Notes to Accounts of Mipco Seamless Rings (Gujarat) Ltd.

Mar 31, 2024

(m) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized 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. Contingent Liability is disclosed in case of a present obligation arising
from past events, when it is not probable that an outflow of resources will be required to settle
the obligation or where no reliable estimate is possible. Contingent Liabilities are not recognized
in Financial Statements but are disclosed in the Notes to Accounts. Contingent Asset is a possible
asset that arises from past events and whose existence will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the control of the
Entity. Contingent Assets are not recognized in Financial Statements and are disclosed in the
Notes when it is virtually certain that economic benefits will inflow to the Company.

(n) Earnings per Share (EPS)

Basic EPS is computed using the Weighted Average Number of Equity Shares outstanding during
the period. Diluted EPS is computed using the Weighted Average Number of Equity and dilutive
Equity equivalent Shares outstanding during the period except where the results would be anti¬
dilutive.

16. Government Subsidy

Subsidy from the Government is recognized when there is reasonable assurance that the Company will
comply with the conditions attached to them.

ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS

17. Share Capital

There was no change in the Share capital of the Company during the year.

18. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006

As at 31st March, 2024, the Company has no dues to suppliers registered under Micro, Small and Medium
Enterprises Development Act, 2006 (‘MSMED Act’). The disclosures pursuant to the said MSMED Act
are as follows:

Disclosure of payable to vendors as defined under the “Micro, Small and Medium Enterprise
Development Act, 2006” is based on the information available with the Company regarding the
status of registrationof such vendors under the said Act, as per the intimation received from them on
requests made by the Company. There are no overdue principal amounts / interest payable amounts
for delayed payments to such vendors at the Balance Sheet date. There are no delays in payment
made to such suppliers during theyear or for any earlier years and accordingly there is no interest paid
or outstanding interest in this regard in respect of payment made during the year or on balance
brought forward from previous year.

19. Disclosure under regulation 34 (3) of SEBI (Listing Obligations & Disclosure Requirement)
Regulations, 2015

The Company does not have any subsidiaries.

20. Related Party disclosure as required by Accounting Standard (AS) 18 “Related Party Disclosure”
Related Party Disclosures with whom transaction have been taken place during the year. NIL

21. Applicability of IND AS 108

The Company operates in a Single Segment. Accordingly, disclosures under Indian Accounting Standards
(IND AS) 108 on operating segments are not applicable to the Company.

22. Earnings Per Share (EPS):

Basic EPS and Diluted EPS amounts are calculated by dividing the Profit for the year attributable to
Equity holders of the Company by the Weighted Average Number of Equity Shares outstanding during
the year.

24. Additional information pursuant to Note 5 of Part II of Schedule III of the Companies Act, 2013:
Foreign Exchange Transactions

There were no foreign Exchange transactions during the year 2023-24. (Previous year Nil)

25. Capital commitment and contingent liabilities
a) Capital commitment

There are no capital commitment outstanding as at reporting date March 31, 2024
(as at March31, 2023: NIL)

58 |MIPCO SEAMLESS RINGS (GUJARAT) LIMITED

b) Contingent Liabilities and Commitments

There are no contingent liabilities.

26. The Disclosures of Employee Benefits:

Since there are no employees during the year, no provision has been created for Gratuity or other
retirement benefits.

27. Taxes and Deferred

Tax During the year, the Company has incurred loss and consequently no provision for Income Tax has
been made. Deferred Tax asset is not accounted for against the losses since there are no commercial
operations as on the date of balance sheet.

28. Other Statutory Information:

(i) The Company has not been declared willful defaulter by any bank or financial institution or
government or any government authority.

(ii) The Company has not granted Loans or Advances in the nature of loans to promoters, Directors,
KMPsand the related parties.

(iii) The Company does not have any transactions with companies which are struck off.

29. Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the
current year’s classification/disclosure.

As per Our report of even date For and on behalf of the Board of Directors

For PPKG & Co of Mipco Seamless Rings (Gujarat) Limited

Chartered Accountants, FRN: 009655S

Sd/- Sd/- Sd/-

Girdhari Toshniwal Sachendra Tummala Sanjiv Kumar Tandon

PARTNER Managing Director Director

Membership No: 205140 DIN : 02317514 DIN : 02579261

UDIN: 24205140BKALIQ5662

Sd/-

Place : HYDERABAD D.Sridhar

Date : 14.05.2024 Chief Financial Officer

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Mar 31, 2015

1. Contingent liabilities and commitments (to the extent not provided for)

For the For the year year ended ended 31 31 March, Particulars March, 2014 2015 Rs. in Rs. in Lakhs Lakhs

Contingent Liabilities not Provided for :

(i) Income Tax demand contested in appeal. 39.94 39.94

(ii) Claims of Sales Tax disputed by the Company. 7.90 7.90

Arrears of dividend on Cumulative Redeemable

Preference Shares for the years 2001-02 to 2014- 15 140.00 130.00



Notes forming part of the financial statements

2. Additional information to the financial statements

(Contd...)

Related Party Disclosures Under Accounting

Standard 18

RELATED PARTIES

A. (i) Associate Companies:

ABC Bearings Ltd.,

Mipco Investments Pvt. Ltd.,

Manoway Investments Pvt. Ltd.,

Maple Investments Pvt. Ltd.,

Corpus Software Pvt. Ltd.

(ii) Key Management Personnel:

Mr. Sachendra Tummala (Managing Director)

Mr. S.M. Patel (Director)

3. Rs 1.90 Lacs (Previous Year Rs. 1.90 Lacs) included under other current assets is recoverable from the Mr. SM Patel(Director) out of excess remuneration aggregating Rs 5.44 Lakhs paid in earlier years.

4. There is no write offs or write back of any amounts for any of the above related parties.

5. The Company presently does not have any Manufacturing Operations and restructuring of activities is under consideration.

6. Quantitative Details and other information therefore are not applicable.

7. (a) Computation of Net Profit as per Section 309 (5) and Section 198 of the Companies Act, 1956

'-Not applicable in absence of any business activities 8. Previous year's figures

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.d

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Mar 31, 2014

1. Related party Disclosures under Accounting Standard - 18

Related Parties:

A. (i) Associate Companies:

a. ABC Bearings Ltd.,

b. Mipco Investments Pvt. Ltd.,

c. Manoway Investments Pvt. Ltd.,

d. Maple Investments Pvt. Ltd.,

e. Corpus Software Pvt. Ltd.

(ii). Key Management Personnel:

a. Mr. Sachendra Tummala (Managing Director)

b. Mr. S.M. Patel (Director)

D. Rs 1.90 lacs (Previous Year Rs. 1.90 lacs) included under other current assets is recoverable from the Mr. S.M Patel (Director) out of excess remuneration aggregating Rs 5.44 lakh paid in earlier years.

E. There are no write off or wrote back of any amounts for any of the above related parties.

2. The Company presently does not have any manufacturing operations and restructuring of activities is under consideration.

3. Quantitative details and other information therefore are not applicable.

4. (a). Computation of net profit as per section 309 (5) and section 198 of the Companies Act, 1956. - Not applicable in absence of any business activity.

(b). Managerial remuneration under section 198 of the Companies Act, 1956 - Nil.

Previous year''s figures:

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2013

1.1 Related Party Disclosures Under Accounting Standard 18

RELATED PARTIES

A. (i) Associate Companies: ABC Bearings Ltd., Mipco Investments Pvt. Ltd., Manoway Investments Pvt. Ltd., Maple Investments Pvt. Ltd., Corpus Software Pvt. Ltd.

(ii) Key Management Personnel:

Mr. Sachendra Tummala (Managing Director) Mr. S.M. Patel (Director)

D Rs 1.90 lacs(Previous Year Rs. 1.90 lacs) included under other current assets is recoverable from the Mr. SM Patel(Director) out of excess remuneration aggregating Rs 5.44 lakhs paid in earlier years.

E There are no write offs or write back of any amounts for any of the above related parties.

1.2 The Company presently does not have any Manufacturing Operations and restructuring of activities is under consideration.

1.3 Quantitative Details and other information therefore are not applicatble.

1.4 (a) Computation of Net Profit as per Section 309 (5) and Section 198 of the Companies Act, 1956

Not applicable in absence of any business activties (b) Managing Director''s remuneration under Section 198 of the Companies Act, 1956 - Nil

Note 2 Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2011

2010-2011 2009-2010 Rs. In lacs Rs. In lacs

1. Contingent Liabilities not Provided for:

(i) Income Tax demand contested in appeal. 39.94 39.94

(ii) Claims of Sales Tax disputed by the Company. 7.90 7.90

2. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18 RELATED PARTIES

A. (i) Associate Companies: ABC Bearings Ltd., Mipco Investments Pvt. Ltd., Manoway Investments Pvt. Ltd., Maple Investments Pvt. Ltd., Emsons Leasing Co.Pvt. Ltd.,

(ii) Key Management Personnel: Mr. S.M. Patel ( Director) Mr. Sachendra Tummala

D. Details of remuneration to Managing Director is disclosed in the Notes to Accounts.

E. There are no write offs or write back of any amounts for any of the above related parties.

3. In accordance with Accounting Standard-22 Accounting for Taxes on Income.

(i) The deferred tax Assets relates to the extent of liability for Gratuity carried forward.

(ii) Deferred tax arising on account of brought forward losses and unabsorbeed depereciation is presently not recognised for want of certainty of sufficient future taxable income being generated.

4. a) The Company presently does not have any Manufacturing Operations and restructuring of activities is under consideration.

b) Quantitative Details and other information therefore are not applicatble.

5. a) Computation of Net Profit as per Section 309(5) and Section 198 of the Companies Act, 1956. Not applicable in absence of any business activities.

b) Managing Director's remuneration under Section 198 of the Companies Act, 1956 - Nil

Notes:

(i) The Managing Director has resigned from the post of Managing Director with effect from 3-Feb-2011 and he is presently Director in the Company.

(ii) Rs.1.90 lacs (Previous Year Rs.1.90 lacs ) included under advances is recoverable from the Managing Director out of excess remuneration aggregating Rs. 5.44 lacs paid in earlier years.

6. Employee benefits

Since there was no employee during the year, no provision has been created during the year for gratuity and the balance of previous year is being carried forward.

7. Particulars of the Balance Sheet abstract and the Company's General Business Profile, pursuant to Part IV of Schedule VI to the Companies Act, 1956, are attached hereto.

Signature to Schedules 1 to 8