o) Provisions and Contingencies
The Company recognizes provisions when a present obligation (legal or constructive) as a result a past event exists, and it is probable that an outflow of resources embodying economic benefits will be required to settle such obligation and the amount of such obligation can be reliably estimated.
If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liabilities. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying economic benefits is remote, no provision or disclosure is made.
A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, 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 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 liabilities.
p) Event after Reporting Date
Where events occurring after the balance sheet date provide evidence of condition that existed at the end of reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.
All the events occurring after the balance sheet date up to the date of the approval of the financial statement of the Company by the board of directors on May 24, 2024, have been considered, disclosed and adjusted, wherever applicable, as per the requirement of Indian Accounting Standards.
q) Cash Flow Statements
Cash flows statements are reported using the method set out in the Ind AS - 7, "Cash Flow Statements", whereby the net profit / (loss) before tax is adjusted for the effects of the transactions of a non-cash nature, any deferrals or accrual of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.
r) Cash and Cash Equivalents
Cash and cash equivalents include cash and cheques-in-hand, balances with banks, and demand deposits with banks where the original maturity is three months or less and other short-term highly liquid investments net of bank of overdrafts which are repayable on demand as these from an integral part of the Company's cash management.
1.5 RECENT ACCOUNTING PRONOUNCEMENT
Ministry of Corporate Affairs (“the MCA”) notifies new standards or amendments to the existing standards under the Companies (Indian Accounting Standard) Rules as issued from time to time. For the period March 31, 2024, the MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
1.6 KEY ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the Company's financial statements is in conformity with the Ind AS, which requires the Company's management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of the assets, liabilities, income and expenses (including the contingent liabilities) and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities effected in future periods. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on a periodic basis. Revision to accounting estimates is recognized in the period in which the estimates are revised and in any future periods affected.
The key assumptions concerning the future and other key resources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year, are described as follow:
a) Income Tax: The Company's tax jurisdiction is in India. Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the income tax provisions, including the amount expected to be paid / recovered for uncertain tax provisions (Refer "Note No. 18").
b) Property, Plant and Equipment: Property, plant and equipment represent a significant proportion of the assets base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company assets are determined by the Company's management at the time the assets are acquired and reviewed periodically, including at each financial year end. The useful lives of each of these assets are based on the life prescribed in Schedule II to the Companies Act, 2013 or based on the technical estimates, taken into the account the nature of the assets, estimated usage, expected residual values and operating conditions of the assets. The useful
lives are based on historical experience with the similar assets as well as anticipation of future events, which may impact their life, such as changes in technical or commercial obsolescence arising from changes or improvements in production or from a change in market demand of the product or service output of the assets.
c) Fair Value measurements of Financial Instruments: When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques, including the discounted cash flow model, which involve various judgements and assumptions. The input to these models is taken from observable markets wherever possible, where this is not feasible, a degree of judgement is required in establishing fair value. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of the financial instruments.
d) Recoverability of Trade Receivables: Judgment is required in assessing the recoverability of overdue trade receivables and determining whether a provision is against those receivables is required. Factors considered include the credit rating of the counterparty, the amount and timing of anticipated future payments and any possible actions that can be taken to mitigate the risk of non-payments.
e) Provisions and Contingent Liabilities: The Company's management estimates the provision that have present obligation as a result of past events, and it is probable that outflow of resources will be required to settle the obligation. These provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best estimates.
The Company uses significant judgements to assess contingent liabilities. Contingent liabilities are disclosed when there is 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 controls of the Company or 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 obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognized nor disclosed in the financial statements.
f) Impairment of Financial and Non - Financial Assets: The impairment provision of financial assets is based on the assumptions about the risk of default and expected cash loss rates. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's history, existing market conditions as well as forward looking estimates at the end of the reporting period.
In case of non-financial assets, the Company estimates asset's recoverable amount, this is higher of an assets or cash generating units (CGU) fair value less the cost of disposal and the value-in-use. In assessing the value-in-use, the estimated future cash flows are discounted using the pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the assets. In determining the fair value less cost of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is being used.
g) Recognition of Deferred Tax Assets and Liabilities: Deferred tax assets and liabilities are recognized for deductible temporary differences and unused tax losses or unused tax credit for which there is probability of utilization against the future taxable profits. The Company uses judgements to determine
the amount of deferred tax that can be recognized, based upon the likely timing and the level of future taxable profits and business developments.
h) Defined Benefits Obligations: The costs of providing gratuity and other post-employment benefits are charged to the statement of profit and loss in accordance with Ind AS - 19, "Employee Benefits" over the period during which benefit is derived from the employees' services. It is determined by using the actuarial valuation and assessed on the basis of assumptions selected by the Company's management. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These assumptions include salary escalation rate, discount rates, expected rate of return on assets and mortality rates. The same is disclosed in "Note No. 44", "Employee Benefits". Due to complexities involved in the valuation and its long-term in nature, a defined benefit obligation is highly sensitive to change in these assumptions. All assumptions are reviewed at each balance sheet date by the Company's Management.
Nature of Securities and T erms of Repayments
a) Term loan from HDFC Bank Limited are secured by first pari-passu charge on both present and future property, plants and equipments of the Company and these credit facilities are further secured by way of first pari-passu charge on immovable property, plants and equipments including the equitable mortagage of factory land and building situated at Khasara No. 83, Gram Panchayat No. 208 and 209 situated at Mouza Bidgaon, Kamptee held in the name of the Shri Pravin Choudhary, Managing Director of the Company. The said Loan is repayable in 18 quarterly installments of ' 53.29 Lakhs.
b) Term loan from HDFC Bank Limited amounting to ' 809.89 Lakhs has been obtained for the purpose of construction and acquisition of property, plants and equipments held in the name of the Company and GECL loans amounting to ' 401.34 Lakhs and ' 200.60 Lakhs has been obtained to meet the liquidity mismatch arising out of the COVID - 19.
c) Term loan from HDFC Bank Limited amounting to ' 809.89 Lakhs are repaid on 18 equal quarterly installments of ' 53.29 Lakhs and the same has been repaid full on or before November 2025. GECL loans amounting to ' 401. 34 Lakhs and ' 200.60 Lakhs from HDFC Bank Limited are to be repaid on equal monthly installments commencing from September 2021 and September 2024 respectively and the same has to be repaid full on or before September 2024 and September 2027. The monthly installments of the GECL loans are amounting to ' 12.62 Lakhs and ' 06.32 Lakhs.
d) All the loans are further secured by the unconditional and irrevocable personal guarantees of two of the Directors, Shri Pravin Navalchand Choudhary and Shri Jayesh Pravin Choudhary.
On October 06, 2023, the Company allotted 15,90,642 fully paid up equity shares having a face value of ' 10 each at a issue price of ' 40 per right equity shares (including premium of ' 30 per right equity shares) aggregating to '
636.26 Lakhs on a right basis to the existing equity shareholders of the Company in the ratio 1:7 right equity shares i.e. 1 (one) equity shares for every 7 (seven) equity shares held by the eligible equity shareholders on the record date. The issue was fully subscribed. The basis and diluted earnings per share for the period ended March 31, 2024 and March 31, 2023 have been adjusted appropriately for the bonus elements in respect of right issue. The Right issue proceeds has been utilized is in line with the object of the issue stated in the Offer Documents.
“Note No. - 36A" - Fair Value Measurements
i) Financial Instruments measured at Fair Value through Other Comprehensive Income
The Company has neither held quoted equity shares nor held quoted or unquoted debentures or bonds, which are being measured at Fair Value through Other Comprehensive Income (FVTOCI), so the requirement to report under the Ind AS - 109, "Fair Value" is not applicable to the Company for all the reporting periods presented in the Ind AS financial statements.
ii) Financial Instruments measured at Fair Value through Profit or Loss
The Company has neither held unquoted equity shares (other than investments in associates, which are being measured at amortized costs) nor held foreign currency forward exchange contracts nor held quoted or unquoted mutual funds, which are being measured at Fair Value through Profit and Loss (FVTPL), so the reporting under the Ind AS - 109, "Fair Value" is not applicable to the Company for all the reporting periods presented in the Ind AS financial statements.
The Company has not any financial liabilities, which are being measured at Fair Value through Profit or Loss (FVTPL), so the reporting under the Ind AS - 109, "Fair Value" is not applicable to the Company in respect of all the reporting periods presented in Ind AS financial statements.
iii) Financial Instruments measured at Amortized Costs
The carrying amount of financial assets and financial liabilities measured at amortized cost in the presented financial statements, which are a reasonable approximation of the fair value since the Company does not anticipate that the carrying amounts would be significantly different from the value that would eventually be received or settled.
“Note No. - 36B" - Financial Risk Management - Objectives and Policies
The Company's principal financial assets mainly comprise of security deposits, cash and cash equivalents, other balances with banks, loans, trade receivable and other misc. receivables that derive directly from its business operations. The Company's financial liabilities mainly comprise loans and borrowings in domestic currency, trade payables and other payables. The main purpose of these financial liabilities is to finance the Company's business operations and to provide guarantees to support its operations.
The Company is exposed to Market Risk, Credit Risk and Liquidity Risk from its financial instruments. The Board of Directors (“the Board”) oversees the Company's Management of these financial risks. The risk management policy of the Company formulated by the Company's Management and approved by the Board of Directors, which states that the Company's approach to address uncertainties in its endeavor to achieve its stated and implicit objectives. It prescribes the roles and responsibilities and the Company's Managements, the structure for managing the risk and the framework for risk management. The framework seeks to identify, assess and mitigate financial risk in order to minimize the potential adverse effect on the Company's financial performance. The Board has taken necessary actions to mitigate the risks identified on the basis of information and situation presented.
The following disclosures summarize the Company's exposure to financial risks and the information regarding use of derivatives employed to manage the exposures to such risks. Quantitative sensitivity analysis has been provided to reflect the impact of reasonably possible changes in market rate on financial results, cash flows and financial positions of the Company.
1) Market Risk
Market Risk is the risk that the fair value of future cash flows of financial instruments will fluctuate because of changes in market prices. Market risk comprises three types of Risk: "Interest rate risk, Currency risk and Other price risk". Financial instruments affected by the market risk include loans and borrowings in domestic currency, trade payable and other payables and trade receivables.
a) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash outflows of a financial instrument will fluctuate because of changes in market interest rates. An upward movement in the interest rate would adversely affect the borrowing costs of the Company. The Company is exposed to long-term and short-term borrowings. The Company manages interest rate risk by monitoring its mix of fixed and floating rate instruments and taking actions as necessary to maintain an appropriate balance. The Company has not used any interest rate derivatives.
b) Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash outflows of an exposure will fluctuate due to changes in foreign exchange rates. The Company operates globally, and the portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales in overseas and purchases from overseas suppliers in various foreign currency. The foreign currency exchange rate exposure is partly balanced by purchasing the goods in the respective currencies, if any. During the reporting period presented under the financial statements, the Company has not any outstanding which impact the Foreign Currency Risk.
c) Other Price Risk
Other price risk is the risk that the fair value of a financial instruments will fluctuate due to changes in market traded price. Other price risk arises from financial assets such as investments in quoted equity instruments and bonds. The Company is exposed to price risk arising mainly from investments in quoted equity instruments recognized at FVTOCI, if any. As at March 31, 2024, the carrying value of such equity instruments recognized at amounts FVTOCI amounts to ' NIL (March 31, 2023 ' NIL).
2) Credit Risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial losses to the Company. Credit risk arises primarily from financial assets such as trade receivables, cash and cash equivalents, other balances with banks, other financial assets, and loans.
The Company has adopted a policy of only dealing with counterparties that have a sufficiently high credit rating. The Company's exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread amongst the counterparties.
Credit risk arising from term deposits and other balances with banks is limited and there is no collateral held against these because the counterparties are banks and recognized financial institutions with the high credit rating assigned by the international credit rating agencies.
The average credit period on sale of products is less than 60 days. Credit risk arising from trade receivable is managed in accordance with the Company's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on detailed study of credit worthiness and accordingly individual credit limits are defined / modified. The concentration on credit risk is limited, due to the fact that the customer base is large. For trade receivables, as a practical expedient, the Company computes credit loss allowance based on the provision matrix. The provision matrix is prepared on historically observed default rate over the expected life of trade receivable and is adjusted for forward-looking estimates. The provision matrix at the end of reporting
3) Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in raising the funds to meet the commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell financial assets quickly at close to their fair value.
The Company has an established liquidity risk management framework for managing its short-term, medium-term and long-term funding and liquidity management requirements. The Company's exposure to liquidity risk arises primarily from mismatched of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in the cash and cash equivalents. The Company also has adequate credit facilities agreed with banks to ensure that there is sufficient cash to meet all its normal operating commitments in a timely and cost-effective manner.
The Company believes that its liquidity positions {As at March 31, 2024 ' 30.72 Lakhs (Prev Year ' 36.42 Lakhs)}, anticipated future internally generated funds from operations, and its fully available revolving undrawn credit facilities will enable it to meet its future known obligations in the ordinary course of business. However, if liquidity needs were to arise, the Company believes it has excess to financing arrangements, value of unencumbered assets, which should unable, it to meet its ongoing capital, and other liquidity requirements.
The liquidity position of the Company mentioned above, includes;
i) Cash and Cash Equivalents as disclosed in the Cash Flow Statements
ii) Current / Non-current term deposits as disclosed in the financial assets The Company's liauidity position monitored by the management, includes:
“Notes - 36C" - Capital Management
The Company adheres to a robust Capital Management framework which is underpinned by the following guiding principles.
a) Maintain the financial strength to ensure good ratings domestically and investment grade ratings internationally.
b) Ensure financial flexibility and diversify source of financing and their maturities to minimize liquidity risk while meeting investment requirements.
c) Ensure sufficient liquidity is available (either through cash and cash equivalents, investments or committed credit facilities) to meet the needs of businesses.
d) Minimize the finance costs while taking into consideration current and future industry, market and economic risks and conditions.
e) Safeguard its ability to continue as going as a going concern.
f) Leverage optimally in order to maximize shareholder returns while maintaining strength and flexibility of the Balance Sheet.
This framework is adjusted based on underlying macro-economic factors affecting business environments, financial market conditions and interest rates environment.
The Board of Directors of the Company has primary responsibilities to maintain a strong capital base and reduce the cost of capital through prudent management of deployed fund and leveraging in domestic and international financial market, so as to maintain investors, creditors and market confidence and to sustain future development of the business.
For the purpose of the Company's Capital Management, capital includes issued Equity Capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company, when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholders value.
As At March 31, 2024, the Company has only one class of equity shares. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Company allocates its capital for distribution as dividends or reinvestment into business based on its long-term financial plans.
The Company manages its capital on the basis of Net Debt to Equity Ratio which is Net Debt (Total Borrowings net of Cash and Cash Equivalents) divided by total equity.
T erms and Conditions with the transactions with Related Parties as under:
a) The Company has been entering into transactions with the related parties for its business purpose. The process followed for entering into transactions with these related parties are same as followed for the unrelated parties. Vendors are selected competitively having regard to strict adherence to quality, timely servicing and cost advantage. Further related party vendors provide additional advantage in terms of:
i) Supplying products primarily to the Company
ii) Advanced and innovative technology
iii) Customization of products to suit the Company's specific performance;
iv) Enhancement of the Company's purchase cycle and assurance of just in time supply with resultant benefits - notably on working capital.
b) The sales to and purchases from the related parties are made on the term's equivalents to and those applicable to all unrelated parties on the arm's length transactions.
c) Outstanding balances of the related parties at the end of the reporting period are unsecured, interest free and will be settled in the cash on demand basis.
“Note No. 42 - Additional Regulatory Information as required by the Schedule - III of the Companies Act, 2013”
i) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken as at the balance sheet date. The Company has not defaulted in repayment of principal and interest thereon on all the loans obtained from banks and financial institutions, during the reporting period and previous reporting period.
ii) The title deed in respect of self-constructed building and title deeds of all other immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in the favor of the Company), disclosed in the financial statement and included under the head of property, plant and equipment are held in the name of the Company as at the Balance Sheet date. In respect of the immovable properties taken on lease by the Company, the lease agreements are duly executed in the favor of the Company as at the Balance Sheet date.
iii) There are no loans and advances in the nature of loans are granted to promoters, directors, key managerial parties and the other related parties including the subsidiaries, associates and joint ventures (as defined under the Companies Act, 2013), either severally and jointly with any other person that are:
a) repayable on demand or;
b) without specifying any terms or period of repayments.
iv) The Company does not have benami property held in its name. No proceeding has been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the relevant Rules made thereunder.
v) The Company has been sanctioned working capital limit from bank and financial institutions, on the basis of security of current assets. The quarterly returns and the statements filed by the Company with the banks and financial institutions are in agreement with the books of accounts of the Company.
vi) The Company has not been declared as a willful defaulter by the banks and the financial institutions or other lender or government or any government authorities.
vii) The Company has not entered any transactions with the companies struck off as per section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 2013, hence the details related to the same have not been furnished.
viii) The Company does not have any charges or satisfaction of charges, which is yet to be registered with the Registrar of Company beyond the statutory period.
ix) The Company has neither subsidiaries nor associates and joint ventures, hence the requirements with respect to the number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017 is not applicable.
x) Utilization of borrowed funds and share premium.
1) The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities (intermediaries) with the understanding that the intermediaries shall:
a) 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;
b) Provide any guarantee, security or the like to or on behalf of the Ultimate beneficiaries.
2) The Company has not received any funds from persons or entities, including foreign entities (Funding Parties) with the understanding (whether recorded in writing or otherwise) that the Company shall:
a) 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;
b) Provide any guarantee, security or the like to or on behalf of the Ultimate beneficiaries.
xi) There have been no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the reporting period and previous reporting period in the tax assessments under the Income Tax Act, 1961.
xii) The Company has neither traded nor invested nor advanced in Crypto or Virtual Currency during the reporting period and previous reporting period.
“Note No. 43 - Corporate Social Responsibility
As per the Section 135 of the Companies Act, 2013, a Company, which meeting its applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on Corporate Social Responsibility (CSR) Activities. The area of CSR Activity are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A Corporate Social Responsibility (CSR) Committee has been formed as per the requirement of the Companies Act, 2013. The fund has been administrated by the committee, once it is allocated to the Corpus for the purpose of CSR Activities prescribed under Schedule - VII of the Companies Act, 2013. The Company does not meet the eligibility criteria as specified under section 135 of the Companies Act, 2013, hence the reporting under this clause is not applicable to the Company for all the reporting period presented in the financial statements.
44 Employee Benefits 1 Post Employment Benefits
i) Defined Benefit Gratuity Plan (Unfunded)
The Company has defined benefits gratuity plan for its employees, which requires the contribution to be made toa separately administered fund. It is governed by the Payment of Gratuity Act, 1972. Under the Act, an employee who has completed its five year of services is the only entitled for the specific benefits. The level of benefits provided depend on the member's length of service and salary at the retirement age.
ii) Defined Benefit Pension Plan (Unfunded)
The Company operates a defined benefits pension plan for the certain specified employees and the same is payable upon, if the employee satisfying the certain terms and conditions attached to them, as approved by the Board of Directors of the Company.
The most recent actuarial valuation of the plan assets and the present value of defined benefits obligation were carried out as at March 31, 2024 by Mrs. Ruchi Goel Chhatlani, Fellow of Institute of Actuaries of India. The present value of defined benefits obligation and their related current service cost were measured by using the "Project Cost Unit
The following tables summaries the components of defined benefits expense recognized in the Statement of Profit and Loss / Other Comprehensive Income and the amount recognized in the Balance Sheet for the respective plans:
2 Defined Contribution Plans i) Provident Fund
The Provident Fund assets and liabilities are managed by the Company in line with the Employees' Provident Fund and Miscellaneous Provision Act, 1952.
The plan guarantees minimum interest at the rate notified by the Provident Fund Authorities. The contribution made by the employer and employee together with interest accumulated thereon are payable to the employees at the time of separation from the Company or their retirements, whichever is earlier. The benefits vest immediately on the rendering of the service by the employee. In term of Guidance Note issued by the Institute of Actuaries of India for measurement of provident fund liabilities, the Actuary has provided a valuation of provident fund liabilities and based on assumptions provided. There is no Shortfall in the contribution as at March 31, 2024.
a) Estimated amount of Contracts remaining to be executed on Capital Account, net of advances given and not provided for as at March 31, 2024 is ' 53.43 Lakhs (Prev Year 'NIL).
b) Estimated amount of Commitments as at March 31, 2024 is ' 53.43 Lakhs (Prev Year 'NIL).
Details of Hedged and Unhedged Exposures in Foreign Currency Denominated 48 Monetary Items
A) Exposure in Foreign Currency - Hedged
The Company does not enters into forward exchange contracts to hedge its foreign currency exposures relating to the underlying transactions and the firm commitments. The Company also does not enter into any derivative instruments for trading and speculation purposes during the reporting period and previous reporting period presented in the financial statements.
B) Exposure in Foreign Currency - Unhedged
The Company does not have any unhedged foreign currency exposures as at the reporting period and previous reporting period, either in the form of receivables or payable. Hence, the requirement to report under this clause is not applicable to the Company.
* Refer "Note No. 35" for further reference
50 The Financial Statements are approved for issue by the Audit Committee at its meeting held on May 24, 2024 and by the Board of Directors on their meeting held on May 24, 2024.
51 Previous years audited figures has been regrouped / recasted / rearranged, wherever necessary to make them comparable for the purpose of preparation and presentation of Financial Statements.
SIGNATURE TO THE NOTE "1" TO NOTE "51"_
MATERIAL ACCOUNTING POLICIES 1
THE ACCOMPANYING NOTES ARE FORMING INTEGRAL PART OF THE FINANCIAL STATEMENTS
AS PER OUR REPORT OF EVEN DATE ATTACHED FOR AND ON BEHALF OF THE BOARD
For MANISH N JAIN & CO. PRAVIN CHOUDHARY JAYESH CHOUDHARY
Chartered Accountants Director Director
FRN No.: 0138430W DIN No.: 01918804 DIN No.: 02426233
MANISH JAIN SAKSHI TIWARI SAGAR DARRA
Partner Chief Financial Officer Company Secretary
Membership No. 118548
Place: Nagpur
Date: May 24, 2024 Place: Nagpur Place: Nagpur
UDIN No.: 24118548BKACWE6328 Date: May 24, 2024 Date: May 24, 2024
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