Notes to Accounts of Karnawati Innovation Ltd.

Mar 31, 2024

ii) Provisions and Contingencies

The assessments undertaken in recognizing provisions and contingencies have been made in accordance
with the applicable Ind AS. A provision is recognized if, as a result of a past event, the Company has a present
legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic
benefits will be required to settle the obligation. Where the effect of time value of money is material, provisions
are determined by discounting the expected future cash flows.

22. Segment Reporting
Business Segments:

As the Company''s business activity primarily falls within a single primary business segment, the disclosure requirements
of IND AS 108 ‘Operating Segments'' are not applicable.

Geographical Segments:

The company does not have operation outside India. Hence, disclosure of geographical segment does not arise.

24. Undisclosed Income

There are no transactions 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.

25. Corporate Social Responsibility

The company is not covered under section 135 of The Companies Act, 2013.

26. Details of Crypto Currency

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

27. Capital Management

The Company''s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and
healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing
growth and maximize the shareholders value. The company''s overall strategy remains unchanged from previous
year. The following table summarizes the capital of the company. (Amt in Lakh)

28. Additional Regulatory Information

i. Registration of Charges:

There are no charges or satisfaction yet to be registered with ROC beyond the statutory period.

ii. Compliance with Number of Layers of Companies:

Since the Company does not have any holding/subsidiary, thus the clause is not applicable.

iii. Relationship with Struck off Companies:

There are no transactions and balance outstanding to and from any struck off companies as on the balance

sheet date.

iv. Wilful Defaulter:

Company is not declared wilful defaulter by any bank or financial Institution or other lender.

v. Compliance with approved Scheme(s) of Arrangements:

No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237

of the Companies Act, 2013.

vi. Utilisation of Borrowed funds and share premium:

a. 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 the company.

b. 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.

(i) Credit sales of the Company have increased as compared to the previous year resulting in increase in
debtors whereas simultaneous increase in creditors is not substantial resulting in increase is current ratio.

(ii) As the turnover of the company has increase as compared to previous year, the Gross margin has
contributed to the profitability where as other expenses, Capital Employed remained unchanged as compared
to previous year resulting in higher Return on Equity, Net profit and Return on Capital Employed ratio.

(iii) Revenue and Debtors of the Company and capital employed has increased as compared to previous year
resulting in higher Capital Turnover ratio.

29. GST Receivable

The Goods & Service Tax Credit taken in the books of Accounts have been verified with the Purchases made
during the year, however the balances of GST Credit Brought Forward and GST Credit Carried Forward are
subject to confirmation as annual return for GST and the GST Audit Report are finalized after the date of the Audit
Report.

For and on behalf of the Board of Directors

In terms of our report attached of the even date

Bisil Plast Limited

For A.L.Thakkar & Co.

Chartered Accountants Suketu Vaywala Khyati Shah

FRN: 120116W Director Director

DIN: 07619796 DIN: 09430457

Sanjiv Shah

Partner Paresh Sukhadiya Khushbu Shah

M. No. 042264 CFO CS

UDIN:24042264BKAASO5302 PAN: ARMPS8115M PAN: BSWPS4359H

Date : 21.05.2024 Date : 21.05.2024

Place : Ahmedabad Place : Ahmedabad

---

Mar 31, 2015

Note : 1

Basis of preparation

The financial statements are prepared under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and company with the accounting standards, as prescribed by the companies (Accounting Standards) Rules, 2006, and provisions of the Companies Act, 1956, to the extent applicable, as adopted consistently by the company. The Financial Statements have been prepared in Indian rupees.

Note : 2

The Financial statements for the year ended March 31,2015 had been prepared as per the then applicable, pre-revised schedules VI to the companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March, 2015 are prepared as per Revised Schedule VI. Accordingly, the previous year figure have also been reclassified to confirm to this year's classification. Such reclassification of previous year figure does not impact recognition and measurement principles followed for preparation of financial statements.

The company has only one class of equity shares having per value of Rs. 1/- per share. Each shareholder is entitled to one vote per share with a right to receive per share dividend declared by the company. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the company (after distribution of all preferential amounts, if any) in the proportion of equity shares held by the shareholders.

No provision for Income Tax has been made in view of carried forward losses.

Note : 3

Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL

Note : 4

The Company has closed down in business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts.

Note : 5

Corresponding figures of previous year are rearranged / regrouped wherever found necessary.

Note : 6

Balances are subject to confirmation.

In the opinion ofthe board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

Note : 7

RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on " Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below :

The are no transactions with related parties.

Note : 8

During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable.

Note : 9

The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22-"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

---

Mar 31, 2014

Note : 1.1

Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL

Note : 1.2

The Company has closed down its business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts.

Note : 1.3

Corresponding figures of previous year are rearranged / regrouped wherever found necessary.

Note : 1.4

Balances are subject to confirmation.

Note : 1.5

In the opinion of the board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

Note : 1.6

RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Insutitute of Chartered Accountants of India are given below :

The are no transactions with related parties.

Note : 1.7

During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable.

Note : 1.8

The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22- "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Note : 1.9

The additional information as required by Part-II of schedule VI of the companies Act, 1956 are not given as the same are not applicable.

---

Mar 31, 2013

1 Basis of preparation

The financial statements are prepared under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and company with the accounting standards, as prescribed by the companies (Accounting Standards) Rules, 2006, and provisions of the Companies Act, 1956, to the extent applicable, as adopted consistently by the company. The Financial Statements have been prepared in indian rupees.

Note : 2

The Financial statements for the year ended March 31,2012 had been prepared as per the then applicable, pre-revised schedules VI to the companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March, 2013 are prepared as per Revised Schedule VI. Accordingly, the previous year figure have also been reclassified to confirm to this year''s classification. Such reclassification of previous year figure does not impact recognition and measurement principles followd for preparation of financial statements.

Note : 3

During the year the company has sold its entire block of plant and machinery as the company has closed down its business activities. The profit arising on such sale in treated as profit from discontining business.

Note : 4

No provision for Income Ta x has been made in view of carried forward losses.

Note : 5

Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL

Note : 6

The Company has closed down in business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts.

Note : 7

Corresponding figures of previous year are rearranged / regrouped wherever found necessary.

Note : 8

Balances are subject to confirmation.

Note : 9

In the opinion of the board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

Note : 10

RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on " Related Party Disclosures" issued by the Insutitute of Chartered Accountants of India are given below :

The are no transaction with related parties.

Note : 11

During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable.

Note : 12

The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22- "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Note : 13

The additional information as required by Part-II of schedule VI of the companies Act, 1956 are not given as the same as are not applicable.

---

Mar 31, 2012

Note : 1

1 Basis of preparation

The financial statements are prepared under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and company with the accounting standards, as prescribed by the companies (Accounting Standards) Rules, 2006, and provisions of the Companies Act, 1956, to the extent applicable, as adopted consistently by the company. The Financial Statements have been prepared in Indian rupees.

Note : 2

The Financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised schedules VI to the companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figure have also been reclassified to confirm to this year's classification. Such reclassification of previous year figure does not impact recognition and measurement principles followed for preparation of financial statements.

The company has only one class of equity shares having per value of Rs. 1/- per share. Each shareholder is entitled to one vote per share with a right to receive per share dividend declared by the company. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the company (after distribution of all preferential amounts, if any) in the proportion of equity shares held by the shareholders.

# Term Loan from the Charotar Nagrik Sah. Bank Ltd. against Hypothecation of plant & Machineries & Personal Guarantee of Directors

@ The Company has been making default in the repayment of principal and interest. During the year the company has entered into one time settlement with the said bank and accordingly the company has to pay Rs. 3,32,24,407, out of which the company has paid Rs. 96,90,051/-. comprising of Interest of Rs. 56,92,734/- and principal of Rs. 39,37,317/-. The balance will be paid in the equal monthly installment of Rs. 23,53,396/- with simple interest of 6%

Note : 3

The Company had taken Term Loan from Charotar Nagrik Sahakari Bank Ltd. The company has been irregular in the repayment of its instalment and also in the payment of interest since many years. The company was also not making the provision for interest.

During the year the company has entered into One Time Settlement (OTS) with the said bank, whereby the final amount payable to the bank was determind at Rs. 3,32,24,407/-. Out of the said amount the company has paid Rs. 96,90,051/- being interest payable for earlier year of Rs. 56,92,734/- and principal of Rs. 39,97,317/-.

The difference in the amount outstanding as per the accounts of the company and the OTS is considered as interest and is treated as optional and extraordinary item.

Note : 4

During the year the company has sold its entire block of plant and machinery as the company has closed down its business activities. The profit arising on such slae in treated as profit from discontinuing business.

Note : 5

No provision for Income Tax has been made in view of carried forward losses.

Note : 6

Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL

Note : 7

The Company has closed down in business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts.

Note : 8

Corresponding figures of previous year are rearranged / regrouped wherever found necessary.

Note : 9

Balances are subject to confirmation.

Note : 10

In the opinion of the board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

Note : 11 RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on " Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below :

The are no transaction with related parties.

Note : 12

During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable.

Note : 13

Earnings Per Share :

Net Profit for the year - 29818172

No.Of Equity Shares fully paid up 52551400

Earnings per shares Rs. - 0.57

Note : 14

The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22- "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Note : 15

The additional information as required by Part-II of schedule VI of the companies Act, 1956 are not given as the same as are not applicable.

---

Mar 31, 2011

1. No provision for Income Tax has been made in view of carried forward losses.

2. Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs.

3. The Company has closed down in business operatiions. These are very few employees. Therefore no Provision of Gratuity in made is made in the accounts.

4. Corresponding figures of previous year and / or rearranged wherever found necessary.

5. Balances are subject to confirmation.

6. In the opinion of the board, Current Assets, Loans & Advances are Approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

7. RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on “Related Party Disclosures” issued by the Insutitute of Chartered Accountants of India are given below :

There are no transaction with related parties.

8. During the year the company has not carried out any business activity. Therefore Accounting Standard 17 on “Segment Repoting“ is not applicable.

9. The Company has unabsorbed depreciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainity of sufficient future taxable income, deferred tax asset/liabilities has not been recognised by way of prudence in accordance with AS-22-”Accounting for Taxes on Income” issued by the Institute of Chartered Accountants of India.

---

Mar 31, 2010

1. Contingent liabilities for uncompleted contract of capital expenditure not provided for Bs. NIL

2009-10 2008-09

2. Directors Remuneration :

Managing Director :

Salary - 72.000

3. Corresponding figures of previous year and / or rearranged wherever found necessary

4. Balances are subject to confirmation.

5. In the opinion ot the board, Current Assets, Loans & Advances are Approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary.

6. Since the Company is engaged in the business of Manufacturing Mineral water only and selling within the state of Gujarat the Accounting Standard 17 on "Segment Repoting" is not applicable.

7. Earnings Per Share :

Net Profit for the year (3451263)

No.of Equity Shares fully paid up 52551400.00

No.of Equity Shares partly paid up 2894000.00

Weighted average of shares 52307000.00

Face value of shares Re. 1./-

Eamings per shares Re. -

8. The Company has unabsorbed depreciation and carried forward losses under Ihe Tax Laws. Also during the current year there is substantial unabsorbed depreciation and business loss. In absence of virtual certainity of sufficient future taxable income, deferred tax asset/liabilities has not been recognised by way of prudence in accordance with AS-22"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.