ACCOUNTING FOR PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS
Provisions are recognized in terms of Accounting Standard 29-"Provisions, Contingent Liabilities and Contingent Assets”
issued by The Institute of Chartered Accountant of India, when there is a present legal or statutory obligation as a result of
past event where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate
of the amount of the obligation can be made.
Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence
or non occurrence of one or more uncertain future events not wholly within the control of the company or where reliable
estimate of the obligation can not be made. Obligations are assessed on an ongoing basis and only those having largely
probable outflow of resources are provided for.
Contingent Assets are not recognized in the financial statements.
CLAIMS
To disclose claims against the company not acknowledged as debts after a careful evaluation of the facts and legal aspect
of the matter involved.
Note - 26
26.1 A. Total Trade payable includes amount due to Adheeshaa Carriers Rs. 1.41 Lakhs (Previous year Rs. 6.43 Lakhs), due
to Udaipur Poly Sacks Ltd. Rs.nil Lakhs (Previous Year Rs. 8.26 ), & due to S.K. Chemicals Rs. 1046.51 Lakhs (Previous
Year Rs.631.69), related parties.
B. Other Liabilities includes amount due to S. Ravinder Singh Rs. Nil (Previous Year Rs. NIL Lakhs), S. Pritam Singh Rs.
Nil (Previous Year Rs. Nil), Smt. Mamta Arora Rs. Nil (Previous Year Rs. NIL) & Mr Rushil Arora Rs Nil Lakhs (Previous
Year Rs NIL) related parties.
C. Trade Receivables includes amount due from Adhishaa Phosphate Ltd. Rs.558.80 Lakhs, (Previous Year Rs. 428.30
Lakhs), a related party.
D. Prepayments against goods & services includes amount paid to Adhishaa Phosphate Ltd. Rs. Nil (Previous Year
Rs. Nil), S.K. Chemicals Rs. Nil Lakhs (Previous Year Rs. NIL Lakhs), Adheeshaa Carriers Rs. 137.470 Lakhs (Previous
Year Rs. 0.51) & Mr. Rushil Arora Rs. Nil (Previous Year Rs. Nil Lakhs), related parties.
E. Loan to director Rs. Nil ( Previous Year Nil)
26.2 Contingent liabilities not provided for:
(a) Guarantees given by Company's Banker on behalf of the Company - Rs. 296.75 Lakhs (Previous year Rs. 296.75
Lakhs) and margin given there against Rs.246.26 Lakhs (Previous year Rs. 260.18 Lakhs).
(b) Letter of credits outstanding - Rs. 1013.18 Lakhs (Previous year Rs. 467.86 Lakhs).
(c) Bills discounted with Banks outstanding Rs. Nil (Previous year Rs. Nil ).
(d) Corporate guarantee Rs. 10500 Lakhs (Previous year Rs. 10500) to Elysian Hotels Private Limited, related party.
(e) GST demand of Rs. 3768302/- for the F.Y. 2020-2021 has been received by the company, against which company
has filed an appeal, which is pending before Appellate Authority. Company has deposited Rs. 2058113/- against
the above demand (Previous Year Rs. Nil).
26.3 Claims against the company not acknowledged as debts:
- Claims on account of rebate, discount & freight - Rs. Nil (Previous year Rs. Nil).
26.4 Estimated capital commitments not provided for - Rs. Nil (Previous year - Rs. Nil).
26.5 DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006:
Based on and to the extent of information available with the Company under the Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED Act), the relevant particulars as at reporting date are furnished below:
26.7 In the opinion of the Directors, Current Assets, Loans and Advances have the value at which they are stated in the
Balance Sheet, if realized in the ordinary course of business. Further, Directors are of the opinion that all the liabilities
have been duly reflected in the Balance Sheet and nothing is remained to be disclosed for. Sundry Debtors, Creditors
and Advances are subject to reconciliation and confirmation.
26.8 In the opinion of the Board of Directors, there exists adequate accounting & internal control system designed to
prevent and detect fraud & error and in the opinion of the Board of Directors that any uncorrected mis-statements
resulting from either fraud or error are, in managements opinion immaterial both individually and aggregate in the
Financial Statements.
26.9 In view of mandatory Accounting Standard (AS) -15 ''Accounting for Retirement Benefits in the Financial
Statements of Employers” is dealt as under:
- Liability in respect of provident fund are provided for by monthly payments to pension and provident fund
under the Employees' Provident (and Miscellaneous Provisions) Act, 1952, which are charged against revenue.
- Benefits in terms of workmen demand pending settlement, accumulated leave, Medical reimbursement, leave
travel concession, gratuity and bonus are accounted when paid.
26.14 Previous 3 year's average net profit of the company is more than Rs 5 Crore, Hence Section 135 of the company
Act, 2013, is applicable to the company. As per Section 135 of the Companies Act, 2013, a company, meeting the
applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three
financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the company
as per the Act. The funds were primarily utilized through the year on these activities which are specified in Schedule
VII of the Companies Act, 2013:
26.12 Impairment of Assets:
That the Board of Directors is of the opinion that the discounted net future generation from the Assets in use and
shown in the schedule of Fixed Assets is more than the carrying amount of Fixed Assets in Balance Sheet. As such,
no provision for Impairment of Assets is required to be made in terms of the requirement of Accounting Standards
(AS-28) "Impairment of Assets” issued by the Institute of Chartered Accountants of India for the period ended 31st
March, 2024.
26.15 No Charge or satisfaction is pending to be registered with Registrar of Companies beyond its statutory period.
26.16 The company is not declared willful defaulter by any bank or financial institution or any other lender.
26.17 The company has not incurred transaction with companies struck off under section 248 of the companies Act, 2013
or section 560 of the Companies Act, 1956.
26.18 No Proceeding have been initialed or pending against the company for holding any benami property under the
benami Transaction (Prohibition) Act 1988 (45 of 1988) and the rules made thereunder.
26.19 No undisclosed income has been surrendered or disclosed as income during the year in the tax assessment under
the Income tax act, 1961.
26.20 The company has not traded or invested in Crypto currency or Virtual Currency during the financial period ending
31.03.2025.
26.21 That company has allotted 6804000 Equity shares of Rs 10/- each at a premium of Rs. 89/- on 30.08.2024. The total
amount raised by issue of Equity shares is Rs. 67,35,96,000. The fund raised by way of allotment of Equity shares has
26.22 The company has reclassified previous year figures to conform to this year's classification.
in our Report of even date For and on behalf of the Board of Directors
For K.L. Vyas and Company (Ravindra Singh) (Rushil Arora) (Rohit Paragbhai Parmar)
Chartered Accountants Managing Director Director Director & Chief Financial Officer
Firm Registration No. 003289C DIN - 01373396 DIN - 09440272 DIN 07492000
Himanshu Sharma
Partner
Membership No. 402560 Khushboo Sharma
Place: Udaipur Company Secretary
Date: 29.05.2025 M. No. - A55095
|