s) Provisions, Contingent liabilities, Contingent assets and Commitments:
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 a
provision is presented in the statement of profit and loss.
If the effect of the time value of money is material, provisions are discounted using
a current pre-tax rate that reflects, when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision due to the passage of
time is recognised as a finance cost.
Contingent liability is disclosed in the 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;
• A present obligation arising from past events, when no reliable estimate is possible;
• A present obligation arising from past events, unless the probability of outflow
of resources is remote.
Commitments include the amount of purchase order (net of advances) issued to
parties for completion of assets.
Provisions, contingent liabilities, contingent assets and commitments are reviewed at each
balance sheet date.
t) Employee Benefits
Retirement benefit in the form of provident fund, pension fund and
superannuation fund are defined contribution schemes. The Company has no
obligation, other than the contribution payable to such schemes. The Company
recognises contribution payable to such schemes as an expense, when an
employee renders the related service. If the contribution payable to the schemes
for service received before the balance sheet date exceeds the contribution already paid,
the deficit payable to the schemes is recognised as a liability after deducting the
contribution already paid. If the contribution already paid exceeds the
contribution due for services received before the balance sheet date, then excess is
recognised as an asset to the extent that the pre-payment will lead to, for example, a
reduction in future payment or a cash refund.
The Company operates a defined benefit gratuity plan, which requires
contributions to be made to a separately administered fund. The cost of providing
benefits under the defined benefit plan is determined using the projected unit credit
method. Liability for gratuity as at the year-end is provided on the basis of actuarial
valuation.
Re-measurements , comprising of actuarial gains and losses and the return on plan
assets (excluding amounts included in net interest on the net defined benefit
liability), are recognised immediately in the balance sheet with a corresponding debit
or credit to retained earnings through OCI in the period in which they occur. Re¬
measurements are not reclassified to profit or loss in subsequent periods.
Net interest is calculated by applying the discount rate to the net defined benefit
liability or asset. The Company recognises the following changes in the net defined
benefit obligation as an expense in the statement of profit and loss:
• service costs comprising current service costs; and
• Net interest expense or income
Accumulated leave, which is expectedioJje utilised within the next 12 months, is
treated as short-term employee beuj^^^W&tS^mpany measures the expected cost of
such absences as the additional amount that it expects to pay as a result of the unused
entitlement that has accumulated at the reporting date.
u) Financial instruments
A financial instrument is any contract that gives rise to a Financial asset of one
entity and a financial liability or equity instrument of another entity.
i. Financial assets
Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of
financial assets not recorded at fair value through profit or loss, transaction costs that
are attributable to the acquisition of the financial asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four
categories:
• Financial assets at amortised cost.
• Financial assets at fair value.
When assets are measured at fair value, gains and losses are either recognised
entirely in the statement of profit and loss (i.e. fair value through profit or loss), or
recognised in other comprehensive income (i.e. fair value through other
comprehensive income).
A financial asset that meets the following two conditions is measured at amortised
cost (net of any write down for impairment) unless the asset is designated at fair
value through profit and loss under fair value option.
• Business model test: The objective of the Company’s business model is to hold
the financial asset to collect the contractual cash flows (rather than to sell the
instrument prior to its contractual maturity to realize its fair value changes).
• Cash flow characteristics test: The contractual terms of the financial asset give
rise on specified dates to cash flows that are solely parents of principal and interest
on the principal amount outstanding.
A financial asset that meets the following two conditions is measured at fair
value through other comprehensive income unless the asset is designated at fair
value through profit and loss under fair value option.
• Business model test: The fmancjajr=ass§t is held within a business model
whose objective is achieved by bo)h^dcftMd^i^Dntractual cash flows and selling
financial instruments. /y*'/v ^ VC'\
• Cash flow characteristics test: The contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal and
interest or the principal amount outstanding.
Derecognition
When the Company has transferred its rights to receive cash flows from the asset
or has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a ‘pass-through’ arrangement; it evaluates if and
to what extent it has retained the risks and rewards of ownership.
A financial asset (or, where applicable, a part of a financial asset or part of a
Company of similar financial assets) is primarily derecognised when:
• The rights to receive cash flows from the asset have expired, or
• Based on move evaluation, either (a) the Company has transferred substantially all the
risks rewards of the asset, or (b) the Company has neither transferred nor
retained substantially all the risks and rewards of the asset, but has transferred control
of the asset.
When it has neither transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the Company continues to
recognise the transferred asset to the extent of the Company’s continuing
involvement. In that case, the Company also recognises an associated liability. The
transferred asset and the associated liability are measured on a basis that reflects the
rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred
asset is measured at the lower of the original carrying amount of the asset and the
maximum amount of consideration that the Company could be required to repay.
Impairment of financial assets
In accordance with Ind. AS 109, the Company applies expected credit loss (ECL)
model for measurement and recognition of impairment loss on the following
financial assets and credit risk exposure:
a) Trade receivables that result from transactions those are within the scope of Ind.
AS 18
The application of simplified approach does not require the Company to track
changes in credit risk. Rather, it recognises impairment loss allowance based on
lifetime ECLsat each reporting date, righfftom its initial recognition.
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36 SEGMENT REPORTING
The Company is predominantly engaged in Manufacturing. The Company is operating in India hence there is no reportable geographic
segment. Accordingly no disclosure is required under Indian Accounting Standard 108
37 (A) FINANCIAL RISK MANAGEMENT
The Company's financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company's financial assets
comprise mainly of investments, cash and cash equivalents, balances with banks loans, trade receivables and other receivables. The
Company is therefore exposed to Market risk, credit risk, Liquidity risk.
The following disclosures summarize the Company's exposure to financial risks and information regarding measures to manage exposure
to such risks.
1) 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
interest rates. Market risks comprises three types : interest rate risk currency and other price risk. Financial instruments affected by market
risk includes borrowings, investments, trade payables, trade receivables, loans.
a) Interest rate risk
Interest rate is the risk that the fair value or future cash flows of a financial instrument will fluctutate because of changes in
market interest rates.
b) Other price Risk
Other price risk is the risk that the fair value of a financial instrument will fluctutate due to changes in market traded price. Other
price risk arises from financial assets such as investments in equity instruments. The company is exposed to price risk arising mainly
from investments in equity instruments recognized at FVTOCI. As at 31st March 2024, the carrying value of such investments is Rs
3 23 633 ( Previous year Rs 7,76,835 ). The details of such investment in equity-insthiments are given in Schedule 6.
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2) Credit Risk
Credit risk refers to risk that the counterparty will default on its contractual obligations resuting in financial loss to the Company.
Credit nsk arises primarily from financial assets such as trade receivables investments, cash and cash equivalents, balances with banks,
loans and other receivables.
The average credit period on sales of products is 30 days. Credit risk arising from trade receivables is managed in accordance with
the Company's established policy, procedures and control relating to customer credit risk management.
3) Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial
instruments that are settled by delivering cash or another financial instruments. Liquidity risk may result from an inability to sell a
financial asset quickly at close to its fair value.
The table below analysis financial liabilities of the Company into relevant maturity groupings based on the remaning period from the
reposrting date to the contractual maturity date. The amounts disclosed in the are contractual undiscounted cash flows.
37 (B) CAPITAL MANAGEMENT
For the purpose of the Company's Capital Management, capital includes issued capital and all other equity reserves attributable to
equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue
as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.
38 RECLASSIFICATION
Previous year’s figures have been regrouped/ reclassified wherever necessary to correspond with the current year’s classification/
disclosures
39 GOING CONCERN
As per the Code, it is required that the company be managed as a “going cor l^P. The future prospects of the company
would be determined on the completion of C1RP. In view of these facts, th^MrtprtrsfalJw^^^e been prepared on “going concern"
basis Vm fH Xt\
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41 NOTES ON ACCOUNTS
a) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami Property.
b) The Company do not have any transactions with companies struck off
c) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period
d) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
e) 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.
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 provide
any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
f) 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
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
g) The Company have no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year
in the tax assements under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
h) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers)
Rules, 2017
For Satyaprakash Natani & Co For and on behalf of the Board of Directors
Firm Kegistratioa£itim6ervt^5438W Yashraj Containeurs Ltd.
Mw M^O.04 on0l o !| ’
Partner U Mr. Jayesh V Valia Mr. Sunil Vasantrao Patil
Membennm1Np\o48091 S *:] Managing Director Director
UDIN: ----(DIN:01117247) (DIN:084503001 '
Place: Mumbai Mr. Ajit Kumar Mr. Jayesh V Valia
Date: 30th May ’2024 Resolution Professional for Yashraj Containeurs Limited C.F.O
IBBI Reg. No. 1BBI/IPA-003/IP-N00062/2017-18/10548 (PAN : AAFPV5698G)
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