1.14 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement are recognized when
there is a present obligation as a result of past events and it is probable that there will be an
outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes.
Contingent Assets are neither recognized nor disclosed in the financial statements.
1.15 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit or loss for the period after tax
before OCI attributable to equity shareholders by the weighted average number of equity
shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period
after tax before OCI attributable to equity shareholders and the weighted average number of
equity shares outstanding during the year are adjusted for the effects of all dilutive potential
equity shares.
1.16 FINANCIAL INSTRUMENTS
A. Initial recognition
The Company recognizes financial assets and financial liabilities when it becomes a party to
the contractual provisions of the instrument. All financial assets and liabilities are recognized
at fair value on initial recognition, except for trade receivables which are initially measured at
transaction price. Transaction costs that are directly attributable to the acquisition or issue of
financial assets and financial liabilities, that are not at fair value through profit or loss, are
added to the fair value on initial recognition.
B. Subsequent measurement
a. Non-derivative financial instruments
i. Financial assets carried at amortized cost
A financial asset is subsequently measured at amortised cost if it is held within a business
model whose objective is to hold the asset in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
ii. Financial assets at fair value through other comprehensive income
A financial asset is subsequently measured at fair value through other comprehensive income
if it is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets and the contractual terms of the financial asset give rise
on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding. The Company has made an irrevocable election for its
investments which are classified as equity instruments to present the subsequent changes in
fair value in other comprehensive income based on its business model. Further, in cases where
the Company has made an irrevocable election based on its business model, for its investments
which are classified as equity instruments, the subsequent changes in fair value are recognized
in other comprehensive income.
iii. Financial assets at fair value through profit or loss
A financial asset which is not classified in any of the above categories are subsequently fair
valued through profit or loss.
iv. Financial liabilities
Financial liabilities are subsequently carried at amortized cost using the effective interest
method, except for contingent consideration recognized in a business combination which is
subsequently measured at fair value through profit and loss. For trade and other payables
maturing within one year from the Balance Sheet date, the carrying amounts approximate fair
value due to the short maturity of these instruments.
v. Investment in subsidiaries
Investment in subsidiaries is carried at cost in the separate financial statements.
b. Derivative financial instruments
The Company holds derivative financial instruments such as foreign exchange forward and
option contracts to mitigate the risk of changes in exchange rates on foreign currency
exposures. The counterparty for these contracts is generally a bank.
c. Derecognition of financial instruments
The company derecognizes a financial asset when the contractual rights to the cash flows from
the financial asset expire or it transfers the financial asset and the transfer qualifies for
derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is
derecognized from the Company's Balance Sheet when the obligation specified in the contract
is discharged or cancelled or expires.
d. Fair value of financial instruments
In determining the fair value of its financial instruments, the Company uses a variety of
methods and assumptions that are based on market conditions and risks existing at each
reporting date. The methods used to determine fair value include discounted cash flow analysis,
available quoted market prices and dealer quotes. All methods of assessing fair value result in
general approximation of value, and such value may never actually be realized.
1.17 MISCELLANEOUS EXPENDITURE
Preliminary expenses are written off over a period of 5 years.
2.26 CURRENT LIABILITIES
In the opinion of the management of the Company, there are no micro, small and medium
Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at
March 31 2025. The information as required to be disclosed under the Micro, Small and Medium
Enterprises Development Act, 2006 has been determined to the extent such parties have been identified
on the basis of the information available with the Company and have been relied upon by the statutory
auditors of the Company.
2 28 Current Assets, Loans & Advances
In the opinion of the management of the Company, the current assets, loans and advances are
approximately of the value as stated, if realized in the ordinary course of business and are subject to
confirmation/reconciliation.
2.31 EARNINGS PER SHARE
Basic earnings per equity share has been computed by dividing net profit after tax before OCI by
the weighted average number of equity shares outstanding for the period.
Diluted earnings per equity share have been computed using the weighted average number of
equity shares and dilutive potential equity shares outstanding during the year.
2.33 INCOME TAX
Current Tax
Provision for Income tax has been made as per Income-tax Act, 1961.
Deferred Tax
In compliance with Indian Accounting Standard (Ind AS 12) relating to “Income Taxes issued
under Companies (Indian Accounting Standards) Rules, 2016 as amended up to date, the Company
has recognized Deferred Tax Liability during the year aggregating to Rs. 0.01 Lakhs (Previous Year,
Deferred Tax Liability of Rs. 0.01 Lakhs) and it has been recognized in the Statement of Profit &
Loss. In accordance with Indian Accounting Standard (Ind AS 12) Deferred Tax Assets and
Deferred Tax Liabilities have been set off.
2.34 LEASES
In accordance with Ind AS 116, a contract is, or contains, a lease if the contract conveys the right
to control the use of an identified asset for a period of time in exchange for consideration. The
Company has elected not to apply the requirements of Ind AS 116 Leases to short-term leases of all
assets that have a lease term of 12 months or less. The lease payments associated with these leases
are recognised as an expense on a straight-line basis over the lease term.
Lease payments recognized in the statement of profit and loss are Rs. 1.31 Lakhs (Previous Year Rs.
1.31 Lakhs).
2.35 The Company has re-grouped/reclassified previous year’s figures to conform to current years
classification. Rupees have been rounded off to nearest thousand.
2.36 LOANS
The company had no outstanding loans.
2.38 Fixed assets possessed by the company are treated as corporate assets and are not Cash
Generating Unit as per Accounting Standard -28 issued by the Institute of Chartered Accountants of
India. In the opinion of management there is no impairment of the fixed assets of the company.
2.39 Depreciation
Depreciation on fixed assets is provided on straight-line method at the rates and in the manner
prescribed in Schedule II of the Companies Act, 2013 over their useful life.
2.41 Previous year figures have been regrouped and re-arranged whenever considered necessary to make it
compatible with current year figures. The figures in financial statements have been reflected in nearest
rupee thousands.
As per our report of even date
FOR DEVINE IMPEX LIMITED FOR DEEPAK JINDAL & CO.
(CIN- L51110PB1995PLC017179) CHARTERED ACCOUNT AMI'S
FIRM REGN. NO. 023023N
sd/- sd/- sd/'
(Manju Jain) (Neeraj Jain) (Deepak Jindal)
Director Managing Director PARTNER
(DIN: 02711684) (DIN: 01132916)
sd/' Sd/-
(Anil Jain) (Rohit Jain)
Company Secretary Chief Financial Officer
(PAN AASPJ0697C) (PAN ABBPJ3377K)
PLACE: CHANDIGARH
DATE: may29th,2025
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