7. PruviMuns. Contingent Liabilities and Contingent A wtt
Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive obligation as a result of past events arid it is probable that there will be an outflow of resources and a reliable estimate can be made of the amount of obligation. Provisions are not recognised for future operating lo»ws. 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.
Contingent liabilities arc not recognized and ar e disclosed by way of notes to the financial statements when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occuncncc of one or more uncertain future events not wholly within the control of die Company or when there is a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the same or a reliable estimate of the amount in this respect cannot be made.
Contingent assets are not recognised but disclosed in the Financial Statements by way of notes to accounts when an inflow of economic benefits is probable. V,
i»l
Note: 20
Previous year’s figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification/ disclosure.
Signature to Note No. 1 to 20
Significant Accounting Policies and other accompanying Notes (1 to 20) form an integral part of the Financial Statements As per our report of even date
O \ r
For, S. Mandawat Sc Co. J*MocAa ({§/ \ %
Chartered Accountant flH !
FirfW.No. 118330W ^ DIRECTOR Wk y D#ECT0R
Jj/ J ^ "%> RAJESHMODI N^o^^mPADIA KRUTI
o’ •. -,ypa (DIN: 09161222) ^^^ADIN: 07746940)
v
(Subhashchandra K. Mandawat)
Partner
Place Ahmedabad Date02.05.2024
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