2.11: PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognised when the Group has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources will be required to settle the
obligation and the amount can be reliably estimated. Provisions are not recognised for future
operating losses.

Provisions are measured at the present value of management’s best estimate of the expenditure
required to settle the present obligation at the end of the reporting period. The discount rate
used to determine the present value is a pre-tax rate that reflects current market assessments of
time value of money and the risks specific to the liability. The increase in the provision due to
passage of time is recognised as interest expense.

A present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle or a reliable estimate of the amount cannot be made, is
disclosed as a contingent liability. Contingent liabilities are also 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 Group.

Contingent assets are not recognised in financial statements since this may result in the
recognition of income that may never be realised. However, when the realisation of income is
virtually certain, then the related asset is not a contingent asset and is recognised.

2.12 Earnings per share

Basic earnings per share is computed by dividing the net profit for the period attributable to the
equity shareholders of the company by the weighted average number of equity shares
outstanding during the period. The weighted Average number of equity shares outstanding
during the period and for all periods presented is adjusted for events, such as bonus shares,
other than the conversion of potential equity shares that have changed the number of equity
shares outstanding, without a corresponding change in resources.

Diluted earnings per share is computed by dividing the profit / (loss) after tax as adjusted for
dividend, interest and other charges to expense or income (net of any attributable taxes)
relating to the dilutive potential equity shares, by the weighted averagemumber of equity
shares considered for deriving basic earnings per share and the weighted\avera^number of
equity shares which could have been issued on the conversion of allydijutivcp^emi^d equity
shares including the treasury shares heldpig qomj^oylifPBfctlstfyjtlvq qkehsise)<§fjjthe share

options by tlf^jjilJ^oy^sSteels Pvt. Ltd, ' V ^ y*)I

~Z-*-**-—* l^s ^ 'Director

213 Trade receivables

Trade receivables that do not contain a significant financing component are measured at
transaction price.

2.14 Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents
includes cash on hand, deposits held at call with the financial institutions, other short term,
highly liquid investments with original maturities of three months or less (except the
instruments which are pledged) that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value, and bank overdrafts.

| Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

2.15 Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the
end of financial year which are unpaid. The amounts are unsecured and are usually paid within
the credit period allowed. Trade and other payables are presented as current liabilities unless
payment is not due within-12 months after the reporting period. Long term trade payables are
recognized initially at their fair value and subsequently measured at amortised cost using the
effective interest method.

(B) Notes on Financial Statements

1. Salaries includes directors remuneration on account of salary Rs. 6000000/- (Previous Year Rs.
3600000/-)

2. Trade receivables, Trade' payables and Unsecured Loans have been taken at their book value
subject to confirmation and reconciliation.

4. The provision for retirement benefits (Gratuity) has been made during the year based on the
Actuarial valuation for Rs. 37,41,265/-, out of the said expense Rs. 1034416/- is for the current
financial year i.e. 2023-24 and an amount of Rs. 2706849/- pertaining to the previous financial
years is directly debited to the Reserve and Surplus A/c being the Prior Period Item in view of
accounting policy No. 4 & 11. The impacLof profit & Loss is properly disclosed and

determined. ^v' ’ 7\ J) A

For P.S. Raj Steels Pvt. Ltd. / S Ij

/ V 1 Director ||

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2. "Where the Company has revalued its Property, Plant and Equipment, the company
shall disclose as to whether the revaluation is based on the valuation by a registered
valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation)

? Rules, 2017

No, the Company has not revalued its Property, Plant and Equipment during the year".

3. Where Loans or Advances in the nature of loans are granted to promoters, directors,

KMPs and the related parties (as defined under Companies Act, 2013,) either severally
or jointly with any other person, that are: For P.S.Ra Steels Pvt. Ltd.

For P.S. Raj Steels pvt Ltd. __ 7/ jHflr

/«x ^Dlrector

^ /^V^irector

6. Details of Benami Property held

The Company does not hold any Benami Property and hence there were no proceedings
initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibitions) Act, 1988 and the Rules made there under, hence no disclosure is
required to be given as such.

7. Where the Company has borrowings from banks or financial institutions on the basis of
current assets

Yes, the company has borrowings from banks in the nature of Term Loan and Cash Credit
Limit.

i. Whether quarterly returns or statements of current assets filed by the Company with
banks or financial institutions are in agreement with the books of accounts.

Yes, the statements are in agreement with the books of accounts.

ii. if not, summary of reconciliation and reasons of material discrepancies, if any to be

. adequately disclosed.

*1

8. Wilful Defaulter

Company is not declared wilful defaulter by any Bank or Financial Institutions or other lender,
in accordance with the guidelines on wilful defaulter issued by the Reserve Bank of India.

9. Relationship with Struck off Companies

Where the company has any transactions with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.

No, there are no transaction with struck off companies p

10. Registration of charges or satisfaction with Registrar of Companies

There are no such charges or satisfaction pending to be registered with Re^^tmr

heyo^^^fisrpyi,. Lid. ^Tor '

lector . ***

13. Compliance with approved Scheme(s) ₀f Arrangements

of sections 230 to 237 ^haS been aPP^r°ved by the Competent Authority in terms

Of such Scheme of Berner w f ’ ²°’³’ ?°^{mpaoy sha}" <**« ** the eff“t '

Company ‘in accordance been accounted for in the books of account of the

in this regard shall be explained ^ ^ ^{ln accorda}nce with accounting standards’ and

No, such Scheme of Arrangements had been entered by the company.

14. Undisclosed Income

There is no any undisclosed mcome in the tax assessment year under the Income Tax Act,

15. Corporate Social Responsibility (CSR)

As the company does not fall under the criteria specified under section 115 ffnmrw. c Ý ,
Responsibility) of the Company Act, 2013.

isc osure required to made pursuant to said provision are not applicable to the Company.

16. Details of Ciypto Currency Or Virtual Currency

There is no dealing in crypto curreny or virtual currency.

17. Utilization of Borrowed Funds and Share premiums

^adV.^anCed m l0f ^{10 the any individual} or any entities including foreigu j

entities. Therefore, the point is not applicable to the company ^{S S}

jy «Kl ML

0anjeev Jain) V|^ ^ /

t?„^r'"h^r SH.BEEPAK SH.GAURAV GUPTA

Membership No. 500771 .= = KUMAR Director

Registration No. 0015140N Director

Mace:- Hisar ' DIN: 00677030 DIN: 00593822

H. No. 164, H. No. 163,

Sector-9/11, Hisar, Sector-9/11, Hisar,

125001 125001

late: - 25/07/2024

JDIN: 24500771BKDOFE6266