Notes to Accounts of Baroda Extrusion Ltd.

Mar 31, 2024

(d) Terms And Rights Attached To Equity Shares

In the event of liquidation, the holders of the equity shares will be entitled to receive remaining assets of the Company after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the Shareholders.

(g) There are no bonus shares issued nor any shares five years bought back during the period of five years immediately preceding the reporting date.

During the year, No Shares were allotted for consideration other than cash.

1) Securities Premium:

Securities Premium is received from the shareholders of the Company on issue of shares. The Reserve is utilised as per the provisions of the Companies Act, 2013.

2) Capital Reserve

Capital Reserve is created by the company on account of forfeiture of partly unpaid equity shares.

3) Retained Earning

Retained earnings are the balance (debit /credit) in the statement of profit and loss.

Secured Loans are secured by way of first charge on the following immovable properties:

1. Office premises situated at 102 Pavan Flats, Anand Nagar Society, Jetalpur Road, Vadodara

2. Non Agricultural Land with water resources bearing Account No. 810, Block No. 522, Old Survey No 488- 499, situated at Village: Chansad, Dist: Vadodara.

3. Land bearing Survey No. 287/2- Account No. 72, Survey No. 291/2 Account No-73, Survey No. 288 Account No. 123, Survey No 287/1 & 286/2 Account No- 392, Survey No.397/2, Account No. 550 admeasuring 891573.600 Sq. situated at Mouje Dungarpura Sim, Tal Savli, Dist Vadodara.

4. Pieces and parcels of Land bearing Account No- 71 Survey No.2. 206/1/1, 206/2/A, 206/2/B, 210/2/ A, 210/2/B at Village TuisipuraTaluka Savli, Dist.: Vadodara.

5. Factory Land and Building AT & PO 65-66, Village Garadiya, Jarod- Samlaya Road, Taluka- Savli, Dist.: Vadodara

6. Three Vehicle Loans has been taken from a Bank with fixed rate of interest of 7.6% ,9.5% & 8.75% and Two Vehicle Loans has been taken from a NBFC with fixed rate of interest of 11% & 11.5%.

7. Vehicle Loans are secured by hypothecation of respective vehicles.

The above loans are also further secured by way of Personal Guarantees of Shri Parasmal B Kanugo and Shri Alpesh P Kanugo.

The Company is not filing any stock statement to the NBFC due to legal dispute and litigation between The Company and lender(SICOM), for details refer Note 29C.

29. Other Explanatory Notes and InformationA. Capital & Other Commitment

Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) - Rs. Nil.

B. Contingent Liabilities:

Contingent liabilities not provided for:

(in addition, refer claims assessed as contingent liability described in point C):			Rs.in Lac s
Sr. No.	Particulars	As at 31st	As at 31st
		March, 2024	March, 2023
i)	VAT/CST	10.68	10.68
ii)	Excise	360.23	360.23
iii)	GST Demand	27.76	-
iv)	Overdue interest claimed by lender not
	acknowledged as debt by the Company (refer note	85.99	-
	C(1) below)

C.1). The Company has been sanctioned working capital facility in the form of Factoring Facility to the tune of Rs 3500.00 Lacs and revolving Purchase Bills Discounting facility to the tune of Rs 500.00

Lacs against various securities by SICOM Ltd., Mumbai. As the Company failed to pay the dues to SICOM Ltd, SICOM Ltd has issued take over notice on 23.01.2013 for possession of its secured assets and demanded Rs 4519.29 lacs against its dues up to 15.01.2013 under section 29 of State Financial Corporation Act,1951 for recovery of its dues. However as the company has become "Sick Industrial Company" and filed the reference with BIFR, SICOM Ltd. withdrawn its action taken under section 29 of State Financial Corporation Act, 1951 for taking over of symbolic possession of the assets of the company vide its letter dated 05.01.2016. Further, the winding up petition filed by SICOM Ltd against the Company was dismissed by Hon''ble High Court of Gujarat on 29.09.2015. SICOM Ld. has filed appeal on 19.10.2015 against the aforesaid order of the Hon''ble High Court of Gujarat and also filed summary suit COMIS/IS4/2015 dated 21.12.2015 of Rs 2214 Lacs plus Interest for non-payment of its dues, the outcome of which is still awaited. The Company has also filed a suit against SICOM Ltd in City Civil Court at Mumbai and has sought relief in the form of compensation of Rs 8000 Lacs for the damage, loss and injury caused by SICOM Limited.

The outcome of the same is still awaited. Due to various litigation and cross litigations between the Company and SICOM Ltd, it is actually difficult to arrive at the exact amount due/recovered by the Company to SICOM and vice versa as all the litigation are pending for its final disposal. The Company has stopped paying any principal or interest due on the borrowing facilities taken from SICOM Ltd. and accordingly has not provided for any interest liability, for the past many years and for the year ended March 31, 2024, on outstanding dues payable to SICOM Ltd.

However, M/s SICOM Limited informed the Company that it has unconditionaly and irrevocably assigned all its total debts amounting to Rs 130.37 Crores due by them in respect of the financial facilities granted by them to the Company together with rights, titles and interest in favour of M/s Brijlaxmi Leasing and Finance Limited (Assignee) pursuant to section 5(1)(b) of the SARFESI Act including the transfer of the title of every legal suit filed by M/s SICOM Limited on 25^th April, 2024 by execution of registered assignment agreement.

The Company has raised an objection on the claim amounting to Rs 130.37 Crores raised by M/s SICOM Limited as the said claim is not backed by any working and calculations. Further, the SICOM Limited has not clarified that the claim of Rs. 130.37 crores is gross claim or net claim after adjustment of Fixed Deposit of Rs 1.49 Crores. Also, no interest income has been provided by SICOM Limited on the said Fixed Deposit. Further more, the company has also objected to the aforesaid assignment in favour of M/s Brijlaxmi Leasing and Finance Limited as in the past the company has also approached SICOM Limited to come out with One Time Settlement Scheme to settle the outstanding dues. However SICOM limited has never turned up with any of such scheme and all sudden without taking into the confidence of the management of the company has assigned the debt in favour of M/s Brijlaxmi Finance and Lease Limited. Such uninformed deed of assignment may lead to many unknown challenges to the company while dealing with the new assignee. The management of the Company has now approched the new assignee M/s Brijlaxmi Leasing and Finance Limited to understand how the amount of Rs 130.37 crores has been arrived and claimed by M/s SICOM Limited.

In view of the above facts and keeping in mind various demands raised by the Company and on the Company and without the detail calculation of the overdue interest amounting to Rs 85.99 crores (Claim of Rs 130.37 crores less liability shown in books Rs 45.87 crores (excluding book

value of FD with SICOM of Rs 1.49 crores)) the company has not provided for any interest liability for the past many years (as it was never given by M/s SICOM Limited) and now for the year ended 31^st March 2024 as there was only a claim without any detailed working and evidences.

The Principal and Interest liability claimed by lender is Rs 130.37 Crores.

The Book Balances with Lender as on 31st March, 2024 is as under:

Borrowings including Interest due: Rs 4587.05 Lacs. (PY Rs 4587.05 Lacs)

Fixed Deposits (CDR) with accrued Interest: Rs 148.88 Lacs. (PY Rs 148.88 Lacs)

2) The Company has reported net loss after tax of INR 109.80 Lacs for the year ended March 31, 2024. The Company has reported net loss after tax of INR 341.90 Lacs for the year ended March 31, 2023. The net worth of the Company is negative as on March 31, 2024 and as on March 31, 2023. During the process of assignment of debts from M/s SICOM Limited to M/s Brijlaxmi Leasing and Finance Limited, surprisingly for the first time, we have been informed about the amount of debt claimed by M/s SICOM Limited. However, in view of the various demands raised by the Company on the lender and on the Company by the lenders for many years along evidentary proof of continous failer of the auction inititated by the lender to sale the mortgaged properties to recover the dues, the company is confident that the amount claimed by the lender of Rs 130.37 Crores as an outstanding will be significantly low vis-a-vis their unsupported claim. The Management believes that outcome of the pending litigations with the lender will be in the favour of the Company. The Company has prepared business projections for next 3 years taking into consideration the global demand of the copper market, certain strategic changes implemented by the management to resolve key issues like capacity utilisation, finding high margin buyers etc. Basis on such business projections, and hopeful for the settlement with the new assignee of the debt as aforesaid, the Company is expected to reverse losses and report profits, positive cash flows and net-worth in next 2-3 years. In view of the above and the support available from the Promoters and Managing Director, the Company is of the opinion that it will be able to manage its business operations as usual in future and that there is no material uncertainty regarding its ability to meet its financial commitments in foreseeable future. Hence, in the opinion of the Company, the going concern assumption is appropriate and accordingly the financial statements have been prepared.

3) Further, as stated in Note C(2) above, since the Company is hopeful that there will be improvement in the business going forward and is taking other measures as well which would result in future taxable profit, hence, is carrying on the Deferred Tax Assets amounting to Rs. 512.43 Lacs as at March 31, 2024.

D. Defined Contribution plans

The Company also contributes on a defined contribution basis to employees'' provident fund and superannuation fund. Contributions are made to provident fund in India for employees at therate of 12% of basic salary as per regulations. The contributions are made to statutory provident fund.

2. Sensivity analysis method

Sensitivity analysis is performed by varying a single parameter while keeping all the other parameters unchanged. Sensitivity analysis fails to focus on the interrelationship between underlying parameters. Hence, the results may vary if two or more variables are changed simultaneously. The method used does not indicate anything about the likelihood of change in any parameter and the extent of the change if any.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The Company''s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.

H. Financial Risk management

The Company has exposure to the following risks arising from financial instruments:

(a) Credit risk;

(b) Liquidity risk; and

(c) Market risk

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

a) 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, deposit and other receivables. Credit risk is managed through continuous monitoring of receivables and follow up of overdues.

Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer, demographics of the customer, default risk of the industry and country in which the customer operates. 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 has used expected credit loss (ECL) model for assessing the impairment loss. For the purpose, the Company uses a provision matrix to compute the expected credit loss amount. The provision matrix takes into account external and internal risk factors and historical data of credit losses from various customers and is adjusted for forward looking estimates.

Other than trade and other receivables, the Company has no other financial assets that are past due but not impaired.

Cash and Cash Equivalent

The Company held cash and cash equivalent and other bank balance of Rs. 155.21 Lacs at March 31, 2024 (March 31, 2023: Rs 49.62 Lacs). The same are held with banks having good credit rating.

b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligation as they fall due. The Company ensures that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions.

Maturities of Financial Liabilities

The table herewith analyses the Company''s Financial Liabilities into relevant maturity groupings based on their contractual maturities.

(c) Market risk

The Company exposure to foreign currency risk during the year & at the end is Rs Nil

I. Capital Management

The Company''s capital management objectives are:

- to ensure the Company''s ability to continue as a going concern; and

- to provide an adequate return to shareholders through optimisation of debts and equity balance.

The company is under dispute with his major lender M/s SICOM Limited. The Company has filed various litigations against SICOM Ltd. The Detailed note provided in note no 29(C). The Company is optimistic that Company objective for capital management can be achieved to maintain an optimum overall financial structure once that litigation is concluded. The Company''s objective for capital management is to maintain an optimum overall financial structure.

J. Segment Reporting :

a) In accordance with Ind AS 108 the Company operates only in one segment and there is no separate reportable segment. The Company has identified "Copper Manufacturing" as the only primary reportable segment.

N. SEBI (Listing Obligation & Disclosure Requirements) Regulation 2015

Disclosures as required under Regulation 34 (3) read with schedule V of the SEBI (Listing Obligation & Disclosure Requirements) Regulation 2015 have not been given as there are no such transactions with any such party.

O. Information on Dividend for the year

No Dividend has been proposed or declared by the Board during the financial year 2023-24.

Note-1 The Company incurred cash loss during the year due to that company''s Debt-Service Coverage Ratio, Net Profit Ratio, Operating Profit Margin, Return on Capital Employed, Return on Equity Ratio, Return on Investment, Return on Net worth and Earning Per Share are Negative.

T. Other Statutory Information

i) The Company does not have any Benami Property, where any proceeding has been Initiated or pending against the company for holding any Benami property.

ii) The Company does not have any charges or Satisfaction which is yet to be registered with ROC beyond the statutory period.

iii) The Company has not traded or invested in Crypto currency or Virtual currency during the year.

iv) The company has not advanced or loaned or invested funds to any other person(s) or entity(es), including foreign entities (Intermediaries) with the understanding that the intermediary shall: (i) directly or indirectly lend or invest in other persons or Entities identified in any manner whatsoever by on behalf of the company(ultimate beneficiaries) or (ii) Provide any guarantee, security or the like to or on behalf of the ultimate Beneficiaries.

v) 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.

vi) The Company does not have any such transaction which is not recorded is not recorded in the books of accounts and 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)

vii) The Company holds all the title deeds of immovable properties in its name.

viii) There is no scheme of arrangements approved by the competent authority in terms of sections 230-237 of the Companies Act, 2013.

ix) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

x) The Company does not have any subsidiaries and hence compliance with number of layers of companies is not applicable.

xi) The Company has no relationship with any struck off companies.

V. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

W. These Financial Statements were authorized for issue in accordance with the resolution of the Board of Directors in its meeting held on 30thMay, 2024.

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Mar 31, 2023

p) Provisions, Contingent liabilities and Assets

I) Provisons

Provisions are recognised 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. The expense relating to a provision is presented in the Statement of Profit and Loss net of any reimbursement.

II) Contingent Liabilities

Contingent liability is disclosed for (i) Possible obligations which will be confirmed only by the future events not wholly within the control of the company or (ii) Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

III) Contingent Assets

Contingent Assets are not recognised in the financial statements. Contingent Assets if any, are disclosed in the notes to the financial statements.

q) Earnings per Share

(i) Basic Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity.

(ii ) Diluted Earnings per share

Diluted earnings per share is computed by dividing the profit / (loss) after tax as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity share.

r) Government Grant

Government grants related to expenditure on property, plant and equipment are credited to the statement of profit and loss over the useful lives of qualifying assets or other systematic basis representative of the pattern of fulfilment of obligations associated with the grant received. Total grants received less the amounts credited to the statement of profit and loss at the balance sheet date are included in the balance sheet as deferred income.

A government grant that becomes receivable as compensation for expenses to the entity with no future related costs is recognised in profit or loss of the period in which it becomes receivable.

s) Segment Reporting

There is no separate reportable primary segment, as most of the operations are related to only one Segment viz. Copper Manufacturing.

t) Operating cycle

Based on the nature of products / activities of the Company and the normal time between acquisition of assets and the irrealisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

RECENT ACCOUNTING PRONOUCEMENTS:-

On March 31, 2023, the Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) Amendment Rules, 2023. This notification has resulted into following amendments in the existing Accounting Standards which are applicable from April 1, 2023.

a) Ind AS 107, Ind AS 1, Ind AS 34- Modification relating to disclosure of material accounting policies including information about basis of measurement of financial instruments.

b) Ind AS 8- Modification of definition of ‘accounting estimate’ and application of changes in accounting estimates.

c) Ind AS 12- Modification relating to recognition of deferred tax liabilities and deferred tax assets The Company is evaluating the amendments and the expected impact, if any, on the Company’s financial statements on application of the amendments for annual reporting periods beginning on or after 1 April 2023.

Secured Loans are secured byway of first charge on the following immovable properties:

1. Office premises situated at 102 Pavan Flats. Anand Nagar Society. Jetalpur Road, Vadodara

2. Non Agricultural Land with water resources bearing Account No. 810, Block No. 522, Old Survey No 488-499, situated at Village: Chansad, Dist: Vadodara.

3. Land bearing Survey No. 287/2- Account No. 72, Survey No. 291/2 Account No-73, Survey No. 288 Account No. 123, Survey No 287/1 & 286/2 Account No- 392. Survey No.397/2, Account No. 550 admeasuring 891573.600 Sq. situated at Mouje Dungarpura Sim. Tal Savli, Dist Vadodara.

4. Pieces and parcles of Land bearigng Account No- 71 Survey No.2. 206/1/1, 206/2/A. 206/2/B, 210/2/A, 210/2/B at Village TuisipuraTaluka Savli, Dist.: Vadodara.

5. Factory Land and Building AT & PO 65-66, Village Garadiya, Jarod- Samlaya Road. Taluka- Savli, Dist.: Vadodara

6. Vehicle Loans are secured by hypothecation of respective vehicle

The above loans are also further secured by way of Personal Guarantees of Shri Parasmal B Kanugo and Shri Alpesh P Kanugo.

The Company is not filing any stock statement to the NBFC due to legal dispute and litigation between The Company and lender(SICOM), for details refer Point C of Note No. 29.

dues to SICOM Ltd, SICOM Ltd has issued take over notice on 23.01.2013 for possession of its secured assets and demanded Rs 45,19.29 lacs against its dues up to 15.01.2013 under section 29 of State Financial Corporation Act,1951 for recovery of its dues. However as the company has become “Sick Industrial Company” and filed the reference with BIFR, SICOM Ltd. withdrawn its action taken under section 29 of State Financial Corporation Act, 1951 for taking over of symbolic possession of the assets of the company vide its letter dated 05.01.2016.

Further, the winding up petition filed by SICOM Ltd against the Company was dismissed by Hon''ble High Court of Gujarat on 29.09.2015. SICOM Ld has filed appeal on 19.10.2015 against the aforesaid order of the Hon''ble High Court of Gujarat and also filed summary suit COMIS/IS4/2015 dated 21.12.2015 of Rs2214Lacs plus Interest for non-payment of its dues, the outcome of which is still awaited.

The Company has also filed a suit against SICOM Ltd in City Civil Court at Mumbai and has sought relief in the form of compensation of RS 8000 Lacs for the damage, loss and injury caused by SICOM Limited. The outcome of the same is still awaited.

Due to various litigation and cross litigation between the Company and SICOM Ltd, the Company has stopped paying any principal or interest due on the borrowing facilities taken from SICOM Ltd. and accordingly has not provided for any interest liability, for the past many years and for the quarter and year ended March 31, 2023, on outstanding dues payable to SICOM Ltd. In view of the various demands raised by the Company and on the Company, the interest liability to be accounted for in the books of accounts is not ascertainable. any impact. due to the non- payment of dues towards principal or interest on the borrowing facilities taken from SICOM Lid or due to any breach of covenants, as aforesaid, or based on the outcome of the litigations and cross litigations between the Company and SICOM will be taken in the period in which such litigation and cross litigation is completed/settled.

The Book Balances with SICOM as on 31st March, 2022 is as under:

Borrowings including Interest due: Rs 4587.05 Lacs.

Fixed Deposits (CDR) with accrued Interest: Rs 148.88 Lacs.

2) The Company has reported net loss after tax of INR 341.90Lacs for the year ended March31, 2023. The Company has reported net profit after tax of INR 137.55 Lacs for the year ended March 31, 2022. The net worth of the Company is negative as on March 31, 2023 and as on March 31, 2022. The Management believes that outcome of the pending litigations with the lender will be in the favour of the Company. The Company has prepared business projections for next 3 years taking into consideration certain strategic changes implemented by the management to resolve key issues like capacity utilization, finding high margin buyers etc. Basis on such business projections, as aforesaid, the Company is expected to reverse losses and report profits, positive cash flows and net-worth in next 2-3 years. In view ofthe above and the support available from the Promoters and Managing Director, the Company is of the opinion that it will be able to manage its business operations as usual in future and that there is no material uncertainty regarding its ability to meet its financial commitments in foreseeable future. Hence, in the opinion of the Company, the going concern assumption is appropriate and accordingly the Ind-AS financial statements have been prepared.

3) Further, as stated in Note C(2) above, since the Company is hopeful that there will be improvement in the business going forward and is taking other measures as well which would result in future taxable profit, hence, is carrying on the Deferred Tax Assets amounting to Rs.512.43 Lacs as at March 31,2023.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.

H. Financial Risk management

The Company has exposure to the following risks arising from financial instruments:

(a) Credit risk;

(b) Liquidity risk; and

(c) Market risk

The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk controls and to monitor risks. Risk management policies and systems are reviewed periodically to reflect changes in market conditions and the Company’s activities. The Company 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.

a) 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, deposit and other receivables. Credit risk is managed through continuous monitoring of receivables and follow up of overdues.

Trade receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer, demographics of the customer, default risk of the industry and country in which the customer operates. 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 has used expected credit loss (ECL) model for assessing the impairment loss. For the purpose, the Company uses a provision matrix to compute the expected credit loss amount. The provision matrix takes into account external and internal risk factors and historical data of credit losses from various customers and is adjusted for forward looking estimates.

I. Capital Management

The Company’s capital management objectives are:

- to ensure the Company’s ability to continue as a going concern; and

- to provide an adequate return to shareholders through optimisation of debts and equity balance.

The company is under dispute with his major lender M/s SICOM Limited. The Company has filed various litigations against SICOM Ltd. The Detailed note provided in note no 29(C). The Company is optimistic that Company objective for capital management can be achieved to maintain an optimum overall financial structure once that litigation is concluded. The Company’s objective for capital management is to maintain an optimum overall financial structure.

iii) The Company has not traded or invested in Crypto currency or Virtual currency during the year.

iv) The company has not advanced or loaned or invested funds to any other person(s) or entity(es), including foreign entities (Intermediaries) with the understanding that the intermediary shall: (i) directly or indirectly lend or invest in other persons or Entities identified in any manner whatsoever by on behalf of the company(ultimate beneficiaries) or (ii) Provide any guarantee, security or the like to or on behalf of the ultimate Beneficiaries.

v) 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.

vi) The Company does not have any such transaction which is not recorded is not recorded in the books of accounts and 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)

vii) The Company holds all the title deeds of immovable properties in its name.

viii) There is no scheme of arrangements approved by the competent authority in terms of sections 230-237 of the Companies Act, 2013.

ix) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

x) The Company does not have any subsidiaries and hence compliance with number of layers of companies is not applicable.

xi) The Company has no relationship with any struck off companies.

V. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

W. These Financial Statements were authorized for issue in accordance with the resolution of the Board of Directors in its meeting held on 30thMay, 2023.

For and on behalf of the

As per our report of even date Board

For Haribhakti & Co. LLP

Chartered Accountants

F R No. 103523W/W100048

Parsamal B Kanugo Rina G Patel

Managing Director Director

DIN - 00920021 DIN - 02440550

CA Purushottam Nyati Partner

UDIN V23118970BGWTMS4036 ^P^ • ^{P Kan}UgO ^{Vaishali Shar}m^a

Mumbai, 30th May 2023 Chief Finance Officer Company Secretary

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Mar 31, 2015

1. TERMS AND RIGHTS ATTACHED TO EQUITY SHARES

A) The Company has issued Equity Shares of Rs. 10 each fully paid up at a premium of Rs. 2.5/- per equity share during F.Y. 2011-12. Each holder of equity share is entitled to one vote per share.

B) In the event of liquidation, the holders of the equity shares will be entitled to receive remaining assets of the Company after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the Share Holders.

2. Contingent Liabilities not provided for:

2014-15 2013-14 Particulars (Rs.) (Rs.)

Bank Guarantees 5,00,000 5,00,000

Income Tax NIL 1,09,59,420

Value Added Tax 25,34,889

3. Directorate General of Central Excise - Investigation (DGCE-I) during the course of survey on 05-01-2007 debited an amount of Rs.25.00 Lacs in RG 23 Part II without raising any demand for excise and therefore the same is shown under the head "Short Term Loans and Advances" -(Note No.14). The excise authorities have passed an order for reversal of wrong CENVAT Credit claimed by the Company and also imposed penalty for such wrong CENVAT credit. The Honourable Customs Excise and Service Tax Tribunal Ahmedabad vide their order dated 11.02.2014 of stay in response to application filed by the Company. In the opinion of the Board of Directors of the Company no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

4. The Company has been sanctioned working capital facility in the form of Factoring Facility to the tune of Rs.3500.00 Lacs and revolving Purchase Bills Discounting facility to the tune of Rs.500.00 Lacs against various securities by SICOM Ltd., Mumbai. As the Company failed to pay the dues to SICOM Ltd, it has issued take over notice on 23.01.2013 for possession of its secured assets and demanded Rs. 45,19,29,024/- against its dues upto 15.01.2013 under section 29 of State Financial Corporation Act,1951 for recovery of its dues. As informed to us SICOM Ltd has not taken physical possession of its secured assets.

SICOM LTD filled petition in The High Court of Gujarat for winding up of The Company u/s 433 and 434 of The Companies Act 1956 on 28.07.2014 and demanded Rs.55,59,73,509/- towards its dues up to 09.07.2014.

In absence of confirmation from SICOM LTD regarding its outstanding dues as on 31.03.2015, the company has not provided interest. The interest at contracted rate on outstanding dues as on 01.04.2014 comes to Rs.626,27,883/- which is required to be provided following the accrual method of accounting.

As informed to us the Company has filed a suit against SICOM LTD in City Civil Court at Mumbai and has sought relief in the form of compensation of Rs.80.00 Crores for the damage, loss and injury caused by SICOM LTD for damage/loss caused. The matter is still pending with City Civil Court at Mumbai

As informed to us the company has also given legal notice to SICOM LTD on 29.01.2015 and several other communications demanding Rs.200.00 Crores towards loss and damages of goodwill and reputation of company and its Directors caused due to unreasonable conduct of SICOM Ltd. The Company has also disputed the amount due to SICOM Ltd in its notice.

5. Sales Tax Assessments are completed up to the accounting year 2008-09 and additional liability if any, on this account is recognised on completion of the assessment. However, the Company has preferred an appeal against the Order passed by the Assistant Commissioner of Commercial Tax and hopeful of favorable decision. The liability, if any, on this account would be recognised on final decision by the Commissioner of Commercial Tax.

6. The Income Tax Assessments of the Company have been completed by the Department up to the Assessment Year 2011-2012 corresponding to the accounting Year 2012-2013.

7. In the opinion of the Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

8. Letters seeking confirmation of balances outstanding to secured loans, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2015 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the current year's financial statements.

9. MSMED Undertakings dues:

Under the Micro, Small & Medium Enterprises Development Act, 2006 which came into force from 2nd October, 2006, certain disclosures are required to be made relating to Micro, Small & Medium Enterprises. The information with regard to the balance due to Micro & Small Enterprises as defined under the Micro, Small and Medium Enterprise Development Act, 2006 is not available with the company and therefore payment made to such suppliers beyond the due dates during the year is not quantified. In view of this the impact of Interest, if any, that may be payable in accordance with the Provisions of the Act is not ascertained.

10. As the company has incurred loss during the current year, no provision for taxation is considered necessary.

11. Related Party Transactions:

Disclosures as required by Accounting Standard -18 are given below:

Sr. Name of Related Parties Nature of Relationship no.

1 Mr. Parasmal B. Kanugo Key Management Personnel

2 Mr. Alpesh P. Kanugo Relative of Key Management Personnel

3 Mrs. Meera A. Kanugo Relative of Key Management Personnel

4 Global Copper Limited Company in which relative of the Director is Director.

5 Ms. Rina G. Patel Director

The following transactions were carried out with the Related Parties in ordinary course of business.

12. Employee Benefits

(i) Defined contribution plans

The Company has recognised Rs.93,925- ( P.Y. Rs.129695/-) for Provident Fund Contribution as expenses under the defined contribution plan in the statement of Profit & Loss for the year ended 31st March, 2015.

(ii) Defined benefit plan

The Company has not recognized the liability towards the gratuity and leave encashment at each Balance sheet date.

13. Details of Manufactured Goods :

(a) Manufactured Goods:

14. Previous Year's Figures:

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. Contingent Liabilities not provided for:

2012-13 2011-12 Particulars (Rs.) (Rs.)

1) Bank Guarantees 5,00,000 5,00,000

Directorate General of Central Excise – Investigation (DGCE-I) during the course of survey on 05-01-2007 debited an amount of Rs 25.00 Lacs in RG 23 Part II without raising any demand for excise and therefore the same is shown under the head "Short Term Loans and Advances" –(Note No.15). The excise authorities have passed an order for reversal of wrong CENVAT Credit claimed by the Company and also imposed penalty for such wrong CENVAT credit. In the opinion of the Board of Directors of the Company no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

2. The Company has been sanctioned working capital facility in the form of Factoring Facility to the tune of Rs. 3500.00 Lacs and revolving Purchase Bills Discounting facility to the tune of Rs. 500.00 Lacs against various securities by SICOM Ltd., Mumbai. As the Company failed to pay the dues to SICOM Ltd, it has issued take over notice on 14.09.2012 and 23.01.2013 and demanded Rs. 45,19,29,024/- against its dues upto 15.01.2013.

In absence of confirmation from SICOM Ltd regarding its outstanding dues as on 31.03.2013, the Company has provided interest at contracted rate on outstanding dues as on 01.04.2012.

3. Sales Tax Assessments are completed up to the accounting year 2007-08 and additional liability if any, on this account is recognised on completion of the assessment.

4. The Income Tax Assessments of the Company have been completed by the Department up to the Assessment Year 2008-2009 corresponding to the accounting Year 2007- 2008.

5. In the opinion of the Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

6. Letters seeking confirmation of balances outstanding to secured loans, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2013 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the current year''s financial statements.

7. MSMED Undertakings dues:

Under the Micro, Small & Medium Enterprises Development Act, 2006 which came into force from 2nd October, 2006, certain disclosures are required to be made relating to Micro, Small & Medium Enterprises. The information with regard to the balance due to Micro & Small Enterprises as defined under the Micro, Small and Medium Enterprise Development Act, 2006 is not available with the company and therefore payment made to such suppliers beyond the due dates during the year is not quantified. In view of this the impact of Interest, if any, that may be payable in accordance with the Provisions of the Act is not ascertained.

8. Disclosure as per accounting standard 20- Earning per Share:

In accordance with Accounting Standard 20 - Earnings Per Share under the Companies Accounting Standards) Rules,2006, the Basic and Diluted Earning Per Share (EPS) has been calculated as under :

9. As the company has incurred loss during the current year, no provision for taxation is considered necessary.

10. Employee Benefits

(i) Defined contribution plans

The Company has recognised Rs.. 3,32,133/- ( P.Y. Rs.. 3,67,267/-) for Provident Fund Contribution as expenses under the defined contribution plan in the statement of Profit & Loss for the year ended 31st March, 2013.

(ii) Defined benefit plan

The Company has not recognized the liability towards the gratuity and leave encashment at each Balance sheet date.

11. Previous Year''s Figures:

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

* Of above 67,50,000 Equity Shares of Rs. 10/- each fully paid up were issued /alloted at a premium of Rs. 2.5/- per share during F.Y 2011- 12 on preferential basis, over and above 3,50,000 equity shares of Rs. 10/- each fully paid up were issued/alloted during FY 2008-2009 on preferential basis

TERMS AND RIGHTS ATTACHED TO EQUITY SHARES

A) The Company has issued Equity Shares of Rs. 10 each fully paid up at a premium of Rs. 2.5/- per equity share during F.Y. 2011-12. Each holder of equity share is entitled to one vote per share.

B) In the event of liquidation, the holders of the equity shares will be entitled to receive remaining assets of the Company after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the Share Holders.

1. Contingent Liabilities not provided for:

2011-12 2010-11 Partlculars (Rs.) (Rs.)

1) Bank Guarantees 5,00,000 5,00,000

Directorate General of Central Excise - Investigation (DGCE-I) during the course of survey on 05-01-2007 debited an amount of Rs 25.00 Lacs in RG 23 Part II without raising any demand for excise and therefore the same is shown under the head "Short Term Loans and Advances" -(Note No.15). In the opinion of the Board of Directors of the Company no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

2. Sales Tax Assessments are completed up to the accounting year 2007-08 and additional liability if any, on this account is recognised on completion of the assessment

3. The Income Tax Assessments of the Company have been completed by the Department up to the Assessment Year 2008-2009 corresponding to the accounting Year 2007-2008.

4. In the opinion of the Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business

5. Letters seeking confirmation of balances outstanding from banks, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2012 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the current year's financial statements.

6. MSMED Undertakings dues :

Under the Micro, Small & Medium Enterprises Development Act, 2006 which came into force from 2nd October, 2006, certain disclosures are required to be made relating to Micro, Small & Medium Enterprises. The information with regard to the balance due to Micro & Small Enterprises as defined under the Micro, Small and Medium Enterprise Development Act, 2006 is not available with the company and therefore payment made to such suppliers beyond the due dates during the year is not quantified. In view of this the impact of Interest, if any, that may be payable in accordance with the Provisions of the Act is not ascertained.

7. Employee Benefits

(i) Defined contribution plans

The Company has recognised Rs. 3,67,267/- ( P.Y.Rs. 3,47,895/-) for Provident Fund Contribution as expenses under the defined contribution plan in the statement of Profit & Loss for the year ended 31st March, 2012.

(ii) Defined benefit plan

The Company recognizes the liability towards the gratuity at each Balance sheet date.

The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at March 31, 2012 by an actuary.

8. Previous Year's Figures :

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, 2010

1. Corresponding figures of the previous year have been regrouped and reclassified to make them comparable with current years figure wherever necessary.

2. The Directorate General of Central Excise - Investigation (DGCE-I) during the course of survey on 05.01.2007, debited an amount of Rs. 25.00 Lacs in RG23 Part II without raising any demand for excise and therefore the same is shown under the head "Loans and Advances" - Schedule I. In the opinion of the Board of Directors of the Companies no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

3. Contingent liability not provided for :

Bank Guarantees of Rs. 5,00,000/- (Previous Year Rs. 5,00,000/-) issued by Bankers of the Company.

Depreciation for the year is provided on straight-line method in the manner and at the rates (single shift) prescribed in Schedule XIV to the Companies Act, 1956, as amended.

4. Sales Tax assessments are completed up to the accounting year 2004-05 and additional liability if any, on this account is recognised on completion of the assessment.

5. Letters seeking confirmation of balances outstanding from banks, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2010 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the currrent years financial statements.

6. Old outstanding balances in Sundry Debtors account have been considered good and recoverable unless otherwise specified. The process of recoveries / adjustments, to appropriate accounts is being pursued and hence considered good and recoverable.

7. In the opinion of Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

8. As required by the notification No. GSR 129 (E) dated 22nd February 99, issued by the Government of India, Ministry of Law, Justice and Company Affairs, while the Company is ensuring payment to Small Scale Undertakings within reasonable time; the dues to such parties remain to be specifically identified.

9. The company has not regularly deposited statutory payments like Provident Fund, Income tax in current financial year 2009-2010 and certain payments are still outstanding as on 31st March, 2010.

10. Related party disclosures, as required in terms of "Accounting Standards 18" are given below.

1. Relationslip (Related Party Relationships are as identified by the company and relied up on by the Auditiors)

a) Enterprise in which relative of Managing Director of Baroda Extrusion Ltd. is a director and able to exercise significant influence.

b) Key Management Personnel -- Mr. Parasmal B. Kanugo

2. Transactions Carried out with related parties referred to above : Directors Remuneration : Rs. 7,80,000/-

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Mar 31, 2009

1. Corresponding figures of the previous year have been regrouped and reclassified to make them comparable with current years figure wherever necessary.

2. The Directorate General of Central Excise - Investigation (DGCE-I) during the course of survey on 05.01.2007, debited an amount of Rs. 25.00 Lacs in RG23 Part II without raising any demand for excise and therefore the same is shown under the head "Loans and Advances" - Schedule I. In the opinion of the Board of Directors of the Companies no provision is required to be made in respect of such Excise liability as the said liability is not crystallised as on the date of Balance Sheet.

3. Contingent liability not provided for:

a) Bank Guarantees of Rs. 5,00,000/- (Previous Year Rs. 5,00,000/-) issued by Bankers of the Company.

b) Corporate Guarantee given by the Company to Gujarat State Financial Corporation on behalf of M/s Praveen Tubes Private Ltd.

Depreciation for the year is provided on straight-line method in the manner and at the rates (single shift) prescribed in Schedule XIV to the Companies Act, 1956, as amended.

4. Sales Tax assessments are completed up to the accounting year 2004-05 and additional liability if any, on this account is recognised on completion of the assessment.

5. Letters seeking confirmation of balances outstanding from banks, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2009 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled. The management does not expect any material difference affecting the currrent years financial statements.

6. Old outstanding balances in Sundry Debtors account have been considered good and recoverable unless otherwise specified. The process of recoveries / adjustments, to appropriate accounts is being pursued and hence considered good and recoverable.

7. In the opinion of Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

8. As required by the notification No. GSR 129 (E) dated 22nd February 99, issued by the Government of India, Ministry of Law, Justice and Company Affairs, while the Company is ensuring payment to Small Scale Undertakings within reasonable time; the dues to such parties remain to be specifically identified.

9. The company has not regularly deposited statutory payments like Provident Fund, Income tax in current financial year 2008-2009 and certain payments are still outstanding as on 31st March, 2009.

10. Related party disclosures, as required in terms of "Accounting Standards 18" are given and relied up on by the Auditors)

1. Relationslip (Related Party Relationships are as identified by the company and relied up on by the Auditiors)

a) Enterprise in which relative of Managing Director of Baroda Extrusion Ltd. is a director and able to exercise significant influence.

M/s. Citizen Metalloys Pvt. Ltd.

b) Key Management Personnel - Mr. Parasmat B. Kanugo