2.14. Provisions, Contingent Liabilities and Contingent Assets:
The Company recognizes provisions when there is present obligation as a result of past event and it is probable that
there will bean outflow of resources and reliable estimate can be made of the amount of the obligation. A disclosure
for Contingent liabilities is made in the notes on accounts when there is a possible obligation or present obligations
that may, but probably will not, require an outflow of resources.
Contingent assets are disclosed in the financial statements when flow of economic benefit is probable.
2.15. Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is
recognized:
a) Sales Revenue is recognized on dispatch to customers as per the terms of the order. Gross sales are net of
returns and applicable trade discounts and excluding GST billed to the customers.
b) A subsidy from the Government is recognized when such subsidy has been earned by the company and it is
reasonably certain that the ultimate collection will be made.
c) Interest income is recognized on a time proportion basis considering the amount outstanding and the
applicable interest rate. Interest income is included under the head “other income” in the statement of profit
and loss.
d) All other incomes are recognized based on the communications held with the parties and based on the certainty
of the incomes.
2.16. Other income:
Interest income: Interest income from a financial asset is recognised when it is probable that the economic benefits
will flow to the company and the amount of income can be measured reliably. Interest income is accrued on a time
basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that
exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net
carrying amount on initial recognition.
2.17. Insurance claims
Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that
the amount recoverable can be measured reliably and it is reasonable to expect ultimate collection.
2.18. Claims
Claims against the company not acknowledged as debts are disclosed under contingent liabilities. Claims made by
the company are recognised as and when the same is approved by the respective authorities with whom the claim
is lodged.
2.19. Commitments
Commitments are future liabilities for contractual expenditure. Commitments are classified and disclosed as
follows:
a) Estimated amount of contracts remaining to be executed on capital account and not provided for
b) Uncalled liability on shares and other investments partly paid
c) Funding related commitment to subsidiary, associate and joint venture companies and Other non-cancellable
commitments, if any, to the extent they are considered material
d) and relevant in the opinion of management
e) Other commitments related to sales/procurements made in the normal course of business are not disclosed
to avoid excessive details.
2.20 Prior Period and Extraordinary and Exceptional Items:
(i) All Identifiable items of Income and Expenditure pertaining to prior period are accounted through ‘’Prior
Period Items’.
(ii) Extraordinary items are income or expenses that arise from events or transactions that are clearly distinct
from the ordinary activities of the enterprise and, therefore, are not expected to recur frequently or regularly.
The nature and the amount of each extraordinary item be separately disclosed in the statement of profit and
loss in such a manner that its impact on current profit or loss can be perceived.
(iii) Exceptional items are generally non-recurring items of income and expenses within profit or loss from
ordinary activities, which are of such nature, or incidence.
2.21 Foreign exchange translation and foreign currency transactions:
The functional currency and presentation currency of the Company is the Indian rupee.
Foreign currency transactions are accounted at the exchange rates prevailing on the date of transactions. Gains and
losses resulting from settlement of such transactions are recognised in the Statement of Profit and Loss.
Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year
are translated at year end rates. The difference in translation of monetary assets and liabilities and realized gains
and losses on foreign exchange transactions are recognised in the Statement of Profit and Loss.
The exchange difference on restatement of long-term receivables / payables from / to foreign operations that are
considered as net investments in such operation are recognised in the statement of profit or loss in the separate
financial statements of the reporting entity or the individual financial statements of the foreign operation, as
appropriate.
2.21. Employee Benefits:
Provident fund is defined Contribution scheme and contributions are charged to profit and loss account of the year
when the contributions to the respective funds are due. Other retirement benefits such as Gratuity, leave
encashment etc., are recognized on basis of an Actuarial Valuation.
2.22. Borrowing Costs:
Borrowing costs include interest expense calculated using the effective interest method and finance charges in
respect of assets acquired on finance lease.
Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of
activities relating to construction / development of the qualifying asset up to the date of capitalisation of such asset
are included in the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Statement
of Profit and Loss during extended periods when active development activity on the qualifying assets is interrupted.
All other borrowing costs are recognised in profit and loss in the period in which they are incurred.
2.23. Taxation:
Income tax expense represents sum of the tax currently payable and deferred tax.
2.23.1. Current Tax: Current tax is the amount of tax payable on the taxable income for the year as determined in
accordance with the applicable tax rates and the provisions of the Income tax Act, 1961.
2.23.2. Deferred tax: Deferred tax is recognised on temporary differences between the carrying amounts of
assets and liabilities in the Company’s financial statements and the corresponding tax bases used in the
computation of taxable profit
Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable
that taxable profits will be available against which those deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised if the temporary differences arise from the initial recognition of
assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.
2.25 Operating Segments (Ind AS 108)
Operating Segment is a component of an entity:
a. That engages in business activities from which it may earn revenues and incur expenses
(including revenues and expenses relating to transactions with other components of the same
entity).
b. Whose operating results are regularly reviewed by the entity’s chief operating decision maker to
make decision about resources to be allocated to the segments and assess its performance, and
c. For which discrete financial information is available.
The Company is engaged in the business of trading infrastructure building materials and infra works. As there are no
separate reportable segments, Segment Reporting as per Ind AS -108, “Operating Segments” is not applicable.
2.24. Leases:
Leases, where the lessor effectively retains substantially all the risks and benefits of ownership over the leased term,
are classified as operating leases. Operating lease payments are recognised as an expense in the Statement of Profit
and Loss on a straight -line basis over the lease term except where the lease payments are structured to increase in
line with expected general inflation. Assets acquired on finance lease are capitalised at fair value or present value of
minimum lease payment at the inception of the lease, whichever is lower.
2.25. Fair value measurement
The Company measures certain financial instruments at fair value at each reporting date. Fair value is the price that
would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction
to sell the asset or transfer the liability takes place either:
a. In the principal market for the asset or liability, or
b. In the absence of principal market, in the most advantageous market for the asset or
liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximizing the use of relevant observable inputs and minimising the use of
unobservable inputs.
2.26. Earnings per Share:
Basic earnings per equity share are computed by dividing the net profit for the year attributable to the Equity
Shareholders by the weighted average number of equity shares outstanding during the year. Diluted earnings per
share is computed by dividing the net profit for the year, reduced for the effects of dilutive potential equity shares,
attributable to the Equity Shareholders by the weighted average number of the equity shares and dilutive potential
equity shares outstanding during the year except where the results are anti -dilutive.
2.29. The company has no long outstanding trade receivables in the books of accounts for more than 3 years and
the management believes that these trade receivables are realizable.
2.30. Balances of the trade receivables, deposits, loans and advances, advances received from the customers
and trade payables are subject to confirmation from the respective parties and consequential adjustments
arising from reconciliation, if any. However, the management believes that there will not be any material
changes to the balances as reflected in the books of accounts as on March 31,2025.
Note No : 20 Other Statutory Information
i. The company do not have immovable properties at the end of the year.
ii. The Company has not revalued its property, plant & equipment during the year.
iii. There are no Loans or Advances granted to promoters, Directors, KMPs and the related parties (as defined
under Companies Act, 2013,) either severally or jointly with any other person.
iv. There are no intangible assets under development at the year-end.
v. The Company do not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.
vi. The Company do not have any borrowings from banks or financial institutions on the basis of security of
current assets.
vii. The Company has not been declared as a willful defaulter by any lender who has powers to declare a
company as a willful defaulter at any time during the financial year or after the end of reporting period but
before the date when the financial statements are approved.
viii. Disclosure of Transactions with struck off Companies - The Company does not have any transactions with
companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act,
1956 during the financial year.
ix. The Company do not have any charges or satisfaction which are yet to be registered with ROC beyond the
statutory period.
x. The Company has not invested in any other Companies, hence the compliance with regards to the
number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on
number of Layers) Rules, 2017 is not applicable.
xi. The ratio analysis of the company is separately annexed.
xii. The disclosure regarding Scheme of Arrangements being approved by the Competent Authority in terms of
sections 230 to 237 of the Companies Act, 2013 is not applicable.
xiii. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lends or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (Ultimate Beneficiaries), or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
xiv. 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:
(a) 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
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
xv. The provisions contained in Section 135 of the Act relating to CSR Activities are not applicable to the
company for the year under review.
xvi. The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
xvii. The Company does not have transaction which is 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).
xviii. The company has no borrowings from Banks and Financial institutions So, the question of usage of the
borrowings from banks and financial institutions for the specific purpose for which it was taken at the
balance sheet date does not arise.
xix. Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of accounts for the year ended 31st March,2025 which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions
recorded in the software except that, audit trail feature is not enabled for direct changes to database
when using certain access rights. Further, during the course of our audit we did not come across any
instance of audit trail feature being tampered with, in respect of accounting software where the audit trail
has been enabled. Additionally, the audit trail of prior year has been preserved by the company as per the
statutory requirements for record retention.
Significant accounting policies 1 to 2
The notes referred to above form an integral part of financial
statements 3 to 20
As per our report of even date
For Pundarikashyam & Associates For and on behalf of the Board of Directors of
Chartered Accountants MIZZEN VENTURES LIMITED
FRN:011330S
B. Surya Prakasa Rao Sandeep Dsilva Kripa Anand Rajput
Partner Managing Director & CFO Whole-time-Director
Membership No: 205125 (DIN: 09040813) (DIN: 11025448)
UDIN: 25205125BMHZOH5751
Om Mishra Pallavi Ronit Passwala
Place: Hyderabad Whole-time-Director Company Secretary
Date: 30-05-2025 (DIN: 11024748)
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