1 CORPORATE INFORMATION
The Company is engaged in the business of
manufacturing of chemical.
2 BASIS OF PREPARATION AND PRESENTATION
OF FINANCIAL STATEMENTS
a) The Financial statements have been
prepared under the historical convention
and on the accounting principles of going
concern. Accounting policies not specifically
referred to otherwise are in accordance with
the generally accepted accounting principles
and materially comply with the mandatory
Ind AS issued by the Institute of Chartered
Accountants of India.
b) The preparation of financial statements
requires the management of the Company
to make estimates and assumptions that
affect the reported balances of assets
and liabilities and disclosures relating
to contingent liabilities as at the date of
financial statements and reported amount
of income and expenses during the year. The
management believes that the estimates used
in the preparation of financial statements are
prudent and reasonable. Future results could
differ from these estimates.
The Company follows mercantile system of
c) accounting and recognises significant items
of income and expenditure on accrual basis.
The company is complying with the Indian
d) Accounting-Standards (Ind-AS) issued by
the ICAI, as per the requirements of the
Companies Act, 2013.
First Time Adoption of Ind AS
In accordance with the Companies (Indian
Accounting Standards), Rules 2015 of the
Companies Act 2013, read with Section 133 of
the Companies Act 2013, the Company adopted
the Indian Accoutng Standards (Ind AS) for
preparation of its financial statements with effect
from 1st April 2024
I PROPERTY PLANT AND EQUIPMENT
a) Expenditure of capital nature are capitalized
at cost comprising of purchase price (net
of GST, rebates and discounts) and any
other cost which is directly attributable to
bring the assets to its working condition
for the intended use. All Property, plant &
Equipments
are carried at cost less depreciation. But when an
asset is scraped or otherwise disposed off, the
cost and related depreciation are written off from
the books of accounts and resultant profit or loss,
if any is reflected in profit and loss account. The
Company capitalized Inward Freight of Capital
Asset at the end of month.
II DEPRECIATION
The charge in respect of depreciation is
derived after estimating the asset's expected
useful life and the expected residual value
at the end of its life. The depreciation
method, useful lives and residual values of
the Company's assets are estimated by the
management at the time the asset is acquired
and reviewed at financial year end.
Depreciation has been provided on the method
and at the rates in the manner prescribed
in schedule II to the Companies Act. 2013,
III FOREIGN EXCHANGE TRANSACTIONS
a) All the Monetary assets and liabilities in
foreign currencies are translated in Indian
rupees at the exchange rates prevailing at the
Balance Sheet date as notified. The resultant
gain / loss are accounted for in the Profit &
Loss account.
b) The outstanding foreign exchange
transactions are stated at the prevailing
exchange rate as on the date of balance
sheet.
c) Items of Income and expenditure relating to
foreign exchange transactions are recorded
at exchange rates prevailing on the date of
the transactions.
IV INVENTORY VALUATION
Stock of raw materials, stores & spares are
a) valued at lower of purchase cost or net
realizable value.
b) Finished goods are valued at cost of
production or net realisable value whichever is
less. Cost for the purpose of valuation includes
raw material consumption, manufacturing
expenses and other appropriate overheads
there on in accordance with IND AS-2 issued
by ICAI
V REVENUE RECOGNITION
a) Sales
Revenue on Sale of is recognized on the basis
of dispatches from factory gates.
b) Interest Income
Interest income is recognized as it accrues
on a time proportion basis taking in to
account the amount of investment and rate
applicable.
VI GST
Liabilities for GST occur and accounted
for as when the materials get dispatched.
VII IMPAIRMENT OF ASSETS
At the end of each year, the company
determines whether a provision should be
made for impairment loss on fixed assets by
considering the indications that impairment
loss may have occurred and where the
recoverable amount of any fixed asset is lower
than the carrying amount, a provision for
impairment loss on fixed assets is made for the
difference. Recoverable amount is generally
measured using discounted estimated
cash flows. Post impairment, depreciation
is provided on the revised carrying value
of asset over its remaining useful life.
Management is of the view that no such
assets exists in the Company.
VIII TAXATION
Current tax is determined as the amount of
tax payable in respect of taxable income for
the year. Deferred tax for timing difference
between the book profits and tax profits is
recognized using the tax rates and laws that
have been enacted or substantially enacted
as of the Balance Sheet date. Deferred tax
assets arising from the timing differences are
recognized to the extent there is reasonable
certainty that sufficient future taxable
income will be available against which such
deferred tax assets can be realized.
IX EARNING PER SHARE
Basic EPS is calculated by dividing the net
profit for the year attributable to Equity
Shareholders by the weighted average
number of equity shares outstanding during
the year. The weighted average number
of equity shares outstanding the year is
adjusted for events of bonus issue and share
split.
For the purpose of calculating Diluted
Earnings per Share, the Net Profit for the year
attributable to Equity Shareholders and the
weighted average number of equity shares
outstanding during the year are adjusted
for the effect of all dilutive potential equity
shares. The Company does not have any
diluted equity shares at the year end.
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