T. AS 22: Accounting For Taxes on Income :

Deferred Tax resulting from timing difference between Book Profit and Tax Profit is accounted for at the applicable rate of tax to the extent the timing differences are expected to crystallise, in the case of Deferred Tax Liabilities with reasonable certainty and in case of Deferred Tax Assets with virtual certainty and there would be adequate future taxable income against which deferred tax assets can be realised. Deferred tax liability for the current year resulting out of timing differences has also been recognised in the books of account by debiting the statement of Profit & Loss.

U. AS 24: Discontinuing Operations :

The company has not recognised any discontinuing operations and as such said standard is not applicable.

V. AS 26: Intangible Assets :

Intangible assets are recognized at cost of acquisition less amortization based on estimation of its life by the Management.

W. AS 28: Impairment of Assets :

There are no impairments of assets recognised during the period under review.

X. AS 29: Provisions, Contingent liabilities and contingent assets :

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company. Contingent assets are not recognized.

6.1 Principal terms & Conditions of Secured Loan -: a) Working Capital from INDIAN Bank

The Company has borrowed from Indian Bank, Outstanding Rs.793.54 Lakhs (P. Year 732.69 Lakhs), Rate of Interest on the credit facility is 6.50 % Repo rate 2.90% Spread and loan is in the nature of demand loan, being payable on demanded by lender.

Further the Company has Packing Credit Limit of Rs. 200 Lakhs within Overall Limit of 1000 Lakhs, however no outstanding as on the year end.

Company has borrowed Rs. 124 Lakhs from Indian Bank under Covid Limit which carries rate of Interest at Repo rate 6.5 spread of 2.75% total outstanding as on 31st March 24 is Rs. 59.75 Lakhs.

Working capital facility is due for renewal every 12 months. Loan is primarily secured by way of Exclusive Charge on Stock and Book debts of the Company.

Further the loan is also having collateral security as under - :

A) Land at S. No.13, Hissa no.6/1/3 Yeolewadi,Kondhwa -saswad road,Tq, Haveli,Pune

Further the above loan is secured by way of irrovocable personal guarantee of followings

a) Mr. Sourabh Shaw (Director)

b) Mr. Mahendra M. Shaw(Director)

c) Mrs. Swati Shaw (Director)

d) Mr.Jogendra Shaw (Guarantor)

e) Mr. Surendra Shaw (Guarantor)

f) Mr. Ravindra Shaw(Guarantor)

b) Working Capital from State Bank of India

The Company has borrowed from State Bank of India, Outstanding Rs. 694.82.00 Lakhs, Rate of Interest on the credit facility is EBLR 9.15% Spread 0.60% i.e.9.75% and loan is in the nature of demand loan, being payable on demand by lender. Further it is secured by way of lien on Fixed Deposit of Rs. 137.50 Lakhs and Immovable property of Mr. Mahendra Shaw having address CTA61A/, Pune Maharsahtra.

Note 7.1 : Steps have been taken to identify the suppliers who qualify under the definition of micro and small enterprises, as defined under the Micro, Small and Medium Enterprises Development Act 2006. Disclosures have been made to the extent of the information received from suppliers.

Note 7.2 : Ageing of the Supplier, alogwith any amount involved in disputes as required by Schedule III of Companies Act, 2013 is disclosed separately.

Note 29: Contingent Liability

There is a contingent Liability of Rs. 0.37 lakhs as on 31st March 2024 (P.Y. NIL )

Note 30: Expenses & Income in Foreign Currency :

Export Sale for the year : Rs. 591.29 P. Year 722.39

Foreign Travelling Expenses during year: Rs. 5.24 23.07 P. Year -

Note 31 : CIF Value of Imports year : Rs. NIL NIL P. Year -

Note 32 : Preliminary Expenses and Preoperative Expenses

There are no preliminary expenses

Note 33: Micro, Small and Medium Enterprises Development Act, 2006 :-

The Company is in the process of compiling information from its suppliers regarding their status under the above act and hence disclosure, if any, of the amount unpaid as at the year-end together with the interest paid/payable as required has been given to the extent information available :-

Note 34 Related Party Disclosure (AS -18) - Refer Annexure A

Note 35 Realization of Property, Plant and Equipments, Investment, inventories, Loans and advances , and Current Assets

In some cases debit or credit balances of parties in respect of Sundry debtors, sundry creditors are subject to confirmation. In the opinion of the Board, the Inventory, Property, Plant and Equipments, current Assets, Loans and Advances are of the Value stated if realized in ordinary course of business. The provision for all known Liabilities as adequate and not in excess of the amount reasonably required.

Note 36 The Company does not fall within the criteria specified under the provisions of Section 135 of the Companies Act 2013, hence the Company is not required to form a Corporate Social Responsibility Committee, hence not obliged to adopt Corporate Social Responsibility Policy for the Company.

Note 37 Disclosure with regard to stock and book debt statement/Returns submitted to working capital lender and their comparison with books of accounts has been made in Annexure B attached.

Note 38 During the year, there is no transactions with Strike off Companies.

Note 39 There is no capital work in progress as on the end of year, therfore no disclosure as required by schedule III is given.

Note 40 During the year or as on the end of FY 2023-24, there is no proceeding initated or pending against the company for holding any Benami Property as per the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder, therfore no disclosure as required by schedule III is given.

Note 41 During the year or as on the end of FY 2023-24, Borrower has not been declared as willful defaulter.

Note 42 Company is pursuing legal case against one of its customer involving balance outstanding of Rs 290.78 Lakhs, and in opinion of Management, the same is recoverable, therefore no provision for bad and doubtful debts is considered during the FY 2023-24.

Note 43 Various Financial Ratio, alongwith details of Numerator and denominator etc, and the reason for deviation more than 25% as compared to previous year has been disclosed in Annexure C attached.

Note 44 During the year, the company changed its banker, satisfied all existing charges with the previous bank, and created new charges with the new banks. Additionally Company has also enhanced its Existing limit with SBI, with corresponding charge creation. All satisfaction and new charge Creation of charge is done within time prescribed under Company Act 2013.

Note 45 All amounts disclosed in the financial statements and notes have been rounded off to the nearest Lakhs upto two decimals as per the requirements of Schedule III, unless otherwise stated.

Note 46 Figures for the previous year have been regrouped and / or rearranged and / or reclassified wherever necessary to make them comparable with those of current periods.