3.6) Provisions, Contingent liability and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when
there is a present obligation as a result of past event and it is probable that there will be an
outflow of resources, embodying economic benefits will be requied to settle the obligation and
reliable estimates can be made of the amount of obligation. Conlingent liabilities are not
recognised but are disclosed in the financial statements. Contingent assets arc neither
recognised nor disclosed inthe financial statements,

3.7) PROPERTY, PLANT AND EQUIPMENT

The land and properties of the company are stated ar fair value and depreeiaion provided on
straight line method over the estimated useful lives of the assets. Property, plant and equipment
are stated at cost less accumulated depreciation and impairment, if any, Costs directly
attributable to acquisition are capitalized until the property, plant and equipment are ready for
use, as intended by the management. The company depreciation property, plant and equipment
over their estimated useful lives using the straight line method.

Depreciation mehods, useful lives and residual values arc reviewed periodically including at
each financial year end.

Amount paid towards the acquistion of property, plant and equipment outstanding at each
Balance Sheet date and cost of property, plant and equipment not ready for intended use before
such date are disclosed under capital work in progress. Subsequent expenditures relating to
property, plant and equipment is capitalized, only when it is probable that future economic
benefits associated with these will flow to the company and the cost of the item can be measured
reliably. Repairs and maintenance costs are recognized in the statement of profit and loss when
incurred. The cost and related accumulated depreciation are eliminated from the financial
statements upon sale or retirement of the assets and the resultant gain or losses are recognized in
the statement of profit and loss. Assets to be disposed off arc reported at the lower of the
carrying value or the fair value less cost to sell.

3.8) INDIAN ACCOUNTING STANDARD (1ND AS)

In preparing these financial statements, the company has availed itself of certain exempion and
exceptions in aecrodance with IND AS and not required by previous GAAP.

Note No.

19) (a) In the opinion of the management, the loans and other financial assets arc recoverable at
the value stated in the financials,

(b) Balances of other current liabilities are subject to confirmations and reconciliations, if
any. The difference as may be noticed on reconciliations will be duly accounted for on
completion thereof. In the opinion of the management, the ultimate difference, if any, will
not be material.

20) The Company is operating in a single segment i.e. management & consultancy services hence
no information could be furnished under segment wise information to be report as per
Accounting Standard 17 issued by The Institute of Chartered Accountants of India.

21) Related Party disclosure as per Accounting Standard IS:

(i) Related parties are classified as under:

Associates :

Cosmic Biotech &. Herbals Ltd
Rose Petal Leasing & Finance Ltd
Kratee E-eommeree & Consulting Ltd

24) The company does not any dues to suppliers registered under Micro. Small and Medium
Development Act. 2006 (MSMED ACT).

25) Tax on Income

a) DEFFERED TAXES

Deferred lax is recognised subject to the consideration of prudence, on liming differences being the difference
between taxable income and accounting income that originate in one period and arc capable of reversal in one
or more subsequent periods. Sueh deferred tax is quantified using the tax rates and laws enacted or substantively
enacted as on the Balance sheet date.

The Company has carry forward losses under the Income Tax Laws. In absence of virtual certainty of sufficient
future taxable income, deferred tax asset has not been recognised by way of prudence in accordance with Indian
Accounting Standard 12 "Income Taxes" Issued by The Institute of Chartered Accountants of India.

28) Extra ordinary Item: Sundry Balance W/u in Current Year is Rs.6,58,079/-

29) Balances of previous year have been re-grouped and re-arranged wherever necessary,
The accompaning notes form an integral part of these financial statements.

As Per Our Report Of Even Date Attached

For H G SARVAIYA & CO For & on Behalf of the Board of Directors of

Chartered Accountants Olympic Management & Financial Services Ltd

Firm Registration no. 11571)5W

Sd1- Sd/- Sd/-

HASMUKHBHAI G. SARVAIYA S. N. Agarvval Pawan KR Agarwal

PROPRIETOR Whole Time Director Director

Membership No,045038 Din No. 01764628 Din No. 00556417

LDIN No.: 24045038BKA.JEC5396

Sd/- Sd/-

Preethi Thomas Yangal Krishna Jha

Director CFO

Din No. 08853472

Sd/-

Anis Atlar
Companv Secretary
M. No. 51424

Place: Mumbai
Dated : 13.05.2024