2.11 Provisions, contingent liabilities and contingent assets
Provision is recognized in the accounts when there is a present obligation as a
result of past event(s) and it is probable that an outflow of resources will be
required to settle the obligation and a reliable estimate can be made.
Provisions are not discounted to their present value and are determined based on
the best estimate required to settle the obligation at the reporting date. These
estimates are reviewed at each reporting date and adjusted to reflect the current
best estimates.
Contingent liabilities are disclosed unless the possibility of outflow of resources is
remote. Contingent assets are neither recognized nor disclosed in the financial
statements.
2.12 Inventories
Cost of inventories comprises of all costs of purchase, conversion and other costs
incurred in bringing the inventories to their present location and condition.
Raw material are valued at lower of cost and net realizable value. Cost is
determined under the first-in, first-out method.
Work in progress and finished goods are valued at lower of cost and net realizable
value. Fixed production overheads are allocated on the basis of normal capacity of
production facilities.
The net realizable value is the estimated selling price in the ordinary course of
business less the estimated costs of completion and estimated costs necessary to
make the sale.
3. Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of ?10/- per
share. Each holder of equity shares is entitled to one vote per share. The company
declares and pays dividends in Indian rupees. The holders of the equity shares are
entitled to receive dividends as declared from time to time, and are entitled to voting
rights proportionate to their share holding at the meetings of shareholders.
In the event of liquidation of the company, the holders of equity shares will be entitled
to receive the remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares held by
the shareholders.
25. Related Party Disclosure
(a) List of Related Party And Nature Of Relationship
Name of related Party Relationship
26. The Company has no outstanding derivatives as at 31st March 2024 (PY - Nil). Foreign
Currency exposures not hedged by derivative instrument or otherwise.
27. The company is engaged in only one business hence no information has been furnished
in accordance with AS 17 on “Segment Reporting” issued by the Institute of Chartered
Accountants of India.
28. The Company does not have any pending litigations as at 31st March 2024.
29. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
30. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended 31st March
2024.
31. Prior year figures have been reclassified / regrouped wherever necessary to confirm to
the current year’s classification.
32. The Company has borrowing (Cash Credit Limit ) from HDFC Bank on the basis of
security of current assets and company is regular in submitting quarterly return or
statement of current assets and submitted statements were in agreement with books of
account.
33. The Company has not revalued any Property, Plant and Equipment (Including Right of
use Assets) during the F.Y. 2023-24.
34. The Company has no Intangible Assets under development during the F. Y. 2023-24.
35. Neither any proceedings have been initiated nor pending against the company for holding
any benami property under the “Benami Transactions (Prohibition) Act, 1988 (45 of 1988)
and the rules made thereunder.
36. The company is a not declared as willful defaulter by any bank or financial institution or
other lender.
37. The company does not have any transaction with companies struck off under section 248
of the Companies Act, 2013or section 560 of the Companies Act 1956.
38. There are no Charges or Satisfaction of charges which are yet to be registered with
Registrar of Companies.
39. The provisions of clause 87 of section 2 of the Act read with Companies (Restriction on
number of Layers) Rules, 2017 with respect to restriction on number of layers of
companies do not apply.
40. No Scheme of Arrangement has been approved by the Competent Authority in terms of
section 230 to 237 of the companies Act, 2013, Hence, no disclosure to the effect of such
Scheme of Arrangement have been accounted for in the books of account of the company
‘in accordance with the Scheme’ and ‘in accordance with accounting standards’ and
deviation in this regard shall be explained.
41. The Company has not traded or invested in Crypto currency or Virtual Currency during
the financial year.
42. The figures stated in financials have been rounded off to the nearest decimal (in Lakhs)
wherever required. Signature to the notes no 1-42 forming part of the accounts
For Zoeb Anwar & Co. For and on behalf of the Board of
Chartered Accountants SP Refractories Limited
Sd/-
Zoeb I Anwar Sd/- Sd/-
(Proprietor ) Name: Namita Kale N am e: Shweta Kale
M No.: 101496 Whole-Time Director Director/CFO
UDIN No: 24101496BK ADNQ7188 DIN: 01586375 DIN: 01586321
Place : Nagpur
Date : 15-05-2024
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