j PROVISIONS
Provisions are recognised when the enterprise has a present obligation (legal or constructive) as a result of past events, and 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 effect of the time value of money is material, the enterprise determines the level of provision by discounting the expected cash
flows at a pre-tax rate reflecting the current rates specific to the liability. The expense relating to any provision is presented in the
Statement of Profit and Loss net of any reimbursement.
k CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non¬
occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely
rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize
a contingent liability but discloses its existence in the Financial Statements
l EARNING PER SHARE:
The Company reports basic and diluted earnings per share in accordance with Ind AS 33 on Earnings per share. Basic EPS is calculated
by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividend and attributable taxes)
by the weighted average number of equity shares outstanding during the year.
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 shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. Dilutive
potential equity shares are deemed converted as of the beginning of the period, unless they have been issued at a later date. In
computing the dilutive earnings per share, only potential equity shares that are dilutive and that either reduces the earnings per share or
increases loss per share are included.
m OPERATING CYCLE FOR CURRENT AND NON-CURRENT CLASSIFICATION
The Company presents assets and liabilities in the balance sheet based on current /non-current classification.
All the assets and liabilities have been classified as current or non-current, wherever applicable, as per the operating cycle of the
Company as per the guidance set out in Schedule III to the Act.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. Based
on the nature of activities of the Company and the normal time between acquisition of assets and their realization in cash or cash
equivalents, the company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as
current and non-current.
n STOCK IN TRADE / SECURITIES FOR SALE
Stock in trade is valued at weighted average cost or net realisable value whichever is lower
18 Related Party Disclosures In Respect of Transactions For the Year:
Compensation of key management personnel of the Company Key management personnel are those
individuals who have the authority and responsibility for planning and exercising power to directly or
indirectly control the activities of the Company and its employees. The Company includes the members of
the Board of Directors to be key management personnel for the purposes of Ind AS 24 Related Party
Disclosures.
25 Employee benefit plans
No provisions towards employee benefit is made in the books of accounts as per IND AS 19 "Employee
Benefit" issued by institute of Chartered Accountant of India. No provision has been made for financial
impact if any in books of account.
26 Undisclosed income
The Company does not have any undisclosed income which is not recorded in the books ofaccount that has
been surrendered or disclosed as income during the year (previous 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.
27 Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
28 Benami property
The Company does not have any Benami property, where any proceeding has been initiated or pending
against the company for holding any Benami property.
In the opinion of the Board, the current Assets, Loans and Advances have a value on realization in the
ordinary course of Business at least equal to the amount stated in the Balance Sheet and Provision for all
29 known liabilities have been made and are adequate and not in excess of the amount considered reasonably
necessary.
20 The Company has not been declared a wilful defaulter(As defined by RBI circular) by any bank or financial
institution or other lander during the financial year
The company does not have any transaction with companies struck off under section 248 of companies act
31 2013. or section 560 of companies act 1956.
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
32 statutory period.
33 Utilisation of Borrowed funds and share premium
(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
34 The figures of the previous year have been regrouped wherever necessary to correspond with those of the
For Sanjay Murarka & Associates
Chartered Accountants For and on behalf of the Board of Directors of
ICAI Firm Registration No. 010386C Garbi Finvest Limited
Kripa Shankar Mahawar Ritu Mahawar
Managing Director Director
CA Sanjay Murarka DIN- 01158668 Din:-08075381
Partner Place:Kolkata Place:Kolkata
Membership No.: 079678 Date:-30.05.2024 Date:30.05.2024
Place:Varanasi
Date: 30.05.2024
UDIN:-24079678BKFCQX6191 Richa Agarwalla
Company Secretary
Membership No-A23743
Place:Kolkata
Date:-30.05.2024
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