2.6. Provisions, contingent liabilities and contingent assets
Contingent liability:

A possible obligation that arises from past events and the existence of
which will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of
the Company are disclosed as contingent liability and not provided
for. Such liability is not disclosed if the possibility of outflow of
resources is remote.

Contingent assets :

A contingent asset is a possible asset that arises from past events and
whose existence will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not wholly within
the control of the Company. Contingent assets are not recognised and
disclosed only when an inflow of economic benefits is probable.

Provisions :

A provision is recognized when as a result of a past event, the
Company has a present obligation whether legal or constructive that
can be estimated reliably and it is probable that an outflow of
economic benefits will be required to settle the obligation. If the
obligation is expected to be settled more than 12 months after the end
of reporting date or has no definite settlement date, the provision is
recorded as non-current liabilities after giving effect for time value of
money, if material. Where discounting is used, the increase in the
provision due to the passage of time is recognized as a finance cost.

2.7. Revenue Recognisation

a) Revenue from the sale of goods is recognised when significant risks
and rewards in respect of ownership of the goods are transferred to
the customer, as per the terms of the order. The company has shown
separately in the expenses as the revenues from the operations are
stated at gross amount as per the Requirement of Ind AS 18
“Revenue”. Further, the amounts collected on behalf of third parties
such as government authorities for VAT, Service Tax and GST are
excluded from the revenue since the same do not result in increase in
Equity.

b) Interest Income is recognised on time proportion basis.

2.8. Income taxes

Income tax expense comprises current and deferred tax expense.
Income tax expenses are recognized in statement of profit and loss,
except when they relate to items recognized in other comprehensive
income or directly in equity, in which case, income tax expenses are
also recognized in other comprehensive income or directly in equity
respectively.

Current tax is the tax payable on the taxable profit for the year, using
tax rates enacted or substantively enacted by the end of reporting
period by the governing taxation laws, and any adjustment to tax
payable in respect of previous periods. Current income tax assets and
liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. Management periodically evaluates
positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.

Deferred taxes arising from deductible and taxable temporary
differences between the tax base of assets and liabilities and their
carrying amount in the financial statements are recognized using
substantively enacted tax rates and laws expected to apply to taxable
income in the years in which the temporary differences are expected

to be received or settled.

Deferred tax asset are recognized only to the extent that it is probable
that future taxable profit will be available against which the deductible
temporary differences can be utilized. The carrying amount of
deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit
will be available to allow all or part of the deferred income tax assets
to be utilized.

2.9. Earnings Per Share

a) Basic earnings per share are calculated by dividing the net profit for
the period attributable to equity shareholders by the weighted average
number of equity shares outstanding during the period.

b) For the purpose of calculating diluted earnings per share, the net
profit for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares, if any.

2.10. Borrowing cost

Borrowing costs directly attributable to the acquisition, construction
or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use or
sale, are added to the cost of these assets, until such time as the
assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in statement of profit and
loss in the period in which they are incurred.

2.11. Segment Reporting

The company has only one preliminary reportable segment i.e.
Textile Products and hence there is no separate reportable segments
as required in Ind AS 108 issued by ICAI.

2.12. Depreciation

Depreciation on tangible fixed assets is provided using the WDV
Method based on the useful life of the assets as estimated by the
management and is charged to the Statement of Profit and Loss as
per the requirement of Schedule II of the Companies Act, 2013. In
case of additions or deletions during the year, depreciation is
computed from the month in which such assets are put to use and
up to previous month of sale or disposal, as the case may be.

2.13. Foreign currency Transactions

Foreign currency transactions are recorded at the exchange rate
prevailing at the date of transactions. Exchange difference arising
on settlement of transactions is recognised as income or expense in
the year in which they arise.

Monetary assets and liabilities related to foreign currency
transactions remaining unsettled at the end of the year are restated
at the year-end rate and difference in translations and unrealised
gains / (losses) on foreign currency transactions are recognised in
the statement of profit & loss.

The premium or discount arising at the inception of forward
exchange contracts is amortised as expense or income over the life
of the contract. Exchange differences on such contracts are
recognised in the statement of profit and loss in the year in which
the exchange rates change. Any profit or loss arising on
cancellation or renewal of forward exchange contract is recognised
as income or as expense for the year.

Note No:-

26. a) In opinion of the directors, contingent liability not provided is Rs.
Nil. (Nil)

b) Estimated amount of contracts remaining to be executed on capital
account and not provided for: Rs. Nil (Nil).

27. Balances of Trade Payables, Unsecured Loans, Trade Receivables, Long

Term and Short Term Loans & Advances, In-operative bank accounts,
Other Current and Other Non Current Assets and Provisions are
subject to the confirmation of the parties concerned. Wherever
confirmation of the parties for the amounts due to them / amounts
due from them as per books of accounts are not received, necessary
adjustments, if any, will be made when the accounts are reconciled /
settled.

28. As per Information given to us there were no amount overdue remaining
outstanding to small scale supplier on account of principal and/or
interest as at the close of the year. Further there are no dues
outstanding to Micro and small enterprise

29. Wherever no vouchers and documentary evidences were made available

for our verification, we have relied on the authentication given by
management of the company.

30. Figures have been rounded off to the nearest rupee wherever required.

31. The Reserve Bank of India has granted relief to borrowers by way of
moratorium of interest and principal instalments falling due to banks
and financial institution. This will largely mitigate the stress on cash
flows, if any, during the period of COVID-19. The company has availed
the relief of moratorium. Hence on long term basis also, the Company
does not anticipate any major challenge in meeting its financial
obligations. Basis above, the management has estimated its future cash
flows for the Company which indicates no major change in the financial
performance as estimated prior to COVID-19 impact and hence, the
Company believes that there is no impact on its ability to continue as a
going concern and meeting its liabilities as and when they fall due.

32. The GST liability could not be reconciled with GST portal and GST
liability is taken as per books of accounts. The interest on GST liability
and late return filing fees will be accounted as a when paid, however it
may not have any material amount.

36. Disclosures in respect of related parties as defined in Accounting Standard
18 with whom transactions have taken place during the year are given
below:

a. Associate Companies Advance Petro Chemicals Ltd

Kashi Welfab P. Ltd

b. Associate Concerns Advance Synthetics Mills

in which directors or their relatives are interested Advance Multitech

c. Directors and their relatives:

Arvind Goenka
Pulkit Goenka
Uma Goenka
Sheela Goenka
Mrs Aanchal Agrawal

There no provisions for doubtful debts or amounts written off or written
back during the year for debts due from or to related parties.

The particulars given above have been identified on the basis of
information available with the company.

As per our report of even date For and on behalf of the Board of Directors of

For, Suresh R Shah & Associates ADVANCE MULTITECH LIMITED
Chartered Accountants
Firm Reg. No: 110691W

Mrugen K Shah ARVIND GOENKA PULKIT GOENKA

Partner Managing Director Director and CFRO

M.No. 117412 DIN 0093200 DIN 00177230

Niralbhai Sodavadiya
Company Secretary

Place :- Ahmedabad Place :- Ahmedabad

Date :- 24-05-2024 Date : 24-05-2024

UDIN: 24117412BKAHPK6928