Notes to Accounts of Maharashtra Corporation Ltd.

Mar 31, 2024

k) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive)
as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. The expense relating to any provision is presented in the statement
of profit or loss, net of any reimbursement. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that reflects, where
appropriate, the risks specific to the liability. Where discounting is used, the increase in the
provision due to the passage of time is recognised as part of finance costs.

l) Contingent Liability

A contingent liability is a possible obligation that arises from past events whose existence
will be confirmed by the occurrence or non-occurrence of one or more uncertain future events
beyond the control of the Company or a present obligation that is not recognized because it is
not probable that an outflow of resources will be required to settle the obligation. A
contingent liability also arises in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably. The Company does not recognize a
contingent liability but discloses its existence in the financial statements.

m) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short¬
term deposits with an original maturity of three months or less, which are subject to an
insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above, net of outstanding bank overdrafts as they are
considered an integral part of the Company’s cash management.

n) Investments and other financial assets

(i) Classification

The Company classifies its financial assets in the following measurement categories:

(1) Those to be measured subsequently at fair value (either through other comprehensive
income, or through the Statement of Profit and Loss), and

(2) Those measured at amortised cost.

The classification depends on the Company’s business model for managing the financial
assets and the contractual terms of the cash flows.

(ii) Measurement

At initial recognition, the Company measures a financial asset at its fair value. Transaction
costs of financial assets carried at fair value through the Profit and Loss are expensed in the
Statement of Profit and Loss.

Debt Instruments:

Subsequent measurement of debt instruments depends on the Company’s business model for
managing the asset and the cash flow characteristics of the asset. The Company classifies its
debt instruments into following categories:

Amortised Cost: Assets that are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised cost.
Interest income from these financial assets is included in other income using the effective
interest rate method.

Fair value through profit and loss: Assets that do not meet the criteria for amortised cost
are measured at fair value through Profit and Loss. Interest income from these financial assets
is included in other income.

Equity instruments:

The Company measures its equity investment other than in subsidiaries, joint ventures and
associates at fair value through profit and loss.

(iii)Impairment of financial assets

The Company measures the expected credit loss associated with its assets based on historical
trend, industry practices and the business environment in which the entity operates or any
other appropriate basis. The impairment methodology applied depends on whether there has
been a significant increase in credit risk.

o) Earnings Per Share
Basic earnings per share

Basic earnings per share is calculated by dividing:

- The profit attributable to owners of the Company

- By the weighted average number of equity shares outstanding during the financial year,
adjusted for bonus elements in equity shares issued during the year and excluding
treasury shares.

Diluted earnings per shares

Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account:

- The after income tax effect of interest and other financing costs associated with dilutive
potential equity shares, and

- The weighted average number of additional equity shares that would have been
outstanding assuming the conversion of all dilutive potential equity shares.

In accordance with Accounting Standard Ind AS 108 ‘Operating Segment’ the Company has only one
reportable business segment and have only one reportable geographic segment in India.

26. Capital Risk Management:

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a
going concern and to optimise returns to our shareholders.

The capital structure of the Company is based on management’s judgement of the appropriate balance
of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital
in proportion to risk and manage the capital structure in light of changes in economic conditions and
the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the
Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or
issue new shares.

The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity
so as to maintain investor, creditors and market confidence and to sustain future development and
growth of its business. The Company will take appropriate steps in order to maintain, or if necessary
adjust, its capital structure.

27. Contingent Liabilities: Rs. 6,28,64,975/- Previous Year - 6,28,64,975

28. Financial risk management objectives and policies

The Company''s principal financial liabilities comprise trade and other payables. The main
purpose of these financial liabilities is to finance the Company’s operations. The Company’s
principal financial assets include loans, trade and other receivables, and cash and cash
equivalents that derive directly from its operations.

The Company''s activities expose it to a variety of financial risks market risk, credit risk and
liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and
seek to minimize potential adverse effects on its financial performance.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market prices. Market risk comprises three types of risk interest
rate risk, currency risk and other price risk, such as equity price risk and commodity risk.

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument
or customer contract, leading to a financial loss. The Company is exposed to credit risk from its
operating activities (primarily trade receivables and deposits to landlords) and from its financing
activities. The Company generally doesn''t have collateral.

Trade Receivables and Security Deposits

Customer credit risk is managed by business through the Company''s established policy,
procedures and control relating to customer credit risk management. Credit quality of each

customer is assessed and credit limits are defined in accordance with this assessment.
Outstanding customer receivables and security deposits are regularly monitored.

Liquidity Risk

The company''s principal source of liquidity is cash and cash equivalents and the cash flow that is
generated from operations. The company has no outstanding bank borrowings. The company
believes that the working capital is sufficient to meet its current requirements. Accordingly, no
liquidity risk is perceived.

29. Certain Balances of parties under sundry debtors, creditors, loans and advances are subject to
confirmations/reconciliation.

30. There was no expenditure/earning in Foreign Currency during the year.

For Bhatter & Associates For Maharashtra Corporation Limited

Chartered Accountants
Firm Reg. No. 131411W

CA Rohit Tawri Tilokchand Kothari Ravi Kumar Rajak

Partner Director Director cum Chief

M. No: 197557 DIN: 00413627 Financial Officer

Place : Mumbai
Date : 29.05.2024

Hardika Solanki
Company Secretary

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Mar 31, 2015

1 Corporate Information

Maharashtra Corporation Limited (the Company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange.

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Mar 31, 2014

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

a. Particulars of Purchase, Turnover and Stock of Goods traded in -

b. Other additional information - NIL (Previous Year NIL)

c. Earning & Expenditure in Foreign Currency - NIL ( Previous Year NIL)

5. Previous Year''s Figure have been Regrouped and rearrange wherever found necessary.

Signature to the Schedule 1 to 24 forming part of the Balance Sheet & Profit & Loss Account.

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Jun 30, 2013

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

a. Particulars of Purchase, Turnover and Stock of Goods traded in –

b. Other additional information – NIL (Previous Year NIL)

c. Earning & Expenditure in Foreign Currency – NIL ( Previous Year NIL)

5. Previous Year''s Figure have been Regrouped and rearrange wherever found necessary.

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Jun 30, 2010

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful.

2. No Interest has been provided for the year on Loans & Advances made by the Company in few cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

A. Other additional information - NIL (Previous Year NIL)

B. Earning & Expenditure in Foreign Currency - NIL ( Previous Year NIL)

C. Previous Years Figure has been Regrouped rearrange wherever found necessary.

5. Loans & Advances include Rs. 23,60,000/- advance to Avon Engineering Ltd. And Rs. 11,80,000/- to Avon Mouldings PvL Ltd. The Company has filed writ petitions in the Honorable High Court for the recovery of the same.

Signature to the Schedule 1 to 13 forming part of the Balance Sheet & Profit & Loss Account

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Jun 30, 2009

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful.

2. No interest has been provided for the year on Loans & Advances made by the Company in few cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL

4. Additional information Pursuant to the Provision of Paragraph 3,4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

A. Other additional information - NIL (Previous Year NIL)

B. Earning & Expenditure in Foreign Currency - NIL ( Previous Year NIL)

C. Previous Years Figure has been Regrouped rearrange wherever found necessary.

5. Loans & Advances include Rs. 23,60,000/- advance to Avon Engineering Ltd. And Rs. 11,80,000/- to Avon Mouldings Pvt. Ltd. The Company has filed writ petitions in the Honorable High Court for the recovery of the same.

Signature to the Schedule 1 to 13 forming part of the Balance Sheet & Profit & Loss Account.