financial year 2008-09 to Mr. Satyendra Kumar Jain amounting of Rs. 26,92,000/- as on 31.03.2024 has not recovered till date. The management of the company assure full recovery in ensuing years. Hence any provision for doubtful assets has not been made.
25. The company’s business activity falls within single primary/ secondary business segment viz. Finance Activity. The disclosure requirement of IND AS-108“Segment Reporting “issued by the Institute of chartered Accountants of India, therefore is not applicable.
26. Related Party Disclosure:
As per IND AS-24, on related Party disclosure issued by the Institute of chartered Accountants of India, the detail of such related party transaction recognized during the year is as under:
27. Details of Policy Developed And Implemented by the Company on its Corporate Social Responsibility Initiatives
The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.
28. Details of Crypto / Virtual Currency
There were no Transaction and Financial Dealing in Crypto / Virtual Currency during the Financial Year 2023-24.
29. Contingent liabilities and pending litigations
a) There is a pending Tax demand of Rs. 12,35,97,620/- against the company. The above demand was raised by the department in A.Y. 2012-13. The company has filed an appeal
before CIT(A) against demand. The appeal is pending before CIT(A). The company is hopeful to get relief from CIT(A).
(b) There is a pending Tax demand of Rs. 6,14,721/- against the company. The above demand was raised by the department in A.Y. 2017-18. The company has filed an appeal before CIT (A) against demand. The appeal is pending before CIT (A). The company is hopeful to get relief from CIT (A).
30. Earnings per Share “IND AS-33” issued by the Institute of chartered Accountants of India:
31. There are no micro, Small and Medium Enterprises, to whom the Company owes dues which outstanding for more than 45 days as at 31st March 2024. This information as required to be disclosed under the micro, small and medium Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with company.
IN TERMS OF OUR REPORT OF EVEN DATE ANNEXED.
FOR GSA & ASSOCIATES LLP FOR AND BEHALF OF
CHARTERED ACCOUNTANTS ALSTONE TEXTILES (INDIA) LIMITED.
FRN: 000257N/N500339
CA. MANINDRA K. TIWARI DEEPAK KUMAR BHOJAK RAMESH KUMAR
(PARTNER) (MANAGING DIRECTOR) (DIRECTOR)
M.NO: 501419 DIN: 06933359 DIN: 00537325
SHRADHA SHARMA DEEPAK VERMA
PLACE: NEW DELHI COMPANY SECRETARY) (CFO)
DATE: 23.05.2024 M.NO: A59260
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