Notes to Accounts of Standard Shoe Sole and Mould (India) Ltd.

Mar 31, 2025

NOTE No.26

The Company does not fall within the purview of the Payment of Gratuity Act, 1972 as it has less than the stipulated number of employees. Accordingly, actuarial valuation of gratuity has not been conducted and the gratuity is paid on cash basis.

NOTE No.27

The Company has not received any information from the vendors so as to their status under the Micro, Medium and Small Enterprise Development Act, 2006 and hence amount outstanding and interest paid/payable to them under this Act is considered to be ''Nil¹.

NOTE No.28

The Company has only single Reporting Business Segment in accordance with Ind AS - 108

Financial Risk Management Objectives

The Company''s operations currently do not expose itself to significant financial risks as explained hereunder:

(i) Market risk: The Company has not entered into any foreign exchange or commodity derivative contracts. Accordingly, there is no significant exposure to the market risk.

(ii) Interest rate risk: As the Company does not have significant external borrowings, the Company''s net exposure to interest risk is negligible.

NOTE No.31

Capital Management

The Company funds its operations mainly through internal accruals and short-term loans from its holding company. The Company obtains short-term loans to maintain adequate supply of funds.

NOTE No.32

(a) Standard issued but not effective

There are no standards issued but not effective up to the date of issuance of the Company''s financial statements.

(b) New and amended standards

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules, 2023 dated 31 March 2023 to amend the following Ind AS which are effective for annual periods beginning on or after 1 April 2023. The Company applied for the first-time these amendments.

(i) Definition of Accounting Estimates Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Company''s financial statements.

(ii) Disclosure of Accounting Policies Amendments to Ind AS 1

The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ''significant'' accounting policies with a requirement to disclose their ''material'' accounting policies and adding

guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

The amendments have had an impact on the Company''s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Company''s financial statements.

Apart from these, consequential amendments and editorials have been made to other Ind AS like Ind AS 101, Ind AS 102, Ind AS 103, Ind AS 107, Ind AS 109, Ind AS 115 and Ind AS 34.

NOTE No.33

The Company has accumulated loss which has resulted into erosion of the Company''s net worth. The management feels that this erosion is temporary in nature and the Company''s future plans and prospects will help the Company to turn around in future. The promoter of the Company has assured to infuse the funds as and when required, hence the Company has prepared its Financial Statements on going concern basis.

NOTE No.34

Previous year figure has been regrouped /reclassified wherever necessary to correspond with the current year''s classification /disclosure.

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Mar 31, 2024

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Financial Risk Management Objectives \ '' -^;/

The Company’s operations currently ^do not expose itself to significant finance rⁱsks as explaine^d

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Capital Management

The Company funds Us operations mainly ^throu^gh internal accruals an^d short-term toans from fts holdin^g
company. The Company obtains short-term loans to maintain adequate suppl^y o^f fiand^.

(a) Standard issued but not effective

There are no standards issued but not effective up to toe ^date o^f issuance o^f toe ^Com^pany’s financⁱa^l
statements.

(^b) New and amended standards

The Ministry o^f Corporate Affairs has notifie^d Companies (Ii^<^d^^^n Accountin^g Standards) Amen^dment

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^be^ginnⁱn^g on or after ¹ April ²023. ^The Company applie^d for tiie first-time toese amendments.

(ⁱ) Definition of Accounting Estimates - Amendmenss tic Ind ^AS ⁸

The amendmnnts clarify toe distinction be^een c^han^ges in accounting estimates^, c^han^ges in accounting
policies and toe correction o^f errors, ft has also ^been darifie^{d h}ow ei^t^:ities use measurement techniques and
mparts to develop accounting estimates.

The amendmnnts had no ⁱm^pac^t on toe Company’s finance s^ta^temen^ts.

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rntteriahty m making deristons a^bout accounting policy disclosures.

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measuremntit, recognition or presentation o^f any items in toe Company’s financial statements.

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The Company has accumulate^d loss which has resufted into erosion of toe Company’s net worth. The
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witi help the Company to turn aroun^d m future. The promoter o^f toe Company has assured to infrise tiie
funds as and when required, ^hence toe Company has prepared fts Financial ^Statements on gomg concern

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Previous year figure has been regrouped /reclassified wherever necessary to correspond with the curreta
year’s classification /disclosure. ^ ^

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For L B Jha& CO. For, Standard Shoe Sole and Mould (India) Limited

Chartered Accountants

FRN:301|)88E

D N Roy Rakesh Kolia Sangita Parida

¦BaffneB iDrecHrE

Membership No.: 300389 DIN: 09785871 DIN: 09215260

Dated:30^THMay, 2024 ''%/ y*\

Place: Kolkata -^J l yj?| For, Standard Shoe Sole and Mould (India) Limited

C^>—

2an02 SoWmjs

(Chief Financial Officer)

2223 S22322222M

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Mar 31, 2015

NOTE NO 1.

Interest includes Interest on Loan paid

NOTE NO 2.

Income Tax paid has been paid as per the demand letter dated: 17-07-2014 towards old liability of Assessment Years 1984-85 & 1991-92 to 1993-94.

NOTE NO 3.

Previous year figures has been regrouped reclassified wherever necessary to correspond with the current year's classification/ disclosure.

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Mar 31, 2012

1. The company had some transaction relating to commodities trading and is also restructuring its finances to mitigate the liabilities of the company. It has entered into and made compromise settlements with banks and financial institution out of proceeds from sale of land.

2. The company has not been able to ascertain dues of Micro, Small and Medium enterprises as required under the MSED Act, 2006 since relevant information is not available.

3. The company filed a reference on 2nd August, 1996 with the Board for Industrial and Financial Reconstruction (BIFR) in terms of section 15 of ''Sick Industrial Company'' within the meaning of section 3(1)(0) of the ''Sick Industrial Companies Special Provision Act, 1985. Subsequently AAIFR Ordered for winding up of the Company. The Company referred the matter to the Hon''ble High Court at Calcutta and obtained stay order against the order of AAIFR.

4. As per the order of Hon''ble High Court, the Company''s Land was disposed of and the proceeds were directly given to Bank and other Financial Institutions against their due and the effect of the same has been given in the Balance Sheet as per the managements representations made to us.

5. Balance confirmations have not been received for the dues on account of debtors lying overdue, Suits have been filed by the company for recovery of long outstanding debtors of Rs. 283.47 lacs.

6. Contingent Liabilities s at 31.3.2012 were as follows:

Year ended Year ended 31.03.2012 31.03.2011 (Rs.in lac) (Rs.in lac)

a) Claims against the Company not acknowledged as debts 440.09 440.90

b) In respect of Income Tax Matter disputed in appeals 41.97 41.97

c) In respect of Sales Tax Matter disputed in appeals 87.47 87.47

Total: 569.53 570.34

7. In view of past losses and uncertainty of future profits the company has not accounted for deferred assets.

8. Balance confirmation with regard to unsecured loans and creditors and loans and advances, debtors have not been received.

9. The company is not having any permanent full time employee in its payroll and in the opinion of the management no such retirement benefits are accruing to any of its employees which requires accounting of retirement benefits as required under AS 15.

10. The Company does not require to report segment wise activities.

11. Figures of the previous years have been regrouped / rearranged wherever necessary.