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Monetary items denominated in foreign currencies at the year end are restated at year end rates.
In case of monetary items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognised as exchange difference and the premium paid on forward contracts has been recognised over the life of the contract. Any income or expense on account of exchange difference either on settlement or on translation is recognised in the Statement of Profit and Loss. Non-monetary foreign currency items are carried at cost. (m) Prior period errors Prior Period Errors are omissions from, and misstatements in, prior period financial statements resulting from the failure to use, or the misuse of, reliable information that was available, or could not be reasonably expected to have been obtained, at the time of preparation of those financial statements. Prior Period Errors have been corrected retrospectively in the financial statements. Retrospective application means that the correction affects only prior period comparative figures, current period amounts are unaffected. Comparative amounts of each prior period presented which contain errors are restated. If however, an error relates to a reporting period that is before the earliest prior period presented, then the opening balances of assets, liabilities and equity of the earliest prior period presented has been restated by following IAS 8. (n) Earnings per share Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also, the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented. (o) Cash flow statement Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information. Amendment to Ind AS-7 Effective April 1, 2017, the Company adopted the amendment to Ind AS7, which require the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the Balance Sheet for liabilities arising from financing activities, to meet the disclosure requirement. The adoption of amendment did not have any material impact on the financial statements. (p) Cash and cash equivalents Cash and cash equivalents 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 insignificant risk of changes in value. 3 3.1 Explanatory notes forming part of the Balance Sheet (A) Contingent Liabilities, not provided for in respect of; (As certified by the management) (Rs. In Lakhs) S.No . Particulars 2023-24 2022-23 (i) Sales Tax liability in respect of matters under appeal/Rectification Sales Tax liability appeal yet to be filed. 1918.22 25.80 65.68 - (ii) Excise duty show cause notices / matters under appealSales Tax liability in respect of matters under appeal 26.10 26.10 (iii) Income Tax Demand AY 2005-06 Income Tax Demand AY 2006-07 73.94 108.77 73.94 108.77 (iv) GST liability in respect of matters under appeal for FY 2017-18 GST show cause notice for FY 2017-18. 6.43 423.53 6.43 - (B)In respect of certain disallowances and additions made
