Company overview
During the year, the company was engaged in trading in metal scrap, coals, graphite electrodes & other industrial inouts. However, as and
when any surplus funds are available, the same is given on interest to other parties and also invested in shares and securities to earn short
term and long term capital gains.
These aforesaid Financial Statements for the year ended March 31, 2025 are approved by the Company's Board of Directors and authorised
for issue in the meeting of Board held on May 31, 2025.
1. SIGNIFICANT ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
These financial statements have been prepared to comply in all material aspects with applicable accounting principles in India, the
applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ('Act') read with Rule 7 of the Companies
(Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and other accounting principles generally accepted in India, to
the extent applicable.
1.2 Fixed assets and depreciation
a) Fixed Assets are stated at cost of acquisition less Accumulated Depreciation.
b) Depreciation is provided on Straight Line Method basis (SLM) on Depreciable amount i.e 95% of cost of the assets over the
estimated useful lives of the assets. Estimated useful lives of assets as provided in Sch II of Companies Act 2013 & taken into
consideration is as under:
1.3 Revenue Recognition
a) Revenue is recognised only when it can be reliably measured and it is reasonable to expect ultimate collection. Turnover includes
sale of goods and services, excise duty and sales during trial run period, adjustment for discounts but excluding central sales tax,
state value added tax.
b) Dividend income is recognised when right to receive is established.
c) Interest income is recognised on time proportion basis taking into account and amount outstanding and rate applicable.
d) Share of profit/(Loss) from partnership firms for the year is accounted on the basis of provisional annual reports of the firms.
Differential share of profit/(Loss), if any, from provisional and audited annual reports of the firms will be accounted in the next
financial year.
1.4 Inventories
a) Stock in trade is valued at lower of cost or realisable value.
b) Stores & spares are written off at the time of purchases itself and no inventory is maintained.
1.5 Investments
Investments are either classified as current or long term based on Management's intention at the time of purchases
a) Current investment are carried at the lower of cost and fair market value.
b) Long term investments are carried at cost less provisions recorded to recognize any decline, other than temporary, in the carrying
value of investments.
1.6 Foreign currency transactions
Foreign currency transactions during the accounting year are translated at the rates prevalent on the transaction date. Exchange
differences arising from foreign currency fluctuations are dealt with on the date of actual payment /receipt. Assets & liabilities related to
foreign currency transactions remaining unsettled at the end of the year are translated at the year end rate. The exchange difference is
credited/ charged to profit & loss account in case of revenue items & capital items.
1.7 Income taxes
a) Income taxes are accrued in the same period that the related revenue and expenses arise. A provision is made for income tax
annually, based on the tax liability computed as per the prevailing provisions of the Income Tax Act.
b) Deferred tax is recognized on timing difference between the accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date. Deferred tax assets are recognized and
carried forward to the extent that there is reasonably/ virtual certainty that sufficient future taxable income will be available against
which such deferred tax assets can be realized.
1.8 Retirement benefits
The management is of the opinion that since none of the employees of the company were in continuous service of more than five years,
requirement of provision for gratuity does not arises. The management is also of the opinion that the provisions of payment of pension
Act are not applicable to the company.
1.9 Miscellaneous expenditure
Preliminary expenses are amortized equally over a period of ten years.
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