L) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when the company has a present obligation
as a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provions are not discounted to their present
value and are determined based on the best estimate required to settle
the obligation at the balance sheet date. These are reviewed at each
balance sheet and adjusted to reflect the current best estimates.
Contingent liabilities are not recognised in the financial statements. A
contingent asset is neither recognised nor disclosed in the financial
statements.
M) Cash and Cash Equivalents
Cash and Cash Equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and short-term investments with an
original maturity of twelve months or less.
The Company has one class of shares i.e. Equity shares having a face value of 10 per share. Each holder of equity share is entitled to one vote
per share held. Equity Shareholders are eligible to dividend proposed by the Board of Directors as approved by Shareholders in the ensuing
Annual General Meeting. In the event of liquidation of the company, the holders of equity share will be entitled to receive remaining assets of the
company in proportion to the equity shares held after distribution of all preferential amount.
Note A
Primary Security:
Hypothecation of entire Raw materials Sock-ln-Process, Stores & Spares, Packing Materials, Finished Goods and Book-Debts of the company,
both present & future.
Hypothecation of Entire Plant & Machinery of the company.
Secondary - Equitable mortgage of the Industrial property at Old bearing RS no.729,722,730, Block No 87318, paiki 2 admeasuring 8438 sq mts
Along with 2000 sq mts of construction situated at GETCo 66, KV Sub Station Por, Vadodara standing in the name of M/s Pattech Fitwell Tube
Components Limited.
Collateral Security:
1. Negative Lien of lndustrial property situated at Old bearing RS no720,722,730, Block No 8731A, paiki 2 admeasuring 13597 sqmts And 3000
sq mts of constructed area at GETCO 66, KV Sub Station Por, Vadodara standing in the name of M/s Pattech Fitwell Tube Components
Limited having boundaries.
2. Extension of residential Non-agricultural plot of land at Maule Kalali Vadodara lying behind land bearing Revenue Survey No 507, Block No
4161 Paft. Shivganga Co Operative Housing Society Limited Known as "KAf.lHA", Open Plot Nlo 31, Plot Area admeasuring 185 80 Sq mtrs,
at Registration District & Sub District Vadodara.
3. Personal Guarantee of all the Directors and property owners. (Namely 1. Mr. Bharat Limbani, 2. Mr. Jaysukh Limbani 3. Mrs.Ripalben Limbani)
Defaults in repayment of Term Loans & Interest:
As appears, the company has not defaulted in payment of principal and interest of Term Loan with all the lenders during period April 1, 2024 to
March 31,2025.
Emphasis of Matter - Note - 1The Company has reported inventories amounting to Rs. 84,800.31 Thousands (as on March 31,2025) forms
about 20.56 % of the total assets of the Company. During our audit, we observed that the Company maintains manual inward and outward
registers for inventory but does not have a computerized inventory management system in place. Additionally, the measurement and valuation of
inventory are challenging due to the diverse units of measurement used for raw materials and finished goods (e.g., kilograms, meters, numbers,
tons). We suggest transition from manual registers to a computerized inventory management system. It will help streamline inventory tracking
and improve accuracy in recording inward and outward movements of inventory. It will also standardize the units of measurement for raw materials
and finished goods to ensure consistency and ease of valuation.
26. Capital Commitments outstanding as on March 31, 2025 is ? Nil (PY ? Nil) & Contingent Liabilities as on March 31,2025 is ? Nil (PY ? Nil).
27. The company's primary business is that of manufacturing of all type of Pipe and Tube Fittings in C.S, A.S, and S.S like Elbow, Tee, Reducer,
Cap, Spool, Stub End and Flanges etc and so on. There is only one segment hence, disclosure requirement of segment reporting is not
applicable.
28. Balances of Sundry Creditors, Sundry debtors, Loans & advances, etc. are subject to confirmation and reconciliation, if any.
29. In the opinion of Board of Directors; Current Assets, Loans & Advances (Including Capital Advances) have a value on realization in the
ordinary course of business at least equal to the amount at which they are stated, Adequate Provisions have been made in the accounts for
all the known liabilities.
30. Additional regulatory information required by Schedule III:
i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.
ii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
iii) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
iv) The Company have not any such transaction which is not recorded in the books of accounts that 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.
v) The Company has complied with the number of layers for its holding in downstream companies prescribed under clause (87) of section
2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.
vi) The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or
consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.
vii) The company does not have any transaction with companies which have been struck off in records of the Ministry of Corporate Affairs.
viii) Company has not revalued any of its Property, Plant & Equipment or intangible assets or both during the year.
As per my report of even date annexed For & on behalf of the Board of
P. INDRAJIT AND ASSOCIATES PATTECH FITWELL TUBE COMPONENTS LIMITED
Chartered Accountants
FRN: - 117488W -- sd -- -- sd --
-- sd -- Jaysukhbhai Limbani Bharatbhai Limbani
Whole-time Director Chairman and Managing Director
DIN: - 09710362 DIN: - 09710373
CA PIYUSH I SHAH
PROPRIETOR -- sd -- -- sd --
MRN: - 103665
UDIN: 25103665BMGXWA8210 Milan Limbani Anita Paul
Chief Financial Officer Company Secretary
Date: - 29/05/2025
Place: - Vadodara Date: - 29/05/2025 Place: - Vadodara
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