(xi) Provisions, Contingent liabilities and
Contingent assets:
Provisions are recognized only 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. Provision is measured using the
cash flows estimated to settle the present obligation and
when the effect of time value of money is material, the
carrying amount of the provision is the present value of
those cash flows. Reimbursement expected in respect of
expenditure required to settle a provision is recognized
only when it is virtually certain that the reimbursement
will be received.
Contingent liability is disclosed in case of, a present
obligation arising from past events, when it is not probable
that an outflow of resources will be required to settle the
obligation; and a present obligation arising from past
events, when no reliable estimate is possible.
Contingent assets are disclosed where an inflow of
economic benefits is probable.
Provisions, contingent liabilities and contingent assets
are reviewed at each Balance Sheet date.
Where the unavoidable costs of meeting the obligations
under the contract exceed the economic benefits
expected to be received under such contract, the present
obligation under the contract is recognized and measured
as a provision.
(xii) Revenue recognition:
The Company has adopted Ind-AS 115 “Revenue from
Contracts with Customers” effective from April 01, 2018.
Revenue from the sale of goods is recognized when the
Company transfers control of the product. Control of
the product transfers upon shipment of the product to
the customer or when the product is made available to
the customer, provided transfer of title to the customer
occurs and the Company has not retained any significant
risks of ownership or future obligations with respect to the
product shipped. Amounts disclosed as revenue are net
off returns, trade allowances, rebates and indirect taxes.
Other income:
Interest income from a financial asset is recognized when
it is probable that the economic benefits will flow to the
Company and the amount of income can be measured
reliably. Interest income is accrued on a time basis, by
reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly
discounts estimated future cash receipts through the
expected life of the financial asset to that asset’s net
carrying amount on initial recognition.
Dividend income is accounted in the period in which the
right to receive the same is established.
Government grants, which are revenue in nature and are
towards compensation for the qualifying costs, incurred
by the Company, are recognized as other income in the
Statement of Profit and Loss in the period in which such
costs are incurred. Government grant receivable in the
form of duty credit script is recognized as Other income
in the Statement of Profit and Loss in the period in which
the application is made to the government authorities and
to the extent there is no uncertainty towards its receipt.
Other items of income are accounted as and when the
right to receive such income arises and it is probable that
the economic benefits will flow to the Company and the
amount of income can be measured reliably.
(xiii) Foreign Currency Transactions:
The functional currency and presentation currency of the
company is Indian Rupee.
Transactions in currencies other than the Company’s
functional currency are recorded on initial recognition
using the exchange rate at the transaction date. At each
Balance Sheet date, foreign currency monetary items
are reported at the closing spot rate. Non-monetary
items carried at fair value that are denominated in foreign
currencies are translated at the rates prevailing at the
date when the fair value was determined. Non-monetary
items that are measured in terms of historical cost in
foreign currency are not retranslated.
Exchange differences that arise on settlement of
monetary items or on reporting of monetary items at each
Balance Sheet date at the closing spot rate are recognized
in the Statement of Profit and Loss in the period in which
they arise except for:
(a) Exchange gains or losses on foreign currency
borrowings taken which are related to the acquisition
or construction of qualifying assets are adjusted in
the carrying cost of such assets.
(b) Exchange differences on derivatives transactions
entered into in order to hedge foreign currency risks
associated with underlying assets/liabilities which
are classified as cash flow hedges. The effective
portion of changes in the fair value of the derivative
is recognised in the cash flow hedging reserve being
part of Other Comprehensive Income. Any ineffective
portion of changes in the fair value of the derivative
is recognised immediately in the Statement of Profit
and Loss.
(xiv) Exceptional items:
An item of income or expense which by its size, type
or incidence requires disclosure in order to improve an
understanding of the performance of the Company is
treated as an exceptional item and disclosed as such in
the financial statements.
(xv) Taxes on income:
The tax expenses for the period comprises of current tax
and deferred income tax. Tax is recognised in Statement of
Profit and Loss, except to the extent that it relates to items
recognised in the Other Comprehensive Income. In which
case, the tax is also recognised in Other Comprehensive
Income.
Current Tax:
Tax on income for the current period is determined on
the basis of taxable income and tax credits computed in
accordance with the provisions of the Income Tax Act, 1961
and based on the expected outcome of assessments/
appeals.
Deferred Tax:
Deferred tax is recognized on temporary differences
between the carrying amounts of assets and liabilities
in the Company’s financial statements and the
corresponding tax bases used in computation of taxable
profit and quantified using the tax rates and laws enacted
or substantively enacted as at the Balance Sheet date.
Deferred tax assets are generally recognized for all
taxable temporary differences to the extent it is probable
that taxable profits will be available against which those
deductible temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to
be recovered.
Deferred tax assets relating to unabsorbed depreciation/
business losses/losses under the head “capital gains”
are recognized and carried forward to the extent of
available taxable temporary differences or where there is
convincing other evidence that sufficient future taxable
income will be available against which such deferred tax
assets can be realized.
Transaction or event which is recognized outside Profit or
Loss, either in Other Comprehensive Income or in equity, is
recorded along with the tax as applicable.
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 assets against
liabilities representing current tax and where the deferred
tax assets and the deferred tax asset and the deferred
tax liabilities relate to taxes on income levied by the same
governing taxation laws.
(xvi) Cash and bank balances:
Cash and bank balances also include fixed deposits,
margin money deposits, earmarked balances with banks
and other bank balances which have restrictions on
repatriation. Short term and liquid investments being
subject to more than insignificant risk of change in value,
are not included as part of cash and bank balances.
(xvii) Cash flow statement:
Cash flows are reported using the indirect method where
by the profit before tax is adjusted for the effect of the
transaction of non-cash nature, any deferrals or accruals
of past and future operating cash receipts or payments
and items of income or expenses associated with investing
or financing cash flows. The cash flows from operating,
investing and financing activities of the company are
segregated.
In the cash flow statement, cash and cash equivalents
includes cash on hand, demand deposits with banks,
other short-term highly liquid investments with original
maturities of three months or less 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.
(xviii) Borrowing costs:
Borrowing costs, general or specific, that are directly
attributable to the acquisition or construction of qualifying
assets is capitalized as part of such assets. A qualifying
asset is one that necessarily takes substantial period of
time to get ready for intended use. All other borrowing
costs are charged to the Statement of Profit and Loss.
The Company determines the amount of borrowing
costs eligible for capitalization as the actual borrowing
costs incurred on that borrowing during the year less
any interest income earned on temporary investment
of specific borrowings pending their expenditure on
qualifying assets, to the extent that an entity borrows
funds specifically for the purpose of obtaining a qualifying
asset. In case if the Company borrows generally and uses
the funds for obtaining a qualifying asset, borrowing costs
eligible for capitalization are determined by applying a
capitalizations rate to the expenditures on that asset.
Borrowing cost includes exchange differences arising
from foreign currency borrowings to the extent they are
regarded as an adjustment to the finance cost.
(xix) Securities premium:
Securities premium include, the difference between the
face value of the equity shares and the consideration
received in respect of shares issued. The issue expenses
of securities which qualify as equity instruments are
written off against securities premium.
(xx) Non-current assets held for sale:
Non-current assets and disposal groups are classified
as held for sale if their carrying amount is intended to be
recovered principally through a sale (rather than through
continuing use) when the asset (or disposal group) is
available for immediate sale in its present condition subject
only to terms that are usual and customary for sale of such
asset (or disposal group) and the sale is highly probable
and is expected to qualify for recognition as a completed
sale within one year from the date of classification.
Non-current assets and disposal groups classified as held
for sale are measured at lower of their carrying amount
and fair value less costs to sell.
(xxi) Operating cycle for current and non-current
classification:
The company presents assets and liabilities in the balance
sheet based on current/non-current classification.
An asset is classified as current when it satisfies any of
the following criteria:
• It is expected to be realized or intended to be sold or
consumed in normal operating cycle;
• It is held primarily for the purpose of trading;
• It is expected to be realized within 12 months after
the date of reporting period; or
• Cash and cash equivalents unless restricted from
being exchanged or used to settle a liability for at
least 12 months after reporting period.
Current assets include the current portion of non-current
financial assets. All other assets are classified as non¬
current.
A liability is current when it satisfies any of the following
criteria:
• It is expected to be realized or intended to be sold or
consumed in normal operating cycle;
• It is held primarily for the purpose of trading;
• It is expected to be realized within 12 months after
the date of reporting period; or
• There is no unconditional right to defer the
settlement of the liability for at least 12 months after
the reporting period.
Current liabilities include the current portion of long-term
financial liabilities.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as
non-current assets and liabilities.
(xxii) Earnings Per Share:
Basic earnings per share is calculated by dividing the net
profit after tax by the weighted average number of equity
shares outstanding during the year adjusted for bonus
element in equity share. Diluted earnings per share adjusts
the figures used in determination of basic earnings per
share to take into account the conversion of all dilutive
potential equity shares. Dilutive potential equity shares
are deemed converted as at the beginning of the period
unless issued at a later date.
(xxiii) Key sources of estimation:
The preparation of the financial statements in conformity
with Ind AS requires the management of the Company
makes estimates and assumptions that affect the
reported amounts of income and expenses of the period,
the reported balances of assets and liabilities and the
disclosures relating to contingent liabilities as of the date
of the financial statements. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates include useful lives of property,
plant and equipment & intangible assets, allowance
for expected credit loss, future obligations in respect
of retirement benefit plans, fair value measurement
etc. Difference, if any, between the actual results and
estimates is recognized in the period in which the results
are known.
(i) Segment reporting:
Revenue and Geographical Segments are identified
based on the stratification of the risk and returns. The
Company operates only in the one revenue segment. i.e.
Manufacturing of industrial chemicals.
(ii) Commitments:
Commitments are future liabilities for contractual
expenditure. Commitments include the value of the
contracts for the acquisition of the assets net of advances.
(iii) Recognition of Deferred Tax Assets and
Liabilities:
Deferred tax assets and liabilities are recognised for
deductible temporary differences and unused tax losses
for which there is probability of utilization against the
future taxable profit. The Company uses judgement to determine the amount of deferred tax that can be recognised,
based upon the likely timing and the level of future taxable profits and business developments.
(iv) Impairment of financial assets:
The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss
rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation,
based on Company’s past history, existing market conditions as well as forward looking estimates at the end of each
reporting period.
(3) STANDARDS ISSUED BUT NOT EFFECTIVE
The Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards. On 7th May,
2025, the MCA notified the amendment to INDAS 21 “The Effects of Changes in Foreign Exchange Rates " which is effective
from 1st April, 2025. The application of the above standard is not expected to have any impact on the Company’s financial
statements.
The amount of fixed deposit with Banks includes Lien over fixed deposit of ' 9.70 Million (Previous year: ' 0.26 Million).
Note B:
The Company has made contribution in the Equity Shares of following companies for acquiring membership in those
companies for operation purposes. Hence, investment in such companies are valued at cost.
Globe Enviro Care Ltd. - 2,66,191 (Previous year - 2,66,191) shares - Face value of ' 10/- each.
Narmada Clean Tech Ltd. 1,34,100 (Previous year - 1,34,100) shares - Face value of ' 10/- each.
Note B1
The Company has provided non-current security deposit ' 747.28 Million (PY ' 746.14 Million) to Related Party to secure
its long term supply chain. (Refer Note 32 II). The above amount represents the discounted value of such non-current
security deposits.
Note B2
In order to initiate the business operations of ARIL Fluorospeciality Private Limited, a wholly owned subsidiary (WOS), the
company has provided funds by way of grant of loan of ' 382.97 Million (Previous Year ' 357.89 Million) for a period of 10
years in one or more tranche. The loan amount shall be utilised by WOS for the procurement of land and capex to start
its principle business activities. The interest rate on such loan is 9.00% per annum as equivalent to interest rate of State
Bank of India (SBI).The moratorium period for repayment of principal and interest amount of the loan is of 3 Years and the
repayment of loan shall commence from February-2027 on step-up basis. (Refer Note 32 II).
Note B3
In order to extend the financial assistance to Anupam Japan GK, a wholly-owned subsidiary (WOS) operational expenses
of ' 0.52 Million (Previous Year ' 0.06 Million) were incurred by the company on behalf of the said WOS (Refer Note 32 II).
Note B4
In order to extend the financial assistance to Anupam Europe AG, wholly owned subsidiary (WOS) operational
expenses of ' 0.28 Million (Previous Year ' 0.28 Million) were incurred by the company on behalf of the said WOS
(Refer Note 32 II).
Under IND AS 109-Financial Instruments, Expected credit loss is to be provided for various items of Financial Assets
of the Company. Trade Receivable being classified as Financial Asset of the company, Expected credit Loss is to be
provided for on the basis of Simplified Approach as allowed under IND AS. Based on the management representation,
the chances of impairment of Trade Receivable are negligible according to which no material expected credit loss is
estimated for the current financial year.
Nature and purpose of reserves:
Securities Premium
Securities Premium reserve is created due to premium on
issue of shares. These reserve are utilized in accordance
with provision of the Companies Act, 2013.
General Reserve
Under the erstwhile Companies Act, 1956, a general
reserve was created through an annual transfer of net
income at a specified percentage in accordance with
applicable regulations. The purpose of these transfers
was to ensure that if a dividend distribution in a given year
is more than 10% of the paid up capital of the Company for
that year, then the total dividend distribution is less than
the total distributable reserve for that year.
Consequent to introduction of Companies Act, 2013,
the requirement of mandatory transfer of a specified
percentage of the net profit to general reserves has been
withdrawn and the Company can optionally transfer any
amount from the Surplus of profit or loss to the General
Reserve.
Share Based Payment Reserve
The Company, vide resolution passed by the members
of the Company on 4th December 2020, has reserved
issuance of 13,12,795 number of Equity Shares to its
eligible employees and its subsidiary companies under
the Anupam - Employee Stock Option Plan, 2020 ('ESOP-
2020'). The Nomination and Remuneration Committee/
Compensation Committee ("Committee") has granted
13,12,760 number of Options at a price of ' 225/- per
option under Grant 1 on 10th December 2020. The Options,
which remain unvested or unexercised and have lapsed
due to resignations/non-acceptance of the granted
Options by the employees, have been pooled back in the
Employees Stock Options Pool and are available for re¬
grant. Accordingly, the Nomination and Remuneration
Committee granted 1,07,075 number of Options under
Grant 2 on 20th January 2022 and 6,260 number of Options
under Grant 3 on 9th January 2023, at a price of ' 225/- per
Option, respectively. The Options would vest over a period
of 1/2/3 years from the date of grant based on specified
criteria. (Refer Note 31.1 ).
During Current Financial Year, 1,45,202 (Previous year -
3,44,468), Nil (Previous year - 70,425) and 239 (Previous
year - 1,846) actual number of Equity Shares were
exercised from Grant 1, Grant 2 and Grant 3 respectively.
Note 16(i):
As per IND AS 109 "Financial Instruments" and IND AS 113 "Fair Value Measurements", term loans taken from banks are
financial instruments and accordingly the processing fee paid on bank loans is to be valued at fair valuation and
recognised as "Term loan deferred processing fee" which is amortised as "Deferred interest expense" over the period of
term loan using effective interest rate for each bank loan taken during earlier year(s). During the Current Financial Year,
such Deferred interest expenses are transferred to the respective qualifying assets.
Note A:
As per IND AS 109 "Financial Instruments" and IND AS 113 "Fair Value Measurements", term loans taken from banks are
financial instruments and accordingly the processing fee paid on bank loans is to be valued at fair valuation and recognised
as "Term loan deferred processing fee" which is amortised as "Deferred interest expense" over the period of term loan
using effective interest rate for each bank loan taken during the year. During the Previous Financial Year, Majority of the
Term Loans so availed were repaid and hence the balance amount lying as Deferred interest expenses were transferred
to the qualifying assets for which said term loan were availed.
30. Contingent Liabilities and Commitments
Contingent Liabilities
During the Previous Year the company has given corporate guarantee to Axis Bank Limited for the loan facility of ' 750.00
Million (Previous year ' 750.00 Million) availed by Tangent Science Private Limited.
Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of Capital
Advances) as on March 31,2025 is ' 576.91 Million (Previous year ' 1085.4 Million).
31. Employee Benefits
The Company has classified various employee benefits expenses as under:
I. Defined Contribution Plans:
The company’s contribution paid/payable to Employee State Insurance Scheme, Provident Fund, and Other funds are
determined under the relevant approved schemes and/or statutes and are recognised as expense in the Statement of
Profit and Loss during the year in which the employee renders the related service.
There are no further obligations other than the contributions payable to the approved trusts/appropriate authorities.
The Company has recognised the following amounts in the Statement of Profit and Loss:
II. Defined Benefit Plans:
Employee Gratuity fund scheme is for the purpose of
the Defined Benefits. The Company is making annual
contributions for gratuities to funds administered by
trustees and managed by insurer (LIC) for amounts
notified by the insurer. The present value of obligation
under such defined benefit plan is determined based on
actuarial valuation carried out by an independent actuary.
The Company has paid premium under Staff Gratuity
EGGS Scheme with the LIC. Accordingly, all the required
disclosures are provided in the financial statements to the
extent details available from actuarial valuation report and
LIC gratuity valuation report respectively.
These plans typically expose the Group to actuarial risks
such as: Investment risk, interest rate risk, longevity risk
and salary risk.
Investment risk:
The present value of the defined benefit plan liability is
calculated using a discount rate which is determined by
reference to market yields at the end of the reporting year
on government bonds. If the return on plan asset is below
this rate, it will create a plan deficit. Currently, for the plan
in India, it has a relatively balanced mix of investments in
government securities, and other debt instruments.
Interest risk:
A fall in the discount rate which is linked to the Government
Security Rate will increase the present value of the liability
requiring higher provision. A fall in the discount rate
generally increases the mark to market value of the assets
depending on the duration of asset.
Salary risk:
The present value of the defined benefit plan liability is
calculated by reference to the future salaries of members.
As such, an increase in the salary of the members more
than assumed level will increase the plan’s liability.
Concentration risk and Longevity risk:
The present value of defined benefit plan liability is
calculated by reference to the best estimate of the
mortality of plan participants both during and after their
employment. An increase in the life expectancy of the plan
participants will increase the plan’s liability.
Except for those financial instruments for which the carrying amounts are mentioned in the above table, the Company
considers that the carrying amounts recognized in the financial statements approximate their fair values.
For financial assets that are recognized at fair value, the carrying amounts are equal to the fair values.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of the financial instruments that are not traded in active market is determined using valuation
techniques which maximize the use of observable market data and rely on entity-specific estimates. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more significant inputs is not based on observable market data, the instrument is included in level 3.
Valuation techniques used to determine the fair values:
The fair value of the forward exchange contract is determined using forward exchange rate at the balance sheet date. The
fair value of cross currency interest rate swap is calculated as the present value of future cash flow based on available
foreign exchange rates.
36. Risk management
The Company’s activities expose it to market risk, liquidity risk and credit risk.
A. Liquidity risk
Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity risk management implies
maintenance of sufficient cash and the availability of funding through an adequate amount of committed credit lines to
meet obligations when due.
C. Market risk
With the entity having varied geographical spread of revenue, and with the price being determined, primarily by demand
and supply, the entity is exposed to any market risk that require sensitivity analysis akin to any specific market such that
profit or loss or equity of the entity would get affected by changes in the relevant risk variable.
Currency risk
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the
USD Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated
in a currency that is not the company’s functional currency. The risk is measured through a forecast of highly probable
foreign currency cash flows. The objective of the hedges is to minimise the volatility of the cash flows of highly probable
forecast transactions by hedging the foreign exchange inflows on regular basis.
Currency risks related to the principal amounts of the Company’s foreign currency receivable/payables have been hedged
using forward contracts.
In respect of other monetary assets and liabilities denominated in foreign currencies, the Company’s policy is to ensure
that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary
to address short-term imbalances.
Fair value sensitivity analysis for fixed-rate
instruments
The Company does not account for any fixed-rate financial
assets or financial liabilities at fair value through profit or
loss. Therefore, a change in interest rates at the reporting
date would not affect profit or loss.
Hedge Accounting
The company’s business objective includes safe-guarding
its earnings against foreign exchange fluctuations. The
Company has adopted a structured risk management
policy to hedge all these risks within an acceptable risk
limit and an approved hedge accounting framework
which allows for Fair Value hedges and Cash Flow hedges.
Hedging instruments include forwards contracts to
achieve this objective. The table below shows the position
of hedging instruments and hedged items as on the
balance sheet date.
Cash flow hedge
The objective of hedge accounting is to represent,
in the Company’s financial statements, the effect of
the Company’s use of financial instruments to mange
exposures arising from particular risks that could affect
profit or loss. The Company’s exposure to foreign currency
risk as at March 31, 2025 is stated below.
During the year ended March 31, 2025, the Company has
designated specific foreign exchange cross currency
forward contracts as cash flow hedges to mitigate the risk
of foreign exchange exposure on highly probable forecast
cash transactions. The related hedge transactions for
balance in cash flow hedge reserve as at March 31, 2025
are expected to occur and reclassified to Statement of
Profit and Loss within thirty six months.
The Company determines the existence of an
economic relationship between the hedging instrument
and hedged item based on the currency, amount and
timing of its forecasted cash flows. Hedge effectiveness is
determined at the inception of the hedge relationship, and
through periodic prospective effectiveness assessments
to ensure that an economic relationship exists between
the hedged item and hedging instrument, including
whether the hedging instrument is expected to offset
changes in cash flows of hedged items.
If the hedge ratio for risk management purposes is no
longer optimal but the risk management objective remains
unchanged and the hedge continues to qualify for hedge
accounting, the hedge relationship will be rebalanced by
adjusting either the volume of the hedging instrument
or the volume of the hedged item so that the hedge ratio
aligns with the ratio used for risk management purposes.
Any hedge ineffectiveness is calculated and accounted
for in the Statement of Profit and Loss at the time of the
hedge relationship rebalancing.
38. Other statutory information
(i) There is no balance outstanding on account of any
transaction with companies struck off under section
248 of the Companies Act, 2013 or section 560 of
Companies Act, 1956.
(ii) The Company has not advanced or loaned or
invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the
understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf the company
(Ultimate Beneficiaries); or
(b) Provide any guarantee, security or the like to or
on behalf of the Ultimate beneficiaries.
(iii) The Company has not received any fund from any
person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether
recorded in writing or otherwise) that the company
will:
(a) Directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf the Funding Party
(Ultimate Beneficiaries); or
(b) Provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(iv) The Company has not entered into any such
transaction which is not recorded in the books of
accounts that has been surrendered or disclosed as
income during the year in the tax assessments under
the Income-tax Act 1961.
(v) No proceedings has been initiated or pending against
the Company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 and
rules made thereunder.
(vi) The Company has not been declared wilful defaulter
by any bank or financial institution or other lender.
(vii) Registrar of Charges
As per MCA records there are no pending charges
that are due in the name of the Company during the
Current Financial Year.
(viii) As per clause (87) of section 2 and section 186
(1) of the Companies Act, 2013 and rules made
thereunder, the Company is in compliance with
the number of layers as permitted under the said
provisions.
(ix) During the Current Financial Year the Company has
not carried out any scheme of arrangement which is
approved by regulatory authorities.
(x) During the Current Financial Year the Company has
not traded or invested in Crypto Currency or Virtual
Currency.
39. Figures for the previous year have been regrouped/reclassified to conform to the figures of the current year.
40. Audit Trail
The accounting software used by the Company, to maintain its Books of account have a feature of recording audit trail
(edit log) facility and the same has been operated throughout the year for all transactions recorded in the software.
Further, there were no instances of audit trail features being tampered with in respect of the said software. The audit trail
has been preserved by the Company as per the statutory requirements for record retention.
41. Approval of Financial Statement
The Financial Statements were approved for issue by the Board of Directors on 23 rd May, 2025.
As per our report of even date
For and on behalf of the Board For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai Mona Desai Ashish Gupta Akshay R. Shah
Managing Director Whole time Director Company Secretary & Partner
(DIN: 00038442) (DIN: 00038429) Compliance Officer Mem. No. 103316
Gopal Agrawal Amit Khurana
Chief Executive Officer Chief Financial Officer
Date: 23rd May, 2025 Date: 23rd May, 2025
Place: Surat Place: Mumbai
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