2.28 Estimated amount of contracts remaining to be executed on capital account and not provided for [Net of advance Rs. Nil (31.03.2022 Rs.9,061.49 lakhs))] Rs. Nil (31.03.2022: Rs. 1,216.34 lakhs)

2.29 Unsecured Loans:

Foreign Currency Convertible Borrowings (FCCB):

Bartronics India Ltd. had issued Foreign Currency Convertible Bonds (FCCB) for an aggregate sum of USD 50mn in January 2008. These bonds got matured in February 2013. However, On December 2, 2019 your company got admitted under Corporate Insolvency and Resolution Process (CIRP) and as per the laid process, Resolution Plan submitted by the Successful Resolution Applicant was approved by the Committee of Creditors was approved by the Hon’ble NCLT vide their order dated March 10, 2022. Upon successful implementation of the said Resolution Plan, the Successful Resolution Applicant got the control over the company when the handover took place on March 28, 2023. The Company has also received the order on successful completion of CIRP from Hon’ble NCLT vide their order dated May 02, 2023. Hence, the maturity of FCCBs is now addressed pursuant to successful completion of CIRP.

1. The above figures exclude provision for gratuity and compensated absences actuarially valued as separate figures are not available.

2. As per the term of appointment, no commission is payable to Managing Director or Whole time Directors, accordingly computation of Net Profit in accordance with Section 309(5) of the Companies Act, 1956 is not

2.35 Segment Reporting

1. The activities of the Company relate to only one business segment i.e. the business of providing Automatic Identification & Data Capture (AIDC) solutions.

During the year, the company implemented the Resolution Plan approved by Hon’ble NCLT and accordingly reduced the face value of its equity shares from 10/- each to Re. 1/- each, extinguished erstwhile promoters stake in the company and issued 27,41,19,066 equity shares to new promoters. Hence, EPS for the year ending March 31, 2023 may not be comparable with EPS for the year ending March 31, 2022.

i. Discount Rate

The discount rate is based on the prevailing market yield on Indian Government Securities as at the balance sheet date for the estimated term of the obligations.

2.42 The Company’s significant leasing arrangements are in respect of operating leases for premises (office, stores, godowns, etc.). The leasing arrangements, which are not non-cancellable, range between eleven months and five years generally, and are usually renewable by mutual consent on agreed terms. The aggregate lease rentals payable are charged as rent in to the profit and loss account.

2.43. The dues to Micro and Small enterprises as defined in The Micro, Small & Medium Enterprises Development Act, 2006 (the Act) are identified by the Company based on enquiries with the parties and information available with the Company. There are no dues to be paid by the company to The Micro, Small & Medium enterprises as per the management.

2.44. The Company was awarded the “Aapke Dwar” Project in 2009 by the Municipal Corproation of Delhi (MCD). The project envisaged offering various Governments to Citizen (G2C) services. The Company was required to install and operate 2,000 kiosks at various locations in the city of New Delhi to facilitate the above. The Company also had the right to display advertisements on the external walls of the kiosks. As at the balance sheet date 300 kiosks have been constructed and for the balance 1,700 kiosks, allotment of clear sites by MCD is awaited. Capital Work-in-progress includes the amounts expended on such construction which aggregates to Rs. Nil (2021-22 : Rs. 1,216.34 lakhs). Further amounts aggregating to Rs. Nil (2021-22:Rs.9061.49 lakhs ) has been advanced for work to be carried out. However, the said project was cancelled by the MCD and this cancellation of the contract was disputed by the company. The matter was referred to Arbitration Courts but since the company was not able to pay Arbitration Fee on time, the matter was time lapsed.

Further, On December 2, 2019 your company got admitted under Corporate Insolvency and Resolution Process (CIRP) and as per the laid process, Resolution Plan submitted by the Successful Resolution Applicant was approved by the Committee of Creditors was approved by the Hon’ble NCLT vide their order dated March 10, 2022. Upon successful implementation of the said Resolution Plan, the Successful Resolution Applicant got the control over the company when the handover took place on March 28, 2023. The Company has also received the order on successful completion of CIRP from Hon’ble NCLT vide their order dated May 02, 2023. Subsequent to the handover of the Company, the new management has written off all the investments & advances pertaining to this project as the same is not likely to be restarted.

2.45 The Company was admitted into Corporate Insolvency resolution Process under the Insolvency and Bankruptcy Code, 2016 (“the Code”) by Hon’ble National Company Law Tribunal, Hyderabad (“Hon’ble NCLT”) vide order dated 02nd December 2019 (“Admission Order”). Mr. Chinnam Poorna Chandra Rao was appointed as Resolution Professional.

Vide Order dated 10th March 2022 (“Approval Order"), the Hon’ble NCLT has approved the Resolution Plan submitted by Antanium India Private Limited (referred as “Resolution Applicant/ Currently Promoter of the Company"), as voted by the majority of the Committee of Creditors. The Plan is binding on the Company, its creditors, guarantors, members, workmen, employees, government and statutory authorities both at central and state level and other stakeholders (including the Existing Promoter Group) in accordance with Section 31 of the Code.

Further to successful implementation of Resolution Plan, the Present Promoters of the company got control over the company when the handover from the Monitoring Agent (erstwhile Resolution Professional) to the new promoters on March 28, 2023.

The Financial Statements have been prepared on a going concern basis. The financial statement captures the transactions contemplated in the approved resolution plan in accordance with applicable accounting standards and legal framework. Following are the certain significant transactions contemplated in the resolution plan which have been considered in preparation of this financial statement:

1. The resolution plan envisages extinguisment of the stake held by erstwhile Promoters and reduction of share capital by reducing the face value from Rs. 10/- to Re 1/-. The necessary disclosures have been made in accordance with approved resolution plan. Further, the resolution plan envisaged allotment of 27,41,19,066 equity shares of face value Re 1/- to Antanium India Private Limited.

2. Difference in the admitted liability of Operational and employees dues and the proposed settlement has been credited to the statement of profit and loss.

3. The admitted liability of the Financial Creditors have been proposed to be settled with Rs. 2,500 Lakhs as principal and Interest of Rs. 54.53 Lakhs for the delayed period which was paid as full and final settlement of the admitted claim of Rs. 1,04,194.79 Lakhs. The Resolution Applicant has effected remittance of payments to Financial Creditors in accordance with approved Resolution Plan. This payment passed through the statement of profit and loss.

Pursuant to implementation of the Resolution Plan, the Company has written off/derecognised or provided for impairment of its assets, based on management’s estimate, to the extent not receivable/recoverable and written back/derecognised its liabilities, based on management’s estimate, to the extent not payable/extinguished/waived/ cancelled to the Statement of Profit and Loss amounting to Rs. 15,752.20 Lakhs.

2.46. The figures for the previous year have been reclassified / regrouped / amended, wherever necessary.