(u) Provisions and Contingencies
Provisions:
Provisions are recognised when the Companny has a present obligation (legal or constructive) as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount
of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is
presented in the statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase
Contingent Liabilities:
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by
the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation
that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the
Contingent asset:
Contingent Assets is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not wholly within the control of the entity. Contingent assets are disclosed in the Financial
Statements by way of notes to accounts when an inflow of economic benefit is probable.
(v) Employees' Benefit
(i) Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within12 months after the end of the
period in which the employees render the related service are recognized in respect of employees' services up to the end of the reporting period
and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit
obligations in the Balance Sheet.
(ii) Defined Contribution Plan: Monthly contribution to the provident fund which is under defined contribution schemes are charged to
Statement of Profit & Loss and deposited with the provident fund authorities on monthly basis.
(ii) Defined Benefit Plans: Gratuities to employees are covered under the employees' group gratuity schemes and the premium is paid on the
basis of their actuarial valuation using the projected unit credit method. Actuarial gain and losses net of deferred taxes arising from experience
adjustments and changes in actuarial assumptions are recognized in other comprehensive income in the period in which they arise. Any short
falls in case of premature resignation or termination to the extent not reimbursed by LIC is being absorbed in the year of payment.
(ii) Termination benefits are charged to the Statement of Profit and Loss in the year of accrual when the Company is committed without any
possibility of withdrawal of an offer made to either terminate employment before the normal retirement date or as a result of an offer made to
encourage voluntary retirement.
This being first financial statements of the company since incorporation, are drawn for the period from January 5th 2024 to
March 31, 2025 and hence, there are no comparatives present.
Other Statutory Information
(I) The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The Company do not have any transactions with companies struck off.
(iii) The Company have not traded or invested in Crypto currency or Virtual currency during the year.
(iv) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (intermediaries) woth the understanding that the intermediary shall:
a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the company.
b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(v) The Company have not received any fund from any person(s) or entit(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 persons or entities identofoed in any manner whatsoever by or on behalf
of the funding party (ultimate beneficiary) or
(b) provide any guarnatee, security or the like on behalf of the Ultimate beneficiaries.
(vi) The Company have no such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the I ncome T ax Act, 1961.
For VRCA & Associates For and on behalf of Board of
Chartered Accountants Kshitij Polyline Limited
Firm Registration Number: 104727W CIN:26209MH200BPLC180484
Sd/- Sd/- Sd/-
CA Vaibhav Goel Mahendra Kumar Jai Vineeta Jain
Partner Director Director
Membership Number: 150053 DIN: 09765526 DIN: 10481057
Place: Vadodara, India Place: Place:
Date: Date: Date:
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