Notes to Accounts of Ultracab (India) Ltd.

Mar 31, 2024

22.3 - The rights, preferences and restrictions attaching to Equity Shares

The Company has a single class of equity share. Each holder of the equity shares is entitled to one vote per share and carries a right to dividends as and when declared by the Company.

22.4 No shares in the company is held by its holding company or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company.

22.5 Company has not reserved equity shares for issue under options and contracts or commitments for the sale of shares or disinvestment.

22.6 The Company has not issued any securities convertible into equity shares as on the date.

Note 10.1: Nature of Security and Terms of Repayment of Borrowings [ A ] Non-Current i) Nature of Security

Indian Rupee Term Loans from Banks are secured by:

I. Primary Security:

a) Term Loans: First charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of the company.

b) Factory Land & Building, at Plot no.1, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of the company.

d) Residential Flat situated at Siddhi-6, At.Ishwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot, in the name of the company.

e) No Additional Security is Provided for Term Loan ECLGS

[ B ] Current

i) Nature of Security

I. Primary Security:

a) Cash Credit / Export Limits / LC/ LER: First hypothecation charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of the company.

b) Factory Land & Building, at Plot no.1, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of the company.

d) Residential Flat situated at Siddhi-6, At.Ishwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot, in the name of the company.

e) No Additional Security is Provided for Term Loan ECLGS

Note 23: Contingent Liabilities and Commitments		(Amount in Rs. in Lakhs)
Particulars	AS AT 31ST MARCH, 2024	AS AT 31ST MARCH, 2023
(I) Contingent Liabilities
(A) Claims against the company not acknowledged as debt	NIL	NIL
(B) Guarantees	NIL	NIL
(C) Other money for which the company is contingently liable	NIL	NIL
(II) Commitments
(A) Estimated amount of contracts remaining to be executed on capital account and not provided for	NIL	NIL
(B) Uncalled liability on shares and other investments partly paid	NIL	NIL
(C) Other Commitments	NIL	NIL

Note 29: Additional Regulatory Information

29.1 All title deeds of Immovable Property are held in name of the Company

29.2 The Company has not revalued its Property, Plant and Equipment during the financial year

29.3 The Company does not have any Capital-Work-in Progress and Intangible assets under development

29.4 No proceedings have been initiated or pending against the company under the Benami Transactions (Prohibition) Act, 1988 and the rules made thereunder.

29.5 The Company is not declared as a wilful defaulter by any bank or financial institution or other lender.

29.6 The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

29.7 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

29.8 No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the financial year.

29.9 The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

i. 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

ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

29.10 The Company has 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:

i. 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

ii. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

29.11 The Company does not have transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

29.12 The Company does not covered under section 135 of the Companies Act, 2013 during financial year.

29.13 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

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

29.15 Quarterly Returns or Statements of Current Assets filed by the Company with Banks or Financial institutions are in agreement with the books of accounts.

29.16 There are No Loans or Advances granted to Promoters, Directors, KMPs and the Related Parties.

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Mar 31, 2023

2.19 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate of the amount can be made. Provisions are determined based on best estimate required to settle the obligation at the balance sheet date. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of the money is material). The increase in the provisions due to passage of time is recognised as interest expense.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past

events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

Contingent assets are not disclosed in the Standalone Financial Statements unless an inflow of economic benefits is probable

3. Recent Indian Accounting Standard (Ind AS) pronouncements which are not yet effective

The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Company''s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, as and when they become effective. The Ministry of Corporate Affairs (MCA) has notified certain amendments to Ind AS, through Companies (Indian Accounting Standards) Amendment Rules, 2022 on 31st March, 2023. These amendments maintain convergence with IFRS by incorporating amendments issued by International Accounting Standards Board (IASB) into Ind AS and has amended the following standards:

i. Ind AS 1 - Presentation of Financial Statements

ii. Ind AS 8 - Accounting Policies, Changes in accounting estimates & errors

iii. Ind AS 12 - Income Taxes

iv. Ind AS 101 - First-me adoption of Ind AS

v. Ind AS 102 - Share Based Payment

vi. Ind AS 103 - Business Combinations

vii. Ind AS 107- Financial Instruments: Disclosures

viii. Ind AS 109 - Financial Instruments

ix. Ind AS 115 - Revenue from Contracts with Customers

These amendments shall come into force with effect from April 01, 2023.

The Company is assessing the potential effect of the amendments on its financial statements. The Company will adopt these amendments, if applicable, from applicable date.

Note 29: Additional Regulatory Information

29.1 All title deeds of Immovable Property are held in name of the Company

29.2 The Company has not revalued its Property, Plant and Equipment during the financial year

29.3 The Company does not have any Capital-Work-in Progress and Intangible assets under development

29.4 No proceedings have been initiated or pending against the company under the Benami Transactions (Prohibition) Act, 1988 and the rules made thereunder.

29.5 The Company is not declared as a wilful defaulter by any bank or financial institution or other lender.

29.6 The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

29.7 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

29.8 No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the financial year.

29.9 The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

i. 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

ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

29.10 The Company has 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:

i. 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

ii. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

29.11 The Company does not have transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax

29.12 The Company does not covered under section 135 of the Companies Act, 2013 during financial year.

29.13 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

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

29.15 Quarterly Returns or Statements of Current Assets filed by the Company with Banks or Financial institutions are in agreement with the books of accounts.

29.16 Loans or Advances granted to Promoters, Directors, KMPs and the Related Parties

SIGNATURE TO ALL THE SCHEDULES

As per our Report of even date FOR AND ON BEHALF OF BOARD,

FOR BHAVIN ASSOCIATES ULTRACAB (INDIA) LIMITED

Chartered Accountants

Bhavin P. Bhansali Nitesh P. Vaghasiya Pankaj V. Shingala

Partner Managing Director Whole Time Director

Mem.No.: 043796 DIN: 01899455 DIN: 03500393

FRN: 0101383W Place : Rajkot Place : Rajkot

Date : 25/05/2023 Date : 25/05/2023

Place : Rajkot

Date : 25/05/2023

UDIN: 23043796BGRVEB8600

Pravin S. Pansuriya Khushbu Shah

Chief Financial Officer Company Secretary

PAN: BUHPP8079C ACS No.: 41073

Place : Rajkot Place : Rajkot

Date : 25/05/2023 Date : 25/05/2023

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Mar 31, 2018

1 SHARE CAPITAL

The Share Capital of the company comprises of Equity Share Capital only, the details of which is as follows..

Indian Rupee Term Loans from Banks are secured by:

I. Primary Security:

a) Term Loans: First charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of the company.

b) Factory Land & Building, at Plot no.1, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of the company.

c) Residential Flat situated at Siddhi-6, At.Ishwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot, in the name of the company.

2 DEFERRED TAX ASSETS / LIABILITIES

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act,1961.Deferred tax resulting from “timing differences” between taxable and accounting income is accounted for using the tax rate and laws that are enacted or substantively enacted as on the balance sheet date.The deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

In compliance with Accounting Standard - 22 (AS - 22) on “Accounting for Taxes on Income” issued by the Institute of Chartered Accountants of India, Net Deferred Tax Assets of Rs.4,38,711/- is recognised during the year.

I. Primary Security:

a) Cash Credit / Export Limits / LC / BG / LER: First hypothecation charge on entire current assets of the company (both present & future).

II. Collateral Security: As mentioned in Note No.3 above

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Mar 31, 2016

Indian Rupee Term Loans from Banks are secured by:

I. Primary Security:

a) Term Loans: First charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of Ultracab (India) Limited.

b) Factory Land & Building in the name of Ultracab (India) Limited, at Plot no.l, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of Company.

c) Residential plot in the name of Mr. Niteshbhai P. Vaghasia situated at Plot no.35, S No. 128 (p), Mota Mauwa, Rajkot.

d) Residential Flat in the name of Ultracab (India) Limited situated at Siddhi-6, At.lshwariya, R.S.No.20p, Siddhi-6, Wing

C, Flat No.102, Dist.Rajkot

1 DEFERRED TAX ASSETS / LIABILITIES

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rate and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future. In compliance with Accounting Standard - 22 (AS - 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, excess deferred tax Liability of Rs.10,23,721/- is being reversed during the year.

I. Primary Security:

a) Cash Credit / Export Limits / LC / BG / LER: First hypothecation charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of Ultracab (India) Limited.

b) Factory Land & Building in the name of Ultracab (India) Limited, at Plot no.l, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of Company.

c) Residential property in the name of Mr. Niteshbhai P. Vaghasia situated at Plot no.35, S No. 128 (p), Mota Mauwa,

d) Residential Flat in the name of Ultracab (India) Limited situated at Siddhi-6, At.lshwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot

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Mar 31, 2015

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