i) PROVISION AND CONTINGENT LIABILITIES:
Provisions: Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be regurred to settie the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance sheet date and are not discounted to its present value.
Contingent Liabilities: Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow cf resources will be reguired to settle or a reliable estimate of the amount cannot be made.
Contingent assets are neither recognised nor disclosed. m)£ARNINQ PER SHARES:
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of aquities shares outstanding during the period. The weighted average number of equity shares outstanding during Che period and for all periods presented Is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change In resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.
29) Disclosures required under section 22 of the micros, sraafl and medium enterprises development Act 2006
The Company has yet to update the complete list of its suppliers, if any one of those consists any MSME. The company has called from customers but same was responded in few cases Therefore, the dues, if any from the MSME suppliers could not be ascertained and accordingly the interest payable to M$M£ suppliers, outstanding for more than 30 days trom tne date they became payable, could also not be quantified,
3(1} Disclosures pursuant to the Accounting Standard-15 Employee benefit Defined benefit plan - Gratuity Obligations
The Company provides for gratuity, a defined benefit plan (the "Gratudy Plan”) covering eligible employees in acoordanoe with the Payment of Gratuity Act. 1972. The Gratuity Plan provides a lump sum paymont to vosted employees at retirement, deatn, incapacitation or termination of employment, of an amount based on the respective employee’s salary and the tehure of employment.
Defined Contribution Plan
The Company pays provident fund contributions to publicly administered provident funds as per looaf regulatory authorities. Tbe Company has no further obligations once the contributions have been paid. The contributions are accounted for as defined contnbution ptans ano the contributions are recognised as employee benefit expense when they are due.
1} In the opinion of Directors, provisions for all known liabilities have been made in the accounts,
2) Loan & advances, sundry debtors, sundry creditors and other liabilities are subject to confirmation and reconciliation. The balances are therefore as per the books of accounts.
3) Contingent liabilities not provided for in books of accounts for the period ended 31* Marcb, 2024 is Rs.2887.69 Lakhs (P.Y.738.S5 Lakhs) being Bank guaranties issued to various government authorities and Rs. 155.97 Lakhs (P.Y.Rs. 155.97 Lakhs) being income tax disputed liabilities for which company has fiied appeal before appellant authority.
13) The Company has re-grpuped, re-classified, and/or re-arranged figures for previous year, wherever required to confirm with current year's classification.
As per Our report of even date _ _
For R H A O & Co. For and on behal* the Board
Chartered Accountant f \ r a l
(Firm Reg. No. 10258^=^ \ 54^*
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(Dinesh Bangar) “ “ 11 (Krusharig Shah) (Prasham Shah)
Partner J$lj 1 Managing Director Executive Director
M.No. 036247 DINk0719852| DIN: 09540340
[^( Mumbai) . ix
Piace: Mumbai l ]$} (DevasKis K Mondal)
Date: 30/05/2024 Chief Financial Officer
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