Greenchef Appliances Ltd के अकाउंट के लिये नोट

Mar 31, 2025

p. Provisions and contingent liability

A provision is recognised 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.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation
that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a
present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is
made.

Provisions for onerous contracts, i.e., contracts where the expected unavoidable costs of meeting the
obligations under the contract exceed the economic benefits expected to be received under it, are
recognised when it is probable that an outflow of resources embodying economic benefits will be
required to settle a present obligation as a result of an obligating event, based on a reliable estimate of
such obligation.

q. Cash Flow Statement

Cash flows are reported using indirect method, whereby net profit before tax is adjusted for the effects of
transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and financing activities of the
Company are segregated.

r. Cash and Cash equivalents

Cash and cash equivalents comprise of cash in hand and balances with bank and other short term
deposits / investments, that are readily convertible into known amounts of cash and are subject to
insignificant risk of changes in value.

(f) Aggregate number of bonus shares issued or buy back of shares during the year of five years immediately
preceding the reporting date:

The Company has issued 1,35,44,340, bonus shares in ratio of 19:5 i.e Nineteen (19) fully paid up bonus shares
for every Five (5) existing fully paid equity shares held by members on 20-02-2023 and no buy back of shares
during five years immediately preceding the year March 31,2025.

(g) Shares reserved for issue
under options

There are no shares reserved for issue under
options.

(h) Shares allotted as fully paid pursuant to contracts without payment being received in cash during 5 years
immediately preceding the reporting date

There are no shares allotted as fully paid pursuant to contracts without payment being received in cash during
5 years immediately preceding the year March 31,2025..

Nature of Security

Secured by Hyp. of Stock, Books Debts Present and Future and Plot at Vasanthapura industrial estate at
tumkur, karnataka and collateral of Land at Somapura Industrial Area industrial property at Mouja Naryal
Parwanoo.himachal pradesh
Secured by fixed deposit of Rs 1.10 crore

NOTES FORMING PART OF FINANCIAL
STATEMENTS

Personal Guarantee of 1. Mr. Suklal Jain 2. Mr. Praveen Kumar Suklal Jain 3. Mr. Vikas Kumar Suklal Jain 4.
Mr. Hitesh Jain 5. Smt. Nirmala Devi

Corporate Guarante of M/s Greenchef Manufacturers & distributors private limited

There are no charges or satisfaction of charges, which are yet to be registered with Registrar of Companies

beyond the statutory period

C. Loans and advances from related parties - terms of repayment and interest are as per mutual agreement
as per the company discretion

Secured by Hyp. of Stock, Books Debts Present and Future, plant & machinery and Plot at Vasanthapura
industrial estate at tumkur, karnataka and collateral of Land at Somapura Industrial Area,Industrial
property at Mouja Naryal Parwanoo,himachal pradesh
Secured by fixed deposit of Rs 1.10 crore

Personal Guarantee of 1. Mr. Suklal Jain 2. Mr. Praveen Kumar Suklal Jain 3. Mr. Vikas Kumar Suklal Jain 4.
Mr. Hitesh Jain 5. Smt Nirmala Devi

Corporate Guarantee of M/s Greenchef Manufacturers & distributors private limited

There are no charges or satisfaction of charges, which are yet to be registered with Registrar of Companies

beyond the statutory period

32 There are no proceedings that have been initiated or pending against the Company for holding any benami property under the
Prohibition of Benami Property Transactions Act, 1988 (as amended from time to time) (earlier Benami Transactions
(Prohibition) Act, 1988) and the rules made thereunder

33 The Company has not been declared willful defaulter by any bank or financial institution or any other lender

34 The company has no transaction with companies struck off under section 248 of the companies Act, 2013 or Section 560 of the
companies Act, 1956

36 The Company does not have any transaction 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). Further, there was no previously unrecorded income and no additional assets were
required to be recorded in the books of account during the year.

37 The company is covered under section 135 of the companies Act, 2013 governing provisions of Corporate Social Responsibility.

38 The Company has neither traded nor invested in Crypto currency or Virtual Currency during the period ended March 31,2025.
Further, the Company has also not received any deposits or advances from any person for the purpose of trading or investing in
Crypto Currency or Virtual Currency.

39 In respect of the Working Capital loans from banks, which are secured by hypothecation of current assets, viz. inventories, book
debts and receivables, the quarterly statements of current assets fried by the Company with banks are not in agreement with
the books of account,the summary of reconciliation and reasons of material discrepancies is disclosed below

41 The Short term funds in the nature of Bank Overdraft has been used for construction purpose of factory at Vasanthnarsapura.
Further, we wish to submit that as per AS-16, Borrowing costs include interest paid on short-term borrowings such as working
capital finance that existed when the qualifying asset was being purchased, constructed or produced. One may argue that
working capital finance was not used or meant for financing the construction or acquisition of the asset. This argument is not
however tenable within the framework of AS-16. Para 8 of AS-16 which establishes a key test reads as follows: The borrowing
costs that are directly attributable to the acquisition, construction or production of a qualifying asset are those borrowing costs
that would have been avoided if the expenditure on the qualifying asset had not been made. A positive answer would indicate
the fulfillment of a critical condition for capitalisation. Therefore it is not necessary that a loan should have been taken
separately for the purpose of the qualifying asset. Cash may have been utilised from the existing working capital borrowings to
finance the acquisition/construction of the qualifying asset. Cash may have been generated from current operations and
diverted to finance the acquisition/construction of the qualifying asset. Had the cash been used to reduce the working capital
loan, the borrowing costs would have been lower. In such instances too, borrowing costs are required to be capitalised but only
to the extent the borrowing costs would have been avoided if the investment in the qualifying asset had not been made. This
supports our general knowledge that money is fungible, and therefore in the above situation one should not argue that the
investments in the qualifying assets were not made out of borrowings.. During the current financial year, short term funds in
the nature of Bank Overdraft amounting to Rs.483 Lacs have been utilized for construction purpose and the same is for long
term purpose. Further, the management wish to intimate that the reason for such utilization of short term funds for long term
purpose is on account of price escalation and delayed in implementation of project

42 Operating Leases:

The Company has taken premises on operating lease. The lease rentals debited to statement of profit and loss is Rs 25525199 /-
[Previous year Rs. 29625092/-).

49 Depreciation

Previously, Company employed the WDV method for depreciating its Property,plant & equipment. Under the WDV method,
depreciation expense is calculated as a fixed percentage of the asset''s cariying amount each year, resulting in higher
depreciation charges in the initial years and progressively lower charges in subsequent years.

Upon review, the management has determined that the useful life of the assets is longer than previously estimated and that
these assets are expected to provide more consistent economic benefits over their useful lives. Consequently, the decision was
made to switch to the Straight Line Method [SLM], where depreciation is charged uniformly over the useful life of the asset
The impact of such change has resulted in decrease in depreciation expense by Rs 261.54 Lakhs for the year ended 31st March
2024

50 Prior year comparatives

Figures for the previous year has been regrouped or rearranged so as to make them comparable with the figures of the current
period.

51 Company has taken the land at village Yalladadlu - Tumkur for 99 Years Lease.

Lease Deed has been Registered in the name of company with KIADB (W.E.F) dated 22/11/2017.

52 Figures are rounded off to the nearest rupees.

Signatures to Notes 1 to 52

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Mar 31, 2023

(f) Aggregate number of bonus shares issued or buy back of shares during the year of five years immediately preceding the reporting date:

The Company has issued 1,35,44,340, bonus shares in ratio of 19:5 i.e Nineteen (19) fully paid up bonus shares for every Five (5) existing fully paid equity shares hald by members as at March , 31 2023 and no buy back of shares during five years immediately preceding the year March 31, 2023.

(g) Shares reserved for issue under options

There are no shares reserved for issue under options.

(h) Shares allotted as fully paid pursuant to contracts without payment being received in cash during 5 years immediately preceding the reporting date

There are no shares allotted as fully paid pursuant to contracts without payment being received in cash during 5 years immediately preceding the year March 31, 2023.

Nature of Security

Secured by Hyp. of Stock, Books Debts Present and Future and Plot at Vasanthapura industrial estate at tumkur, karnataka and collateral of Land at Somapura Industrial Area industrial property at Mouja Naryal Parwanoo,himachal pradesh and commerical property of related party

Personal Guarantee of 1. Mr. Suklal Jain 2. Mr. Praveen Kumar Suklal Jain 3. Mr. Vikas Kumar Suklal Jain 4. Mr. Hitesh Jain 5. Mr Ashok Jain 6. Smt. Kavitha Kumari 7. Smt. Manju Jain 8. Smt. Neeta Jain 9. Smt. Nirmala Devi 10. Smt. Pooja Jain Corporate Guarantee of M/s Greenchef Manufacturers & distributors private limited

There are no charges or satisfaction of charges, which are yet to be registered with Registrar of Companies beyond the statutory period

Secured by Hyp. of Stock, Books Debts Present and Future and Plot at Vasanthapura industrial estate at tumkur, karnataka and collateral of Land at Somapura Industrial Area industrial property at Mouja Naryal Parwanoo,himachal pradesh and commerical property of related party

Personal Guarantee of 1. Mr. Suklal Jain 2. Mr. Praveen Kumar Suklal Jain 3. Mr. Vikas Kumar Suklal Jain 4. Mr. Hitesh Jain 5. Mr Ashok Jain 6. Smt. Kavitha Kumari 7. Smt. Manju Jain 8. Smt. Neeta Jain 9. Smt. Nirmala Devi 10. Smt. Pooja Jain Corporate Guarantee of M/s Greenchef Manufacturers & distributors private limited

There are no charges or satisfaction of charges, which are yet to be registered with Registrar of Companies beyond the statutory period

31 Management has initiated the process of identifying enterprises, which have provided goods and services to the company and which qualify under the definition of micro and small enterprises, as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMEDA) and circularized the letters for this purpose. The company has received responses from certain enterprises, which qualify as micro or small enterprise under MSMEDA. However, the amounts due to them as at the year end is reported to the extent of responses received and accordingly, the disclosure in respect of unpaid amounts are made. Further, interest arising out of transactions during the current year, are not considered but have been provided for but not due. The same, if claimed, will be paid at the time of settlement

32 There are no proceedings that have been initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended from time to time) (earlier Benami Transactions (Prohibition) Act, 1988) and the rules made thereunder

33 The Company has not been declared willful defaulter by any bank or financial institution or any other lender

The company has no transaction with companies struck off under section 248 of the companies Act, 2013 or Section 560 of the

34 companies Act, 1956

36 The Company does not have any transaction 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). Further, there was no previously unrecorded income and no additional assets were required to be recorded in the books of account during the year.

37 The company is not covered under section 135 of the companies Act, 2013 governing provisions of Corporate Social Responsibility.

38 The Company has neither traded nor invested in Crypto currency or Virtual Currency during the period ended march 31, 2023. Further, the Company has also not received any deposits or advances from any person for the purpose of trading or investing in Crypto Currency or Virtual Currency.

39 In respect of the Working Capital loans from banks, which are secured by hypothecation of current assets, viz. inventories,

book debts and receivables, the quarterly statements of current assets filed by the Company with banks are not in agreement with the books of account,the summary of reconciliation and reasons of material discrepancies is disclosed below

41 During the year under audit, there were no employees in receipt of remuneration of not less than Rs. 102 lacs per annum or Rs. 8.5 lacs per month employed.

42 Operating Leases:

The Company has taken premises on operating lease. The lease rentals debited to statement of profit and loss is Rs. 347.35/-(In Lakhs) (Previous year Rs. 275.47-(In Lakhs)).

43 Contingent Liabilities and Commitments
	As at		As at
Particulars	31st Dec 2022		31st Mar 2022
Claims against the Company, not acknowledged as debts *		88.33		88.21
(Amount paid to statutory authorities)
Claims against the Company, not acknowledged as debts		130.00		130.00
(Others - Bank Gurantees issued)

* The Customs department has raised the claim on company for 72.78 lacs . The Company has disputed the same with appropriate authority.

Further the company has executed in financial year 2021-22 a counter Bank gaurantee of Rs 9.10(In Lakhs) and Bond for Rs. 28.18/-(In Lakhs)

44 The account of the Trade Payables & Receivables, Other Non-Current & Current Liabilities and Current Assets are subject to confirmations

45 Details of Broad Heads of Goods Sold, purchased and material consumed subject to accuracy

47 The Company is engaged in Trading and Manufacturing of domestic home appliances, kitchen wares etc which is considered as the only reportable business segment

48 Prior period adjusmtent

The Company for the current period has actuarial valued its liability towards defined benefit obligations(Gratuity) as per the actuarial report company made a shortfall in providing for Gratuity for earlier years for Rs 61(In Lakhs) , the same has been provided for in the current period and adjusted with the opening reserve(profit & loss account)

50 Prior year comparatives

Figures for the previous year has been regrouped or rearranged so as to make them comparable with the figures of the current period.

51 Company has taken the land at village Yalladadlu - Tumkur for 99 Y ears Lease.

Lease Deed has been Registered in the name of company with KIADB (W.E.F) dated 22/11/2017.

52 Figures are rounded off to the nearest lakh and decimals thereof.