Get Updates

Get notified about market trends, financial advice, and investment tips!

A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Notes to Accounts of La Tim Metal & Industries Ltd.

Mar 31, 2024

The Hon''ble National Company Law Tribunal (NCLT), Mumbai Bench have approved Scheme of merger by absorption of La Tim Sourcing (India) Private Limited, the transferor company by La Metal & Industries Limited, the transferee company vide it''s order dated 4th Augest, 2023. The effective date of the scheme is 1st April, 2019. Consequent to the merger, 20,20,020 equity share of INR 10 each fully paid in La Tim Sourcing (India) Private Limited, held as investment by the Company stands cancelled.

* Pursuant to the approval of the shareholders at the Extra Ordinary General Meeting of the Company held on 9th May 2022 , each equity share of face value of Rs. 10/- per share was sub-divided into ten equity shares of face value of Re. 1/- per share, with effect from the record date, i.e., 23rd May 2022.

14.2 - Terms/Rights attached to the equity shares

The Company has one class of shares referred to as equity shares having a par value of Rs. 1 each. Each shareholder is entitled to one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. There are no shares issued pursuant to contract without payment being received in cash, allotted as fully paid up by way of bonus shares and bought back during the last 5 years.

14.3 - Sub division of the equity shares

Board of Directors resolved in Board meeting dated 8th April 2022 that pursuant to provisions of Section 61(l)(d) read with Section 64 and all other applicable provisions, if any, of the Companies Act, 2013 and rules framed there under (including any statutory modification(s) or re-enactment thereof, for the time being in force) and in accordance with the provisions of the Memorandum and Articles of Association of the Company and subject to approval of Shareholders of the Company and other consent(s), permission(s) and sanction(s) as may be necessary from the competent authorities or bodies , the sub-division of equity shares of the Company, the authorized, issued, subscribed and paid-up equity share capital of 1 (one) equity share of the face value of Rs. 10/- (Rupees ten only) each shall stand sub-divided into 10 (ten) equity shares having a face value of Re. 1/- (Rupees one only) each from record date as 23rd May 2022 as fixed by the Board of Director of the company and ranked pari-passu in all respects with each other and carry the same rights as to the existing fully paid-up equity share of Rs. 10/- (Rupees ten only) each of the Company.

14.4 Right issue of the equity shares

The Company had, issued 4,41,57,150 equity shares of face value of Rs. 1/- each (''Right equity shares'') to the eligible equity shareholders at an issue price of Rs. 8.5 per right equity share ( including premium of Rs.7.5 per right equity share). The right equity shares were issued as partly paid-up and an amount of Rs. 4.25 per right equity share was payable on application (of which Rs. 0.5 towards face value of right equity shares and Rs.3.75 towards premium amount of right equity shares). There is no deviation in use of proceeds from the objects stated in the offer document for rights issue.

Equity issue expenses of Rs 83 lakhs has been adjusted against securities premium.

Notes to other equity Securities Premium Account

Securities premium is created due to premium on issue of shares and is utilised in accordance with the provisions of the Companies Act, 2013. Capital Reserve

Represent a non-distributable reserve.

General Reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

FVOCI Reserve

Components of other equity include remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

Nature of Security and terms of repayment for secured non-current financial liability - Borrowings of the Compnay:

1. During the previous year. Unity Small Finance Bank Limited had approved the restructing of loans and all earlier outstandings (in form of term loans, LCs, outstanding interest) were converted into fresh loans as a part of the said restructuring activity.

2. Unity Small Finance Bank Limited term loans are secured by- Registered mortgage of Office No.201, 2nd Floor, Bajaj Road, Vile parle(W), Mumbai owned by M/s La Tim Sourcing (India) Pvt Ltd

- Registered mortgage of Flat 601, 6, 7th Crystal Apartment, vallabhnagar CHS, Plot No 31, CTS No 191, NS Road , JVPD Scheme,

Vileparle (W) owned by Mr. Rahul Timbadia, Mr. Parth Timbadia, Mrs.Almitra R Timbadia, Mrs. Amita P Timbadia.

- Registered mortgage of Land & Building at Survey no.18, Hissa no.2A within village Metgutad, Tal Mahabaleshwar owned by M/s Saj Hotels Pvt Ltd.

- Registered mortnage of Land & Building at NA Plot at Survey no.171/12, 173/IA, 173/18 and 173/211, Malshej, Karanjale, taluka Junnar, Dist Pune owned by M/s Saj Hotels Pvt Ltd.

- Personal guarantees of all the promoters/directors i.e., Mr.Kartik Maganlal Timbadia, Mr.Rahul Maganlal Timbadia, Mr.Parth Rahul

Timbadia, Mr.Karna Kartik Timbadia, Ms. Amita R Timbadia, Ms. Almitra P. Timbadia, M/s. Saj Hotel Pvt. Ltd., M/s La Tim Metal &

Industries Ltd.

- Rate of interest-14.50% p.a."

3. ICICI Bank Limited - Car Loan ( Carried Interest Rate 11.51%) are secured by first pari passu charge of Car. The loan is repayble in 60 monthly installmetns till June, 2023.

4. ICICI Bank Limited - Car Loan ( Carried Interest Rate 9.10%) are secured by first pari passu charge of Car. The loan is repayble in 60 monthly installmetns till June, 2023.

5. Aditya Birla Finance Limited: The company has transferred its loans from Unity Small Finance Bank Limited to Aditya Birla Finance Limited having refrence no. ABFWCIDEC23/N5014400 dated Decemeber 16, 2023.

- Effective interest rate of 11.25% p.a.

- The loan is repayble in 144 installments ending on January 15, 2036.

- Term loan is secured by first pari passu charge on all that piece and parcel of land bearing Survey No 18/2A admeasuring 14164 Sg, Mtrs alongwith the construction admeasuring 17048 Sq. Mtrs, village Metgutad, Mahabaleshwar Panchagani road, Taluka-Mahabaleshwar House No:- Districit-Pune 412806, Floor no: .Building Number:, Society Name:-, Block no:-, Street Name:Locality: -State: Maharashtra, District:- Pune, Zip code: 412806 owned by Saj Hotels Private Ltd.

- First pari passu charge on Plot no:- Duplex FlatNo. 601 admeasuring 2550 Sq. Ft., on the Sixth and Seventh Floor, in the project known as Crystal Apartment, in the Vallabhnagar Co-op Hsg Society Ltd Constructed on land bearing Plot No. 31, C.T.S. No 191 situated af Vila Parlo (West)House No: Mumbai 400049, Floor no-, Building Number, Society Name. Block no:- Street Name: Locality.-,State:

MAHARASHTRA. District:- Mumbai, Zip code: 400049 Owned by ALMITRA BALLAL CHANDRACHUD; AMITA RAHULTIMBADIA; PARTH RAHUL TIMBADIA: RAHUL MAGANLAL TIMBADIA.

- First pari passu charge on Plot no:- Office No. 201 admeasuring 1800 Sq | Ft. ( Salable Area) on the 2nd Floor, alongwith one stack car parking Space No.6, in the project known as Navkar Plaza, constructed on land bearing Plot No. 104 TP Scheme No. VI bearing CTS No. 949, 949/1, 949/2, 949/3, 949/4 and 949/5, situated at Vile Parle (West)House No:- Mumbai - 400056,Floor no: .Building Number: Society Name:-,Block no:-,Street Name: Locality:-,State: Maharashtra District:- Mumbai, Zip code: 400056 Owned by La Tim Sourcing (India) Private Ltd.

- Hypothecation over current asset including rent received from Mahindra Holidays & Resorts india Ltd both present as well as future receipts of Saj Hotels Pvt Ltd.

- First pari passu charge on Plot no:- All that piece and parcel of land bearing Survey No. 171/2(P), admeasuring 01H14.09R, 173/1/A admeasuring 00H18.06R, 173/1/B admeasuring 00H18.6R, 173/2/A admeasuring 00H 26.8R., Non agriculture area admeasuring 17611.20 Sq. Mtrs. alongwith the construction admeasuring 2038.97 Sq. Mtrs, situated at Village Karanjale, Taluka Junnar, District, House No: Pune- 412409, Floor no:-, Building Number:, Society Name:-,Block no:-, Street Name: Locality: -, State: Maharashtra, District:- Pune, Zip code:412409 owner by Saj Hotels Private Limited.

- Hypothecation over entire present and future current assets of LaTim Metal and industries Limited.

Pursuant to IND AS 33 - Earnings Per Share, basic and diluted earnings per share for the previous year have been restated for the bonus element in respect of Right Issue. (Rs. In Lakhs)
	As at	As at
	31st March, 2024	31st March, 2023
35 - CONTINGENT LIABILITIES AND COMMITMENTS
CONTINGENT LIABILITIES
(a) Claims against the company not acknowledged as Debt*	795.39	926.81
(b) Guarantees given (Net)	-	-
CAPITAL COMMITMENTS	-	-

NOTES:

(i) It is not practicable to estimate the timing of cash outflows, if any, in respect of matters stated above, pending resolution of the proceedings.

(ii) INR 793.49 Lakhs: Amount of contingent liability relates to one matter related to Custom Duty wherein the company has won the appeal proceedings and against that, the Customs department has preferred an appeal in the Hon''able Supreme Court of India for which outcome is pending as on the balance sheet date. Even though, the Company expects favourable outcome of this appeal, the said amount has continued to be disclosed as a contingent liability until the decision of the Apex Court.

36 - SEGMENT REPORTING

During the year, there are two reporting segments of the company which are as follows :

1. Manufacturing & Trading of Goods

2. Real Estate Development Activity

During the year, the company has not generated any revenue from Real Estate Development Segment.

37 - DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

a) Defined contribution plans

- Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund Current Year Rs. 10.25 Lakhs (Previous Year Rs. 8.99 Lakhs)

b) Leave Obligations

The leave obligations cover the Company''s liability for sick and earned leave. The company has made payment of Rs. 1.10 lakhs (31st March 2023 - Rs. 0.6 lakhs ), since the Company does not have an unconditional right to defer settlement for any of these obligations.

c) Defined benefit plans

- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit plans based on the following assumptions-Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.21% p.a. (Previous Year 7.51% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and promotional increases. In addition to this any commitments by the management regarding future salary increases and the Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate past, if they have been influenced by unusual factors.

Short-term employee benefits are recognized as expenses at the undiscounted amount in the statement of profit and loss for the year in which the employee has rendered services. The expenses are recognized at the present value. Provision for Gratuity has been made on a discounted basis as per the Actuarial Valuation Report.The employees are required to exhaust their leave entitlement during the Financial year itself due to which there was no accumulated earned leave to the credit of any employee.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these receivables.

The coompany uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 : Other techniques for which all inputs which have a significant effects on the recorded fair value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effects on the recorded fair value that are not based on observable market data.

The company''s financial risk management is an integral part of how to plan and execute its business strategies.

Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loan borrowings.

The majority of the company''s sales come from the steel manufacturing and trading business, and fluctuations in the demand for or supply of steel could have an impact on earnings. In addition, at a time of fierce competition, any changes in the company''s competitiveness in terms of technology, cost, quality, or other aspects could have an impact on earnings.

Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s policy is to minimise interest rate risk exposure for its long term financing. The Company is exposed to changes in market interest rates as its existing loans are at variable interest rates except for vehicle loans.

Foreign currency risk

The company imports steel from international market, consequently, the company is exposed to foreign exchange risk in foreign currencies. The company has laid down procedures to de-risk itself against currency volatility and out sources expert advice whenever required.

The company evaluates exchange rate exposure arising from foreign currency transactions and the company follows established risk management policies.

I. Foreign Currency Exposure

Refer Note related to foreign exchange exposure as at 31st March, 2024 and 31st March, 2023 respectively.

Credit risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

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 throughout each reporting period. To assess whether there is significant increase in credit risk the company compares the risk of a default occurring an the asset at the reporting date with the risk of default as 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 mere its obligation,

(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 third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company. The company categorises a loan or receivable for write off when a debtor fails to make contractual payments greater than reasonable period of time decided by the Management. 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 recognised in profit or loss.

Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The company is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the company''s net liquidity position through rolling forecast on the basis of expected cash flows.

Capital management

For the purposes of the company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the company''s Capital Management is to maximise shareholder value. The company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.

Note: 42

In accordance with the provisions of Section 135 of the Companies Act, 2013, Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended, the Board of Directors of the Company had constituted a Corporate Social Responsibility (CSR) Committee. In terms of the provisions of the said Act, the Company was required to spend NIL (previous year 7.44 lakhs) towards CSR activities during the year ended 31st March, 2024. However company had voluntarily made CSR contribution pertaining to amount 8.43 lakhs. The Company has incurred following expenditure towards CSR activities for the benefit of general public and in the neighbourhood of the Company.

a. The Company has not carried out any revaluation of Property, Plant and Equipment in any of the period reported in this Financial Statements hence reporting is not applicable.

b. There have been no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

c. The Company does not have any working capital facilities from banks or financial institutions and hence reporting to the extent is not applicable.

d. As per the internal assessment of the Management, the Company does not have any transactions with companies struck off.

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

f. There are no undisclosed Income surrendered or disclosed as income during the period / year in the tax assessments under the Income Tax Act, 1961

g. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries"

h. The Company have 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:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,"

i. The Company is not declared as willful defaulter by any bank or Financial Institution as on the balance sheet date.

j. During the year, the Company has not traded or invested in Crypto Currency or Virutal Currency.

k. The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act read with the

Companies ( Restriction on number of Layers) Rules, 2017.

Note - 48: Merger of Subsidiary

(1) The National Company Law Tribunal of Mumbai have approved the Scheme of Merger by Absorption of LA TIM SOURCING (INDIA) PRIVATE LIMITED (wholly owned subsidiary) with the Company w.e.f. April 01, 2019 (appointed date).

(2) The merger have been accounted in the books of account of the Company in accordance with Ind AS 103 ''Business Combination'' read with Appendix C to Ind AS 103 specified under Section 133 of the Act. Accordingly, the following accounting treatment has been followed to give the effect of the merger:

i) The assets, liabilities and reserves of DIPL have been incorporated in the financial statements at the carrying values as appearing in the financial statement of the Company.

ii) Inter-Company balances and transactions have been eliminated and resultant adjustment has been adjusted in the other equity.

iii) 20,20,020 equity share of'' 10 each fully paid in LA TIM SOURCING (INDIA) PRIVATE LIMITED, held as investment by the Company stands cancelled.

iv) The financial information in the financial statements in respect of prior period have been restated as if business combination had occurred from the beginning of the preceding period in the financial statements.

(3) Pursuant to the Scheme, the authorised equity share capital of the Company has been increased by the authorised equity share capital of the erstwhile LA TIM SOURCING (INDIA) PRIVATE LIMITED.

Mar 31, 2023

1. Terms/Rights attached to the equity shares

2. Sub division of the equity shares

Pursuant to provisions of Section 61(l)(d) read with Section 64 of the Companies Act, 2013 and rules framed there under (including any statutory modification(s) or re-enactment thereof, for the time being in force) and in accordance with the provisions of the Memorandum and Articles of Association, the shareholders have approved the sub-division of equity shares of the Company wherein 1 (one) equity share of the face value of Rs. 10/- (Rupees ten only) stands sub-divided into 10 (ten) equity shares having a face value of Re. 1/- (Rupees one only) from record date of 23rd May 2022 as fixed by the Board of Director of the company and ranked pari-passu in all respects with each other and carry the same rights as to the existing fully paid-up equity share of Rs. 10/- (Rupees ten only) each of the Company.

Securities Premium Account

Securities premium is created due to premium on issue of shares and is utilised in accordance with the provisions of the Companies Act, 2013.

Capital Reserve

Represent a non-distributable reserve.

General Reserve

33 - SEGMENT REPORTING

The company trades land as stock-in-trade along with transactions related to trading of Steel Products hence there are two reporting segments of the company which are as follows :

1. Trading of Goods

2. Real Estate Developnent Activity

During the year, the company has not generated any revenue from Real Estate Development Segment.

34 - DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

Short-term employee benefits are recognized as expenses at the undiscounted amount in the statement of profit and loss for the year in which the employee has rendered services. The expenses are recognized at the present value. The company did not have any eligible employees for the payment of Gratuity. The employees are required to exhaust their leave entitlement during the Financial year itself due to which there was no accumulated earned leave to the credit of any employee. Hence the provision has been made for the Retirement Benefits as required by Ind AS 19 and actuary valuation report is not obtained accordingly.

The following methods and assumptions were used to estimate the fair values:

1. Fair values of cash and shortterm deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these receivables.

The company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 : Other techniques for which all inputs which have a significant effects on the recorded fair value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effects on the recorded fair value that are not based on observable market data.

Set out below, is a comparison by class of the carrying amounts and fair value of the Company''s Financial Instruments.

The Company''s financial risk management is an integral part of how to plan and execute its business strategies.

Market risk

The majority of the company''s sales come from the steel trading business, and fluctuations in the demand for or supply of steel could have an impact on earnings. In addition, at a time of fierce competition, any changes in the company''s competitiveness in terms of technology, cost, quality, or other aspects could have an impact on earnings.

Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

The company is not exposed to significant interest rate risk as at the specified reporting date on account absence of any instruments whose interest rate is dependent on foreign exchange fluctuation.

Refer Note to accounts for interest rate profile of the Company''s interest-bearing financial instrument at the reporting date.

Foreign currency risk

The Company imports steel from international market, consequently, the Company is exposed to foreign exchange risk in foreign currencies. The Company has laid down procedures to de-risk itself against currency volatility and out sources expert advice whenever required.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows established risk management policies.

I. Foreign Currency Exposure

Refer Note related to foreign exchange exposure as at March 31, 2023 and March 31, 2022 respectively.

II. Foreign Currency Sensitivity

1% increase or decrease in foreign exchange rates will have the following impact on the profit before tax - loss / (profit)

Credit risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

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 throughout each reporting period. To assess whether there is significant increase in credit risk the company compares the risk of a default occurring an the asset at the reporting date with the risk of default as 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 mere its obligation,

(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 third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. The Company categorises a loan or receivable for write off when a debtor fails to make contractual payments greater than reasonable period of time decided by the Management. 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 recognised in profit or loss.

Liquidity Risk

Note: 40

In accordance with the provisions of Section 135 of the Companies Act, 2013, Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended, the Board of Directors of the Company had constituted a Corporate Social Responsibility (CSR) Committee. In terms of the provisions of the said Act, the Company was required to spend 7.44 lakhs (previous year 3.35 lakhs) towards CSR activities during the year ended 31st March, 2023. The Company has incurred following expenditure towards CSR activities for the benefit of general public and in the neighbourhood of the Company.

41 - STRUCK OFF COMPANIES

The Company does not have any transactions with companies struck - off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956.

Note 42

Balances of Other Current Liabilities, Trade Receivables and Trade Payables are subject to confirmation, reconciliation and adjustments if any.

Note 43

In the opinion of the Management, current assets have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

Note 44

Previous period figures have been regrouped, re-classified and re-arranged wherever considered necessary to confirm to the current year''s classification.

Note 45

The MCA wide notification dated March 24, 2021 has amended Schedule III to the Companies Act, 2013 in respect of certain disclosures. The Company has incorporated appropriate changes in the above results.

Debt equity ratio (in times) - During the year, the company mostly repaid its all debt resulting into NIL ratio.

Debt service coverage ratio (in times) - Due to substantial loss during the year, the company have negative debt service coverage ratio. Return on Equity (%) - Decrease due to significant loss during the year.

Trade receivable turnover ratio (in times)- Decrease due to unfavorable market condition leads to longer credit period to debtors.

Trade payable turnover ratio (in times)- Timely payment to creditors results into increase of trade payable ratio.

Net profit ratio (%) - Decrease due to significant loss during the year.

Return on capital employed (%) - Decrease due to significant loss during the year.

Return on Investment (%) - Decrease due to significant loss during the year.

Note 47 - INCOME TAX

a) Components of Income tax expense includes current tax charged to Profit and loss of Rs. NIL (Previous year: Rs. 143.25 Lakhs).

b) Reconciliation of tax expense and the accounting profit multiplied by India''s domestic tax rate for March 31, 2023 and March 31, 2022:

NOTE: 48 ADDITIONAL DISCLOSURE AS PER NEW SCHEDULE III REQUIREMENTS

a. The Company has not carried out any revaluation of Property, Plant and Equipment in any of the period reported in this Financial Statements hence reporting is not applicable.

c. The Company does not have any borrowing from banks or financial institutions and hence reporting to the extent is not applicable.

d. As per the internal assessment of the Management, the Company does not have any transactions with companies struck off.

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

f. There are no undisclosed Income surrendered or disclosed as income during the period / year in the tax assessments under the Income Tax Act, 1961

g. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries"

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

i. The Company is not declared as willful defaulter by any bank or Financial Institution as on the balance sheet date.

j. During the year, the Company has not traded or invested in Crypto Currency or Virutal Currency.

k. The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act read with the

Companies ( Restriction on number of Layers) Rules, 2017.

The accompanying notes 1 to 48 are an integral part of the Standalone Financial Statements

Mar 31, 2018

1. CORPORATE INFORMATION

La Tim Metal & Industries Limited is a Public Limited Company registered under the Companies Act, 1956. Registered office of the Company is situated in Mumbai. The Company was incorporated as a Private Limited Company on 28^th January, 1975 and on 22^nd August,1975, it was converted into a Public Limited Company.

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

a) Basis of preparation

In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 with effect from April 1, 2017. The transition from previous GAAP to Ind AS has been accounted for in accordance with the Ind AS 101 âFirst Time Adoption of Indian Accounting Standardsâ, with April 1, 2016 being the transition date. In accordance with the Ind AS 101 âFirst time adoption of Indian Accounting Standardâ, the Company has presented a reconciliation [from the presentation of financial statements under accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (âPrevious GAAPâ) to Ind AS] of total equity as at April 1, 2016, March 31, 2017 and Statement of Profit and Loss for the year ended March 31, 2017.

b) Functional and presentation currency

These financial statements are presented in Indian rupee, which is the Companyâs functional currency. All amounts have been rounded to the nearest lakh, unless otherwise indicated.

c) Basis of measurement

The financial statements have been prepared on historical cost basis, except certain financial assets and liabilities which have been measured at fair value (refer accounting policy regarding financial instruments), defined benefits plans - plan assets and contingent consideration. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

All assets and liabilities have been classified as current or non-current as per the Companyâs normal operating cycle and other criteria set out in the Schedule III to the Act. Based on the nature of products and the time between acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purposes of current / non-current classification of assets and liabilities.

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:

a. Expected to be realized or intended to be sold or consumed in normal operating cycle

b. Held primarily for the purpose of trading

c. Expected to be realized within twelve months after the reporting period, or

d. 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:

a. It is expected to be settled in normal operating cycle

b. It is held primarily for the purpose of trading

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

d. 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.

2A. use of estimates

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying the groupâs accounting policies. This note provides an overview of the areas that involved a higher degree of judgment or complexity, and of items which are more likely to be adjusted due to estimates and assumptions turning out to be different from those originally assessed. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

Critical estimates and judgments

The areas involving critical estimates or judgments are:

a) Estimation of current tax expense and payable - Refer accounting policies - 3.9

b) Estimated useful life of property, plant & equipment and intangible assets - Refer accounting policies - 3.1

c) Estimation of defined benefit obligation - Refer accounting policies - 3.8

d) Estimation of fair values of contingent liabilities - Refer accounting policies - 3.12

e) Recognition of revenue - Refer accounting policies - 3.4

f) Recognition of deferred tax assets for carried forward tax losses - Refer accounting policies - 3.9

g) Impairment of financial assets - Refer accounting policies - 3.2 & 3.5

Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the group and that are believed to be reasonable under the circumstances.

Notes:

Investments in Subsidiaries, Associates and Joint ventures are measured at cost and tested for impairment. Impairment(if any) denotes permanent diminution and charged to Statement of Profit and loss. Impairment in cases of unlisted securities is determined based on the valuation reports and in case of listed securities the same is determined basedon the prevaling market prices.

Investments in other than Subsidiaries, Associates and Joint ventures are measured at FVTOCI. and is charged/ added to âOther Comprehensive Incomeâ. Fair Valuation of unlisted securities is determined based on the valuation reports and in case of listed securities the same is determined based on the prevaling market prices.

Allowance for Doubtful Loans

The Company has analysed any allowance for doubtful loans based on the 12 months expected credit loss model. - Refer Note - 35

* During the current year ended 31 March, 2018, pursuant to the approval of shareholders at the Extra ordinary General Meeting held on 10^th February, 2017, the Company has issued and alloted an aggregate of 19,02,125 Equity shares of Rs.10 each at a price of Rs. 20 per share (Inclusive of a premium of Rs. 10 per equity share) on preferential allotment to various parties.

1.1. Terms/Rights attached to the equity shares

The Company has one class of shares referred to as equity shares having a par value of Rs. 10 each. Each shareholder is entitled to one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The convertible warrant alloted on preferential basis shall be locked in from the date of Trading approval granted from all the stock exchange for such period as prescribed in regulation 78 of SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009.

# Money received against share warrants represents amounts received towards convertible warrants which entitles equivalent number of equity shares of the face value of Rs 10 each. During the previous year, the Company had issued 40,00,000 Convertible Warrants of Rs 10/- each at a Premium of Rs. 10/- each to Promoter/ Promoter Group and Non Promoters, on preferential allotment basis in compliance with Chapter VII of SEBI (ICDR) Regulations, 2009 . The holder of the warrants would need to exercise the option to subscribe to shares on or before August 22, 2018. The Company has alloted 19,02,125 Equity Share of Rs. 10/- each pursuant to conversion of warrants by the allotees as on 31^st March, 2018.

a. Natue of security, interest rate and installments

Vehicle Loans are Secured by hypothecation of specified vehicles against which the finance is obtained. Repayable in 36 months installment from the date of availment of loan.

Interest rate is 10%

4 - SEGMENT REPORTING

The Company has only one primary business segment viz. Trading of Steel Products and operates only within India and hence the disclosure as required under Ind-AS 108 on âOperating Segmentsâ is not required.

5 - DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

Short-term employee benefits are recognized as expenses at the undiscounted amount in the statement of profit and loss for the year in which the employee has rendered services. The expenses are recognized at the present value. The company did not have any eligible employees for the payment of Gratuity. The employees are required to exhaust their leave entitlement during the Financial year itself due to which there was no accumulated earned leave to the credit of any employee. Hence the provision has been made for the Retirement Benefits as required by Ind AS 19.

6 - HEDGED AND UNHEDGED DERIVATIVE INSTRUMENTS

(a) The amount of foreign currency exposures that are not hedged by a derivative instrument or otherwise as at 31^st March, 2018, 31^st March, 2017 and 1^st April, 2016 are as under:

7 - OPERATING LEASES

The Company has entered into agreements in the nature of lease / leave and license agreement with different lessors / licensors for the purpose of establishment of premises and accommodation of executives. These lease are cancellable in the nature. Lease payments have been recognised as an expense in the Statement of Profit & Loss.

8 - RELATED PARTY DISCLOSURES AS PER INDIAN ACCOUNTING STANDARD-24

A Detail of related party and nature of the related party relationship where control exists

1 Subsidiary

a. Latim Sourcing (India) Pvt. Ltd.

2 Key Management Personnel

a. Rahul Timbadia Managing Director

b. Kartik Timbadia Director

c. Vikram Shah Chief Financial Officer

d. Rahul Patel Company Secretary

3 Relatives of Key Management Personnel

a. Parth Timbadia

b. Amita Timbadia

c. Almitra Timbadia

d. Radhika Timbadia

e. Jalpa Timbadia

f. Karna Timbadia

g. Suchita Timbadia

4 Enterprise over which Key Managerial Personnel are able to exercise significant influence.

a. Latim Investments & Finance Co.

b. Latim Lifestyle & Resorts Ltd.

c. Latim Sourcing (India) Pvt Ltd.

d. Saj Hotels Pvt Ltd.

9 - DETAILS OF LOANS, GUARANTEES, OR INVESTMENTS BY THE COMPANY DURING THE YEAR UNDER SECTION 186 OF THE COMPANIES ACT, 2013

10. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

The following methods and assumptions were used to estimate the fair values:

The company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique: Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 : Other techniques for which all inputs which have a significant effects on the recorded fair value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effects on the recorded fair value that are not based on observable market data.

11. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Companyâs financial risk management is an integral part of how to plan and execute its business strategies.

Market risk

The majority of the companyâs sales come from the steel trading business, and fluctuations in the demand for or supply of steel could have an impact on earnings. In addition, at a time of fierce competition, any changes in the companyâs competitiveness in terms of technology, cost, quality, or other aspects could have an impact on earnings.

Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the companyâs position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

The company is not exposed to significant interest rate risk as at the specified reporting date on account absence of any instruments whose interest rate is dependent on foreign exchange fluctuation.

Refer Note to accounts for interest rate profile of the Companyâs interest-bearing financial instrument at the reporting date.

Foreign currency risk

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows established risk management policies.

I. Foreign Currency Exposure

Refer Note related to foreign exchange exposure as at March 31, 2018, March 31, 2017 and April 01, 2016 respectively.

II. Foreign Currency Sensitivity

1% increase or decrease in foreign exchange rates will have the following impact on the profit before tax - loss / (profit)

Credit risk

(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 counterpartyâs ability to mere its obligation,

(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 third-party guarantees or credit enhancements.

12. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)

I. Financial assets for which loss allowance is measured using 12 months Expected Credit Losses (ECL)

II. Financial assets for which loss allowance is measured using 12 months Life Time Expected Credit Losses (ECL)

Grand Total (A B)

Balances with banks are subject to low credit risks due to good credit ratings assigned to these banks.

III. The ageing analysis of these receivables (gross of provision) has been considered from the date the invoice falls due

IV. Provision for expected credit losses again âIIâ and âIIIâ above

The company has assets where the counter- parties have sufficient capacity to meet the obligations and where the risk of default is very low. Hence based on historic default rates, the Company believes that, no impairment allowance is necessary in respect of above mentioned financial assets.

Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The company is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the companyâs net liquidity position through rolling forecast on the basis of expected cash flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.

Capital management

For the purposes of the Companyâs capital management, capital includes issued capital and all other equity reserves. The primary objective of the Companyâs Capital Management is to maximise shareholder value. The company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

13 - FIRST TIME ADOPTION OF IND AS First-time Adoption of Ind AS

The company has prepared its first Financial Statements in accordance with Ind AS for the year ended March 31, 2018. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with Indian GAAP, including accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended). The effective date for Companyâs Ind AS Opening Balance Sheet is 1 April 2016 (the date of transition to Ind AS).

The accounting policies have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS Balance Sheet at April 01, 2016 (the Companyâs date of transition). According to Ind AS 101, the first Ind AS Financial Statements must use recognition and measurement principles that are based on standards and interpretations that are effective at March 31, 2018, the date of first-time preparation of Financial Statements according to Ind AS. These accounting principles and measurement principles must be applied retrospectively to the date of transition to Ind AS and for all periods presented within the first Ind AS Financial Statements.

Any resulting differences between carrying amounts of assets and liabilities according to Ind AS 101 as of April 01, 2016 compared with those presented in the Indian GAAP Balance Sheet as of March 31, 2016, were recognized in equity under retained earnings within the Ind AS Balance Sheet.

An explanation of how the transition from previous GAAP to Ind AS has affected the companyâs financial position, financial performance and cash flows is set out in the following notes and reconciliations.

I. Exemptions and exceptions availed:

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from Indian GAAP to Ind AS.

A) Deemed cost:

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the Indian GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets.

Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their Indian GAAP carrying values.

B) Leases:

Appendix C to Ind AS 17 requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangement. Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing at the date of transition to Ind AS, except where the effect is expected to be not material. The Company has elected to apply this exemption for such contracts/arrangements.

C) Designation of previously recognised financial instruments:

Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS. The Company has elected to apply this exemption for its investment in equity investments.

D) Estimates:

An entityâs estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with Indian GAAP [after adjustments to reflect any difference in accounting policies], unless there is objective evidence that those estimates were in error. Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with Indian GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under Indian GAAP:

i. Investment in equity instruments carried at FVPL or FVOCI;

ii. Investment in debt instruments carried at FVPL; and

iii. Impairment of financial assets based on expected credit loss model.

E) Classification and measurement of financial assets:

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

F) De-recognition of financial assets and liabilities:

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entityâs choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.

** Fair Valuation adjustments for financial assets and financial liabilities:

- Under IGAAP, security deposits given were required to be carried at book value. Under Ind AS, the said concept has shifted from book value to fair value hence the same has been adjusted after considering FVTPL

^A Others:

Lease rent equilisation:

Under Ind AS, Lease payment under operation leases is recognised as expenses on straight line basis over the lease term in accordance with respective lease agreement.

Statement of cash flows:

The transition from IGAAP to Ind AS has not had a material impact on the statement of cash flows.

Mar 31, 2015

1 Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proprosed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

2 Segment Reporting

The Company is mainly engaged in the business of manufacturing of Steel. Considering the nature of business and financial reporting of the Company, the Company has only one segment.

3 Related Party Disclosures

A Enterprise over which Key Managerial Personnel are able to exercise significant influence.

I Latim Investments & Finance Co.

II Latim Lifestyle & Resorts Ltd.

B Other Related Parties with whom the company had transactions during the year

Key Management Personnel Ramesh Khanna Rahul Timbadia Parth Timbadia Kartik Timbadia Ashok Kumar Deorah Praful Vora

4 Balances Shown Under Sundry Debtors And Advances

Balances shown under Sundry Debtors, Advances, some of the Sundry Creditors are subject to confirmation/ reconciliation and consequential adjustment, if any. However the company has been sending letters for confirmation to these parties. In the opinion of management, the value of Sundry Debtors, Advances, Sundry Creditors on realization/ payment in the ordinary course of business, will not be less/ more than the value at which these balances are stated in the Balance Sheet.

5 Previous Year Figures

The Company has regrouped/ reclassified the previous year figures in accordance with the requirements applicable in the current year.

5 Exceptional Items

Exceptional Item include Differential Sales Tax Liability of Earlier Year's as determined by Maharashtra Sales Tax Tribunal

Mar 31, 2014

1. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Note 2: There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

Note 3 Segment Reporting

The Company is mainly engaged in the business of manufacturing of Steel. Considering the nature of business and financial reporting of the Company, the Company has only one segments viz; Sale of Steel in the current financial year company has not booked any sales.

Note 4 Merger Scheme

The Board of Directors of the Company at its meeting held on December 31,2013, inter alia, have approved a Scheme of Amalgamation and Arrangement of La Tim Sourcing [India] Private Limited with LATIM METAL & INDUSTRIES LIMITED (Formerly Known as Drillco Metal Carbides Limited) ["the Company"] pursuant to the provisions of Sections 391 to 394 read with Sections 78,100 to 104 and other applicable provisions of The Companies Act, 1956 and/or as amended and as may be modified or re-enacted with The Companies Act, 2013 (The Act) as per the terms and conditions mentioned in the Scheme placed before the Board. As on Balance Sheet Date this scheme is pending for approval from High Court.

Note 5 Contingent Liabilities

Contingent Liabilities - Disputed Sales Tax Laibility - Rs. 153.84 Lakhs

Note 6 Balances Shown Under Sundry Debtors And Advances

Balances shown under Sundry Debtors, Advances, some of the Sundry Creditors are subject to confirmation/reconciliation and consequential adjustment, if any. However the company has been sending letters for confirmation to these parties. In the opinion of management, the value of Sundry Debtors, Advances, Sundry Creditors on realization/payment in the ordinary course of business, will not be less/ more than the value at which these balances are stated in the Balance Sheet.

Note 7 The company have not received any earnings nor paid any expenditure in Foreign Exchange during the current as well as the previous year.

Note 8 Previous Year Figures

The Company has regrouped/ reclassified the previous year figures in accordance with the requirements applicable in the current year.

Mar 31, 2013

1. The Company did not carry out any business activity during the year.

2. The Financial Statements are prepared under the historical cost convention, except for certain fixed assets which are revalued in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

3. Fixed Assets are stated at cost net of recoverable taxes and includes amounts added on revaluation, less accumulated depreciation and impairment loss, if any.

4. Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization/depletion.

5. Depreciation on Fixed Assets is provided to the extent of depreciable amount on written down value method (WDV) at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

6. The company due to the prevailing circumstances about its business activities has not formulated accounting policies, exceptstated above.

7. Contingent Liabilities-Disputed Sales Tax Liability-Rs.153.84 Lakhs.

8. Exceptional items shown in the Financial Statements pertains to Re-instatement fees paid to Bombay Stock Exchange Ltd. towards revocation of suspension in Trading of its Equity Shares.

Mar 31, 2012

1. The Company did not carry out any business activity during the year.

2. The Financial Statements are prepared under the historical cost convention, except for certain fixed assets which are revalued in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

3. Fixed Assets are stated at cost net of recoverable taxes and includes amounts added on revaluation, less accumulated depreciation and impairment loss, if any.

4. Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization/depletion.

5. Depreciation on Fixed Assets is provided to the extent of depreciable amount on written down value method (WDV) at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

6. The company due to the prevailing circumstances about its business activities has not formulated accounting policies, except stated above.

Mar 31, 2011

1. The Company did not carryout any business activity during the year.

2. The Company had revalued its Leasehold Land and Buildings on 30th September 1998. The resultant balance appreciation of Rs.170.12 Lakhs stands credited to the Revaluation Reserve Account.

Mar 31, 2010

1. The One Time Settlement offered by the financial institutions in March 1999 has not yet been effected in full except for. However, no provision has been made for interest on the said borrowings.

2. Accounting policies were the same as in previous years and consistent with generally accepted practices.

3. In view of the non-availability of the subject records, no provision has been made for Gratuity, Provident Fund, Sales Tax and Income Tax, if applicable.

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article