PROVISIONS, CONTINGENT LIABILITIES AND ASSETS
Provisions are recognised when the Company has a present
obligation as a result of past events and it is more likely that
an outflow of resources will be required to settle the
obligation and the amount has been reliably estimated.
Provisions are not discounted to present value and are
determined based on best estimate of the expenditure
required to settle the obligation at the balance sheet date.
These are reviewed at each balance sheet date and adjusted
to reflect the current best estimate.
Contingent Liabilities are disclosed by way of notes to the
financial statements. Contingent assets are neither
recognised nor disclosed in the financial statements. As
stated by Management, there were following Contingent
Liabilities.
i. The GST department has seized goods worth Rs. 2.41crores
available in the premisis of Mishtann Foods Ltd. for which the
company has paid Rs. 24.38lakhs under protest for releasing the
said seized goods. The CGST has issued showcase notice for the
same in lieu of the seized goods. No other show cause notice
issued by the department
ii. There were no any provision in books of accounts for identified
but disputed income tax demand Rs.117.44crores as per income
tax website, which are pending with first stage appeal.
L. EARNING PER SHARE (EPS):
Basic earnings per share are computed by dividing the profit/(loss)
after tax by the total number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the
profit/(loss) after tax by the total number of equity shares
considered for deriving basic earnings per share.
3. RELATED PARTY DISCLOSURES:
The Company has not any transaction of a material nature with the
promoters, Directors of management, their subsidiaries or
relatives that may have potential conflict with the interest of the
company at large. The register of contacts containing the
transactions in which Directors are interested in place before the
board regularly for it approval.
The Company Confirms that all transaction including purchase and
sales done with related party is at Arm's Length Price and in
normal course of business with all entities. The Company
confirms that none of the transactions, if any, with the related
parties was in material conflict with the interest of the Company.
Contribution Schemes) are administered by Central Government
of India and contribution to the said funds are charges to Profit and
Loss Account or accrual basis.
Leave encashment (Defined Benefit Scheme) is provided annually
based on management estimates in accordance with the policies
of the company
The Provision of Gratuity is Rs. Nil.
6. Any material gains/ losses which arise from the events or
transaction which are Events Occurring after the Balance
Sheet Date of the company are separately disclosed.
7. Auditor's remuneration:
During the year under consideration provision has made for
Auditor's remuneration.
8.Director's remuneration:
During the year under consideration provision has made for
Director's remuneration.
For which no resolution is passed in the AGM for same or has
not obtained any information.
4. SEGMENT REPORTING:
The Company is primarily dealing in Agriculture Business i.e.
manufacturing and processing of Rice, wheat etc(salt which are in
less quantity), which in the context of Accounting Standard 17 on
“Segment Reporting” constitutes a single reporting segment.
Further, there are no geographical segments.
5. EMPLOYEE BENEFIT EXPENCES:
Provident Funds and Employees State Insurance Fund (Defined
9. As certified by company that it has received written
representation from all the directors. That companies is
which they are directors had not defaulted in terms of section
164(2) of the Companies Act, 2013, and that representations
of directors takes in Board that Director is disqualified from
being appointed as director of the company.
10. The Company has not received any memorandum (as
required to be filled by the suppliers with the notified authority
under Micro, Small and Medium Enterprise Development Act,
2006) claiming their status during the year as micro, small or
medium enterprises. Consequently there are no amounts
paid/ payable to such parties during the year.
11. Expenditure in foreign currency is Rs. NIL/- in respect of
Foreign Travelling.
12. Export Sales in foreign currency is NIL/- (In Indian Rupees).
However, Other Income in foreign currency is Rs. Nil.
13. There is No Any Amalgamation or Acquisition with Other
Company / Firm / Entity by the company during the financial year.
14. The company has Not received any type of Government Grants
or Subsidies
15. The company did Not enter into any Lease Agreement except
godown building at Plant.
16. No segment or part of company is discontinued or sold during
the year.
17. The company has Not entered into any Joint Venture.
18. Previous year figures have been regrouped /rearranged
wherever necessary to correspond with the current year's
classifications/disclosure.
19. Particulars of licensed capacity or production capacity is 45
Ton per hour of the company.
20. The company is engaged primarily in Agriculture Business i.e.
manufacturing and processing of Rice, wheat etc. As per AS-108
Operating Segment, none of the segment/products exceeds
specified limits for the purpose of reporting as per AS-108 is not
applicable.
21. Deferred Tax Asset amounting to NIL/- has been created with
respect to fixed assets considering the prudence aspect.
22. The Company is operationally and financially fully supported
by its promoter companies. In view of the Company's long term
business projections and promoter's commitment to the business
by providing for necessary funds as and when need arises, the
financial statements have been prepared on a going concern basis.
23. Audit committee minutes not produced before us.
24. The turnover with GST is subject to verification of
reconsilation.
25. All of the Debit, Credit, Balances including, Loans & advances
lying in various party's Customer's accounts are subject to their
balance confirmation.
For, MISHTANN FOODS LIMITED For, J.M. Patel & Bros.
Chartered Accountants
Hiteshkumar G. Patel Navinchandra D. Patel F.R.No.107707WSD/-
Managing Director Director & CFO
DIN: 05340865 DIN: 05340874 j.m. Patel)
M.COM., F.C.A.
M. No. 030161
Shivangi Shah UDIN: 23030161BGRRPO3835
M- No- A53342 Place :Ahmedabad
Company Secretary Date: 30.05.2023
Place :Ahmedabad
Date: 30.05.2023
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