[2.13 Provision and Contingencies
Ia 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 benefit) 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. These are reviewed at each Balance Sheet date and adjusted to
(reflect the current best estimates.
[2.14 Cash and cash equivalents
[Cash and cash equivalents comprise cash and balance with banks .
[2.15 Taxes on Income
[Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.
Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one’period and are
I capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the
[reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of depreciation and provision on standard asset is
recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for
[timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be |
revised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally
[enforceable nght for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.
(2.16 Insurance Claims
Insurance claims are accounted for on the basis of claims admitted/ expected to be admitted and to the extent that the amount recoverable can be measured reliably
land it is reasonable to expect ultimate collection.
|As per our report of even date attached
For Garg Bros. & Associat<*^--~^_ For and On Behalf of Board of Directors
(Chartered Accountants) -4&X M/s B. C. Power Controls Limited
FRN.001005N /A/ \®\ ?Jfen
\ Y*\ / Chander Shekhar Jain Nitin Aggarwal
CAK^hanP?akashGarg\QV_y^ Manging Director Director
|Partner DIN- 08639491 DIN 06713847
|M. No: 011020 Ya v s'
luDIN: 24011020BKHIJP9216 j
Date: 24/05/2024 V
Place. New Delhi Manoj Jain -—-^^pleMalik "
Chief Financial Officer Company Secretary
I______MNo, 69221
2.28.1 Capital management
The Company’s capital management objective is to maximise the total shareholder return by optimising cost of capital
through flexible capital structure that supports growth. Further, the Company ensures optimal credit risk profile to
maintain/enhance credit rating.
The Company determines the amount of capital required on the basis of annual operating plan and long-term strategic plans.
The funding requirements are met through internal accruals and long-term/short-term borrowings. The Company monitors
the capital structure on the basis of Net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.
For the purpose of capital management, capital includes issued equity capital, securities premium and all other reserves. Net
debt includes all long and short-term borrowings as reduced by cash and cash equivalents and inter-corporate deposits with
financial institutions.
The following table summarises the capital of the Company:
2.28.3 Financial risk management objectives
The Company has adequate internal processes to assess, monitor and manage financial risks. These risks include market risk (including
currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Company seeks to minimise the effects of these risks by
using financial instruments such as foreign currency forward contracts, option contracts, interest and currency swaps to hedge risk exposures
and appropriate risk management policies as detailed below. The use of these financial instruments is governed by the Company's policies,
which outlines principles on foreign exchange risk, interest rate risk, credit risk and deployment of surplus funds.
b) The Company do not have any transactions with companies struck off in current year and previous year.
c) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period in current year and
previous year.
d) The Company have not traded or invested in crypto currency or virtual currency during the current year and previous year.
e) The Company have not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign entities (Intermediaries)
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.
f) The Company have not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the Company shall in current year and previous year:
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
g) The Company does not have any transaction which is not recorded in the books of accounts that has been subsequently surrendered or
disclosed as income during the year as part of the on going tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961) in current year and previous year.
h) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any
Benami property in current year and previous year. _
i) The Company has not been declared as willful defaulter by {ifi^imk^^S^lqcial institution or government or any government authority in
current year and previous year. /'CjO
j) The Company has complied with the provisions of numbqrMl^^ pPeSJOri bed j under the Companies Act, 2013 i iVaijm-nty c v i o u s
year. \*\n IJsl fckf
‘Foreign Exchange Earnings and Outgo are on account of Import and Export of Goods
2.32 Other Notes
(i) Previous year figures are regrouped and reclassified wherever necessary to conform to current year's presentation.
(ii) Some of the balances of receivables and payables remains unconfirmed till balance sheet date.
(iii) In the opinion of the management, current assets, loans and advances have a value not less than what is stated in the accounts if realised in the ordinary
course of business.
For Garg Bros. & Associates Ý For and On Behalf of Board of Directors
(Chartered Accountants) M/s B. C. Power Controls Limited
FRN: 001005N (
rtelhi jt| .
Q—" \ ' O\ y cy /^ONT/^X Chander Shekhar Jain Nitin Aggarwal
V S"^N^XManging Director Director
CA Krishan Parkash Garg X&S (sf V// PIN. 08639491 S' DIN. 06713847
Partner ' |q/ I/T/S ]—)v vv yS
M. No: 011020 JS . /?
UDIN: 24011020BKHIJP9216 \u>C SS/ J
Date: 24/05/2024 X^j? ^ y' Cimplc Malik
Place: New Delhi ^ ^ Chief Financial Officer Company Secretary
____MNo. 69221_
|