I PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving a 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. Contingent Liabilities are not recognized but are disclosed in the Financial Statements. Contingent Assets are neither recognized nor disclosed in the Financial Statements.
J INVESTMENTS
Long Term investments are stated at cost and provision is made when there is a decline, other than temporary, in the value thereof. Current Investments are carried at lower of cost and market value.
K BORROWING COSTS
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 necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to Statement of Profit and Loss.
L FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.
M EMPLOYEE BENEFITS
Short-term employee benefits are recognized as an expense at the undiscounted amount in the Profit & Loss. Account of the year in which the related service is rendered.
N PROVISION FOR CURRENT AND DEFERRED TAX
Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961. Deferred Tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.
For C.P. Jaria& Co. For and on Behalf of the Board of Directors of
Chartered Accountants RAJNISH RETAIL LIMITED
Firm Registration Number: 104058W (Formerly known as Sheetal Diamonds Limited)
CA Pankaj Kumar Jain
Vijay Kumar Chopra Rajnish Kumar Singh
(Partner)
Whole Time Director Director
Membership No: 112020
DIN :10337012 DIN :07192704
UDIN: 24112020BKEYAX8965
Place : Mumbai Jaya Lahoti
Date : 19/04/2024 Company Secretary
ACS: A64725
|