అకౌంట్స్ గమనికలుSBEC Systems (India) Ltd.

Mar 31, 2025

b. (1) The company has only one class of issued shares i.e. Equity shares having par value of Rs. 10 per share . Each holder of equity shares is entitled to one vote per share and equal right for dividend. The dividend proposed by the board of directors is subject to the approval of shareholders in the ensuing general meeting, except in case of interim dividend . In the event of liquidation the entity shareholders are eligible to receive the remaining assets of the company after payment of all preferential amounts, in proportion to their shareholding.

(2) No member shall exercise any voting rights in respect of any share on which any calls payable , or in respect of which the company has exercise its right of lien.

* Since dissolved for which the company has filed Draft Scheme for selective reduction of the share capital of the Company before the Hon''ble National Company Law Tribunal, Delhi, refer note 32.

e. None of shares have been reserved for issue under options and contracts/commitments for sale of shares/disinvestment as at the balance sheet date.

f. None of the securities are convertible into shares at the end of the reporting period.

g. No calls are unpaid by any director or officer of the company during the year.

h. The Board of Directors of the Company on June 26, 2023 had approved a draft Scheme of Selective Capital Reduction (Scheme) under section 66 and 52 and other applicable provisions of the Companies Act, 2013 read with National Company Law Tribunal (Procedure for Reduction of Share Capital) Rules, 2016 (NCLT Rules) for selective reduction of the share capital of the Company by cancelling 20,40,000 equity Shares held by dissolved promoter SBEC Systems Limited (UK) . The Scheme has been cleared by the BSE Limited vide their letter dated July 24, 2024 and has been approved by Shareholders on September 28, 2024. Subsequently the Scheme was filed with the Hon’ble NCLT, Delhi on 4th February, 2025 and the approval is awaited.

a) Securities Premium

Securities Premium represent premium on issue of shares. The Reserve will be utilised in accordance with the provisions of the Companies Act, 2013. There is no movement in Securities Premium during the Current Year and the Previous Year.

b) Retained Earnings

Retained earnings are the profits that the Company has earned till date less dividends and other distributions to the shareholders.

14.1 Term Loan 1:

Term loan sanctioned for ^270 lakhs and disbursed ^229.4 lakhs (including Rs 92.34 lakhs till 31-03-2024) till 31-03-2025 .The total outstanding balance was ^204.56 lakhs on 31-03-2025 (^92.34 lakhs as on 31st March 2024). The loan carries interest linked to PLR (PLR: 10.75%, Present: 10%).

The loan is secured by (i) a charge by way of hypothecation on the Solar Plant Generation unit (Leased Asset) set up on the rooftop of Modi Industries Ltd - Electrode Division, Modinagar, Uttar Pradesh. (ii) personal guarantees from Shri Umesh Kumar Modi, Promoter.

Repayment schedule is fixed for 84 months after a moratorium of four months from the date of disbursement in 84 variable monthly instalments of principal along with interest, commencing from 31st July 2024 and ending on 30th June 2031.

There has been no default in repayment of Principal borrowings or payment of interest on the above loans till 31st March 2025.”

Term Loan 2:

The Company secured another term loan of ^192 lakhs, Rs 183.61 lakhs disbursed by 31st March 2025. As of 31st March 2025, the outstanding amount is ^ 183.61 lakhs. The loan is priced at an interest rate linked to PLR (PLR: 10.95%, Present: 10.25%).

It is secured via (i) hypothecation on the solar plant unit installed on the rooftop of the GSP Nutrition Division (ii) personal guarantees of Shri Umesh Kumar Modi, Promoter.

The repayment schedule starts after a moratorium period of six months from the disbursement date and is structured in 84 variable monthly instalments of principal and interest, commencing from 20th July 2025 and ending on 20th June 2032.*

There has been no default in repayment of Principal borrowings or payment of interest on the above loans till 31st March 2025.”

TERM LOAN 3:

Third Term Loan of ^85 lakhs was sanctioned and Rs 81.78 lakhs disbursed till 31st March 2025. The balance outstanding as on 31st March 2025 is ^81.78 lakhs. The interest applicable is PLR-based (PLR: 10.95%, Present: 10.25%).

This loan is secured by hypothecation on the solar power plant proposed to be installed at DMPS, Modinagar, and is supported by personal guarantees from Shri Umesh Kumar Modi, Promoter.

Repayment will commence post a moratorium of six months from disbursement and will be made in 84 equal monthly instalments of principal along with the due interest, beginning from 20th July 2025 till 20th June 2032.*

There has been no default in repayment of Principal borrowings or payment of interest on the above loans till 31st March 2025.”

14.2 Foreign Currency Loan

Unsecured Loan in Foreign Currency USD 10,04,944 has been taken from Occident Orient Company Limited incorporated having registered house at Les Cascades Cavell St.Port Louis in terms of the agreement dt 14.12.2005 entered between the company and the said body corporate(UK). The company has been declared as defunct w.e.f 13.12.2008. No provision for the interest has been made since 01-01-2009 (also refer Note no. 27(i)).

14.3 Demand Loan from Body Corporate

The interest on unsecured demand loan from the body corporate is payable @12% per annum calculated by compounding of interest accrued till the end of earlier quarter. There has been no repayment of principal or payment of interest during the current year net of TDS.

NOTE NO.: 27	Contingent Liabilities & Commitments (i) Contingent liabilities not provided for in respect of: -
	Particulars	Current Year	Previous Year
	Interest on Foreign Currency Loan	Rs.240.51	Rs.232.52

In terms of agreement dated 14th December 2005 entered with Occident Orient Company Limited, subject to approval of the Reserve Bank of India (RBI), interest of USD 2,81,974/- (Previous Year USD 2,81,974/-) for earlier years upto the FY 2008-09 is payable by the company on Foreign Currency Loan of USD 10,04,944. Pending approval of RBI, this liability is being shown as contingent liability.

(ii) Other money for which company is contingently liable

During the financial year 2014-15 the promoter group of SBEC Sugar Limited (Target Company) had acquired some equity shares of SBEC Sugar Limited resulting in an increase from 54.46% (2,59,51,083 Shares) as on June 30, 2014 to 63.86% (3,04,32,117 shares) as on September 30, 2014. In addition to the aforesaid acquisition, one of the lending promoters i.e. Moderate Leasing and Capital Services Limited had also acquired 1.31% of SBEC Sugar Limited during March 18, 2015 to March 23, 2015, which increased the shareholding of promoter group to 65.17% which was in violation of the SEBI (Substantial Acquisition of Shares and Takeovers) (SAST) Regulations, 2011. The Securities and Exchange Board of India had on September 17, 2018 issued directions to the Promoter group severally or jointly to make a public announcement to acquire the shares of Target Company in accordance with the provisions of the Takeover Regulations, 2011, within a period of 45 days from the date of the above mentioned order.

Against the said impugned SEBI order, M/S SBEC Systems (India) Limited had filed appeal no. 1 (No. 443/2018) before the Securities Appellate Tribunal, Mumbai.

The Hon''ble Securities Appellate Tribunal upon hearing the said Appeal vide its order dated January 29, 2020 had allowed the Appeal, whereby, the directions issued by SEBI for open offer vide order dated September 17, 2018 qua promoters namely SBEC System (India) Limited, Shri. Umesh Kumar Modi, Smt. Kumkum Modi, Shri. Jayesh Modi and Longwell Investment Private Limited had been set aside, however, the directions issued by SEBI for Open Offer vide order dated September 17, 2018 issued qua the promoters namely A to Z Holdings Pvt. Ltd. and Moderate Leasing & Capital Services Ltd. (the acquirer of the shares) had been modified in terms of Regulation 32(1)(b) and they had been directed to sell the shares acquired in violation of the SAST Regulation and to transfer the proceeds of the same to the Investor Protection Fund established under the SEBI (Investor Protection and Education Fund), 2009 within a period of 6 (Six) months from the date of the order i.e. from January 29, 2020.

In the meantime, the Securities Exchange Board of India filed a Civil Appeal bearing nos. 2995 - 2996 / 2020 before the Hon''ble Supreme Court of India on July 29, 2020 against the order dated January 29, 2020 passed by Hon''ble Securities Appellate Tribunal.

Furthermore, the promoters namely A to Z Holdings Pvt. Ltd. and Moderate Leasing & Capital Services Ltd. had also filed a Civil Appeal bearing no. 3002 / 2020 before the Hon''ble Supreme Court of India on August 11,2020 against the order passed by Hon''ble Securities Appellate Tribunal.

Hon''ble Supreme Court of India Vide Order dated 4th March, 2025 allowed the Appeal filed by SEBI and ordered that “The respondents shall, jointly and severally make a public announcement to acquire shares of SBEC Sugar Limited in accordance with the provisions of SEBI SAST Regulations, 2011 within a period of three months from the date of this order”.

In compliance with the order passed by Hon''ble Supreme Court of India SBEC Systems (India) Limited shall make the proposed

Public Announcement along with PACs to acquire 26% of the equity share capital of the SBEC Sugar Limited from the public shareholders in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

NOTE NO.: 28 Capital and other commitments (to the extent applicable):

Estimates amount of contract remaining to be executed on capital account and not provided for (net of advances) Rs.143.59 lakhs PY. Rs. 151.23 lakhs.

NOTE NO.: 29 Segment Reporting

The Management has identified two reportable business segments for the current year namely, Technical Services/Consultancy and Solar Power Generation and Distribution Unit.

NOTE NO.: 30 Related Parties Disclosures pursuant to compliance of Ind AS-24 on “Related Party Disclosures” were as under:

a) Enterprises Where Control Exists

SBEC Sugar Limited - reporting enterprise has substantial control

b) Enterprises that directly or indirectly controlled or are under common control with the reporting enterprises.

SBEC System limited (United Kingdom)

Mr. Umesh Kumar Modi

e) Relative of individual owning substantial interest and their Enterprises:

Mrs. Kumkum Modi, Mr. Abhishek Modi, Ms. Meghna Modi, Ms. Himani Modi , Mr. Jayesh Modi , Mrs Shreepriya Modi, Modi Arts Pvt Ltd., Modi Goods and Retail Services Pvt Ltd., Jai Abhishek Investments Pvt Ltd., Modi Diagnostics Pvt Ltd., Modi -Mundipharma Beauty Products Pvt. Ltd., Modi Senator (India) Pvt Ltd., First Move Management Services Pvt Ltd. , Beauty Products Lanka Pvt Ltd., Umesh Modi Corp Pvt Ltd., Modi-Mundipharma Healthcare Pvt. Ltd.(formerly known as Modi Omega Pharma (India) Pvt Ltd.), Modi Illva India Pvt Ltd., A to Z Holding Pvt Ltd., Longwell Investment Pvt Ltd. ,Bihar Sponge Iron Ltd., Modiline Travel Service Pvt Ltd., Modi Industries Ltd., Modi Hitech India Ltd.,., H.M.Tubes & Containers Pvt Ltd., Modi Motors Pvt Ltd., M.G. Mobile India Pvt Ltd., Bangladesh Beauty Products Pvt. Ltd, SBEC Bio Energy Ltd ., Meghna AutoWorks Pvt. Ltd., Mundipharma (Bangladesh) Pvt. Ltd., Mundipharma Trading Bangladesh Pvt. Ltd., SBEC Stockholding & Investment Ltd., Abhikum Leasing & Investments Pvt. Ltd., ABC Holding Pvt. Ltd., Kumabhi Investments Pvt. Ltd., Meghkum Leasing & Investment Pvt. Ltd., Technicast Engineers Ltd., M First Trading Pvt. Ltd., Dayawati Modi Public School*, Modi Arc Electrodes*, GS Pharmbutor Pvt. Ltd*, Kumkum Modi Public School*, Modi Hospital*, SBEC Sugar Limited*, Modi Mundipharma Pvt Ltd.*, Win Medicare Pvt Ltd*, Jayesh Tradex Pvt. Ltd*

* Indicates that during the period, there is transaction with these relatives and enterprises.

Defined Benefit Plan

The employees'' gratuity fund scheme is a Defined Benefit Plan (DBP). The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

NOTE 32: Reduction in Share Capital (refer Note 12)

The Board of Directors at their Board Meeting held on 26th June, 2023, the Scheme of Selective Capital Reduction was approved and submitted to the BSE Limited.

BSE on 24th July, 2024 has issued observation letter with ‘no adverse observations. Also, the Scheme remains subject to various statutory and regulatory approvals inter alia including approvals from the National Company Law Tribunal and the respective shareholders (in ensuing Annual General Meeting) and creditors of the companies involved in the Scheme, as may be required.

The Shareholders at the 35th Annual General Meeting held on September 28, 2024 have accorded their approval via Special Resolution for Reduction of Share Capital of the Company.

The Company has filed the Capital reduction Scheme with Hon''ble National Company Law Tribunal- New Delhi Bench and the matter listed before the Hon''ble National Company Law Tribunal (NCLT) on May 19, 2025; the legal representative of Registrar of Companies (ROC) requested a period of three weeks to submit the requisite report. The Hon''ble Tribunal granted the request and the matter has been adjourned till August 4, 2025.

NOTE 33: Financial Risk Management

The Company''s financial assets are investment in lease receivable, investment in associate company, bank balance, trade receivables, cash and cash equivalents & financial liabilities comprise borrowings. trade payables and other payables only. The Company is an engineering and consultancy company and has been generating income from rendering scientific, technical, engineering, professional, commercial and all other types of skilled services dealing in designs, plans and specifications of all type of contracts turnkey or otherwise, assignments, process and undertake fabrication, erection, commissioning of projects and providing high-tech equipment to sugar and power industries.

The Company''s activities expose to financial risk i.e. Liquidity Risk and Credit risk etc. The Board of Directors reviews and agrees policies for managing each of applicable type of financial risks, which are summarised as below:

Liquidity Risk:

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk management implies maintenance of sufficient cash to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term and long-term liabilities as and when due. Anticipated future cash flows are expected to be sufficient to meet the liquidity requirements of the Company.

The following tables detail the Company''s remaining contractual maturity for its non-derivative financial liabilities. The amount disclosed in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The amounts are gross and undiscounted.

Credit Risk:

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The Company has given assets on lease against which company is receiving lease rent regularly hence the Company is exposed to low level of credit risk from its leasing activity. The deposits with bank and other financial assets are generally not exposed to credit risk.

NOTE 34: Disclosure of Leases as per Ind AS 116

As a Lessor

34.1 The Company has entered into certain arrangements with its customers where the company has installed Solar Power plants on the rooftop of their customers'' premises. The company has determined, that fulfilment of these arrangements is dependent on the use of a specific asset and the arrangement conveys a right to use these specific assets to the customers. Accordingly, these arrangements qualify as arrangements in the form of lease as specified in Ind-AS 116. Based on the evaluation of terms and conditions of these arrangements, such as the contract term constituting a major part of the economic life of the specific assets, purchase option, the fair value of the asset and that it has transferred the significant risks and rewards in these assets to the customers, these leases arrangements have been classified as finance leases as per Ind AS-116.

NOTE 36: Accounting Software

The company is maintaining books of accounts on Tally Accounting Software having features which records an “audit trail” of each and every transaction, creates an “edit log” of each change made in the books of account along with the date when such changes were made and ensures that the audit trail is not disabled and have been operated throughout the year. The audit trail has been preserved by the company throughout the year as per the statutory requirements.

Note 37 Additional information pursuant to provisions of Part II (Division II) of Schedule III of the Companies Act, 2013 (to the extent applicable).

(a) Undisclosed Income

The company has no such transaction which is not reported 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 (such as search or survey or any other relevant provision of Income Tax, 1961).

(b) Corporate Social Responsibility

The company is not covered under any of the three conditions for the applicability of the provisions of corporate social responsibility as mentioned in the section 135 of the Companies Act 2013 and hence the disclosure requirements with respect to corporate social responsibility is not applicable to the company.

(c) Crypto Currency or Virtual Currency

The company has not traded or invested in Cryptocurrency or virtual currency during the current financial year.

NOTE 38: Additional Regulatory Information (to the extent applicable)

a) a) All the title deeds of immovable properties are held in the name of company as at the balance sheet date.

b) No item of property plant and equipment have been revalued during the current / earlier financial year as such the disclosure with respect to revaluation if any done based on the valuation by registered valuer as defined under the rule 2 of the Companies (Registered Valuer and Valuation) Rules, 2017 is not applicable.

c) The company does not have any Intangible asset as such revaluation of the same does not arise.

d) No loans or advances in the nature of loans are granted to the promoters, directors, KMPs and the related parties (as defined under Companies

Act,2013) either severally or jointly with any other person that are repayable on demand or without specifying any terms or period of repayment.

e) The company does not hold any benami property, where any such proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,1988 (45 of 1988) and rules made thereunder.

f) The company has not borrowed funds from bank and financial institution on the basis of security of current assets during the current/previous year.

g) The company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

h) The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act,1956.

i) The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

j) The company has only one associate and it has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act

read with the Companies (Restriction on Number of Layers) Rules, 2017.

k) Utilization of borrowed Funds and Share premium

The 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 lend or invest in party identified by or on behalf of company (Ultimate beneficiaries).

l) The company has not received any fund from any party(s) (funding party) in the current year with the understanding that the company shall whether directly or indirectly lend or invest in other person or entities identified by or on behalf of company (“ultimate beneficiaries”) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries

Reasons for Variation

S. No. 1: During the current financial year, company has commenced the business of solar power generation resulting in increase in overall revenue, current assets and current liabilities which has the impact of favourable increase in current ratio.

S. No. 2: As stated at S. No. 1, there has been increase in overall revenue resulting into improvement in net worth. As a result, the debt-equity ratio has improved.

S. No. 4: Return on equity ratio in current year has increased due to effect of substantial increase in net profit for the year as compared with previous year.

S. No. 5: Since revenue from solar power generating unit have commenced from third and fourth quarter which has the effect of increased trade receivable leading into decrease in ratio.

S. No. 6: Increase in trade payables was mainly on account of expenditure incurred for installation of solar power generation unit for which receipt of long-term funds was slightly delayed resulting into decrease in this ratio.

S. No. 8: Net profit ratio has increased in current year due to effect of commencement of business of solar power generation unit resulting in overall increase in net profit.

S. No. 11: Return on Investment has increased in current year due to effect of commencement of business of solar power generation unit resulting in overall increase in net profit.

NOTE NO: 39 In the opinion of the Board of Directors current assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet and provisions for all known expected liability have been made.NOTE NO.: 40 The figures of the previous year have been reclassified according to current year classification whenever required.

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Mar 31, 2024

o) Accounting for Provisions, Contingent Liabilities and Contingent Assets

Provision and liabilities are recognized in the period when it became probable that there will be a future outflow of funds resulting from past event or operation that can be reasonably estimated. The timing of recognition requires application of judgments to existing fact and circumstances which may be subject to change. The amounts are determined by discounting the expected future cash flow at pre-tax rate that reflects current market assessment of the time value money and the risk specific to the liability.

In the normal course of business, contingent liabilities are arising from litigation and other claims against the company. Potential liabilities that are possible to be quantified reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are not recognized.

The company does not recognize the contingent asset since whose existence will only be confirmed by the occurrence or non - occurrence of one or more uncertain future events not wholly within the control of the entity.

p) Taxation

Income tax expense comprises of both current and deferred taxes are recognized in the Statement of Profit and Loss.

Current tax

Current Income tax expense is recognized in the Statement of Profit and Loss except to the extent that it relates to the items recognized directly in equity, in which case it is recognized in equity or other comprehensive income (OCI).Current tax for current and prior periods is recognized at the amount expected to be paid or recovered from the tax authorities, in accordance with the Income Tax Act, 1961.The tax rates and the tax laws used to compute the amount are those that are enacted or substantially enacted, at the reporting date.

Deferred Tax

Deferred Tax assets and liabilities are recognized on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements.

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized.

The carrying amount of deferred tax assets in reviewed at the end of each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow for all or part of the deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

q) Cash and Cash Equivalents (for purposes of Cash Flow Statement)

Cash and Cash equivalents for the purpose of Cash Flow Statement comprise Cash at bank, Cash on hand and demand deposits with bank with an original maturity of three months or less from the date of acquisition.

r) Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.

s) Earnings Per Share

Basic Earnings Per Share is calculated by dividing the net profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

The Company has not issued any potential equity shares, and accordingly, the Basic Earnings Per Share and Diluted Earnings Per Share are the same.

t) Statement of Cash Flow

Cash flows are reported using the indirect method, whereby profit/ loss before exceptional items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future 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 of the company are segregated based on the available information.

u) Recent Pronouncements ,Standards ,Interpretation and Amendments adopted by the company

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.

Changes in Ind AS notified during the financial year 2023-24 , if any, effective from the financial year 2024-25 and applicable to the company shall be taken care off by the company from 01/04/2024 onwards.

NOTE 35: Additional Regulatory Information (to the extent applicable)

a) All the title deeds of immovable properties are held in the name of company as at the balance sheet date.

b) No item of property plant and equipment (including the right of use of assets) are both have been revalued during the current / earlier financial year as

such the disclosure with respect to revaluation if any done based on the valuation by registered valuer as defined under the rule 2 of the Companies (Registered Valuer and Valuation) Rules, 2017 is not applicable.

c) The company does not have any Intangible asset as such revaluation of the same does not arise.

d) No loans or advances in the nature of loans are granted to the promoters, directors, kmps and the related parties (as defined under Companies

Act,2013) either severally or jointly with any other person that are repayable on demand or without specifying any terms or period of repayment.

e) The company does not hold any benami property ,where any such proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,1988 (45 of 1988) and rules made thereunder.

f) The company has not borrowed funds from bank and financial institution on the basis of security of current assets during the current/previous year.

g) The company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

h) The company does not have any transactions with companies struck off under section 248 of the Companies Act,2013 or section 560 of Companies

Act,1956.

i) The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

j) The company has only one associate and it has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act

read with the Companies (Restriction on Number of Layers) Rules, 2017.

k) Utilization of borrowed Funds and Share premium

The 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 lend or invest in party identified by or on behalf of company (Ultimate beneficiaries).

l) The company has not received any fund from any party(s) (funding party) in the current year with the understanding that the company shall whether directly or indirectly lend or invest in other person or entities identified by or on behalf of company (“ultimate beneficiaries”) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

* Other expenses exclude Foreign Fluctation Reserve of CY Rs. 1179 thousands (PY Rs. 6572 Thousands)

Reasons for Variation

S. No. 2: Debt equity ratio has been increased due to higher profit in current year as compared to previous year.

S. No. 4: Return on equity ratio in current year has increased due to effect of increase in net profit for the year as compared with previous year.

S. No. 5: Trade receivable turnover ratio has reduced in current year due to increase in trade receivable at the end of the current year

S. No. 6: Total expense (net of FC fluctation) has increased in current year by Rs.26.90 thousand as compared with previous year, hence the trade payable Turnover Ratio has increased by 110%.

NOTE NO: 36 Restatement in Financial Statement

Provision for diminution/impairment carried out in earlier years in respect of Investment in equity shares held by the company in its associates (i.e SBEC Sugar Ltd) has been reversed to comply with the requirements in accordance with IND AS 8 ‘Accounting Policies, Changes in Accounting Estimates & Errors'' by restatement of Rs. 73,707 thousand in the opening balance of earliest comparative period presented (i.e. 1.04.2022) of ‘Retained Earning'' under the head ‘Other Equity'' by giving corresponding effect with the same amount under Investment in Associates since the investments in equity shares of the associate is not intended to be sold, transferred or otherwise disposed off and the quoted market price of such equity shares is higher than the face value during/at the end of the last three financial years continuously and the associate has also earned profit during the recent financial year. In view of this, figures for previous period/year have been restated.

NOTE NO.: 37 In the opinion of the board of directors current assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet and provisions for all known expected liability have been made.

NOTE NO.: 38 The figures of the previous year have been re classified according to current year classification whenever required.

As per our report of even date attached,

For Thakur, Vaidyanath Aiyar & Co Sd/- Sd/- Sd/-

Chartered Accountants S.S.Agarwal J.C. Chawla Vijay K.Modi

Firm Reg.No.000038N Director & CEO Director Director

DIN-00004840 DIN-05316202 DIN-00004606

Sd/-

M.P Thakur Sd/- Sd/-

Partner Priyanka Negi Lakhmi Chand Sharma

Membership No.052473 Company Secretary Chief Financial Officer

M.No 36819

Place: New Delhi Date : 29.05.2024

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Mar 31, 2012

NOTE NO. 1 : COMPANY OVERVIEW

SBEC Systems (India) Limited is an engineering and consultancy company primarily engaged in rendering scientific, technical, engineering, professional, commercial and all other types of skilled services and dealing in designs, plans and specifications of all type of contracts turnkey or otherwise, assignments, process and undertaking fabrication ,refection, commissioning of projects and providing high-tech equipment to sugar and power industries.

a. (1) The company has only one class of issued shares i.e. Equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per and equal right for dividend. The dividend proposed by the board of directors is subject to the approval of shareholders in the ensuing general meeting, except in case of interim dividend . in the event of liquidation the entity shareholders are eligible to receive the remaining assets of the company after payment of all preferential amounts, in proportion to their shareholding.

(2) No member shall exercise any voting rights in respect of any share on which any calls payable , or in respect of which the company has exercise its right of lien.

(3) The Company shall have a first and paramount lien upon all partly paid shares registered in the name of any member either alone or jointly with other person and such lien shall extend to all dividend from time to time, subject to section 205AoftheAct, provided that the board of directors may at anytime, declare shares to be exempted wholly or partly from the provision of articles.

c. None of shares have been reserved for issue under options and contracts/commitments for sale of shares/disinvestment as at the balance sheet date. None of the securities are convertible into shares at the end of the reporting period.

No calls are unpaid by any director or officer of the company during the year.

NOTE - 2 :CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

(Rs in Lacs)

Particulars Current Year Previous Year

Trade Tax 2.55 2.55

Security to Shamrao Vithai 700.00 Nil Co-operative Bank Ltd

Interest on Foreign Currency Loan 145.30 @ 127.28

@ In terms of agreement dated 14th December 2005 entered with Occident Orient Company Limited and subject to approval of the Reserve Bank of India (RBI), interest of USD 2,81,974/- (Previous Year USD 2,81,974/-) for earlier years is payable by the company on Foreign Currency Loan of USD 10,04,944. Pending approval of RBI, this liability is being shown as contingent liability.

Note 3. The Company holds 100% (Previous year 100%) shares of SBEC Investment Limited.

Note 4. Balances of Sundry Debtors, Sundry Creditors and Loan and advances in few cases are subject to confirmation and reconciliation. However in the opinion of the management the differences arising on such reconciliation, if any, are not likely to be material.

Note 5 In the absence of necessary agreements/approvals, interest on loans from foreign lenders has not been provided.

Note 6. Liability of Rs. 7.66 lakh (Previous year Rs. 7.66 lakh) related to deputation charges of foreign technicians has not been provided. The same will be provided at the time of actual payment.

Note 7. The accounts of the Company for the year ending 31.03.12 have been prepared on going concern basis. The management is confident to revive the business activities in near future depending upon more favourable conditions prevailing in the market bearing unforeseen circumstances.

Note 8 Liability of Rs.28.74Lacs (USD 55,781.77) (previous year Rs.25,18 Lacs) in respect of interest on foreign currency loan has not been provided. The same will be provided at the time of actual payment.

Note 9. Reversal of diminution of Current Quoted investment aggregating Rs.31.53 lacs( Prv. Year Rs. 89.32 Lacs) has not been provided. Resulting of such non reversal of diminution the loss for the year and investment are shown higher by Rs. 31.53 lacs (Prv. Year Rs. 89.32 Lacs)

Note 10. Difference on exchange rate fluctuation on Foreign Liabilities amounting to Rs.1.79 lacs (previous year Rs. 176.55 lacs has not been provided. The fluctuation in foreign transaction, if any will be accounted for in the year of remittance/final adjustment. Resulting of such non provision the loss for the year and liability are shown lower by Rs.1.79 lacs (Prv. Year Profits shown lower and liability shown higher by Rs. 176.55 lacs)

Note 11. In respect of disputes with two foreign parties / suppliers M/s Silver webull Sweden AB and M/s Hagglunds drives AB Sweden the Hon’ble Delhi High Court has passed order dated 01/09/2010 and 21/09/2010 directing the company to settle the outstanding of these suppliers in instalments on the dates stated in the orders. The consequential effect of the orders has not been accounted. Resulting of such non provision the Loss for the year and liability are shown higher by Rs. 106.77 lacs.

Note 12. Liability of Rs. 5.48 lacs (USD 10628.94) (Prv. Year - Nil) in respect of interest on deffered payment credit and supplier credits has not been provided. The same will be provided at the time of actual payment. Resulting on such non provision the loss for the year and liability are shown lower by Rs. 5.48 lacs.

Note 13 Expenses pertaining to Prv. Year, included under relevant expenses heads, amount to Rs. 1,88,375/- (Prv. Year - Nil).

Note 14. Managers have been paid remuneration in terms of resolution and in accordance with Schedule XIII to the Companies Act, 1956, as under: Remuneration to Sh Anil Jain ((Up to 31/12/2011 ) and Sh. Amit Jain (from 01/01/2012 ) appointed manager under section 269 of the Companies Act, 1956.

* Remuneration excludes provisions for Gratuity determined on actuarial basis , as these are determined for the Company as a whole.

** Remuneration amounting to Rs. 1.13 lacs paid to Sh. Amit Jain (appointed manager from 01/01/2012) is subject to approval of shareholders by a ordinary resolution to be passed at the general meeting of the company.

Note 15. Segment Reporting

The Company operates in a single business and geographical segment and the requirements of Accounting Standard 17 on Segment Reporting are not relevant.

Note 16. Related Parties Disclosures

1. The names of the Related Parties as certified by the management are as follows :

a) Enterprises Where Control Exists

i. SBEC Investments Limited (Subsidiary company)

ii. SBEC Sugar Limited (Substantial Interest Exist)

b) Enterprises that directly or indirectly controlled or are under common control with the reporting enterprises, i. SBEC System limited (United Kingdom)

c) Key Managerial Personnel

Mr. Anil Jain, Chief Financial Officer (appointed as Manager up to 31/12/2011 under Section 269 of the Companies Act, 1956). Mr. Amit jain Chief Financial Officer (appointed as Manager from 01/01/2012 under Section 269 of the Companies Act, 1956).

d) Individual owning, directly or indirectly , an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise : Mr.U.K.Modi

e) Relative of individual owning substantial interest and their Enterprises :

Mrs.Kumkum Modi, Mr.Abhishek Modi, Ms.Meghna modi, Mrs. Himani Modi, Mr.Jayesh Modi, Modi Arts Pvt Ltd., Modi Goods and Retail Services Pvt Ltd., Jai Abhishek Investments Pvt Ltd., Kamakhya Cosmetics & Pharmaceutical Pvt.Ltd., Modi Diagnostics Pvt Ltd., Modi Revlon Pvt.Ltd., Modi Senator (India) Pvt Ltd., First Move Management Services Pvt Ltd. , Revlon Lanka Pvt Ltd., Swasth Investment Pvt Ltd., Umesh Modi Corp Pvt Ltd., Modi Omega Pharma (India) Pvt Ltd., Modi lllva India Pvt Ltd., A to Z Holding Pvt Ltd., Longwell Investment Pvt Ltd., SBEC Sugar Limited* , Bihar Sponge Iron Ltd., Modi Mundipharma Pvt Ltd., Modiline Travel Service Pvt Ltd., Modi Industries Ltd*., Morgardshammer India Ltd., Win Medicare Pvt Ltd*., H.M.Tubes & Containers Pvt Ltd., * Modi Motors Pvt Ltd*., M.G.Mobile India Pvt Ltd.,Modi Gourmet Limited,Chandil Power Ltd..Revlon Trading Bangladesh Pvt. Ltd, SBEC Bio Energy Ltd*., Meghna AutoWorks Pvt. Ltd., Mundipharma (Bangladesh) Pvt. Ltd., Jayesh Tradex Pvt. Ltd.

* Indicates that during the period , there is transaction with these relatives and enterprises.

Note 17. Deferred Taxation

The Company has no deferred tax liability. There are deferred tax assets on account of unabsorbed depreciation and carried forward business losses, which as a matter of prudence have not been recognised.

Note 18. (a) Current Liabilities include credit balance of Rs. 0.37 lacs (Previous year cr. Balance Rs 0.90 lacs in the name of Mr. Anil Jain) in the name of Mr. Amit Jain appointed as Manager under Section 269 of the Companies Act, 1956.

(b) Current Liabilities include Rs.0.36 lacs (Previous year 0.37 lacs) in the name of Shwetambery Khurana as Company Secretary under the Companies Act, 1956.

Note 19. Employee Benefits

The company has adopted Revised AS-15 ‘Employee Benefits’. In accordance with the transitional provision of revised AS -15, additional liability (net of tax) under new method.

Contributions to Defined Benefit /Contribution Plan, recognized as expense for the year are as under:

a) Defined Contribution Plan

b) Defined Benefit Plan

The employees gratuity fund scheme is a Defined Benefit Plan (DBP). The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The actuary certifies the above information.

Disclosure in respect of previous four annual periods as required by Revised AS-15 ‘Employee Benefits’ is not presented as the management considers it impracticable in the absence of requisite information

Note 20. Previous Year figures are given in brackets and have been regrouped / rearranged wherever required.

---

Mar 31, 2011

1. Contingent liabilities not provided for in respect of :-

Particulars Current Year Previous Year (Rs in Lacs) (Rs in Lacs)

Sales Tax Demand 2.55 2.55

Interest on Foreign Currency Loan 127.28@ 128.52@

@ In terms of agreement dated 14th December 2005 entered with Occident Orient Company Limited and subject to approval of the Reserve Bank of India (RBI), interest of USD 2,81,974/- (Previous Year USD 2,81,974/-) for earlier years is payable by the company on Foreign Currency Loan of USD 10,04,944. Pending approval of RBI, this liability is being shown as contingent liability.

2. The Company holds 100% (Previous year 100%) shares of SBEC Investment Limited.

3. Balances of Sundry Debtors, Sundry Creditors and Loan and advances in few cases are subject to confirmation and reconciliation. However in the opinion of the management the differences arising on such reconciliation, if any, are not likely to be material.

4. In the absence of necessary agreements/approvals, interest on overdue credits/loans from foreign suppliers/lenders has not been provided.

5. Liability of Rs. 7.66 lakh (Previous year Rs. 7.66 lakh) related to deputation charges of foreign technicians has not been provided. The same will be provided at the time of actual payment.

6. The accounts of the Company for the year ending 31.03.11 have been prepared on going concern basis. The management is confident to revive the business activities in near future depending upon more favourable conditions prevailing in the market bearing unforeseen circumstances.

7 Liability of Rs.25,17,989/- (USD 55,781.77) (previous year Rs.25,42,533/-) in respect of interest on foreign currency loan has not been provided. The same will be provided at the time of actual payment.

8. Reversal of diminution of Current Quoted investment aggregating Rs.89,31,924/- has not been provided. Profit & Loss of such investment are accounted at the time of sale of such investment. Resulting of such non reversal of diminution the profit for the year and investment are shown lower by Rs. 89,31,924/-

9. Difference on exchange rate fluctuation on Foreign Liabilities amounting to Rs.1,76,55,214/- (previous year Rs. 1,64,24,106/-) has not been provided. The fluctuation in foreign transaction, if any will be accounted for in the year of remittance/final adjustment. Resulting of such non provision the profit for the year and liability are shown lower by Rs.1,76,55,214/- (previous year Rs. 1,64,24,106/-).

10. In respect of disputes with two foreign parties/supplier M/s Silver Weibull,Sweden and M/s Hagglunds Drives AB. Sweden the Hon'ble Delhi High court has passed orders dated 01-09-2010 and 21-09-2010 directing the Company to settle the outstanding of these suppliers in instalments on the dates stated in the orders. The settlement requires remittance in foreign currencies and is thus subject to necessary approval from RBI, which has not yet been received. Pending such approval the directions could not be implemented. The consequential effect of the order has not been accounted for in the current year.

11. Segment Reporting

The Company operates in a single business and geographical segment and the requirements of Accounting Standard 17 on Segment Reporting are not relevant.

12. Related Parties Disclosures

1. The names of the Related Parties as certified by the management are as follows :

a) Enterprises Where Control Exists

i. SBEC Investments Limited (Subsidiary company)

ii. SBEC Systems Limited, United Kingdom (substantial interest in the Company)

b) Enterprises where Substantial Interest Exists.

i. SBEC Sugar Limited

c) Key Managerial Personnel

Mr. Anil Jain, Chief Financial Officer (appointed as Manager from 01.06.2009 under Section 269 of the Companies Act, 1956).

d) Individual owning, directly or indirectly , an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise : Mr.U.K.Modi

e) Relative of individual owning substantial interest and their Enterprises :

Mrs.Kumkum Modi, Mr.Abhishek Modi, Ms.Meghna modi, Mrs. Himani Modi, Mr.Jayesh Modi, Modi Arts Pvt Ltd.,, Modi Goods and Retail Services Pvt Ltd., Jai Abhishek Investments Pvt Ltd., Kamakhya Cosmetics & Pharmaceuitical Pvt.Ltd., Modi Diagnostics Pvt Ltd., Modi Revlon Pvt.Ltd., Modi Senator (India) Pvt Ltd., First Move Management Services Pvt Ltd., Revlon Lanka Pvt Ltd., Swasth Investment Pvt Ltd., Umesh Modi Corp Pvt Ltd., Modi Omega Pharma (India) Pvt Ltd., Modi lllva India Pvt Ltd., A to Z Holding Pvt Ltd., Longwell Investment Pvt Ltd., SBEC Sugar Limited , Bihar Sponge Iron Ltd., Modi Mundipharma Pvt Ltd., Modiline Travel Service Pvt Ltd., Modi Industries Ltd., Morgardshammer India Ltd., Win Medicare Pvt Ltd., H.M.Tubes & Containers Pvt Ltd., * Modi Motors Pvt Ltd., M.GMobile India Pvt Ltd.,Modi Gourmet Limited,Chandil Power Ltd..Revlon Trading Bangladesh Pvt. Ltd, * SBEC Bio Energy Ltd., Meghna AutoWorks Pvt. Ltd., Mundipharma (Bangladesh) Pvt. Ltd., Jayesh Tradex Pvt. Ltd.

* Indicates that during the period , there is transaction with these relatives and enterprises.

13. Deferred Taxation

The Company has no deferred tax liability. There are deferred tax assets on account of unabsorbed depreciation and carried forward business losses, which as a matter of prudence have not been recognised.

14. (a) Current Liabilities include credit balance of Rs. 0.90 lacs (Previous year Cr. Balance Rs 0.56 lacs in the name of Mr. Anil Jain & Mr. Anil Rustagi) in the name of Mr. Anil Jain appointed as Manager under Section 269 of the Companies Act, 1956.

(b) Current Liabilities include Rs.0.37 lacs (Previous year 0.35 lacs in the name of Ms.Shivani Chaudhary) in the name of Ms. Shwetambery Khurana as Company Secretaries under Companies Act 1956.

15. Employee Benefits

The company has adopted Revised AS- 15 'Employee Benefits'. In accordance with the transitional provision of revised AS - 15, additional liability (net of tax) under new method.

Contributions to Defined Benefit /Contribution Plan, recognized as expense for the year are as under:

b) Defined Benefit Plan

The employees' gratuity fund scheme is a Defined Benefit Plan (DBP). The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

16. Additional information pursuant to provisions of Part II of Schedule VI to the Companies Act, 1956 (to the extent applicable) : a) Stock, Purchases and Sales of Goods traded in: NIL (Nil)

17. Previous Year figures are given in brackets and have been regrouped / rearranged wherever required.

---

Mar 31, 2010

1. Contingent liabilities not provided for in respect of :-

Particulars Current Year Previous Year

(Rs in Lacs) (Rs in Lacs) Sales Tax Demand 2.55 2.55 Interest on Foreign Currency Loan 128.52@ 145.08@

@ In terms of agreement dated 14th December 2005 entered with Occident Orient Company Limited and subject to approval of the Reserve Bank of India (RBI), interest of USD 2,81,974/- (Previous Year USD 2,81,974/-) for earlier years is payable by the company on Foreign Currency Loan of USD 10,04,944. Pending approval of RBI, this liability is being shown as contingent liability.

2. The Company holds 100% (Previous year 100%) shares of SBEC Investment Limited.

3. Balances of Sundry Debtors, Sundry Creditors and Loan and advances in few cases are subject to confirmation and reconciliation. However in the opinion of the management the differences arising on such reconciliation, if any, are not likely to be material.

4. In the absence of necessary agreements/approvals, interest on overdue credits/loans from foreign suppliers/lenders has not been provided.

5. Liability of Rs. 7.66 Lacs (Previous year Rs. 7.66 Lacs) related to deputation charges of foreign technicians has not been provided. The same will be provided at the time of actual payment.

6. The accounts of the Company fot the year ending 31.03.2010 have been prepared on going concern basis. The management is confident to revive the business activities in near future depending upon more favourable conditions prevailing in the market bearing unforeseen circumstances.

7 Liability of Rs.25,42,533/- (USD 55,781.77) (previous year Rs.28,69,973/-) in respect of interest on foreign currency loan has not been provided. The same will be provided at the time of actual payment.

8. Reversal of diminution of Current Quoted investment aggregating Rs.89,31,924/- has not been provided. Profit & Loss of such investment are accounted at the time of sale of such investment.Resulting of such non reversal of diminution the profit for the year and investment are shown lower by Rs. 89,31,924/-

9. Difference on exchange rate fluctuation on Foreign Liabilities amounting to Rs. 1,64,24,106/- has not been provided. The fluctuation in foreign transaction, if any will be accounted for in the year of remittance/final adjustment. Resulting of such non provision the profit for the year and liability are shown lower by Rs. 1,64,24,105/-.

10. Segment Reporting

The Company operates in a single business and geographical segment and the requirements of Accounting Standard 17 on Segmer Reporting are not relevant.

11. Related Parties Disclosures

1. The names of the Related Parties as certified by the management are as follows :

a) Enterprises Where Control Exists

i. SBEC Investments Limited (Subsidiary company)

b) Substantial Interest

i. SBEC Sugar Limited

ii. SBEC Systems Limited, United Kingdom

c) Key Managerial Personnel

Mr. Anil Jain, Chief Financial Officer (appointed as Manager from 01.06.2009 under Section 269 of the Companies Act, 1956). Mr. Anil Rustagi has resigned on 22.04.2009 from the office of Manager-cum-Chief Financial Officer..

d) Individual owning, directly or indirectly , an interest in the voting power of the reporting enterprise that gives them control or significar influence over the enterprise : Mr. Umesh K. Modi

e) Relative of individual owning substantial interest and their Enterprises :

Mrs.Kumkum Modi, Mr.Abhishek Modi, Ms. Meghna Modi, Mrs. Himani Modi Agarwal, Mr.Jayesh Modi, Modi Arts Pvt Ltd.,, Modi Good and Retail Services Pvt Ltd., Jai Abhishek Investments Pvt Ltd., Kamakhya Cosmetics & Pharmaceuitical Pvt.Ltd., Modi Diagnostics P Ltd., Modi Revlon Pvt.Ltd., Modi Senator (India) Pvt Ltd., First Move Management Services Pvt Ltd. , Revlon Lanka Pvt Ltd., Swast Investment Pvt Ltd., Umesh Modi Corp Pvt Ltd., Modi Omega Pharma (India) Pvt Ltd., Modi lllva India Pvt Ltd., A to Z Holding Pvt Ltd Longwell Investment Pvt Ltd., SBEC Sugar Limited , Bihar Sponge Iron Ltd., Modi Mundipharma Pvt Ltd., Modiline Travel Service Pvt Ltd Modi Industries Ltd., Morgardshammer India Ltd., Win Medicare Pvt Ltd., H.M.Tubes & Containers Pvt Ltd., * Modi Motors Pvt Ltd M.GMobile India Pvt Ltd.,Modi Gourmet Limited,Chandil Power Ltd.,Revlon Trading Bangladesh Pvt. Ltd, * SBEC Bio Energy Ltd., Meghn AutoWorks Pvt. Ltd.

* Indicates that during the period , there is transaction with these relatives and enterprises.

12. Deferred Taxation

The Company has no deferred tax liability. There are deferred tax assets on account of unabsorbed depreciation and carried forward business losses, which as a matter of prudence have not been recognised.

13. (a) Current Liabilities include credit balance of Rs. 0.56 lacs (Previous year credit balance Rs 0.14 Lacs in the name of Mr. Anil Rustagi) in the name of Mr. Anil Jain appointed as Manager under Section 269 of the Companies Act, 1956.

(b) Current Liabilities include Rs. 0.35 Lacs (Previous year .07 Lacs) in the name of Ms Shivani Chaudhary as Secretaries under Companies Act 1956.

Note: 1. Closing stock valuation taken as certified by the management and relied upon by the auditor, being a technical matter.

2. Since there are various types of goods and components which are dissimilar in nature, it is not practicable to disclose quantitative information in respect thereof.

14. Previous Year figures are given in brackets and have been regrouped / rearranged wherever required.