Notes to Accounts of East India Drums and Barrels Manufacturing Ltd.

Mar 31, 2025

m. 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.

n. Retirement and other employee benefits

Provident fund and National Pension Scheme

Retirement benefit in the form of provident fund
and employee state insurance scheme 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.

Gratuity

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.

m. Remeasurement, 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. Remeasurements 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
Compensated Absences

Accumulated leave, which is expected to be utilised
within the next 12 months, is treated as short-term
employee benefit. The Company 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.

The Company treats accumulated leave expected to be
carried forward beyond twelve months, as long-term
employee benefit for measurement purposes. Such
long-term compensated absences are provided for
based on the actuarial valuation using the projected
unit credit method at the year-end. Actuarial gains/
losses are immediately taken to the statement of profit
and loss and are not deferred. The Company presents
the entire leave as a current liability in the balance
sheet, since it does not have an unconditional right to
defer its settlement for 12 months after the reporting
date.

o. Fair value measurement

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date. The fair value measurement is
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most
advantageous market for the asset or liability

The principal or the most advantageous market must
be accessible by the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants would
use when pricing the asset or liability, assuming that
market participants act in their economic best interest.

The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising

the use of relevant observable inputs and minimising
the use of unobservable inputs. In order to show how
fair values have been derived, financial instruments are
classified based on hierarchy of valuation techniques,
as summarised below:

• Level 1 Financial Instrument - Those where the
inputs used in valuation are unadjusted quoted
prices from active markets for identical assets
and liabilities that the company has access at
the measurement date. The company considers
the markets as active only if there are sufficient
trading activities with regards to the volume and
liquidity of the identical assets or liabilities and
when there are binding and exercisable price
quotes available on the balance sheet date.

• Level 2 Financial Instruments-Those where
the inputs that are used for valuation and are
significant, are derived from directly or indirectly
observable market data available over the entire
period of the instrument''s life.

• Level 3 financial instruments -Those that include
one or more unobservable input that is significant
to the measurement as whole. For assets and
liabilities that are recognised in the financial
statements on a recurring basis, the Company
determines whether transfers have occurred
between levels in the hierarchy by re-assessing
categorization (based on the lowest level input
that is significant to the fair value measurement
as a whole) at the end of each reporting period.
The Company periodically reviews its valuation
techniques including the adopted methodologies
and model calibrations.

d. Therefore, the Company applies various techniques
to estimate the credit risk associated with its financial
instruments measured at fair value, which include a
portfolio-based approach that estimates the expected
net exposure per counterparty over the full lifetime of
the individual assets, in order to reflect the credit risk
of the individual counterparties for non-collateralised
financial instruments.

The Company evaluates the levelling at each reporting
period on an instrument-by-instrument basis and
reclassifies instruments when necessary based on the
facts at the end of the reporting period.

For assets and liabilities that are recognised in the
financial statements on a recurring basis, the Company
determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the
fair value measurement as a whole) at the end of each
reporting period.

j. For the purpose of fair value disclosures, the Company
has determined classes of assets and liabilities on the

basis of the nature, characteristics and risks of the asset
or liability and the level of the fair value hierarchy as
explained above. (As per Schedule35)

p. 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 two broad categories:

• Financial assets at fair value

• Financial assets at amortized cost

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
payments 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 financial asset is held
within a business model whose objective is
achieved by both collected contractual cash
flows and selling financial instruments.

• 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 on the
principal amount outstanding

Investment in Equity Instrument

The company Subsequently Measures all equity
instruments at fair value through profit or Loss,
unless the management has elected to classify
irrevocably some of its strategic equity investments
to be measured at FVTOCI when such instrument
meet the definition of Equity under Ind AS and not
held for trading. Such classification is determined
on an instrument-by- instrument basis

v. 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 above evaluation, either (a) the
Company has transferred substantially all
the risks and 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.

ii. Financial liabilities

c. Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss or at amortised cost, as

appropriate. All financial liabilities are recognised
initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction
costs.

The Company''s financial liabilities include trade
payables, lease obligations, and other payables.

Subsequent measurement

The measurement of financial liabilities depends
on their classification, as described below:

Financial liabilities at fair value through
profit or loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or
loss. Financial liabilities are classified as held for
trading if they are incurred for the purpose of
repurchasing in the near term. This category also
includes derivative financial instruments entered
into by the Company that are not designated as
hedging instruments in hedge relationships as
defined by Ind AS 109. Separated embedded
derivatives are also classified as held for trading
unless they are designated as effective hedging
instruments.

Gains or losses on liabilities held for trading are
recognised in the profit or loss.

The Company has not designated any financial
liability as at fair value through profit and loss.

Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and
borrowings and other payables are subsequently
measured at amortised cost using the EIR method.
Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as
through the EIR amortisation process.

Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.

m. Derecognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires.

iii. Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the

assets and settle the liabilities simultaneously.

q. 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.

r. Earnings per share

The earnings considered in ascertaining the Company''s
Earnings Per Share (EPS) comprise of the net profit after
tax, after reducing dividend on Cumulative Preference
Shares for the period (irrespective of whether declared,
paid or not), as per Ind AS 33 on "Earnings Per Share".
The number of shares used in computing basic EPS is the
weighted average number of shares outstanding during
the period. The diluted EPS is calculated on the same basis
as basic EPS, after adjusting for the effects of potential
dilutive equity shares unless the effect of the potential
dilutive equity shares is anti-dilutive.

s. Foreign Currency Transactions

The financial statements are presented in Indian Rupees.
Transactions in currencies other than Indian Rupees (i.e.
foreign currencies) are recognised at the rates of exchange
prevailing at the dates of the transactions. At the end of
each reporting period, monetary items denominated in
foreign currencies are retranslated at the rates prevailing
at that date. Non-monetary items carried at fair value that
are denominated in foreign currencies are retranslated
at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured
in terms of historical cost in a foreign currency are not
translated.

Exchange differences on monetary items are recognised
in statement of profit and loss in the period in which they
arise.

t. . Significant accounting judgements, estimates

and assumptions

The preparation of the Company''s financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent assets and
contingent liabilities. Although these estimates are based
on the management''s best knowledge of current events
and actions, uncertainty about these assumptions and
estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities
affected in future periods.

up. Standards issued but not yet effective

q. There are no new standards or amendments issued but
not yet effective

Sd/- Sd/- Sd/-

Shailendra Dadhich Mr. Madhav Valia Ms. Madhu Nitin Kanadia

Partner Director Director

Membership No.: 425098 (DIN:03381853) (DIN:07049292)

UDIN : 25425098BMJQJH9055

Sd/-

Mr. Jayesh Palsanekar
C.F.O

(PAN :AVWPP2828G)

Place: Mumbai Place: Mumbai

Date: 30th May ''2025 Date: 30th May ''2025

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Mar 31, 2024

30 Deferred Taxation

In view of accumulated losses and the absence of the virtual certainty supported by convincing evidence required under Indian Accounting Standard 12 ‘‘Income Taxes”, on unabsorbed depreciation, carried forward losses and other temporary differences (after considering the deferred tax liability on fixed assets) have not been recognised as there are no timing differences, the reversal of which, will result in sufficient taxable income.

32 CONTINGENT LIABILITY
TDS INCOME TAX Total —	As at 31st March 2024	As at 31st March 2023 0.64 192.36 193.00

As per appraved resolution plan, the contingent liabilities and commitments, claims and obligations stand extinguished and accordingly no outflow of economic benefits is expecled in respect thereof The SmlT

(NCLT) atd^ ITT™:"⁶ “^P°^{n aPPr}°^Va'' ^th''^{S Resoluti}°^{n plan} t>V the National Company Law Tribunal he teMiies dim "a "“T ““ ^{Paynnen, ,0}"^ardS *^{he IRP C0S,S a}"^{b by ,he creclitOTS} >" terms of this plan all

e ore the Effective Date (i.e. 2nd May, 2023) and are remaining as on that date shall stand extinguished abated and settled ,n perpetuity without any further act or deed. The Resolution plan further provides that implementahon of '' resolution plan will not affect the rights of the Company to recover any amount due to the Company and there shall be no set off of any such amo^egwerable by the Company against any liability discharged or extinguished

35 SEGMENT REPORTING

The Company is predominantly engaged in Manufacturing. The Company is operating in India hence there is no reportable geographic segment According no disclosure is required under Indian Accounting Standard 108 ^{SsPC Segment}'' ^Ac''''^0,dlli§''-^V

35 (A) FINANCIAL RISK MANAGEMENT

m~rr::^na,:,^Cia'' !^labllltl1 ^{mainly 0fb0rr}°^{WingS> trade} W** ^payables. The Company* financial assets comprise mainly of

crcdft n^ ldqTiditv risk ^ ^W ^ ^l0iU1S=^{,rade leCeivab,eS and 0ther rcceivahle? The} Company is therefore exposed to Market risk,

Tlie following disclosures summarize the Company''s exposure to financial risks and information regarding measures to manage exposure lo such risks.

1) Market Risk

Market risk is the risk that the fair value of future casli 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.

/V\Ki ANV

a) Interest rate risk

Interest rate is the risk that the fair value or future cash flows ol''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 fluclutatc 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 Rs3.61 Lacs< Previous year Rs 3.97 Lacs ) The details of such investment in equity instruments are given in Schedule 5.

2) Credit Risk

Credit risk refers to risk that the counterparty will default on its contractual obligations residing in financial loss to the Company. Credit risk 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 salts 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 ol the Company into relevant maturity groupings based on the remaning period from the reposrting dale to the contractual maturity dale. The amounts disclosed in the table arc contractual undiscounted cash fows .

35 (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.

36 Implementation of Resolution Plan

Pursuant to the Resolution Plan submitted by "East India Drums & Barrels Mpnufaejuriiig Pvt. Ltd." (referred to as "Resolution Applicant")

^a*''^{U ib approval b}*^{the Ho),}’^{able Nati0}"al Company Law Tribunal.. Mumbai bench vide their order dated May 02,2023 for the corporate insolvency of the Company, which will be implemented from April 01,2024 otherwise as stated in below notes, the following consequential impacts have been given in accordance with approved resolution plan:

a) The existing directors of the Company as on the dale of order have stand replaced by the new Board of Directors from their office with effect from March 30, 2024. As on date Board Consist of Madhav Jayesh Valia (Whole Time Director), Sunil Mahadeo Patil (Executive Director), Madhu Nitin Kanadia {Independent Director).

b) 1 he authorised share capital ol the East India Drums and Barrels Manufacturing Private Limited as on closing date i.e. April 01,2024 will be merged with the authorised share capital of the Company. As a result, the authorised share capital of the Company will increase from 230 lakh equity shares of Rs. 10 each to 480 lakh equity shares of Rs. 10.

c) After merger, the company name will be changed from "Precision Containcurs Limited" to "East India Drums & Barrels Manufacturing Ltd", as per approved Resolution plan.

d) With effect from March 31,2024, the existing issued, subscribed and paid up equity share capital of the company has been reduced from

2,23.81,200 shares of Rs. 10 each to 7,74,221 shares of Rs. 10 each thereby reducing the value of issued, subscribed and paid up capital of the company by Rs. 2160.70 lacs. As per approved resolution plan, Promoters holding of equity shares 30,25.675 { out.of total 2,23.81,200 nos equity shares) ofRs 10 each stand fully cancelled and extinguished. As prescribed in the Resolution Plan the reduction in the share capital of the company amounting to Rs. 2160.70 lacs along with Security Premium amounting to Rs. 50 lacs is adjusted against the debit balance, as appearing in its profit and loss account (i.e. retained earnings).

e) In respect of dc-recognition of operational and financial creditors, difference amounting to Rs. 1489.43 lacs between the carrying amount of financial liabilities extinguished and consideration paid, is recognised in statement of profit or loss account in accordance with "Ind-As -109" on "Financial Instuments" prescribed under section 133 of the Companies Act, 2013 and accounting policies consistently followed by the Company and disclosed as an "Exceptional Items". Further, these write back includes parties of creditors, advances and lenders.

37 Impact of claims received by the IRP/RP

As per NCLT order dated 02.05.2023 the amount Payable to Financial Creditor & Operational Creditor & Employees is Rs. 509.19 lacs. Out of this Rs. 5.45 lacs is payable to operational creditor & Rs. 8.54 lacs is payable to Employees and also amount payable to Financial Creditor is Rs. 486.00 lacs & balalance of Rs. 9.20 lacs is payable to COC. 1 he amount has been paid & effect of the same is given in the financials.

38 RECLASSIFICATION

Previous year''s figures have been r^rpffiffltnjttotsificd wherever necessary to correspond with the current year''s classification/ disclosures

Pursuant to commencement of CIRP process and filings of claims by financial creditors as mentioned in point no. 35 above NCLT has crystalised the amount to be nairi to ^{Wr W}"^h°^Ut “ ^S°^{thE Pr}°^{vis,0n 0f lntcrest has not bee}" ™^de- of the NCLT order have given as the payment arc being made as per the Order

40 GOING CONCERN

Pursuant to.thc Resolution Plan submitted by "East India Drums & Barrels Manufacturing Pvt. Ltd ¦ (referred to as "Resolution Applicant") and its approval by the Hon''able National Company Law Tribunal. Mumbai bench vide their order dated May 02,2023 for the corporate insolvency of the Company, which will be implemented from April 01,2024, the financial statements have been prepared on “going concern basis”.

41 NOTES ON ACCOUNTS

a) The company do not have any Benami properly, 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.

bite, ^{haVC n}°‘ ^adVal1Ced ^ ^!°^aned °^{r mVeSted} ‘^{UndS t0 Sny 0ther PerS}°"^(S) °^{r C}"^{lity (1CS)}’ ^mClud''^{ns fdre}''$ⁿ ^‘ities (imermcdiarics) with the understanding that the

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 pcrson(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)

(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 eluting the year in the tax assessment under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,196!)

h) The Company has complied with die number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Lavers)

Rules,2017 ^y ''

42 The Hon’ble NCLT, Mumbai Bench has approved the Resolution Plan tor the Company vide Order dated 02/05/2023. In view of the said order, the status of the Resolution Professional has changed to Monitoring Agent & Er^ja^^jution Ifrofessional. Further as per die minutes of the Fourth Meeting of the Monitoring Committee of“Prccision Containeurs Limited” the new directors of the Co^^jiibf&rS^ioldmg the office as per the terms of the Resolution Plan. SASF do not have any objection to the proposed reconstitution ofthe Board of Directors ffs/ V\ V" \\

.....— -to,,., c_d,„_Po_m„

to the Board of Directors of the Company. ^{fe d the Resolul|}on Plan approved by the NCLT vide order dated 02.05.2023

cniire paymem «ndc, ft, ‘S^-’ *'' ^l,,ve “™™b to. to

.........................

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Mar 31, 2023

Deferred Taxation

In view of accumulated losses and the absence of the virtual certainty supported by convincing evidence required under Indian Accounting Standard 12 “Income Taxes’", on unabsorbed depreciation, carried forward losses and other temporary'' differences (after considering the deferred tax liability'' on fixed assets) have not been recognised as there are no timing differences, the reversal of which, will result in sufficient taxable income.

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

(A) FINANCIAL RISK MANAGEMENT

The Company’s financial liabilities comprise mainly of borrowings, trade payables and other payables. The Companys financial assets comprise mainly of investments, cash and cash equiv alents, balances with banks loans, trade receiv ables and other receiv ables. 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.

I>) 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 2023. the carrying value of such investments is Rs 3.97 Lacs ( Previous year Rs 5.43 Lacs ). The details of such investment in equity instruments are given in Schedule 5.

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 risk 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 hinds 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 table are contractual undiscounted cash flows .

34 (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.

35 Impact of claims received by the IRP/RP

As per NCLT order dated 02.05.2023 the amount Payable to Financial Creditor & Operational Creditor & Employees is Rs. 509.19 lacs. Out of this Rs. 5.45 lacs is payable to operational creditor & Rs. 8.54 lacs is payable to Employees and also amount payable to Financial Creditor is Rs. 486.00 lacs & balalance of Rs. 9.20 lacs is payable to COC. The effect of the same will be given in next year after payments are made.

36 RECLASSIFICATION

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

37 PROVISION OF INTEREST

Pursuant to commencement of CIRP process and filings of claims by financial creditors as mentioned in point no. 35 above. NCLT has crystalised the amount to be paid to Financial Creditor without interest. So the provision of interest lias not been made The effect of the NCLT order will be affected after the payment made as per tiie Order.

38 GOING CONCERN

As per the code, it is required that the company the managed as a “going concern" during the CIRP The future process of the company would be detenmne on the completion of CIRP. In view of these facts the financial statements have been prepared on “going concern basis"

39 NOTES ON ACCOUNTS

a) The company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holdup any Benanu Property

b) The company do not have any transactions with companies struck off

c) The Company do not have any charges or satisfaction winch 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 fluids to any other persons) or entity (tes). including foreign entities (intermediaries) with tlie understanding that tire Intermediary shall.

Directly or indirectly lend or invest in otlier persons or entities idenufied m any'' maiuier whatsoever by or on behalf of the Company¹ (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on beltalf of the Ultimate Beneficiaries

f) The company have not received any fund from any persons) or entity(ies ), including foreign entities (Fundmg Party'') with the understanding (whether recorded in wilting or Otherwise) tiiat the Company'' shall

(i) Directly or indirectly lend or invest ui otlier persons or entities identified in any maimer whatsoever by or on behalf of tlie Funding Party (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like on behalf of tlie Ultimate Beneficiaries

g) Tlie company have no such transaction which is not recorded m tlie books of accounts that lias been surrendered or disclosed as uicome eluting tlie year m the tax assessment under tlie Income Tax Act. 1961 (such as. search or survey or any otlier relevant provisions of the Income Tax Act. 1961)

h) Tlie Company lias complied with tlie number of layers prescribed under clause (87) of section 2 of tlie Act read with the Companies (Restriction on number of Layers) Rules,2017

Vide email dated 17.04.2023, YCL and VPL have informed the Company that they have reversed the above transaction of Rs. 89,73,000/- w.e.f. 30.03.2023, however, necessary entries in the books of PCL are yet to made because the Order dated 21.03.2023 is not complied in its entirety. As on date, no amount has been received from any of the above parties.

j) Tire Hon’ble NCLT, Mumbai Bench has approved the Resolution Plan for the Company submitted by East India Drums and Barrels Manufacturing Private Limited vide order dated 02.05.2023 (received on 04.05.2023). The eligibility'' of East India Drums and Barrels Manufacturing Private Limited as the Successful Resolution Applicant is contingent upon compliance of NCLT Order dated 21.03.2023.

1

The Hoifble NCLT. Mumbai Bench vide its order dated 21 03.2023 m IA-2116/2022 inC P (IB)-2146(MB)^/2019. lias declared the following transactions as preferential u/s 43 of tlie Insolvency'' and Bankruptcy Code 2016 (“Code”) and accordingly, the respective parties were directed to pay back tlie amount so transferred or reverse such impugned entries as per tlie provisions of Section 44 (1) of tlie Code

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Mar 31, 2015

1. Corporate information

Precision Containers Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th February, 1981, assessed to income tax having register red address Plot No. 757/758, Jwala Estate, First Floor, Soni Wadi, Near Kora Kendra, Off S.V. Road, Borivali (West), Mumbai 400 092. Precision Containers Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

2. SHARE CAPITAL

a) Terms / Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs 10 per share. Each Holder of equity share is entitled to 1 vote per share. In the event of Liquidation of the company, the holders of equity share will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. The company operates gratuity plan wherein employee is entitled to the benefit as per scheme of the company for each completed year of service. The same is payable on retirement or termination whichever is earlier. The benefit vests only after five years of continuous service.

4. Defined Benefit Plans - Leave Encashment

The Company does not accumulate the leaves of employees. Leave is encashed every year.

5. Related party transactions

Details of related parties:

Description of relationship Names of related parties

Associates Yashraj Containers Ltd

Vas Infrastructure Ltd

Vasparr Shelter Ltd

Vas Educomp Pvt. Ltd.

Pushpanjali Drums Pvt. Ltd.

Key Management Personnel (KMP) Dr. Jayesh V Valia - Executive Chairman

Mr. Babulal Jain - Director

Mr. G. Venkataraman - Director

Relatives of KMP Mrs. Sangeeta Valia

Mr. Madhav Valia

Mr. Raj Valia

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Mar 31, 2014

1 Corporate information

Precision Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th February 1981 assessed to income tax having registerred address Plot No. 757/758, Jwala Estate, First Floor, Soni Wadi, Near Kora Kendra

S.V. Road, Borivli (West), Mumbai 400 092. Precision Containeurs Limited is into the business of Manufacturing of Barrels l Trading of CRCA coils.

Notes 2.1

One Time Settelement was done with Sicom Arc Limited & it''s paid within 31-03-2012. But the remaining balance shown as Outstanding in the books of account since "NO DUES CERTIFICATE" had not been received from them in the last year. Now it has been received & the balance outstanding as per books of account shown as Misc Balance Written off.

(V) The company operates gratuity plan wherein employee is entitled to the benefit as per scheme of the company for each completed year of service. The same is payable on retirement or termination whichever is earlier. The benefit vests only after five years of continuous service.

Defined Benefit Plans - Leave Encashment

The Company does not accumulate the leaves of employees. Leave is encashed every year.

Related party transactions Details of related parties:

Description of relationship Names of related parties

Associates

Yashraj Containeurs Ltd Vas Infrastructure Ltd Vasparr Shelter Ltd Vas Educomp Pvt. Ltd. Pushpanjali Drums Pvt. Ltd.

Key Management Personnel (KMP)

Dr. Jayesh V Valia - Executive Chairman

Mr. Ajay N Jani - Director

Mr. Babulal Jain - Director

Mr. G. Venkataraman - Director

*Mr. S K Kittur (ceased w.e.f. 12 August 2010)

Relatives of KMP

Mrs. Sangeeta Valia

Mr. Madhav Valia

Mr. Raj Valia Jayesh V Valia (HUF)

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Mar 31, 2013

1 Corporate information

Precision Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th February 1981, assessed to income tax having registerred address 401, 4th Floor, Court Chambers, S.V. Road, Borivali (West), Mumbai - 400 092. Precision Containeurs Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

Note 2.1 - The Company has modgaged its investments against loan taken by its associate concern, on account of defaults made by the associates concern the same are sold to the extent of no. 750000 share @ 12.77, however as the terms of the aggreement the loss faced by the company shall be made good by its associate concern either by giving back the same no of shares or providing an equavelent amount where in the company do not have to face any loss, on account of such agreement "The company" has not effected any transaction of sale in the books of account.

Notes 3.1

(i) Balances with banks include deposits amounting to Rs 456,086(As at 31 March, 2012 Rs. 456,086) and which have an original maturity of more than 12 months.

Notes 3.2

(ii) Balances with banks - Other earmarked accounts include 212,738 (As at 31 March, 2012 213,138) which have restriction on repatriation.

Notes 4.1

One Time Settelement was done with Sicom Arc Limited & it''s paid within 31 -03-2012. But the remaining balance shown as Outstanding in the books of account since "NO DUES CERTIFICATE" had not been received from them in the last year. Now It''s have been received & the balance outstanding as per books of account shown as Misc Balance Written off.

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Mar 31, 2012

1 Corporate information

Precision Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th February 1981, assessed to income tax having registerred address 401, 4th Floor, Court Chambers, S.V. Road, Borivali (West), Mumbai- 400 092. Precision Containeurs Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

a) Terms/ Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs 10 per share. Each Holder of equity share is entitled to 1 vote per share.In the event of Liquidation of the company, the holders of equity share will be entitled to receive remaining assets of the company, after distriibution of all preferencial amounts. The distributation will be in proportion to the number of equity shares held by the shareholders.

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Mar 31, 2011

1. The Company did not have at any time during the year amount due to small and medium enterprises (SME) which is outstanding for more than 45 days. Further no interest is paid/payable to such SME creditors.

2. During the year the credit facilities of Rs. 763.38 lakhs outstanding to be repaid to central bank of India has been assigned to SICOM limited.

SICOM has accepted one time settlement proposal (OTS) of Rs. 185 lacs as against the above credit of Rs. 763.38 and the same is being paid by the company, however the company has made a default in repayment of the dues considering which the difference between the OTS and the actual liability has not been recognized in the profit and loss account.

3. The company has an investment of Rs. 222.52 lacs consisting of 1,349,562 shares of VAS Infrastructure Limited of which 1,333,400 shares has been pledged against loan taken by group company.

4. The actuarial valuation of gratuity for present liability towards future payment to the employees covered under payment of gratuity act was not done as on the balance sheet date, therefore the effect of this on the profit for the year could not be ascertained, to the extent the accounts are not in conformity with section 209(3) of the Companies Act 1956 and accounting standard 15 (revised 2005) on "Employee benefit" issued by institute of chartered accountant of India

5. No provision has been made for interest payable on term loans/cash credit from I.D.B.I, G.S.F.C.

6. There is no operation in the company hence Quantitative information as required underSchedule VI is not presented as the same is NIL.

7. Related Party Disclosures:

Associate concerns

Yashraj Containeurs Ltd.

Vas Infrastructure Ltd.

Vasparr Shelter Ltd.

Vasparr Trading Pvt. Ltd. (Now known as Vas Educomp Pvt. Ltd.)

Pushpanjali Drums Pvt Limited

Key Management Personnel & their relatives:

Dr. Jayesh V. Valia Executive Chairman

Mr. Ajay Jani Director

Mr. Babulal Jain Director

Mr. G. Venkatraman Director

8. In relation to Accounting Standard 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the Company has unabsorbed depreciation and accumulated losses in terms of income tax and there is no virtual certainly supported by convincing evidence as regards future profitability to wipe off the losses and hence no effect on timing difference in the accounts is given.

9. The Company has only one business segment and there is no geographical Segment, hence reporting details have not been provided in this financial statement.

10. The company has not transferred specified amount to debenture redemption reserve.

11. The outstanding Balance of Debtors, Creditors, Unsecured Loans and Loans & Advances are subject to confirmation & reconciliation.

12. As per the Informatiom & Explaination provided to us, the Loans & Advances are given in the Ordinary Course of Business & are recoverable on demand, However in absence of any Documental Proof we are unable to Comment on the Same.

13. Previous Year's figures have been regrouped/recast wherever necessary.

14. Figures have been rounded off to the nearest rupee.

15. Schedules A to I and 1 to 7 form an integral part of the Accounts and have been duly authenticated.

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Mar 31, 2010

CURRENT YEAR PREVIOUS YEAR

Rs. Rs.

1. Contingent liability not provided for

Bills Discounted NIL NIL

2. Capital Commitments :

Estimate amount of contracts remaining to be

executed On capital accounts and not provided for (Net of Advances) NIL NIL

3. (A) No provision has been made for leave encashment and due to non-availability of the exact amount impact on the Profit/(Loss) for the year is not ascertainable.

(B) No provision has been made for depreciation on assets purchased on hire purchase basis from GSFC and on GIDC quarter and due to non-availability of the exact amount, impact on the Profit/(Loss) for the year is not ascertainable.

(C) No provision has been made for interest payable on term loans/cash credit from I.D.B.I, G.S.F.C, Central Bank of India

4. In relation to Accounting Standard 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the Company has unabsorbed depreciation and accumulated losses in terms of income tax and there is no virtual certainly supported by convincing evidence as regards future profitability to wipe off the losses and hence no effect on timing difference in the accounts is given.

5. The Company has only one business segment and there is no geographical Segment, hence reporting details have not been provided in this financial statement.

6. The company has not transferred specified amount to debenture redemption reserve.

7. Secured loans include the interest due and payable within a year, to IDBI on account of, Term Loan Stands at Rs. NIL (P.Y. NIL) lacs and G.S.F.C. Rs. NIL (P.Y.Rs. NIL) lacs.

8. LOANS & ADVANCES, DEBTORS INCLUDES RECEIVABLE FROM, THE COMPANIES UNDER THE SAME MANAGEMENT AND ASSOCIATES.

9. Installed capacity is as certified by the management and not verified by the Auditors, Being technical matter.

10. The outstanding Balance of certain Banks, Debtors, Creditors, Unsecured Loans and Loans & Advances are subject to confirmation & reconciliation, if any.

11. As per the Information & Explanation provided to us , the Loans & Advances are given in the Ordinary Course of Business & are recoverable on demand, However in absence of any Documental Proof we are unable to Comment on the Same.

12. Previous Years figures have been regrouped/recast wherever necessary.

13. Figures have been rounded off to the nearest rupee.

14. Schedules A to I and 1 to 7 form an integral part of the Accounts and have been duly authenticated.