అకౌంట్స్ గమనికలుAutomobile Products of India Ltd.

Mar 31, 2024

xiv Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised when the Company has a present obligation (legal or constructive) as a result of past events and it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation, in respect of which a reliable estimate can be made of
the amount of obligation. Provisions (excluding gratuity and compensated absences) are determined based on management''s estimate required
to settle the obligation at the Balance Sheet date. In case the time value of money is material, provisions are discounted using a current pre-tax
rate that reflects the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost. These are reviewed at each Balance Sheet date and adjusted to reflect the current management estimates.

Contingent liabilities are disclosed in respect of possible obligations that arise from past events, whose existence would be confirmed by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A contingent liability also
arises, in rare cases, where a liability cannot be recognised because it cannot be measured reliably.

Contingent assets are neither recognised nor disclosed in the financial statements.

xv Cash Flows

Cash flows are reported using the indirect method, where by net 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 or
financing cash flows. The cash flows from operating, investing and financing activities are segregated.

Note 2.3 :Recent pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. On March 31, 2024, MCA has not notified any new standards or amendments to the existing
standard applicable to the company.

Note 23 : Contingent liabilities disclosures as required under Indian Accounting Standard 37, “Provisions, Contingent Liabilities and Contingent
Assets” are given below:

Claims against the Company under the Income Tax Act, 1961 Appeals are pending before High Court/ CIT (A) / Assessing Officer Rs.29.64 lakhs (as at
31 March 2023 Rs. 29.64 lakhs).

Note 24 : The Company has agreed to pay to Bombay Stock Exchange re-instatement fees of Rs 44.95 Lakhs in installments . Consequently, the
suspension in trading of equity shares of the Company has been revoked w.e.f. 29th April, 2024 and securities are available for trading in the “XT” Group.

Note 25 : Other Payables amounting to Rs. 837 lakhs were secured against charge on the land of the Company pursuant to an Arbitration Award dated
3rd December, 2010. During the Financial year 2019-20, this charge has been released and the said land has been sold as per the Arbitration Award and
sale consideration has been kept in an escrow account. This amount will now be payable as per the terms of Escrow Agreement. Accordingly, the said
payables have been disclosed as Other Current Liabilities in Note No. 16.

Note 28 : Segment Reporting

(i) Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) of the
Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the
Chief Executive Officer of the Company. The Company operates only in one Business Segment i.e. ''Consultancy Services'', hence does not have any
reportable Segments as per Ind AS 108 “Operating Segments”.

(ii) Further, from three external customers the company has revenue of f 16.00 lakhs (PY 16.00 lakhs ) more than 10% of the total revenue from
operations.

(iii) All the Non-current assets of the company are held in India

Financial Risk Management
Risk management framework

A wide range of risks may affect the Company’s business and operational / financial performance. The risks that could have significant influence on the Company
are market risk, credit risk and liquidity risk. The Company’s Board of Directors reviews and sets out policies for managing these risks and monitors suitable
actions taken by management to minimise potential adverse effects of such risks on the company’s operational and financial performance.

Market risk

Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises
three types of risk: currency risk, interest rate risk and other price risk.

Currency risk

The Company is not much exposed to currency risk.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises
principally from the Company’s trade and other receivables, cash and cash equivalents and other bank balances. To manage this, the Company periodically
assesses financial reliability of customers, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of
accounts receivable. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

(a) Trade and other receivables from customers

The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record in the market and past
dealings for extension of credit to customers. To manage credit risk, the Company periodically assesses the financial reliability of the customer, taking into
account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivables. Outstanding customer
receivables are regularly monitored to make an assessment of recoverability. Receivables are provided as doubtful / written off, when there is no reasonable
expectation of recovery. Where receivables have been provided / written off, the Company continues regular follow up,engage with the customers, legal options /
any other remedies available with the objective of recovering these outstandings.The Company is not exposed to concentration of credit risk to any one single
customer since services are provided to vast specturm.

(b) Cash and cash equivalents and other bank balances

The Company held cash and cash equivalents and other bank balances amounting to Rs. 5.63 Lakhs and Rs. 942.77 Lakhs respectively (March 31,2023: Rs.
5.26 and 888.26 Lakhs respectively). The cash and cash equivalents are held with bank with good credit ratings and financial institution counterparties with good
market standing.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The
Company does not have any exposure to the risk of changes in market interest rates as it relates primarily to the Company’s total debt obligations with fixed
interest rates.

Fair value sensitivity analysis for fixed-rate instruments :

The Company''s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the
carrying amount nor the future cash flow will fluctuate because of a change in market interest rates.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering
cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its
liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

Note 30 Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the
Company. The Company strives to safeguard its ability to continue as a going concern so that they can maximise returns for the shareholders and benefits for
other stake holders. The aim is to maintain an optimal capital structure and minimise cost of capital.

Note 33 : Corporate Social Responsibility

The Provision for CSR are not applicable as per Section 135 of Companies act 2013.

Note 34 : ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013

1 The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding
benami property under the Benami T ransactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

2 The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

3 The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the
Companies (Restriction on number of layers) Rules, 2017.

4 Disclosure on Revaluation of property, plant and equipment and intangible assets from Registered Valuers is not applicable to company.

5 Relationship with Struck off Companies*

During the year, the Company has not entered into any transaction with companies stuck off under Section 248 of the Companies Act, 2013 or Section 560 of
Companies Act, 1956.

6 Utilisation of borrowed funds and share premium

I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the
understanding that the Intermediary shall:

(a) 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

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

II The 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:

(a) 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

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

7 There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has
not been recorded in the books of account.

8 The Company has not traded or invested in crypto currency or virtual currency during the year.

9 No dividend is declared and paid during the current financial year.

10 There has been no events after the reporting date that require disclosure in these financial statements.

11 The Company has not carried out any scheme of arrangement which is approved by regulatory authorities during the year.

12 The Company, in respect of current financial years has not used such accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility.

13 The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

Note 35 : Prior year comparatives

Previous year''s figures have been regrouped or reclassified, to conform to the current year''s presentation wherever considered necessary.

For C A S & Co. For and on behalf of the Board of Directors of

Chartered Accountants Automobile Products of India Limited

Firm Reg. No. 111075W CIN : L34103MH1949PLC326977

Sajjan Kanodia Shyam Agarwal Devesh Bhatt

Partner Director Director

Membership No. 048047 (DIN 00039991) (DIN 08225392)

Ajit Kathariya Indra Prasad Jain

Chief Executive Officer Chief Financial Officer

Ankit Patel

Company Secretary

Place : Mumbai Place : Mumbai

Date : 29th May 2024 Date : 29th May 2024

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Mar 31, 2014

(A) Terms/ rights attached to Equity Shares

The Company has only one class of equity shares having a face value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share. Whenever the Company declares dividend, same will be paid in Indian rupees.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 1 Sundry Debtors include Rs.8,72.872 due from Scooters India Limited, outstanding for more than 3 years. The Company has intiated recovery proceedings from this party against earlier decree obtained from Mumbai High Court in favour of the Compnay.

Note 2 In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

Note 3: Being the first year of new reportable segment, corresponding figurs of previous year have not been given.

Note 4 Taxes on Income

(i) Provision for taxation for the year has been made in accordance with the provisions of the Income Tax Act, 1961.

(ii) As per Accounting Standard { AS-22 ) on " Accounting for Taxes on income" issued by the Institute of Chartered Accountants of India , the timing difference relating to unabsorbed losses results into Deferred Tax Assets. In view of present uncertainty regarding generation of sufficient future taxable income and as a measure of prudence the Deferred Tax Assets on the same has not been recognised in the accounts.

Note 5 Previous year''s figures have been re-grouped/reclassified, wherever necessary to correspond with current year''s classification.

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Mar 31, 2013

1. Sundry Debtors include Rs.8,72,872/- due from Scooters India Limited, outstanding for more than 3 years. The Company has initiated recovery proceedings from this party against earlier decree obtained from Mumbai High Court in favor of the Company. According to the management, recovery of interest on this debt are very remote as M/s. Scooters India Limited had been referred to BIFR in 2011-12.

2. Sundry Debtors and Loans and Advances are subject to confirmation.

3 Balance with the creditors are subject to confirmation and reconciliation.

4. Related Party Disclosures

HOLDING COMPANY Kiyana Real Estate Private Limited

KEY MANAGEMENT PERSONNEL

Shyam Agarwal, Siddharth Agarwal

Other Related Parties where the Directors and their relatives have significant influence Sunstrene Chemical Agencies Private Limited

5. Disclosure under Accounting Standard 17 - ''Segment Reporting'' is not given as, in the opinion of the management, the entire business activity falls under one segment. Viz Trading Activity. The Company conducts its business in one Geographical Segment Viz India

6. Taxation

(i) In view of the losses as per the Income Tax Act, 1961, provision for current tax has not been made.

(ii) Further the amount of deferred tax assets has not been accounted in view of the uncertainty as to the absorption of losses in the foreseeable future based on the current level of operations of the company.

7. Additional information required to be given pursuant to paragraph 5 (viii) of general instructions for preparation of the statement of profit and loss as per revised schedule VI to the Companies Act, 1956 is either nil or not applicable.

8. Previous year''s figures have been re-grouped/reclassified, wherever necessary to correspond with current year classification.

9. Contingent Liabilities (Not Provided for) Amount in Rs.

Particulars For the year For the year ended 31.03.2013 ended 31.03.2012

Claims against the Company under Income Tax Act,

Appeal preferred to Commissioner of Income Tax (Appeals) 2,964,061 2,964,061

Claims against the Company under Income Tax Act,

Appeal preferred to Income Tax Appellate Tribunal 121,446,007 97,120,638

Claim against the Company not acknowledged as debt represents case filed by a party in the consumer forum and being disputed

by the Company as advised by our advocates. 2,358,910 -

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Mar 31, 2012

1.1 Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Re.1 per share. Each holder of equity shares is entitled to one vote per share. Whenever the Company declares dividend, the same will be paid in Indian rupees.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

A) In respect of loan from M/s. South India Investment & Associates, amounting to Rs.8,38,00,000/-, a charge has been created in favour of the Creditor against the land belonging to the Company and the same has been registered with the Registrar of Companies Chennai, on 05.05.2011 Consequently, the above amount has been shown as “Loans and Advances from Others' under the head Secured Loan.

B) Sundry Debtors include Rs.8,72,872/- due from Scooters India Ltd, outstanding for more than 3 years. The Company has initiated recovery proceedings from this party against earlier decree obtained from Mumbai High Court in favour of the Company. According to the management, chances of recovery of interest on this debt are very remote as M/s. Scooters India Limited has been referred to BIFR in 2011-12. Hence, interest accrued on the above debt up to 31.03.12 amounting to Rs.54,46,628/- has been written off, keeping the principle amount of Rs.8,72,872/- as outstanding.

C) Sundry Debtors and Loans and Advances are subject to confirmation

D) Balances with the creditors are subject to confirmation and reconciliation

E) Deferred Tax Asset has not been recognised in view of unabsorbed losses of earlier years.

F) The Company has earned short term capital gains of Rs.98,90,721/- on sale of the following assets.

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Mar 31, 2011

Not Available

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Mar 31, 2010

1 Previous year figures have been regrouped to conform to the current year clasification

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Mar 31, 2000

1. A The Board for Industrial and Financial Reconstruction (BIFR) has declared the Company to be a "Sick Industrial Company" within the meaning of Section 3(1 )(0) of the Sick Industrial Companies Act, 1985. The company has also suspended operations at the Bhandup Vehicle Division from 28th January 1993.

The accounts for the year 1999 is yet to be approved by the General Body Meeting and accordingly the accounts of this year is subject to any adjustments arising therefrom.

BIFR has approved the rehabilitation Scheme for the Company on 14.11.1996. In December 1996, the labour union at Bhandup went on appeal for the stay of the sanctioned scheme of BIFR. Appellate Authority for Industrial and Financial Reconstruction (AAIFR) confirmed the BIFR scheme in May, 1997.The Vehicle Division at Bhandup stands closed effective from end January, 1997.

The sanctioned scheme of BIFR and the Order passed by AAIFR provided for:

(i) Closure of Vehicles Division at Bhandup,

(ii) Settlement of Labour dues of Bhandup Division:

The remaining labour to accept the Voluntary Retirement Scheme announced by the Company in September 1994 in full settlement of their claims or to claim their full legitimate dues from the Company by lodging claims in the competent court.

Subsequently the Company was approached by the labour representative for a settlement and after discussions the remaining workmen accepted a settlement and have since been paid their dues subsequent to the year-end. Full provision has been made in these accounts for the amounts Payable.

(iii) One time settlement (OTS) with the Financial Institutions and Banks.

(iv) Deferment of various dues to Government and semi-government bodies and payment thereon in instalment with interest;

(v) Payment to pressing creditors;

(vi) Relinquishment of arrears of dividend by Preference share holders and

(vii) The promoters are required to bring in the required funds for implementing the rehabilitation scheme.

2. Based on the information provided by the suppliers of the Company the following small scale industrial undertakings as defined under clause (i) of Section 3 of the Industries (Development and Regulation) Act, 1951, have been identified by the Company, where the balance outstanding as at the year end exceeds 30 days and Rs.1 lakh in respect of each party.

As on 31.03.2000

1. Balaji Engineering Works

2. Precision Heat Treaters & Analytical Labs

3. Chemlicon

4. Rameshan Engineering

3. The company has assigned leased hold rights on a portion of the land at Aurangabad and the resultant profit has been disclosed in Schedule

4. Previous years figures have been regrouped/recast wherever necessary to confirm to the classification of the current year.