అకౌంట్స్ గమనికలుShri Venkatesh Refineries Ltd.

Mar 31, 2025

J. Provisions, Contingent liabilities and Contingent assets:

"a) A provision is recognized when an enterprise has a present obligation as a result of past event; it is
probable that an outflow of resources will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the balance sheet date. These are reviewed
at each balance sheet date and adjusted to reflect the current best estimates."

b) A disclosure for a contingent liability is made when there is a possible obligation arising from the
past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one
or more future events not wholly within the control of the Company or a present obligation that arises
from the past events where it is either not probable that an outflow of resources will be required to
settle or a reliable estimate of the amount cannot be made.

c) Contingent assets are not recognized in the financial statements. However, contingent assets are
assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset
and related income are recognized in the period in which the change occurs.

K. Foreign Currency Transactions
Initial Recognition:

Foreign currency transactions are recorded in the reporting currency, by applying to the foreign
currency amount the exchange rate between the reporting currency and the foreign currency at the
date of the transaction. Non Monetary Items are recorded at the exchange rate prevailing as on the date
of transaction.

Subsequent recognition:

Monetary assets and liabilities such as foreign currency receivables, payables, borrowings outstanding
at the yearend are translated at the year-end rate. Resultant exchange difference arising on realisation
/ payment or translation at year end is recognized as income or expense in the year in which they arise.

Exchange differences arising on the settlement of monetary items or on reporting Company''s monetary
items at rates different from those at which they were initially recorded during the year, or reported
in previous financial statements, are recognized as income or as expenses in the year in which they
arise.

L. Accounting for Taxes on Income

a)Provision for taxation for the year under report includes provision for current tax as well as for
deferred tax.

b) Provision for Current tax is made, based on tax estimated to be payable as computed under the
various provisions of the Income Tax Act, 1961.

c) Deferred tax is recognised, subject to prudence, on timing differences between taxable income and
accounting income that originate during the year and are capable of being reversed in one or more
subsequent periods. Deferred tax assets are recognised only to the extent that there is reasonable
certainty that future taxable income will be available against which such deferred tax assets can be
realised.

d) Deferred Tax Liabilities / Assets are quantified using the tax rates and tax laws enacted or
substantively enacted as on the balance sheet date.

M. Impairment of Assets

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of
impairment based on internal/external factors. An asset is impaired when the carrying amount of the
asset exceeds the recoverable amount. An impairment loss is charged to the Profit & Loss Account in
the year in which an asset is identified as impaired. An impairment loss recognised in prior accounting
periods is reversed if there has been change in the estimate of the recoverable amount.

N. Borrowing Costs

Borrowing costs that are attributable to acquisition or construction of qualifying assets are capitalized
as a part of cost of such assets upto the commencement of commercial operations. A qualifying assets
is the one that necessarily takes substantial period of time to get ready for intended use. Other
borrowing costs are recorded as an expense in the year in which they are incurred.

O. Cash and cash equivalents

Cash & cash equivalents for the purpose of cash flow statement comprises cash at bank and in hand,
demand deposits deposits with banks, other short term higly liquid investments with original
maturities of three months or less.

P. Earnings per share

Basic earnings per share are computed by dividing the net profit after tax by the weighted average
number of equity shares outstanding during the period. The diluted EPS is calculated on the same basis
as basic EPS, after adjusting for the effects of potential dilutive equity shares unless the impact is anti
dilutive.

Q. Related party transactions

Transactions with related parties in the ordinary course of the Company''s business are detailed in Note
No. 35 to the financial statements.

R. Events Occurring after Balance Sheet Date

"Events that occur between balance sheet date and date on which these are approved, might suggest
the requirement for an adjustment(s) to the assets and the liabilities as at balance sheet date or might
need disclosure.

(a) Adjusting Events: Adjustments are required to be made in the Financial Statements for events
which occur after balance sheet date which offer added information substantially affecting the
determination of the amounts which relates to the conditions that existed at balance sheet date.

(b) Non-Adjusting Events: Adjustments aren''t required to the Financial Statements for events which
occur after balance sheet date, in case such events don''t relate to the conditions which existed at
balance sheet date.

There''re events which, though occurring after balance sheet date, are sometimes presented in financial
statements because of their special nature or due to statutory requirements."

S. AS 17- Segment Reporting

AS-17 Segment Reporing is not applicable to the company since the company has only single line of
business segment.

T. Cash Flow Statement

Cash flows are reported using the indirect method where by the profit before tax is adjusted for the
effect of the transactions of a non-cash nature, any deferrals or accruals of past and future operating
cash receipts or payments and items 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.

27 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value
stated if realised in the ordinary course of business. Provision for all known liabilities is adequate
and not in excess of the amount reasonably necessary.

28 Debit and Credit balances in party accounts are subject to confirmations.

29 Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force on
October, 2006, certain disclosures are required to be made relating to Micro, Small and Medium
Enterprises. The Company is in process to compile the relevant information and put in place the
system to make the information readily available. In absence of information, no disclosures have
been made in the Books of Accounts.

37 Segment Reporting:

The Company''s only identifiable reportable Business segment is Manufacturing and Trading of
Refined Oil and Raw Oil. Further , the Company operates and controls its business activities
within/from India , except export of goods. Hence disclosure of Segment wise information is not
applicable under Accounting Standard - 17 “Segment Information” (AS-17)

38 Corporate Social Responsibility:

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold,
needs to spend at least 2% of its average net profit for the immediately preceding three financial
years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the
company as per the Act. Following are the disclosures in respect of CSR expenditure by the
Company :

39 Other Statutory Information

(i) During the year, there is no untilised amounts in respect of any issue of securities and long term
borrowings from banks and financial institutions. The borrowed funds have been utilised for the
specific purpose for which the funds were raised.

(ii) The Company do not have any transactions with struck off companies.

(iii) The Company do not have any Benami property, where any proceeding has been initiated or
pending against the Company for holding any Benami property.

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

(v) The company has not revalued Property, Plant and Equipment during the year.

(vi) No charges are pending for registration or satisfaction with the Registrar of Companies (ROC).

(vii) "The Company have 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."

(viii) " The Company have 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."

(ix) The Company have not any such transaction which is 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 (such as, search or survey or any other relevant provisions of the Income Tax Act,
1961.

(x) The Company has not been declared as wilful defaulter.

(xi) The Company is in compliance with the no. of layers as prescribed under clause (87) of section 2 of
The Companies Act, 2013 read with the Companies (Restriction on Number of Layers) Rules, 2017.

(xii) During the year, no Scheme of Arrangement has been formulated by the Company/pending with
competent authority.

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Mar 31, 2024

The company has only one class of shares having a par value of Rs. 10/- each. Each shareholder is eligible for one vote per share. The dividend proposed by the Board is subject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company in proportion to their shareholding after distribution of all preferential amounts.

Nature of Security :

*The loans are secured through hypothecation charge of Stocks, Book debts and Plant and Machinery situated at Gat No 13/1, Umarde, Erandol, Jalgaon -425109.

a) The above Working Capital finance from Bank of Baroda has been secured by hypothcation of stock of all type of Raw Materials,Finished Goods,Work in Progress,Chemicals, Stores & Spares, BookDebts, & Goods in Transit etc.)

26 Contingent Liabilities and commitments (to the extent not provided for) :- a) There are contingent liabilities to be disclosed in the financial statements during the year are as follows: (Rupees in Lacs)
	Contingent Liabilities	2023-24	2022-23
	1) Income Tax Demand for AY 2017-18	172.17	165.30
	2) Income Tax Demand for AY 2018-19	0.15	-
	3) Income Tax Demand for AY 2021-22	70.01	-
	4) Corporate Guarantees given on in favour of Shrikrupa Ginners Pvt Ltd	1,307.00	1,307.00
	Total	1,549.32	1,472.30
b)	Capital Commitments	2023-24	2022-23
	Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)

27 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

28 Debit and Credit balances in party accounts are subject to confirmations.

29 Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force on October, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company is in process to compile the relevant information and put in place the system to make the information readily available. In absence of information, no disclosures have been made in the Books ofAccounts.

30 There was no employee throughout the financial year orfor a part of the financial year, who was in receipt of remuneration in aggregate of Rs. 60/- Lakh or more, per annum orRs. 5/- Lakh or more, permonth.

34 Employee Benefits:

In accordance with AS-15 Retirement benefits, the company has contributed an amount of Rs.5.32 Lakh (Previous year Rs. 4.32 Lakh) to the Provident Fund, which is recognised as an expense.

37 Segment Reporting:

The Company’s only identifiable reportable Business segment is Manufacturing and Trading of Refined Oil and Raw Oil. Further, the Company operates and controls its business activities within/from India , except export of goods. Hence disclosure of Segment wise information is not applicable underAccounting Standard -17 “Segment Information” (AS-17)

38 Corporate Social Responsibility:

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the company as per the Act. Following are the disclsures in respect of CSR expenditure by the Company:

39 Other Statutory Information

(i) As on March 31,2024 there is no untilised amounts in respect of any issue of securities and long term borrowings from banks and financial institutions. The borrowed funds have been utilised for the specific purpose for which the funds were raised.

(ii) The Company do not have any transactions with struck off companies

(iii) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

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

(v) The company has not revalued Property, Plant and Equipment during the year.

(vi) No charges are pending for registration or satisfaction with the Registrar of Companies (ROC).

(vii) The Company have 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.

(viii) The Company have 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.

(ix) The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments underthe IncomeTaxAct, 1961 (such as, search or survey or any other relevant provisions of the IncomeTaxAct, 1961.

(x) The Company has not been declared as wilful defaulter.

(xi) The Company is in compliance with the no. of layers as prescribed under clause (87) of section 2 of The Companies Act, 2013 read with the Companies (Restriction on Number of Layers) Rules, 2017.

(xii) During the year, no Scheme of Arrangement has been formulated by the Company/ pending with competent authority.

*The Board of Directors of the Company has allotted the Bonus Shares in the ratio of 1:1 as on 30th October, 2023. Hence, in pursuance of Accounting Standard - 20 (AS - 20) "Earnings Per Share" the same has been considered for the computation of Basic and Diluted EPS and inline of AS - 20, for the purpose of rational comparision, the Basic and Diluted EPS have been computed as if the Bonus Shares are issued as on the 01 stApirl of the Previous year.

41 Previous year’s figures have been regrouped / reclassified wherever necessary to correspond

with the current year’s classification / disclosure.

---

Mar 31, 2023

The company has only one class of shares having a par value of Rs. 10/- each. Each shareholder is eligible for one vote per share. The dividend proposed by the Board is subject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company in proportion to their shareholding after distribution of all preferential amounts.

Nature of Security :

*The loans are secured through hypothecation charge of Stocks, Book debts and Plant and Machinery situated at Gat No 13/1, Umarde, Erandol, Jalgaon - 425109.

Nature of Security :

a) The above Working Capital finance from Bank of Baroda has been secured by hypothcation of stock of all type of Raw Materials, Finished Goods, Work in Progress, Chemicals, Stores & Spares, Book Debts, & Goods in Transit etc.)

26 Contingent Liabilities and commitments (to the extent not provided for) :- a) There are contingent liabilities to be disclosed in the financial statements during the year are as follows: (Rupees in Lacs)
	Contingent Liabilities	2022-23	2021-22
	1) Income Tax Demand for AY 2017-18	165.3	165.3
	2) Corporate Guarantees given on in favour of Shrikrupa Ginners Pvt Ltd	1946.00	1307.00
	3) Corporate Guarantees given on in favour of Shri Balaji Oil Mill	1495.00
	Total	1472.3	1472.3
b)	Capital Commitments	2022-23	2021-22
	Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)

27 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

28 Debit and Credit balances in party accounts are subject to confirmations.

29 Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force on October, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company is in process to compile the relevant information and put in place the system to make the information readily available. In absence of information, no disclosures have been made in the Books ofAccounts.

30 There was no employee throughout the financial year orfor a part of the financial year, who was in receipt of remuneration in aggregate of Rs. 60/- Lakh or more, per annum orRs. 5/- Lakh or more, per month.

34 Employee Benefits:

In accordance with AS-15 Retirement benefits, the company has contributed an amount of Rs.4.32 Lakh (Previous year Rs. 2.26 Lakh) to the Provident Fund, which is recognised as an expense.

37 Segment Reporting:

The Company’s only identifiable reportable Business segment is Manufacturing and Trading of Refined Oil and Raw Oil. Further, the Company operates and controls its business activities within/from India , except export of goods. Hence disclosure of Segment wise information is not applicable underAccounting Standard -17 “Segment Information” (AS-17)

38 Corporate Social Responsibility:

As per Section 135 of the CompaniesAct, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the company as per the Act. Following are the disclsures in respect of CSR expenditure by the Company:

39 Other Statutory Information

(i) As on March 31,2023 there is no untilised amounts in respect of any issue of securities and long term borrowings from banks and financial institutions. The borrowed funds have been utilised for the specific purpose for which the funds were raised.

(ii) The Company do not have any transactions with struck off companies

(iii) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

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

(v) "The Company have 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"

(vi) "The Company have 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"

(vii) The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments underthe Income TaxAct, 1961 (such as, search or survey or any other relevant provisions of the Income TaxAct, 1961

41 Previous year’s figures have been regrouped / reclassified wherever necessary to correspond

with the current year’s classification/disclosure.