i) 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.
When the Company expects part or entire provision to be reimbursed, the same is recognized 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 in the provision due to the
passage of time is recognized as a finance cost.
A Contingent Liability is a possible obligation that arises from past events and 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 enterprise or a present obligation that arises from past events that may, but
probably will not, require an outflow of resources.
Both provisions and contingent liabilities are reviewed at each Balance Sheet date and adjusted to
reflect the current best estimates. Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the Financial Statements.
j) Earnings Per Share:
Basic Earnings Per Share is calculated by dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year. The
weighted average numbers of equity shares outstanding during the year are adjusted for events including
a bonus issue, bonus element in right issue to existing shareholders, share split, and reverse share split
(consolidation of shares).
For the purpose of calculating diluted earnings per share, the net profit or loss for the year 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.
k) Cash and Cash Equivalent:
Cash and cash equivalent for the purpose of Cash Flow Statement comprise cash at bank and in hand.
l) Statement of Cash Flow:
Cash flows are reported using the indirect method, whereby profit / (loss) before tax is adjusted for the
effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from operating, investing and financing activities of the Company are
segregated based on the available information.
m) Segment Reporting:
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker.
The Board of Directors of the Company has been identified as being the Chief Operating Decision Maker
(CODM) by the management of the Company. The Company has single reportable segments. However
the Company has no separate reportable segment.
n) Significant Accounting Judgements, Estimates and Assumptions:
The preparation of Financial Statements is in conformity with the recognition and measurement principles
of Ind AS which requires the management to make judgements for estimates and assumptions that affect
the amounts of assets, liabilities and the disclosure of contingent liabilities on the reporting date and the
amounts of revenues and expenses during the reporting period and the disclosure of contingent liabilities.
Differences between actual results and estimates are recognized in the period in which the results are
known/ materialize.
i) Estimation of current tax expense and deferred tax:
The calculation of the Company's tax charge necessarily involves a degree of estimation and judgment in
respect of certain items whose tax treatment cannot be finally determined until resolution has been
reached with the relevant tax authority or, as appropriate, through a formal legal process. The final
resolution of some of these items may give rise to material profits/losses and/or cash flows. Significant
judgments are involved in determining the provision for income taxes, including amount expected to be
paid/recovered for uncertain tax positions.
ii) Recognition of deferred tax assets/ liabilities:
The recognition of deferred tax assets/liabilities is based upon whether it is more likely than not that
sufficient and suitable taxable profits will be available in the future against which the reversal of temporary
differences can be deducted. To determine the future taxable profits, reference is made to the latest
available profit forecasts.
iii) Estimated fair value of Financial Instruments:
The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques. The Management uses its judgment to select a variety of methods and make
assumptions that are mainly based on market conditions existing at the end of each reporting period.
III. Segment Reporting:
The Company has no separate reporting segment.
IV. Financial Instrument:
The significant accounting policies, including the criteria of recognition, the basis of measurement and the
basis on which income and expenses are recognized, in respect of each class of financial asset, financial
liability, and equity instrument are disclosed in note 2.2 of the Ind AS financial statement.
Fair Value Hierarchy
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that
are either observable or unobservable and consist of the following three levels:
Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities.
Level 2: Inputs are other than quoted prices included within level 1 that are observable for the asset or liability
either directly (i.e. prices) or indirectly (i.e. derived from prices).
Level 3: Inputs are not based on observable market data unobservable inputs. Fair value are determined in
whole or in part using a valuation model based on assumptions that are neither supported by prices
from observable current market transactions in the same instrument nor are they based on available
market data.
V. The Company's financial statements were authorized for issue in accordance with a resolution of the
Board of Directors on 21st May, 2024 in accordance with the provisions of the Companies Act, 2013 and
are subject to the approval of the shareholders at the Annual General Meeting.
VI. The figures in the financial statements are rounded off to the nearest lakhs and indicated in lakhs of
Rupees.
VII. Previous year's figures have been regrouped/re-arranged wherever necessary in order to conform to
those of the Current Year.
For Laxmikant Kabra & Co. LLP For and on behalf of the Board
Chartered Accountants
Firm Registration No.:117183W/ W100736
CA Siddhant Kabra Suman Shah Prakash shah Neha Kulkarni Jayshri Jain
Partner (Director) (Director) Company CFO
Membership No.: 193348 DIN: 01764668 DIN: 01136800 Secretary
Place: Mumbai
Date: 21st May, 2024
UDIN: 24193348BKEFUM6180
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