k. Provisions
A provision is recognized when the company has a
present obligation as a result of past event and it is
probable that an outflow of resources will be required
to settle the obligation, in respect of which a reliable
estimate can be made. Provisions are not discounted
to its present value and are determined based on
management estimate required to settle the obligation
at the Balance Sheet date. These are reviewed at each
Balance Sheet date and adjusted to reflect the current
management estimates.
Accounting policies are not specifically referred to
otherwise be consistent and in consonance with
generally accepted accounting principles.
l. Employee Benefits:
Gratuity liability under the payment of Gratuity Act has
been provided in the books of accounts as per Actuarial
Valuation as required under Accounting Standard
-15 (Revised) issued by The Institute of Chartered
Accountants of India.
25 Other Matters
1 The Company had filed an appeal before District Judge, Nasik against the award of Rs. 3.20 Lakhs passed by Micro
& Small Enterprises Facilitation council, Nasik Division dated 16.11.2018. Earlier M/s Positive Metering Pumps (I)
Pvt Ltd initiated a conciliation proceedings under section 18 read with section 17 of the Micro, Small and Medium
Enterprises Development Act, 2006 for non payment of principal amounting to Rs. 2.64 Lakhs and interest of Rs.
0.38 Lakhs. An amount of Rs. 3.20 Lakhs is included under the head Trade Payables, Schedule 6 of Balance Sheet.
The appeal filed by the company has been quashed by the district court. However, no claim has been raised by the
party till date and management is of the opinion that no provision is required to be made for the additional interest
amount and therefore the same has been shown as contingent liability.
2 Company has filed suit on M/s DLF Home Developers Limited for recovery of Rs. 47.49 Lakhs, matter listed for the
arguments on the application U/o.XXXVII Rule 3(4) R/w Section 151 of CPC. The above amount of Rs. 47.49 Lakhs
includes principal amount of Rs. 11.89 Lakhs and difference being damages and interest amounting to Rs. 35.60
Lakhs. The above amount of 11.88 Lakhs is included in Trade Receivable "Others" under the head Trade Receivable,
Schedule 10 of Balance Sheet. The matter is pending as on 31 March 2025.
3 Company has filed 2 suits on Mr. Vinod Patel Proprietor M/s Extreme automation U/S 138 of Negotiable Instrument
Act, 1881 for an amount of Rs. 4.28 Lakhs and is included in Short Term Loans and Advances Schedule 12 and is
pending in the court of Judicial Magistrate First Class, Pimpri. Company has applied for issuance of summons. Hence,
court has issued summons against the accused. The matter is pending as on 31 March 2025.
4 The Company has been assessed u/s 143(3) of Income Tax Act 1961 for AY 2022-23 wherein the assessment order
dated 22.03.2024 was passed. Ld. AO made an addition of Rs. 11,29,831/- thereby raising a demand of Rs. 43,020/-.
Pursuant to above assessment order, Penalty proceedings u/s 270A of the Income Tax Act 1961, were also
initiated separately.
Aggrieved by the above Assessment order, the Company has filed an appeal u/s 246A before Commissioner of Income
Tax (Appeals) on 22.04.2024. Penalty proceedings initiated are kept in abeyance till the disposal of above appeal.
The case is yet to be fixed for hearing."
26 Previous year figures have been regrouped and reclassified wherever required.
27 The Company operates in only one business segment, hence separate segment reporting is not applicable as per AS-17
29 Disclosures in compliance with amendment in Schedule III
a. The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
b. The Company has not entered any transactions with Companies that were struck off under section 248 of the Companies
Act, 2013 or section 560 of Companies Act, 1956.
c The Company is in compliance with number of layers of Companies, as prescribed under clause (87) of section 2 of the
Act read with Companies (Restriction on number of Layers) Rules, 2017.
d. The Company has not been declared a wilful defaulter by any bank or financial institution or consortium thereof in
accordance with the guidelines on wilful defaulters issued by RBI.
29 Disclosures in compliance with amendment in Schedule III (contd.)
e. During the year, no scheme of arrangements in relation to the Company has been approved by the competent authority in
terms of section 230 to 237 of the Companies Act, 2013. Accordingly, aforesaid disclosure are not applicable, since there
were no transaction.
f. The Company does not have any such transaction which is not recorded in books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
g. There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.
h. All the quarterly statements of current assets filed by Company with the banks or financial institutions agree with books
of accounts, if any.
i. The Company has not traded or invested in crypto currency or virtual currency during the financial year.
j. The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other
sources or kind of funds) to any other person or entity, including foreign entities (“Intermediaries”) with the understanding
(whether recorded in writing or otherwise) that the Intermediary shall, whether, directly or indirectly lend or invest in other
persons/entities identified in any manner whatsoever by or on behalf of the Group (‘ultimate beneficiaries') or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
k. 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 Group shall directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding party (ultimate beneficiaries);
or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
31 Outstanding amounts of Trade Payables, Long Term Liabilities - Trade Payables, Trade Receivables and Advance from
Customers are subject to balance confirmations.
As per our report of even date attached.
For Raman Chawla and Associates For and on behalf of the Board
Chartered Accountants Apex Ecotech Limited
Firm Regn No - 035543N
Jasmeet Singh Anuj Dosajh Ajay Raina
Partner Managing Director Director
M No. 549076 DIN :00119225 DIN :02042979
Date: 22 May 2025
Place: New Delhi Rakesh Kaul Kirti Jain
UDIN: 25549076BMOKTD8509 Chief Financial Officer Company Secretary
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