o. Provisions & contingent liabilities
The Company creates a provision where there is present obligation as a result of past event
that probably requires an outflow of resources and a reliable estimate can be made of the
amount of the obligation. A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will not, require an outflow
of resources. When there is a possible obligation or a present obligation in respect of which
the likelihood of outflow of resource is remote, no provision or disclosure is made.
p. Cash and cash equivalents
The Company considers all highly liquid financial instruments, which are readily convertible
into know amounts of cash that are subject to an insignificant risk of change in value and
having original maturities of three months or less from the date of purchase, to be cash
equivalents. Cash and cash equivalents consist of balance with banks which are unrestricted
for withdrawal and usage.
q. Financial assets at fair value through other comprehensive income
Financial assets are measured at fair value through other comprehensive income if these
financial assets are held within a business whose objective is achieved by both collecting
contractual cash flows that give rise on specified dates to solely payments of principal and
interest on the principal amount outstanding and by selling financial assets.
The Company has made an irrevocable election to present in other comprehensive income
subsequent changes in the fair value of equity investments not held for trading.
r. Financial assets at fair value through profit or loss
Financial assets are measured at fair value through profit or loss unless it is measured at
amortized cost or at fair value through other comprehensive income on initial recognition.
The transaction costs directly attributable to the acquisition of financial assets and liabilities
at fair value through profit or loss are immediately recognized in profit or loss.
s. Financial liabilities
Financial liabilities are measured at amortized cost using the effective interest method.
t. Equity instruments
An equity instrument is a contract that evidences residual interest in the assets of the
company after deducting all of its liabilities.
u. Intangible assets
Intangible assets purchased are measured at cost or fair value as of the date of acquisition, as
applicable, less accumulated amortization and accumulated impairment, if any.
Notes..........“40”
Sundry Debtors and Creditors & advance are subjected to confirmation by the respective
parties. Necessary Adjustments in account will be made in the year in which
discrepancy, if any, may be noticed.
Notes..........“41”
Sundry Loan & Advances and other assets are, in the opinion of management stated at
the amount realizable in the ordinary course of business and provision for all known
and determined liabilities are adequate and not in excess of the amounts reasonably
required.
Notes..........“42”
Figures have been rounded off to the Hundreds.
Notes..........“43”
Previous year figures have been regrouped / reclassified wherever necessary.
For Govind Prasad and Co For and on behalf of the Board
Chartered Accountants Subhash Silk Mills Limited
Sd/- Sd/- Sd/-
Govind Prasad Sumeet Mehra Dhiraj Mehra
Partner Director Director
Membership No. 047948 DIN: 00342934 DIN: 01409010
Firm Registration No. 114360W
Place: Mumbai Sd/- Sd/-
Date: 30th May, 2024 Priyanka Mankame Paridhi Somani
CFO Company Secretary
Place: Mumbai
Date: 30th May, 2024
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