(K) Provisions
Provisions are recog nlzed when the Company has a present obligation (legal or constructive) as a result of a past event, Itlsprobablettiat
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
a mount of the obi igation.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rata 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.
(L) Cash and cash equivalent
Cash and cash equivalent In the balance sheet comprise cash at banks and on hand. For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash as defined above, net of outstanding bank overdrafts as they are considered an integral part of the
Company's cash management.
(M) Tax Expenses
The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of Profit and Loss, except to the extent
that It relates to Items recognised In the comprehensive Income or In equity. Tax expense relating to Hems recognised outside Statement
of profit and loss is recognised outside Statement of profit and loss. Tax are recognised in correlation to the underlying transaction either
in other comprehensive income or directly in equity.
Current tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on
tax rates and laws that are enacted or substantively enacted at the Balance sheet date. Company has decided to pay tax U/S115BAA
announced in the Taxation (Amendment) Ordinance 2019 by finance minister.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their
carrying amounts forfinancial reporting purposes at the reporting date.
Deferred tax assets are recognized for all deductible temporary differences, the cany forward of unused tax credits and any unused tax
losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the cany forward of unused tax credits and unused tax losses can be utilised.
The Company recognizes tax credits In the nature of MAT credit as an asset only to the extent that there Is convincing evidence that the
Company will pay normal income tax during the specified period, i.e., the period forwhich tax credit is allowed to be carried forward. In the
year in which the Company recognizes tax credits as an asset, the said asset is created byway of tax credit to the Statement of profit and
loss. The Company reviews such tax credit asset at each reporting date and writes down the asset to the extent the Company does not
have convincing evidence that it will pay normal tax during the specified period.
Deferred tax Includes MAT tax credit
(N) Foreign currency
These financial statements are presented In Indian rupees, which Is the fonctlonal currency of Limited. Transactions In foreign currencies
are recorded at the exchange rate prevailing on the date of transaction quoted by bank.
Exchange differences are recognized in the Statement of Profit and Loss exceptto the extent, exchange differences which are regarded
as an adjustment to Interest costs on foreign currency borrowings, are capitalized as part of borrowing costs.
(O) Earnings per Share
Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity Shareholders of the Company
by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity Shareholders of the
Company and the weighted average number of shares outstanding during the period, are adjusted for the effects of all dilutive potential
equity shares.
(P) Financial Instruments
(I) Financial Assets
(1) Initial recognition and measurement
All financial assets and liabilities are Initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are adjusted to the fair value on initial
recognition. Purchase and sale of financial assets are recognised using trade date accounting.
(II) Subsequent measurement
A. Financial assets carried at amortized cost (AC)
A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect
contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
(2) Financial liabilities
A. Initial recognition and measurement
All financial liabilities are recognized at fair value and in case of loans, net of directly attributable cost. Fees of recurring nature are directly
recognised In the Statement of Profit and Loss as finance cost.
B. Subsequent measurement
Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payables maturing within one
year from the balanoe sheet date, the carrying amounts approximate fair value due to the short maturity of these Instruments.
(3) Derecognition of financial instruments
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or H transfers
the financial asset and the transfer qualifies for derecognition under IND AS 109. A financial liability (or a part of a financial liability) Is
derecognized from the Company's Balanoe Sheet when the obligation specified in the contract is discharged or cancelled or expires.
(Q) Employee* Benefit:
a) Short Term Employee Benefits
All employee benefits payable within twelve months of rendering the service are classified as short term benefits. Such benefits Include
salaries, wages, bonus, shortterm compensated absences, awards, exgratia, performance pay etc. and the same are recognised in the
period In which the employee renders the related service.
b) Post-Employment Benefits
(I) Defined contribution plan
The Company's approved provident fond scheme and employees' state insurance fond scheme are defined contribution plans. The
Company has no obligation, other than the contribution paid/payable under such schemes. The contribution paid/payable under the
schemes Is recognised during the period In which the employee renders the related service.
(II) Defined benefit plan
Gratuity and Leave Encashment are recognized as an expense at the un-discounted amount in the profit and loss account of the year in
which related service Is rendered. The company has not made any actuarial valuation In this regards.
R) Leases
As lessee
Initial measurement
Longterm lease
The company does not have any long term lease contract liabilities
Shortterm lease
Shortterm lease Is that, at the commencement date, has a lease term of 12 months or less. Alease that contains a purchase option Is not
a short-term lease. Low value lease is for which the underlying asset is of low value. If the company elected to apply shortterm lease/Low
Value Lease, the lessee shall recognize the lease payments associated with those leases as an expense on either a straight-line basis
over the lease term or another systematic basis. The lessee shall apply another systematic basis if that basis is more representative of
the pattern of the lessee's benefit.
(S)Exceptlonal Items
An Item of Income or expense which by Its size, type or Incidence requires disclosure In order to Improve an understanding of the
performance of the company is treated as an exceptional item and the same is disclosed in the notes to accounts.
Other Financial assets and liabilities includes the financial assets and liabilities whose carrying value shown as amortized value:-
Securtty deposits with Govt. Department as the term of agreement Is not specified hence the carrying value Is considered as amortized
value.
Loans from Banks: As the interest is being charged itself on current market rates and the EIR is approx, similar to its interest rates
charged. Hence Carrying value is considered as its amortized cost
FAIR VALUE HIERARCHY-
No Financial Assets/Llablllttes falls under level 1, level 2 or Level 3 category, hence, no such asset/llablltty has been valued at either
through FVTOCL/FVTPL.
38. CONTINGENT LIABILITIES
In opinion of the management, there may be some lawsuits, claims, demand or proceedings against company, which arise in normal
course of business. However, there is no such matter pending that the company expects to be material in relation to its business and
which requires specific disclosures. The management Is confident of getting the verdict In Its favor and therefore, no, liability on this
account is anticipated and hence no specific disclosure is being made for the contingent liability.
Note 42-SEGMENT REPORTING
The company's prlnd pal business activity Is sel ling the product of Cotton & Synthetlcfabrlcs.TheCompanyhas two segments viz Textile
and Solar Power. As the Quantitative threshold limit of Solar Power Segment do not meet the limit as specified In IND AS 108, hence the
separate report information about each operating segment Is not necessary for the company.
NOTE 43 - Disclosures as per amendments In Schedule III of Companies Act 2013 with notification Issued on 24th March 2021
Information required against additional disclosures as per amendments In Schedule III of Companies Act, 2013 with resped to below
mentioned clauses is ‘NIL"
a. Title deeds of Immovable Property not held in name of the Company (Para a(iiKXIIIXY)(i))
b. Revaluation of Property, Plant & Equipment (Para a(ll)(XIII){Y)(ll))
c. Loan & Advance made to promoters, directors, KMPs and other related parties (Para a(ii)(XIII)(YXiii))
d. Intangible Assets underdevelopment (Para a(ll)(XIII){Y)(v))
e. Details of Benami property held (Pare a(iiXXIII)(Y)(vi))
f. Willful Defaulter (Pare a(ii)(XIII)(Y)(viii))
g. Relationship with struck of Companies (Pare a(iiHXIIIXY)(ix))
h. Compliance with number of layers of companies (Para a(ii)(XIII)(Y)(xi))
i. Compliance with approved Scheme(s) of Arrangements (Para a(ii)(XIII)(Y)(xiii))
j. Utilization of Borrowed funds and share premium (Para a(ii)(XIII)(Y)(xiv))
k. Undlsdosed Income (Pare a(lll)(bc))
l. Details of Crypto Currency or Virtual Currency (Pare a(iii)(xi))
NOTE 44-The Code on Social Security, 2020
The Code on Social Security, 2020 fcode') relating to employee benefits, during employment and post-employment, received
Presidential assent on September 28,2020. The Ministry of Labour and Employment has released draft rules for the Code on Social
Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders. The Company will assess the impact on its
financial statements In the period In which the related rules to determine the financial Impact are notified and the Code becomes effective.
NOTE 45 - Transactions wlth/as intermedia rles
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Company to or In any other persons(s) or entity (les), Including foreign entitles (*lntermedlaries*) with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate
Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall
whether, directly or indirectly lend orinvest in other persons or entitles identified by or on behalf of the Company CUItimate Beneficiaries’)
or provide any guarantee, secu rity orthe li ke on behalf of the Ultimate Beneficiaries.
NOTE 47-In the opinion of the management and to the best of their knowledge and belief, the value of loans, advances and other current
assets whether debit or credit in the ordinary course of business will not be less than the amount at which they are stated in the Balance-
Sheet and provision for all known liabilities has been made.
For RHDA&ASSOCIATES NUTECH GLOBAL LIMITED
Chartered Accountants
Firm Reg. No. 014438C
Sd/-
DINESHAGAL SdI-
Partner (RAJEEV MUKHIJA)
M.No. 417439 Managing Director
UDIN 24417439BKEKWK4492 DIN:00507367
Place1 BHILWARA Sdf-
Data: 29.05.2024 (SHYAM SUNDER MUKHIJA)
Director DIN:01552629
Sdf-
(SHUBHANGIJANIFER)
Company Secretary
Sd/-
(MAYAN KJAGGA)
CEIO
Sd/-
(MAHENDRA KUMAR JAIN)
CFO
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