(k) Provision, Contingent liabilities and Contingent Assets
A provision is recognized if, as a result of a past event, the Company has a present legal obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the likely future outflow of economic benefits required to settle the obligation at the reporting date.
Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources.
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.
A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.
(l) Cash and Cash Equivalents
Cash and cash equivalents comprises cash at banks and short term deposits that are readily convertible into cash and which are subject to an insignificant risk of changes in value.
(irOBorrowing Cost
Borrowing cost that are directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial year of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. Costs incurred in raising funds are amortized equally over the period for which the funds are acquired. All other borrowing costs are expensed in the period they occur.
(n) Related Party Disclosures
Related parties as defined under Accounting Standard -18 ‘Related Party Disclosures’ have been identified based on representations made by management and information available with the Company. All transactions with related parties are in the ordinary course of business and on arms' length basis.
(o) Leases:
The Company has taken the factory on lease and classified as an operating lease and lease rentals are recognized in profit and loss account as per lease terms
(p)Cash Flow Statement
The cash flow Statement has been prepared under the “Indirect Method” as set out in Accounting standard -3 “Cash Flow Statement” whereby net profit before tax is adjusted for the effects of the transactions of a non cash nature and any deferral or accrual of past or future cash receipts or payments. The cash flow from regular operating, investing and financing activities of the company are segregated.
(qf Segment Reporting
The Company is having single segment; Accordingly, AS-17 Segment Reporting is not applicable to the company
Other Details
1) Companies’ valuation of current assets, loans and advances is based on the book value of the said assets and none of these are doubtful of recovery or considered doubtful.
2) Previous year figure has been regrouped and rearranged wherever necessary.
3) The Company has made Public Issue offer, the Expenses incurred for Public issue has been capitalized and will be written off over a period of 5 years. Commencing from F.Y. 2022-23
4) Amounts in the financial statements are rounded off to the nearest lacs. Figures in brackets indicate negative values.
For KISHOR GUJAR & ASSOCIATES For M/s. Macfos Limited
Chartered Accountants ; ^ x
Firm Registration No. - 116747W
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[ I *7 CHARTERED^ \
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CA Sangita V. Kumbhar Mr. Binod Prasad Mr. Atul Dhumre
(Partner) (Director) (Director)
Membership No: 156238
UDIN: 24156238BKBNHY2116 DIN: - 07938828 DIN: 07938802
Place: - Pune Place: - Pune Place: - Pune
Date: -8th May 2024 Date: - Date: -
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