11, Provisions, Contingent Liabilities and Contingent Assets:- (AS-291
Provisions are recognized only when there is a present obligation as a result of past events and when a
reliable estimate of the amount of the obligation can be made.
Contingent Liabilities is disclosed in Notes to the account for:-
(i) Possible obligations which will be confirmed only by future events not wholly within the control of the
company or
(ii) Present Obligations arising from past events where it is not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are not recognized in the financial statement since this may result in the recognition of the
income that may never be realized.
12. General:
Except wherever stated, accounting policies are consistent with the generally accepted accounting principles
and have been consistently applied.
(B) Notes on Financial Statements
1. The information regarding classification of creditors as micro and small enterprise Is not available with
company, hence information as required by schedule III of the Companies Act 2013 is not given.
2. Salaries includes directors remuneration on account of salary Rs. NIL (Previous Year Rs. NIL)
3. Trade receivables. Trade payables. Loans & Advances and Unsecured Loans have been taken at their book
value subject to confirmation and reconciliation.
4. As per the Exchange records, the following dues of your Company are still outstanding which is in non-
compliance of LODR Regulation of SEBI.
6. Loans and Advances are considered good in respect of which company does not hold any security other than
the personal guarantee of persons.
7. No provision for retirement benefits has been made, in view of accounting policy No. 11. The impact of the
same on Profit & Loss is not determined,
8. Related Parly disclosure as identified by toe company and relied upon by the auditors:
fiu
9. Segment Information:-
The Company is principally engaged in the business of pharmaceuticals products. There are no reportable
segments as per accounting standard No. 17 issued by the Institute ot Chartered Accountants of India on
"Segment Reporting",
10. Previous year figures have been regrouped / rearranged wherever necessary,
11. In view of C/F fosses / unabsorbed depreciation in respect of past years the company may not have the
taxable income in the near future and hence cumulative net differed tax assets after deducting differed tax
liabilities have not been recognized by the company on prudence basis in accordance with the AS-22 issued
by ICAI, Similarly net differed tax assets for the current year have also not been recognized on prudence
basis.
12. Confirmation of concerned parties for amount due from them/due to them in relation to debtors creditors
loans & advances both on current assets & current liabilities as well as other balance as per books of the
company are not received. Necessary adjustment if any will be made when the accounts are reconciled and
settled.
13. Wherever supporting and external evidence are not available, they are confirmed by the directors of the
company as incurred exclusively and necessarily for the purpose of the business.
Signature to notes 1 to 16
In terms of Our Separate Audit Report of Even Date Attached.
For JIGAR ADHYARU & CO. For REKVINA LABORATORIES LTD
Chartered Accountants Ý
-5*>.P IJ- „
(JIGAR BHIKHABHAI ADHYARU) M
CHARTERED ACCOUNTANT AWT MUKESH SHAH MUKESHJAMNADASSHAH
Membership No. 147598 s J?// \ Managing Director Director
Registration No. 142223W 'CS<J
Place:-VADODARA DIM: 01993211 DIN: 01993130
Date: - 30/05/2024
UDIN: -24147598BKEBCD9952
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