Notes to Accounts of Indian Link Chain Manufacturer Ltd.

Mar 31, 2025

k) Provisions

The Company creates a provision when there is a present obligation as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

l) Earnings per share

Basic earnings per share is computed by dividing net profit or loss for the period attributable to equity shareholders by the weighted average
number of shares outstanding during the year. Diluted earnings per share amounts are computed after adjusting the effects of all dilutive
potential equity shares except where the results would be anit-dilutive. The numbers of shares used in computing diluted earnings per share
comprises the weighted average number of shares considered for deriving basic earnings per share, and also the weighted average number
of equity shares, which could have been issued on the conversion of all dilutive potential equity shares.

The management assessed that Cash and Cash equivalents, loans, trade payables and other current liabilities/assets approximate their carrying amounts largely due to the short-term maturities of these instruments.
Note 20: Financial risk management

The company’s activities exposes it to credit risk.

A) Credit risk

The company is exposed to credit risk, which is the risk that counter party will default on its contractual obligation resulting in a financial loss to the company. Credit risk arises from cash and cash equivalents, financial
assets carried at amortised cost and deposits with banks and financial institutions, as well as credit exposures to loans given.

i) Credit risk management

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether
there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and
supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit

Financial assests are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan of the Company. Where loans or receivables have been written off, the
Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

Note 22: Contingent liabilities and contingent assets

a) Contingent liabilities

During the earlier years the company had initially received Show Cause Notice demanding duty of Rs. 1,45,65,801/- which in view of the department escaped
assessment on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations were made disputing the charge of the duty. During the
previous years order had been received from Custom Authorities raising Demand of Rs. 75,49,799/-. The company had filed appeal against the same. The
Commissioner (Appeals) via order dated 24.03.2021 set aside the demand raised and remanded the matter back to the original adjudicating authority for re-
assessment.However, as a matter of prudence the directors decided to continue the provision of Rs. 36,41,450/- made in the previous year. Balance of Rs. 39,08,349/-
(Previous Year Rs. 39,08,349/-) is shown as Contingent Liabilities.

In the view of management IND AS 19- Employee benefits i.e Employee''s Provident fund ,Bonus .Employee''s State Insurance Act,1938
Gratuity Act is not applicable to Company

Note 25:Deferred Tax

Deferred tax assets are recognised only to the extent that there is reasonable certainity that sufficient future taxable income will be available
except that deferred tax assets arising on account of unabsorbed depreciation and losses are recognised if there is virtual certainty that sufficient
future taxable income will be available to realise the same. therefore managment has not recognised deferred tax assets during the year

No proceeding has been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition)
Note 26: Act, 1988 (45 of 1988) and rules made thereunder.

The Company has no transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,
Note 27: ¹⁹⁵⁶.

Note 28: The Company has neither traded nor invested in crytpo currency or virtual currency during the year.

Note 29:Reclassification/Regroupmg of figures

The Previous year figures have been regrouped/reclassified, whenever necessary to conform to the current presentation as per the Schedule III of
Companies Act, 2013.

As per our report of even date attached
N K JALAN & CO.

CHARTERED ACCOUNTANTS FOR AND ON BEHALF OF THE BOARD

Firm''s Registration Numbar: 104019W

VISHAL THAKKAR BHAVIKA THAKKAR

N K JALAN MANAGING DIRECTORCFO DIRECTOR

^PROPRI^ETOR DIN No 09798551 DIN No 09854905

MEMBERSHIP NO.011878.

ANJALI BAMBORIA

COMPANY SECRETARY
Membership No: 53531

PLACE : MUMBAI PLACE : MUMBAI

Date: 30th May, 2025_Date: 30th May, 2025

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Mar 31, 2024

k) Provisions

The Company creates a provision when there is a present obligation as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may. but probably will not. require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

l) Earnings per share

Basic earnings per share is computed by dividing net profit or loss for the period attributable to equity shareholders by the weighted average
number of shares outstanding during the year. Diluted earnings per share amounts are computed after adjusting the effects of all dilutive
potential equity shares except where the results would be anit-dilutive. The numbers of shares used in computing diluted earnings per share
comprises the weighted average number of shares considered for deriving basic earnings per share, and also the weighted average number
of equity shares, which could have been issued on the conversion of all dilutive potential equity shares.

The management assessed that Cash and Cash equivalents, loans, trade payables and other current liabilities/assets approximate their carrying amounts largely due to the short-term maturities of these instruments.
Note 20: Financial risk management

The company’s activities exposes it to credit risk.

A) Credit risk

The company is exposed to credit risk, which is the risk that counter party will default on its contractual obligation resulting in a financial loss to the company. Credit risk arises from cash and cash equivalents, financial
assets carried at amortised cost and deposits with banks and financial institutions, as well as credit exposures to loans given

i) Credit risk management

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether
there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and
supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business.

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations.

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit

Financial assests are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan of the Company. Where loans or receivables have been written off. the
Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

a) Contingent liabilities

During the earlier years the company had initially received Show Cause Notice demanding duty of Rs. 1.45,65.801/- which in view of the department escaped assessment
on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations were made disputing the charge of the duty. During the previous years
order had been received from Custom Authorities raising Demand of Rs. 75,49,799/-. The company had filed appeal against the same. The Commissioner (Appeals) via
order dated 24.03.2021 set aside the demand raised and remanded the matter back to the original adjudicating authority for re-assessment However, as a matter of
prudence the directors decided to continue the provision of Rs. 36,41,450/- made in the previous year. Balance of Rs. 39,08,349/- (Previous Year Rs. 39,08,349/-) is shown
as Contingent Liabilities.

In the view of management IND AS 19- Employee benefits i.e Employee''s Provident fund .Bonus .Employee''s State Insurance Act,1938
Gratuity Act is not applicable to Company

Note 25:0eferred Tax

Deferred tax assets are recognised only to the extent that there is reasonable certainity that sufficient future taxable income will be available
except that deferred tax assets arising on account of unabsorbed depreciation and losses are recognised if there is virtual certainty that sufficient
future taxable income will be available to realise the same, therefore managment has not recognised deferred tax assets during the year

No proceeding has been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition)
Note 27: Act, 1988 (45 of 1988) and rules made thereunder.

The Company has no transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,
Note 28: ¹⁹⁵⁶-

Note 29: The Company has neither traded nor invested incrytpo currency or virtual currency during the year.

Note 30:Reclassification/Regrouping of figures

The Previous year figures have been regrouped/reclassified, whenever necessary to conform to the current presentation as per the Schedule III of
Companies Act 2013.

As per our report of even date attached
KANU DOSHI ASSOCIATES LLP

CHARTERED ACCOUNTANTS FOR AND ON BEHALF OF THE BOARD

Firm''s Registration Numbar: 104746VWW100096

KUNAL VAKHARIA VISHAL THAKKAR BHAVIKA THAKKAR

PARTNER MANAGING DIRECTORCFO DIRECTOR

MEMBERSHIP N0.148916 DIN No 09798551 DIN No 09854905

ANJALI BAMBORIA
COMPANY SECRETARY

PLACE : MUMBAI PLACE : MUMBAI

Date: 28th May, 2024 Date: 28th May. 2024

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Mar 31, 2015

1. SHARE CAPITAL

(a). Terms / rights attached to Equity Shares

a The company has only one class of equity shares having a per value of Rs.100. Each Holder of equity shares is entitled to one vote per share.

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

2. CONTINGENT LIABILITIES AND COMMITMENTS

As at As at Particular March 31 March 31 2015 2014

(A) Contingent Liabilities

1) Claims against company not acknowledgment - 277,789 as debt 2) Disputed Custom Duty 3,908,349 3,908,349

3,908,349 4,186,138

(B) Commitments - -

3. Related party disclosure

Related Parties Nature of Relationship

Mr. P. K. Nevatia Key Management Personnel

Phoolchand Anand Kishore HUF HUF of which Key Management Personnel Nevatia is Member

4. Assets taken on Lease

The Company's major leasing arrangements are in respect of commercial premises taken on leave and license basis. The aggregate lease rentals of Rs. 1,80,000/- (Previous Year Rs. 1,80,000/-) as Rent are grouped under Note No. 19 of "Other Expenses". The lease period is for the 11 months and renewable at mutual consent.

5. The Company is engaged only in trading of Chain and hence does not have any reportable segment.

6. The company has disposed off substantial part of the fixed assets during the last few years. However, the company intends to invest the surplus money from the sale of the assets into a profitable business and also the company is doing trading activity, hence the company's should be viewed as a going concern. Accordingly accounts have been prepared considering that the company is going concern.

7. Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

8. In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

9. Considering the size of the business of the Company, the Company has not appointed Company Secretary and Chief Financial Officer as required by sub section 1 of Section 203 of the Companies Act, 2013.

10. The previous year figures have been regrouped/reclassified,wherever necessary to confirm to the current presentation as per the Schedule III.

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Mar 31, 2014

Note No 1.1: During the year, the company applied for discharge of liabilities of incentive availed under the Package Scheme of Incentive of Government of Maharashtra and have received the approval letter for discharging the company from liabilities under the Package Scheme of incentive. Accordingly the amount is no more payable and has been transferred to General Reserve.

Note No 1.2 : The company has not received information from vendors regarding their status under the Micro,Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest with interest paid/ payable under this Act, have not been given. The same has been relied upon by the Auditors.

Note No 2.1 : During the earlier years the company had received Show Cause Notice demanding duty of Rs. 1.45,65,801/- which in view of the department escaped assessment on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations were made disputing the charge of the duty.''During the previous year order had been received trom Custom Authorities raising Demand of Rs. 75,49,799/-. The company has filed appeal against the same. However, as a matter of prudence the directors decided to continue the provision of Rs. 36,41,450/- made in the previous year. Balance of Rs. 39,08,349/- (Previous Year Rs. 39,08,349/-) is shown as Contingent Liabilities.

3 CONTINGENT LIABILITIES AND COMMITMENTS

As at As at Particular March 31.2014 March 31.2013

(A) Contingent Liabilities

1) Claims against company not acknowledgment as debt 277.789 267,779

2) Disputed Custom Duty 3,908,349 3,908,349

4,186,138 4,176,128

(B) Commitments —

4 Assets taken on Lease

The Company''s major leasing arrangements are in respect of commercial premises taken on leave and license basis. The aggregate lease rentals of Rs. 1,80,000/- (Previous Year Rs. 1,80,000/-) as Rent are grouped under Note No. 18 of "Other Expenses" The lease period is for the 11 months and renewable at mutual consent.

5 The Company is engaged only in trading of Chain and hence does not have any reportable segment.

6 The company has disposed off substantia! part of the fixed assets during the last few years. However, the company intends to invest the surplus money from the sale of the assets into a profitable business and also the company is doing trading activity, hence the company''s should be viewed as a going concern. Accordingly accounts have been prepared considering that the company is going concern.

7 Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

8 In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at least equal to the amount at which they are stated.

9 The previous year figures have been regrouped/redassified, wherever necessary to confirm to the current presentation as per the revised schedule VI.

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Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS :

Particulars As at As at March 31,2013, March 31,2012

(A) Contingent Liabilities

1) Claims against company not acknowledgment as debt 267,779 257,769

2) Disputed Custom Duty 3,908,349 3,908,349

3) Gram Panchayat Tax 71,312

- 4,176,128 4,237,430

(B) Commitments

2 Assets taken on Lease

The Company''s major leasing arrangements are in respect of commercial premises taken on leave and license basis. The aggregate lease rentals of Rs. 1,80,000/- (Previous Year Rs. 30.000/-) as Rent are grouped under Note No. 19 of "Other Expenses", The lease period is for the 11 months and renewable at mutual consent.

3 The Company is engaged only in trading of Chain and hence does not have any reportable segment.

4 The company has disposed off substantial part of the fixed assets during the last few years. However, the company intends to invest the surplus money from the sale of the assets into a profitable business and also the company is doing trading activity, hence the company''s shouid be viewed as a going concern. Accordingly accounts have been prepared considering that the company is going concern.

5 Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

6 In the opinion of the Board, Current Assets, Loans and Advances have value in the ordinary course of business at ieast equal to the amount at which they are stated.

7 The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current presentation as per the reviseo schedule VI.

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Mar 31, 2012

The previous years figures have been regrouped/reclassified, wherever necessary to conform to the current presentation.

1.1 SHARE CAPITAL

a) The Company have only one class of shares i.e Equity Shares having par value of Rs. 100/-. Each Equity shareholder have one voting right per share.

1.2 OTHER CURRENT LIABILITIES

(a) During the previous year the company had received Show Cause Notice demanding duty of Rs. Rs. 1,45,65,801/ - which escaped assessment on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations were made disputing the charge of the duty. During the current year order has been received from Custom Authorities raising Demand of Rs. 75,49,799/-. The company has filed appeal against the same. However, as a matter of prudence the directors decided to continue the provision of Rs. 36,41,450/- made in the previous year. Balance of Rs. 39,08,349/- (Previous Year Rs. 1,09,24,351/-) is shown as Contingent Liabilities.

(b) The company has entered into a MOU for sales of its Land & Building at Tarapur, MIDC, for Rs. 1,68,00,000/- (Previous Year Rs. 1,65,00,000/-). Pending approval from MIDC the assignment deed has not been executed. Sale will be effective only after approval of MIDC is received and legal documents are executed. Accordingly no effect has been given for Sale of Asset.

1.3 FIXED ASSETS

Note: a. Building includes 10 unquoted shares of Rs.50/- each of Mount Unique Co - Operative Housing Society Ltd, Mumbai.

b. Land is held for sale and building includes Gross Block of Rs. 25,92,429, Depreciation of Rs.7,85,429 and Net Block of Rs.18,07,000 being Building Held for Sale. The Same have been valued at lower of cost or Net Realisable Value.

Accounting Policies on Fixed Assets

Fixed Assets and Depreciation/Amortisation

1. Fixed Assets are stated at cost less accumulated depreciation except for those, which are revalued, in which case they are stated at the revalued cost less accumulated depreciation.

2. Depreciation is provided under straight-line method at rates and in the manner provided by Schedule XIV of the Companies Act, 1956. Leasehold land is amortized over the period of lease.

1.4 REVENUE FROM OPERATION

1.5 CONTIGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

Particulars As at As at March 31, 2011 March 31, 2012

"1) Claims against company not acknowledgment as debt" 257,769 247,760

2) Disputed Custom Duty 3,908,349 10,924,351

3) Gram Panchayat Tax 71,312 71,312

TOTAL 4,237,430 11,243,423

Accounting Policy on Revenue Recognition

"Sales are recognised when the significant risk and reward of ownership of the goods are passed to the customer. Sales are net off sales return, quantity discount and exclusive of value added tax collected.

1.6 Related party disclosure

Related party disclosure in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India ("ICAI").

Related Parties Nature of Relationship

Mr. R K. Nevatia Key Management Personnel

Phoolchand AnandiKishore Nevatia HUF HUF of which Key Management Personnel is Member

1.7 Assets taken on Lease

The Company's major leasing arrangements are in respect of commercial premises taken on leave and license basis. The aggregate lease rentals of Rs. 30,000/- (P.Yr. Rs. NIL) as Rent are grouped under Note No. 1.17 of "Other Expenses". The lease period is for the 11 months and renewable at mutual consent.

1.8 The Company is engaged only in trading of Chain and hence does not have any reportable segment.

1.9 The company has disposed off substantial part of the fixed assets during the last few years. However, the company intends to invest the surplus money from the sale of the assets into a profitable business and also the company is doing trading activity, hence the company's should be viewed as a going concern.

1.10 Balances of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation and consequential adjustments, if any.

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Mar 31, 2011

1. Contingent liability as at 31st March 2011 on account of: 2010-11 2009-10

Rs. Rs. i) Gram Panchayat Tax 71,312 71,312

ii) Claims against company not acknowledgment as debt 2,47,760 2,37,760

iii) Disputed Sales Tax - 2,50,217

vi) Disputed Custom Duty 1,09,24,351 1,09,24,351

2. Related Party Transaction: Related Parties:

Key Management Personnel : Mr. P. K. Nevatia. Summary of transactions with above related parties.

3. Additional information pursuant to the provision of paragraph 3 and 4 in part II of the Schedule VI to the Companies Act, 1956.

a) Licensed Capacity, Installed Capacity and Actual Production. (In M.T.) - Not Applicable

4. The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/ payable under this Act, have not been given. The same has been relied upon by the Auditors.

5. Custom authorities have raised a demand of Rs.1,45,65,801 asking the company to show cause why the duty which escaped assessment on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations have been made disputing the charge of the duty. However as matter of prudence, the directors have decided to make a provision of Rs. 36,41,450 in the accounts for the year. Balance of Rs. 1,09,24,351 is shown as contingent liabilities.

6. Balances of Sundry Debtors, Creditors and Advances are subject to confirmation and Consequential adjustments, if any.

7. The Company is engaged only in trading of Chain and hence does not have any reportable segment:

8. Receivable towards sale of assets of Rs. 5,00,000 is outstanding since long. However no provision for the same has been made in the accounts as the management is hopeful of recovery.

9. The company has entered into a MOU for sales of its Land & Building at Tarapur, MIDC, for Rs. 1.65 crore. Pending approval from MIDC the assignment deed has not been executed. Accordingly sales of Assets has not been booked in the accounts.

10. Figures for previous year have been regrouped/re-arranged wherever necessary to make them comparable with those of the current year

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Mar 31, 2010

1. Contingent liability as at 31st March 2010 on account of:

2009 - 10 2008-09 Rs. Rs.

i) Disputed Sales Tax - 580,660

ii) Gram Panchayat Tax 71,312 71,312

iii) Claims against company not acknowledgment as debt 2,37,750 227,740

iv) Disputed Sales Tax 250,217 -

v) Guarantee given to MIDC for Water Charges - 1,882,580

vi) Disputed Custom Duty 1,09,24,351 -



2. Related Party Transaction:

Related Parties: Key Management

Personnel : Mr. P.K. Nevatia.

3. Additional information pursuant to the provision of paragraph 3 and 4 in part II of the Schedule VI to the Companies Act, 1956.

i) Licensed Capacity, Installed Capacity and Actual Production. (In M.T.) – Not Applicable

ii) Details of Opening Stock, Purchase/Resale,Turnover and Closing Stock

4. The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/ payable under this Act, have not been given. The same has been relied upon by the Auditors.

5. Custom authorities have raised a demand of Rs.1,45,65,801 asking the company to show cause why the duty which escaped assessment on import of sulphur for the chemical division in the year 2004-2005 to 2005-2006. Representations have been made disputing the charge of the duty. However as matter of prudence, the directors have decided to make a provision of Rs. 36,41,450 in the accounts for the year. Balance of Rs.1,09,24,351 is shown as contingent liabilities.

6. Balances of Sundry Debtors, Creditors and Advances are subject to confirmation and Consequential adjustments, if any.

7. The Company is engaged only in trading of Chain and hence does not have any reportable segment.

8. The Company is maintaining the gratuity fund which is administered through policy taken from LIC of India. The company has not received the information as required by Accounting Standard 15 on "Employee Benefits" from LIC of India. Accordingly the adjustment of short or Excess in gratuity liability has not been done and the impact is un- ascertainable.

9. Receivable towards sale of assets of Rs. 16,50,000 is outstanding since long. However no provision for the same has been made in the accounts as the management is hopeful of recovery.

10. Figures for previous year have been regrouped/re-arranged wherever necessary to make them comparable with those of the current year.