Accounting Policies of Elango Industries Ltd. Company

Mar 31, 2024

1. Significant accounting policies:

The significant accounting policies applied by the Company in the preparation of its financial statements are
listed below. Such accounting policies have been applied consistently to all the periods presented in these
Financial Statements, unless otherwise indicated.

1.1 Statement of Compliance:

In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted
Indian Accounting Standards (referred to as “Ind AS”) notified under the Companies (Indian Accounting
Standards) Rules, 2015 and Companies (Indian Accounting Standards) amendment Rules 2016, as amended
from time to time. The Financial Statements of the Company have been prepared and presented in
accordance with Ind AS.

The standalone financial statements are authorized for issue by Company’s Board of Directors on May 27^th
2024.

The Financial Statements have been prepared on a historical cost or amortized cost basis, except for certain
financial assets and liabilities which have been measured at fair value.

The functional and presentation currency of the Company is Indian Rupee which is the currency of the
primary economic environment in which the Company operates.

1.2 Summary of Significant Accounting Policies:

a. Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current
classification. An asset is treated as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realization in
cash and cash equivalents. The Company’s normal operating cycle is as set out in Schedule III of The
Companies Act, 2013. Based on the nature of services and the time between the cash outflow and their
realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for
the purpose of current/non-current classification of assets and liabilities.

b. Financial Instruments
Equity Investments

The investment of Rs.2,50,000/- in the Equity shares of M/s. Kaveri Gas Power Ltd., under the same
management whose shares are unquoted are valued at cost as per the equity method in accordance with
the Ind As 28 Investment in Associates. The Management is of the opinion that there is diminution in the
value of these investments and therefore provision for diminution in value is made in the books of
accounts for Rs.2,50,000/-

Investments in Subsidiaries and Associates are carried at cost less accumulated impairment losses, if
any. Where an indication of impairment exists, the carrying amount of the investment is assessed and
written down immediately to its recoverable amount. On disposal of investments in Subsidiaries and
Associates, the difference between net disposal proceeds and the carrying amounts are recognized in the
Statement of Profit and Loss.

Upon first time adoption of Ind As, the Company has elected to measure its investments in Subsidiaries
and Associates at the previous GAAP carrying amount as its deemed cost on the date of transition to Ind
AS i.e., April 1^st, 2016.

Carrying value for all its investments in Subsidiaries, Joint Ventures and Associates as at the date of
transition to Ind As, measured as per previous GAAP are treated as their deemed costs as at the date of
transition.

c. Fair value measurement of financial instruments:

The Company measures financial instruments at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and
minimizing the use of unobservable inputs.

d. Revenue recognition:

Revenue from services is recognized in the financial statement based on the full performance and
completion of services rendered relating to the Operation & maintenance services provided to Associate
Companies and when it is probable that economic benefits associated with the transaction will flow to
the entity.

The company has applied the principles under the IND AS 115 to account the revenues from these
performance obligations. Revenue from the operations and management services are recognized as the
performance obligations are satisfied. During the current year the activity of rendering service relating to
operation and maintenance were not undertaken. The company recognized revenue from these
operations up to the period of performance carried out only.

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue from Sale of power is recognized based on
the assessment of units consumed by customer and are billed at the rates agreed upon with the
customers.

Revenue from other income comprises or interest income from a financial asset. It is recognized when it
is probable that the economic benefits will flow to the Company and the revenue can be reliably
measured. Interest income is accrued on a timely basis, by reference to the principal outstanding and at
the effective interest rate applicable.

e. Taxes

Current income tax

Tax expense for the year comprises current and deferred tax. The tax currently payable is based on
taxable profit for the year. Current income tax assets and liabilities are measured at the amount expected
to be recovered from or paid to the taxation authorities. The Company’s liability for current tax is
calculated using the tax rates and tax laws that have been enacted or substantively enacted by the end of
the reporting period.

Current income tax relating to items recognized outside profit or loss is recognized outside profit or loss
(either in other comprehensive income or in equity). Management periodically evaluates positions taken
in the tax returns with respect to situations in which applicable tax regulations are subject to
interpretation and establishes provisions where appropriate.

Deferred income tax

Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are generally recognized for all the taxable temporary differences.

Deferred income tax assets are recognized for all deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be
available against which the deductible temporary differences, the carry forward of unused tax credits
and unused tax losses can be utilized.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part
of the deferred income tax asset to be utilized.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss (either
in other comprehensive income or in equity).

Deferred income tax has been recognized for all timing differences during the financial year, subject to
consideration of prudence.

f. Property, plant and equipment (PPE)

On transition to Ind AS, the Company has elected to continue with the carrying value of all of its
property, plant and equipment measured as per the previous GAAP and use that carrying value as the
deemed cost of the property, plant and equipment.

Freehold land is carried at historical cost and is not depreciated. Capital work in progress and all other
property, plant and equipment are stated at historical cost less accumulated depreciation and
accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to
the acquisition of the items. Any trade discounts and rebates are deducted in arriving at the purchase
price.

The present value of the expected cost for decommissioning of an asset after its use is included in the
cost of the respective asset, if the recognition criteria for a provision are met.

An item of Property, plant and equipment and any significant part initially recognized is derecognized
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognized.

The Company identifies and determines cost of each component / part of the asset separately, if the
component/ part have a cost which is significant to the total cost of the asset having useful life that is
materially different from that of the remaining asset.

The residual values, useful lives and methods of depreciation of Property, plant and equipment are
reviewed at each financial year end and adjusted prospectively, if appropriate.

g. Depreciation on Property Plant and Equipment:

The schedule II of The Companies Act, 2013 prescribes useful lives for Property Plant and Equipment.
The schedule II allows companies to use higher/lower useful lives and residual values if such useful lives
and residual value can be technically supported and justification for difference is disclosed in the
financial statements.

Considering the applicability of schedule II, the management has re-estimated useful lives and residual
value of all its Property Plant and Equipment. Management believes that depreciation rates currently
used fairly reflects its estimate of useful lives and residual value of fixed assets and in compliance of
schedule II of the companies Act, 2013.

Depreciation in respect of Property Plant and Equipment acquired during the year has been provided pro¬
rata from the date such assets are acquired / put to use. An item of property, plant and equipment and any
significant part initially recognized is derecognized upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated

as the difference between the net disposal proceeds and the carrying amount of the asset) is included in
the statement of profit and loss when the asset is derecognized.

The Company depreciates the Property, Plant and Equipment over their estimated useful life using the
Written down Value method.

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Mar 31, 2015

A. BASIS OF ACCOUNTING

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis . GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules, 2014 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied.

B. USE OF ESTIMATES

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provisions for doubtful debts, future obligations under employee retirement benefit plans, income taxes, and the useful lives of tangible assets and intangible assets. - Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes.

C. CASH FLOW STATEMENT

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and defferals and accruals of past or future cash receipts or payments.

Cash & cash equivalent comprises cash on hand and deposit with financial insitutions, highly liquid investments which are readily convertible into cash.

D. IMPAIRMENT OF ASSETS

An asset is concerned as impaired in accordance with Accounting Standard 28 on 'Impairment of Assets", when at balance sheet date there are indications of impairment and the carrying amount of the asset, or where applicable the cash generating unit to which the asset belongs, exists is recoverable amount (i.e. the higher of the asset's net selling price and value in use). The assets of the company are considered impaired and no Impairment loss has been recognised in the financial statements.

E. CONTINGENT LIABILITY

Contingent liabilities as defined in accounting standard 29 on "provisions, contingent liabilities and contingent assets" are disclosed by way of notes to the accounts. Provision is made if it is probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability. There were no transactions covered under this category and no provision has been made during this year.

F. ACCOUNTING FOR TAXES ON INCOME

Income taxes are accounted for in accordance AS 22 "Accounting for Taxes and Income" issued by the ICAI. Tax expense comprises both current and deferred tax. Current tax is measured at the amount expected to be paid to/ recovered from the tax authorities using the applicable tax rates. Deferred tax assets and liabilities are recognized for future tax consequences attributable to timing difference between taxable income and accounting income that are capable of reversing in or more subsequent periods and or measured using relevant enacted tax rates. At each Balance Sheet, the Company reassesses unrecognized deferred tax assets to the extent they have become reasonably certain or virtually certain of realization, as the case may be.

G. EMPLOYEE BENEFITS Defined Contribution Plan

As there are less number of employees on the roll of company, the company has not devised any recognised contribution plan.

H. FOREIGN CURRENCY TRANSACTION

There is no foreign currency transaction during the financial year 2014-15, hence there is no exchange difference.

I. SEGMENT REPORTING

As The Company has closed down its operation, there are no separate reportable segments as per Accounting Standard (AS) 17 "Segment Reporting "

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Mar 31, 2014

BASIS OF ACCOUNTING

The Financial Statements have been prepared under historical cost convention on accrual basis and comply with notified accounting standards as referred to in Section 211(3C) and other relevant provisions of the Companies Act,1956.

All assets and liabilities have been classsified as current or non-current as per the company’s normal operating cycle and other criteria set out in Revised Scheule VI to the Companies Act, 1956 Based on the nature of the services and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current and non-current clasification of assets and liabilities.

USE OF ESTIMATES

The preparation of the financial statements in conformity with the accounting standards generally accepted in India requires the management to make estimates that affect the reported amount of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates.

The Company is a Small and Medium Sized Company (SMC) as defined in the general instructions in respect of accounting standards notified under the companies Act 1956. Accordingly, the company has compiled with the accounting standards as applicable to a Small and Medium Sized Company.

VALUATION OF INVENTORY

The company does not have any Inventory as on 31.3.2014.

IMPAIRMENT OF ASSETS

An asset is concerned as impaired in accordance with Accounting Standard 28 on ‘Impairment of Assets", when at balance sheet date there are indications of impairment and the carrying amount of the asset, or where applicable the cash generating unit to which the asset belongs, exists is recoverable amount (i.e. the higher of the asset’s net selling price and value in use). There were no reduction or gain against the carrying amount to the recoverable amount and no effect for the impairment is recognized in the profit and loss account.

CONTINGENT LIABILITY

Contingent liabilities as defined in accounting standard 29 on "provisions, contingent liabilities and contingent assets" are disclosed by way of notes to the accounts. Provision is made if it is probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability. There were no transactions covered under this category and no provision has been made during this year.

ACCOUNTING FOR TAXES ON INCOME

Income taxes are accounted for in accordance AS 22 "Accounting for Taxes and Income issued by the ICAI. Tax expense comprises both current and deferred tax. Current tax is measured at the amount expected to be paid to/ recovered from the tax authorities using the applicable tax rates. Deferred tax assets and liabilities are recognized for future tax consequences attributable to timing difference between taxable income and accounting income that are capable of reversing in or more subsequent periods and or measured using relevant enacted tax rates. At each Balance Sheet, the Company reassesses unrecognized deferred tax assets to the extent they have become reasonably certain or virtually certain of realization, as the case may be.

EMPLOYEE BENEFITS

Defined Contribution Plan

The Company has defined contribution plans for employees. But there are no permanent employees during the financial year. Hence there is no Contributions Paid/Payable to these plans during the financial year.

FOREIGN CURRENCY TRANSACTION

There is no foreign currency transaction during the financial year 2013-14, hence there is no exchange difference.

SEGMENT REPORTING

As The Company has closed down its operation, there are no separate reportable segments as per Accounting Standard (AS) 17 "Segment Reporting".

EARNINGS PER SHARE:

Basic/Diluted earnings per share is calculated by dividing the net profit/loss for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding as at the end of the year. As there were no shares considered as dilutive, same denominator as applicable for Basic EPS has been used for computing the dilutive Earnings Per Share

In the opinion, of the Board of Directors and to the best of their Knowledge and belief, the value on realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance sheet.

Confirmation of Balances from certain parties for the amounts due to them or due from them is yet to be received / reconciled.

The timing differences related mainly to depreciation and unabsorbed losses and the net effect of such differences will result in deferred tax asset or liability. The company has not earned any taxable income hence as a measure of prudence net deferred tax asset relating to the above period has not been recognized in the accounts.

Since there is no tax liability, no Provision for Income Tax has been made in the books of accounts as per the provisions of the Income Tax Act.

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Mar 31, 2012

BASIS FOR PREPARATION OF FINANCIAL STATEMENTS BASIS OF ACCOUNTING

The Financial Statements have been prepared under historical cost convention on accrual basis and comply with notified accounting standards as referred to in Section 211(3C) and other relevant provisions of the per the Companies Act, 1956.

All assets and liabilities have been classsified as current or non-current as per the company's normal operating cycle and other criteria set out in Revised Scheule VI to the Companies Act, 1956. Based on the nature of the services and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current and non-current clasification of assets and liabilities.

USE OF ESTIMATES

The preparation of the financial statements in conformity with the accounting standards generally accepted in India requires the management to make estimates that affect the reported amount of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates.

The Company is a Small and Medium sized company (SMC) as defined in the general instructions in respect of accounting standards notified under the companies Act 1956. Accordingly, the company has compiled with the accounting standards as applicable to a Small and Medium Sized Company.

VALUATION OF INVENTORY

The company does not have any Inventory as on 31.3.2012.

IMPAIRMENT OF ASSETS

An asset is concerned as impaired in accordance with Accounting Standard 28 on 'Impair- ment of Assets", when at balance sheet date there are indications of impairment and the carrying amount of the asset, or where applicable the cash generating unit to which the asset belongs, exists is recoverable amount (i.e. the higher of the asset's net selling price and value in use). There were no reduction or gain against the carrying amount to the recoverable amount and no effect for the impairment is recognized in the profit and loss account.

CONTINGENT LIABILITY

Contingent liabilities as defined in accounting standard 29 on "provisions, contingent liabilities and contingent assets" are disclosed by way of notes to the accounts. Provision is made if it is probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability. There were no transactions covered under this category and no provision has been made during this year.

ACCOUNTING FOR TAXES ON INCOME

Income taxes are accounted for in accordance AS 22 "Accounting for Taxes and Income" issued by the ICAI. Tax expense comprises both current and deferred tax. Current tax is measured at the amount expected to be paid to/ recovered from the tax authorities using the applicable tax rates. Deferred tax assets and liabilities are recognized for future tax consequences attributable to timing difference between taxable income and accounting income that are capable of reversing in or more subsequent periods and or measured using relevant enacted tax rates. At each Balance Sheet, the Company reassesses unrec- ognized deferred tax assets to the extent they have become reasonably certain or virtu- ally certain of realization, as the case may be.

EMPLOYEE BENEFITS

Defined Contribution Plan

The Company has defined contribution plans for employees. But there are no permanent employees during the financial year. Hence there is no Contributions Paid/Payable to these plans during the financial year.

FOREIGN CURRENCY TRANSACTION

There is no foreign currency transaction during the financial year 2011-12, hence there is no exchange difference.

SEGMENT REPORTING

As The Company has closed down its operation, there are no separate reportable seg- ments as per Accounting Standard (AS) 17 "Segment Reporting "

In the opinion, of the Board of Directors and to the best of their knowledge and belief, the value on realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance sheet.

Confirmation of Balances from certain parties for the amounts due to them or due from them is yet to be received / reconciled.

For the year ended on March 31, 2012, the company has not generated any sales revenue from the Plant & Machinery capable of manufacturing 13000 tons P.A of Steel Ingots from Metal Scraps during the financial year 2011-12 but earned only exempted dividend income from the investment in shares of companies.

The timing differences related mainly to depreciation and unabsorbed losses and the net effect of such differences will result in deferred tax asset or liability. The company has not earned any taxable income hence as a measure of prudence net deferred tax asset relating to the above period has not been recognized in the accounts.

Since there is no tax liability, no Provision for Income Tax has been made in the books of accounts as per the provisions of the Income Tax Act.

MANAGERIAL REMUNERATION

Payment of Managerial Remuneration and other benefits inclusive of perquisites not made to the Managing Director and Director against their option.

MICRO, MEDIUM & SMALL ENTERPRISES ACT, 2006.

In spite of the absence of a database identifying Creditors as Small Scale industrial Undertakings, it is the opinion of the management that there are no parties, which can be classified as Small Scale industrial Undertaking to whom the Company owes any sum. The Auditors have accepted the representation of the management in this matter.

As per the Business Plan prepared by the Management, they are exploring the possibilities to revive the manufacturing activities along with the present investment of surplus funds into the diversified projects.

According to the information and explanation given to us, we are of the opinion that the changes in the Fixed Assets have not affected the going concern status of the company.

Figures shown in the accounts have been rounded off to the nearest rupee.

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Mar 31, 2010

1) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS

The Financial Statements are prepared under Historical Cost Convention on Accrual Basis of accountings.

2) USE OF ESTIMATES

The preparation of the financial statements in conformity with the accounting standards generally accepted in India requires the management to make estimates that affect the reported amount of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates.

3) The Company is a Small and Medium sized company (SMC) as defined in the general instructions in respect of accounting standards notified under the companies Act 1956. Accordingly, the company has compiled with the accounting standards as applicable to a Small and Medium Sized Company.

4) FIXED ASSETS

Expenditure which are of a capital nature are capitalized at cost, which comprises of purchase price of materials, labour, consultancy charges and directly attributable cost of bringing the assets to its working conditions for the intended use

5) DEPRECIATION

Depreciation is provided on written down value basis as per the rates prescribed under Schedule XIV of the companies Act, 1956.

6) VALUATION OF INVENTORY

The company does not have any Inventory as on 31.3.2010.

7) IMPAIRMENT OF ASSETS

An asset is concerned as impaired in accordance with Accounting Standard 28 on Impairment of Assets", when at balance sheet date there are indications of impairment and the carrying amount of the asset, or where applicable the cash generating unit to which the asset belongs, exists is recoverable amount (i.e. the higher of the assets net selling price and value in use). There were no reduction or gain against the carrying amount to the recoverable amount and no effect for the impairment is recognized in the profit and loss account.

8) REVENUE RECOGNITION

Dividend income is recognized on receipt basis

9) CONTINGENT LIABILITY

Contingent liabilities as defined in accounting standard 29 on "provisions, contingent liabilities and contingent assets" are disclosed by way of notes to the accounts. Provision is made if it is probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability. There were no transactions covered under this category and no provision has been made during this year.

10) ACCOUNTING FOR TAXES ON INCOME

Income taxes are accounted for m accordance AS 22 "Accounting for Taxes and Income" issued by the ICAI. Tax expense comprises both current and deferred tax. Current tax is measured at the amount expected to be paid to/ recovered from the tax authorities using the applicable tax rates. Deferred tax assets and liabilities are recognized for future tax consequences attributable to timing difference between taxable income and accounting income that are capable of reversing in or more subsequent periods and or measured using relevant enacted tax rates. At each Balance Sheet, the Company reassesses unrecognized deferred tax assets to the extent they have become reasonably certain or virtually certain of realization, as the case may be.

11) EMPLOYEE BENEFITS

Defined Contribution Plan

The Company has defined contribution plans for employees. But there are no permanent employees during the financial year. Hence there is no Contributions Paid/Payable to these plans during the financial year.

12) INVESTMENT

The investment of Rs.2,50,000/- in the Equity Shares of "M/s.Kaveri Gas Power Limited" and investment of Rs.3,03,80,000/- in the Preference Shares of "M/s.Kaveri Gas Power Limited", under the same management whose shares are unquoted are valued at cost. The Management is of the opinion that there is no diminishing value on these Investments.

13) FOREIGN CURRENCY TRANSACTION

There is no foreign currency transaction during the financial year 2009-10 hence there is no exchange differences.

14) SEGMENT REPORTING

The Company is engaged primarily in the business of manufacturing steel Ingots from the scrap materials and there are no separate reportable segments as per Accounting Standard (AS) 17 "Segment Reporting "

15) RELATED PARTY TRANSACTION

In accordance with Accounting standard (AS) 18, the disclosures required as given below:

17) DISCONTINUED OPERATIONS (PURSUANT TO AS 24):

1. Discontinued since : 01.08.2003

2. Segment : Primarily Manufacturing of Steel Ingots

3. Carrying amount of total assets : Rs.57,383,987/-

4. Carrying amount of total liabilities : Rs.1,04,423/-

5. Profit from ordinary activities : NIL

6. Income Tax expenses : NIL

7. Gain on Disposal of Assets : NIL

8. Cash flow from discontinued operations:

Operating activities

Investing activities : NIL

Financial activities