09. Contingent Liabilities & Contingent Assets : -
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. The disclosure is made if a reliable estimate of the obligation can be made. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Contingent assets are not recognized in the financial statements. Contingent assets are assessed continually and, only if it is fairly certain that an inflow of economic benefits will arise, the asset and related income are recognized in the relevant period.
10. Impairment of Assets:- In compliance with Accounting Standard 28 (AS) 28-"Impairment of Assets" issued by the Institute of Chartered Accountants of India (ICA1), the Company assesses at each Balance Sheet date whether there is any indicatlua^hat any asset may be impaired. If any such indication exists, the
recoverable amount of the asset is estimated. Impairment loss is recognized wherever carrying amount exceeds the recoverable amount.
11. Government Grants:
The Company recognizes government grants only when there is reasonable assurance that the conditions attached to them will be complied with, and the grants will be received.
During the year company has changed its accounting policy as regards grants receivable from Government.
Company has received grant under Package Scheme of Incentive of Govt, of Maharashtra. Same has been credited to Capital Reserve . However till earlier year company has credited this grant to Profit & Loss A/C. Due to this change in accounting policy company’s net profit for current year is lower by Rs.8.66 lakhs.
12. Segment Reporting:
The company derives revenue primarily from manufacturing of Plastic Engineering Components and sub assemblies This activity, in the context of Accounting Standard 17 on Segment Reporting, as specified in the Companies (Accounting Standards) Rules, 2006 are considered to constitute one single primary segment. Further, the risks and returns involved in providing products and services in different geographies are not materially dissimilar. Thus, the company has no reportable secondary segment i.e. geographical segment
13. Previous year’s figures have been re-grouped/rearranged wherever necessary.
14. The Board is of the opinion that the current Assets Loans & Advances have, in ordinary course of business, valued at least equal to the amount at which they are stated in the Balance Sheet.
15. Balances of Sundry debtors, Creditors & advances are subject to confirmation.
16. GST entries accounted in books are subject to reconciliation with related records.
17. Data as regards break up of Sundry creditors of MSME & non MSME creditors has been reported as provided to us by the management. Further data as regards interest paid/ payable u/s 22 of MSMED Act was not provided to us and hence necessary disclosure in this regard could not be made.
Additional disclosures required by Schedule III of Companies Act, 2013
I) Company has no immovable properties which are not held in the Name of The Company.
11) The Company has not revalued any of its Property, Plant and Equipment, during
the year- //& kr
III) Company has not granted any loans or advances in the nature of Loan to its promoters . directors, Key Managerial Personnel and related parties.
IV) Capital WIP of Plant & Machinery of Rs.61,44,000/- is for a period of less than one year.
V) Company do not have any intangible assets under development as on 31-3-2024.
VI) As informed to us the Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
VII) Company has been sanctioned working capital limits from banks on the basis of security of current assets. Company has filed quarterly statements with bank for this loan. Book value of stock for the quarter ending June 2023, Sept 2023 & Dec 2023 is not available & hence we cannot comment as to whether the value of stock is in agreement with books of accounts or not.
VIII) As informed to us the Company has not been declared willful defaulter by any bank or financial institution or other lender or government or any government authority.
IX) As informed to us the Company do not have any transactions with companies struck off.
X) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
XI) There are no subsidiaries to comply with the number of layers prescribed under clause ^-=^^(87) of Section 2 of the Companies Act, 2013 read with Companies (Restriction on number
: Layers) Rules, 2017.
XII) As informed to us the Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
XIII) (A) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) w£h the understanding that the Intermediary shall:
I) 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
II) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(B) 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 shall:
I) 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
II) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
XIV) CSR provisions u/s 135 of Companies Act 2013, are not applicable to the company.
XV) As informed to us there is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.
XVI) Company has not revalued its property, plant and equipment or intangible assets or /•>. 'oo^&^both during the current or previous year.
XVII) As informed to us the Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
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