K. Contingent liabilities and provisions
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably.
A disclosure is made for a contingent liability when there is a:
i. Possible obligation, the existence of which will be confirmed by the occurrence /non- occurrence of one or more uncertain events, not fully with in the control of the company,
ii. Present obligation, where it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation.
iii. Present obligation, where a reliable estimate cannot be made.
A provision is recognised when the company has a present obligation as a result of past events, 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. Provisions are not disclosed to their present value and are determined based on best estimates required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and are adjusted to reflect the current best estimates.
L. Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.
M. Cash, Cash Equivalents and Bank Balances
Cash, Cash Equivalents and Bank Balances for the purpose of Cash Flow Statement comprise Cash at Bank, Cash in Hand, Cheques / Drafts in Hand,
Deposits with Bank within 12 months maturity and other permissible instrument as per Accounting Standards AS-3.
N. Borrowings Cost:
Borrowings Cost attributable to the acquisition or construction of a qualifying asset is capitalized as part of the cost of the asset. Other borrowings costs are recognized as an expense in the period in which they are incurred.
O. Segment Information:
Based on the principles for determination of segments given in Accounting Standards 17 " Segment Reporting" issued by accounting standards notified by Companies (Accounting Standard) Rules, 2008, the Company is mainly engaged in the activity surrounded with main business of the Company hence there is no reportable segment.
P. Prior Period Expenditure:
The change in estimate due to error or omission in earlier period is treated as prior period items. The items in respect of which liability has arisen / crystallized in the current year, though pertaining to earlier year is not treated as prior period expenditure.
Q. Extra Ordinary Items:
The income or expenses that arise from event or transactions which are clearly distinct from the ordinary activities of the company and are not recuring in nature are treated as extra ordinary items. The extra ordinary items are disclosed in the statement of profit and loss as a part of net profit or loss for the period in a manner so as the impact of the same on current profit can be perceived.
R. Others
Amounts related to previous years, arisen / settled during the year have been debited/ credited to respective heads of accounts.
S. Taxation
a) Provision for Taxation for the year has been made in accordance with the Income Tax Act, 1961 taking into account, Minimum Alternative Tax (MAT) provisions in pursuance of the Income Tax Act 1961 which gives rise to future economic benefit in form of tax credits to be utilized in subsequent years.
b) Deferred Tax Asset or Liability at the end of each year is recognized on account of all timing differences in accordance with the mandatory Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. The required adjustment is made in the statement of profit and loss accordingly.
c) Further, Deferred Tax Asset is recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.
T. Provisions
Provisions are recognised when the Company has a binding present obligation. This may be either legal because it derives from a contract, legislation, or other operation of law, or constructive because the Company created valid expectations on the part of third parties by accepting certain responsibilities. To record such an obligation, it must be probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made for the amount of the obligation. The amount recognised as a provision and the indicated time range of the outflow of economic benefits is the best estimate (most probable outcome) of the expenditure required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation, Noncurrent provisions are discounted if the impact is material.
U. Earnings per share
Basic earnings per share are computed by dividing the profit or loss after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share are computed by dividing the profit / (loss) after tax as adjusted for dividend, interest, and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share.
1.3 Income in Foreign Currency: NIL
1.4 Expenditure in Foreign Currency: NIL
1.5 Related Party Transactions
1.6 Details of dues to micro and small enterprises as defined under the MSMED Act, 2006
The company does not have any Micro, Small, and Medium Enterprises, it has been confirmed by the company which has been relied upon by the auditors. According to such identification, outstanding/ unpaid amounts to Micro and Small Enterprises as per MSMED Act, 2006.
1.7 There is no contingent liability of the company at the end of the year.
1.8 As required by the Accounting Standard (AS-28) "Impairment of Assets" issued by the Chartered Accountants of India, the Company has assessed impairment of assets. There has been no impairment loss during the year.
1.9 Company recognize Deferred tax Assets (Net) as mentioned in Note No. 3.7 in financial statements.
1.10 Company has made payment of salary to employees and remuneration to the director as mentioned in the books of accounts.
1.11 No proceeding has been initiated or pending against the company for holding any Benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made thereunder as of the end of the financial year.
1.13 The Company is not sanctioned any working capital limit secured against current assets by any bank or financial Institution.
1.14 The company have balances of Sundry Debtor, Creditor, Loans & Advances. However, such balances are subject to confirmation by the company. the management confirms that these balances are correct.
1.15 Loans and Advances are considered good in respect of which company does not hold any security other than the personal guarantee of persons.
1.16 The company was not declared as a wilful defaulter by any bank or financial institution or other lenders during the financial year.
1.17 No Provision for income tax has been made in the absence of any Income Tax Liability.
1.18 During the year, the company does not have any PPE therefore has not revalued its property, plant and equipment, and intangible assets.
1.19 The company has not received/advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) through Intermediaries during the financial year.
1.20 The Company does not have any transaction that was not recorded in the books of accounts and has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
1.21 The Company has not traded or invested in Cryptocurrency or Virtual Currency during the financial year.
1.22 The Company does not have any transactions or Outstanding balances with Struck off Companies.
1.23 There are no charges or satisfaction yet to be registered with the Registrar of Companies
beyond the statutory period.
1.24 Ratios Analysis: Attached separately hereunder.
1.25 Company incorporation is on 07th January 2022 So, Previous year figures are not available.
For NYS & Company For: - HEALTHY LIFE AGRETIC LIMITED
Chartered Accountants
ICAI F.R.No. 017007N
CA. Nitesh Agrawal Mohammed Sadiq Divya Mojjada
Partner Director Director
Membership No. 527125 DIN No: - 08606802 DIN No: - 07759911
Place: New Delhi
Date: 27/05/2024 Jyoti Kukreja Sandeep Ramkrit Gaud
Company Secretary Chief Financial Officer
M No.: A59758 PAN: BCHPG3290C
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