XV. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognized when the company has a present obligations (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 amount recognized as a provision is the best estimates of the consideration required to settle the present obligation at the end of the reporting year, taking in to the account the risk and uncertainties surrounding the obligation. When the present obligation. Its carrying amount is the present value of those cash flows.

Contingent assets are disclosed in the financial statements by way of notes to accounts when an inflow of economic benefits is probable.

Contingent Liabilities are disclosed in the Financial Statements by way of notes to accounts, unless possibility of an outflow of resources embodying economic benefit is remote.

XVI. CASH FLOW STATEMETS

Cash Flow are reported using the indirect method. The cash flows from operating, investing and financing activities of the Company are segregated.

XVII. EARNING PER SHARE

Basic Earnings per share are computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the year. Diluted earning per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for deriving basic earnings per shares that could have been issued upon conservation of all dilutive potential equity shares.

XVIII. INCOME TAXES

The Income Tax expense or credit for the year is the tax payable on the current year's taxable income based on the applicable income tax rates adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses, if any.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting year. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting year and are expected to apply when the related deferred income tax is realized or the deferred income tax liability is settled.

The carrying amount of deferred tax assets are reviewed at the end of each reporting year and are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balance relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has legally enforceable rights to offset and intends either to settle on a net basis, or to realize the assets and settle the liability simultaneously.

XIX. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of restated financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. This note provides an overview of the areas that involved a higher degree of judgment or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assesessed. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

The areas involving critical estimates or judgments are:

i. Useful life of tangible assets refer Note-2V

ii. Useful life of intangible assets refer Note-2VI

iii. Impairment of financial assets refer Note-2VII

iv. Impairment of non-financial assets refer Note-2VIII

v. Provision, Contingent Liabilities and Contingent Assets refer Note-2XV

Estimates and judgments are continuously evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the company and that are believed to be reasonable under the circumstances.

3. Recent Accounting Pronouncements

Major events;

Company has sold all building, plant & machinery, furniture & fittings, office equipments, computer and other assets in F.Y 2022-23 and now in fixed asset there is only land of Rs.25,41,976 there.

Application of new and revised Ind Ass:

Ministry of Corporate Affairs (MCA) through Companies (Indian Accounting Standards) Amendment Rules, 2018 has notified the following new and amendments to Ind As which company has not applied as they are effective for annual periods beginning on or after April 01, 2018:

Ind AS 115 Revenue from Contracts with customers Ind AS 21 The effect of changes in foreign exchange rates

The Company is evaluating the impact of these pronouncements on the financial statements.

Ind AS 115- Revenue from Contracts with Customers

On March 28, 2018, Ministry of Corporate Affairs (MCA) has notified the Ind AS 115, Revenue from Contract with customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standards requires enhanced disclosures about the nature, amount timing and uncertainty of revenue and cash flows arising from the entity's contracts with customers.

The Standard permits two possible methods of transition:

• Retrospective Approach- Under this approach the standards will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8 - Accounting Polices, Changes in Accounting Estimates and Errors.

• Retrospectively with cumulative effect of initially applying standard recognized at the date of application (cumulative catch-up approach). The effective date for adoption of Ind AS 115 is financial periods beginning on or after April 01, 2018.

The Company is in the process of making an assessment of the impact of Ind AS 115 upon initial application.

Appendix B to Ind AS 21, Foreign Currency transactions and advance consideration

The amendment clarifies on the accounting of transactions that including the receipt or payment of advance consideration in a foreign currency. The appendix explains that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of non-monetary prepayment assets or deferred income liability. If there are multiple payment or receipt. The company is evaluating the impact of this amendments on its financial statements.

4. OVERALL PRINCIPLES

The company has prepared the opening balance sheet as per Ind AS as of April 01, 2016 (the transition date) by recognizing all assets and liabilities whose recognition is required by Ind AS, not recognizing items of assets and liabilities which are not permitted by Ind AS, by reclassifying certain items from previous GAAP to ind AS as required under the Ind AS, and applying Ind AS in the measurement of recognized assets and liabilities. However, this principle is subject to certain mandatory exceptions and certain optional exemptions availed by the Company as detailed below:

First Time adoption of Ind AS

The Accounting polices set out in Note 2 have been applied in preparing the financial statements for the year ended March, 2018 and March 31, 2017.

Exemptions and Exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS as at the transition date, ie April 01, 2016.

A. Ind AS Optional Exemptions

i. Deemed Cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plants and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for interchangeable assets covered by Ind AS 38 Intangible Assets and Investment Property covered by Ind AS 40Investment Properties.

Accordingly, the company has elected to measure all of its property, plant and equipment, intangible assets and investment Property at their previous GAAP carrying value.

ii. Designation of previously recognized financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS.

The company has elected to apply this exemption for its investment in equity instruments.

iii. Leases

Appendix C to Ind AS 17 requires an entity to assess whether a contract or arrangement contain a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangements. Ind AS 101 provides an option to make this

assessment on the basis of facts and circumstances existing at the date of transition to ind AS, except where the effect is expected to be not material.

The Company has elected to apply this exemption for such contacts/arrangements.

iv. Impairment of Financial Assets

The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101. It has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognized in order to compare it with the credit risk at the transition date. Further, the company has not undertaken an exhaustive search for information when determining, at the date of transition to Ind As, whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101.

v. Investments in subsidiaries, associates and Joint Ventures

The company has elected to measure investment in subsidiaries, associates and Joint venture at cost.

B. Ind AS as Mandatory Exceptions

i. Estimates

An Entity's estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made in for the same date in accordance with previous GAAP (After adjustments to reflected any difference in accounting polices), unless there is objective evidence that those estimates were in error.

Ind AS estimates as at April 01, 2016 are consistent with estimates as at the same date made in conformity with previous GAAP.

ii. Classification and measurement of Financial Assets

Ind AS 101 requiers an entity to assessee classification and measurement of financial assets (investments in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS. Accordingly, classification and measurement of financial assets has been based on the facts and circumstances that exist at the date of transitions to Ind AS.

26. Disclosure regarding "Contingent Liabilities"

1 Company had received notice from SEBI for late submission of balance sheet of Oct'2018 for Rs 6,45,616/- and during the current financial year company has paid all dues towards SEBI in full and final and at the end of the current financial year there is no liability towards SEBI.

33. Company has not made any provision for interest or advances given by the company based on the amount shown as outstanding in the books of accounts. Hence, the loss of the company is higher to that extent.

34. No provision has been made in the books of accounts for the unsecured advances given by the company as the management of the company is hopeful to recover the advances.

35. Company has made any made provision for income tax as there is cash loss during the year.

36. Company has regrouped/reclassified the previous year figures to confirm to the current year's reclassification/presentation.

37.2 Fair Value Measurement

Fair Value Hierarchy and valuation technique used to determine fair value:

The Fair Value hierarchy is based on inputs to valuation techniques that are used to measured fair value that are either observable or unobservable and are categorized into Level 1, Level 2 and Level 3 inputs.

38. Financial risk Management objective and polices

The company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the company's operations and to provide guarantees to support its operations. The company's principal financial assets include trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The company's business activities expose it to a variety of financial risks, namely liquid risk, market risks and credit risk. The company's senior management has the overall responsibility for the establishment and oversight of the company's risk management policies are established to identify and analyze the risks faced by the company, to set appropriate risk limits and controls and to monitor risk and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the company's activities.

38.1 Management of Liquidity Risk

Liquidity risk is the risk that the company will face in meeting its obligations associated with its financial liabilities. The Company's Approach to managing liquidity is ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. The following table shows the maturity analysis of the company's financial liabilities based on contractually agreed undiscounted cash flows as at the Balance sheet date.

38.2 Market Risk

Market Risk is risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risks comprise three types of changes in market prices. Market Risk comprises three types of risk, currency risk and other price risk, such as equity price risk. Financial Instruments affected by market risk include loans and borrowings, deposits, FVTOCI investments.

38.3 Credit Risk

Credit risk is the risk that counterparty will not meet 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) and from the deposits with banks and financial institutions and other financial instruments.

38.4 Trade Receivables

Customer Credit risk is managed by each business unit subject to the company established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored at March 31,2024.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assed for impairment collectively. The calculation is based on exchange losses historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The company does not hold collateral as security. The company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operates in largely independent markets.

39. Capital Management

Capital includes issued equity capital and share premium and all other equity reserves attributable to the equity holders. The primary objective of the company's capital management is to maximize the shareholder value.

The company mange its capital structure and makes adjustments in light of changes in economic conditions and the requirements of financial convections. The company monitors capital using a gearing ratio, which is net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations. The company monitors capital using gearing ratio, which is total debts divided by total capital plus debts. In order to achieve this overall objective, the company's capital management amongst other things, aims to ensure that it meets financial conventions attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial conventions would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial convents of any interest-bearing loans and borrowing in the current year.

No Changes were made in the objectives, polices or processes for managing capital during the years ended March 31, 2024, March 31, 2023, March 31, 2022.

40. Tax Reconciliation

No Provision has been made for the deferred tax assets or liabilities in the books of accounts as required under Ind AS issued by the ICAI in view of the carried forward losses and also likely losses in the future years. It was explained to us by the management that there is no certainty when commercial operation will start on mass scale basis and hence no provision for deferred tax assets/liability is made.

4. No funds have been advanced or loaned or invested by the company to or in any other persons or entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

5. No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988).

6. The Company has not been declared as willful defaulter by any bank or financial Institution or other lender.

7. During the year, the company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

8. There are no transactions which have not been recorded in the books of accounts and which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

9. There are no charges or satisfaction yet to be registered with the registrar of companies beyond the statutory period.

10. The company does not have layers beyond the number prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

11. The company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

As per report of the even date

For, C. MUKHERJEE & CO. For and on behalf of board

Chartered Accountants Firm Reg No. : 002149S

C.K. MUKHERJEE Pankaj Vora Jagesh Doshi

Proprietor Wholetime Director & CFO Director

M. No. 050861 DIN 00259241 DIN 00259347

UDIN: 24050861BKHISQ3241

Rehanabibi Rijwan Kudalkar

Company Secretary

Date:- 29/05/2024 Date:- 29/05/2024

Place:- Vadodara Place:- Vadodara