AVI Products India Ltd. के अकाउंट के लिये नोट

Mar 31, 2024

(xvi) Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognized, when there is a present legal or constructive obligation as a result of past events, where it is
probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of
the obligation can be made. Where a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows. Where the effect is material, the provision is
discounted to net present value using an appropriate current market-based pre-tax discount rate and the unwinding of
the discount is included in finance costs.

Contingent liabilities are recognized only when there is a possible obligation arising from past events, due to occurrence
or non-occurrence of one or more uncertain future events, not wholly within the control of the Company, or where any
present obligation cannot be measured in terms of future outflow of resources, or where a reliable estimate of the
obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable
outflow of resources are provided for.

Contingent assets are not disclosed in the financial statements unless an inflow of economic benefits is probable

(xvii) Earnings per share

Basic Earnings per share is calculated by dividing the net profit / (loss) for the period attributable to the equity
shareholders by the weighted average number of equity shares outstanding during the period. The Company did not
have any potentially dilutive securities in any of the year presented.

During the year ended 31st March, 2024 the company has issued 7,22,230 (Seven Lakh Twenty Two Thousand Two Hundered Thirty)
Equity Shares of face value of Rs. 10 per share via Preferential allotment at a rate of Rs.31/- (Rupees Thirty One) per share for a total
consideration of Rs 2,23,89,130/- (Rupees Two Crore Twenty Three Lakhs Eighty Nine Thousand One Hundered Thirty) which includes
Securities premium of Rs. 1,51,66,830/- (Rupees One Crore Fifty Sixty Six Thousand Eight Hundered Thirty Only) i.e. of Rs. 21/-
(Rupees Twenty one) per share to promoters and non-promoters on 29th September 2023 pursuant to the provisions of Sections 42
and 62, and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Share Capital and Debentures)
Rules, 2014 and the Companies (Prospectus and Allotment of Securities) Rules, 2014 (collectively, the "CA 2013"); and in accordance
with the provisions of the Memorandum and Articles of Association of the Company, the Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirement) Regulations, 2018, as amended ("ICDR Regulations"); and the Securities and Exchange
Board of India (Listing Obligations & Disclosure Requirements) Regulation 2015.

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted
average number of Equity shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit attributable
to equity holders of the parent (after adjusting profit impact of dilutive potential equity shares, if any) by the aggregate of weighted
average number of Equity shares outstanding during the year and the weighted average number of Equity shares that would be
issued on conversion of all the dilutive potential Equity shares into Equity shares.

(a) Financial Risk Management

The Company''s business activities are exposed to financial risks, namely Credit risk, Liquidity risk .The Company''s Senior Management
has the overall responsibility for establishing and governing the Company''s risk management framework. The Company has
constituted a Risk Management Committee, which is responsible for developing and monitoring the Company''s risk management
policies. The committee reports regularly to the Board of Directors on its activities.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly
to reflect changes in market conditions and the Company''s activities.

The audit committee oversees how Management monitors compliance with the Company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of
risk management controls and procedures, the results of which are reported the audit committee.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company''s receivables from customers and investment securities. Credit risk
is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. The Company establishes, if require an allowance for
doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and
investments.

ii. Market risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change in
the price of a financial instrument. The value of a financial instrument may change as a result of changes in interest rates, foreign
currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be
normally predicted with reasonable accuracy.

iii. Liquidity risk

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

Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows. This monitoring
includes financial ratios and takes into account the accessibility of cash and cash equivalents.

For the purpose of the Company''s capital management, capital includes issued capital and other equity reserves. The primary
objective of the Company''s Capital Management is to maximise shareholders value. The Company manages its capital structure and
makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

Earnings Nil (Previous year: Rs. Nil)

Note 33 Other Disclosures:

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

b) Transaction with struck off companies: The Company does not have any transactions with companies struck- off under
Section 248 of the Companies Act, 2013.

c) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

d) 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."

e) 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."

f) The Company do 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 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) The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post- employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However,
the date on which the Code will come into effect has not been notified. The company will assess the impact of the Code
when it comes into effect and will record any related impact in the period the Code becomes effective.

h) The Company is not declared wilful defaulter by any bank or financial institution or lender during the year.

Note 34: There are no Significant subsequent events that would require adjustments or disclosures in the Financial Statements.

Note 35: Previous year''s figures have been regrouped / rearranged wherever necessary, so as to make them comparable with
the current year figures.

As per our report of Even Date

_r „ For AVI PRODUCTS INDIA LIMITED

For NK Jalan & Co

(Formerly known as AVI PHOTOCHEM LIMITED)

Chartered Accountants

CIN NO. L24200MH1989PLC050913

Firm Reg No :104019W

^Sd/- _{Sd/- Sd/-}
CA NK Jalan

Avinash D. Vora Vikram Avinash Vora

Proprietor

Managing Director Director

Mem. No. 011878

Din No. 02454059 Din No. 02454043

Place : Mumbai
Date : 30-May-2024

Sd/- Sd/-

Bijal Durgavale Hemali Patel

Company Secretary Chief Finance Officer

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Mar 31, 2014

1 No managerial remuneration or sitting fees have been paid to or provided for any directors of the company.

2 Previous years figures are regrouped and rearranged wherever necessary as per Schedule VI.

3 In the opinion of the Board, the Current Assets, Loans and Advances (Except mentioned in point no 4 above) are approximately of the value stated, if realised in ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amounts reasonably necessary.No personal expenses have been debited to the Profit and Loss Account.

4 As per Accounting Standard 22- Taxes on Income issued by ICAI, working of Deffered Tax Asset/(Liability) is as under:Deffered Tax Asset and Liabilities are attributable to the following items:

Since there is no virtual or reasonable certainty with the convincing evidence that future taxable income will be available against which such deffered tax asset can be realised , deffered tax asset is not recognised in the books as required by the paragraph 15 and 17 of Accounting Standard 22 issued by ICAI.

5 The company is a potentially sick company under clause (o) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985 since the accumulated losses of the company exceed 50% of the total Net Worth of the Company.

6 The revised schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.

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Mar 31, 2013

1 No managerial remuneration or sitting fees have been paid to or provided for any directors of the company.

2 Previous years figures are regrouped and rearranged wherever necessary as per Schedule VI.

3 In the opinion of the Board, the Current Assets, Loans and Advances (Except mentioned in point no 4 above) are approximately of the value stated, if realised in ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amounts reasonably necessary.No personal expenses have been debited to the Profit and Loss Account.

4 Sundry Debtors, Creditors, Loans, Advances are subject to confirmationand reconciliation, if any.

5 The company is a potentially sick company under clause (o) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985 since the accumulated losses of the company exceed 50% of the total Net Worth of the Company.

6 The revised schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.

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Mar 31, 2012

1. As per Accounting Standard 22- Taxes on Income issued by ICAI, working of Deffered Tax Asset/(Liability) is as under: Deffered Tax Asset and Liabilities are attributable to the following items:

Deffered Tax Liabilities: 31.3.12 31.3.11

Depreciation - 963,674

- 963,674

Deffered Tax Assets:

Unabsorbed depreciation 1,398,814 2,489,373

Unabsorbed Business Loss - 501,454

1,398,814 2,990,827

Net Deffered Tax Asset 1,398,814 2,027,153





Since there is no virtual or reasonable certainty with the convincing evidence that future taxable income will be available against which such deffered tax asset can be realised , deffered tax asset is not recognised in the books as required by the paragraph 15 and 17 of Accounting Standard 22 issued by ICAI.

(i) The company is a potentially sick company under clause (o) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985 since the accumulated losses of the company exceed 50% of the total Net Worth of the Company.

(ii) The revised schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

SCHEDULE 2 : SHARE CAPITAL:

AUTHORISED CAPITAL

As at 31st March, As at 31st 2012 March, 2011

35,00,000 Equity Shares of Rs 10/- each 35,000,000 35,000,000

35,000,000 35,000,000

ISSUED, SUBSCRIBED & PAID UP CAPITAL

34,80,076 Equity Shares of Rs 10/- each 34,800,760 34,800,760

34,800,760 34,800,760



The Company has only one class of equity shares having a par value of Rs. 10 per share.

Reconciliation of Number of Shares



As at 31st March, 2012 As at 31st March, 2011

Equity Shares No. of Rs. No. of Rs.

3,480,076 34,800,760 3,480,076 34,800,760

Opening balance

Issued during the year - - - -

Closing Balance 3,480,076 34,800,760 3,480,076 34,800,760

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

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Mar 31, 2010

1 No provision for bonus is made by the company in view of losses in the previous year.

2 No managerial remuneration or sitting fees have been paid to or provided for any directors of the company.

3 Previous years figures are regrouped and rearranged wherever necessary.

4 Out of the loans and advances given, advance amount of Rs.3,591.031 is doubtful of recovery and hence no provisio for the interest amounting to Rs. 538,655/- is made on those advance The interest on this loan has not been provided since the year ended 31st March, 1999

5 In the opinion of the Board, the Current Assets, Loans and Advances (Except mentioned in Nolc No.4 above) are approximately of the value stated, if realised in ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amounts reasonably necessary. No personal expenses have been debited to the Profi and Loss Account.

6 Sundry Debtors, Creditors, Loans, Advances are subject to confirmationand reconciliation, if any

7 Contingent Liabilities not provided for: 31-03-2010 31-03-2009

(Rs. in Lakhs) (Rs. in Lakhs)

a Estimated amount of contract to be executed

on capital account and not produced for Nil Nil

b Letter of Crcdit opened in favour of the

Company. Nil Nil

c Guarantee given on behalf of the Company 0.10 0.10

d Bills Discounted with the Bank NIL NIL

e Disputed Income Tax liability pending in

appeal 6.40 6.40

f Disputed Sales Tax 3.25 3.25

g Disputed Excise Duty NIL NIL

h Custom Duty on goods lying in custom bonded warehouse as at year end 0.86 0.86

I Excise Duty on goods lying In bonded warehouse as at year end 5.21 5.21

8 The Companys income tax assessments have been completed upto Assessment year 2002-03 additional demand of Rs.3,10,047 has been raised against which assesses has preferred an appeal. The Companys Sales Tax Assessments have been completed upto A.Y. 93-94 and an additional demand Rs 73.085/- has arisen The Company has prefcred an appeal for orders of assessments years 91 -92 and 92-93 for Chiplun with a disputed liability of Rs. 68,89 and Rs 8,844/- respectively and for asscssmenlycar 93-94 for Mumbai with an disputed liability of Rs. 201,753/-

9 The Company does not have a full time Company Secretary as required under Section 383A of the Companies Act,1956. The Company is taking necessary steps to comply with the same

10 Last year companys factory was closed and no manufacturing activity was carried out

11 Due to non payment of dues Maharastra State Electricity Board has disconnected the power supply from 7th December, 1998.

12 A debt Recovery suit u/s 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 has been filed against the Company by Bank of Baroda for non-payment of the dues amounting to Rs.21,419,597.46/- and the matter is pending in appeal. The suit has been filed for the sum outstanding along with current and future interest ant other reliefs.

The company has also filed the counter claim in Debt Recovery Tribunal for Rs.741.4 lakhs matter is admitted and matter is pending before Debt Recover Tribunal.

Also, no provision for interest on term loan has been made to the extent of approximately Rs 2698000/- for the Thirty eight quarters from 1st October,l999 to 31st March, 2009 including current year provision of Rs 284,000/- Interest on other than term loan of Rs 176,304/- includes interest not provided for earlier years also.

The company has also not made any provision for interest on any other bank certificates which are outstanding and the same are not quantifiable.

The company is pursuing the matter with Bank of Baroda for settlement

13 As per Accounting Standard 22- Taxes on Income issued by ICAI, working of Deffered Tax Asset/(Liability) is as under Deffered Tax Asset and Liabilities are attributable to the following items

14 The company is a potentially sick company under clause (o) of Section 3 of Sick Industrial Companies (Special Provisions) Act,1985 since the accumulated losses of the company exceed 50% of the total Net Worth of the Company.

15 In view of the multilicaton and identification of accounts relating to small scale industries undertakings, information determining the particulars relating to current indebtedness to such undertakings as required under Schedule VI part to the Company Act. 1956 are not readily available.

16 figures in brackets relate to the previous year.