18. Provisions, Contingent Liabilities and Contingent Assets.
No provision is recognized for any possible obligation that arises from past events and the existence of which will
be confirmed only by that occurrence or non- occurrence of one or more uncertain future events not wholly within
the control of the Company.
Provisions are recognized 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. If the effect of the time value of money is material,
provisions are discounted using equivalent period government securities interest rate. Unwinding of the discount is
recognized in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each balance sheet date
and are adjusted to reflect the current best estimate.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to
the passage of time is recognized as a finance cost.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or a present obligation that arises from past events where it is either not
probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.
Information on contingent liability is disclosed in the Notes to the Ind AS financial statements. Contingent assets are
not recognized. However, when the realization of income is virtually certain, then the related asset is no longer a
contingent asset, but it is recognized as an asset.
NOTE NO. 04: OTHER NOTES
a) Previous year figures have been regrouped or rearranged, wherever considered necessary, to conform to current
years' classification.
b) Contingent Liabilities
(i) The Company, earlier having its plant at Gujarat Industrial Development Corporation (GIDC), Ankleshwar, was
required to contribute towards equity of Bharuch Eco Aqua Infrastructure Ltd. (BEAIL) Ankleshwar, a company
floated by GIDC and GPCB for implementing an effluent treatment and disposal system in GIDC, Ankleshwar.
BEAIL required all member-companies to give a counter guarantee in favour of GIDC for loans sanctioned by
financial institutions to BEAIL and guaranteed by GIDC. This counter-guarantee had been issued by the Company.
However, no liability has been materialized as on 31st March 2024 due to this counter guarantee provided to
GIDC. Necessary steps are being taken by the company for withdrawal of this counter guarantee as it does not
have any plant now in GIDC, Ankleshwar. BEAIL is now known as Narmada Clean Tech Ltd.
(ii) BSE has imposed fines for incomplete / delayed compliances amounting to Rs.46.79 Lakhs (Excluding GST).
The company had made application to BSE for waiver of these fines. BSE vide its email dated 02/01/2024 has
rejected the waiver application of the company. Against this, the company has preferred an appeal before the
hon'ble Securities Appellate Tribunal, Mumbai. Date of Filing of the appeal is 18/03/2024 and lodging number
of the appeal is 137/2024.
c) Impairment of Assets
In opinion of the management, none of the assets of the company are required to be Impaired as on the date of the
balance sheet in accordance with Indian Accounting Standard 36 issued by the Institute of Chartered Accountants
of India on "Impairment of Assets".
d) Secured Loans
The company had completed One Time Settlement (OTS) with all five lenders during 2020-21 and 2021-22 and
received No Dues Certificate from them. ROC charges have also been satisfied. There are no secured loans outstanding
as on 31st March 2024 from any bank or financial institutions.
Note: Since no managerial remuneration is paid hence no computation is given in the notes.
f) i. Trade Receivables
Trade Receivables outstanding at the beginning of the financial year 2023-24 Rs. 16.13 lakhs, and at the end of the
financial year 2023-24 Rs. 46.41 lakhs. Ageing details and other classifications are given in financial statements.
ii. Loans & Advances
There are no Loans & Advances outstanding in the beginning and at the end of the financial year 2023-24, hence
other classifications are not being given.
g) Current Assets - other details
i) In the opinion of the Board of Directors, all current assets, loans & advances have a value on realisation in
ordinary course of the company's business, which is at least equal to the amount at which they are stated in
Balance Sheet unless otherwise stated.
ii) Various Debit /Credit balances are subject to confirmation.
h) Export incentives in form of DEPB License Entitlement / Duty Drawback at the end of the year are recognized at
Rs. NIL (Previous Year Rs. NIL)
i) Unpaid dividend on 15% Optionally Cumulative Convertible Redeemable Preference Shares (that were already
converted into equity shares as per the terms) for the year ended on 31-03-2001 Rs. 18.00 lacs, & for the year ended
on 31-03-2002 Rs. 4.09 lacs were not provided for in the books of accounts due to inadequacy of profit or losses.
This position remains the same as on 31.03.2024.
j) During the financial year, the company has capitalized borrowing costs amounting to Rs. NIL (Previous Year Rs. NIL)
attributable to the acquisition or construction of fixed assets.
s) Deferred Tax:
In opinion of the management, given the present state of affairs, it is uncertain whether the operations of the Company
would result in taxable income in the near future. As per the guidelines provided by Indian Accounting Standard
('Ind AS') 12 issued by the Institute of Chartered Accountants of India, deferred tax assets should be recognized only
in case that there is a reasonable certainty that sufficient future taxable income will be available against which such
deferred tax assets can be realized. Accordingly, the company has not recognized any Deferred Tax Asset as at 31st
March 2024. There is NIL balance in Deferred Tax Liability and deferred Tax Assets account as on 31st March, 2024.
t) Dues to Micro, Small and Medium Enterprises (MSME):
In terms of Section 22 of the Micro, Small and Medium Enterprises Development Act 2006, ('SME Act') the outstanding
payable to Micro and Small enterprises, as defined under the SME Act, are required to be disclosed in the prescribed
format. However, such Enterprises are required to be registered under the SME Act.
All SME's in the books of accounts have been identified by the management except for those from whom no response
has been received or no communication could be established. As on 31st March 2024, there are outstanding dues to
SME's in the books of accounts and the payments have been made within the prescribed time limit of 45 days from
the date of invoice. Hence the provisions of Sec 43B(h) of Income Tax Act, 1961 are not applicable.
y) The company's objects mainly confined to manufacturing and selling of textile fabrics in India. Hence disclosure
requirements of Indian Accounting Standard 108 on "Operating Segments" issued by the Institute of Chartered
Accountants of India are not applicable to the company.
z) The company had received a letter dt. 18th January, 2019 from BSE stating that in terms of BSE notice dt. 11th
January 2019, the company is required to demonstrate the revival plan of operation within 1 year from the date of
present notice and until then trading in the securities of the company shall continue to remain in Stage VI of GSM
framework. If the company fails to demonstrate revival of operations within the stipulated one year period, then
actions as envisaged in the said notice shall be initiated.
As per para-3 of said BSE notice dt. 11th January, 2019, "Companies which fail to demonstrate revival of their
operations within the stipulated one year period, then trading in the securities of such company shall be suspended,
followed by initiation of compulsory delisting process in accordance with provisions of SEBI (Delisting of Equity
Shares) Regulations, 2009 read with provisions of Securities Contract (Regulation) Act, 1956 and Securities Contracts
(Regulation) Rules, 1957."
The company vide its letter dt.31st January, 2019 had made a detailed representation to BSE requesting to remove
the name of the company from the list of suspected listed shell companies looking to the background and present
position of the company. It has also been stated by the company in this letter that "about revival plan of operations
in the company, we would like to inform you that any decision about operations in the company will be taken only
after amicable settlement of dues is arrived at with Indian Bank Consortium and outcome of ongoing case in DRT,
Mumbai which is at judgement stage."
Thereafter BSE vide its Notice No. 20200114 - 18 dt. 14/01/2020, suspended the securities of the company w.e.f.
15/01/2020 as per provisions at para no. 3 of BSE notice dt. 11/01/2019. The Company again represented its position
to BSE vide its letters dt. 30/01/2020 & 27/07/2020 and requested to keep the suspension on hold but the securities
of the company continue to be suspended on BSE.
The company further represented its position to BSE vide its letter dt. 25/04/2022 that the OTS with all lenders has
been completed and on withdrawal of the DRT case, the Board of Directors will take necessary decision to restart
the operations. The DRT case had been withdrawn by Indian Bank Consortium as approved by DRT-2 Mumbai as
per order dated 18th May 2022.
The company continued its correspondence with BSE from time to time and submitted its Revival / Business Plan
to BSE on 30/01/2023 in response to BSE email dated 23/01/2023.Thereafter BSE vide its letter dated 23/02/2023
ordered Forensic Audit of Books of accounts and other documents of the company. The company has fully cooperated
with the Forensic Auditor as appointed by BSE and has submitted documents/ records/explanations etc as required
by them. The forensic auditor has submitted their report dated 20/06/2023 to BSE and the company has submitted
its response to BSE Ltd on 29/06/2023 as required by them.
The company has revived its operations from last quarter of financial year 2022-23 and the management has been
trying for revocation of suspension of its securities from BSE.
BSE has imposed fines for incomplete / delayed compliances amounting to Rs.46.79 Lakhs (Excluding GST), the
details of which are given in note no 04(b)(ii).
aa) Additional Reporting requirement as per amendment in Schedule III of the Company's Act 2013 :
i) Details of Benami Property held.
No proceedings have been initiated on or are pending against the company for holding benami property under
the Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder.
ii) Title deeds of immovable properties not held in name of the company.
There are no immovable properties which are not held in name of the company. There are no immovable
Properties owned by the company as on 31st March 2024.
iii) Valuation of Property, Plant & Equipment, intangible asset and investment property.
The Company is not having any property, plant and equipment during the financial year under consideration.
Hence there is no revaluation of property, plant and equipment (including right-of-use assets) or intangible assets
during the current year or previous year.
iv) Borrowings from Banks or Financial institution on the basis of Security of Current Assets.
The company had completed One Time Settlement (OTS) with all five lenders during 2020-21 and 2021-22
and received No Dues certificate from them. ROC charges have also been satisfied. There are no secured loans
outstanding as on 31st March 2024 from any Bank or Financial Institution.
v) Wilful Defaulter.
The Company has not been declared wilful defaulter by any bank or financial institutions or government or any
government authority.
vi) Relationship with struck off Companies.
The Company has no transactions with the companies struck off under the Companies Act, 2013.
vii) Compliance with approved scheme(s) of arrangements.
The Company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.
viii) Undisclosed Income.
There is no income surrendered or disclosed as income during the current or previous financial year in the tax
assessments under the Income Tax Act 1961, that has not been recorded in the books of account.
ix) Details of crypto currency or virtual currency.
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year
x) Utilisation of Borrowed funds and share premium.
The Company did not have borrowed fund from Banks and Financial Institutions during the financial year 2023-24
xi) Registration of charges or satisfaction with Registrar of Companies
As at March 31,2024, the register of charges of the Company as available in records of the Ministry of Corporate
Affairs (MCA) includes charges that were created/modified since the inception of the Company. There are certain
charges which are historic in nature and it involves practical challenges in obtaining no-objection certificates/
no-dues certificates from the charge holders of such charges, despite repayment of the underlying loans. The
Company is in the continuous process of filing the pending charge satisfaction e-forms with MCA, within the
timelines, as and when it receives no-objection certificates/no-dues certificates from the respective charge holders.
In terms of our report of even date
For R A N K & ASSOCIATES For and on behalf of the Board of Directors of
Chartered Accountants OXFORD INDUSTRIES LIMITED
Firm Registration No.: 105589W CIN: L17112MH1980PLC023572
CA Rahul Parasmal Nahata Mazher N. Laila Huned M. Hararwala
Partner Chairman & Managing Director Director
(Membership. No.: 116511) DIN: 00037046 DIN: 01975058
Place: Mumbai
Date: 30th April, 2024
UDIN: 24116511BKFBWR9059
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