VI. Disclosure Requirement for Sundry Creditors Covered Under MSME Act, 2006:

As informed by the management, the Company has circulated confirmation for the identification of suppliers registered under the Micro, Small and Medium Enterprises Development Act, 2006.

The company has disclosed the amounts unpaid, if any as at the yearend together with interest paid/payable relating to the suppliers from whom confirmation regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 is obtained.

V. Previous Year's Figures:

Previous years' figures have been recast so as to make them comparable with current year's figures.

4 (ii) Title deeds of Immovable Properties not held in name of the Company

Company does not have any immovable asset as on the balance sheet date so disclosure is not applicable

4 (iii) Details of benami property

No procidings has been initiated / pending against the company for holdong any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

29. Financial Instruments Financial risk management objective and policies

This section gives an overview of the significance of financial instruments for the Company and provides additional information on the balance sheet. Details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial assets and financial liabilities are disclosed in Note 2 (c).

The fair value of the financial assets and liabilities are included at the amount that would be received to sell an asset and paid to transfer a liability in an orderly transaction between market participants. The following methods and assumptions were used to estimate the fair values:

• Cash and Cash Equivalents, Other Current Assets and Trade Payables:-Approximate their carrying amounts largely due to the short-term maturities of these instruments.

• Loans Current & Non-Current and Other Current Liabilities: All the amounts given/taken as loans do not carry any interest obligation and it is not practicable to estimate the timing of repayment of this loan. Thus, it is considered as repayable/receivable on demand and the face value (i.e. amount payable on demand) of such asset is considered its fair value.

30. Critical Estimates and Judgements in applying Accounting Policies:

The management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Information about estimates and judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows:

i) Property, plant and equipment and useful life of property, plant and equipment and intangible assets

The carrying value of property, plant and equipment is arrived at by depreciating the assets over the useful life of assets. The estimate of useful life is reviewed at the end of each financial year and changes are accounted for prospectively.

ii) Provisions and Contingencies

The assessments undertaken in recognizing provisions and contingencies have been made in accordance with the applicable Ind AS.A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where the effect of time value of money is material, provisions are determined by discounting the expected future cash flows.

31. Segment Reporting

Business Segments:

As the Company's business activity primarily falls within a single primary business segment, the disclosure requirements of IND AS 108 'Operating Segments' are not applicable.

Geographical Segments:

The company does not have operation outside India. Hence, disclosure of geographical segment does not arise.

32. Undisclosed Income

There are no 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.

33. Corporate Social Responsibility

The company is not covered under section 135 of The Companies Act, 2013.

34. Details of Crypto Currency

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

35. Capital Management

The Company's objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth and maximize the shareholders' value . The company's overall strategy remains unchanged from previous year. The following table summarizes the capital of the company.

i. Registration of Charges:

The company has availed credit facility of Rs. 6.76 lakhs as Term Loan from ICICI Bank against hypothecation of Motor Car. The loan amount is disbursed on 06.09.2022. ROC Charge on the said loan is not registered for the said loan since, the hypothecation agreement is not executed.

ii. Compliance with Number of Layers of Companies:

Since the Company does not have any holding/subsidiary, thus the clause is not applicable.

The company has made loans/advances of Rs. 65.65 lakhs to M/s Nirzari Organisers Pvt. Ltd, Surat, Gujarat and Rs. 70.87 lakhs to M/s Treasure Chest Investments Pvt. Ltd., Surat, Gujarat. The names of both these companies are stricken-off from the list of registered companies by the Registrar of Companies, Gujarat, Ministry of Corporate Affairs (MCA). The amounts have been written off during the year since, same are non-recoverable. The company has also made loans/advances of Rs. 55.55 lakhs to M/s Reliable Paper (India) Limited (unlisted public company, declared earlier as defaulter by MCA), whose name has now been removed from the defaulters list by MCA, and the said company is under Corporate Insolvency Resolution Process.

iv. Wilful Defaulter:

Company is not declared wilful defaulter by any bank or financial Institution or other lender.

v. Compliance with approved Scheme(s) of Arrangements:

No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

vi. Utilisation of Borrowed funds and share premium:

a. Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries the company.

b. Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

37. Exceptional Items

Exceptional Item of Rs. 148.34 lakhs represent the impact of the profits of the company on accout of

i. the balance of Rs. 136.52 laksh written off outstanding from companies whose name has been struck off from the list of Registrar of companies and the funds are irrecoverable and

ii. Rs. 11.82 lakhs represent the expenditure incurred by the company for the merger application submitted to the SEBI for Merger of Gujjubhai Food Products Private Limited

38. GST Receivable

The Goods & Service Tax Credit taken in the books of Accounts have been verified with the Purchases made during the year, however the balances of GST Credit Brought Forward and GST Credit Carried Forward are subject to confirmation as annual return for GST and the GST Audit Report are finalized after the date of the Audit Report.