26.1 A. Total Trade payable includes amount due to Adheeshaa Carriers Rs. 6.43 Lakhs (Previous year Rs. 6.60 Lakhs), due to Udaipur Poly Sacks Ltd. Rs._8.26Lakhs (Previous Year Rs. Nil), & due to S.K. Chemicals Rs. 631.69 Lakhs (Previous Year Rs.5512.32), related parties.
B. Other Liabilities includes amount due to S. Ravinder Singh Rs. Nil (Previous Year Rs. 7.53 Lakhs), S. Pritam Singh Rs. Nil (Previous Year Rs. Nil), Smt. Mamta Arora Rs. Nil (Previous Year Rs. NIL) & Mr Rushil Arora Rs Nil Lakhs (Previous Year Rs NIL) related parties.
C. Trade Receivables includes amount due from Udaipur Poly Sacks Ltd. Rs. 428.30 Lakhs, (Previous Year Rs. 3.49 Lakhs), a related party.
D. Prepayments against goods & services includes amount paid to Udaipur Polysacks Ltd. Rs. Nil (Previous Year Rs. Nil), S.K. Chemicals Rs. Nil Lakhs (Previous Year Rs. NIL Lakhs), Adheeshaa Carriers Rs. 0.51 Lakhs (Previous Year Rs. NIL & Mr. Rushil Arora Rs. Nil (Previous Year Rs. 5.88 Lakhs), related parties.
E. Loan to director Rs. Nil ( Previous Year Nil)
26.2 Contingent liabilities not provided for:
(a) Guarantees given by Company's Banker on behalf of the Company - Rs. 296.75 Lakhs (Previous year Rs. 296.75 Lakhs) and margin given there against Rs.260.17 Lakhs (Previous year Rs. 247.30 Lakhs).
(b) Letter of credits outstanding - Rs. 467.86 Lakhs (Previous year Rs. 1026.34 Lakhs).
(c) Bills discounted with Banks outstanding Rs. Nil (Previous year Rs. Nil).
(d) Corporate guarantee Rs. 10500Lakhs (Previous year Rs. Nil) to Elysian Hotels Private Limited, related party.
26.3 Claims against the company not acknowledged as debts:
- Claims on account of rebate, discount & freight - Rs. Nil (Previous year Rs. Nil).
26.4 Estimated capital commitments not provided for - Rs. Nil (Previous year - Rs. Nil).
26.5- DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006:
Based on and to the extent of information available with the Company under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), the relevant particulars as at reporting date are furnished below:
26.7 In the opinion of the Directors, Current Assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realised in the ordinary course of business. Further, Directors are of the opinion that all the liabilities have been duly reflected in the Balance Sheet and nothing is remained to be disclosed for. Sundry Debtors, Creditors and Advances are subject to reconciliation and confirmation.
26.8 In the opinion of the Board of Directors, there exists adequate accounting & internal control system designed to prevent and detect fraud & error and in the opinion of the Board of Directors that any uncorrected mis-statements resulting from either fraud or error are, in managements opinion immaterial both individually and aggregate in the Financial Statements.
26.9 In view of mandatory Accounting Standard (AS) -15 "Accounting for Retirement Benefits in the Financial Statements of Employers" is dealt as under:
- Liability in respect of provident fund are provided for by monthly payments to pension and provident fund under the Employees' Provident (and Miscellaneous Provisions) Act, 1952, which are charged against revenue.
- Benefits in terms of workmen demand pending settlement, accumulated leave, Medical reimbursement, lej*«e=toyel concession, gratuity and bonus are accounted when paid.
26.12 Impairment of Assets:
That the Board of Directors is of the opinion that the discounted net future generation from the Assets in use and shown in the schedule of Fixed Assets is more than the carrying amount of Fixed Assets in Balance Sheet. As such, no provision for Impairment of Assets is required to be made in terms of the requirement of Accounting Standards (AS-28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India for the period ended 31st March 2024. '
26.13 Segment Reporting
a) Business Segment: - The company's business comprises of manufacture, purchase and sale of mainly two products fertilizer's and Labsa.
b) Geographical Segment: - The Company does not have geographical segment.
26.14 Previous 3 year's average net profit of the company is more than Rs 5 Crore, Hence Section 135 of the company Act, 2013, is applicable to the company. As per Section 135 of the Companies Act, 2013, a company, meeting the 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. A CSR committee has been formed by the company as per the Act. The funds were primarily utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013:
26.15 No Charge or satisfaction is pending to be registered with Registrar of Companies beyond its statutory period.
26.16 The company is not declared willful defaulter by any bank or financial institution or any other lender.
26.17 The company has not incurred transaction with companies struck off under section 248 of the companies Act, 2013 or section 560 of the Companies Act, 1956.
26.18 No Proceeding have been initialed or pending against the company for holding any benami property under the benami Transaction (Prohibition) Act 1988 (45 of 1988) and the rules made thereunder.
26.19 No undisclosed income has been surrendered or disclosed as income during the year in the tax assessment under the Income tax act, 1961.
26.20 The company has not traded or invested in Crypto currency or Virtual Currency during the financial period ending 31.03.2024.
26.21 The company has reclassified previous year figures to conform to this year's classification.
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