2.14 Contingencies and Provisions:
Provisions are recognized when the Company has 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 a reliable estimate can be made of the
amount of the obligation. The expense relating to a provision is presented in the statement of
profit and loss net of any reimbursement.
Contingent liabilities are recognized only when there is a possible obligation arising from past
events, due to occurrence or non-occurrence of one or more uncertain future events, not
wholly within the control of the Company or where any present obligation cannot be
measured in terms of future outflow of resources or where a reliable estimate of obligation
cannot be made. Contingent assets are not recognized in the financial statements.
2.15 Statement of Cash Flow:
Cash flows are reported using the indirect method, whereby profit/(loss) before exceptional
items and 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 available information.
2.16 Financial Instruments:
Financial Assets and Financial Liabilities are recognized when the Company becomes party
to the contractual provisions of the financial instrument. Financial Assets are derecognized
when the rights to receive benefits have expired or been transferred, and the Company has
transferred substantially all risks and rewards of ownership of such financial asset. Financial
liabilities are derecognized when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expired. Purchase or sale of financial assets that require
delivery of assets within a time frame established by regulation or convention in the market
place are recognized on trade date i.e., the date when the Company commits to purchase or
sale the asset.
3. NOTES TO ACCOUNTS:
3.1 Some of the Balances of sundry creditors, sundry debtors, loans &advances and other
liabilities are subject to confirmation and reconciliation.
3.2 In the opinion of the Board of Directors, Current Assets, Loans & Advances are
approximately of the value at which they are stated in the Balance Sheet, if realized in the
ordinary course of business.
3.3 The Company operates in one segment i.e., trading of agricultural produce and chemical and
within one geographical segment i.e., India.
3.4 The Company manages its capital to ensure that it will be able to continue as a going concern.
The structure is managed to provide ongoing returns to shareholders and service debt
obligations, whilst maintaining maximum operational flexibility.
3.5 The carrying amounts of trade payables, other financial liabilities, cash and cash equivalents,
other bank balances, trade receivables and other financial assets are considered to be the same
as their fair values due to their short-term nature.
3.6 The Company opines that no provision for expected credit loss is required.
3.7 There is no significant market risk or liquidity risk to which the Company is exposed.
3.8 The disclosure of transactions with the related parties is given below:
(i) Parties where control exists: NIL
(ii) Subsidiary Companies: NIL
(iii) Fellow Subsidiary Companies: NIL
(iv) Key Management Personnel: Manoj Kumar Saraf and Dipakkumar Shah - Managing
Director, Sangita Devi Saraf - CFO, Mr. Dhanesh Shah - Company Secretary
3.14 The Company has re grouped and re-classified the previous year’s figures in accordance with
the requirements applicable in the current year. In view of this, certain figures of the current
year are not strictly comparable with those of the previous year.
3.15 Notes 1 to 17 form integral part of accounts.
ADDITIONAL DISCLOSURES:
(i) Previous year figures have been regrouped and reclassified where ever necessary.
(ii) Expenditure and earning in foreign currency: Nil
(iii) Expenditure incurred on employees who are in receipt of remuneration which is less than the
prescribed limit. for the year,
(iv) In the opinion of the board the value on realization of current assets and loans and advance in
ordinary course of business will not be less than the amount at which they are stated in the
balance sheet.
(v) All amounts in the financial statements are presented in Lakhs except per share data and as
otherwise stated.
(vi) Amount due from / to various parties, Trade receivables, unsecured loans from directors and
other debit & credits balances as on 31.03.2024 are subject to confirmation and reconciliation.
(vii) The closing stock of land is taken at cost price except this no other inventories is there as on
31.03.2024.
(viii) Undisclosed Income:
Company does not have any transactions not recorded in the books of accounts that has been
surrendered or disclosed as income during the 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). Also, there are nil previously unrecorded income and related assets.
(ix) Details of Crypto Currency or Virtual Currency:
Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year.
(xii) There is no any amount payable to the suppliers of Micro, Small and Medium Enterprises as
on March 31, 2024. Hence no need of disclosure as per Micro, small and Medium Enterprises
development Act, 2006.
(xiii) As Per Accounting Standards 18, the disclosure of transactions with the related parties is given
below: No transaction with any related parties.
(xiv) Transactions during the year with related parties:
There are no any transactions with the related parties during the current financial year ended
on 31st March 2024.
For Sanket Shah For and on behalf of the board
Chartered Accountants
Sd/- Sd/- Sd/-
Sanket Shah Dipakkumar Shah Sangita Saraf
M. No. 150873 Managing Director CFO
UDIN: 24150873BKCQTB8924 (DIN: 08234203)
Place: Ahmedabad Sd/- Sd/-
Date: 25-05-2024 Pulkit Shah Dhanesh Shah
Director Company Secretary
(DIN: 05272041)
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