L) Provision, Contingent Liabilities and Contingent assets
A provision is recognized if, due to a past event, the Company has a present legal obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined based on the best estimate of the future outflow of economic benefits needed to settle the obligation as of the reporting date.
Where no reliable estimate can be made, a disclosure is provided as contingent liability. Contingent liability are also disclosed when there is a possible obligation or a present obligation that may not require an outflow of resources but the possibility cannot be ruled out.
No provision or disclosure is made for possible obligations where the likelihood of an outflow of resources is remote.
M) Cash and cash equivalents
Cash and cash equivalent in the balance sheet include cash at banks, cash on hand and term deposits with highly liquid investments.
N) Segment Reporting
The Company operates as a single segment entity, indicating that its entire business activities are integrated and managed as a cohesive unit without significant diversification into separate operating segments. This approach simplifies internal reporting and external disclosure requirements, ensuring transparency in financial reporting under applicable accounting standards.
O) Related Party Transactions
Related parties as defined under Accounting Standard -18 ‘Related Party Disclosures’ have been identified based on representations made by management and information available with the Company, All transactions with related parties are conducted in the ordinal*}' course of business and on arms’ length basis.
P) Corporate Social Responsibility (CSR)
Pursuant to Section 135 of the Companies act, 2013, applicable companies are required to allocate at least 2% of their average net profit for the immediately preceding three financial years towards CSR activities.
CSR activities encompass areas specified in Schedule VII of the Companies Act, 2013, including eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief, and rural development projects.
Funds allocated for CSR activities are primarily directed towards specific projects throughout the year, as approved by the CSR Committee established in accordance with Section 135 of the Companies Act, 2013.
Q) Earnings per share
Basic earnings per share is computed by dividing the net profit or loss attributable to equity shareholders for the period by the weighted average number of equity shares outstanding during the period.
Net profit considered for calculating earnings per share is the total profit for the period.
The weighted average number of equity shares outstanding is adjusted for events such as bonus issues, which increase the number of shares without a corresponding increase in resources.
R) Leases
The company has taken machinery' and factory on lease and classified as an Operating lease and lease rentals are recognized in profit of loss account as per lease terms.
S) Subsequent Events occurred after balance sheet date
No subsequent events are occurred after the balance sheet date.
Others
1. Figures in the financial statements have been reorganized and regrouped where feasible and deemed necessary.
2. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property
3. As of March 31, 2024, the Company has assessed and identified no transactions involving struck off companies.
4. The Company did not trade or invest in cryptocurrency or virtual currency during the financial year.
5. No funds have been advanced or loaned or invested either from borrowed funds or share premium or any other sources or kind of funds by the Company to or in any other person or entity, including foreign entities (‘Intermediaries’), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 proride any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
6. No funds have been received by the Company from any person or entity, including foreign entities (‘Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
7. The Company has not been declared as wilful defaulter by any bank or financial institution or Government or any Government authority
8. The management has confirmed the adequacy provisions made for all known and determined liabilities, ensuring they do not exceed reasonably required amounts.
9. Trade payables, trade receivables, loans, and advances are unsecured,considered good and are subject to confirmations from respective parties.
10. Realizations- The Board believes that the values stated for current assets, loans, and advances approximate their realizable values to the best of its knowledge and belief.
11. Contractual liabilities- All contractual liabilities associated with the Company s business operations have been adequately provided for.
12. Reconciliation of form 2A/2B:- GST input Credit is reconciled monthly with GST 2A/2B. GST Liability or refund is subject to Annual Return under GST Act, as amended to date.
13. Amounts in the financial statements - Amounts presented in the financial statements are rounded off to the nearest lacs. Figures in brackets denote negative values.
For and on behalf of the Board
Mr. Aniket Latkar Mrs. Mayuri Latkar --
Managing Director Whole time Director & CFO
DIN: 03312108 DIN: 03312077
|