1.12. Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and It is probable that there will be an outflow of resources.
The Company are not recognized any Contingent Liabilities and Contingent Assets in the financial statements.
1-13. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a noncash nature, any deferrals or accruals or accruals of past & future operating cash receipts or payments and item of income or
expenses associated with investing and financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.
1.14. Borrowing Cost
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the'cost of such assets. A qualifying asset is one that takes necessarily substantial period of time to get ready for Its intended use. All other borrowing costs are charged to revenue.
115- Foreign Currency Transactions
Earnings in Foreign Currency - Nil (Previous year: Nil)
Expenditure in Foreign Currency - Nil (Previous Year: NIL)
1.16. Contingent Liabilities not provided for
The company does not have any Contingent liability that need to disclosed in the notes on accounts.
1.17. MSMED Act. 2006
The Government of India has promulgated an Act namely The Micro, Small and Medium Enterprises Development Act 2006 which comes into force with effect from October 2, 2006. As per the Act, the company is required to identify the Micro Small & Medium suppliers and pay them interest on over dues beyond the specified period irrespective of the terms agreed with the suppliers. The Company does not have any dues to any entity covered under The Micro, Small and Medium Enterprises Development Act, 2006. K
1.18. COVIP-19
The outbreak of Coronavirus (COVID-19) pandemic globally and in India has caused significant disturbance and slowdown of economic activity. During the year ended March 31, 2024, there is no significant impact on the operations of the Company. The Company has taken into account the possible impact of COVID-19 in preparation of financial statements, including its assessment of recoverable value of its assets based on internal and external information up to the date of approval of these financial statements and current indicators of future economic conditions.
1.19. Contingent Liabilities & Pending Litigations
The company does not have any Contingent Liabilities & pending litigations as on the Balance Sheet date and hence no provision is required under any law or accounting standard, for material foreseeable losses if any on long term contracts including derivative contracts.
1.20. Related Party Disclosures
In accordance with the provisions of AS 18 "Related Party Disclosures" and the Companies Act, 2013, Subsidiary company and Company's Directors, are considered as Key Management Personnel.
(a) Holding Companies
I. NIL
(b> Associate Companies
I. NIL
(c) Subsidiary Companies I. NIL
1.21. Transactions with related parties
There were no related party transactions during the year.
1.22. Other Regulatory Information
I. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
II. The Company does not have any transactions or relationships with any companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.
III. The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.
IV. The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year ended March 31, 2023.
V. The Company have not advanced or given loan or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b> provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
VI. The Company have not received any fund from any person(s) or entity(s), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on be half of
the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
V"' SUCh traTCti0n Whkh iS n0t reCOrded in the books of accoums that been surrendered
anv Xr rllpvlnt 1'r l'T * '** assessments ur)der the Income Tax Act, 1961 [such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). 1
VIII. The Company has not been declared as willful defaulter by any Banks, Financial Institution or other lenders.
1-23 Dividend
The company has not declared or paid any dividend during the year and has not proposed final dividend for the year 1-24 Impairment of Assets
The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the higher of the asset's net selling price and value in use, which is determined by the present value of the estimated future cash flows
1.25 Medium Enterprises Development Act, 2006 and hence disclosures have been made only for the parties from whom the declaration has been received. In respect of other vendors from whom declaration has not been received disclosure has not been made for those which have not been received disclosure has not been made.
1.26 Party's Balance with respect to the Trade Receivables, Trade & Other Payables, Loans & advances are subject to confirmatlon/reconciliation. In the opinion of management, the same are receivable/ payable as stated in the books of accounts. Hence, no effect on the profitability due to the same for the year under review.
1.27 Previous year's figure has been regrouped/rearranged whenever necessary to conform to the current year's presentation.
Notes forming part of the financial statements In terms of our report attached
For M K Kotharl & Associates .. c
Chartered Accountants . U lt Sureka Sandip Dalmia
FRN: 0323929E Managing Director Ojrector
WN - 01103875 DIN - 06875010
Manish Kumar Kothari Partner
... . „ . PuiaJain Neeta Dalmia
Mambarshlp No. - 059513
Kelkata, May 30,2024 MambarAlp No.. 33520 MPMOniSk
Place: Kolkata
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