o. Provisions and Contingencies
A provision is recognised when the Company has a present obligation as a result of past events 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 (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed. Presently management has not provided for provision for doubtful debts as it is virtually certain that all debtors will be realised in the due course of the business.
p. Bad Debts / Provision for Bad Debts:
The company considers a financial asset in default when contractual payments are highly overdue from terms. However, in certain cases, the company may also consider a financial asset to be in default when internal or external information indicates that the company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
If in any previous year, the debt has been written off as bad and the relevant deduction has also been claimed but later on the same debt is recovered in full or part, then the amount so recovered will be included as income of the financial year in which such amount has recovered.
During the year the company has not accounted for any such Bad debts or any kind provision for Bad debts, except very small negligible amount written off as discount allowed.
q. Segment Information
The Company has only one major business segment i.e. processing of nuts and other dry fruits.
Other Statutory Information: -
i) The company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.
ii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
iii) The company has not advanced or loaned or invested funds to any other person(s) or entity(ies) except wholly owned subsidiary, 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 of the company (ultimate beneficiaries) or
b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
iv) The company has not received any fund from any person(s) or entity(ies),including foreign entities with the understanding (whether recorded in writing or otherwise) that the company shall:
a) directly or indirectly mail or invest in other person or entities identified in any manner whatsoever by or on behalf of company (ultimate beneficiaries) or
b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
v) The company does not have 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 (such as search or survey or any other relevant provision of the Income Tax Act, 1961).
vi) 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.
vii) The Company is not declared wilful defaulter by any bank or financial institution or lender during the year.
viii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
ix) Periodical returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.
x) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was obtained.
xi) The title deeds of all the Immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) are disclosed in the financial statements included in property, plant and equipment and capital work-inprogress are held in the name of the Company as at the balance sheet date.
xii) The Company does not have any transactions with companies which are struck off.
Note 33: explanation for change in ratio by more than 25%
34.1 :- The variance is due to increase in closing current assets mainly inventory and short term advances for business purpose
34.2 :- The Variance is due to decrease in long term loan during the year; as well there is an issue of shares at premium during the year so equity fund increased compare to last year.
34.3 :- The variance is due to in increase in debt service coverage ratio , due to better profitability
34.4 :- The variance is due to decrease in inventory turnover as compare to last year as there in increase in huge import inventory purchased at the end of the year
34.5 :- The variance is due to augment the sales higher credit period given during the year
For TAMANAA PARMAR & ASSOICATES For and on behalf of the Board of Directors
Chartered Accountants ICAI F.R.No. 014444C
APARNA MORALE BANGAR NANA PRAKASH MHASKE
Tamanna Parmar Managing Director Director & CEO
Partner DIN : 05332039 DIN : 01911731
M.No.: 409291 Date:- 24th May, 2024 Place:- MUMBAI
ANANT KULKARNI RAHUL GAWANDE
DIRECTOR & CFO Company Secretary
DIN NO :01887356 M.No. : A49344
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