అకౌంట్స్ గమనికలుStandard Batteries Ltd.

1.8. Provisions, Contingent liabilities and
Contingent Assets

Provisions are recognized when the Company has
a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow
of resources embodying economic benefits will be
required to settle the obligation and a reliable
estimate can be made of the amount of the
obligation. These are reviewed at each year end
and reflect the best current estimate.

Contingent liabilities are disclosed when there is a
possible obligation arising from past events, the
existence of which will be confirmed only by the
occurrence or non-occurrence of one or more
uncertain future events not wholly within the
control of the Company or a present obligation that
arises from past events where it is either not
probable that an outflow of resources will be
required to settle the obligation or a reliable
estimate of the amount cannot be made.
Contingent liabilities are not provided for and are
disclosed by way of notes.

A contingent asset is not recognised but disclosed
in the financial statements where an inflow of
economic benefit is probable.

Provisions, contingent liabilities and commitments
are reviewed at each Balance Sheet date.

1.9. Fair Value Measurement

The Company measures financial instruments
such as investments at fair value at each Balance
Sheet date.

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date. The fair value measurement is
based on the presumption that the transaction to
sell the asset or transfer the liability takes place
either:

♦ In the principal market for the asset or liability, or

♦ In the absence of a principal market, in the most
advantageous market for the asset or liability

The principal or the most advantageous market
must be accessible by the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants
would use when pricing the asset or liability,
assuming that market participants act in their
economic best interest.

A fair value measurement of a non-finandal asset takes
into account a market participant''s ability to generate
economic benefits by using the asset in its highest and
best use or by selling it to another market participant
that would use the asset in its highest and best use.

The Company uses valuation techniques that are
appropriate in the circumstances and for which

sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.

1.10. Financial Instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.

a) Financials Assets

Initial recognition and measurement

All Financial Assets are initially recognized at
transaction price when the Company becomes
party to contractual obligations. The transaction
price includes transaction costs unless the asset is
being fair valued through the Statement of Profit
and Loss.

Subsequent measurement

Management determines the classification of an
asset at initial recognition depending on the
purpose for which the assets were acquired. The
subsequent measurement of financial assets
depends on such classification.

Financial Assets are classified as those measured at:

a) Amortised cost,

b) At fair value through Other Comprehensive
Income (FVTOCI),

c) At fair value through Profit or Loss (FVTPL)
Financial Assets at Amortized Cost

A ''Financial Asset'' is measured at the amortized
cost if both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold asset for collecting
contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the
principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortized cost using
the effective interest rate (EIR) method. Amortized
cost is calculated by taking into account any
discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR
amortization is included in finance income in the

Statement of Profit and Loss.

Financial Assets at fair value through Other
Comprehensive Income

Financial assets are measured at fair value through
other comprehensive income if these financial
assets are held both for collection of contractual
cash flows and for selling the financial assets, and
contractual terms of the financial asset give rise to
cash flows representing solely payments of
principal and interest.

Financial Assets at fair value through Profit or
Loss

FVTPL is a residual category for Financial Assets.
Any Financial Assets, which does not meet the
criteria for categorization as at amortized cost or as
FVTOCI, is classified as at FVTPL.

In addition, the Company may elect to designate a
Financial Asset, which otherwise meets amortized
cost or FVTOCI criteria, as at FVTPL. However,
such election is allowed only if doing so reduces or
eliminates a measurement or recognition
inconsistency (referred to as ''accounting
mismatch'').

The classification depends the business model of
the entity for managing financial assets and the
contractual terms of the cash flows.

Equity Instruments

All equity investments in scope of Ind AS 109 are
measured at fair value. The Management of the
Company has elected to present fair value gains
and losses on such equity investments through
Profit or Loss.

Changes in the fair value of financial assets at fair
value through profit or loss are recognized in the
Statement of Profit and Loss.

De-recognition of Financial Assets

A Financial Asset (or, where applicable, a part of
financial asset or part of a group of similar financial
assets) is primarily derecognized when:

♦ The rights to receie cash flows from the asset
have expired, or

♦ The Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received
cash flows in full without material delay to a
third party under a ''pass-through''
arrangement; and either

(a) the Company has transferred substantially all
the risks and rewards of the asset, or

(b) the Company has neither transferred nor
retained substantially all the risks and
rewards of the asset, but has transferred
control of the asset.

Impairment of Financial Assets

The Company assesses at each reporting date
whether a financial asset (or a group of financial
assets) such as investments, trade receivables,
advances and security deposits held at amortised
cost and financial assets that are measured at fair
value through other comprehensive income are
tested for impairment based on evidence or
information that is available without undue cost or
effort. Expected credit losses are assessed and loss
allowances recognised if the credit quality of the
financial asset has deteriorated significantly since
initial recognition.

Reclassification of Financial assets

The Company determines classification of
financial assets and liabilities on initial recognition.
After initial recognition, no reclassification of
financial assets like equity instruments and
financial liabilities is made. For financial assets
which are debt instruments, a reclassification is
made only if there is a change in the business
model for managing those assets. Changes to the
business model are expected to be infrequent. The
Company''s senior management determines
change in the business model as a result of external
or internal changes which are significant to the
Company''s operations. Such changes are evident
to external parties. A change in the business model
occurs when the Company either begins or ceases
to perform an activity that is significant to its
operations. If the Company reclassifies financial
assets, it applies the reclassification prospectively
from the reclassification date which is the first day
of the immediately next reporting period
following the change in business model. The
Company does not restate any previously
recognised gains, losses (including impairment
gains or losses) or interest.

b) Financial Liabilities

Initial recognition and measurements

All financial liabilities are initially recognised at
fair value of the respective contractual obligations.

Subsequent Measurement

Financial liabilities are subsequently measured at
amortised cost. Any discount or premium on
redemption /settlement is recognised in the
Statement of Profit and Loss as finance cost over
the life of the liability using the effective interest
method and adjusted to the liability figure
disclosed in the Balance Sheet.

De-recognition of Financial Liabilities

Financial liabilities are derecognised when the
liability is extinguished, that is, when the
contractual obligation is discharged, cancelled and
on expiry. When an existing financial liability is
replaced by another from the same lender on
substantially different terms, or the terms of an
existing liability are substantially modified, such
an exchange or modification is treated as the
recognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognized in the
Statement of Profit & Loss.

1.11. Trade and Other Payables:

These amounts represent liabilities for goods and
services provided to the Company prior to the end
of financial year which are unpaid. The amounts
are unsecured and usually paid within 30 days of
recognition. Trade and other payables are
presented as current liabilities unless payment is
not due within 12 months after the reporting
period.

1.12. Revenue Recognition

Revenue is recognized to the extent that it is
probable that the economic benefits will flow to the
Company and the revenue can be reliably
measured.

Interest income

Interest income is accounted on accrual basis at the
contractual rates.

1.13. Income Tax
Current Tax

The current tax charge is calculated on the basis of
the tax laws enacted or substantively enacted at the
end of the reporting year. The Management
periodically evaluates positions taken in tax
returns with respect to situations in which
applicable tax regulation is subject to
interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be
paid to the tax authorities.

Deferred Tax

Deferred tax is provided using the Balance Sheet
approach, which focuses on temporary differences
between the carrying amount of an asset or liability
in the Balance Sheet and its tax base. The tax effect
is calculated on the accumulated timing
differences at the end of an accounting year based
on prevailing enacted or substantially enacted
regulations. Deferred tax assets are recognized
only if there is reasonable certainty that they will be
realized and are reviewed for the appropriateness
of their respective carrying values at each Balance
Sheet date.

1.14. Employee benefits
Short-term Employee Benefits:

All employee benefits payable within 12 months of
service such as salaries, wages, bonus, ex-gratia,
medical benefits etc. are recognised in the year in
which the employees render the related service
and are presented as current employee benefit
obligations within the Balance Sheet. Termination
benefits are recognised as an expense as and when
incurred.

Short-term leave encashment is provided at
undiscounted amount during the accounting
period based on service rendered by employees.
Any excess or short provision in respect of the
same is recognized in the Statement of Profit and
Loss in the subsequent years.

Defined Contribution Plan

Retirement benefit in the form of contribution to
fund is defined contribution plan. The Company
provides specific percentage of the payroll costs as
contribution payable to the fund and the same is
considered as expense. The Company does not
have employees exceeding 20. Hence, the
provisions of Employees Provident Fund and
Miscellaneous Provision Act, 1952 and Employees
State Insurance Act, 1948 are not applicable.
Defined Benefit Plan

The Company does not have employees exceeding
10. Hence, the provisions of Gratuity Act, 1972 are
not applicable.

Labour Code

On 21st November, 2025, the Government of India
notified four Labour Codes - the Code on Wages,
2019, the Industrial Relations Code, 2020, the Code
on Social Security, 2020, and the Occupational
Safety, Health and Working Conditions Code, 2020
- consolidating various existing labour laws.

The Ministry of Labour & Employment has also
published draft Central Rules and FAQs to enable
assessment and necessary implementation of the
financial impact due to these regulatory changes.
According to the guidance and FAQ issued by the
Institute of Chartered Accountants of India, the
new Labour Codes is effective from 21st
November, 2025.

Based on the evaluation carried out, the Company
is of the view that implementation of the new
labour code does not have a material impact on the
financial statements of the Company.

1.15. Earnings Per Share

Basic earnings per share is calculated by dividing
the net profit or loss for the year attributable to
Equity Shareholders by the weighted average
number of Equity Shares outstanding during the
period. Earnings considered in ascertaining the
EPS is the net profit for the period and any
attributable tax thereto for the period.

Diluted earnings per share adjusts the figures used
in determination of basic earnings per share to take
into account the conversion of all dilutive potential
equity shares. Dilutive potential equity shares are
deemed converted as at the beginning of the period
unless issued at a later date.

1.16. Rounding off Amounts

All amounts disclosed in the Financial Statements
and notes have been rounded off to the nearest
lakhs as per the requirement of Schedule III to the
Companies Act, 2013, unless otherwise stated.

1.17. Recent Ind AS pronouncements

The Ministry of Corporate Affairs ("MCA")
notifies new standards or amendments to the
existing standards under Companies (Indian
Accounting Standards) Rules as issued from time
to time.

During the year ended March 31, 2025, MCA has
notified Ind AS 117 - Insurance Contracts and
amendments to Ind As 116 - Leases, relating to sale
and lease back transactions, applicable from April
1, 2024.

The amendments have no impact on the company''s
financial statements.

The Ministry of Corporate Affairs vide notification
dated 7 May 2025 and 13 August 2025 notified the
Companies (Indian Accounting Standards)
Amendment Rules, 2025 and Companies (Indian
Accounting Standards) Second Amendment Rules,
2025, respectively, which amended certain
accounting standards (see below), and are effective
for annual reporting periods beginning on or after 1
April 2025:

Classification of Liabilities as Current or Non¬
current and Non-current Liabilities with
Covenants - Amendments to Ind AS 1
As a result of the adoption of the amendments to
Ind AS 1, the Company changed its accounting
policy for the classification of borrowings:
"Borrowings are classified as current liabilities
unless, at the end of the reporting period, the
company has a right to defer settlement of the
liability for at least 12 months after the reporting
period. Covenants that the company is required to
comply with, on or before the end of the reporting
period, are considered in classifying loan
arrangements with covenants as current or non¬
current. Covenants that the company is required to
comply with after the reporting period do not affect
the classification."

This new policy did not result in a change in the
classification of the Company''s borrowings. The
Company did not make retrospective adjustments
as a result of adopting the amendments to Ind AS 1.
''Supplier Finance Arrangements - Amendments
to Ind AS 7 and Ind AS 107

As a result of the adoption of the amendments to

Ind AS 7 and Ind AS 107, the Company does not
expect material impact of these amendments in its
financial statements.

''International Tax Reform - Pillar Two Model
Rules - Amendments to Ind AS 12

The Company is not within the scope of the OECD
Pillar Two Model Rules, as Pillar Two legislation
has not yet been enacted in any of the jurisdictions
in which the company operates.

''Lack of Exchangeability - Amendments to Ind
AS 21

The amended Ind AS 21 have added requirements
to help entities to determine whether a currency is
exchangeable into another currency, and the spot
exchange rate to use where it is not. These
amendments did not have any material impact on
the amounts recognised in current periods and are
not expected to significantly affect the future
periods.

1.18 Recent Indian Accounting Standards (Ind AS)
issued not yet effective

Classification of Liabilities as Current or Non¬
current and Non-current Liabilities with
Covenants - Amendments to Ind AS 1
This amendment also includes specific provisions
that will take effect for reporting periods
beginning on or after 1 April 2026, as outlined
below.

Under the existing Ind AS 1, where there is a breach
of a material provision of a long-term loan
arrangement on or before the end of the reporting
period with the effect that the liability becomes
payable on demand on the reporting date, the
entity does not classify the liability as current, if the
lender agreed, after the reporting period and
before the approval of the financial statements for
issue, not to demand payment as a consequence of
the breach.

However, the amended requirements stipulate that
entities will no longer be permitted to consider
lender waivers that are granted after the reporting
date but before the financial statements are
approved for the purpose of classification of loans.
This amendment is required to be applied
retrospectively in accordance with Ind AS 8.

The Company does not expect this amendment to
have an impact on its operations or financial
statements.

Notes:

i) In accordance with the Ind AS 36 on ''Impairment of Assets, the Company has reassessed the carrying
amounts of its Property, plant and equipment and is of the view that no further impairment / reversal is
considered to be necessary in view of its expected realisable value.

ii) The Company has not revalued its Property, Plant and Equipment during the Financial Year 2025-26 and
2024-25.

iii) The Company does not have any immovable property, hence the disclosure requirements with respect to
title deed are not applicable.

iii) Claim against the company not acknowledged as debt :

A claim has been filed against the Company by Howrah Motor Company Limited (plaintiff) before the
Court of Ld. Civil Judge Senior Division at Sealdah in the year 1998 in money suit no 150 of 1998. The
suit has been filed for realisation of a sum of Rs. 63.97 Lakhs as compensation for loss suffered by the
plaintiff for the Financial Year 1997-88. Thereafter, the Company has filed a counter claim against the
said suit for an amount of Rs. 49.67 Lakhs. The suit is pending for hearing.

b) Commitment

The company has no Commitments as at the balance sheet date.

Note 23 : Segment Information

Operating segments are defined as components of an enterprise for which discrete financial
information is available that is evaluated regularly by the Company, in deciding how to allocate
resources and assessing performance.

At present, the Company doesn''t have any significant business activities. Hence, no separate
disclosure has been made for segment reporting as per IND AS 108 "Operating Segments"

Note 25 : Financial Risk Management

The Company''s activities expose it to market risk, liquidity risk and credit risk.

This note explains the sources of risk which the entity is exposed to and how the entity manages the
risk and the impact of hedge accounting in the financial statements.

Note 26 : Deferred Tax

In the absence of virtual uncertainty of sufficient future taxable income, the Company has not
recognized deferred tax asset on unabsorbed depreciation and carry forward losses under the Income
Tax Laws.

Note 27 : Disclosure requirement under MSMED Act, 2006

As required to be disclosed under Micro, Small & Medium Enterprises Development Act, 2006 and to
the extent such parties are identified on the basis of information available with the Company, there are
no Micro enterprises or Small scale enterprises to whom the Company owes any due which are
outstanding for more than 45 days as at 31st March 2026.

Note 29 : In earlier years, the Company had advanced Inter Corporate Deposits (''ICD'') to Williamson Financial
Services Limited ("the recipient Company"). Considering the financial position of the recipient Company, the
management had decided not to recognise interest income on the same. In the previous financial year, without
prejudice to any of the legal rights and remedies available to recover the outstanding amounts, the
Management decided to recognise full provision against the outstanding amount. Accordingly, provision
created in earlier years has been written back to this extent during the financial year 2023-24 and the effect of the
same has been presented in "Other Income".

Note 30:The Company has filed appeals before the Hon''ble Bombay High Court against disallowance of set-off of
brought forward business losses, unabsorbed depreciation and business expenditure for the Assessment Years
2007-08, 2009-10, 2010-11 and 2011-12. The outcomes of these appeals are still pending, however, the tax
liability for these years have been fully paid.

Note: The Company does not have any Borrowings, Trade Receivables, Trade Payables and Earnings
before interest and tax hence, Debt Equity Ratio, Debt Service Coverage Ratio, Trade Receivables
Turnover Ratio, Net Profit Ratio, Trade Payables Turnover Ratio, Inventory Turnover Ratio and Net
Capital Turnover Ratio have not been disclosed in the financials.

Note 32 : Other Disclosures

a) Investments, Fixed Deposits, Loans, Other Financial Assets, Other Current Assets, Trade Payables, Current
Liabilities and Security Deposits are subject to confirmation and reconciliation from respective parties and
consequential reconciliations and adjustments arising therefrom, if any. The management, however, does not
expect any material deviation.

b) In the opinion of the Management, the value of realization of Current and Non-Current Assets in the ordinary
course of business would not be less than the amount at which they are stated in the Balance Sheet.

c) The accounting software used by the Company for maintaining its books of account did not have an audit
trail (edit log) feature for certain modules/transactions during the year. Accordingly, the requirements
relating to preservation of audit trail could not be complied with to that extent.

d) There are no significant subsequent events that would require adjustments or disclosures in the Financial
Statements as on the date of approval of the Financial Statements.

e) Details of Benami Property held

No proceedings have been initiated or are pending against the Company as at 31st March, 2026 for holding
any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

f) Disclosure in relation to undisclosed income

The Company does not have any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year ended 31st March, 2026 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).

g) Registration of Charges

The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of
Companies beyond the statutory period. However, the company is yet to file the satisfaction of charges
created in earlier years.

h) Corporate Social Responsibility

The provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility are not
applicable to the Company.

i) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended 31st
March, 2026 and 31st March, 2025.

j) Relationship with Struck off Companies

During the year, the Company did not have any transactions with companies struck off u/s 248 of the
Companies Act, 2013 or u/s 560 of the Companies Act,1956.

k) Utilisation of Borrowed Funds and Share Premium

During the year ended 31st March 2026, the Company has not advanced or loaned or invested funds (either
borrowed funds or share premium or any other sources or kinds of funds) to any other person (s) or
entity(ies).

During the year ended 31st March, 2026, the Company has not received any fund from any person(s) or
entity(ies), including foreign entities with the understanding (whether recorded in writing or otherwise) that
the company shall directly or indirectly lend or invest or provide any guarantee or security.

l) Previous Year figures have been rearranged/ regrouped wherever necessary to correspond with the current
year''s classification/disclosures.

Note 24 : Segment Information

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Company, in deciding how to allocate resources and assessing performance.

At present, the Company doesn''t have any significant business activities. Hence, no separate disclosure has been made for segment reporting as per IND AS 108 "Operating Segments"

Note 27 : Deferred Tax

In the absence of virtual uncertainty of sufficient future taxable income, the Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under the Income Tax Laws.

Note 28 : Disclosure requirement under MSMED Act, 2006

As required to be disclosed under Micro, Small & Medium Enterprises Development Act, 2006 and to the extent such parties are identified on the basis of information available with the Company, there are no Micro enterprises or Small scale enterprises to whom the Company owes any due which are outstanding for more than 45 days as at 31st March 2025.

Note 30 : In earlier years, the Company had advanced Inter Corporate Deposits (''ICD'') to Williamson Financial Services Limited ("the recipient Company"). Considering the financial position of the recipient Company, the management had decided not to recognise interest income on the same. In the previous financial year, without prejudice to any of the legal rights and remedies available to recover the outstanding amounts, the Management decided to recognise full provision against the outstanding amount. Accordingly, provision created in earlier years has been written back to this extent during the financial year 2023-24 and the effect of the same has been presented in "Other Income".

Note 31:The Company has filed appeals before the Hon''ble Bombay High Court against disallowance of set-off of brought forward business losses, unabsorbed depreciation and business expenditure for the Assessment Years 2007-08, 2009-10, 2010-11 and 2011-12. The outcomes of these appeals are still pending, however, the tax liability for these years have been fully paid.

Note: The Company does not have any Borrowings, Trade Receivables, Trade Payables and Earnings before interest and tax hence, Debt Equity Ratio, Debt Service Coverage Ratio, Trade Receivables Turnover Ratio, Net Profit Ratio, Trade Payables Turnover Ratio, Inventory Turnover Ratio and Net Capital Turnover Ratio have not been disclosed in the financials.

Note 33 : Other Disclosures

a) Trade Payables, Current Liabilities and Security Deposits are subject to confirmation and reconciliation from respective parties and consequential reconciliations and adjustments arising therefrom, if any. The management, however, does not expect any material deviation.

b) In the opinion of the Management, the value of realization of Current and Non-Current Assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

c) There are no significant subsequent events that would require adjustments or disclosures in the Financial Statements as on the date of approval of the Financial Statements.

d) Details of Benami Property held

No proceedings have been initiated or are pending against the Company as at 31st March, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

e) Disclosure in relation to undisclosed income

The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year ended 31st March, 2025 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).

f) Registration of Charges

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

g) Corporate Social Responsibility

The provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility are not applicable to the Company.

h) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended 31st March, 2025 and 31st March, 2024.

i) Relationship with Struck off Companies

During the year, the Company did not have any transactions with companies struck off u/s 248 of the Companies Act, 2013 or u/s 560 of the Companies Act, 1956.

j) Utilisation of Borrowed Funds and Share Premium

During the year ended 31st March 2025, the Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kinds of funds) to any other person (s) or entity(ies).

During the year ended 31st March, 2025, the Company has not received any fund from any person(s) or entity(ies), including foreign entities with the understanding (whether recorded in writing or otherwise) that the company shall directly or indirectly lend or invest or provide any guarantee or security.

k) Previous Year figures have been rearranged/ regrouped wherever necessary to correspond with the current year''s classification/disclosures.

1.8. Provisions and contingent liabilities

Provisions are recognized when the Company
has a present obligation (legal or constructive) as
a result of a past event, it is probable that an
outflow of resources embodying economic benefits
will be required to settle the obligation and a
reliable estimate can be made of the amount of the
obligation. These are reviewed at each year end
and reflect the best current estimate.

Contingent liabilities are disclosed when there is
a possible obligation arising from past events, the

existence of which will be confirmed only by the
occurrence or non-occurrence of one or more
uncertain future events not wholly within the
control of the Company or a present obligation
that arises from past events where it is either not
probable that an outflow of resources will be
required to settle the obligation or a reliable
estimate of the amount cannot be made.
Contingent liabilities are not provided for and
are disclosed by way of notes.

Provisions, contingent liabilities and commitments
are reviewed at each Balance Sheet date.

1.9. Fair Value Measurement

The Company measures financial instruments
such as investments at fair value at each Balance
Sheet date.

Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants
at the measurement date. The fair value
measurement is based on the presumption that
the transaction to sell the asset or transfer the
liability takes place either:

♦ In the principal market for the asset or liability, or

♦ In the absence of a principal market, in the most
advantageous market for the asset or liability

The principal or the most advantageous market
must be accessible by the Company.

The fair value of an asset or a liability is
measured using the assumptions that market
participants would use when pricing the asset or
liability, assuming that market participants act
in their economic best interest.

A fair value measurement of a non-financial
asset takes into account a market participant''s
ability to generate economic benefits by using the
asset in its highest and best use or by selling it to
another market participant that would use the
asset in its highest and best use.

The Company uses valuation techniques that
are appropriate in the circumstances and for
which sufficient data are available to measure
fair value, maximizing the use of relevant
observable inputs and minimizing the use of
unobservable inputs.

1.10 Financial Instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a
financial liability or equity instrument of another
entity.

a) Financials Assets

Initial recognition and measurement

All Financial Assets are initially recognized at
transaction price when the Company becomes
party to contractual obligations. The transaction
price includes transaction costs unless the asset
is being fair valued through the Statement of
Profit and Loss.

Subsequent measurement

Management determines the classification of an
asset at initial recognition depending on the
purpose for which the assets were acquired. The
subsequent measurement of financial assets
depends on such classification.

Financial Assets are classified as those measured at :

a) Amortised cost,

b) At fair value through Other Comprehensive
Income,

c) At fair value through Profit or Loss

Financial Assets at Amortized Cost

A ''Financial Asset'' is measured at the amortized
cost if both the following conditions are met:

a) The asset is held within a business model

whose objective is to hold asset for collecting
contractual cash flows, and

b) Contractual terms of the asset give rise on

specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

After initial measurement, such financial assets
are subsequently measured at amortized cost
using the effective interest rate (EIR) method.
Amortized cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortization is included in finance
income in the Statement of Profit and Loss.

Financial Assets at fair value through Profit or
Loss

FVTPL is a residual category for Financial
Assets. Any Financial Assets, which does not
meet the criteria for categorization as at
amortized cost or as FVTOCI, is classified as at
FVTPL.

In addition, the Company may elect to designate
a Financial Asset, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing
so reduces or eliminates a measurement or
recognition inconsistency (referred to as
''accounting mismatch'').

The classification depends the business model
of the entity for managing financial assets and
the contractual terms of the cash flows.

Equity Instruments

All equity investments in scope of Ind AS 109 are
measured at fair value. The Management of the
Company has elected to present fair value gains
and losses on such equity investments through
Profit or Loss.

Changes in the fair value of financial assets at
fair value through profit or loss are recognized
in the Statement of Profit and Loss.

De-recognition of Financial Assets

A Financial Asset (or, where applicable, a part of
financial asset or part of a group of similar
financial assets) is primarily derecognized
when:

♦ The rights to receive cash flows from the
asset have expired, or

♦ The Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received
cash flows in full without material delay to a
third party under a ''pass-through''
arrangement~ and either

(a) the Company has transferred substantially
all the risks and rewards of the asset, or

(b) the Company has neither transferred nor
retained substantially all the risks and
rewards of the asset, but has transferred
control of the asset.

Impairment of Financial Assets

The Company assesses at each reporting date
whether a financial asset (or a group of financial
assets) such as investments, trade receivables,
advances and security deposits held at amortised
cost and financial assets that are measured at
fair value through other comprehensive income
are tested for impairment based on evidence or
information that is available without undue cost
or effort. Expected credit losses are assessed and
loss allowances recognised if the credit quality
of the financial asset has deteriorated
significantly since initial recognition.

Reclassification of Financial assets

The Company determines classification of
financial assets and liabilities on initial
recognition. After initial recognition, no
reclassification of financial assets like equity
instruments and financial liabilities is made. For
financial assets which are debt instruments, a
reclassification is made only if there is a change
in the business model for managing those assets.
Changes to the business model are expected to
be infrequent. The Company''s senior
management determines change in the business
model as a result of external or internal changes
which are significant to the Company''s
operations. Such changes are evident to external
parties. A change in the business model occurs
when the Company either begins or ceases to
perform an activity that is significant to its
operations. If the Company reclassifies financial
assets, it applies the reclassification prospectively
from the reclassification date which is the first
day of the immediately next reporting period
following the change in business model. The
Company does not restate any previously
recognized gains, losses (including impairment
gains or losses) or interest.

b) Financial Liabilities

Initial recognition and measurements

All financial liabilities are initially recognised at
fair value of the respective contractual obligations.

Subsequent Measurement

Financial liabilities are subsequently measured
at amortised cost. Any discount or premium on
redemption /settlement is recognised in the
Statement of Profit and Loss as finance cost over
the life of the liability using the effective interest
method and adjusted to the liability figure
disclosed in the Balance Sheet.

De-recognition of Financial Liabilities

Financial liabilities are derecognised when the
liability is extinguished, that is, when the
contractual obligation is discharged, cancelled
and on expiry. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the
terms of an existing liability are substantially
modified, such an exchange or modification is

treated as the recognition of the original liability
and the recognition of a new liability. The
difference in the respective carrying amounts is
recognized in the Statement of Profit & Loss.

1.10. Trade and Other Payables:

These amounts represent liabilities for goods and
services provided to the Company prior to the
end of financial year which are unpaid. The
amounts are unsecured and usually paid within
30 days of recognition. Trade and other payables
are presented as current liabilities unless
payment is not due within 12 months after the
reporting period.

1.11. Revenue Recognition

Revenue is recognized to the extent that it is
probable that the economic benefits will flow to
the Company and the revenue can be reliably
measured.

Interest income

Interest income is accounted on accrual basis at
the contractual rates.

1.12. Income Tax
Current income tax

The current income tax charge is calculated on
the basis of the tax laws enacted or substantively
enacted at the end of the reporting year. The
Management periodically evaluates positions
taken in tax returns with respect to situations in
which applicable tax regulation is subject to
interpretation. It establishes provisions where
appropriate on the basis of amounts expected to
be paid to the tax authorities.

Deferred Income Tax

Deferred income tax is provided using the
Balance Sheet approach, which focuses on
temporary differences between the carrying
amount of an asset or liability in the Balance
Sheet and its tax base. The tax effect is calculated
on the accumulated timing differences at the end
of an accounting year based on prevailing
enacted or substantially enacted regulations.
Deferred income tax assets are recognized only if
there is reasonable certainty that they will be
realized and are reviewed for the appropriateness
of their respective carrying values at each Balance
Sheet date.

1.13. Employee benefits
Short-term Employee Benefits:

All employee benefits payable within 12 months
of service such as salaries, wages, bonus, ex-
gratia, medical benefits etc. are recognised in the
year in which the employees render the related
service and are presented as current employee
benefit obligations within the Balance Sheet.
Termination benefits are recognised as an expense
as and when incurred.

Short-term leave encashment is provided at
undiscounted amount during the accounting
period based on service rendered by employees.
Any excess or short provision in respect of the
same is recognized in the Statement of Profit and
Loss in the subsequent years.

Defined Contribution Plan

Retirement benefit in the form of contribution to
fund is defined contribution plan. The Company
provides specific percentage of the payroll costs
as contribution payable to the fund and the same
is considered as expense. The Company does not
have employees exceeding 20. Hence, the
provisions of Employees Provident Fund and
Miscellaneous Provision Act, 1952 and Employees
State Insurance Act, 1948 are not applicable.
Defined Benefit Plan

The Company does not have employees exceeding
10. Hence, the provisions of Gratuity Act, 1972
are not applicable.

1.14. Earnings Per Share

Basic earnings per share is calculated by dividing
the net profit or loss for the year attributable to
Equity Shareholders by the weighted average
number of Equity Shares outstanding during the
period. Earnings considered in ascertaining the
EPS is the net profit for the period and any
attributable tax thereto for the period.

1.15. Rounding off Amounts

All amounts disclosed in the Financial Statements
and notes have been rounded off to the nearest
lakhs as per the requirement of Schedule III to the
Companies Act, 2013, unless otherwise stated.

1.16. Recent Ind AS pronouncements

The Ministry of Corporate Affairs has notified
Companies (Indian Accounting Standards)
Amendment Rules, 2023 dated 31st March 2023
to amend the following Ind AS which are effective
for annual periods beginning on or after 1st April
2023. The company has given effect to these
amendments during the year.

(i) Definition of Accounting Estimates -
Amendments to Ind AS 8

The amendments clarify the distinction
between changes in accounting estimates,
changes in accounting policies and the
correction of errors. It has also been clarified
how entities use measurement techniques
and inputs to develop accounting estimates.
The amendments had no impact on the
company''s financial statements.

(ii) Disclosure of Accounting Policies -
Amendments to Ind AS 1

The amendments aim to help entities provide
accounting policy disclosures that are more
useful by replacing the requirement for
entities to disclose their ''significant''
accounting policies with a requirement to
disclose their ''material'' accounting policies
and adding guidance on how entities apply
the concept of materiality in making decisions
about accounting policy disclosures.

The amendments have had an impact on the
Company''s disclosures of accounting policies,
but not on the measurement, recognition or

fpiresentation of any items in the Company''s
nancial statements.

(iii) Deferred Tax related to Assets and Liabilities
arising from a Single Transaction -
Amendments to Ind AS 12

The amendments narrow the scope of the
initial recognition exception under Ind AS 12,
so that it no longer applies to transactions
that give rise to equal taxable and deductible
temporary differences such as leases.

The amendments had no impact on the
company''s financial statements.

Notes:

i) In accordance with the Ind AS 36 on ''Impairment of Assets, the Company has reassessed the carrying
amounts of its Property, plant and equipment and is of the view that no further impairment / reversal is
considered to be necessary in view of its expected realisable value.

ii) The Company has not revalued its Property, Plant and Equipment during the Financial Year 2023-24 and
2022-23.

iii) The Company does not have any immovable property, hence the disclosure requirements with respect to
title deed are not applicable.

Note 25 : Segment Information

Operating segments are defined as components of an enterprise for which discrete financial
information is available that is evaluated regularly by the Company, in deciding how to allocate
resources and assessing performance.

At present, the Company doesn''t have any significant business activities. Hence, no separate
disclosure has been made for segment reporting as per IND AS 108 "Operating Segments"

Note 27 : Financial Risk Management

The Company''s activities expose it to market risk, liquidity risk and credit risk.

This note explains the sources of risk which the entity is exposed to and how the entity manages the
risk and the impact of hedge accounting in the financial statements.

Note 28 : Deferred Tax

In the absence of virtual uncertainty of sufficient future taxable income, the Company has not
recognized deferred tax asset on unabsorbed depreciation and carry forward losses under the Income
Tax Laws.

Note 29 : Disclosure requirement under MSMED Act, 2006

As required to be disclosed under Micro, Small & Medium Enterprises Development Act, 2006 and to
the extent such parties are identified on the basis of information available with the Company, there are
no Micro enterprises or Small scale enterprises to whom the Company owes any due which are
outstanding for more than 45 days as at 31st March 2024.

Note 31 : In earlier years, the Company had advanced Inter Corporate Deposits (''ICD'') to Williamson
Financial Services Limited ("the recipient Company"). Considering the financial position of the
recipient Company, the management had decided not to recognise interest income on the same. In the
previous financial year, without prejudice to any of the legal rights and remedies available to recover
the outstanding amounts, the Management decided to recognise full provision against the outstanding
amount. During the year the Company recovered Rs. 15 Lakhs against the said loan. Accordingly,
provision created in earlier years has been written back to this extent and the effect of the same has
been presented in "Other Income".

Note 32 : The Company has filed appeals before the Hon''ble Bombay High Court against disallowance of set¬
off of brought forward business losses, unabsorbed depreciation and business expenditure for the
Assessment Years 2007-08, 2009-10, 2010-11 and 2011-12. The outcomes of these appeals are still
pending, however, the tax liability for these years have been fully paid.

Note 34 : Other Disclosures

a) Trade Payables, Current Liabilities and Security Deposits are subject to confirmation and reconciliation
from respective parties and consequential reconciliations and adjustments arising therefrom, if any.
The management, however, does not expect any material deviation.

b) In the opinion of the Management, the value of realization of Current and Non-Current Assets in the ordinary
course of business would not be less than the amount at which they are stated in the Balance Sheet.

c) There are no significant subsequent events that would require adjustments or disclosures in the
Financial Statements as on the date of approval of the Financial Statements.

d) Details of Benami Property held

No proceedings have been initiated or are pending against the Company as at 31st March, 2024 for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made
thereunder.

e) Disclosure in relation to undisclosed income

The Company does not have any such transaction which is not recorded in the books of accounts that
has been surrendered or disclosed as income during the year ended 31st March, 2024 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).

f) Registration of Charges

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

g) Corporate Social Responsibility

The provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility
are not applicable to the Company.

h) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended
31st March, 2024 and 31st March, 2023.

i) Relationship with Struck off Companies

During the year, the Company did not have any transactions with companies struck off u/s 248 of the
Companies Act, 2013 or u/s 560 of the Companies Act, 1956.

j) Utilisation of Borrowed Funds and Share Premium

During the year ended 31st March 2024, the Company has not advanced or loaned or invested funds
(either borrowed funds or share premium or any other sources or kinds of funds) to any other person (s)
or entity(ies).

During the year ended 31st March, 2024, the Company has not received any fund from any person(s) or
entity(ies), including foreign entities with the understanding (whether recorded in writing or otherwise)
that the company shall directly or indirectly lend or invest or provide any guarantee or security.

k) Previous Year figures have been rearranged/ regrouped wherever necessary to correspond with the
current year''s classification/disclosures.

For and on behalf of the Board of
The Standard Batteries Limited

^For V. ^Sing^hi & ^Associate^s (Naveen Taparia) (Pradip Bhar) (Gaurang S. Ajmera)

C^hartered Acc^ountants Partner Director Director

Firm Registration No. : 311017E Membership No. : 058433 DIN : 01039198 DIN : 00798218

Shamrao R. Landge Hiren U. Sanghavi

Place : Kolkata Chief Financial Officer Company Secretary

Date : 30th May, 2024 Membership No. : ACS5586

1. CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :-

Particulars 31st March 31st March 2015 2014

a) Guarantees given by banks 5,26,309 5,26,309

b) Amount uncalled on partly paid shares 10,000 10,000

c) Sales tax matters under dispute. 95,527 95,527

d) Excise Matter under dispute - 93,836

e) Income tax matters under appeal:

i. decided in favour of the Company but 14,40,213 14,40,213 disputed by the income tax authorities.

ii. contested by the Company 26,19,254 26,19,254

f) Claims against Company not acknowledged as debts. Provident Fund 14,57,244 14,57,244

Termination/Retirement Benefits 4,42,277 4,20,095

Others 16,48,658 16,49,658

2. Balances in trade payable and receivable, advances and deposits are subject to confirmation and reconciliation. Adjustments, if any, will be made on completion of this process.

3. The Company has claimed set-off of brought forward losses and unabsorbed depreciation relating to assessment years when it was engaged in manufacturing of batteries. The Income tax department has disallowed the set off of brought forward losses on ground the Company has sold the business to 'Exide Industries Ltd.' in A.Y 98-99. The department's appeal up to A.Y 06-07 has been dismissed by High court. For A.Y 07-08, Hon'ble ITAT has given order against Company for which the Company has filed an appeal before Hon'ble Bombay High Court. In subsequent years up to A.Y 11-12 the department has denied set off of brought forward losses and unabsorbed depreciation on the same ground. The Company has filed appeals before CIT(A) and Hon'ble ITAT against the orders passed. Pending appeals before Hon'ble High court and these appellate authorities the Company continues to claim set off of the brought forward losses and unabsorbed depreciation in the return of income in the current year. However out of prudence, provision is made for the tax payable amounting to Rs.0.31 crores (previous year Rs. 0.25 crores).

4. The Company has revised depreciation rates on fixed assets effective 1st April 2014 in accordance with requirements of schedule II of Companies Act 2013 ("the Act"). The remaining useful life has been revised by adopting standard useful life as per New Companies Act, 2013. The carrying amount as on April 1,2014 is depreciated over the revised remaining useful life. As a result of these changes:

(a) The depreciation charge for year ended 31st March, 2015 is higher by Rs.33178 respectively.

(b) There is a debit to retained earnings of Rs. 13,578 for the assets whose remaining life on April 1, 2014 is reduced to NIL in accordance with revised life as considered by management.

5. In the absence of virtual uncertainty of sufficient future taxable income, the Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws.

6. The Company operates in a single business segment viz. trading and sales are Domestic and all the assets and liabilities are located in India.

7. The Company does not have employees exceeding 20 in number. Hence the provisions of Gratuity Act, 1972, Employees Provident Fund and Miscellaneous Provision Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

8. In the absence of necessary documents on Company's record, the information required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the Company.

9. Previous year's figures are re-grouped and re-arranged wherever necessary.

a There is no change during the year in opening number of shares issued, subscribed and paid up

b In FY 2010-11, there were 1,03,42,250 Equity shares of Rs.0.50 each which were consolidated into 51,71,125 Equity shares of Re.1.00 each.

c Terms/ Rights attached to Equity shares

The Company has only one class of Equity shares with par value of Re.1/- per share. Each holder of Equity shares is entitled to one vote per share.

d Details of Shareholders holding more than 5% Shares

1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :

(Rs, in 000)

31st March 2014 31st March 2013

a) Guarantees given by banks 531 531

b) Amount uncalled on partly paid shares 10 10

c) Sales tax matters under dispute, 96 96

d) Excise Matter under dispute 94 4,811

e) Income tax matters under appeal:

i, decided in favour of the Company but disputed by the income 1440 1,440 tax authorities,

ii, contested by the Company 2619 10271

f) Claims against Company not acknowledged as debts, Provident Fund 1457 1,457

Termination/Retirement Benefits 420 397

Others 1649 1,649

1.2 Balances in trade payable and receivable, advances and deposits are subject to confirmation and reconciliation, Adjustments, if any, will be made on completion of this process,

1.3 The Company has claimed set off of brought forward losses and unabsorbed depreciation relating to assessment years when it was engaged in manufacturing of batteries, The Income tax department has disallowed the set off of brought forward losses on the ground the Company has sold the business to ''Exide'' in A.Y 98-99, Company''s appeal up to A.Y 06-07 has been

accepted by Hon''ble ITAT, The department''s appeal up to A.Y 06-07 has not been admitted by High court, For A.Y 07-08, Hon''ble ITAT has given order against Company for which the Company has filed an appeal before Hon''ble Bombay High Court, In subsequent years up to A.Y 11-12 the department has denied set off of brought forward losses and unabsorbed depreciation on the same ground, Company has filed appeals before CIT(A) and Hon''ble ITAT against the orders passed Pending appeals before Hon''ble High court and these Appellate Authorities the Company continues to claim set off of the brought forward losses and unabsorbed depreciation in the return of income in the current year, However out of prudence in the current year, provision is made for the tax payable including interest in respect of earlier years amounting to Rs 1,78 crores and of the current year amounting to Rs 0,25 crores,

1.4 In the absence of virtual uncertainty of sufficient future taxable income, the Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws,

1.5 The Company operates in a single business segment viz, trading and sales are Domestic and all the assets and liabilities are located in India,

1.6 The Company does not have any employee except whole- time Director, Hence the provisions of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provision Act, 1952 are not applicable to the Company

1.7 Oln the absence of necessary documents on Company''s record, the information required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the Company

1.8 Previous year''s figures are re-grouped and re-arranged wherever necessary

1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :

(Rs. in 000) (Rs. in 000) 31st March 31st March 20]3 2012

a) Guarantees given by banks 2013 531

b) Amount uncalled on partly paid shares 10 10

c) Sales tax matters under dispute. 96 96

d) Excise Matter under dispute 4,811 4,811

e) Income tax matters under appeal:

i. decided in favour of the Company but disputed by the income tax authorities. 1,440 1,440

ii.contested by the Company 10271 5291

f) Claims against Company not acknowledged as debts.

Provident Fund 1,457 1,457

Termination/Retirement Benefits 397 303

Others 1,649 1,649

1.2 Balances in sundry creditors, debtors, advances and deposits are subject to confirmation and reconciliation. Adjustments, if any, will be made on completion of this process.

1.3 In the absence of any taxable income for the year under the provisions of the Income Tax Act, 1961, no provision for income tax has been considered necessary.

1.4 In the absence of virtual certainty of sufficient future taxable income. Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws.

1.5 The Company operates in a single business segment viz. trading and sales are Domestic and all the assets and liabilities are located in India.

1.6 The Company does not have any employee except Whole-time Director hence the provisions of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provision Act, 1952 are not applicable to the Company.

1.7 In the absence of necessary documents on Company record, the information required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the Company.

1.8 Previous year''s figures are re-grouped and re-arranged wherever necessary.

1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :

(Rs. in 000) (Rs. in 000) 31 st March 31 st March 2012 2011

a) Guarantees given by banks 531 531

b) Amount uncalled on partly paid shares 10 10

c) Sales tax matters under dispute. 96 96

d) Excise Matter under dispute 4,811 4,811

e) Income tax matters under appeal:

i. decided in favour of the Company but disputed by

the income tax authorities. 1,440 35,325

ii. contested by the Company 5,291 3,884

f) Claims against Company not acknowledged as debts. Provident Fund 1,457 1,457

Termination/Retirement Benefits 303 303

Others 1,649 1,649

1.2 Balances in sundry creditors, debtors, advances and deposits are subject to confirmation and reconciliation. Adjustments, if any, will be made on completion of this process,

1.3 In the absence of any taxable income for the year under the provisions of the Income Tax Act, 1961, no provision for income tax has been considered necessary.

1.4 In the absence of virtual certainty of sufficient future taxable income, Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws.

As per the provisions of section 269 of The Companies Act, 1956 read with Schedule XIII part I thereto, appointment of Whole-Time-Director requires either appointment through special resolution of shareholders or appointment through ordinary resolution of shareholders followed by the approval of Cental Government. The Board of Directors had re-appointed Mr, F J Guzdar as a Whole Time Director of the Company for the above financial years at the remuneration mentioned there against, followed by passing a resolution which was proposed and passed unanimously by AGM as special resolution though in the notice to members it was described as ordinary resolution. Company is now legally advised that it should remove this defect in the notice by issuing fresh notice and pass the special resolution retrospectively and complete the other procedural formalities. Accordingly, Company is taking necessary steps to remove the defect.

1.5 The Company operates in a single business segment viz. trading and sales are Domestic and all the assets and liabilities are located in India.

2.1 OThe Company does not have any employee except Whole-Time-Director hence the provisions of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provision Act, 1952 are not applicable to the Company.

2.2 In the absence of necessary documents on Company record, the information required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the Company.

2.3 Previous year's figures are re-grouped and re-arranged wherever necessary,

1. CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :

(Rs, in 000)

31st March 31st March 2010 2009

a) Guarantees given by banks 531 531

b) Amount uncalled on partly paid shares 10 10

c) Sales tax matters under dispute. 96 96

d) Sales tax assessment proceedings NIL 2628

e) Excise Matter under dispute 4811 4811

f) Income tax matters under appeal:

i. decided in favour of the

Company but disputed by the income tax

authorities. 35325 62222

ii, contested by the Company 3884 1861

g) Claims against Company not

acknowledged as debts,

Provident Fund 1457 1457

Termination/Retirement Benefits 303 303

Others 1649 1649



2. The accounts of the Company are prepared on a "Going Concern" basis, as the management is contemplating continuation of the corporate activities, which were carried on in the past and to carry on expansion thereof. In the meantime, company has continued to pursue the business of trading in goods.

3. Balances in sundry creditors, debtors, advances and deposits are subject to confirmation and reconciliation. Adjustments, if any, will be made on completion of this process.

4. Extraordinary Item: During the year, company has received consideration of Rs. 12, 500 ths towards "Transfer of Tenancy Rights of rented premises in possession of the company and the same is disclosed as Extraordinary Income net of brokerage paid Rs, 125 ths and legal expenses paid Rs.280 ths.

5. Prior Period Expenses represents Sales Tax reassessment demands for the earlier years accounted for on finalization of assessments /appeals during the year.

6. In the absence of any taxable income for the year under the provisions of the Income Tax Act, 1961, no provision for income tax has been considered necessary,

7. In the absence of virtual certainty of sufficient future taxable income, Company has not recognized deferred tax asset on unabsorbed depreciation and carry forward losses under Income Tax Laws.

8. The Company operates in a single business segment viz. trading and sales are Domestic and all the assets and liabilities are located in India.

9. The Company does not have any employee except whole time director hence the provisions of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provision Act, 1952 are not applicable to the Company.

10. In the absence of necessary documents on Company record, the information required under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Act is not furnished by the company.

11. Previous years figures are re-grouped and re-arranged wherever necessary.