(l) Provision, Contingent Liabilities and Contingent Assets:
A provision is recognized 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 estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent
liabilities are not recognized in the financial statements. A contingent asset is neither recognized nor disclosed in the financial statements.
The disclosure in respect of the amount payable to enterprises which have provided goods and services to the Company and which qualify under the definition of Micro and Small
Enterprises, as defined under Micro, Small and Medium Enterprises Development Act, 2006 has been made in the Financial statement as at 31 March 2024 based on the information
received and available with the management. Further, the company has not paid or provided any interest on late payment to the enterprises as specified under section 15 and 16 of
Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.
(a) the principal amount NIL and the interest due thereon NIL is remaining unpaid to any supplier being MSME at the end of accounting year.
(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) along with the amount of the
payment made to the supplier beyond the appointed day during each accounting year - Nil.
(c) the amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the
interest specified under the Micro, Small and Medium Enterprises Development Act, day during theyear) butwithout adding the interest specified underthe Micro, Small and Medium
Enterprises Development Act, 2006 - NIL
(d) the amount of interest accrued and remaining unpaid at the end of each accounting year - Nil; and
(e) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for
the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. - Nil.
The disclosure in respect of the amount payable to enterprises which have provided goods and services to the Company and which qualify under the definition of Micro and Small
Enterprises, as defined under Micro, Small and Medium Enterprises Development Act, 2006 has been made in the Financial statement as at 31 March 2024 & 31 March 2023 based on
the information received and available with the management. Further, the company has not paid or provided any interest on late payment to the enterprises as specified under
section 15 and 16 of Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.
(a) the principal amount Rs. 70,20,866 and the interest due thereon NIL is remaining unpaid to any supplier being MSME at the end of accounting year.
(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) along with the amount of the
payment made to the supplier beyond the appointed day during each accounting year - Nil.
(c) the amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the
interest specified under the Micro, Small and Medium Enterprises Development Act, day during the year) butwithout adding the interest specified under the Micro, Small and Medium
Enterprises Development Act, 2006 - NIL
(d) the amount of interest accrued and remaining unpaid at the end of each accounting year - Nil; and
(e) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for
the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. - Nil.
29 GRATUITY AND OTHER POST EMPLOYMENT BENEFIT PLANS
The company does not provide for gratuity expenses on accrual basis. However, on retirement or cessation of employment of any employee, an adhoc amount in form of ex-
gratia is paid to the said employee.
30 Bonus Paid To Employees
The company does not provide for Bonus Expense on accrual basis. The bonus is paid as when declared by management and thereby no provision is reflected in the financial
statements of the company,The actual expense is booked in the accounts when it is declared and paid.
31 RELATED PARTIES DISCLOSURE
(i) Name of the Related Parties & Related Party Relationship -
Associate Company:
Bindal Exim Pvt. Ltd.
Additional Regulatory information required by Schedule III of Companies Act, 2013
1 The title deeds of all immovable properties owned by the company are held in the name of the company.
2 The Company has no Investment property owned or purchased by it in the current financial year
3 The company has not revalued its Property, plant and equipment or right to use assets or intangible assets during the current year or previous year.
4 The company has not given any loans and advances in the nature of loans to its promoters , directors ,KMP's and the related parties parties (as defined under Companies Act,
2013,) either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.
5 The company has no Capital Work-in-Progress and Intangible Assets under Development.
6 No proceedings are initiated or are pending against the company for holding any Benami property under the Benami Transactions Prohibition Act, 1988 and the rules thereunder.
7 The company have no transactions with struck off companies during the year.
8 The company does not have any charges or satisfaction of charges which are yet to be registered with Registrar of Companies.
9 The company has not entered in to any scheme of arrangement under section 230-237 of the Companies Act, 2013.
10 The company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) any funds to or in any other person(s)
or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 prov'de any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
11 The company has not received from any person(s) or entity(ies), including foreign entities (“Funding Parties”), any funds with the understanding, whether recorded in writing or
otherwise, that the company shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
12 The company has not disclosed or surrendered any undisclosed income in current year or previous year under the Income Tax Act, 1961, that has not been recorded in books of
accounts of the company.
13 The company has not traded in crypto currency or virtual assets either during the current year or previous year.
14 The company has not been declared wilful defaulter by any bank or financial institution.
15 The company has borrowed working capital funds from banks on security of current assets of the company for which it has submitted stock and book debt statements with the
bankers, the detail of the same is as follows.
As per our report of
even date
For and on behalf of For and on behalf of the Board of
SNK & Co. Blndal Exports Ltd.,
Chartered Accountants CIN : L51109GJ2007PLC050915
F.R.No.109176W
Sd/- Sd/-
Sd/- Ravindra K Arya Anupam R Arya
Chalrman & Executlve Dlrector
Samir B. Shah Managing Director
Partner
Place : Surat
Date : 24th May,2024 Sd/ Sd/
UDIN:-24103562BKADRQ4990 Ramavtar Sharma Charmi Soni
Chief Financial Company Secretary
Annual Report 2023-24jjcer
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