1.18 Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognised only when:

i. an Company entity has a present obligation (legal or constructive) as a result of a past event; and

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

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time
value of money is material, the carrying amount of the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is
virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

i. a present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation; and

ii. a present obligation arising from past events, when no reliable estimate is possible.

Contingent assets are disclosed where an inflow of economic benefits is probable. Provisions, contingent liabilities
and contingent assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected
to be received under such contract, the present obligation under the contract is recognised and measured as a
provision.

1.19 Statement of Cash Flows:

Statement of cash flows is prepared segregating the cash flows into operating, investing and financing activities.
Cash flow from operating activities is reported using indirect method adjusting the net profit for the effects of:

i. changes during the period in operating receivables and payables transactions of a non-cash nature;

ii. non-cash items such as depreciation, provisions, deferred taxes, unrealized gains and losses; and

iii. all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are
not available for general use as on the date of Balance Sheet.

1.20 Earnings Per Share:

The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the year. Diluted earnings per share is determined by
adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares
outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares.

1.21 Key source of estimation:

The preparation of financial statements in conformity with Ind AS requires that the management of the Company
makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the
reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the
financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates include useful lives of property, plant and equipment & intangible assets, expected credit loss
on loan books, future obligations in respect of retirement benefit plans, fair value measurement etc. Difference, if
any, between the actual results and estimates is recognised in the period in which the results are known.

1.22 Changes in Accounting Standard and recent accounting pronouncements (New Accounting Standards issued
but not effective):

On March 30, 2020, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards)
(Amendments) Rules, 2019, notifying Ind AS 116 on Leases. Ind AS 116 would replace the existing leases standard Ind
AS 17. The standard sets out the principles for the recognition, measurement, presentation and disclosures for both
parties to a contract, i.e. the lessee and the lessor. Ind AS 116 introduces a single lease accounting model and requires
a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying
asset is of low value. Currently for operating lease, rentals are charged to the statement of profit and loss. The
Company is currently evaluating the implication of Ind AS 116 on the financial statements.

The Companies (Indian Accounting Standards) Amendment Rules, 2019 notified amendments to the following
accounting standards. The amendments would be effective from April 1, 2019

a) Ind AS 12, Income taxes — Appendix C on uncertainty over income tax treatments

b) Ind AS 19— Employee benefits

c) Ind AS 23 - Borrowing costs

d) Ind AS 28— investment in associates and joint ventures

e) Ind AS 103 and Ind AS 111 — Business combinations and joint arrangements

f) Ind AS 109 — Financial instruments

The Company is in the process of evaluating the impact of such amendments.

1.23 Inventories

Inventories have been valued at the method prescribed in the Accounting Standards.

1.24 Other Income Recognition

Interest on Loan is booked on a time proportion basis taking into account the amounts invested and the rate of
interest.

Dividend income on investments is accounted for when the right to receive the payment is established.

1.25 Purchases

Purchase is recognized on passing of ownership in share based on broker's purchase note.

1.26 Expenditure

Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

1.27 Investments

Current investments are stated at the lower of cost and fair value. Long-term investments are stated at cost. A
provision for diminution is made to recognize a decline, other than temporary, in the value of long-term investments.
Investments are classified into current and long-term investments.

Investments that are readily realizable and are intended to be held for not more than one year from the date, on
which such investments are made, are classified as current investments. All other investments are classified as non¬
current investments.

1.28 Related Parties

Parties are considered to be related if at any time during the reporting period one party has the ability to control the
other party or exercise significant influence over the other party in making financial and/or operating decisions.

As required by AS-18 “Related Party Disclosure" only following related party relationships are covered:

i. Enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are
under common control with, the reporting enterprise (this includes holding Companies, subsidiaries and
fellow subsidiaries);

ii. Associates and joint ventures of the reporting enterprise and the investing party or venture in respect of which
the reporting enterprise is an associate or a joint venture;

iii. Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives
them control or significant influence over the enterprise, and relatives of any such individual;

iv. Key management personnel (KMP) and relatives of such personnel; and

v. Enterprises over which any person described in (iii) or (iv) is able to exercise significant influence.

1.29 Stock In Trade

Shares are valued at cost or market value, whichever is lower. The comparison of Cost and Market value is done
separately for each category of Shares.

Units of Mutual Funds are valued at cost or market value whichever is lower. Net asset value of units declared by
mutual funds is considered as market value for non-exchange traded Mutual Funds.

1.30 Fair Value Hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

1.31 Financial Risk Management Objectives and Policies:

The Company's activities are exposed to a variety of Financial Risks from its Operations. The key financial risks
include Market risk, Credit risk and Liquidity risk.

i. Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises mainly three types of risk, foreign currency risk, Interest rate
risk and other price risk such as Equity price risk and Commodity Price risk.

ii. Foreign Currency Risk:

There are no Foreign Currency transactions during the financial year.

iii. Foreign Currency Sensitivity:

There are no Foreign Currency transactions during the financial year.

iv. Credit Risk:

Credit risk is the risk that counterparty might not honor its obligations under a financial instrument or
customer contract, leading to a financial loss. The company is exposed to credit risk from its operating
activities (primarily trade receivables).

v. Trade Receivables:

Customer credit risk is managed based on company's established policy, procedures and controls. The
company assesses the credit quality of the counterparties, taking into account their financial position, past
experience and other factors.

Credit risk is reduced by receiving pre-payments and export letter of credit to the extent possible. The
Company has a well-defined sales policy to minimize its risk of credit defaults. Outstanding customer
receivables are regularly monitored and assessed. The Company follows the simplified approach for
recognition of impairment loss and the same, if any, is provided as per its respective customer’s credit risk as
on the reporting date.

vi. Liquidity Risk:

Liquidity risk is the risk, where the company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The company’s
approach is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due.

1.32 Summary of Significant Accounting Policies General

• Contingent Liabilities & Commitments - Nil

• Additional Information disclosed as per Part II of the Companies Act, 2013 - Nil

1.33 Cash and cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of
three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the
balance sheet.

1.34 Earnings/(loss) per share

i. Basic earnings/ (loss) per share

Basic earnings / (loss) per share is calculated by dividing:

• the profit attributable to owners of the Company

• by the weighted average number of equity shares outstanding during the financial year.

ii. Diluted earnings / (loss) per share

Diluted earnings / (loss) per share adjusts the figures used in the determination of basic earnings per share to
take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential equity
shares, and

• the weighted average number of additional equity shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares.

Note 23 - Contingent Liabilities not provided for

a. The Company has not provided for Gratuity Fund payable to certain employees.

b. The Company is having investments in some of Small-Cap illiquid stocks where either there is very thin trading or is
no trading during the entire financial year. Even trading in some of these shares has been suspended by Stock
Exchanges. The Company has valued these shares on last traded price on BSE/CSE and has not made any provision
for the possible losses.

c. The audited financial statement, valuation of the unquoted investments are subject to the valuation by
independent valuer, as per management explanation they are under process to carrying out fair valuation from
registered valuer , these are shown its investment value.

d. The company has received various demand/notices from the Income Tax department for payment of tax as per
their revised Computation. The Company has filed CIT Appeals against these Demands. Total Income Tax Demand
at the end of FY 2023- 24 is amounting to ^ 4409.34 Lakh

Note 24: Corporate Social Responsibility

The Company does not meet the criteria specified in sub section (1) of section 135 of the Companies Act, 2013, read with
Companies [Corporate Social Responsibility (CSR)] Rules, 2014. Therefore it is not required to incur any expenditure on
account of CSR activities during the year.

Notes:

1. Due to decrease in gross value of Current Assets

2. Variation in Equity Return ratio in due to Increase of loss during the year

3. Due to Increase in trade receivable

4. Due to higher expenses on Account of Other Expenses

5. Decrease in Inventories

6. Increase in Net Loss

7. Increase in Net loss

Note 40: There is no charge or satisfaction of charges is yet to be registered with the Registrar of Companies.

Note 41: The Company has followed / complied with the number of layers prescribed under clause (87) of section 2 of the

Act read with Companies (Restriction on number of Layers) Rule 2017.

Note 42: There is no scheme of arrangements has been approved by the competent authority in terms of section 230 to
237 (Corporate Restructuring) of the Companies Act 2013.

Note 43: The Company did not have any transactions relating to previously unrecorded income that have been

surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

Note 44: Details of CSR

The provision of the Companies Act, 2013 relating to CSR Initiatives are not applicable to the Company.

Note 45: The Company has not trade or invested Crypto currency or virtual currency during the financial year.

Note 46: The company has not entered in any transactions with any struck off companies under section 248 of the

Companies Act 2013 or section 560 of the Companies Act 1956.

Note 47: The Company has not borrowed any funds for the purpose of further lending, investment, guaranty or security
to the third parties during the year. However the fund borrowed and utilized for lending, investment, guarantee
or security to the third parties during the earlier previous years for short term purpose are partially outstanding
as on 31st March 2024.

Note 48: There is no material differences between the gross and net (WDV) carrying amounts of each class of assets,
hence the reconciliation is not required.

Note 49: Other Notes to Accounts

i. In the opinion of the management, current assets, loans and advances and other receivables are
approximately of the value stated, if realized in the ordinary course of business. The provisions of all known
liability are ascertained.

ii. Previous year figures have been restated to confirm the classification of the current year.

iii. Balances of Sundry Debtors, Unsecured Loans, and Sundry Creditors are Loans & Advances are subject to
reconciliation, since conformations have not been received from them. Necessary entries will be passed on
receipt of the same if required.

iv. The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is
not in conformity with AS-15 issued by ICAI. However, in the opinion of management the amount involved is
negligible and has no impact on Statement of Profit & Loss.

v. We draw the attention of members that the Company is having investments in some of small cap illiquid
stocks where either there is very thin trading or is no trading during the entire financial year. Even trading in
some of these shares has been suspended by Stock Exchanges. The Company has valued these shares on last
traded price on BSE and has not made any provision for the possible losses.

vi. The audited financial statement, valuation of the unquoted investments are subject to the valuation by

independent valuer, as per management explanation they are under process to carrying out fair valuation
from registered valuer , these are shown its investment value.

For Rajesh Kumar Gokul Chandra & Associates For & on behalf of the Board of Directors

Chartered Accountants
Firm Registration No. 323891E

S/d- S/d-

Kawarlal K Ojha Anupam Shrivastava

S/d- Managing Director Director

Archana Jhunjhunwala DIN : 07459363 (DIN: 05291844)

Partner

M. No. F069098

UDIN: 24069098BKCLKI8221 S/d- S/d-

Rajesh B Patole Nikhil Agarwal

Place: Kolkata Chief Financial Officer Company Secretary

Date: May 27, 2024