u AS - 29 Provisions and Contingent Liabilities and Contingent Assets
A Provision should be recognised when an enterprise has a present obligation as a result of a past event or 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.
Contingent Liability is:
A. A possible obligation that arises from past events and 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
enterprise.
Or
B. A present obligation that arises from past events but is not recognised because:
(i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; or
(ii) a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are neither recognised nor disclosed in the financial statements.
(ii) The company has one class of equity shares having a par value of' 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of
liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts.
The distribution shall be according to the members right and interest in the Company.
(iii) The company has no holding/ultimate holding company and/or their subsidiaries/ associates.
(iv) The company, during the Financial year 2022-23 has issued 1,23,75,875 Fully Paid Bonus equity shares having a par value of' 10/- per share by utilizing its
balance in the Genreral Reserve and Profit and Loss balance.
(iv) The company, during the Financial year 2023-24 has issued equity shares through initial public offer of 74,22,000 equity shares at face value of Rs.10 per share
which is issued at at a premium of Rs.13/- per share.
(III) Name of the Bank - HDFC BANK(AUTO LOAN). (Terms as per Sanction letter dated 15.10.2022)
Loan Amount of Rs. 21,95,488
Installment Amount : Rs 34,439 monthly
Repayment will start from 07.11.2022
Tenure: 7 Years
(IV) Name of the Institution - Cholamandalam Investment & Finance Company Ltd(AUTO LOAN). (Terms as per Sanction letter dated 15.10.2022)
Loan Amount of Rs. 8,40,000
Installment Amount : Rs 19,343 monthly
Repayment will start from 10.02.2024
Tenure: 5 Years
36 Other Notes
(a) In the opinion of Management and to the best of our knowledge and belief the value of realisation of Loans, Advances and Current Assets in ordinary course of
Business will not be less than the amount for which they are stated in the Balance Sheet.
(b) In the opinion of Management and to the best of our knowledge and belief that provision for all known liabilities have been made in the accounts and there does
not exist any other liabilities, contingent or otherwise except whatever have been accounted for or stated in the Balance Sheet.
(c) Balance of Trade Receivables(Dr & Cr balance) , Trade Payables (Dr & Cr balance) , Loans & advances Given/taken and other current assets including in the
ordinary course of business is subject to confirmation and reconciliation.
(d) During the Financial Year 2016-17, there was a Loss of Stock by fire amountung to Rs. 6.25 Crore (approx.) and the Insurance claim settlement is pending with the
Insurance company till date. However Company has written back stock of Rs. 19,98,833 as per actuarial report dated 14.05.2018 which was previously not taken
in account in Books of accounts.
(e) During the month of May 2020 (i.e, FY 2020-21) the company had to face losses in terms of damage in stock, Plant & Machinery and factory shed due to Amphan
Cyclone for which claim has been filed with the Insurance Companies amounting to Rs. 4.18 Crores against which the Insurance company has settled the claim at
Rs. 1.80 crore.
(f) Balanc e with Government authorities inclhdes VA T Receivable of Rs.1.72 Crores shown ip the financial state ment is subject to the realisation fr om r eleva^
authorities.
(g) Focus Incentive Receivable Rs.99.86 Lakh shown under Short Term Loan & Advances is subject to the realisation.
(h) "Assets other than PPE & Non current Investments are realisable for value at which they are stated in ordinary course of business” I
(i) The previous financial year figures have been reworked, regrouped and reclassified to the extent possible, wherever necessary.
(j) Company has made Deffered trade payables amounting to Rs 3,95,574/- after mutual consent between the parties which is subject to confirmation
(k) The company does not have any property whose title deeds are not held in the name of the company. I
(l) Company has not revalued its Investment Property as on 31st March 2025.
(m) Company has not revalued its Property, Plant and Equipment as on 31st March 2025.
(n) Company does not have any intangible asset so there cannot be any revaluation of the same.
(o) The company has no Intangible asset under development as on 31st March 2025. I
(p) The company is not holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
No proceedings have been initiated or pending against the company under Benami Transactions (Prohibition) Act, 1988 & rules made thereunder.
(q) The Company has borrowings from banks or financial institutions on the basis of security of current assets.
The quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts except
differences in value of stock as on 30.09.2024 & 31.03.2025
(r) The company has not been declared as a wilful defaulter by any bank or financial Institution or other lender as on 31st March 2025.
(s) As per the information available with the management, the company has not entered into any transactions with the companies who have been struck off under section 248
of Companies Act, 2013 or section 560 of Companies Act, 1956.
(t) Company has filed necessary forms with ROC for Creation and satisfaction of Charges within stipulated time period as on 31st March 2025
(u) Compliance with number of layers of companies
The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules,
2017
(v) Compliance with MSME Return as per the provisions of the MSME Development Act, 2006
As per the provisions of the MSME Development Act, 2006, and the Companies Act, 2013, the Company is required to file certain returns with the Ministry of Corporate
Afairs (MCA) concerning transactions with Micro,Small, and Medium Enterprises (MSMEs).For the financial year ended 31st March 2025., the Company filed the MSME
returns as required with the MCA.
(w) Compliance with Audit Trail (Edit Log) under rule 11(g) of the companies (Audit and Auditors) Rule 2014.
In accordance with the Companies (Audit and Auditors) Rules, 2014, as amended, it is mandatory for companies to maintain an audit trail in their accounting software for
recording financial transactions. This requirement is intended to ensure transparency and accountability in financial reporting by preserving a comprehensive log of all
changes made to financial data.
For the financial year ended 31st March 2025, the Company has activated the audit trail feature in its accounting software.
(x) Loans and Advance to Related Party
38 Compliance with approved Scheme(s) of Arrangements
The above clause is not applicable
39 Utilisation of Borrowed funds and share premium
Company has utilised its borrowed fund for its business purpose
40 Corporate Social Responsibility (CSR)
The above clause is not applicable
41 Transaction in Crypto Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year or previous financial year.
* Non Current Assets includes Property, Plant & Equipment, Capital Work in Progress & other Intangible Assets
For M/s Jain Sonu & Associates
(Chartered Accountants)
Firm's Registration No. 324386E
Alok Prakash Amitava Majumder
CA. Sonu Jain (Managing Director) (Director)
(Partner) DIN No: 00375634 DIN No: 09689719
Membership No. 060015
Anupama Prakash Karishma Agarwal
Date: 30.05.2025 (Chief Financial Officer) (Company secretary)
Place: Kolkata Membership No. 54923
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