1. COMPANY INFORMATION
Swati Projects Limited, incorporated in India, is a public limited company. The Company is a Non-Banking Financial Company (LNBFC’) engaged in Investments in Shares & Securities and Inter-Corporate & Personal Loan, The Company is not a systematically important Company as defined in paragraph 2(1) (xix) of the Non-Banking Financiai (Non-Deposits Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions. 2007. The Company has received a Certificate bearing no. B.05.02353 from Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, J934. The equity shares of the Company are listed on the Calcutta Slock Exchange (‘CSE’), Metropolitan Slock Exchange (’MSEI) and BSE Limited (‘BSE’) in India. The Company's registered office is at 168B, Jamunalal Baja] Street, K.olkata-700007, West Bengal, India.
List of Subsidiaries with percentage holding
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Subsidiaries
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Country of Incorporation
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% uf holding
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31-03-2024
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3 t -03-2023
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Radhashree Roadsters Pvt. Led.
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India
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100
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1U0
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
a. Statement of compliance and basts for preparation and presentation oj'iinancial statements
These financial statements of the Company have been prepared in accordance with the Indian Accounting Standards as per [he Companies (Indian Accounting Standards) Rules 2015 as amended and notified under Section 133 of the Companies Act., 2013 (“the AcF’L in conformity' with the accounting principles generally accepted in India and other relevant provisions of the Act. Any application
guidanoe/darificaiions/dlreclions issued by RBI or other regulators are implemented as and when they are issued/applicabie.
b. Functional and presentation currency
These financial statements arc presented in Indian Rupees (‘INR or Rs,') which is also the Company’s functional currency. All amounLs are rounded-off to the nearest hundred, unless otherwise indicated,
c. R^v^nue Recognition
Revenue from Interest on loans by ihe company is recognized on accrual basis.
d. Use of Estimates
The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and Lhe results of operations at the end of reporting period. These estimates are based upon management’s best knowledge of current events and actions. The actual results could dliter from these estimates. Any revision to accounting estimates Is recognized prospectively,
e. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, financing and investing activities of the Company are segregated. Cash flows in foreign currencies are accounted at the aciual rales of exchange prevailing at ihe dales of the transactions.
f. Property. Plant & Equipment's
Fixed assets having negligible values are slated under retained earnings,
g. Depreciation
As the assets were transferred to retained earnings, no depreciation was required to be provided.
h. Revenue Recognition
Income from investments & orher sources ore accounted on accrual basis.
t, Inveslm its
Investments are staled al cost. All investments are long-term investments. The value of some of them has been eroded due to Market conditions for which no provision has been made in Lhe book of account
j, Contingent Liabilities
There are no so-called contingent liabilities.
k. Foreign Currency Transactions ,
Company lias nol made during the current financial year any foreign currency transac lions.
]. The Company has elec led to exercise Lhe option permitted under Sec lion 115BAA of die Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognized provision for Income Tax for the year ended 3 Is1 March, 2024.
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