Notes to Accounts of Tirupati Innovar Ltd.

Mar 31, 2025

n) Provisions:

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of 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. These estimates are reviewed each
reporting date and adjusted to reflect the current best estimates.

o) Borrowings:

There are no Borrowings in the company for the financial year 2024-25.

p) Trade payables:

These amounts represent liabilities for goods that have been acquired in the ordinary course of business from
suppliers. Trade payables are presented as current liabilities unless payment is not due within 12 months after the
reporting period.

q) Financial Instruments and Risk Review:

The Company''s principal Financial Assets include investments, trade receivables, cash and cash equivalents, other
bank balances and loan. The Company''s financial liabilities comprise of borrowings and trade payables.

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Mar 31, 2024

1.0 Corporate Information

Tirupati Tyres Limited is a Public Limited Company, incorporated under the provisions of Companies Act, 1956 and having CIN L25111MH1988PLC285197. The Company is primarily engaged in the business of manufacturing and trading in tyres and allied products thereof. The Registered office of the Company is situated at Unit No. 606, Reliables Pride, Anand Nagar, opp. Heera Panna, Jogeshwari (W), Mumbai, Maharashtra, 400102.

The Equity Shares of the Company are presently listed on BSE Limited ("BSE") and the Metropolitan Stock Exchange of India Limited ("MSEI").

These financial statements were authorized for issue in accordance with a resolution of the directors on 27^th May, 2024.

1.1 Basis of preparation of financial statements

a. Accounting Convention: -

These financial statements of the Company have been prepared in accordance with Generally Accepted Accounting Principles in India ("Indian GAAP"). Indian GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with the Rule 7 of the Companies (Accounts) Rules, 2014. The financial statements have been prepared on an accrual basis and under the Historical Cost Convention and the Companies (Accounting Standards) Amendment Rules 2016 and the relevant provisions of the Companies Act, 2013.

b. Functional and Presentation Currency:-

The functional and presentation currency of the company is Indian rupees. This financial statement is presented in Indian rupees. All amounts disclosed in the financial statements and notes are rounded off to lakhs the nearest INR rupee in compliance with Schedule III of the Act, unless otherwise stated. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures.

c. Use of Estimates and Judgments

The preparation of financial statement in conformity with accounting standard requires the Management to make estimates, judgments, and assumptions. These estimates, judgments and assumptions affects the application of accounting policies and the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statement and reported amounts of revenue and expenses during the period. Accounting estimates could change form period to period. Actual result could differ from those estimates. As soon as the Management is aware of the changes, appropriate changes in estimates are made. The effects of such changes are reflected in the period in which such changes are made and, if material, their effects are disclosed in the notes to financial statement. Estimates and underlying assumptions are reviewed at each balance sheet date. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods affected.

d. Current and Non - Current Classification

An asset or a liability is classified as Current when it satisfies any of the following criteria:

i. It is expected to be realized / settled, or is intended for sales or consumptions, in the Company''s Normal Operating Cycle;

ii. It is held primarily for the purpose of being traded.

iii. It is expected to be realized / due to be settled within twelve months after the end of reporting date;

iv. The Company does not have an unconditional right to defer the settlement of the liability for at least twelve months after the reporting date. All other assets and liabilities are classified as Non - Current. For the purpose of Current / Non - Current classification of assets and liabilities, the Company has ascertained its operating cycle as twelve months. This is based on the nature of services and the time between the acquisition of the assets or liabilities for processing and their realization in Cash and Cash Equivalents.

1.2 Basis of Preparation

a) Property, Plant & Equipment and Intangible Assets:-

There are no property, plant or Equipment and Intangible Assets in the company for the financial year 2023-24.

b) Depreciation / Amortization: -

The Company is not having any property, plant or Equipment and Intangible Assets for the financial year 2023-24, therefore this clause is not applicable to the Company.

c) Impairment of Assets:-

An asset is treated as impaired when the carrying cost of an asset exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognised in prior period is reversed if there has been a change in the estimate of the recoverable amount.

d) Investments:-

There are no current and non-current investments in the company for the financial year 2023-24.

e) Government Grants and Subsidies:-

The Company is entitled to receive any subsidy from the Government authorities or any other authorities in respect of manufacturing or other facilities are dealt as follows:

• Grants in the nature of subsidies which are non - refundable are credited to the respective accounts to which the

grants relate, on accrual basis, where there is reasonable assurance that the Company will comply with all the necessary conditions attached to them.

• Grants in the nature of Subsidy which are Refundable are shown as Liabilities in the Balance Sheet at the Reporting

date.

f) Employee Benefits:

The accounting of Employee benefits, having nature of defined benefit is based on assumptions. Contribution to defined benefits is recognized as expense when employees have rendered services entitling them to avail such benefits.

g) Inventory:-

There are no Inventory in the company for the financial year 2023-24.

h) Revenue Recognition:-

Revenue is recognized when it is probable that economic benefit associated with the transaction flows to the Company in ordinary course of its activities and the amount of revenue can be measured reliably, regardless of when the payment is being made. Revenue is measured at the fair value of consideration received or receivable, taking into the account contractually defined terms of payments, net of its returns, trade discounts and volume rebates allowed.

Revenue includes only the gross inflows of economic benefits, including the excise duty, received and receivable by the Company, on its own account. Amount collected on behalf of third parties such as sales tax, value added tax and goods and service tax (GST) are excluded from the Revenue.

Sale of goods is recognized at the point of dispatch of goods to customers, sales are exclusive of Sales tax, Vat, GST and Freight Charges if any. The revenue and expenditure are accounted on a going concern basis.

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable i.e. on the basis of matching concept.

Other items of Income are accounted as and when the right to receive arises.

i) Taxes on Income:-

1. Current Tax:-

Provision for current tax is made after taken into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

2. Deferred Taxes:-

Deferred Income Tax is provided using the liability method on all temporary difference at the balance sheet date between the tax basis of assets and liabilities and their carrying amount for financial reporting purposes.

I. Deferred Tax Assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available in the future against which this items can be utilized.

II. II. Deferred Tax Assets and liabilities are measured at the tax rates that are expected to apply to the period when the assets is realized or the liability is settled, based on tax rates ( and the tax) that have been enacted or enacted subsequent to the balance sheet date.

Discontinuing Operations:- During the year the company has not discontinued any of its operations.

j) Trade Receivable:

Trade receivables are recognized at fair value, the outstanding balances of sundry debtors, advances etc. are verified by the management periodically and on the basis of such verification management determines whether the said outstanding balance are good, bad or doubtful and accordingly same are written off or provided for.

Receivables that are expected in one year or less, are classified as current assets, if not they are presented as noncurrent assets.

k) Cash Flow Statement:

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from

operating, investing and financing activities of the Company are segregated. For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash in hand and Balances with Banks.

l) 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 an insignificant risk of changes in value are unrestricted for withdrawal and usage.

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.

m) Earnings per Share:

Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders is adjusted for after income tax effect of interest and other financing costs associated with dilutive potential equity shares and the number of shares that are outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

n) Provisions:

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of 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. These estimates are reviewed each reporting date and adjusted to reflect the current best estimates.

o) Borrowings:

There are no Borrowings in the company for the financial year 2023-24.

p) Trade payables:

These amounts represent liabilities for goods that have been acquired in the ordinary course of business from suppliers. Trade payables are presented as current liabilities unless payment is not due within 12 months after the reporting period.

q) Financial Instruments and Risk Review:

The Company''s principal Financial Assets include investments, trade receivables, cash and cash equivalents, other bank balances and loan. The Company''s financial liabilities comprise of borrowings and trade payables.

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Mar 31, 2023

Deferred Tax Provision: Deferred Tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted orsubstantively enacted on the Balance Sheet date.

Deferred Tax Assets are recognized and carried forward to the extent that there is a reasonable certaintythat sufficient future taxable income will be available against which such Deferred Tax Assets canrealized.

g) Use of Estimates

The Preparation of the Financial statements in conformity with the generally accepted accounting principles require the Management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from the estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

h) Segment Reporting

Considering the organization structure, nature of products & risk and return profile based on geographical distribution, the formulation business is considered as a Single Segment.

i) Related Party Disclosure Related Parties and their relationship Key Managerial Personnel

NA

j) Contingent Liabilities / Assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence on non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to the settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets are not recognized in the financial statements. However contingent assets are assessed continually and if it is virtually certain that an economic benefit will arise, assets and related income are recognized in the period in which the change occurs.

k) Employee Benefits

Provident Fund & Gratuity is not applicable to the Company

l) Balances in the accounts of debtors, creditors and contracts and contractors, certain Bank Accounts are taken subject to confirmation and reconciliation and only upon such confirmation and reconciliation, the entries for discounts, claims and writing off sundry balances etc. will be recorded in the books.

m) In the absence of detailed information from Small Scale and Ancillary Undertaking, included under the head Sundry Creditors dues there from are not ascertained as on the date of Balance Sheet.

For ADV & Associates Chartered Accountants FRN: 128045W

Sd/-

Prakash Mandhaniya Partner

Membership No: 421679 UDIN: 23421679BGYAPX2793 Date: 27.05.2023 Place: Mumbai

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Mar 31, 2015

1.1 Segment Reporting-

The Company operates in one business segment of trading in tyres and allied products. As such, there are no separate reportable business segments as per Accounting Standard, AS- 17 Segment Reporting, as prescribed by the Rules.

1.2 Related party Disclosure

As per Accounting Standard (AS18) During the current year, there are no related party transactions has been carried out

1.3 Previous year figures have been regrouped, and reclassified wherever considered necessary to conform to current year's classification

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Mar 31, 2014

1. (i) Balance of cash on hand at the end is accepted as certified by the management of the company

(ii) The figures of the previous year are taken as it is from the report of the previous auditor.

(iii) Balance of Sundry Debtors, Creditors, unsecured loans, Loans & advances are subject to Confirmation of the parties.

2. Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

i) The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. During the year ended 31st March 2014, the Company has not declared any dividend.

ii) In the event of liquidation of the Company, the holders of Equity shares 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. Detailed note on shares reserved to be issued under options and contracts I commitment for the sale of shares I divestments including the terms and conditions.

The company does not have any such contract / commitment as on reporting date.

4. Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc.

The company does not have any securities convertible into shares as on reporting date.

Note 5 - Previous year figures

The previous years figures are taken as it is from the report of the previous auditor.

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Mar 31, 2013

Note No As at As at 31st March, 31st March, 2013 Amount 2012 Amount (Rs. ) (Rs. )

1. Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

Sales Tax Demand 0 0

Income tax Demand 0 0

0

Total 0 0

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Mar 31, 2012

Note As at 31st As at 31st No March, 2012 March, 2011 Amount (Rs. ) Amount (Rs. )

1. Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities Sales Tax Demand 0 0

Income tax Demand 0 0

0

Total 0 0

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Mar 31, 2011

Note As at 31st As at 31st No March, 2011 March, 2010 Amount (Rs. ) Amount (Rs. )

1. Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

Sales Tax Demand 0 0

Income tax Demand 0 0

0

Total 0 0