j) Provisions
Provisions involving substantial degree of estimations in measurements are recognized when there is present
obligation as a result of past event and it is probable that there will be an outflow of resources. Provisions are not
discounted to their present value and are determined based on best estimates required to settle the obligation at
the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best
estimates.
k) Contingent liabilities
Contingent liabilities are not recognized but are disclosed in the notes.
l) Employee Retirement Benefits
1) Salary paid to the employees monthly after deduction of Income Tax as per Income Tax Act 1961.
2) Retirement benefits/Gratuity will be considered in accounts on payment basis.
m) Borrowing Costs
Borrowing Costs attributable to the acquisition of fixed assets are capitalized as part of the cost of such assets till
such assets are put to use.
n) Taxation
1) Provisions for current tax is made and retained in the accounts on the basis of estimated tax liability as per the
applicable provisions of Income Tax Act 1961.
2) Deferred tax for timing differences between the book profits and tax profits for the year is accounted for using
the tax rates and laws that apply substantively as on the date of Balance Sheet. Deferred tax assets arising
from timing differences are recognized only if there is reasonable certainty that these will be realized in future.
Deferred tax asset, in case of unabsorbed loss and depreciation are recognized only if there is virtual certainty that such
deferred tax assets can be realized against future taxable profits.
iii. Terms /Rights attached to Equity Shares
The Company has Equity shares having value of Rs. 10 per share. Each holder of Equity shares is entitled to one vote
per share. The shareholders have the right to receive Interim Dividends declared by the Board of Directors and the final
dividends proposed by the Board of Directors and approved by the shareholders. In the event of liquidation of the
company, the distribution will be in proportion to the number of equity shares held by the shareholders. The equity
shareholders have all other rights as available to the Equity Shareholders as per the provisions of Companies Act, 2013
read with the Memorandum of Association and Articles of Association of the Company as applicable.
iv. At the Extra-Ordinary General Meeting of the Company held on 6th April, 2023, members approved an Increase in
Authorised Capital from Rs. 3 Cr. to Rs. 5.50 Cr. as follows: Rs.5,50,00,000/- (Rupees Five Crore Fifty Lakhs Only)
divided into 45,96,000 (Forty Five Lakhs Ninety Six Thousand) Equity Shares of Rs.10/- each and 9,04,000 (Nine Lakhs
Four Thousand) Preference Shares of Rs. 10/- (Rupees Ten) each.
Further pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the
Board of Directors of the Company, at their meeting held on April 24, 2023 have allotted 20,96,000 Equity Shares of Rs.
10/- each as fully-paid up Bonus Equity Shares, in the proportion of 1 (One) new equity share for every 1 (One) existing
equity shares, to the eligible Members whose names appeared in the register of Members/ list of beneficial owners as on
April 21, 2023, being the record date fixed for this purpose, based on the Shareholders approval at the Extraordinary
General Meeting held on April 6, 2023 and in accordance with the in-principle approval received from the BSE exchange.
23. Contingent Liability - Income Tax NIL for F.Y. 2023-2024 (Previous year - NIL)
24. Related Party Disclosures
In accordance with the requirement of Accounting Standard 18 - "Related Party Disclosures", the names of the related
parties where control exists and/or with whom transactions have taken place during the year and description of
relationship, as identified and certified by management are as follows.
Related Party Relationship where transactions have taken place during the year:
Rajul Shah
Key Management Personnel
Rajul Shah (Managing Director)
Ajay Shinde (Chief Financial Officer)
Krunal Shah (Company Secretary)
30. Based on the information available with the Company, only 1 creditor has been identified as "Supplier1 within the
meaning of "Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. Kindly refer Note 6 of the Notes
forming part of the financial statements.
31. As per MCA Notification dated 16th February 2015, Companies whose shares are listed on SME Exchange as referred
to in Chapter XB of SEBI (issue of Capital and Disclosure Requirements) Regulations, 2009 are exempted from the
compulsory requirement of adoption of IND -AS. As the Company is covered under the exempted category, it has not
adopted IND-AS for preparation of financial results.
32. Previous year's figures have been regrouped, rearranged wherever deemed necessary to conform to this year's
classification.
For Mittal & Associates For and on behalf of the Board of Directors
Chartered Accountants Rajul R.Shah Riddhi Shah
Registration No. 106456W Director Director
DIN: 00227223 DIN:08125676
Mukesh Kumar Sharma
Partner Ajay Shinde Krunal Shah
M. No. 134020 Chief Financial Officer Company Secretary
UDIN: 24134020BKEIUX3724
Place: Mumbai Place: Mumbai
Date: 29-05-2024 Date: 29-05-2024
| 