Ultracab (India) Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

2.3.4 Provisions and contingencies

From time to time, the Company is subject to legal proceedings, the ultimate outcome
of each being subject to uncertainties inherent in litigation. A provision for litigation is
made when it is considered probable that a payment will be made and the amount can
be reasonably estimated. Significant judgement is required when evaluating the
provision including, the probability of an unfavourable outcome and the ability to
make a reasonable estimate of the amount of potential loss. Litigation provisions are
reviewed at each accounting period and revisions made for the changes in facts and
circumstances. Contingent liabilities are disclosed in the notes forming part of the
Standalone Financial Statements. Contingent assets are not disclosed in the
Standalone Financial Statements unless an inflow of economic benefits is probable.

2.4 Foreign currency translation

The functional currency of the Company (i.e. the currency of the primary economic environment in
which the Company operates) is the Indian Rupee in (Rs.). The financial statements have been
rounded off to the nearest Rs. Lakh.

On initial recognition, all foreign currency transactions are recorded at exchange rates
prevailing on the date of the transaction. Monetary assets and liabilities, denominated in a
foreign currency, are translated at the exchange rate prevailing on the balance sheet date and
the resultant exchange gains or losses are recognised in the Standalone Statement of Profit
and Loss.

2.5 Property, plant and equipment

An item of property, plant and equipment (''PPE'') is recognised as an asset if it is probable that
the future economic benefits associated with the item will flow to the Company and its cost
can be measured reliably. These recognition principles are applied to the costs incurred
initially to acquire an item of PPE, to the pre-operative and trial run costs incurred (net of
sales), if any and also to the costs incurred subsequently to add to, replace part of, or service
it and subsequently carried at cost less accumulated depreciation and accumulated
impairment losses, if any.

The cost of PPE includes interest on borrowings directly attributable to the acquisition,
construction or production of a qualifying asset. A qualifying asset is an asset that necessarily
takes a substantial period of time to be made ready for its intended use or sale. Borrowing
costs and other directly attributable cost are added to the cost of those assets until such time
as the assets are substantially ready for their intended use, which generally coincides with the
commissioning date of those assets

Machinery spares that meet the definition of PPE are capitalised and depreciated over the
useful life of the principal item of an asset.

"All other repair and maintenance costs, including regular servicing, are recognised in the
Standalone Statement of Profit and Loss as incurred. When a replacement occurs, the carrying
value of the replaced part is de-recognised. Where an item of property, plant and equipment
comprises major components having different useful lives, these components are accounted
for as separate items."

PPE acquired and put to use for projects are capitalised and depreciation thereon is included
in the project cost till the project is ready for commissioning.

Depreciation methods, estimated useful lives and residual value

Depreciation on PPE (except leasehold improvements) is calculated using the written-down
value method to allocate their cost, over their estimated useful lives. Freehold land is not
depreciated.

Schedule II to the Act prescribes the useful lives for various class of assets. For certain class of
assets, based on technical evaluation and assessment, Management believes that the useful
lives adopted by it reflect the periods over which these assets are expected to be used.
Accordingly for those assets, the useful lives estimated by the management are different from
those prescribed in the Schedule. Management''s estimates of the useful lives for various class
of PPE are as given below:

Useful lives of assets are reviewed at the end of each reporting period

Losses arising from the retirement of, and gains or losses arising from disposal/adjustments of
PPE are recognised in the Standalone Statement of Profit and Loss.

2.6 Intangible assets

Intangible assets comprise software licenses, product registration fees and rights to use
railway wagon.

Intangible assets are measured on initial recognition at cost and subsequently are carried at
cost less accumulated amortisation and accumulated impairment losses, if any.

The intangible assets with a finite useful life are amortised using Written Down Value Method
over their estimated useful lives. The management''s estimates of the useful lives for various
class of Intangibles are as given below:

The estimated useful life is reviewed annually by the management.

Gains or losses arising from the retirement or disposal of an intangible asset are determined
as the difference between the net disposal proceeds and the carrying amount of the asset and
recognised as income or expense in the Standalone Statement of Profit and Loss.

2.7 Capital work-in-progress (''CWIP'') and intangible assets under development

Projects under commissioning and other CWIP/ intangible assets under development are
carried at cost, comprising direct cost, related incidental expenses and attributable borrowing
cost

Subsequent expenditures relating to property, plant and equipment are capitalised only when
it is probable that future economic benefit associated with these will flow to the Company
and the cost of the item can be measured reliably.

Advances given to acquire property, plant and equipment are recorded as non-current assets
and subsequently transferred to CWIP on acquisition of related assets.

Investment property

Investment properties are land and buildings that are held for long term lease rental yields
and/ or for capital appreciation. Investment properties are initially recognised at cost
including transaction costs. Subsequently investment properties comprising buildings are
carried at cost less accumulated depreciation and accumulated impairment losses, if any.

Depreciation on buildings is provided over the estimated useful lives as specified in note 2.5
above. The estimated useful lives and depreciation method of investment properties are
reviewed, and adjusted on prospective basis as appropriate, at each reporting date. The
effects of any revision are included in the Standalone Statement of Profit and Loss when the
changes arise.

An investment property is de-recognised when either the investment property has been
disposed of or do not meet the criteria of investment property i.e. when the investment
property is permanently withdrawn from use and no future economic benefit is expected
from its disposal. The difference between the net disposal proceeds and the carrying amount
of the asset is recognised in the Standalone Statement of Profit and Loss in the period of
de-recognition.

2.8 Research and development expenses

Research expenses are charged to the Standalone Statement of Profit and Loss as expenses in
the year in which they are incurred. Development costs are capitalised as an intangible asset
under development when the following criteria are met:

- the project is clearly defined, and the costs are separately identified and reliably
measured;

- the technical feasibility of the project is demonstrated;

- the ability to use or sell the products created during the project is demonstrated;

- the intention to complete the project exists and use or sale of output
manufactured during the project;

"a potential market for the products created during the project exists or their usefulness, in
case of internal use, is demonstrated, such that the project will generate probable future
economic benefits; and"

- adequate resources are available to complete the project.

- These development costs are amortised over the estimated useful life of the
projects or the products they are incorporated within. The amortisation of
capitalised development costs begins as soon as the related product is released
to production.

2.9 Non-current assets held for sale and discontinued operations

Non-current assets (including disposal groups) are classified as held for sale if their carrying
amount will be recovered principally through a sale transaction rather than through
continuing use and a sale is considered highly probable.

Non-current assets classified as held for sale are measured at lower of their carrying amount
and fair value less cost to sell

Non-current assets classified as held for sale are not depreciated or amortised from the date
when they are classified as held for sale.

A discontinued operation is a component of the entity that has been disposed off or is
classified as held for sale and: represents a separate major line of business or geographical
area of operations and; is part of a single co-ordinated plan to dispose of such a line of
business or area of operations. The results of discontinued operations are presented
separately in the Standalone Statement of Profit and Loss.

2.10 Financial instruments

2.11.1 Investments and other financial assets:

• Classification

The Company classifies its financial assets in the following measurement
categories:

- those to be measured subsequently at fair value (either through OCI,
or through profit or loss), and

- those measured at amortised cost.

- The classification is done depending upon the Company''s business
model for managing the financial assets and the contractual terms
of the cash flows. For assets measured at fair value, gains and losses
will be recorded in profit or loss

• Debt instruments
Measurement

A financial asset or financial liability is initially measured at fair value plus, for
an item not at fair value through profit and loss (FVTPL), transaction costs
that are directly attributable to its acquisition or issue. Transaction costs of

financial assets carried at fair value through profit or loss are expensed in the
Standalone Statement of Profit and Loss.

Subsequent measurement of debt instruments depends on the Company''s
business model for managing the asset and the cash flow characteristics of
the asset. There are three measurement categories into which the Company
classifies its debt instruments:

Amortised cost

Assets that are held for collection of contractual cash flows, where those
cash flows represent solely payments of principal and interest, are measured
at amortised cost. A gain or loss on a debt investment (unhedged) that is
subsequently measured at amortised cost is recognised in the Standalone
Statement of Profit and Loss when the asset is derecognised or impaired.
Interest income from these financial assets is included in other income using
the effective interest rate (''EIR'') method.

Fair value through Other Comprehensive Income (''FVTOCI'')

Assets that are held for collection of contractual cash flows and for selling
the financial assets, where the assets'' cash flows represent solely payments
of principal and interest, are measured at FVTOCI. Movements in the
carrying amount are recorded through OCI, except for the recognition of
impairment gains or losses, interest revenue and foreign exchange gains or

losses which are recognised in the Standalone Statement of Profit and Loss.
When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to the Standalone
Statement of Profit and Loss. Interest income from these financial assets is
included in other income using the EIR method

Fair value through profit or loss (''FVTPL'')

Assets that do not meet the criteria for amortised cost or FVTOCI are
measured at FVTPL. A gain or loss on a debt investment (including current
investments) that is subsequently measured at FVTPL (unhedged) is
recognised net in the Standalone Statement of Profit and Loss in the period
in which it arises. Interest income from these financial assets is included in
other income.

• Equity instruments

The Company subsequently measures all equity investments at fair value,
except investment in subsidiaries and joint ventures which are measured at
cost. Where the Company''s management has elected to present fair value
gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to the Standalone Statement of
Profit and Loss. When the financial asset is derecognised, the cumulative
gain or loss previously recognised in OCI is reclassified to equity. Dividends
from such investments are recognised in the Standalone Statement of Profit
and Loss within other income when the Company''s right to receive payments
is established. Impairment losses (and reversal of impairment losses) on
equity investments measured at FVTOCI are not reported separately from
other changes in fair value.

• Cash and cash equivalents

The Company considers all highly liquid investments, which are readily
convertible into known amounts of cash, that are subject to an insignificant
risk of change in value with a maturity within three months or less from the
date of purchase, to be cash equivalents. Cash and cash equivalents consist
of balances with banks which are unrestricted for withdrawal and usage.

• Trade Receivables

Trade receivables that do not contain a significant financing component are
measured at transaction price.

• Impairment of financial assets

The Company assesses on a forward-looking basis the expected credit losses
associated with its assets carried at amortised cost. The impairment
methodology applied depends on whether there has been a significant
increase in credit risk and if so, assess the need to provide for the same in
the Statement of Profit and Loss.

• Derecognition of financial assets

A financial asset is derecognised only when the Company

- has transferred the rights to receive cash flows from the financial
asset; or

- retains the contractual rights to receive the cash flows of the
financial asset, but assumes a contractual obligation to pay the cash
flows to one or more recipients.

Where the Company transfers an asset, it evaluates whether it has
transferred substantially all risks and rewards of ownership of the financial
asset. Where the Company has transferred substantially all risks and rewards
of ownership, the financial asset is derecognised. Where the Company has
not transferred substantially all risks and rewards of ownership of the
financial asset, the financial asset is not derecognised. Where the Company
has neither transferred a financial asset nor retained substantially all risks
and rewards of ownership of the financial asset, the financial asset is
derecognised if the Company has not retained control of the financial asset.
Where the Company retains control of the financial asset, the asset is
continued to be recognised to the extent of continuing involvement in the
financial asset.

• Effective interest method

The effective interest method is a method of calculating the amortised cost
of a financial instrument and of allocating interest income or expense over
the relevant period. The effective interest rate is the rate that exactly

discounts future cash receipts or payments through the expected life of the
financial instrument, or where appropriate, a shorter period.

2.11.2 Debt and equity instruments

Debt and equity instruments are classified as either financial liabilities or as
equity in accordance with the substance of the contractual arrangement.

An equity instrument is any contract that evidences a residual interest in the
assets of an entity after deducting all of its liabilities. Equity instruments
issued by the Company are recorded at the proceeds received, net of direct
issue costs.

2.11.3 Financial liabilities

• Classification as debt or Equity

Debt and equity instruments issued by the Company are classified as either
financial liabilities or as equity in accordance with the substance of the
contractual arrangements and the definition of a financial liability and an
equity instrument. An equity instrument is any contract that evidences a
residual interest in the assets of an entity after deducting all of its liabilities.

• Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in the case of
loans and borrowings and payables, net of directly attributable transaction
costs. The Company''s financial liabilities include borrowings, trade payables
and other financial liabilities.

• Subsequent measurement

The measurement of financial liabilities depends on their classification, as
described below:

a) Trade and other payable

These amounts represent obligations to pay for goods or services that
have been acquired in the ordinary course of business from suppliers.
These payable are classified as ''current liabilities'' if payments are due
within one year or less otherwise they are presented as ''non-current

liabilities''. Trade payables are subsequently measured at amortised
cost using the effective interest method.

b) Derecognition

Liability is removed from the balance sheet when the obligation
specified in the contract is discharged, cancelled or expired. The
difference between the carrying amount of a financial liability that has
been extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognised in profit or loss as other gains/
(losses).

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 derecognition of the original liability and
the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit or loss.

2.11.4 Fair value of financial instruments

In determining the fair value of its financial instruments, the Company uses a
variety of methods and assumptions that are based on market conditions
and risks existing at each reporting date. The methods used to determine fair
value include discounted cash flow analysis, available quoted market prices
and dealer quotes. All methods of assessing fair value result in general
approximation of value.

2.11 Inventories

Inventories are valued at lower of cost and net realisable value after providing for
obsolescence and other losses, where considered necessary on an item-by-item basis.
Cost includes all charges in bringing the goods to their present location and condition,
including other levies, transit insurance and receiving charges. Work-in-progress and
finished goods include appropriate proportion of overheads and, where applicable, taxes
and duties. Net realisable value is the estimated selling price in the ordinary course of
business, less the estimated costs of completion and the estimated costs necessary to
make the sale.

2.12 Revenue recognition

2.13.1 Sale of goods

Revenue is recognised upon transfer of control of promised goods to
customers in an amount that reflects the consideration which the Company
expects to receive in exchange for those goods.

Revenue from the sale of goods is recognised at the point in time when
control is transferred to the customer which is usually on dispatch / delivery
of goods, based on contracts with the customers.

Revenue towards satisfaction of performance obligation is measured based
on the transaction price, which is the consideration, adjusted for volume
discounts, price concessions, incentives, and returns, if any, as specified in
the contracts with the customers. Revenue excludes taxes collected from
customers on behalf of the government. Accruals for discounts/incentives
and returns are estimated (using the most likely method) based on
accumulated experience and underlying schemes and agreements with
customers. Due to the short nature of credit period given to customers,
there is no financing component in the contract.

2.13.2 Interest income

For all debt instruments measured either at amortised cost or at FVTPL,
interest income is recorded using the EIR method.

2.13.3 Dividend income

Dividend income is accounted for when Company''s right to receive the
income is established.

2.13.4 Insurance claims

Insurance claims are accounted for on the basis of claims admitted and to
the extent that there is no uncertainty in receiving the claims

2.13 Leases

The Company assesses whether a contract contains a lease, at inception of a contract. A
contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a define period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use of an identified assets, the
Company assesses whether: (i) the contact involves the use of an identified asset (ii) the
Company has substantially all of the economic benefits from use of the asset through the
period of the lease and (iii) the Company has the right to direct the use of the asset.

As a lessee, The Company recognises a right-of-use asset and a lease liability at the lease
commencement date. The right--of-use asset is initially measured at cost, which

comprises the initial amount of the lease liability adjusted for any lease payments made
at or before the commencement date, plus any initial direct costs incurred and an
estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from
the commencement date to the earlier of the end of the useful life of the right of-use
asset or the end of the lease term. The estimated useful lives of right-of-use assets are
determined on the same basis as those of property and equipment. In addition, the
right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for
certain remeasurements of the lease liability

The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the
lease or, if that rate cannot be readily determined, the Company''s incremental borrowing
rate. For leases with reasonably similar characteristics, the Company, on a lease by lease
basis, may adopt either the incremental borrowing rate specific to the lease or the
incremental borrowing rate for the portfolio as a whole.

Lease payments included in the measurement of the lease liability comprise the fixed
payments, including in-substance fixed payments and lease payments in an optional
renewal period if the Company is reasonably certain to exercise an extension option;

The lease liability is measured at amortised cost using the effective interest method.

The Company has elected not to recognise right-of-use assets and lease liabilities for
short-term leases that have a lease term of 12 months or less and leases of low-value
assets. The Company recognises the lease payments associated with these leases as an
expense on a straight line basis over the lease term. The Company applied a single

discount rate to a portfolio of leases of similar assets in similar economic environment
with a similar end date

2.14 Employee benefits plans

2.15.1 Defined Contribution Plan

''The company''s contribution to provident fund is considered as a defined
contribution scheme and are charged as expense based on the amount of
contribution required to be made and when the services are rendered by the
employees.

2.15.2 Defined Benefit Plan

The company operates a defined benefit plan for its employees, viz., gratuity
liability. The costs of providing benefits under this plan are determined on
the basis of actuarial valuation at each year-end. Actuarial valuation is
carried out for the plan using the projected unit credit method.
Remeasurements comprising of actuarial gains and losses, the effect of
changes to the return on plan assets (excluding net interest) is reflected
immediately in the balance sheet with a charge or credit recognised in OCI in
the period in which they occur. Remeasurements recognised in OCI are
reflected immediately in retained earnings and is not reclassified to in the
statement of profit and loss. Net interest is calculated by applying the
discount rate to the net defined benefit liability or asset.

2.15.3 Short-term employee benefits

Accumulated leave, which is expected to be utilized within the next 12
months, is treated as short-term employee benefit. The company measures
the expected cost of such absences as the additional amount that it expects
to pay as a result of the unused entitlement that has accumulated at the
reporting date.

2.15.4 Long-term employee benefits

Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related service are recognised as a liability at the present value of the
estimated future cash outflows expected to be made by the Company in
respect of services.

2.15 Borrowing costs

Borrowing costs are interest and ancillary costs incurred in connection with the
arrangement of borrowings. General and specific borrowing costs attributable to
acquisition and construction of qualifying assets is added to the cost of the assets upto
the date the asset is ready for its intended use. Capitalisation of borrowing costs is
suspended and charged to the Standalone Statement of Profit and Loss during extended
periods when active development activity on the qualifying assets is interrupted. All other
borrowing costs are recognised in the Standalone Statement of Profit and Loss in the
period in which they are incurred.

2.16 Government grants

Government grants and subsidies are recognised when there is reasonable assurance that
the Company will comply with the conditions attached to them and the grants and
subsidies will be received. Government grants whose primary condition is that the
Company should purchase, construct or otherwise acquire noncurrent assets are
recognised as deferred revenue in the Standalone Balance Sheet and transferred to the
Standalone Statement of Profit and Loss on systematic and rational basis over the useful
lives of the related asset.

2.17 Income tax

Tax expense for the year comprises current and deferred tax. The tax currently payable is
based on taxable profit for the year. Taxable profit differs from net profit as reported in
the Standalone Statement of Profit and Loss because it excludes items of income or
expense that are taxable or deductible in other years and it further excludes items that
are never taxable or deductible. The Company''s liability for current tax is calculated using
tax rates and tax laws that have been enacted or substantively enacted by the end of the
reporting period.

Current tax assets and current tax liabilities are offset when there is a legally enforceable
right to set off the recognised amounts and there is an intention to realise the asset or to
settle the liability on a net basis.

Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying values of assets and liabilities in the Standalone Financial Statements and the
corresponding tax bases used in the computation of taxable profit and is accounted for
using the Standalone Balance Sheet liability method. Deferred tax liabilities are generally
recognised for all taxable temporary differences arising between the tax base of assets
and liabilities and their carrying amount, except when the deferred income tax arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and affects neither accounting nor taxable profit or loss at the time of the

transaction. In contrast, deferred tax assets are only recognised to the extent that it is
probable that future taxable profits will be available against which the temporary
differences can be utilised.

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

Deferred tax is calculated at the tax rates that are expected to apply in the period when
the liability is settled or the asset is realised based on the tax rates and tax laws that have
been enacted or substantially enacted by the end of the reporting period. The
measurement of deferred tax liabilities and assets reflects the tax consequences that

would follow from the manner in which the Company expects, at the end of the reporting
period, to cover or settle the carrying value of its assets and liabilities

Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied
by the same tax authority and there are legally enforceable rights to set off current tax
assets and current tax liabilities within that jurisdiction.

Current and deferred tax are recognised as an expense or income in the Standalone
Statement of Profit and Loss, except when they relate to items credited or debited either
in Other Comprehensive Income or directly in equity, in which case the tax is also
recognised in OCI or directly in equity.

2.18 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past
events and it is probable that an outflow of resources will be required to settle the
obligation, in respect of which a reliable estimate of the amount can be made. Provisions
are determined based on best estimate required to settle the obligation at the balance
sheet date. When 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 (when the
effect of the time value of the money is material). The increase in the provisions due to
passage of time is recognised as interest expense.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current
best estimate. If it is no longer probable that the outflow of resources would be required
to settle the obligation, the provision is reversed.

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 or a reliable estimate of
the amount cannot be made.

Contingent assets are not disclosed in the Standalone Financial Statements unless an
inflow of economic benefits is probable.

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Mar 31, 2024

22.3 - The rights, preferences and restrictions attaching to Equity Shares

The Company has a single class of equity share. Each holder of the equity shares is entitled to one vote per share and carries a right to dividends as and when declared by the Company.

22.4 No shares in the company is held by its holding company or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company.

22.5 Company has not reserved equity shares for issue under options and contracts or commitments for the sale of shares or disinvestment.

22.6 The Company has not issued any securities convertible into equity shares as on the date.

Note 10.1: Nature of Security and Terms of Repayment of Borrowings [ A ] Non-Current i) Nature of Security

Indian Rupee Term Loans from Banks are secured by:

I. Primary Security:

a) Term Loans: First charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of the company.

b) Factory Land & Building, at Plot no.1, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of the company.

d) Residential Flat situated at Siddhi-6, At.Ishwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot, in the name of the company.

e) No Additional Security is Provided for Term Loan ECLGS

[ B ] Current

i) Nature of Security

I. Primary Security:

a) Cash Credit / Export Limits / LC/ LER: First hypothecation charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of the company.

b) Factory Land & Building, at Plot no.1, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of the company.

d) Residential Flat situated at Siddhi-6, At.Ishwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot, in the name of the company.

e) No Additional Security is Provided for Term Loan ECLGS

Note 23: Contingent Liabilities and Commitments		(Amount in Rs. in Lakhs)
Particulars	AS AT 31ST MARCH, 2024	AS AT 31ST MARCH, 2023
(I) Contingent Liabilities
(A) Claims against the company not acknowledged as debt	NIL	NIL
(B) Guarantees	NIL	NIL
(C) Other money for which the company is contingently liable	NIL	NIL
(II) Commitments
(A) Estimated amount of contracts remaining to be executed on capital account and not provided for	NIL	NIL
(B) Uncalled liability on shares and other investments partly paid	NIL	NIL
(C) Other Commitments	NIL	NIL

Note 29: Additional Regulatory Information

29.1 All title deeds of Immovable Property are held in name of the Company

29.2 The Company has not revalued its Property, Plant and Equipment during the financial year

29.3 The Company does not have any Capital-Work-in Progress and Intangible assets under development

29.4 No proceedings have been initiated or pending against the company under the Benami Transactions (Prohibition) Act, 1988 and the rules made thereunder.

29.5 The Company is not declared as a wilful defaulter by any bank or financial institution or other lender.

29.6 The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

29.7 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

29.8 No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the financial year.

29.9 The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

i. 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

ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

29.10 The Company has 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:

i. 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

ii. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

29.11 The Company does not have 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).

29.12 The Company does not covered under section 135 of the Companies Act, 2013 during financial year.

29.13 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

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

29.15 Quarterly Returns or Statements of Current Assets filed by the Company with Banks or Financial institutions are in agreement with the books of accounts.

29.16 There are No Loans or Advances granted to Promoters, Directors, KMPs and the Related Parties.

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Mar 31, 2023

2.19 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate of the amount can be made. Provisions are determined based on best estimate required to settle the obligation at the balance sheet date. When 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 (when the effect of the time value of the money is material). The increase in the provisions due to passage of time is recognised as interest expense.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

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 or a reliable estimate of the amount cannot be made.

Contingent assets are not disclosed in the Standalone Financial Statements unless an inflow of economic benefits is probable

3. Recent Indian Accounting Standard (Ind AS) pronouncements which are not yet effective

The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Company''s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, as and when they become effective. The Ministry of Corporate Affairs (MCA) has notified certain amendments to Ind AS, through Companies (Indian Accounting Standards) Amendment Rules, 2022 on 31st March, 2023. These amendments maintain convergence with IFRS by incorporating amendments issued by International Accounting Standards Board (IASB) into Ind AS and has amended the following standards:

i. Ind AS 1 - Presentation of Financial Statements

ii. Ind AS 8 - Accounting Policies, Changes in accounting estimates & errors

iii. Ind AS 12 - Income Taxes

iv. Ind AS 101 - First-me adoption of Ind AS

v. Ind AS 102 - Share Based Payment

vi. Ind AS 103 - Business Combinations

vii. Ind AS 107- Financial Instruments: Disclosures

viii. Ind AS 109 - Financial Instruments

ix. Ind AS 115 - Revenue from Contracts with Customers

These amendments shall come into force with effect from April 01, 2023.

The Company is assessing the potential effect of the amendments on its financial statements. The Company will adopt these amendments, if applicable, from applicable date.

Note 29: Additional Regulatory Information

29.1 All title deeds of Immovable Property are held in name of the Company

29.2 The Company has not revalued its Property, Plant and Equipment during the financial year

29.3 The Company does not have any Capital-Work-in Progress and Intangible assets under development

29.4 No proceedings have been initiated or pending against the company under the Benami Transactions (Prohibition) Act, 1988 and the rules made thereunder.

29.5 The Company is not declared as a wilful defaulter by any bank or financial institution or other lender.

29.6 The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

29.7 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

29.8 No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the financial year.

29.9 The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

i. 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

ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

29.10 The Company has 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:

i. 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

ii. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

29.11 The Company does not have 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

29.12 The Company does not covered under section 135 of the Companies Act, 2013 during financial year.

29.13 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

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

29.15 Quarterly Returns or Statements of Current Assets filed by the Company with Banks or Financial institutions are in agreement with the books of accounts.

29.16 Loans or Advances granted to Promoters, Directors, KMPs and the Related Parties

SIGNATURE TO ALL THE SCHEDULES

As per our Report of even date FOR AND ON BEHALF OF BOARD,

FOR BHAVIN ASSOCIATES ULTRACAB (INDIA) LIMITED

Chartered Accountants

Bhavin P. Bhansali Nitesh P. Vaghasiya Pankaj V. Shingala

Partner Managing Director Whole Time Director

Mem.No.: 043796 DIN: 01899455 DIN: 03500393

FRN: 0101383W Place : Rajkot Place : Rajkot

Date : 25/05/2023 Date : 25/05/2023

Place : Rajkot

Date : 25/05/2023

UDIN: 23043796BGRVEB8600

Pravin S. Pansuriya Khushbu Shah

Chief Financial Officer Company Secretary

PAN: BUHPP8079C ACS No.: 41073

Place : Rajkot Place : Rajkot

Date : 25/05/2023 Date : 25/05/2023

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Mar 31, 2018

1 SHARE CAPITAL

The Share Capital of the company comprises of Equity Share Capital only, the details of which is as follows..

Indian Rupee Term Loans from Banks are secured by:

I. Primary Security:

a) Term Loans: First charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of the company.

b) Factory Land & Building, at Plot no.1, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of the company.

c) Residential Flat situated at Siddhi-6, At.Ishwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot, in the name of the company.

2 DEFERRED TAX ASSETS / LIABILITIES

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act,1961.Deferred tax resulting from “timing differences” between taxable and accounting income is accounted for using the tax rate and laws that are enacted or substantively enacted as on the balance sheet date.The deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

In compliance with Accounting Standard - 22 (AS - 22) on “Accounting for Taxes on Income” issued by the Institute of Chartered Accountants of India, Net Deferred Tax Assets of Rs.4,38,711/- is recognised during the year.

I. Primary Security:

a) Cash Credit / Export Limits / LC / BG / LER: First hypothecation charge on entire current assets of the company (both present & future).

II. Collateral Security: As mentioned in Note No.3 above

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Mar 31, 2016

Indian Rupee Term Loans from Banks are secured by:

I. Primary Security:

a) Term Loans: First charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of Ultracab (India) Limited.

b) Factory Land & Building in the name of Ultracab (India) Limited, at Plot no.l, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of Company.

c) Residential plot in the name of Mr. Niteshbhai P. Vaghasia situated at Plot no.35, S No. 128 (p), Mota Mauwa, Rajkot.

d) Residential Flat in the name of Ultracab (India) Limited situated at Siddhi-6, At.lshwariya, R.S.No.20p, Siddhi-6, Wing

C, Flat No.102, Dist.Rajkot

1 DEFERRED TAX ASSETS / LIABILITIES

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rate and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future. In compliance with Accounting Standard - 22 (AS - 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, excess deferred tax Liability of Rs.10,23,721/- is being reversed during the year.

I. Primary Security:

a) Cash Credit / Export Limits / LC / BG / LER: First hypothecation charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of Ultracab (India) Limited.

b) Factory Land & Building in the name of Ultracab (India) Limited, at Plot no.l, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of Company.

c) Residential property in the name of Mr. Niteshbhai P. Vaghasia situated at Plot no.35, S No. 128 (p), Mota Mauwa,

d) Residential Flat in the name of Ultracab (India) Limited situated at Siddhi-6, At.lshwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot

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Mar 31, 2015

Not available