1.12 Provisions / Contingencies
(a) Provision involving substantial degree of estimation in measurements is 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.
(b) Contingent Liabilities are shown by way of notes to the Accounts in respect of obligations where, based on the evidence
available, their existence at the Balance Sheet date is considered not probable.
(c) A Contingent Asset is not recognized in the Accounts.
1.13 Segment Reporting
A. Business Segments:
Based on the guiding principles given in Accounting Standard 17 (AS - 17) on Segment Reporting issued by ICAI, the
Company has only one reportable Business Segment, which is engaged in Transportation Service Activities. Accordingly, the
figures appearing in these financial statements relate to the Company' s single Business Segment.
B. Geographical Segments:
The Company activities / operations are confined to India and as such there is only one geographical segment. Accordingly, the
figures appearing in these financial statements relate to the Company ' s single geographical segment.
1.14 Foreign Currency Transactions
Foreign exchange transactions are recorded at the rate prevailing on the date of respective transaction. Monetary assets and
liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date.
Non monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the
exchange rate at the date of transacion. Exchange diffrences arising on foreign exchange transactions settled during the year and
on restatement as at the balance sheet date are recognized in the statement of profit and loss for the year.
During the period under consideration, the comapny has not entered into any foreign currency trasnsactions.
1.15 Warranty
The company Provide its Service, which does not carry a warranty. No provision is made in the accounts toward warranty
expenses. The same is accounted on actuals basis.
1.16 Balance Confirmations
Balance of Debtors & Creditors & Loans & advances Taken & giving are subject to confirmation and subject to consequential
adjustments, if any. Debtors & creditors balance has been shown separately and the advances received and paid from/to the
parties is shown as advance from customer and advance to suppliers.
1.17 Regrouping
Previous year’ s figures have been regrouped and reclassified wherever necessary to match with current year grouping and
classification.
1.18 Pandemic fCovid-19) impact
The World Health Organization announced a global health emergency because of a new strain of coronavirus ("COVID-19”)
and classified its outbreak as a pandemic on 11 March 2020. On 24 March 2020, the Indian government announced a strict 21-
day lockdown across the country to contain the spread of the virus. The management has made an assessment of the impact of
COVID-19 on the Company' s operations, financial performance and position for the year ended 31 March 2023 and has
concluded that no there is no significant impact which is required to be recognized in the financial statements. Accordingly, no
adjustments are required to be made to the financial statements.
1.19 Corporate Social Responsibility And Social Impact fCSR)
As per Section 135 of the Companies Act 2013, the the Company has formed a Corporate Social Responsibility (CSR)
Committee. The CSR Committee approved CSR Policy where certain focus areas out of list of activities covered in Schedule VII of
the Companies Act 2013, have been identified to incur CSR expenditure and we are disclosed in Seprate Annexure 1.19
(i) The Company has only one class of equity shares having a par value of Rs.10/- each. Each holder of equity share is entitled to
one vote per share.
(ii) All shares issued carry equal rights for dividend declared by the Company. There are no restrictions attached to any of the
shares.
(iii) The Company has not issued any Securities with the Right/Option to convert the same into Equity Shares at a later date.
II. Defined benefit plans I
Gratuity
The Company should provide for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in I
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the I
employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service, I
subject to a payment ceiling of INR 20,00,000/-.
Notes
a. The rate used to discount post-employment benefit obligations is determined by reference to market yields at the end of the reporting
period on government bonds.
b. The estimates of future salary increases considered in the actuarial valuation take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
For Jay Gupta and Associates For Rapid Fleet Management Services Limited
(Formaly Known as Gupta Agarwal & Associates)
Chartered Accountants
Firm's Registration No. 329001E
Jay Shanker Gupta Shruti Poddar Anand Poddar
Partner Director Managing Director
Membership No. 059535 DIN: 07899028 DIN: 00697859
UDIN: 25059535BMHCAK5717 -
Place: Kolkata Manish Kumar Agrawal Ankita Gupta
Date: May 24, 2025 CFO Company Secretary
Date: May 24, 2025
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