(i) SIGNIFICANT ACCOUNTING POLICIES
(A) Basis of accounting and preparation of financial statement
The financial statements are prepared under the historical cost convention on an accrual basis of accounting in
accordance with the generally accepted accounting principles, Accounting Standards notified under section
133 of the Companies Act 2013 and the relevant provisions thereof.
(B) Use of Estimates
In preparation of the financial statements, the Company is required to make judgments, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and the associated assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may differ from these estimates.
The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised and future periods affected.
(C) Functional and Presentation Currency:
The financial statements are presented in Indian Rupees, which is the functional currency of the Company
and all values are rounded to the nearest Hundred, except when otherwise indicated.
(D) Classification of Assets and Liabilities into Current/Non-current:
I. Thse Company presents assets and liabilities in the Balance Sheet based on Current/ Non-current
classification.
ii. The operating cycle is the time between the acquisition of assets for processing and their realisation in cash
and cash equivalents. The Company has ascertained its operating cycle as twelve months for the purpose of
Current/Non-current classification of its Assets and Liabilities.
Iii. An asset is classified as Current when:
• l It is expected to be realised within twelve months after the reporting period; or
• l It is cash or cash equivalent unless restricted from being exchanged or
(E) Tangible Assets and Intangible Assets
Tangible Assets are stated at cost less accumulated depreciation and impairment loss, if any. The cost of assets
comprises of purchase price and directly attributable cost of bringing the assets to working condition for its
intended use including borrowing cost and incidental expenditure incurred upto the date when the assets are
ready to use. Assets are stated at cost less accumulated depreciation and impairment loss, if any.
Intangible Assets are stated at cost less accumulated amortisation and impairment loss, if any. An intangible
asset is recognised if it is probable that the expected future economic benefits that are attributable to the asset
will flow to the Company and its cost can be measured reliably. Intangible assets having finite useful lives are
amortised on a straight-line basis over their estimated useful lives.
(F) Depreciation / Amortisation
Depreciation on fixed assets is provided in accordance with the useful lives of assets, which is as stated in the
Schedule II of Companies Act, 2013. However assets costing up to Rs. 5000/- are depreciated fully in the year of
purchase / capitalization.
(G) Investment
Investments, which are readily realizable and intended to be held for not more than one year from the date on
which such investments are made, are classified as current investment. All other investments are classified as
long term investment.
All investments are measured at cost.
(H) Stock in Trade
Stock in trade is valued at lower of cost and net realizable value.
(I) Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured.
The revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the
goods have been passed to the buyer, usually on dispatch of goods.
(J) Interest
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the
applicable interest rates. Interest income is included under the head other income in the statement of Profit
and Loss.
(K) Taxes on Income
Current tax is the amount of tax payable on the taxable income for the period as determined in accordance with
the provision of the Income Tax Act, 1961.
Deferred Tax represents the effect of timing difference between taxable income and accounting income for the
reporting period that originates in one year and capable of reversal in one or more subsequent years. The
company has Taxable profit during the year. Deferred tax assets were not recognized because there is no
"virtual certainty" that deferred tax assets can be realised against future taxable profits.
(L) Earnings Per share
Basic earnings per equity shares are calculated by dividing the net profit or loss for the period attributable to
equity shareholders by weighted average no of equity shares outstanding during the year. The weighted
average no of equity shares outstanding during the period is adjusted for events such as bonus issue and others
that have changed the number of equities shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
equity shareholders by weighted average no of equity shares outstanding during the period are adjusted for
the effects of all dilutive potential equity shares.
(M) Additional Regulatory Information
i. The Company does not have any Immovable property as on date,
ii. Valuation of PP&E, intangible asset and investment property-
The Company has not revalued its property, plant and equipment and investment property during
the current year
iii. Benami Property-
No proceedings have been initiated on or are pending against the company for holding benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made
thereunder.
iv. Borrowing secured against current assets-
The company has no borrowings from banks or financial institutions.
v. Wilful defaulter-
The Company has not been declared wilful defaulter by any bank or financial institution or government
or any government authority.
vi. Relationship with struck off companies-
The Company has not entered into any transactions with the companies struck off under the Companies
Act, 2013 or the Companies Act, 1956.
vii. Compliance with number of layers of companies-
There is no non-compliance with regard to the number of layers of companies prescribed under clause
(87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
viii. Compliance with approved scheme(s) of arrangements-
The Company has not entered into any scheme of arrangement which has an accounting impact on
current or previous financial year.
ix. Utilisation of borrowed funds and share premium-
The Company has not advanced or loaned or invested funds to any other person or entity, including
foreign entity (Intermediary) with the understanding that the Intermediary shall:
a directly or indirectly lend or invest in other person or entity 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
The Company has not received any fund from any person(s) or entity(ies), 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 person or entity identified in any manner whatsoever
by or on behalf of the Funding Party (Ultimate Beneficiaries), or
b provide any guarantee, security or the like on behalf of the ultimate beneficiaries
x. Corporate Social Responsibility-
The Company is not covered under section 135 of the companies Act 2013 and rules made thereunder.
xi. Undisclosed income-
The company has not surrendered or disclosed any income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.
xii. Details of crypto currency or virtual currency-
The Company has not entered into any transactions relating to Crypto or Virtual Currency
The Company has only one class of issued, subscribed and paid up equity shares having a par value of Rs. 10/- each per share.
Each holder of equity shares is entitled to one vote per share. The dividend, if proposed by the Board of Directors is subject to
the approval of the Shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to number of equity shares held by the shareholders.
(20) Segment Information
Considering the nature of the Company's business and operations,there are no separate reportable segments
(business/ geographical) in accordance with the requirements of Accounting Standard 17 'Segment
Reporting',issued by ICAI.
(21) Previous Year Figures :
The previous year figures, have been regrouped / reclassified, wherever necessary to confirm to the current years
presentation.
24. OTHER NOTES
a) Earnings/Expenditure in Foreign Currency NIL (Previous Year Nil)
b) In the opinion of the Management and to the best of their knowledge and belief, the value of current assets, loans
and advances, if realised in the ordinary course of business would not be less than the amount at which they are
stated in the Balance Sheet.
c) Disclosure Of Related Party Transaction
1. Key Managerial Personnel :-
Gopal Agarwal (Managing Director)
Narayan Gope (Director)
Subhas Agarwal CFO
d) Entities under significant influence with whom Company has transactions during the year: NIL
e) Transactions with Related Parties :- (Amount in hundred) |
Name of Related Person Relation Nature of Transaction Amount (Rs.)
Gopal Agarwal Managing Director Remunatration 500.00
Subhas Agarwal CFO Remunatration 3,600.00
f) Company has no liability on account of Employee Retirement benefits.
g) The company has not recognised Deffered Tax Liability/Asset in view of uncertainty of its reliazation as on the date of
Balance Sheet
h) Amount payable to Micro, Medium & Small Enterprise- Nil
i) Contingent Liability -NIL
j) All amounts in Hundred of Rs., except share data and as stated otherwise
For M K K Agarwal & Associates For and on Behalf of Board of Directors
Chartered Accountants
Firm Reg No : 328816E
SD/- SD/-
SD/- Gopal Agarwal Narayan Gope
DIN No - 07821175 DIN No - 07792366
CA Mukesh Agarwal Managing Director Director
(Partner)
Membership No: 307279
Place: Kolkata SD/- SD/-
Date : 30th May 2024 SUBHAS AGARWAL SWEETY CHOUDHARY
UDIN - 24307279BKCSUY9007 CFO Mem. No.^38388
Company Secretary
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