f) Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognised in respect of obligations where, based on the evidence available, their
existence at the Balance Sheet date isconsidered probable. Contingent Liabilities are shown by
way of Notes to Accounts in respect of obligations where, based on theevidence available, their
existence at the Balance Sheet date is not considered probable, hence not provided for.
Contingent assets arenot recognised in the accounts.

g) Revenue Recognition:

Revenue from sale of goods is recognized inclusive of Job Processing charges and exclude Inter
Unit transfer when all the significant risks and rewards of ownership in the goods are
transferred to the buyer as perthe terms of the contract, there is no continuing managerial
involvement with the goods and the amount of revenue can be measured reliably.
TheCompany retains no effective control of the goods transferred to a degreeusually associated
with ownership and no significant uncertainty existsregarding the amount of the consideration
that will be derived from the saleof goods. Revenue is measured at fair value of the
consideration received or receivable, after deduction of any trade discounts, volume rebates
andany taxes or duties collected on behalf of the government which are leviedon sales such as
sales tax, value added tax, etc.

Income from export incentives such as duty drawback and premium on saleof import licenses,
and lease license fee are recognised on accrual basis.

Income from services rendered is recognised based on agreements/arrangements with the
customers as the service is performed in proportionto the stage of completion of the transaction
at the reporting date and theamount of revenue can be measured reliably.

Effective from 1^st April, 2018 the Company has adopted Ind AS 115 “Revenue from Contracts
with Customers”

h) Employee Benefits:

Defined benefit plans

i) Defined benefit plans, the amount recognised as ‘Employee benefitexpenses’ in the Statement
of Profit and Loss is the cost of accruingemployee benefits promised to employees over the

year and the costsof individual events such as past/future service benefit changes
andsettlements (such events are recognised immediately in the Statement ofProfit and Loss).
The amount of net interest expense calculated by applyingthe liability discount rate to the net
defined benefit liability or asset ischarged or credited to ‘Finance costs’ in the Statement of
Profit and Loss. Any differences between the interest income on plan assets and the return
actually achieved, and any changes in the liabilities over the year due to changes in actuarial
assumptions or experience adjustments within the plans, are recognised immediately in ‘Other
comprehensive income’ and subsequently not reclassified to the Statement of Profit and Loss.

The defined benefit plan surplus or deficit on the Balance Sheet comprisesthe total for each plan
of the fair value of plan assets less the presentvalue of the defined benefit liabilities (using a
discount rate by referenceto market yields on government bonds at the end of the reporting
period).

All defined benefit plans obligations are determined based on valuations, asat the Balance Sheet
date, made by independent actuary using the projectedunit credit method. The classification of
the Company’s net obligation intocurrent and non-current is as per the actuarial valuation
report.

ii)Leave encashment is determined on accrual basis.

i) Foreign Currency Transactions:

a) Transactions in Foreign currency are initially recorded at the exchange rate at which the
transaction is carried out.

b) Monetary Financial Assets and Liabilities related to foreign currency transactions remaining
outstanding at the year end are translated at the year end rates. However during the year the
Company has changed its accounting policy for accounting of Trade Receivables in foreign
currency remaining outstanding at the year end as those are not translated at the year-end
rates. Refer to Note No. 9(4)(v)

c) Non-monetary items which are carried at historical cost denominated in a foreign currency
are reported using the exchange rate at the date of the transaction.

d) Any income or expense on account of exchange difference either on settlement or on
translation at the year end is recognized in the Statement of Profit & Loss.

e) In case of items which are covered by forward exchange contracts, the difference between the
yearend rate and the rate on the date of thecontract is recognized as exchange difference. The
premium or discount on forward exchange contracts is recognized over the period of
therespective contract.

j) Borrowing Costs:

Borrowing Costs that are attributable to the acquisition or construction of qualifying non
financial assets are capitalised as part of the cost of suchassets. A qualifying such asset is one
that necessarily takes a substantial period of time to get ready for intended use. All other
borrowingcosts are charged to Statement of Profit and Loss in the period in which they are
incurred.

k) Income Taxes:

Income-tax expense comprises Current tax and Deferred tax charge or credit. Provision for
current tax is made on the assessable income at the tax rateapplicable to the relevant
assessment year. The Deferred tax Asset and Deferred tax Liability is calculated by applying
tax rate and tax laws that have beenapplicable to the relevant assessment year. The Deferred
tax Asset and Deferred tax Liability is calculated by applying tax rate and tax laws that have
beendepreciation under tax laws, are recognised only if there is a virtual certainty of its
realization, supported by convincing evidence. Deferred tax Assets onaccount of other timing
differences are recognised only to the extent there is a reasonable certainty that the assets can
be realized in future.

l) Impairment of Non Financial Assets:

Impairment loss, if any, is recognised to the extent, the carrying amount of assets exceed their
recoverable amount. Recoverable amount is higher of an asset’s net selling price and its value
in use. Value in use is the present value of estimated future cash flows expected to arise from
the continuinguse of an asset and from its disposal at the end of its useful life.

Impairment losses recognised in prior years are reversed when there is an indication that the
impairment losses recognised no longer exist or have decreased. Such reversals are recognised
as an increase in carrying amount of assets to the extent that it does not exceed the carrying
amount that would have been determined (net of amortization or depreciation) had no
impairment loss been recognised in previous years.

After impairment, depreciation or amortization on assets is provided on the revised carrying
amount of the respective asset over its remaining useful life.

m) Operating Cycle:

All Financial Assets and Liabilities have been classified as current or non-current as per the
Company’s normal operating cycle and other criteria set out in the Schedule III to the
Companies’ Act, 2013. Based on the nature of services provided and time between the
rendering of services and their realization in cash and cash equivalents, the Company has
ascertained its operating cycle as less than 12 months for the purpose of current and non¬
current classification of financial assets and liabilities.

n) Cash flow statement:

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the
effects of transactions of a non-cash nature,any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses associated with investing orfinancing
flows. The cash flows from operating, investing and financing activities of the Company are
segregated.

o) Segment Reporting:

Segments are identified based on the dominant source and nature of risks and returns and the
internal organization and managementstructure. The accounting policies adopted for segment
reporting are in line with the accounting policies of the Company. In addition, thefollowing
specific accounting policies have been followed for segment reporting:

(a) Inter segment revenue is accounted for based on the transaction price agreed to between
segments which is primarily market led.

(b) Revenue and expenses are identified to segments on the basis of their relationship to the
operating activities of the segment. Revenue andexpenses, which relate to the enterprise as a

whole and are not allocable to segments on a reasonable basis, have been disclosed as"Un-
allocable".

p) Earning Per Share:

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable
to equity shareholders by weighted average number of equity shares outstanding during the
period. The weighted average number of equity shares outstanding during the period and for all
periods presented is adjusted for the events, such as bonus share, other than conversion of
potential equity shares that have changed the number of equity shares outstanding, without a
corresponding change in resources. For the purpose of calculating, diluted earnings per share,
the net profit or loss for the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period is adjusted for the effects of all dilutive
potential equity shares.

process of adjudication by the court.

42. These Financial Statements have been prepared on going concern basis as the Management is of the opinion that going concern assumption is not

vitiated in view of the facts stated above.

43. Export obligation for the assets acquired/taken on lease without payment of applicable duties lies with the Company under the provisions of the

44. Discounts, commission & other selling expenses include commission Rs NIL. (Previous year Rs. 3.27 Lacs)

45. Claims had been filed against the company by a body corporate amounting to Rs.21625 lacs for non fulfillment of certain clauses of an agreement relating to transfer of Nagpur unit
to them.

46. During the year the Company’s manufacturing unit at Raipur commenced its operation on 22.08.2020 but again had to close down with effect
from 14.01.2021 due to unavoidable circumstances. The power supply of the unit also has been suspended since 15.01.2021.In view of the above
circumstances the original books of accounts remain inaccessible. Hence these financial statements have been prepared on the basis of books
accounts prepared by the management considering the balances of assets, liabilities, account receivables account payables and inventories as

on 31st March, 2023, as also documents and other records relating to transactions for the year available with the Company.

Difference if any , between the original books of accounts and those prepared with available records, could not be ascertained. However, such
differences if any, should not be material.

47. In view of part settlement of debts by Indoworth India Ltd, and continuing disputes with secured lenders, the quantum of
of interest to be provided could not be ascertained.Hence no provision has been made for interest.

48. Additional Regulatory Information

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance
Sheet as given in Part I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the
extent relevant and other than those given elsewhere in any other notes to the Financial Statements.

a. The Company does not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.

b. The Company has not been declared as a willful defaulter by any lender who has powers to declare a company as a willful defaulter at any time during the financial

year or after the end of reporting period but before the date when the financial statements are approved.

c. The Company does not have any transactions with struck-off companies.

d. The Company does not have any transactions which is not recorded in the books of accounts but 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)

e. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial
year.

49. The Company have used accounting software, Enterprise Resource Planning (ERP) version 5.0, year 2000
complaint for maintaining its books of accounts throughout the year which has not a feature of recording
audit trail (edit log) facility Rule 3(1) of the Companies (Accounts) Rules, 2014 and the same could not be
developed/upgraded due to Company remain under closer since 15th January, 2021.

For and on behalf of the Board of Directors

For KHANDELWAL RAY & CO

Chartered Accountants Vasavan Padhamanabhan Kishore Jhunjhunwala

Executive
Director &

FR NO.302035E CFO Director

DIN: 08396593 DIN: 00035091

CA. Anirban Roy
Partner

Membership No.066427

KOLKATA

DATED:30th May, 2024