2.12. Provisions, Contingent Liabilities and Contingent
Assets
Provisions are recognised when the Company
has a present obligation (legal or constructive) as
a result of a past event, it is probable that an
outflow of resources embodying economic benefits
will be required to settle the obligation, and a
reliable estimate can be made of the amount of
the obligation.
The amount recognised 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. If the
time value of money is material, Provisions are
discounted using pre-tax discount rate and when
discounting is used, increase in the provision with
the passage of time is recognised as a finance
cost in the statement of Profit and Loss account.
A contingent liability is (a) a possible obligation
that arises from past events and whose existence
will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events
not wholly within the control of the entity or (b) a
present obligation that arises from past events but
is not recognised because (i) it is not probable
that an outflow of resources embodying economic
benefits will be required to settle the obligation
or (ii) the amount of the obligation can not be
measured with sufficient reliability.
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.
A contingent asset is a possible asset that arises
from the past events and whose existence will be
confirmed only by the occurrence or non- occurrence
of one or more of uncertain future events not
wholly within the control of the entity.
Contingent assets are disclosed in the Financial
Statements by way of notes to accounts when an
inflow of economic benefits is probable.
2.13. Financial Instruments
The Company determines the classification of its
financial assets and liabilities at initial recognition.
The classification depends on the Company's
business model for managing the financial assets
and the contractual terms of the cash flows.
Initial Recognition and Measurement:
The Company recognizes financial assets and
financial liabilities when it becomes a party to the
contractual provisions of the instrument. All financial
assets and liabilities are recognized at fair value
on initial recognition, except for trade receivables
which are initially measured at transaction price.
Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial
liabilities that are not at fair value through profit
or loss, are added to or deducted from the fair
value on initial recognition. Regular way purchase
and sale of financial assets are accounted for at
trade date.
Effective interest method
The effective interest method is a method of
calculating the amortised cost of a financial instrument
and of allocating interest income or expense over
the relevant period. The effective interest rate is the
rate that exactly discounts future cash receipts or
payments through the expected life of the financial
instrument, or where appropriate, a shorter period.
Subsequent Measurement
2.13. a. Non-derivative financial instruments
2.13. a.1. Cash and Cash equivalents:
The Company considers all highly liquid financial
instruments, which are readily convertible into
known amounts of cash that are subject to an
insignificant risk of change in value and having
original maturities of three months or less from the
date of purchase, to be cash equivalents. Cash and
cash equivalents consist of balances with banks
which are unrestricted for withdrawal and usage.
2.13. a.2. Financial assets carried at amortised cost:
A financial asset is subsequently measured at
amortised cost if it is held within a business model
whose objective is to hold the asset in order to
collect contractual cash flows and the contractual
terms of the financial asset give rise on specified
dates to cash flows that are solely payments of
principal and interest on the principal amount
outstanding.
2.13. a.3. Financial assets at fair value through Other
Comprehensive Income (FVTOCI) :
A financial asset is subsequently measured at fair
value through Other Comprehensive Income if it is
held within a business model whose objective is
achieved by both collecting contractual cash flows
and selling financial assets and the contractual terms
of the financial asset give rise on specified dates
to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
The Company has made an irrevocable election
for its investments which are classified as equity
instruments to present the subsequent changes in
fair value in Other Comprehensive Income based
on its business model.
On derecognition of such Financial assets,
cumulative gain or loss previously recognised in
Other Comprehensive Income is not reclassified
from the equity to statement of Profit and Loss.
2.13. a.4. Financial assets at fair value through profit
or loss (FVTPL) :
A financial asset which is not classified in any of
the above categories are subsequently measured
at fair value through profit or loss.
2.13. a.5. Investment in Joint Venture:
A joint venture is a joint arrangement whereby the
parties that have joint control of the arrangement
have rights to the net assets of the joint arrangement.
Joint control is the contractually agreed sharing
of control of an arrangement, which exists only
when decisions about the relevant activities require
unanimous consent of the parties sharing control.
The Company accounts for its investment in joint
venture at cost.
Financial liability is recognized at fair value with
a corresponding debit to deemed investment,
where the Company is a sponsor in respect of
Compulsory Convertible Debentures issued by joint
ventures and is mandatorily required to purchase
such debentures. Financial liability is subsequently
measured at amortized cost. The deemed investment
is added to the carrying amount of investment in
joint ventures and carried at cost.
2.13. a.6. Financial liabilities:
Financial liabilities are subsequently carried at
amortized cost using the effective interest method.
For trade and other payables maturing within one
year from the Balance Sheet date, the carrying
amounts approximate fair value due to the short
maturity of these instruments. Interest bearing issued
debt are initially measured at fair value and are
subsequently measured at amortised cost using
the effective interest rate method.
2.13. a.7. Derecognition of financial instruments:
The Company derecognizes a financial asset when
the contractual rights to the cash flows from the
financial asset expire or it transfers the financial
asset and the transfer qualifies for derecognition
under Ind AS 109. On derecognition of Financial
assets (except as mentioned in 2.17.a.3), the
difference between the carrying amount and the
consideration received is recognised in the statement
of Profit and Loss account. A financial liability (or
a part of a financial liability) is derecognized from
the Company's Balance Sheet when the obligation
specified in the contract is discharged or cancelled
or expires.
2.13. a.8. Offsetting Financial Instruments
Financial assets and liabilities are offset and the
net amount is presented in the Balance Sheet
when there is a legally enforceable right to offset
the recognised amounts and there is an intention
to settle on a net basis or realise the asset and
settle the liability simultaneously.
2.14. Share capital
Ordinary Shares :
Ordinary shares are classified as equity. Incremental
costs directly attributable to the issuance of new
ordinary shares are recognized as a deduction
from equity, net of any tax effects.
2.15. Fair Value Measurement
Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants at
the measurement date. The fair value measurement
is based on the presumption that the transaction
to sell the asset or transfer the liability takes place
either:
• In the principal market for the asset or liability,
or
• In the absence of a principal market, in the most
advantageous market for the asset or liability.
The principal or the most advantageous market
must be accessible by the Company.
The fair value of an asset or a liability is measured
using the assumptions that market participants would
use when pricing the asset or liability, assuming
that market participants act in their best economic
interest.
The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorized within the fair value hierarchy,
described as follows, which gives highest priority
to quoted prices in active markets and the lowest
priority to unobservable inputs.
Level 1 — Quoted (unadjusted) market prices in
active markets for identical assets or liabilities.
Level 2 — Valuation techniques for inputs other
than quoted prices included within Level 1 that are
observable for the asset or Liability either directly
or indirectly.
Level 3 — Valuation techniques for inputs that are
unobservable for the asset or liability.
For the purpose of fair value disclosures, the
Company has determined classes of assets and
liabilities on the basis of the nature, characteristics
and risks of the asset or liability and the level of
the fair value hierarchy as explained above.
2.16. Impairment of Financial Assets
The Company recognizes loss allowances using
the Expected Credit Loss (ECL) model for the
financial assets which are not measured at fair
value through profit or loss. Loss allowance for trade
receivables with no significant financing component
is measured at an amount equal to lifetime ECL.
For all other financial assets, expected credit losses
are measured at an amount equal to the 12-month
ECL, unless there has been a significant increase
in credit risk from initial recognition in which case
those are measured at lifetime ECL. The amount of
expected credit losses (or reversal) that is required
to adjust the loss allowance at the reporting date
to the amount that is required to be recognised
as an impairment gain or loss in the statement of
profit and loss.
ECL is the difference between all contractual cash
flows that are due to the Company in accordance
with the contract and all the cash flows that the
entity expects to receive, discounted at the effective
interest rate.
ECL are measured taking into account the time
value of money and other reasonable information
available as a result of past events, current conditions
and forecasts of future economic conditions.
For Trade receivables, the Company uses a
provision matrix to measure lifetime ECL on its
portion of trade receivables. The provision matrix
is prepared based on historically observed default
rates over the expected life of trade receivables
and is adjusted for forward looking estimates.
2.17. Earnings per share
Basic earnings per share is computed by dividing
the profit or loss attributable to equity shareholders
of the Company by the weighted average number
of equity shares outstanding during the period.
Diluted earnings per share is computed by dividing
the profit after tax by the weighted average number
of equity shares considered for deriving the basic
earnings per share and the weighted average
number of equity shares that could have been
issued upon conversion of all dilutive potential
equity shares.
2.18. Operating Segments
Operating segments are identified and reported
taking into account the different risks and returns,
the organization structure and the internal reporting
systems. The Company operates in one reportable
business segments i.e. “Chemicals”.
2.19. Statement of cash flows
Cash flows are reported using the indirect method,
whereby profit before tax is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals 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 are segregated into
operating, investing and financing activities.
2.20. Government Grant
Government grants are recognised when there is
reasonable assurance that the grant will be received,
and the company will comply with conditions attached
to the grant.
Government grants relating to income are recognised
in profit or loss on a systematic basis over the
periods in which the Company recognises as
expenses, the related costs for which the grants
are intended to compensate. Grant relating to
assets are netted off against the acquisition cost
of the asset.
2.21. Critical accounting judgements, assumptions
and Key sources of estimation uncertainty:
The preparation of the Company's financial
statements requires management to make
judgements, 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 the 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.
Key source of judgments, assumptions and estimates
in the preparation of the Financial Statements
which may cause a material adjustment to the
carrying amounts of assets and liabilities within
the next financial year, are in respect of useful
lives of Property, Plant and Equipment, impairment,
employee benefit obligations, provisions, provision
for income tax, measurement of deferred tax assets
and contingent assets & liabilities., Stores & Spares
Written off.
2.21. a. Critical judgments in applying accounting
policies
The following are the critical judgements, apart
from those involving estimations (Refer note 2.21.b),
that the Management have made in the process
of applying the Company's accounting policies and
that have the significant effect on the amounts
recognized in the Financial Statements.
2.21. a.1. Determining whether an arrangement contain
leases and classification of leases
Ind AS 116 requires lessees to determine the
lease term as the non-cancellable period of a lease
adjusted with any option to extend or terminate
the lease, if the use of such option is reasonably
certain. The company makes an assessment on
the expected lease term on a lease-by-lease basis
and thereby assesses whether it is reasonably
certain that any options to extend or terminate the
contract will be exercised. In evaluating the lease
term, the Company considers factors such as any
significant leasehold improvements undertaken over
the lease term, costs relating to the termination of
the lease and the importance of the underlying asset
to operations taking into account the location of
the underlying asset and the availability of suitable
alternatives. The lease term in future periods is
reassessed to ensure that the lease term reflects
the current economic circumstances.
2.21. b. Key sources of estimates and assumptions
Information about estimates and assumptions that
have the significant effect on recognition and
measurement of assets, liabilities, income and
expenses is provided below. Actual results may
differ from these estimates.
2.21. b.1. Defined benefit obligation (DBO) :
The cost of the defined benefit gratuity plan and
the present value of the gratuity obligation are
determined using actuarial valuations being carried
out at reporting date. An actuarial valuation involves
making various assumptions that may differ from
actual developments in the future. These include
the determination of the discount rate, Salary
escalation rate, expected rate of return on asset
and mortality rates. Due to the complexities involved
in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed
at each reporting date.
The parameter most subject to change is the discount
rate. In determining the appropriate discount rate,
the management considers the interest rates of
government bonds in currencies consistent with the
currencies of the post-employment benefit obligation.
The mortality rate is based on publicly available
mortality tables for the specific countries. Those
mortality tables tend to change only at interval in
response to demographic changes. Future salary
increases and gratuity increases are based on
expected future inflation rates for the respective
countries.
2.21. b.2. Contingent Liabilities and Assets:
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.
2.21. b.3. Allowance for impairment of trade receivables:
The expected credit loss is mainly based on the
ageing of the receivable balances and historical
experience. The receivables are assessed on an
individual basis assessed for impairment collectively,
depending on their significance. Moreover, trade
receivables are written off on a case-to-case basis
if deemed not to be collectible on the assessment
of the underlying facts and circumstances.
2.21. b.4. Impairment of non-financial assets:
Evaluation for impairment requires use of judgment,
estimates and assumptions.
The evaluation of applicability of indicators of
impairment of assets requires assessment of external
factors (significant decline in asset's value, significant
changes in the technological, market, economic or
legal environment, market interest rates etc.) and
internal factors (obsolescence or physical damage
of an asset, poor economic performance of the
asset etc.) which could result in significant change
in recoverable amount of the Property, Plant and
Equipment.
The Company assesses at each reporting date
whether there is an indication that an asset may
be impaired. If any indication exists, or when
annual impairment testing for an asset is required,
the Company estimates the asset's recoverable
amount. An asset's recoverable amount is the
higher of an asset's or CGU's fair value less costs
of disposal and its value in use. It is determined
for an individual asset, unless the asset does not
generate cash inflows that are largely independent
of those from other assets or groups of assets.
Where the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is
considered impaired and is written down to its
recoverable amount.
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 appropriate valuation model
is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly
traded subsidiaries or other available fair value
indicators.
2.21. b.5. Income taxes:
Significant judgements are involved in determining
the provision for income taxes, including amount
expected to be paid / recovered for uncertain tax
positions.
2.21. b.6. Recognition of Deferred tax assets:
Deferred Tax Assets (DTA) are recognized for the
unused tax losses/ credits to the extent that it is
probable that taxable profit will be available against
which the losses will be utilized. Management
judgement is required to determine the amount of
deferred tax assets that can be recognized, based
upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
2.21. b.7. Useful lives and residual value of property,
plant and equipment:
The Company reviews the useful life and residual
value of property, plant and equipment at the end
of each reporting period. This reassessment may
result in change in depreciation expense in future
periods.
2.21. b.8. Dismantling cost of property, plant and
equipment:
The company estimates assets retirement obligation
on estimate basis for property, plant and equipment.
Estimation is done by the management considering
size of the asset and its useful life in line with
industry practices.
2.21. b.9. Stores and spares inventories:
The Company's manufacturing process is continuous
and highly mechanic with wide range of different
types of plant and machineries. The Company
keeps stores and spares as standby to continue
the operations without any disruption. Considering
wide range of stores and spares and long lead
time for procurement of it and based on criticality
of spares, the Company believes that net realizable
value would be more than cost.
2.21. b.10. Fair value of investments:
The Company has invested in the equity instruments
of various companies. The valuation exercise of
unquoted equity instruments carried out by the
Company with the help of an independent valuer,
etc. has estimated fair value at each reporting
period based on available historical annual reports
and other information in the public domain.
10.1 Capital Advances includes advance payment made for leasehold lands allotted pending execution of lease deeds of
Rs. 923.08 lakhs (FY 2022-23 Rs. 923.08 lakhs) towards plot No. B-37 to B-44 at village Atali admeasuring 50,714.48
sq. mtrs.
10.2 In the Financial Year 2012-13, the Company received a demand of Rs. 1,719.66 lakhs from the revenue authorities
for excise duty, interest and penalty thereon. The same has been shown as provision for other liabilities under
Non-Current Provisions (Note no. 19). The Company has contested the demand and has paid under protest
Rs.924.23 lakhs and Rs.333.32 lakhs (Total Rs.1,257.55 lakhs) during 2012-13 and 2013-14 respectively. As
the matter is pending with Honourable High Court, the amount paid has been shown under Balance with Govt.
Department under Other Non-Current Assets.
10.3 Other than mentioned in Note No. 10.2 above, Balance with Govt. Departement includes amount paid under
protest relatining to matters pending with respect to Sales Tax & Service Tax.
16 OTHER EQUITY (Contd.)
a. General Reserve
The General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purpose.
As General Reserve is created by a transfer from one component of Equity to another and is not an item of other
comprehensive income, items included in the General Reserve will not be reclassified subsequently to profit or loss.
b. Securities Premium
Securities premium is used to record the premium received on issue of shares. It is utilised in accordance with
the provisions of the Companies Act, 2013.
c. Capital Reserve
As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares
out of free reserves or securities premium. A sum equal to the nominal value of the shares so purchased is
transferred to capital redemption reserve. The reserve is utilised in accordance with the provisions of section 69
of the Companies Act, 2013.
d. Reserve for equity instruments through other comprehensive income
The reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured
at fair value through other comprehensive income.
e. Retained Earnings
This reserve represents undistributed accumulated earnings of the Company as on the balance sheet date.
36 EMPLOYEE BENEFIT PLANS
Defined Contribution Plan
An amount of Rs.1,159.06 Lakhs (FY 2023-24 Rs.1,120.03 Lakhs) contributed to Provident Fund and amount of
Rs.831.03 lakhs (FY 2023-24 Rs.833.64 lakhs) contributed to Employees Superannuation Trust is recognised
as an expense and included in “Employee Benefits Expenses” (Note 28) of Statement of Profit & Loss.
Defined Benefit Plans
The Company offers the following employee benefit schemes to its employees :
i. Gratuity (included as part of b (iii) in Note 28 Employees benefit expense)
ii. Leave encashment (included as part of a in Note 28 Employee benefit expense)
The following table sets out the funded status of the defined benefits scheme and the amount recognised in
financial statement :
As per Actuarial Valuation as on March 31, 2024
37.3 Financial Risk Management Objectives
The Company's Corporate Treasury Function provides services to the business, co-ordinates access to domestic
and international financial markets, monitors and manages the financial risks relating to the operations of the
Company through internal risk reports which analyse exposures by degree and magnitude of risks. These risks
include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.
Compliance with policies and exposure limits is reviewed internally on a continuous basis. The Corporate
Treasury does not enter into any trade financial instruments, including derivative financial instruments and
relies on natural hedge.
The Corporate Treasury Function monitors risks and policies implemented to mitigate risk exposures on a
periodical basis.
37.4 Market Risk
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange
rates and interest rates. The Company currently has not hedged any External Commercial Borrowings
(ECBs). The Company performs an analysis of the impact of not hedging its ECBs. This has been done by
comparing the actual cash outflows related to ECBs under current unhedged conditions in the past vis-a-vis
the scenario of complete hedging of individual ECB on the disbursement day through quotes provided by the
banks. Further, the Company parks its earnings in foreign currency in Exchange Earners Foreign Currency
(EEFC) account and discharges its obligations in case of foreign currency loans out of the said account.
The Company's investments in listed and non-listed equity securities are susceptible to price risk arising from
uncertainties about future value of the investment securities. The Company's non-current investment in equity
shares are strategic investments and hence are considered as Fair Value through Other Comprehensive
Income. The Company's Board of Directors reviews and approves all equity investment decisions.
37.5 Foreign Currency Risk Management
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate
fluctuations arise. Exchange rate exposures are managed within approved policy parameters. Further, the Company
parks its earnings in foreign currency in Exchange Earners Foreign Currency (EEFC) account and discharges its
obligations in case of foreign currency loans and towards import obligations out of the said account.
The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities
are restated at the end of each quarter. The same at the end of the reporting period are as follows :
Foreign Currency Sensitivity Analysis
The Company is mainly exposed to US Dollar.
The following table details the Company's sensitivity to a 5% increase and decrease in the Rupee against
the relevant foreign currencies. 5% is a sensitivity rate used when reporting foreign currency internally to the
key management personnel and represents management's assessment of the reasonably possible changes in
the foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated
monetary items and adjusts their translation at the period end for a 5% change in the foreign currency rates.
A positive number below indicates an increase in profit or equity where the Rupee strengthens by 5% against
the relevant currency. For a 5% weakening of the Rupee against the relevant currency, there would be a
comparable impact on the profit or equity, and the balances below would be negative.
37.6 Interest Rate Risk Management
The Company is exposed to interest rate risk because the Company borrows funds at floating interest rates.
The risk is managed by the Company by monitoring the exchange rate on regular basis and also parking
the export proceeds in the EEFC account which also provides a natural hedge for the outflows in foreign
currency. Further, the Company performs an impact analysis of not hedging its ECBs. This has been done
by comparing the actual cash outflows related to ECBs under current unhedged conditions in the past vis¬
a-vis the scenario of complete hedging of individual ECB on the disbursement day through quotes provided
by the banks.
Interest Rate Sensitivity Analysis
The sensitivity analysis below have been determined based on the exposure to interest rates for instruments
at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount
of the liability outstanding at the end of the reporting period was outstanding for the whole year.
If the interest rates had been 50 basis points higher / lower and all other variables were held constant,
the Company's profit before tax for the year ended would be impacted to the extent of Rs.223.81 Lakhs
(Rs.285.27 lakhs for the year 2023-24).
37.7 Credit Risk Management
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial
loss to the Company. The Company is operating through network of dealers based at different locations.
In order to ensure the security of receivables, the Marketing Department computes an exposure ratio for
every dealer based on his past turnover, track record, etc. The same is overseen and approved by the
Board. Further, the Company also collects bank guarantees / security deposits from the respective dealers.
Regular monitoring of the receivables is undertaken by the Marketing Department and in case the limits are
exceeded, an auto lock system is in place in the SAP system of the Company to stop further supplies to
the concerned dealer till the amount outstanding is recovered. In case of new customers, the goods are
supplied only against advance receipts. For the export made by the Company, the sales are backed by letters
of credit or advance receipts. The internal risk management committee of the Company meets regularly to
discuss the dealers and credit risks, measures taken to address them and the status and level of risk after
the measures taken.
Domestic & Export trade receivables are secured to the extent of interest free security deposits and bank
guarantees / letter of credit received from the customers amounting to Rs.1,851.88 Lakhs and Rs.481.13
Lakhs as at 31st March, 2025 and 31st March, 2024 respectively. (Refer Note No. 12 for Trade Receivables
outstanding).
37.8 Liquidity Risk Management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established
an appropriate liquidity risk management framework for the management of the Company's short-term,
medium-term and long-term funding and liquidity management requirements. The Company manages its funds
mainly from internal accruals. The liquidity risk is managed by maintaining adequate reserves and banking
facilities, by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of
financial assets and liabilities.
Liquidity and interest risk tables
The following tables detail the Company's remaining contractual maturity for its non derivative financial liabilities
with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the Company can be required to pay.
48 OTHER STATUTORY INFORMATION
48.1 The Company does not have any Immovable Property whose title deeds are not held in the name of the
Company.
48.2 The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property.
48.3 The Company has utilised funds raised from issue of securities or borrowings from banks and financial institutions
for the specific purposes for which they were issued/taken.
48.4 Quarterly return/statement of current assets filed by the company with bank are in agreement with the books
of accounts.
48.5 The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company
as a wilful defaulter at any time during the financial year or after the end of reporting period but before the
date when financial statements are approved.
48.6 The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:
48.6 (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
48.6 (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
48.7 The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
48.7 (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
48.7 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
48.8 On the basis of information available, the Company does not have any transactions with struck-off
companies.
48.9 The Company does not have any transaction which is not recorded in the books of accounts but has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
48.10 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
48.11 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the
Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.
48.12 The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of
Companies (ROC) beyond the statutory period.
49 Approval of Financial Statements
The financial statements are approved for issue by the Board of Directors on 16th May, 2025.
As per our attached Report of even date. For and on behalf of the Board
For Prakash Chandra Jain & Co. Avantika Singh, IAS Dr. Hasmukh Adhia, IAS (Retd.)
Chartered Accountants Managing Director Chairman
Firm Reg. No. : 002438C DIN No. : 07549438 DIN No. : 00093974
Pratibha Sharma S. G. Damani S. S. Bhatt
Partner General Manager (Finance) & Company Secretary &
Membership No. 400755 Chief Financial Officer Chief General Manager
(Legal, CC & CSR)
Place : Blacksburg, USA Place : Gandhinagar
Date : 16th May, 2025
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