15. Provision for Taxation
Provision for current Income Tax shall be made on the tax payable on the taxable
income after considering tax allowances deductions and exemptions determined in
accordance with the prevailing tax laws.
Deferred tax is recognised on differences between the carrying amounts of assets and
liabilities in the Balance sheet and the corresponding tax bases used in the computation
of taxable profit and are accounted for using the liability method. Deferred tax
liabilities are generally recognised for all taxable temporary differences, and deferred
tax assets are generally recognized for all deductible temporary differences, carry
forward tax losses and allowances to the extent that it is probable that future taxable
profits will be available against which those deductible temporary differences, carry
forward tax losses and allowances can be utilised. Deferred tax assets and liabilities
are measured at the applicable tax rates. Deferred tax assets and deferred tax liabilities
are off set, and presented as net.
16. Foreign Currency Transactions
Foreign currency transactions of revenue nature are accounted using a conversion rate
prevailing on the date of transaction.
Monetary items denominated in foreign currency outstanding at the last date of the
year are restated using the rates of exchange prevalent on that date. All exchange
differences arising on settlement of transactions at period-end, restatement of
monetary items are recognised in the Profit & Loss Account.
17. Earnings Per Share
Basic earnings per share is calculated by dividing net profit or loss after tax for the year
attributable to equity shareholders by the weighted average number of equity shares
outstanding during the year.
Upon discontinuation of an operation the basic and diluted amount per share for the
discontinued operation is separately reported, as applicable.
18. Provisions, Contingent Liabilities and Contingent Assets.
No provision is recognized for any possible obligation that arises from past events and
the existence of which will be confirmed only by that occurrence or non- occurrence of
one or more uncertain future events not wholly within the control of the Company.
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. If tire effect of the time value of
money is material, provisions are discounted using equivalent period government
securities interest rate. Unwinding of the discount is recognized in the Statement of
Profit and Loss as a finance cost. Provisions are reviewed at each balance sheet date
and are adjusted to reflect the current best estimate.
If the effect of the time value of money is material, provisions are discounted using a
current pre-tax rate that reflects, when appropriate, the risks specific to the liability.
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 or a reliable estimate of
the amount cannot be made. Information on contingent liability is disclosed in the
Notes to the Ind AS financial statements. Contingent assets are not recognized.
However, when the realization of income is virtually certain, then the related asset is
no longer a contingent asset, but it is recognized as an asset.
a) Previous year figures have been regrouped or rearranged, wherever considered
necessary, to conform to current years' classification.
b) Subsequent Event
The company has invested Rs. 51,000/- in "TAMPA ENTERPRISES PRIVATE
LIMITED", a subsidiary company incorporated on 11th April 2025, by subscribing to 5,100
equity shares of Rs. 10/- each, pursuant to the resolution passed on 21st March 2025.
c) Contingent Liabilities
(i) The Company, earlier having its plant at Gujarat Industrial Development Corporation
(GIDC), Ankleshwar, was required to contribute towards equity of Bharuch Eco Aqua
Infrastructure Ltd. (BEA1L) Ankleshwar, a company floated by GIDC and GPCB for
implementing an effluent treatment and disposal system in GIDC, Ankleshwar. BEAIL
required all member-companies to give a counter guarantee in favour of GIDC for loans
sanctioned by financial institutions to BEAIL and guaranteed by GIDC. This counter¬
guarantee had been issued by the Company. However, no liability has been materialized
as on 31st March 2025 due to this counter guarantee provided to GIDC. Necessary steps
are being taken by the company for withdrawal of this counter guarantee as it does not
have any plant now in GIDC, Ankleshwar. BEAIL is now known as Narmada Clean
Tech Ltd.
d) Impairment of Assets
In opinion of the management, none of the assets of the company are required to be
Impaired as on the date of the balance sheet in accordance with Indian Accounting
Standard 36 issued by the Institute of Chartered Accountants of India on "Impairment of
Assets".
e) Secured Loans
The company had completed One Time Settlement (OTS) with all five lenders during
financial years 2020-21 and 2021-22 and received No Dues Certificate from them. ROC
charges have also been satisfied. There are no secured loans outstanding as on 31st March
2025 from any bank or financial institutions.
g) Current Assets
i) Trade Receivables
Trade Receivables outstanding at the beginning of the financial year 2024-25 Rs 46.41
lakhs, and at the end of the financial year 2024-25 Rs 1.81 lakhs. Ageing details and other
classifications are given in financial statements.
ii) Loans & Advances
There are no Loans & Advances outstanding in the beginning and at the end of the
financial year 2024-25, hence other classifications are not being given.
h) Current Assets -other details
i) In the opinion of the Board of Directors, all current assets have a value on realisation in
ordinary course of the company's business, which is at least equal to the amount at
which they are stated in Balance Sheet unless otherwise stated.
ii) Various Debit /Credit balances are subject to confirmation.
i) Export incentives in form of DEPB License Entitlement/Duty Drawback at the end of the
year are recognized at Rs. NIL (Previous Year Rs. NIL)
j) Unpaid dividend on 15% Optionally Cumulative Convertible Redeemable Preference
Shares (that were already converted into equity shares as per the terms) for the year ended
on 31-03-2001 Rs. 18.00 lacs, & for the year ended on 31-03-2002 Rs. 4.09 lacs were not
provided for in the books of accounts due to inadequacy of profit or losses. This position
remains the same as on 31.03.2025.
k) During the financial year, the company has capitalized borrowing costs amounting to Rs.
NIL (Previous Year Rs. NIL) attributable to the acquisition or construction of fixed assets.
l) Capacity & Production (As Certified by Management & relied upon by the Auditors)
The company does not have any manufacturing facility. The manufacturing facilities were
auctioned by Indian Bank under SARFAESI Act in February, 2012.
t) Deferred Tax:
In opinion of the management, given the present state of affairs, it is uncertain whether the
operations of the Company would result in taxable income in the near future. As per the
guidelines provided by Indian Accounting Standard ('Ind AS') 12 issued by the Institute of
Chartered Accountants of India, deferred tax assets should be recognized only in case that
there is a reasonable certainty that sufficient future taxable income will be available against
which such deferred tax assets can be realized. Accordingly, the company has not
recognized any Deferred Tax Asset as at 31st March 2025. There is NIL balance in Deferred
Tax Liability and deferred Tax Assets account as on 31st March, 2025.
u) Dues to Micro, Small and Medium Enterprises (MSME)
In terms of Section 22 of the Micro, Small and Medium Enterprises Development Act 2006,
('SME Act') the outstanding payable to Micro and Small enterprises, as defined under the
SME Act, are required to be disclosed in the prescribed format. However, such Enterprises
are required to be registered under the SME Act.
All SME's in the books of accounts have been identified by the management except for
those from whom no response has been received or no communication could be
established. As on 31st March 2025, there are outstanding dues to SME's in the books of
accounts and the payments have been made within the prescribed time limit of 45 days
from the date of invoice.
Hence the provisions of Sec 43B(h) are not applicable.
z) The company's objects mainly confined to manufacturing and selling of textile fabrics in
India. Hence disclosure requirements of Indian Accounting Standard 108 on "Operating
Segments" issued by the Institute of Chartered Accountants of India are not applicable to
the company.
aa) The company had received a letter dt. 18th January, 2019 from BSE stating that in terms of
BSE notice dt. 11th January 2019, the company is required to demonstrate the revival plan
of operation within 1 year from the date of present notice and until then trading in the
securities of the company shall continue to remain in Stage VI of GSM framework. If the
company fails to demonstrate revival of operations within the stipulated one year period,
then actions as envisaged in the said notice shall be initiated.
As per para-3 of said BSE notice dt. 11th January, 2019, "Companies which fail to
demonstrate revival of their operations within the stipulated one year period, then trading
in the securities of such company shall be suspended, followed by initiation of compulsory
delisting process in accordance with provisions of SEBI (Delisting of Equity Shares)
Regulations, 2009 read with provisions of Securities Contract (Regulation) Act, 1956 and
Securities Contracts (Regulation) Rules, 1957."
The company vide its letter dt.31st January, 2019 had made a detailed representation to
BSE requesting to remove the name of the company from the list of suspected listed shell
companies looking to the background and present position of the company. It has also
been stated by the company in this letter that "about revival plan of operations in the
company, we would like to inform you that any decision about operations in the company
will be taken only after amicable settlement of dues is arrived at with Indian Bank
Consortium and outcome of ongoing case in DRT, Mumbai which is at judgement stage."
Thereafter BSE vide its Notice No. 20200114 - 18 dt. 14/01/2020, suspended the securities
of the company w.e.f. 15/01/2020 as per provisions at para no. 3 of BSE notice dt.
11/01/2019. The Company again represented its position to BSE vide its letters dt.
30/01/2020 & 27/07/2020 and requested to keep the suspension on hold but the securities
of the company continue to be suspended on BSE.
The company further represented its position to BSE vide its letter dt. 25/04/2022 that the
OTS with all lenders has been completed and on withdrawal of the DRT case, the Board
of Directors will take necessary decision to restart the operations. The DRT case has been
withdrawn by Indian Bank Consortium as approved by DRT-2 Mumbai as per order dated
18th May 2022.
The company continued its correspondence with BSE from time to time and submitted its
Revival / Business Plan to BSE on 30/01/2023 in response to BSE email dated 23/01 /2023.
Thereafter BSE vide its letter dated 23/02/2023 ordered Forensic Audit of Books of
accounts and other documents of the company. The company has fully cooperated with
the Forensic Auditor as appointed by BSE and has submitted documents/
records/explanations etc as required by them.
The forensic auditor has submitted their report dated 20/ 06/2023 to BSE and the com pany
has submitted its response to BSE Ltd on 29/06/2023 as required by them.
The company has revived its operations from last quarter of financial year 2022-23 and the
management has been trying for revocation of suspension of its securities from BSE.
BSE imposed fines for incomplete / delayed compliances amounting to Rs.46.79 Lakhs
(Excluding GST). The company made application to BSE for waiver of these fines. BSE
wide its email dated 02/01/2024 has rejected the waiver application of the company.
Against this, the company has preferred an appeal before the hon'ble Securities Appellate
Tribunal, Mumbai. Date of Filing of the appeal is 18/03/2024 and lodging number of the
appeal is 137/2024. The company has since paid the said amount of fines during the year
under protest.
i) Details of Benami Property held.
No proceedings have been initiated on or are pending against the company for holding
benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)
and Rules made thereunder.
ii) Title deeds of immovable properties not held in name of the company.
There are no immovable properties which are held in name of the company. There are
no immovable Properties owned by the company as on 31s1 March 2025.
iii) Valuation of Property, Plant & Equipment, intangible asset and investment
property.
The Company is not having any property, plant and equipment during the financial
year under consideration. Hence there is no revaluation of property, plant and
equipment (including right-of-use assets) or intangible assets during the current year
or previous year.
iv) Borrowings from Banks or Financial institution on the basis of Security of Current
Assets.
The company had completed One Time Settlement (OTS) with all five lenders during
2020-21 and 2021-22 and received No Dues certificate from them. ROC charges have
also been satisfied. There are no secured loans outstanding as on 31st March 2025 from
any Bank or Financial Institution.
v) Wilful Defaulter.
The Company has not been declared wilful defaulter by any bank or financial
institutions or government or any government authority.
vi) Relationship with struck off Companies.
The Company has no transactions with the companies struck off under the Companies
Act, 2013.
vii) Compliance with approved scheme(s) of arrangements.
The Company has not entered into any scheme of arrangement which has an
accounting impact on current or previous financial year.
viii)Undisclosed Income.
There is no income surrendered or disclosed as income during the current or previous
year in the tax assessments under the Income Tax Act, 1961, that has not been recorded
in the books of account.
ix) Details of crypto currency or virtual currency.
The Company has not traded or invested in crypto currency or virtual currency during
the current or previous year
x) Utilisation of Borrowed funds and share premium.
The Company have not borrowed fund from Banks and Financial Institutions during
the financial year 2024-25
xi) Registration of charges or satisfaction with Registrar of Companies
As at March 31,2025, the register of charges of the Company as available in records of
the Ministry of Corporate Affairs (MCA) includes charges that were created/ modified
since the inception of the Company. There are certain charges which are historic in
nature and it involves practical challenges in obtaining no-objection certificates
(NOCs) from the charge holders of such charges, despite repayment of the underlying
loans. The Company is in the continuous process of filing the pending charge
satisfaction e-forms with MCA, within the timelines, as and when it receives NOCs
from the respective charge holders.
In terms of our report of even date
For RANK and Associates For and on behalf of the Board of Directors of
Chartered Accountants Oxford Industries Limited
[Firm Reg.No.l05589W] CIN:LI7112MH1980PI.C023572
CA Rahul Parasmal Nahata Mazher N. Laila Quaid Hararwala
Partner (Managing Director &
CFO) (Director)
(Membership No.:116511)
Place: Mumbai DIN: 00037046 DIN: 03034357
Date: 27th May, 2025
UDIN : 25116511BMJMUT1045 Archana Sharma
Company Secretary
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