3. NOTES TO ACCOUNTS:
1) Some of the Balances of sundry creditors, sundry debtors, loans & advances, and other liabilities are subject to balance confirmation and reconciliation.
2) In the opinion of the Board of Directors, Current Assets, Loans & Advances are approximately of the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.
3) The Company operates in one segment only.
4) The Company manages its capital to ensure that it will be able to continue as a going concern. The structure is managed to provide ongoing returns to shareholders and service debt obligations, whilst maintaining maximum operational flexibility.
5) The carrying amounts of trade payables, other financial liabilities, cash and cash equivalents, other bank balances, trade receivables and other financial assets are considered to be the same as their fair values due to their short-term nature.
6) The Company opines that no provision for expected credit loss is required.
7) There is no significant market risk or liquidity risk to which the Company is exposed.
9) No amount remained due to Micro and Small Enterprises as defined in the “The Micro, Small and Medium Enterprise Development Act, 2006” as identified on the basis of information collected by the management.
10) The Company has regrouped and re-classified the previous year’s figures in accordance with the requirements applicable in the current year. In view of this, certain figures of the current year are not strictly comparable with those of the previous year.
ADDITIONAL DISCLOSURES:
(i) Previous year figures have been regrouped and reclassified wherever necessary.
(ii) Expenditure and earning in foreign currency: Nil
(iii) Undisclosed Income:
Company does not have any transactions 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 Income Tax Act, 1961). Also, there are nil previously unrecorded income and related assets.
(iv) Details of Crypto Currency or Virtual Currency:
Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) Figures have been rounded off to the nearest Rupee.
Note : 20
NOTES ON ACCOUNTS
1. Previous year's figures are regrouped/rearranged wherever necessary.
2. Provision for Taxation for the current year has been made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.
3. Contingent liability in respect of claims against the company not acknowledged as debts against which the company has counterclaims aggregating to Rs. is Nil.
4. All the Opening Balances are taken as per the previous year audit report
5. In the opinion of the Board, the current assets, loans, and advances are approximately of the value stated in the Balance sheet, if realized in the ordinary course of business.
6. Information pursuant to paragraphs 2, 3, 4, and 5 of Part II of schedule III is given so far as it applies to the company.
a) Payment to Statutory Auditors
Current Year Previous Year 1. Audit Fees 0.70/- 0.55/-
7. There is no adjustment required to be made to the profits or loss for complying with ICDS notified u/s 145(2).
A. Basis of preparation of Financial Statements
The Financial statements are prepared under the historical cost convention and on accrual basis in accordance with applicable accounting standards referred to in section 133 read with rule 7 of the Companies (Accounts) rules, 2014.
Accounting policies not specifically referred to otherwise are consistent and in accordance with the generally accepted accounting principles
B. Revenue Recognition
Sales are recorded exclusive of Taxes.
C. Property, Plant and Equipments
Property, Plant and Equipments are stated at cost of acquisition or construction less accumulated depreciation, including financial cost till such assets are ready for its intended use.
D. Depreciation
Depreciation is charged on written down value method as per Companies Act 2013.
E. Impairment of Assets
Impairment of assets if any is ordinarily assessed by comparing recoverable value of individual assets with its carrying cost.
F. Inventories
Inventories are valued at cost or net realizable value whichever is lower. Cost in respect of inventories is ascertained on Weighted Average Method.
G. Investments
Long Term Investments if any are stated at cost. Provision for diminution if any in value of assets is only made when the same is of permanent nature.
H. Retirement Benefits
(i) As certified by the management, the company has no liability under the Provident Fund & Super Annuation Fund as the said acts do not apply to the company.
(ii) It is explained to us that the company does not provide for any leave encashment and any liability arising thereon shall be paid and dealt with in the books of accounts at the actual time of payment.
I. Borrowing Cost
Borrowing cost on working capital is charged against the profit & loss account in which it is incurred.
Borrowing costs that are attributable to the acquisition or construction or manufacture of qualifying assets are capitalized as a part of the cost of such assets till the date of acquisition or completion of such assets. In respect of suspended project for extended period, borrowing costs are not capitalized for such period.
J. Taxes on Income
Taxes on income of the current period are determined on the basis of taxable income and credits computed in accordance with the provisions of the Income tax Act, 1961.
Deferred tax is recognized on timing differences 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.
K. Provision, Contingent liabilities and contingent assets
Provisions involving a substantial degree of estimation in measurement are recognized when there is a present obligation as a result of a past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but the same is disclosed in the financial statements. Contingent assets are neither recognized nor disclosed in the financial statements.
L. Applicability of IndAS-24
In accordance with the requirements of IndAS-24 "Related Party Disclosures "issued by the Institute of Chartered Accountants of India, the following persons are considered as Related Party as defined in IndAS-24:-
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