(J) Provisions and Contingencies
Provisions:
Provisions are recognised when there is 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 there is a reliable estimate of the
amount of the obligation. Provisions are measured at the best estimate of the expenditure
required to settle the present obligation at the Balance sheet date and are discounted to
its present value as appropriate.
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 nonoccurrence
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 amount cannot
be made, is termed as a contingent liability.
(K) Revenue recognition
Revenue is measured at fair value of the consideration received or receivable. Revenue is
recognized when (or as) the Company satisfies a performance obligation by transferring a
promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as)
the customer obtains control of that asset.
When (or as) a performance obligation is satisfied, the Company recognizes as revenue the
amount of the transaction price (excluding estimates of variable consideration) that is
allocated to that performance obligation.
The Company applies the five-step approach for recognition of revenue:
i. Identification of contract(s) with customers;
ii. Identification of the separate performance obligations in the contract;
iii. Determination of transaction price;
iv. Allocation of transaction price to the separate performance obligations; and
v. Recognition of revenue when (or as) each performance obligation is satisfied.
(L) Other income:
Interest: Interest income is calculated on effective interest rate, but recognised on a time
proportion basis taking into account the amount outstanding and the rate applicable.
Dividend: Dividend income is recognised when the right to receive dividend is established.
(M) Finance Cost
Borrowing costs that are directly attributable to the acquisition or construction of qualifying
assets are capitalised as part of the cost of such assets. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use. based on
borrowings incurred specifically for financing the asset or the weighted average rate of all
other borrowings, if no specific borrowings have been incurred for the asset.
Interest income earned on the temporary investment of specific borrowings pending their
expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalisation.
Borrowing costs include exchange differences arising from foreign currency borrowings to
the extent they are regarded as an adjustment to the interest cost.
All other borrowing costs are charged to the Statement of Profit and Loss for the period for
which they are incurred.
(N) Earnings per share (EPS):
Basic EPS is calculated by dividing the net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the
period. For the purpose of calculating diluted EPS, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of additional equity
shares that would have been outstanding are considered assuming the conversion of all
dilutive potential equity shares. Earnings considered in ascertaining the EPS is the net profit
for the period and any attributable tax thereto for the period.
(O) Employee benefits
i. Provident Fund
Retirement benefit in the form of Provident Fund is a defined contribution
scheme. The Company has no obligation, other than the contribution payable to
the provident fund. The Company recognises contribution payable to the
provident fund scheme as an expense when an employee renders the related
service.
ii. Gratuity
Gratuity is in the nature of a defined benefit plan. Provision for gratuity is
calculated on the basis of actuarial valuations carried out at balance sheet date
and is charged to the statement of profit and loss. The actuarial valuation is
performed using the projected unit credit method. Remeasurement, comprising
of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability and the return on
plan assets (excluding amounts included in net interest on the net defined
benefit liability), are recognised immediately in the balance sheet with a
corresponding debit or credit to retained earnings through OCI in the period in
which they occur. Remeasurements are not reclassified to profit or loss in
subsequent periods.
(P) Fair Value Measurement:
The Company measures financial instruments such as investments in quoted share, certain
other investments etc. at fair value at each Balance Sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability at
the measurement date. All assets and liabilities for which fair value is measured or disclosed
in the financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as a
whole.
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or
liabilities.
Level 2 - Valuation techniques for which the lowest level input that is significant to
the fair value measurement is directly or indirectly observable.
Level 3 - Valuation techniques for which the lowest level input that is significant to
the fair value measurement is unobservable.
(Q) Financial Instruments:
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.
Financial assets:
Initial recognition
Financial assets are recognised when the Company becomes a party to the contractual
provisions of the instruments. Financial assets other than trade receivables and other
specific assets are initially recognised at fair value plus transaction costs for all financial
assets not carried at fair value through profit or loss. Financial assets carried at fair value
through profit or loss are initially recognised at fair value, and transaction costs are
expensed in the Statement of Profit and Loss.
Subsequent measurement
Financial assets, other than equity instruments, are subsequently measured at amortised
cost, fair value through other comprehensive income or fair value through profit or loss
on the basis of both:
i. The entity's business model for managing the financial assets and
ii. The contractual cash flow characteristics of the financial asset.
De-recognition
The Company derecognizes a financial asset when the contractual rights to the cash flows
from the financial asset expire, or it transfers rights to receive cash flows from an asset, it
evaluates if and to what extent it has retained the risks and rewards of ownership.
When it has neither transferred nor retained substantially all of the risks and rewards of
the asset, nor transferred control of the asset, the Company continues to recognise the
transferred asset to the extent of the Company's continuing involvement. In that case, the
Company also recognises an associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and obligations that the Company
has retained.
Financial Liabilities:
Initial Recognition and Subsequent Measurement
All financial liabilities are recognised initially at fair value and in case of borrowings and
payables, net of directly attributable cost. Financial liabilities are subsequently carried at
amortized cost using the effective interest method. 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. Changes in the amortised value of liability
are recorded as finance cost.
De-recognition
A financial liability is de-recognized when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognized in the statement of profit or loss.
26. The previous year's figures have been reworked, regrouped, and reclassified wherever
necessary. Amounts and other disclosures for the preceding year are included as an integral
part of the current annual financial statements and are to be read in relation to the amounts
and other disclosures relating to the current financial year.
27. Credit and Debit balances of unsecured loans, sundry creditors, sundry Debtors, loans, and
Advances are subject to confirmation and therefore the effect of the same on profit could not
be ascertained.
28. The Company has not revalued its Property, Plant and Equipment for the current year.
29. There has been no Capital work in progress for the current year of the company.
30. There are no Intangible assets under development in the current year.
31. The Company does not have any charges or satisfaction which is yet to be registered with ROC
beyond the statutory period.
32. Quarterly returns or statements of current assets filed by the Company with banks or financial
institutions are in agreement with the books of accounts.
33. The Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year.
34. No proceeding has been initiated or pending against the Company for holding any Benami
property under the Benami Transactions (Prohibition) Act, 1988, as amended, and rules made
thereunder.
35. The company has not been declared as willful defaulter by any bank or financial institution or
government or government authority.
36. The Company has not advanced or loaned to or invested in funds to any other person(s) or
entity(is), including foreign entities (Intermediaries) with the understanding that the
Intermediary shall:
a. directly or indirectly lend to or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries)
or
b. provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
37. The Company has not received any fund from any person(s) or entity(is), including foreign
entities (Funding Party) with the understanding (whether recorded in writing or otherwise)
that the Company shall,
a. directly or indirectly lend to or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
38. The company does not have transaction with the struck off under section 248 of companies
act, 2013 or section 560 of Companies act 1956.
39. The company is in compliance with the number of layers prescribed under clause (87) of
section 2 of company's act read with companies (restriction on number of layers) Rules, 2017.
43. Corporate Social Responsibility (CSR)
The section 135 (Corporate social responsibility) of companies act, 2013 is not applicable to the
company.
44. Notes forming part of accounts in relation to Micro and small enterprise
Based on information available with the company, on the status of the suppliers being Micro or
small enterprises, on which the auditors have relied, the disclosure requirements of Schedule III
to the Companies Act,2013 with regard to the payments made/due to Micro and small
Enterprises are given below :
The company has initiated the process of obtaining the confirmation from suppliers who have
registered themselves under the Micro, Small and Medium Enterprises Development Act, 2006
(MSMED Act, 2006) but has not received the same in totality. The above information is compiled
based on the extent of responses received by the company from its suppliers.
45. Title deeds of immovable Property
Tittle deeds of immovable property has not been held in the name of promoter, director,
or relative of promoter/ director or employee of promoters / director of the company, hence
same are held in the name of the company.
46. Loans or Advances in the nature of loans to promoters, directors, KMPs and the related
parties: -
No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the
related parties (as defined under Companies Act, 2013,) either severally or jointly with any other
person.
47. Compliance with approved Scheme(s) of Arrangements
The Company does not have made any arrangements in terms of section 230 to 237 of companies
act 2013, and hence there is no deviation to be disclosed.
50. Exemption Availed on First time adoption of Ind AS 101
Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind
AS. The Company has availed the following material exemptions:
On transition to Ind AS, the Company has elected to continue with the carrying value of all its property, plant and equipment and
intangible assets recognized as at April 1, 2016 measured as per the previous GAAP and use that carrying value as the deemed
cost of property, plant and equipment and intangible assets.
FOR B B Gusani & Associates., For Sprayking Limited
Chartered Accountants (Formaly known as Sprayking Agro Equipment Ltd.)
SD/- SD/- SD/-
Bhargav B. Gusani Hitesh Dudhagara Pragjibhai Dudhagara
Proprietor Managing Director Whole Time Director
M. No. 120710 DIN: 00414604 DIN: 00414510
FRN: 140785W
UDIN: 25120710BMHTSL8371 SD/- SD/-
Date: 27/05/2025 Hetal Vachhani Hiren Patoriya
Company Secratery Chief Financial Officer
PAN: AHBPV7660F PAN: CTAPP1279H
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