23.12 Provisions and contingencies
A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.
23.13 Segment Reporting
The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole. During the reporting period the company operates only in single type of product and in a single geographical area and therefore there is no need for segment reporting
23.14 Goods & Service Tax input credit
GST input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing / utilising the credits.
@ The following guidance, summarised based on the ICAI Guidance Note on Revised Schedule VI, may be considered
in presenting the disclosures under this clause:
(a) The total value of imported components and spare parts may be presented in the aggregate or sub-classified and presented. Where records of raw materials and components are maintained together, the information relating to components may be presented together with raw materials.
(b) The clause requires only disclosure of imported spare parts and not stores. If it is not practical for the Company to segregate imported stores and spare parts, the total value of import of stores and spare parts may be shown clearly describing that the value disclosed relates to imported stores and spare parts.
(c) The disclosure relates to imports of goods and not consumption. The disclosure should be made on accrual basis. Accordingly, the disclosure should include goods in transit. The disclosure should also be made irrespective of whether the imports have resulted in an expenditure in foreign currency. The disclosure should be made in Indian Rupees.
(d) Disclosure is with regard to 'direct' imports by the Company.
The following guidance, summarised based on the ICAI Guidance Note on Revised Schedule VI, may be considered in presenting the disclosures under this clause:
(a) The disclosure should be made on accrual basis on the gross amount of expenditure (i.e. the expenditure before withholding taxes, where applicable).
(b) Disclosure should be made only in respect of those items where the Company itself incurs the foreign currency expenditure. Where an expenditure involves foreign currency but the original payment by the Company itself is in Rupees, no disclosure is necessary.
# Where dividend has been paid to non-resident shareholders in Indian Rupees or where the dividend has been deposited into their Rupee account in a bank in India, details of the same may be provided as an additional information, if required.
Note 34 General
1 Previous year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification / disclosure.
The accompanying notes are integral part of these Financial Statements In terms of our report attached
For D. R. Mehta & Associates For HCKK ventures Limited
Chartered Accountants
Firm's Registration No : 106207W
Sd/- Sd/- Sd/-
Ashok Mehta Apurv Bhargava Antoo Kallan
(Membership No. 101746) MD / CEO Director
Place : Mumbai DIN : 10175879 DIN : 02489070
Date : 23rd May, 2024 Place : Mumbai Place : Mumbai
UDIN : 24101746BKCPGU6493
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