2.14 Contingencies and Provisions:
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.
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 any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of obligation cannot be made. Contingent assets are not recognized in the financial statements.
2.15 Statement of Cash Flow:
Cash flows are reported using the indirect method, whereby profit/(loss) before exceptional items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on available information.
2.16 Financial Instruments:
Financial Assets and Financial Liabilities are recognized when the Company becomes party to the contractual provisions of the financial instrument. Financial Assets are derecognized when the rights to receive benefits have expired or been transferred, and the Company has transferred substantially all risks and rewards of ownership of such financial asset. Financial liabilities are derecognized when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expired. Purchase or sale of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place are recognized on trade date i.e., the date when the Company commits to purchase or sale the asset.
3.1 Some of the Balances of sundry creditors, sundry debtors, loans &advances and other liabilities are subject to confirmation and reconciliation.
3.2 In the opinion of the Board of Directors, Current Assets, Loans & Advances are approximately of the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.
3.3 The Company operates in one segment i.e., trading of agricultural produce and chemical and within one geographical segment i.e., India.
3.4 The Company manages its capital to ensure that it will be able to continue as a going concern. The structure is managed to provide ongoing returns to shareholders and service debt obligations, whilst maintaining maximum operational flexibility.
3.5 The carrying amounts of trade payables, other financial liabilities, cash and cash equivalents, other bank balances, trade receivables and other financial assets are considered to be the same as their fair values due to their short-term nature.
3.6 The Company opines that no provision for expected credit loss is required.
3.14 The Company has re grouped and re-classified the previous year’s figures in accordance with the requirements applicable in the current year. In view of this, certain figures of the current year are not strictly comparable with those of the previous year.
3.15 Notes 1 to 17 form integral part of accounts.
(i) Previous year figures have been regrouped and reclassified where ever necessary.
(ii) Expenditure and earning in foreign currency: Nil
(iii) Expenditure incurred on employees who are in receipt of remuneration which is less than the prescribed limit. for the year,
(iv) In the opinion of the board the value on realization of current assets and loans and advance in ordinary course of business will not be less than the amount at which they are stated in the balance sheet.
(v) All amounts in the financial statements are presented in Lakhs except per share data and as otherwise stated.
(vi) Amount due from / to various parties, Trade receivables, unsecured loans from directors and other debit & credits balances as on 31.03.2024 are subject to confirmation and reconciliation.
(vii) The closing stock of land is taken at cost price except this no other inventories is there as on 31.03.2024.
(viii) Undisclosed Income:
Company does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). Also, there are nil previously unrecorded income and related assets.
(ix) Details of Crypto Currency or Virtual Currency:
Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(xii) There is no any amount payable to the suppliers of Micro, Small and Medium Enterprises as on March 31, 2024. Hence no need of disclosure as per Micro, small and Medium Enterprises development Act, 2006.
(xiii) As Per Accounting Standards 18, the disclosure of transactions with the related parties is given below: No transaction with any related parties.
(xiv) Transactions during the year with related parties:
There are no any transactions with the related parties during the current financial year ended on 31st March 2024.
As per our report of even date
For and on behalf of the Board Natural Biocon (India) Limited
SD/-
CA Sanket Shah SD/- SD/- SD/-
Chartered Accountant Arun Prajapati Gopal Trivedi Bhaskar Vishe
(Proprietor) Managing Director Company Secretary Director
M. No. 150873 DIN: 08281232 DIN: 09357853
Dated: 30-05-2024
Place: Ahmedabad
UDIN: 24150873BKCQTD3078