Notes to Accounts of Centerac Technologies Ltd.

Mar 31, 2024

The company estimates the provisions that have present obligations as a result of past events and it
is probable that outflow of resources will be required to settle the obligations.

These provisions are reviewed at the end of each reporting period and are adjusted to reflect the
current best estimates.

u) Contingent Liabilities

The company uses significant judgements to disclose contingent liabilities Contingent Liabilities are
disclosed when there is a possible obligation arising from past events the existence of which will be
confirmed only by the occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the Company or a present obligation that arises from past events where
it is either not probable that an outflow of resources will be required to settle the obligation or a
reliable estimate of the amount cannot be made. Contingent Assets are neither recognized nor
disclosed in the Financial Statements.

v) Provision for Income Tax and Deferred tax assets

The company uses estimates and judgements based on the relevant rulings in the areas of allocation
of revenue cost ,allowances and disallowances which is exercised while determining the provision
for income tax.A Deferred Tax Asset is recognized to the extent that it is probable that future taxable
profit will be available against which the deductible temporary differences and tax losses can be
utilized .Accordingly the Company exercises its judgement to reassess the carrying amount of
deferred tax assets at the end of each reporting period.

w) Earnings Per Share

The basic earnings per share is computed by dividing the net profit / (loss) attributable to the equity
shareholders of the company by the weighted average number of equity shares outstanding during
the reporting period.

Diluted earnings per share is computed by dividing the net profit / (loss) attributable to the equity
shareholders for the year, as adjusted for the effects of potential dilution of equity shares, if any, by
the weighted average number of equity and dilutive equity equivalent shares outstanding during the
reporting period.

No provision for deferred tax asset is made on account of the business loss and unabsorbed
depreciation carried forward under the Income Tax Act. The deferred tax assets have not been
recognized as there is no reasonable certainty of sufficient taxable income being available against
which such deferred tax assets can be realized.

The company has not made any provision for gratuity payable. There are no other employees who
are eligible for Gratuity payment during the year. The liability as per actuarial valuation has not been
determined.

The balances in Sundry Debtors and Trade Payables are as per the books of accounts for which the
company has not obtained confirmations from certain parties. The said balances are therefore
subject to the confirmations and consequent reconciliation if any.

The company provides Information Technology Support service. Considering the overall nature the
management is of the opinion that the entire operation of the company falls under one segment and
as such there is no separate reportable segment for the purpose of disclosure as required as per IND
AS 108

As per disclosure received from the management there are no contingent liabilities as on
31.03.2024.

Corporate Social Responsibility expenditure (CSR)

The company is not required to spend towards Corporate social responsibility (CSR) as per sec 135 of
the Companies Act 2013 since there is no average profit in the last three years calculated as per the
provisions of the Act.

4) Previous year''s figures have been regrouped and rearranged wherever necessary.

ForR. B. Pandya & Co. FOR AND ON BEHALF OF THE BOARD

Chartered Accountants

Firm Registration No.: 107331W

Sd/- Sd/- Sd/

Rajesh B Pandya RAMESH SUNDARAM SABEEN M. IQBAL

Proprietor Director Director

Membership No.: 033788 DIN : 03268129 DIN : 03557534

UDIN : 24033788BKEIQR6854

PLACE: MUMBAI

DATE :28^th May 2024 Sd/-

SHWETA SARAF
Company Secretary

DATE :28^th May 2024

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Mar 31, 2011

1. Contingent Liabilities not provided for :

As at As at March 31, 2011 March 31, 2010 Rs/ lakhs Rs/ lakhs

a Estimated amount of contracts remaining to NIL NIL be executed on capital account

2. The plot of land at Silvassa acquired by the company is subject to registration and N. A. / Industrial and allied use permission for the agriculture land.

3. Sundry creditors includes Rs. Nil (Previous year Rs. Nil) due to small scale industrial undertaking (SSI''s) to the extent such parties have been identified from the available information / documents with the company.

4. As per the information available with the company is response to the enquiries from all existing suppliers with whom the company deals, none of the suppliers are registered with the micro, small and medium enterprises Development Act, 2006.

5. The company had invested in a company whose accumulated losses has exceeded its share capital and free reserves and that company net worth has become negative. That company is in the process of setting the dues with its lenders and others creditors. In the meantime, considering the losses and the financial position of the said company, the company has made provision for 100% diminution in the value of the investments and loans and advances given to that company.

6. The Company has applied for scheme of Amalgamation of M/s Ez- comm wireless India pvt. ltd. and Centered India Pvt ltd with effects from August 01, 2010 under section 391 to 394 of the Companies Act, 1956 to the Humble Bombay high court. The said scheme of Amalgamation is under Consideration of the humble High court and approval/ decision of the humble high court is awaited. Hence, the attached Balance sheet and Profit & loss Account pertain to operations of the company on stand alone basis for the year April 01, 2011 without considering efforts of amalgamation as applied for to the humble high court.

7. Books Debts, Loans & Advances, Sundry Creditors etc. are taken as per books, awaiting confirmation and reconciliation.

8. The Company has not made provision for impairment of fixed assets as required by Accounting Standard AS- 28. The impact of the same on the profit for the year, if any, is not ascertainable.

9. The Company has given loans lo companies in which some of the directors of the company are directors during the year as well as in the earlier years. The above loans were inadvertently given in non compliance of section 295 of the Companies Act, 1956. The Company is in the process of making an application for condonation of the above inadvertent non compliance.

10. Related Party Information

Disclosures in respect of related parties (as defined in Accounting Standard 18), with whom transactions have taken place during the year given below :

1) Relationship .

a) Enterprise which is subsidiary Company:-

1 Ez-comm Wireless India Pvt. Ltd.

b) Enterprise where control of Key Management Personnel and / or their relatives exists.

1 Asia Polytex (India) Pvt. Ltd.

2 Moksh Networks Pvt. Ltd.

3 Awesome Exports & Investments Pvt. Ltd.

4 Safal Holdings Pvt. Ltd.

5 Therefore Couture Pvt. Ltd.

6 Centerac India Pvt. Ltd.

c) Key Management Personnel

1 Shri Sanjiv Khandeiwal

2 Smt. Shilpa Khandeiwal

d) Relative of Key Management Personnel

1 Shri J. C. Khandeiwal

2 Shri Rajeev Khandeiwal

3 Shri Sanjiv Khandeiwal HUF

The operations of the Company represents only one business segment, viz.

11 The operations of the company represent only one business segment, viz., E - Commerce solution and Software Development and related activities and hence segment reporting is not given.

12. Prior Period Adjustment represents Debits relating to year - Rs. 52,780/- (Previous Year Rs. 2,937/-) and Credits relating to earlier year - Rs. 10,000/- (Previous Year Rs. Nil-).

13. Disclosures in respect of Derivative instruments

a. There are no derivative instruments outstanding as on March 31, 2011 (Previous Year Rs. Nil)

14. Other Additional information is either NIL or Not Applicable.

15 The Fiqures of the previous year have been regrouped I reclassified / rearranged wherever necessary to conform with the current year''s presentation. Amounts and other disclosures for the preceding year are included as an integral part of the current year finance statement and are to be read in relation to the amounts and other disclosures relating to the current year.

16. Additional information pursuant to the provisions of Part IV of Schedule VI of the Companies Act, 1956.

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Mar 31, 2010

1. Contingent Liabilities not provided for:

As at As at

March 31, 2010 March 31, 2009

Rs./lakhs Rs./lakhs

a. Estimated amount of contracts remaining to NIL NIL

be executed on capital account -

2. The plot of land at Silvassa acquired by the Company is subject to Registration and N. A. / Industrial and allied use permission for the agricultural land.

3- Sundry Creditors include Rs, NIL (Previous year Rs. NIL) due to Small Scale Industrial Undertakings (SSIs) to the extent such parties have been identified from the available information / documents with the company.

4. As per the information available with the Company in response to the enquiries from all existing suppliers with whom the Company deals, none of the suppliers are registered with the Micro, Small and Medium Enterprises Development Act, 2006.

5. The Company had invested in a company whose accumulated losses has exceeded its share capital and free reserves and that companys net worth has become negative. That company is in the process of settling the dues with its lenders and other creditors. In the meantime, considering the losses and the financial position of the said company, the Company has made provision for 100% diminution in the value of the investments and loans and advances given to that company.

6. During the year, the Company has not made any provision for doubtful loans and advances. (Previous Year Rs. 41,41,662/-).

7. Books Debts, Loans & Advances, Sundry Creditors etc. are taken as per books, awaiting confirmation and reconciliation.

8. The Company has not made provision for impairment of Fixed Assets as required by Accounting Standard AS - 28. The impact of the same on the profit for the year, if any, is not ascertainable.

9. The Company has given loans to companies in which some of the directors of the company are directors during the year as well as in the earlie years. The above loans were inadvertently given in non compliance of section 295 of the Companies Act, 1956. The Company is in the process of making an appcation for condonation of the above inadvertent non compliance.

10. Related Party information :-

Disclosures in respect of related parties ( as defined in Accounting Standard 18), with whom transactions have taken place during the year given below .

1) Relationship

a) Enterprise which is subsidiary Company :

1 Ez-comm Wireless India Pvt. Ltd.

b) Enterprise where control of Key Management Personnel and / or their relatives exists.

1 Asia Polytex (India) Pvt. Ltd.

2 Moksh Networks Pvt. Ltd.

3 Awesome Exports & Investments Pvt. Ltd.

4 Safal Holdings Pvt. Ltd.

5 Therefore Couture Pvt. Ltd. 6 Centerac India Pvt. Ltd.

d) Relative of Key Management Personnel

1 Shri J. C. Khandelwal

2 Shri Rajeev Khandelwal

3 Shri Sanjiv Khandelwal HUF

11 The operations of the Company represents only one business segment, viz. E- commerce Solutions and Software Development and related activities and hence segment reporting is not given.

a) Profit / (Loss) after tax available for Equity 2,40,659 (48,68,274) Shareholders

b) Weighted average number of Equity Shares for 50,82,000 50,32,000 Basic and Diluted Earnings per Shares

c) Basic and Diluted Earnings per Equity Share of 0.05 (0.96) Rs. 10/-

12. Prior Period Adjustment represents Debits relating to earlier year - Rs. 2,938/- (Previous Year Rs. 8,973/-) and Credits relating to earlier year - Rs. NIL (Previous Year Rs. 8,024/-).

13. Other Additional information is either NIL or Not Applicable.

14. The Figures of the previous year have been regrouped / reclassified / rearranged, wherever necessary, to conform with the current years presentation. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.