J. Provision for Current and Deferred Tax
Provision for taxation is made on the basis of the taxable profits computed for the current accounting year in accordance with the provision contained in the Income-tax Act, 1961. Provision is also made for the deferred tax assets arising due to C/F losses & deferred tax liability arising due to the timing difference between profit computed as per the Income-tax and the financial statements. Net Deferred tax Assets resulting from the timing difference & losses are expected to crystallize in the future.
(i) RPS shall carry a preferential right vis-a-vis Equity Shares of the Company with respect to payment of dividend or repayment of capital,
(ii) RPS shall be non-participating in the surplus funds;
(Hi) RPS shall be non-participating in the surplus assets and profits which may remain after the entire capital has been repaid, on winding up of the company,
M Holders) of RPS shall be paid dividend at the rate of 12% p.a. on a cumulative basis;
(v) RPS shall not be convertible into equity shares;
(vi) RPS shall cany voting rights as per the provisions of Section 47(2) of the Act;
(vii) RPS shall be redeemable at par before completion of Hs 5th Anniversary from the date of allotment (RPS tenure). Notwithstanding the foregoing, the company will have the option to redeem the RPS after the expiry of one year from the date of allotment during RPS tenure, and
(viii) RPS shall not be listed.
Note 31 Balances of Sundry Debtors. Sundry Creditors Assets. Loans & Advances and Deposits as on 31/3/2024 either debit or credit are subject to confirmation, reconciliation and adjustments, if any.
Note 32 In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated in the Balance Sheet which would be realized in the ordinary course of business.
Note 33 The Board of Directors has waived off the board Meeting fees.
Note 34 Figures of the previous year have been regrouped / reclassified, wherever necessary to make them comparable with the figures under review.
Note 35 Segment Reporting as per AS-17
a. The Organization been processor,importer,Supplier and Exporter of Chemical & Dyes used in the Painting and Textile Industry, which have similar risk and returns and also similar market conditions of demand and supply All other activities of the oompany revolve around the main business; as such there are inherent natures of these adivilies are governed by tile same set of risk and returns; these have been grouped as a single segment. The company does not have any other reportable as defined under the Accounting Standard 17 (AS-17) for segment reporting.
Note 43 Disclosure as per AS 15 for Gratuity Liability:-
Defined Contribution Plans Amount of Rs.1.97743 (PY Rs.8.04385) towards Gratuity and Provident Fund 29.80662 (PY Rs.20.70297) is recognized as an expenses & included in Salaries, PF employer Contribution & Bonusin Profit & Loss.
Defined Benefits plan and shortterm Employee benefits
Gratuity (Defined Benefits Plan)
The Company has a defined benefit gratuity plan. Every Employee who has completed Five years of service get a gratutiy on death or resignation or retirement at 15 days of salary (last drawn salary) for each completed year of service. The Gratuity has been provided on the basis of valuation provided by the actuary based on Projected Unit Credit Method.
Note 46 Note of Fire at Dahej Factory:-
At the night of 10th February 2024, a lire incident occurred at the company's Dahej factory where some pari of building, Inventory and Machinery which were installed and available at the factory were lost by lire. The company had covered the said factory under insurance policies and covered such instances of assets & Inventory being lost by fire further the company also had an toss of Profit' insurance policy.
The company is taking the help of a registered agency that is helping it to file the insurance claim with proper process and documentation. As of 31st Mach, 2024 the company was under process of filing the insurance claim for assets and inventories lost by fire. The company has prepared financials based on the proposal prepared by the registered agency claim amounting to the tune of FIs. 2841.72 Lakhs including GST (please refer the breakup below) for submission to the insurance company that it may receive in due course.
Insurance amount receivable as under towards;
a) Stock -317.20 Lakhs
b) Fixed Assets - 2334.52 Lakhs
c) Loss of Profit -190 Lakhs
Based on proposal prepared by the registered agency, the company has undertaken the following actions in the books of accounts as on the date of fire i.e., 10th February 2024
1. Ftemoved the cost & accumulated depreciation of assets destroyed by lire from the gross block of Fixed Assets schedule and from the total accumulated depreciation respectively.
2. For assets that are not completely destroyed by lire, and against which claims towards repairing cost is expected to be received based on the proposal, the company has neither deducted the cost nor it has removed their accumulated depreciation from the fixed assets schedule. The difference between the net cost of assets (After accumulated depreciation) and the insurance claim provisionally receivable is considered as ‘Gain due to insurance claim receivable towards assets lost by lire’.
3. The incidental expenses incurred by the company for defusing the fire, cleaning the site etc., the same has been grouped under ‘CW1P Dahej 3"
Signature to Note No. 1 to 46 forming part of the Balance Sheet and Statement of Profit & Loss.
As per our audit report ol even date.
As per our Report ol even date /&aA*X\ For and on behpltof Board of Directors of
For Shambhu Gupta & Co. _ f, v, ..... AM8ANI ORGANICS LIMITED . /
FRNNo.:-007234C ' < Ý . \ /) 1/ \./
Chartered Accountants --(!< Cl (I J vVT
TsSM V «x Juoj CRH !•* i v W. RiWyShah Mrs. Apooni Shah
1 \*\ (vQ72'UC h) ft&pr Director
CA. Rajkumar Khatod VAT Jx/ ' DIN No. 00503116
Partner / QrJ't'S'' \ ' O
Membership No. 133612
/^JrrBhavesh Pandya Mss. Vapnie Dangi
PlaceMumbai Chief Financial Officer Company Secretary
DatedJune 03rd 2024 M No ^59975