3.8. Provisions Contingent Liabilities and contingent assets
a) Provisions are recognized when the Company has a present obligation (legal or constructive) as a result
of a past event, it is probable that the Company will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
b) The amount recognized as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation. When a provision is measured using the cash flows estimated to settle the
present obligation, its carrying amount is the present value of those cash flows (when the effect of the
time value of money is material).
c) Contingent assets are disclosed in the Financial Statements by way of notes to accounts when an inflow
of economic benefits is probable. Contingent liabilities are disclosed in the Financial Statements by way
of notes to accounts, unless possibility of an outflow of resources embodying economic benefit is
remote. Contingent liabilities are disclosed on the basis of judgment of the management/ independent
experts. These are reviewed at each balance sheet date and are adjusted to reflect the current
management estimate.
3.9. Employee benefits
1. Provident fund
Provident fund is a defined contribution plan covering eligible employees. The Company and the
eligible employees make a monthly contribution to the provident fund maintained by the Regional
Provident Fund Commissioner equal to the specified percentage of the basic salary of the eligible
employees as per the scheme. The contributions to the provident fund are charged to the statement of
profit and loss for the year when the contributions are due. The Company has no obligation, other than
the contribution payable to the provident fund.
2. Leave encashment
Accumulated leave, which is expected to be utilized within the next twelve months, is treated as short¬
term employee benefit for measurement purposes. The Company measures the expected cost of such
absences as the additional amount that it expects to pay as a result of the unused entitlement that has
accumulated at the reporting date.
The company treats accumulated leave as at the period ending 31st December which subsequently gets
lapsed and are compensated for the aforesaid unavailed leaves. The Company presents the entire leave
encashment liability as a current liability in the balance sheet, since employee is entitled to avail leave at
the end of 9 months from the reporting date and does not have an unconditional right to defer its
settlement for twelve months after the reporting date.
Liabilities for salaries and wages, including non-monetary benefits that are expected to be settled wholly
within 12 months after the end of the period in which the employee render the services are recognized in
respect of employees’ services up to the end of the Balance Sheet date and are measured at the amounts
expected to be repaid when the liabilities are settled.
3.10. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
a) Financial assets
(i) Initial recognition and measurement
All financial assets are recognized initially at fair value plus adjustment, in the case of financial assets
not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition
of the financial assets.
The financial assets include cash and bank balances and loans and advances.
(ii) Subsequent measurement
For purposes of subsequent measurement, financial assets in the nature of debt are classified at
amortized cost.
Debt instruments at amortized cost
A ‘debt instrument’ is measured at the amortized cost if both the following conditions are met:
1) The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and
2) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortized cost using the
effective interest rate (EIR) method. Amortized costis calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR.
(iii) De-recognition
The Company derecognizes a financial asset only when the contractual rights to the cash flows from the
asset expires or it transfers the financial asset and substantially all the risks and rewards of ownership of
the asset.
b) Financial liabilities
(i) Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at amortized cost.
All financial liabilities are recognized initially at fair value and, in the case of financial liabilities
classified at amortized at cost net of directly attributable transaction costs.
The financial liabilities include borrowings and other payables.
(ii) Subsequent measurement
Financial liabilities at amortized cost represented by borrowings, trade and other payables are initially
recognized at fair value, and subsequently carried at amortized cost.
Financial liabilities at amortized cost
After initial recognition, financial liabilities are subsequently measured at amortized cost using EIR
method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as
through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR.The EIR amortization is included as finance costs in the
statement of profit or loss.
(iii) De-recognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the de-recognition of the original liability and the recognition of a new
liability. The difference in the respective carrying amounts is recognized in the statement of profit and
loss.
c) Offsetting of financial instruments
Financial assets and liabilities including derivative instruments are offset and the net amount is reported
in the Balance Sheet,if there is a currently enforceable legal right to offset the recognized amounts and
there is an intention to settle on a net basis(i.e., to realize the assets and settle the liabilities
simultaneously).
d) Share capital
An equity instrument is a contract that evidences residual interest in the assets of the company after
deducting all of its liabilities. Incremental costs directly attributable to the issuance of new equity shares
are recognized as a deduction from equity, net of any tax effects.
3.11. Impairment of Assets
a) Non-financial assets
An impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its
recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use.
For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash flows (cash-generating units).
In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset.
In determining fair value less costs of disposal,recent market transactions are taken into account,if no
such transactions can be identified, an approximate valuation model is used.
These calculations are corroborated by valuation multiples,quoted share prices for publicly traded
companies or other available fair value indicators.
If at the Balance Sheet date there is an indication that a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the impairment losses previously recognized are
reversed such that the asset is recognized at its recoverable amount but not exceeding written down
value which would have been reported if the impairment losses had not been recognized initially.
b) Financial assets
The Company applies expected credit loss (ECL) model in accordance with Ind AS 109 for
measurement and recognition of impairment loss on the financial assets and credit risk exposure that are
debt instruments, and are measured at amortized cost.
The company follows ‘simplified approach’ for recognition of impairment loss allowance.
The application of simplified approach does not require the company to track changes in credit risk.
Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date right
from its initial recognition.
ECL impairment loss allowance (or reversal) during the period is recognized as income/expense in the
statement of profit and loss. The amount is reflected under the head ‘Other Expenses’ in the statement of
profit and loss.
3.12. Taxes
The Income tax expense comprises current tax and deferred tax and is recognized in the Statement of profit
or loss except to the extent it relates to items directly recognized in equity or in other comprehensive income.
a) Current income tax
Current income tax assets and liabilities for the current and prior periods are measured at the amount
expected to be recovered from or paid to the taxation authorities using the tax rates and tax laws that are
enacted by the Balance Sheet date and applicable for the period.
Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate on
the basis of amounts expected to be paid to the tax authorities.
The company offsets current tax assets and current tax liabilities, where it has a legally enforceable right
to set off the recognized amounts and where it intends either to settle on a net basis(i.e., to realize the
assets and liabilities simultaneously).
b) Deferred income tax
Deferred tax is provided using the liability method on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes at the Balance
Sheet date.
Deferred tax liabilities are recognized for all taxable temporary differences, except when the deferred tax
liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a
business combination and, at the time of the transaction, affects neither the accounting profit nor taxable
profit or loss.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused
credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can be utilized ,except when the deferred tax asset
relating to the deductible temporary difference arises from the initial recognition of an asset or liability
in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss.
The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of
the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each Balance
Sheet date and are recognized to the extent that it has become probable that future taxable profits will
allow thedeferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year
when the asset is realized or the liability is settled,based on tax rates(and tax laws) that have been
enacted or substantively enacted at the Balance Sheet Date.
Deferred tax assets and Deferred tax liabilities are offset if a legally enforceable right exists to set off
current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity
and the same taxation authority.
3.13. Government Grants
Government grants are recognized where there is reasonable assurance that the grant will be received, and all
attached conditions will be complied with.
3.14. Earnings Per Share
a) Basic Earnings Per Share are computed by dividing the net profit/(loss) after tax by the weighted
average number of equity shares outstanding during the year.
b) Diluted Earnings Per Share are computed by dividing the net profit/(loss) after tax by the weighted
average number of equity shares considered for deriving basic earnings per share and also the weighted
average number of equity shares which could be issued on the conversion of all dilutive potential equity
shares. Dilutive potential equity shares are determined as at the end of each period presented.Dilutive
potential equity shares are determined independently for each period presented.
The number of equity shares and potential dilutive equity shares are adjusted retrospectively for all
periods presented for any shares splits and bonus shares issues including for changes effected prior to the
approval of the financial statements by the Board of Directors.
3.15. Cash and Cash Equivalents
Cash and cash equivalents in the Balance Sheet comprise cash on hand, cheques on hand, balance with banks
on current accounts and short-term, highly liquid investments with an original maturity of three months or
less and which carry insignificant risk of changes in value.For the purpose of the statement of cash
flows,cash and cash equivalents consist of cash and short-term deposits,as defined above, net of outstanding
bank overdrafts as they are considered an integral part of the Company’s cash management.
3.16. Significant accounting judgments, estimates and assumptions
The preparation of the Company’s financial statements requires management to make judgments, estimates
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent liabilities at the date of financial statements.
Estimates and assumptions are continuously evaluated and are based on management’s experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.
Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future periods.
In particular, the Company has identified the following areas where significant judgments, estimates and
assumptions are required. Further information on each of these areas and how they impact the various
accounting policies are described below and also in the relevant notes to the financial statements. Changes in
estimates are accounted for prospectively.
Judgements
In the process of applying the Company’s accounting policies, management has made the following
judgments, which have the most significant effect on the amounts recognized in the financial statements:
a) Contingencies
Contingent liabilities may arise from the ordinary course of business in relation to claims against the
Company, including legal, contractor, land access and other claims. By their nature, contingencies will
be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the
existence, and potential quantum, of contingencies inherently involves the exercise of significant
judgment and the use of estimates regarding the outcome of future events.
b) Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the
reporting date that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are described below. The Company based its
assumptions and estimates on parameters available when the financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change due to market
change or circumstances arising beyond the control of the Company. Such changes are reflected in the
assumptions when they occur.
3.17. Inventories
Inventories are valued at the lower of cost or net realizable value as per Ind AS 2.
Cost includes purchase price, duties, transport,handing costs and other costs directly attributable to
theacquisition and bringing the inventories to their presentlocation and condition.
The basis of determination of cost is as follows:
- Raw material, packing material and stock-in-tradevalued on moving weighted average basis;
- Stores and spares valued on weighted average basis;
- Work-in-progress valued at cost of input valued atmoving weighted average basis plus overheads up till
the stage of completion; and
- Finished goods valued at cost of input valued atmoving weighted average basis plus appropriate
overheads.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale.
3.18. Foreign currency transactions and translation
1. Functional and presentation currency
The financial statements are presented in Indian rupee (?), which is also its functional currency.
2. Transactions and balances
Transactions in foreign currencies are recognized at the prevailing exchange rates on the transaction
dates. Realised gains and losses on settlement of foreign currency transactions are recognized in
statement of profit and loss.
Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange
rates and the resultant exchange differences are recognized in the statement of profit and loss.
11.1 Dy. Commisisioner of Sales Tax Baidhan Distt. Sidhi M.P. has issued recovery notice dated 2nd March, 2006 for INR 454.29 lakhs Recovery
Act, 1980. The Company has recognized the reduced liability of INR 308.38 lakhs pursuant to sanction of the Rehabilitation Scheme by the
Hon'ble Board for Industrial and Financial Reconstruction (BIFR), and the aforsaid loan is to be treated as interest free and to be repaid in 5
yearly installments after the restart of the Company's explosive unit. However, the differential amount of INR 145.91 lakhs is yet to be waived
off by the department as per Rehabilitation Scheme.The provision for the 5th installment of Rs. 6,167,648 is made on 31st March, 2023.
11.2 11.2.1 Unsecured Loan from Ganesh Explosives Private Limited will be repayable after five years from commencement of business in ten equal
yearly instalments which will be applicable from FY 2023-24 and simple interest @8% p.a will be charged and repaid at the end of each
financial year. The Company has not repaid the unsecured loan in equal yearly instalments. However, owing to lack of financial resources the
Company has repaid the unsecured loan in varying amounts during the year.
11.2.2 Unsecured loans from Rajesh jain are interest free and will be repayable after five years from commencement of business i.e. from FY
2023-24 in ten equal yearly instalments. The Company has not repaid the unsecured loan in equal yearly instalments. However, owing to lack of
financial resources the Company has repaid the unsecured loan in varying amounts during the year.
(iii) The preference shares are non convertible in nature.
(iv) These preference shares carry dividend @ 0.001% per annum as declared from time to time. In the event of no declaration of dividend, coupon rate of 0.001% is not cumulated and
(v) The preference shareholder(s) shall have no voting rights, except as provided under the Companies Act, 2013 and rules made thereunder.
(vi) Each holder of preference shares is entitled to one vote per share only on resolution placed before the Company which directly affect the rights attached to preference shares.
(vii) The Company has neither issued any bonus shares nor has bought back preference shares in 5 years immediately preceding the balance sheet date.
(viii) The preference shares shall be redeemed at par, at the option of the Company at any time within a period not exceeding 20 years from the date of allotment i.e. 28th March, 2016 in
accordance with the provisions of theCompanies Act, 2013 or any such other applicable law, rules, regulations as may be applicable.
(a) EPFO Dwarka, New Delhi vide its notice dated 09.12.2015 initiated enquiry u/s 14B of EPF and MP Act, 1952 levying Rs. 5.59 Lakhs against damages.. IGIL
vide its letter dated 11.01.2016 has requested EPFO Dwarka, New Delhi to waive damages of Rs. 5.59 Lakhs. Final order from EPFO Dwarka, New Delhi is
awaited as on date. As the company have got the waiver of Rs. 54.48 lacs by CBT similary the company has taken up the matter with CBT for the waiver of
5.59 lacs.
(b) Sales Tax Department, Jhansi has issued various recovery certificates in year 2004 amounting to Rs. 201.00 Lakhs towards Sales Tax dues excluding interest
for not submitting the C, 3B & F forms related to A.Y. 1988-89 to 2000-01. As a result of same, IGIL Jhansi Explosive unit is under attachment of Sales Tax
Department. In the meantime, IGIL has collected several forms C, 3B and F, mainly form Coal India Limited and its subsidiaries. IGIL is to take up the matter
with Jhansi Sales Tax Dept. for adjusting the outstanding liability of IGIL against the collected “C” & “F” forms and simultaneously to re- assess the actual
liability based on the actual assessment. The company has deposited Rs. 8.81 lacs during the FY 2022-23.
(c) The Commercial Tax officer, Waidhan, Singrauli vide letter No. VAAK/Recovery/20222/159 dt. 25.08.2022 has advised us to deposit Rs. 30731801/-
regarding payment of demand acertain against Indo GulfIndustries Ltd . As per the order of BIFR dt. 24.06.2010, the company was to make the payment of Rs.
308.38 lacs to Sales Tax Dept. MP after restart of the plant over a period of 5 years, however, the Indo Gulf did not take the possession of its Waidhan plant as
it was already seized and auctioned by then Sales Tax authorities nd the entire position has been explained to the Sales Tax authorities at Waidhan & Indore
and the matter is under their consideration.
(d) Central Excise dept. District Sidhi, Waidhan, ( M.P.) vide its notice dated 17.02.2003 raised demand of Rs. 5.12 Lakhs towards Excise duty, interest and
penalty. IGIL is yet to retrieve further details of same from concerned department for taking necessary action. After the takeover of the company, we have not
received any communication from Central Exise Waidhan.
(e) State Sales Tax Authorities of Orissa, Madhya Pradesh & Chhattisgarh have also issued various Recovery Certificates for non- submission of C, F & 3B forms
in relation to various site mixing slurries (SMS) Explosive units located in these states. IGIL is yet to retrieve further details of same from concerned
department for taking necessary action. Sales Tax Authority of Orissa & M .P. issued R C for non submission of C,F & 3B forms. After the takeover of the
company, we have not received any communication from Central Exise Waidhan.
(f) Deputy Commissioner of Income Tax, New Delhi passed an order u/s 271(1) ( C ) of the I.T. Act 1961 on 29.04.2015 imposing penalty of Rs. 4.05 Lakhs for
A.Y. 2012-13. IGIL filed an Appeal on 27.05.2015 with Commissioner of Income Tax (Appeals), New Delhi challenging the DCIT order dated 29.04.2015.
Same is pending with Commissioner of Income Tax (Appeals), New Delhi as on date. The matter is pending with CIT, Appeals, New Delhi.
(g) Sachin Chemical filed suit No. 194 of 2003 in Tis Hazari Court, New Delhi for recovery of Rs. 1.69 lakhs towards non-payment of Chemical Supplies. Matter
is pending in the was declared "SINE DIE" by virtue of SICA. The matter is pending in the court.
(h) Simalin Chemicals filed Civil Suit No 194/2003 before Civil Judge, Vadodra for recovery of 7.02. Lakhs. Present status of the civil suit no. 194/2003 is not
known since year 2004.
(i) Scale Away has filed suit No. 35 of 2002 pending in Delhi Tis Hazari Court, New Delhi for recovery of Rs.1.34 Lakh. Same is pending as on date. Further
deatils and hearing date is still awaited
(j) UPSIDC had alloted a land of 706.05 acres on lease to Indo Gulf Industries Limited in December 1984 for setting up the facilities for manufacturing of Slurry
Explosives out of which 50 acres was alloted for setting up the plant and remaining 656.05 acres for maintaining Safety Zones being an explosive plant as per
Explosive Act.
The Uttar Pradesh State Industrial Development Authority (UPSIDA) has raised a demand of Rs 769 Lakhs on 31st March 2022 vide letter No
RMJ/INDOGULF towards economic rent outstanding premium and interest their own for the closure period and also after our takeover period from 2017¬
2020.
Consistent efforts have been made by the new management after taking over the company with the UPSIDA and State Government for waiver of dues for the
closure period. The company is also prepared to remit 25% of the total settled dues as mutually agreed upon by the company and UPSIDA. It's noted that first
tranche of 25% amounting to Rs. 50 lacs has been already paid via DD No. 840809 dated September 14, 2023 and the remaining tranche of 25% will be paid
by the end of Sept. 2024. The balance of 75% of the settled dues may be disbursed over the next two years from the settlement date in equal quarterly
installments.
5 The Hon'ble Appellate Authority for Industrial and Financial Reconstruction (AAIFR) at its hearing held on 14th June, 2016 has, inter-alia, discharged the
Company from the purview of The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), since the networth of the company turned positive.
Accordingly, the Company ceases to be a Sick Company.
6 Segment information
The Board of Directors has been identified as the Company's chief operating decision-maker (CODM) as defined by Ind AS 108 - Operating Segments. The
Company is in the business of manufacturing of industrial explosive. Considering the core activities of the Company, the management is of the view that it is
a single reportable business segment and hence, information relating to primary segment is not required to be disclosed.
The information about secondary segment has not been furnished as there is no export revenue of the Company.
7 Disclosure pursuant to Indian Accounting Standard-12 "Income Taxes"
Deferred income tax is recognized using the balance sheet approach. Deferred income tax assets and liabilities are recognized for deductible and taxable
temporary differences arising between the tax base of assets and liabilities and their carrying amount in financial statements, except when the deferred income
tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor
taxable profits or loss at the time of the transaction.
Deferred income tax asset is recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences,and the carry forward of unused tax credits and unused tax losses can be utilized. Deferred income tax liabilities are recognized for all taxable
temporary differences. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
8 Disclosure pursuant to Indian Accounting Standard - 36 on "Impairment of Assets"
During the year no impairment loss has been recognized in respect of property, plant and equipment.
9 Disclosure pursuant to Indian Accounting Standard - 19 on "Employee Benefits"
During the year under review, no liability has accrued on account of long-term employee benefits payable by the Company. Hence, information as per the
requirements of Indian Accounting Standard - 19 on "Employee Benefits" is not required to be disclosed.
10 Expenditure on Corporate Social Responsibilities (CSR) Activities
As per Section 135 of the Companies Act, 2013, the Companyhas formed a corporate social responsibility (CSR) committee. The Company is liable to incur
CSR expense as per requirement of Section 135 of Companies Act, 2013. Accordingly, it has contributed Nil (Previous year - Nil) to the eligible trusts
specified in Schedule VII of the Companies Act, 2013.
(a) Gross amount to be spent as per section 135 of the Companies Act, 2013 : Rs. 6.11 lakhs (Previous year - Nil)
(b) Amount contributed during the year : Nil (Previous year - Nil)
(c) Amount spent during the year on :
(i) Construction / acquisition of any assets : Nil (Previous year - Nil)
(ii) On purpose other than (i) above : Nil (Previous year - Nil)
B. Valuation technique, methods and assumptions used to determine the fair values:
Fair value is a market-based measurement, not an entity-specific measurement. Under Ind AS, fair valuation of financial instruments is guided by
Ind AS 113 “Fair Value Measurement” (Ind AS - 113).
In terms of Ind AS 113, the Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
C. Fair Value Hierarchy
This section explains the judgements and estimates based in determining the fair values of the financial instruments that are
a) recognized and measured at fair value and
b) measured at amortized cost and for which fair value are disclosed in the financial statements.
To provide an indication about the reliability of the inputs used in determining the fair value, the Company has classified its financial assets and
liabilities into three levels prescribed under Ind AS.
14 Capital Management
For the purpose of the Company’s capital management, capital includes issued equity capital and other equity attributable to the equity share-holders of the
Company. The Company’s objective when managing capital is to safeguard their ability to continue as a going concern so that they can continue to provide
returns for shareholders and benefits for other stake holders.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March 2024 and 31st March 2023.
15 Transactions with struck off companies
During the year the company has not entered into any transactions with companies struck off u/s 248 of the Companies Act, 2013 or u/s 560 of the Companies
Act, 1956.
17 Previous year figures have been regrouped / reclassified wherever necessary.
As per our attached report of even date
FOR HEMANT ARORA & CO. LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
CHARTERED ACCOUNTANTS INDO GULF INDUSTRIES LIMITED
Firm's Registration No. 002141C/C400006
Kamal Nagpal Rajesh Jain Gaurav Kumar Saxena
Partner Director Managing Director
M. No. 408066 DIN: 01200520 DIN: 08063422
Place: Dehradun B.D. Aggarwal
Date: 30th May 2024 Chief Finance Officer
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