(P) Provisions
Recognition of Provision:
A provision is recognized when the company has i) a present obligation as a result of past event, ii) it
is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and iii) a reliable estimate can be made of the amount of the obligation. Where the effect of
the time value of money is material, the amount of provision shall be the present value of the
expenditures expected to be required to settle the obligation. Provisions shall be reviewed at the end
of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable
that an outflow of resources embodying economic benefits will be required to settle the obligation, the
provision shall be reversed.
Where the company expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset but only when the
reimbursement is virtually certain. The expense relating to any provision is presented in the
statement of profit and loss net of any reimbursement.
(Q) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand
and short-term investments with an original maturity of three months or less.
(R) Measurement of EBITDA
As permitted by the Guidance Note on the Revised Schedule of the Companies Act, 2013, the
company has elected to present earnings before interest, tax, depreciation and amortization (EBITDA)
as a separate line item on the face of the statement of profit and loss. The company measures EBITDA
on the basis of profit / (loss) from continuing operations. In its measurement, the company does not
include depreciation and amortization expense, finance costs and tax expenses.
(S) Leases
Where the Company is the lessee
Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the
leased item, are classified as operating leases. Operating lease payments are recognized as an expense
in the statement of profit and loss on a straight-line basis over the lease term.
Where the Company is the lessor Assets subject to operating leases are included in property plant and
equipment. Lease income on an operating income is recognized in the statement of profit and loss on
a straight-line basis over the lease term. Costs, including depreciation are recognized as an expense in
the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs, etc. are
recognized immediately in the statement of profit and loss.
Basic EPS amounts are calculated by dividing the profit/(loss) for the period attributable to equity holders by the weighted
average number of equity shares outstanding during the Period.
Diluted EPS amounts are calculated by dividing the profit/(loss) attributable to equity holders by the weighted average
number of equity shares outstanding during the period plus the weighted average number of equity shares that would be
issued on conversion of all the dilutive potential equity shares into equity shares.
Note: Related party relationships as per Ind AS 24 have been identified by the management had relied upon by the auditors.
All the transactions are carried at arm's length price
Closing balances are presented net of taxes.
Terms and conditions of transactions with related parties
The transactions with related parties are in the ordinary course of business and are on terms equivalent to those that prevail
in arm's length transactions. Outstanding balances at the Period-end are unsecured and settlement occurs in cash. For the
period ended 31 March 2024, the Company has not recorded any impairment of receivables relating to amounts owed by
related parties. This assessment is undertaken each financial year through examining the financial position of the related
parties and the market in which the related parties operate.
21 Segment information
In accordance with paragraph 4 of Indian Accounting Standard (Ind AS) 108 'Operating Segments' prescribed under
Section 133 of the Act, read with Rule 7 of the Companies (Indian Accounting Standards) Rules, 2015, the Company
has no seperate segment which required to be disclosed under Ind AS 108.
22 Details of micro enterprises and small enterprises as defined under the Micro, Small and Medium Enterprises
Development (MSMED) Act, 2006
The Company did not have any transactions with Small Scale Industrial ('SME's') Undertakings during the year
ended March 31, 2024 and hence there are no amounts due to such undertakings. The identification of SME's
undertakings is based on the management's knowledge of their status.
The Company has not received any information from "suppliers" regarding their status under the Micro, Small and
Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amount unpaid as at the year
ended together with interest paid / payable as required under the said Act have not been furnished.
__ Employee Benefits -
25
Retirement benefits
(a) Defined Contribution Plan:
An entity is not participating in any employer defined benefit plan that does not prepare plan valuations on an Ind
AS 19 basis. Company not having employee who served from more than 5 years.
26 Financial instruments - fair value measurements
Some of the Company's financial assets and financial liabilities are measured at fair value at the end of each
reporting period. The following table gives information about how the fair values of these financial assets and
financial liabilities are determined (in particular the valuation techniques and inputs used).
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
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.
The Company has assessed that trade receivables, cash and cash equivalents, other financial assets, trade payables
and other financial liabilities approximate their carrying amounts largely due to the short term nature of the
instruments. Long term Borrowings are evaluated based on parameters such as interest rate and risk characteristic
of financial project. Based on the evaluation, no impact has been identified.
b) As per the information and explanations to us The Company do not have any transactions with companies struck off.
c) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial Period.
d) The Company has not entered into any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the Period 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)
e) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.
f) The Company does not have any Intangible Assets, thus, disclosures relating to revaluation of Intangible Assets is not
applicable.
g) The Company has not revalued its property, Plant and Equipment (including Right of use Assets), thus valuation by a
registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.
h) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities
(Intermediaries) with the understanding that the intermediary shall:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (ultimate beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
i) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the company shall:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
funding Party (ultimate beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
As per our attached report of even date For and on Behalf of the Board of directors of
For Agrawal Jain & Gupta MID EAST PORTFOLIO MANAGEMENT LIMITED
Chartered Accountants
Firm Registration N
Sd/- Sd/- Sd/-
CA Sarwan Kumar Prajapati Kishor A. Shah Jyoti K. Shah
Partner (Director) (Director)
Membership No. 199969 DIN:00015575 DIN:00020912
UDIN: 23199969BGTBSS4327
For Mid East Portfolio Management Limited
Sd/-
Ms. Payal Dilip Jain
(Company Secretary & Compliance Officer)
Place :Mumbai Membership No. ICSI (No. 60007)
Date : 9th May, 2024
| 