Significant Accounting Policies and Other Notes to financial Statement NOTES ON ACCOUNTS

1. Accounting Standards Compliance

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 (‘the Act’) read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified).

AS-1 Disclosure of Accounting Policies

• The accounts of the company have been prepared by following mercantile system of accounting and recognize Statements of Income and Expenditure Account on an accrual basis except those with significant uncertainties. However, in respect of certain transaction such as Income Tax Post assessment dues or refunds, gratuity, and guarantees - warranty claims, the account are maintained on cash basis of accounting.

• The accounts have been prepared as per historical cost convention. These costs are not adjusted to reflect the impact of changing value in the purchasing power of money.

AS-2 Valuation of Inventories

• A. The stock-in-trade is valued at cost or market value whichever is lower. The stock is physically verified by management at the year end. Further, the valuation of inventories and quantitative details in respect of Opening Stock, Purchase & Closing Stock is certified by the management technical personnel and the same is incorporated in financial statement of accounts.

• Scrap is valued at net realizable value.

AS-3 Cash Flow Statements

• Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

• Cash Flow Statement is applicable to the company.

AS-4 Contingencies and events occurring after the Balance-Sheet Date.

• Company is contingently liable for providing performance guarantee of Rs.5,53,40,419/- (PY Rs. 7,85,41,254/-).

AS-5 Net profit or loss for the period, prior period items and changes in accounting

policies.

• Significant items of Income & Expenditure which relate to prior accounting period are accounted in the Profit and Loss account under the head “Prior Period Adjustments” other than those occasions by events occurring during or after the close of the year and which are treated as relatable to the current year.

AS-7 Accounting for Construction Contracts.

• This standard is not applicable to the company.

AS-8 Accounting for Research and Development

• The company has not incurred any expenditure (capital or revenue) on Research and Development.

AS-9 Revenue Recognition

• Sale of goods

The revenue is recognised when property in the goods are transferred to the buyer for a price or all significant risks and rewards of ownership have been transferred to the buyer and assessee does not retain effective control of the goods transferred to a degree usually associated with ownership.

• Income from services

Revenue is recognised when there is reasonable certainty of its ultimate collection.

The revenue is recognised when the services under the contract is completed or substantially completed. The cost of services which are not recognised at reporting date is carried forward to subsequent reporting period.

Sales is shown net of GST of Rs. 18,84,87,400/ -

• Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established. Incomes are recognized when right to receive is established and there exists no uncertainty with regards to ultimate collection.

AS-10 Property, Plant and Equipment

• Fixed assets are carried at cost less accumulated depreciation and impairment losses, if any. The cost of fixed assets comprises its purchase price( net of any trade discounts and rebates), any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use.

• Subsequent expenditure on fixed assets after its purchase / completion is capitalized only if such expenditure results in an increase in the future benefits from such asset beyond its previously assessed standard of performance

• Depreciation on all fixed asset has been provided on the written down value method at the rates determined based on the useful life prescribed in schedule II to Companies act 2013.

AS-12 Accounting for Government Grants.

• The company did not receive any grants from Government.

AS-13 Accounting for Investments

• Long-term investments are carried individually at cost. Current investments are carried individually, at the lower of cost and fair value. Cost of investments includes acquisition charges such as brokerage, fees and duties.

AS-14 Accounting for amalgamation

• There were no amalgamations in the year under report

AS-15 Accounting for Employee benefits

• The Company has neither ascertained nor provided any liability in respect of employee’s dues in accordance with AS-15.

AS-16 Borrowing cost

• The borrowing cost that are directly attributable to the acquisition production and/or construction of qualifying assets are capitalized as part of the cost of such assets up to the date when the assets are ready for its intended use. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use or sale. Other borrowing costs are charged to the Profit & Loss Account.

• Borrowing cost includes commitment charges, amortised amount of discount or premium or ancillary cost of arrangement for borrowings and finance charges.

AS-17 Segment Reporting

• This standard is applicable to the company. The company has two segment and the same have been reported for its outdoor hoarding business and real estate trading.

AS-19 Leases

• This standard is not applicable to the company.

AS-20 Earning per Share

• Basic earnings per share are calculated by dividing the net profit or loss (after tax) for the year attributable to equity shareholders by the weighted average number of equity

shares outstanding during the year. The weighted average number of equity shares outstanding during the period is adjusted for events of bonus issue and share split, if any.

AS-21 Consolidated Financial Statements

• This standard is not applicable to the company.

AS-22 Accounting for Taxes on Income

• Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

• 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 are 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 and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each balance sheet date for their reliability.

AS-23 Accounting for investments in Associates in Consolidated Financial Statements

• This standard is not applicable to the company.

AS-24 Discontinuing Operations

• There has been no discontinuance of operations.

AS-25 Interim Financial Reporting

• These accounting standard is not applicable to the Company.

AS-26 Intangible Assets

• Fixed assets follows schedule include an intangible assets of Rs.3,25,414/-.

AS-28 Impairment of assets

• There is no Impairment of assets during the year.

OTHER NOTES:

1. Auditor’s Remuneration for statutory audit

** The above figures are Inclusive of goods and services tax except provision for Audit fees.

2. Use of Estimates:

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.

3. Provisions and contingencies:

A provision is recognized 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 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. Contingent assets are not recognized in the financial statements.

4. Contingent Liabilities:

• No provision is made for liabilities which are contingent in nature but, if material, the same are disclosed by way of notes to the accounts.

• The amount of counter guarantees given by the company, claims against the company not acknowledged as debts and estimated amount for labour work remaining to be executed is not ascertained.

5. Remuneration paid to directors during the year is Rs. 48,00,000 ( PY Rs. NIL)

6. In the opinion of Directors, the current assets, Loans & Advances, are approximately of the value as stated, if realized in the ordinary course of business.

7. The Outstanding balances of Trade Receivables, Trade Payables, Unsecured Loan received, Loans & Advances given, Advance given to Suppliers and Advance received from Customers, TDS Receivable accounts and GST Accounts are Subject to Confirmation, reconciliation and consequent adjustments, if any.

8. The Previous year figures have been reworked, regrouped, rearranged and re-classified wherever necessary, so as to correspond with the current year classification.

9. The title deeds of the immovable property (other than properties where the company is the lessee and the lease agreement is duly executed in favour of the lessee) are held in the name of the company. Office premises no. 801 to 804 at Cresent tower with its basement parking forming part of land and building is not yet transferred in company's name after succession/conversion of predecessors proprietary concern M/s. Bright Advertising Agency through its proprietor Mr. Yogesh Lakhani during F.Y 2007-08.

10. Other additional regulatory requirement disclosures as per amendments in Schedule III (Revised) to the Companies Act, 2013 which are effective from 01/04/2021, are not applicable to the company for the year under review.

11. The Information as required by Section 22 of MSMED Act, 2006 as per the details provided by Management.

I. (a) The Principal amount due to Micro and small Enterprises at year end as per books of accounts-Rs. Nil. (P.Y. Rs. Nil.)

(b) Interest due to Micro and Small Enterprises at year end as per books of accounts-Rs. Nil.

II. The amount of interest paid to Micro and Small enterprises along with payment made to them beyond the appointed day during the year-Rs. Nil.

III. The amount of interest due and payable to Micro and Small Enterprises on the Principal payment beyond the appointed day during the year without interest-Rs. Nil.

IV. The amount of interest accrued and remaining unpaid to Micro and Small Enterprises at the year-end-Rs. Nil.

V. The amount of further interest by compounding the above interest till its payment in succeeding year-Rs. Nil.

12. Key financial ratios are annexed separately.