1.2.10 Provisions and contingent liabilities:
Provisions and Contingent Liabilities are accounted in conformity with Accounting Standard- 29-
“Provisions, Contingent Liabilities and Contingent Assets”, accordingly,
(a) The Company creates a provision when there is a present obligation as a result of an obligating event
that probably requires an outflow of resources and a reliable estimate can be made of the amount of the
outflow.
(b) A disclosure for a contingent liability is made when there is a possible obligation or a recent
obligation that may, but probably will not, require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made.
1.3 In the opinion of the Board, the value on realization of current assets, Loans & Advances in the
ordinary course of business would not be less than the amount at which they are stated in the Balance sheet
1.4 Cash Flow Statement
The Cash Flow Statements has been prepared by using Indirect method, whereby profit before tax is adjusted
for the effects of transactions of non - cash nature, any defferals or accruals of past or future operating cash
receipts or payments and items of income or expenses associated with investing or financing cash flows. The
cash flows from operating, investing and financing activities of the company are segregated.
1.5 Disclosures for other Accounting Standards which are not covered above, which lay down
recognition, measurement and disclosure requirements, are not applicable to the Entity as the entity does not
fall within the requirement mentioned in the respective accounting standards.
1.6 Foreign Currency Transactions
Transactions in currencies other than the Company’s functional currency (i.e. foreign currencies) are
recognised at the rates of exchange prevailing at the dates of the transactions.The company's financial
statements are presented in INR, which is also the company's functional currency. Therefore, there is no
foreign currency transactions during the year.
1.7 The Company has used accounting software for maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same has operated throughout the year for all the transactions
recorded in the software. Further, during the course of our audit we did not come across any instance of audit
trail feature being tampered with, and the audit trail has been preserved by the Company as per the statutory
requirements for record retention.
In terms of our report attached to Balance Sheet
For M/S. GARIMA AND CO. For and on Behalf of Board of Directors of
Chartered Accountants M/S O.P. Chains Limited
Firm Registration No. 003273C
Sd/- Sd/-
Sd/- Satish Kumar Goyal Ashok Kumar Goyal
CA Pradeep Kumar Agarwal DIN:00095295 DIN:00095313
Partner Managing Director Whole Time Director
Membership No. 072223
Sd/- Sd/-
UDIN:24072223BKAKKV2272 Cheena Golani Abhay Kumar Pal
Date: 30.05.2024 MRN- 17214 CFO
Place : Agra Company Secretary
25. There is no immovable property whose whole title deed is not held in the name of the company.
26. According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets or both during the year.
27. Disclosure in respect of loans or advances in nature of loans, repayable on demand, granted to
promoters, directors, KMPs and the related parties.
28.In the opinion of Board, the current assets and loans and advances, if realized in the ordinary course of
business have value on realisation at least to the amount at which these are stated in the balance sheet date.
The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.
29.The Company had not been declared a wilful defaulter by any bank or financial institution or other lender
(as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on
wilful defaulters issued by the Reserve Bank of India.
30. The Company has no transactions with struck off companies under section 248 of the Companie Act, 2013
or section 560 of Companies Act, 1956.
31. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
32. 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:
"(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"
33. 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.
34. There is no Scheme of Arrangements that has been approved by the Competent Authority in terms of
sections 230 to 237 of the Companies Act, 2013.
35.Segment Reporting :
An operating segment is a component of the Company that engages in business activities from which it may
earn revenues and incur expenses, whose operating results are regularly reviewed by the company
management.
36. As infomed from management no balances are outstanding for more than 45 days at the balance sheet date
to the suppliers registered thermselves under the Micro, Small and Medium Enterprises Development Act,
2006.
37. Earning per share :
Basic Earnings Per Share (“EPS”) is computed by dividing the net profit / (loss) after tax for the year
attributable to the equity shareholders by the weighted average number of equity shares outstanding during the
year. The weighted average number of equity shares outstanding during the year is adjusted for treasury
shares.For the purpose of calculating diluted earnings per share, net profit / (loss) after tax for the year
attributable to the equity shareholders is divided by the weighted average number of equity shares which
could have been issued on the conversion of all dilutive potential equity shares and is adjusted for the treasury
shares held by the Holding Company to satisfy the exercise of the share options by the employees.
40. Borrowing Costs
General and specific borrowing costs that are attributable to the acquisition, construction or production of a
qualifying asset are capitalised as part of the cost of such asset till such time the asset is ready for its intended
use and borrowing costs are being incurred. A qualifying asset is an asset that necessarily takes a substantial
period of time to get ready for its intended use. All other borrowing costs are recognised as an expense in the
period in which they are incurred. Therefore, there is no borrowing costs during the year.
42 DETAILS OF LOANS GIVEN. INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S 186 (4) OF THE COMPANIES ACT, 2013
Loans given and Investments made are given under the respective heads.
43. The figures of the previous year have been regrouped/reclassified, where necessary, to conform with the
current year's classification.
There has been no prior period or extra ordinary item of income or expenditure which has been entered in the
books of accounts during the year.
44. Cash and Cash equivalents
Cash and cash equivalents comprise of cash at bank and in hand and short-term deposits with banks that are
readily convertible into cash which are subject to insignificant risk of changes in value and are held for the
purpose of meeting short-term cash commitments.
45. Recognition of defered tax assets and liabilities
Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses
for which there is probability of utilisation against the future taxable profit. The Company uses judgement to
determine the amount of deferred tax liability / asset that can be recognised, based upon the likely timing and
the level of future taxable profits and business developments.
46. Accounting for employee benefits
a Defined Benefit Plan
For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method,
with actuarial valuations conducted annually by an independent actuary. Re-measurements, including actuarial
gains and losses, changes to the asset ceiling, and returns on plan assets (excluding net interest), are
immediately reflected in the Balance Sheet with corresponding adjustments in Other Comprehensive Income
(OCI). Past service costs, both vested and unvested, are recognized as expenses upon plan amendment or
curtailment/settlement. Gains or losses from curtailment or settlement are recognized immediately in the
Statement of Profit and Loss. The balance sheet reflects the present value of defined benefit obligations minus
the fair value of plan assets. However no such expenses are recognised during current period."
b Defined Contribution Plan
Contributions to defined contribution plans are recognized as expenses when employees render services
entitling them to such benefits. As there were no contributions to defined contribution plans, no expenses were
recognized for the year.
As per our report of even date attached For and on behalf of Board of Directors
For M/s. Garima and Co.
Firm Registration Number :003273C
Chartered Accountants Sd/- Sd/-
Satish Kumar Goyal Ashok Kumar Goyal
(Managing Director) (Chairman & Whole Time Director)
Sd/- DIN : 00095295 DIN : 00095313
CA Pradeep Kumar Agarwal
Partner
M.No.072223
Place : Agra Sd/- Sd/-
Date : 30.05.2024 Cheena Golani Abhay Kumar Pal
UDIN : 24072223BKAKKV2272 (Company Secretary) (CFO)
MRN : 17214
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