2.7. Provisions and Contingent Liabilities

Provisions are recognized when there is a present obligation 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 there is a reliable estimate of the amount of the
obligation.

Contingent liabilities are disclosed when there is a possible obligation arising from past
events, the existence of which will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not wholly within the control of the
company or a present obligation that arises from past events where it is either not
probable that an outflow of resources will be required to settle the obligation or a
reliable estimate of the amount cannot be made.

2.8. Revenue Recognition

Sale of goods: Sales are recognized when the significant risks and rewards of
ownership in the goods are transferred to the buyer as per the terms of the contract and
are recognized net of trade discounts, rebates, sales taxes and excise duties.

Sale of services: In contracts involving the rendering of services, revenue is measured
using the proportionate completion method and is recognized net of taxes.

Revenue in respect of other types of income is recognized when no significant
uncertainty exists regarding realization of such income.

Government grants in the nature of revenue receipts are recognized in the Statement
of Profit and Loss when there is reasonable certainty of its receipt from the Government
in the period to which they relate.

Government grants in the nature of capital receipts are deducted from the cost of assets
against which such grants have been recognized. Such grants are recognized when
there is reasonable certainty of its receipt from the Government.

2.9. Taxes on Income

Tax expense for the period, comprising current tax and deferred tax, are included in
the determination of the net profit or loss for the period. Current tax is measured at the
amount expected to be paid to the tax authorities in accordance with the taxation laws
prevailing in the respective jurisdictions.

Deferred tax is recognized on timing differences, being the differences between the
taxable income and the accounting income that originate in one period and are capable
of reversal in one or more subsequent periods. Deferred tax is measured using the tax
rates and the tax laws enacted or substantively enacted as at the reporting date.
Deferred tax liabilities are recognized for all timing differences. Deferred tax assets
are recognized for timing differences of items other than unabsorbed depreciation and
carry forward losses only to the extent that reasonable certainty exists that sufficient
future taxable income will be available against which these can be realized. However,
if there is unabsorbed depreciation and carry forward of losses, deferred tax assets are
recognized only if there is virtual certainty that there will be sufficient future taxable
income available to realize the assets. Deferred tax assets are reviewed at each balance
sheet date for their realisability.

Current tax assets and current tax liabilities are offset when there is a legally
enforceable right to set off the recognized amounts and there is an intention to settle the
asset and the liability on a net basis. Deferred tax assets and deferred tax liabilities are
offset when there is a legally enforceable right to set off assets against liabilities
representing current tax and where the deferred tax assets and the deferred tax
liabilities relate to taxes on income levied by the same governing taxation laws.

Minimum Alternate Tax credit is recognized as an asset only when and to the extent
that there is convincing evidence that the company will pay normal income tax during
the specified period. Such asset is reviewed at each Balance Sheet date and the
carrying amount of the MAT credit is written down to the extent that there is no longer
a convincing evidence to the effect that the Company will pay normal income tax during
the specified period.

2.10. Cash and Cash Equivalents

In the cash flow statement, cash and cash equivalents include cash in hand, demand
deposits with banks and other short-term highly liquid investments with original
maturities of three months or less.

2.11. Borrowing Costs

Borrowing costs, if any, directly attributable to acquisition or construction of
qualifying assets (i.e. those fixed assets which necessarily take a substantial period of
time to get ready for their intended use) are capitalized. Other borrowing costs are
recognized as an expense in the period in which they are incurred.

2.12. Deferred Revenue and Unbilled Revenue

Amounts received from customers or billed to customers, in advance of services
performed are recorded as deferred revenue under Other Current Liabilities. Unbilled
revenue included in Other Current Assets, represents amounts recognized in respect
of services performed in accordance with contract terms, not yet billed to customers
as at the year end.

2.13. Segment Reporting

The Company operates under a single operating segment in accordance with
Accounting Standard 17 - ''Segment Reporting'' and hence, segment reporting is not
applicable to the Company.

2.14. Prior Period Items, Exceptional and Extraordinary Items

The Company follows the practice of making adjustments through ''prior year
adjustments'' in respect of all material transactions pertaining to the period prior to the
current accounting year. The prior period adjustments, if any, are shown by way of
notes to financial statements.

Exceptional and Extra Ordinary Items, if any, are shown separately as per applicable
accounting standards.

2.15. Earnings per Share

The Company reports basic and diluted Earnings per Share (EPS) in accordance with
Accounting Standard 20.

33 Segment repporting

The company operates under a single reporing segment" Spinning of cotton Yarns" and hence, segment reporting is not applicable to the company as per AS 17-Segment reporting
34. Employee Benefits

1.In Case of funded scheme, the fund are recognized by the income tax authorities and administered through trustees. The company''s defind contribution plans are provident fund(in
case of certain employees),(under the provident funds and miscellaneous provision act 1952).The company has no further obligation beyond making the contributions to such plan
the company''s defined benefit plans includes Gratuity only.

2. The company provides for leave encashment on actual payment basis only._

3.3 Aggregate no. of bonus share issued for consideration other then cash and share bought back during the period of 5 year (or less) immediately preceding the reporting date-not applicable

3.4 Right preference and restrictions attached to share Equity shares

The company has one class of equity share having face value of Rs 10per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution to all preferential amount, in proportion to their shareholding.

33 Segment repporting

The company operates under a single reporing segment" Spinning of cotton Yarns" and hence, segment reporting is not applicable to the company as per AS 17-Segment reporting

34. Employee Benefits

1.In Case of funded scheme, the fund are recognized by the income tax authorities and administered through trustees. The company''s defind contribution plans are provident fund(in case of certain employees),(under the provident funds and miscellaneous provision act 1952).The company has no further obligation beyond making the contributions to such plan. the company''s defined benefit plans includes Gratuity only.

2. The company provides for leave encashment on actual payment basis only.

35 Other notes

1. Previous year''s figures have been regrouped/ reclassified wherever necessary to correspond with the current year''s classification/Disclosure.

2.7. Provisions and Contingent Liabilities

Provisions are recognized when there is a present obligation 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 there is a reliable estimate of the amount of the obligation.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

2.8. Revenue Recognition

Sale of goods: Sales are recognized when the significant risks and rewards of ownership in the goods are transferred to the buyer as per the terms of the contract and are recognized net of trade discounts, rebates, sales taxes and excise duties.

Sale of services: In contracts involving the rendering of services, revenue is measured using the proportionate completion method and is recognized net of taxes.

Revenue in respect of other types of income is recognized when no significant uncertainty exists regarding realization of such income.

2.9. Government Grants

Government grants in the nature of revenue receipts are recognized in the Statement of Profit and Loss when there is reasonable certainty of its receipt from the Government in the period to which they relate.

Government grants in the nature of capital receipts are deducted from the cost of assets against which such grants have been recognized. Such grants are recognized when there is reasonable certainty of its receipt from the Government.

2.10. Taxes on Income

Tax expense for the period, comprising current tax and deferred tax, are included in the determination of the net profit or loss for the period.

Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the taxation laws prevailing in the respective jurisdictions.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets are recognized for timing differences of items other than unabsorbed depreciation and carry forward losses only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. However, if there is unabsorbed depreciation and carry forward of losses, deferred tax assets are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize the assets. Deferred tax assets are reviewed at each balance sheet date for their realisability.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off assets against liabilities representing current tax and where the deferred tax assets and the deferred tax liabilities relate to taxes on income levied by the same governing taxation laws.

Minimum Alternate Tax credit is recognized as an asset only when and to the extent that there is convincing evidence that the company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit is written down to the extent that there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specified period.

2.11. Cash and Cash Equivalents

In the cash flow statement, cash and cash equivalents include cash in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

2.12. Borrowing Costs

Borrowing costs, if any, directly attributable to acquisition or construction of qualifying assets (i.e. those fixed assets which necessarily take a substantial period of time to get ready for their intended use) are capitalized. Other borrowing costs are recognized as an expense in the period in which they are incurred.

2.13. Deferred Revenue and Unbilled Revenue

Amounts received from customers or billed to customers, in advance of services performed are recorded as deferred revenue under Other Current Liabilities. Unbilled revenue included in Other Current Assets, represents amounts recognized in respect of services performed in accordance with contract terms, not yet billed to customers as at the year end.

2.14. Segment Reporting

The Company operates under a single operating segment in accordance with Accounting Standard 17 - ''Segment Reporting''and hence, segment reporting is not applicable to the Company.

2.15. Prior Period Items, Exceptional and Extraordinary Items

The Company follows the practice of making adjustments through ''prior year adjustments'' in respect of all material transactions pertaining to the period prior to the current accounting year. The prior period adjustments, if any, are shown by way of notes to financial statements.

Exceptional and Extra Ordinary Items, if any, are shown separately as per applicable accounting standards.

2.16. Earnings per Share

The Company reports basic and diluted Earnings per Share (EPS) in accordance with Accounting Standard 20.

33 Segment reporting

The company operates under a single reporting segment" Spinning of cotton Yarns" and hence, segment reporting is not applicable to the company as per AS 17-Segment reporting 34. Employee Benefits

1.In Case of funded scheme, the fund are recognized by the income tax authorities and administered through trustees. The company''s defind contribution plans are provident fund(in case of certain employees),(under the provident funds and miscellaneous provision act 1952).The company has no further obligation beyond making the contributions to such plan. the company’s defined benefit plans includes Gratuity only.

2. The company provides for leave encashment on actual payment basis only._

35 Other notes

1. Previous year''s figures have been regrouped/ reclassified wherever necessary to correspond with the current year''s classification/Disclosure.

Signature to notes 1 to 34 of financial statements.

For, Chetan Agarwal & Co For and on behalf of Angel Fibers Limited,

Chartered Accountant

CA Dipak C Dama _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Partner Rameshbhai J Ranipa Rohanbhai j Raiyani

M. No.138142 Whole-Time Director Managing Director

Firm Reg. No. 120447W DIN:03339532 DIN:08814726

Place : Jamnagar Date: 27/05/2024

Reena Kanabar Ashish Dhirajbhai desai

Company Secretary CFO

Place: Jamnagar Date: 27/05/2024

2.7. Provisions and Contingent Liabilities

Provisions are recognized when there is a present obligation 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 there is a reliable estimate of the amount of the obligation.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

2.8. Revenue Recognition

Sale of goods: Sales are recognized when the significant risks and rewards of ownership in the goods are transferred to the buyer as per the terms of the contract and are recognized net of trade discounts, rebates, sales taxes and excise duties.

Sale of services: In contracts involving the rendering of services, revenue is measured using the proportionate completion method and is recognized net of taxes.

Revenue in respect of other types of income is recognized when no significant uncertainty exists regarding realization of such income.

2.9. Government Grants

Government grants in the nature of revenue receipts are recognized in the Statement of Profit and Loss when there is reasonable certainty of its receipt from the Government in the period to which they relate.

Government grants in the nature of capital receipts are deducted from the cost of assets against which such grants have been recognized. Such grants are recognized when there is reasonable certainty of its receipt from the Government.

2.10. Taxes on Income

Tax expense for the period, comprising current tax and deferred tax, are included in the determination of the net profit or loss for the period. Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the taxation laws prevailing in the respective jurisdictions.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets are recognized for timing differences of items other than unabsorbed depreciation and carry forward losses only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. However, if there is unabsorbed depreciation and carry forward of losses, deferred tax assets are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize the assets. Deferred tax assets are reviewed at each balance sheet date for their realisability.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off assets against liabilities representing current tax and where the deferred tax assets and the deferred tax liabilities relate to taxes on income levied by the same governing taxation laws.

Minimum Alternate Tax credit is recognized as an asset only when and to the extent that there is convincing evidence that the company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit is written down to the extent that there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specified period.

2.11. Cash and Cash Equivalents

In the cash flow statement, cash and cash equivalents include cash in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

2.12. Borrowing Costs

Borrowing costs, if any, directly attributable to acquisition or construction of qualifying assets (i.e. those fixed assets which necessarily take a substantial period of time to get ready for their intended use) are capitalized. Other borrowing costs are recognized as an expense in the period in which they are incurred.

2.13. Deferred Revenue and Unbilled Revenue

Amounts received from customers or billed to customers, in advance of services performed are recorded as deferred revenue under Other Current Liabilities. Unbilled revenue included in Other Current Assets, represents amounts recognized in respect of services performed in accordance with contract terms, not yet billed to customers as at the year end.

2.14. Segment Reporting

The Company operates under a single operating segment in accordance with Accounting Standard 17 - not applicable to the Company.

2.15. Prior Period Items, Exceptional and Extraordinary Items

The Company follows the practice of making adjustments through ''prior year adjustments'' in respect of all material transactions pertaining to the period prior to the current accounting year. The prior period adjustments, if any, are shown by way of notes to financial statements.

Exceptional and Extra Ordinary Items, if any, are shown separately as per applicable accounting standards.

2.16. Earnings per Share

The Company reports basic and diluted Earnings per Share (EPS) in accordance with Accounting Standard 20.

34. Other notes

1. Previous year''s figures have been regrouped/ reclassified wherever necessary to correspond with the curent year''s classification/Disclosure.

Signature to notes 1 to 34 of financial statements.

For, Chetan Agarwal & Co For and on behalf of Angel Fibers Limited,

Chartered Accountant

CA Dipak C Dama Rameshbhai J Ranipa Rohanbhai j Raiyani

Partner Whole-Time Directore Managing Director

M. No.: 138142 DIN: 03339532 DIN: 08814726

Firm Reg. No.: 120447W

Reena Kanabar Ashish Dhirajbhai desai

Place : Jamnagar Company Secretary CFO

Date : 30/05/2023 PAN: BQSPK2174E PAN: CEFPD1282N