Classic Filaments Ltd. कंपली की लेखा नीति

Mar 31, 2025

• SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31^st MARCH, 2025:

1. GENERAL:

- The Financial Statements have generally been prepared on the historical cost convention. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles (GAAR).

2. BASIS OF ACCOUNTING:

- The company follows the mercantile system of accounting generally except otherwise stated herein below, if so.

3. FIXED ASSETS:

- Fixed assets are stated at cost of less accumulated depreciation.

- The company follows the Written Down Value (WDV) method for charging depreciation on its fixed assets.

4. INVESTMENTS:

- Investments are stated at cost.

5. INVENTORIES:

- Inventory is valued at cost or net realizable value, whichever is less.

6. REVENUE AND EXPENDITURE RECOGNITION:

- Revenue is recognized and expenditure is accounted for on their accrual except insurance claim, claims in respect of material purchased and sold which are accounted for on cash basis.

7. MISCELLANEOUS EXPENDITURE:

- Miscellaneous Expenditure such as preliminary expenditure is amortized over a period of 5 years.

8. DEFERRED TAX:

- The Deferred tax is recognized for all temporary differences subject to the consideration of prudence and at currently available rates. Deferred Tax assets are recognized only if there is virtual certainty that they will be realized.

9. FOREIGN CURRENY TRANSACTION:

- There is no any foreign currency transaction during the year.

10. CONTINGENT LIABILITIES:

- There is no any contingent liability at year end.

11. TRADE RECEIVABLE AND PAYABLE:

- Balances of trade payable and receivable are subject to confirmation, reconciliation and consequential adjustments, if any.

12. RELATED PARTY TRANSACTIONS:

Loan Accepted from Directors:- 11,53,065/-Loan from other related party:- 1,50,000/-

13. EMPLOYEES BENEFIT EXPENSES:
	Particulars	Current Year	Previous Year
	Salary Paid	3,02,400	2,55,550
14. DETAILS OF PAYMENT TO AUDITORS
	Particulars	Current Year	Previous Year
	As Auditor	75000	25000

15. The amount due to Micro & Small Enterprises are based on the information available with the company.

16. The Company as no outstanding borrowings from banks and financial institutions.

17. The Board, has no such opinion, where the Board consider any of the assets other than Property, Plant and Equipment, Intangible Assets and non-current investments do not have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

18. The Company has not revalued its Property, Plant and Equipment, and if done in future the company shall disclose as to whether the revaluation is based on the valuation by a registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017:

19. No Immovable Properties are held by the company.

21. The Company has no Capital Work In Progress during the year under Audit. The company if have any CIP in future it shall disclose the ageing schedule and completion schedule.

22. The Company have no Intangible Tangible Assets under Development:

23. The Company does not have any Benami Property, and no proceeding has been initiated against the Company for holding any Benami Property.

24. The Company have no borrowings on the basis of security of Current Assets.

25. The Company is not a declared wilful defaulter by any bank/ financial Institution/ other lender.

26. The Company have no relationship with Struck off Companies.

27. The Company have no Charges / Satisfaction yet to be registered with ROC beyond the statutory period.

28. The Company has no layer of company as per Section 2(87).

30. No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, if approved in future the company shall disclose that the effect of such Scheme of Arrangements have been accounted for in the books of account of the Company in accordance with the Scheme and in accordance with accounting standards and deviation in this regard shall be explained.

31. Company has not Advanced/ Loaned/ Invested to any other person or entity, incl. foreign entities with the understanding (recorded or otherwise) that the Intermediary shall Lend or invest in Ultimate Beneficiaries Provide Guarantee/ Security/ etc. on behalf of Ultimate Beneficiaries.

32. Company has not Received from any other person or entity, incl. foreign entities with the understanding (recorded or otherwise) that the Company shall Lend or invest in Ultimate Beneficiaries Provide Guarantee/ Security/ etc. on behalf of Ultimate Beneficiaries.

33. No transaction which was 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), unless there is immunity for disclosure under any scheme.

34. The company not covered under section 135 of the Companies act, 2013.

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

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Mar 31, 2024

SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31^st MARCH, 2024

1. GENERAL

The Financial Statements have generally been prepared on the historical cost convention. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principals.

2. BASIS OF ACCOUNTING

The company follows the mercantile system of accounting generally except otherwise stated herein below, if so.

3. FIXED ASSETS

Fixed assets are stated at cost of less accumulated depreciation. No Depreciation has been provided during the year under consideration.

4. INVESTMENTS

Investments if any are stated at cost.

5. INVENTORIES

Inventory is valued at cost or net realizable value whichever is less.

6. REVENUE AND EXPENDITURE RECOGNITION

Revenue is recognized and expenditure is accounted for on their accrual except insurance claim, claims in respect of material purchased and sold which are accounted for on cash basis.

7. MISCELLANEOUS EXPENDITURE

Miscellaneous Expenditure such as preliminary expenditure are amortized over a period of 5 years.

8. DEFER TAX

The Deferred tax is recognized for all temporary differences subject to the consideration of prudence and at currently available rates. Deferred Tax assets are recognized only if there is virtual certainty that they will be realized.

9. FOREIGN CURRENY TRANSACTION

There is no such transaction during the year.

10. CONTINGENT LIABILITIES

There is no any contingent liability.

11. TRADE RECEIVABLE AND PAYABLE

Balances of trade payable and receivable are subject to confirmation, reconciliation and consequential adjustments, if any.

12. RELATED PARTY TRANSACTIONS

Loan Accepted from Directors: 1350000/-Loan repaid to Directors : 300000/-

13. Employees Benefit Expenses
	Particulars	Current Year	Previous Year
	Salary Paid	255550	234000

14. Details of Payment to Auditors
	Particulars	Current Year	Previous Year
	As Auditor	25000	25000

15. The amount due to Micro & Small Enterprises are based on the information available with the company.

16. Where the company has not used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date, the company shall disclose the details of where they have been used :- Not Applicable

17. If, in the opinion of the Board, any of the assets other than Property, Plant and Equipment, Intangible Assets and non-current investments do not have a value on realization in the ordinary course of business at least equal to the amount at which they are stated, the fact that the Board is of that opinion, shall be stated :- Not Applicable

18. Where the Company has revalued its Property, Plant and Equipment, the company shall disclose as to whether the revaluation is based on the valuation by a registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017:- Not Applicable

19. No Immovable Properties are held by the company.

20. Loans & Advances to Promoters, Directors, KMP & Related parties.
Type Of Borrowers	Amount of Loan in the nature of Loan Outstanding	% to the total Loans & Advances
Promoters	-	-
Directors	-	-
KMPS	-	-
Related Parties	-	-

21. CWIP Ageing : Not Applicable

22. CWIP Completion Schedule : Not Applicable

23. Intangible Tangible Assets under Development : Not Applicable.

24. The Company does not have any benami property, and no proceeding has been initiated against the Company for holding any benami property.

25. The Company does not have borrowings on the basis of security of Current Assets: Not Applicable.

26. The Company is not a declared wilful defaulter by any bank/ financial Institution/ other lender.

27. Relationship with Struck off Companies :- Not Applicable

28. Charges / Satisfaction yet to be registered with ROC beyond the statutory period along with details and reasons thereof: Not Applicable

29. The Company has complied with number of layers prescribed under Section 2(87) of the Act, the name & CIN of such layer of companies along with relationship / extent of holding

30. Ratios
S.NO	TYPE OF RATIO	FORMULA	CY	PY	CHANGE	Remarks
1	Current Ratio	Current Assets/ Current Liabilities	1.59	1.87	14.97	-
2	Debt Equity Ratio	Total Debts/ Total Equity Shareholders	0.28	0.26	7.69	-
3	Debt Service Coverage Ratio	Earning available to Debt Service/ Debt Service	-	-	-	-
4	Return on Equity Ratio	Net Income/Shareholders Equity	-0.01	-0.01	-	-
5	Inventory Turnover Ratio	Sales/Average Inventory	-	-	-	-
6	Trade Receivables Turnover Ratio	Net sales/Average accounts receivables	-	-	-	-
7	Trade Payables Turnover Ratio	Net Credit Purchase /Average Trade Payable	-	-	-	-

8	Net Capital Turnover ratio	Net annual sales/ Avg working capital	-	-	-	-
9	Net Profit Ratio	Profit after tax/ Net Sales *100	-	-	-	-
10	Return On Capital Employed	EBIT/Capital Employed*100	-1.73	-1.68	1.78	-
11	Return on Investment	Profit after tax/Share Capital*100	-1.63	-1.62	0.61	-

31. Any Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, the company shall disclose that the effect of such Scheme of Arrangements have been accounted for in the books of account of the Company ''in accordance with the Scheme'' and ''in accordance with accounting standards'' and deviation in this regard shall be explained :- Not Applicable

32. Company has Advanced/ Loaned/ Invested to any other person or entity, incl. foreign entities with the understanding (recorded or otherwise) that the Intermediary shall Lend or invest in Ultimate Beneficiaries Provide Guarantee/ Security/ etc. on behalf of Ultimate Beneficiaries :- Not Applicable

33. Company has Received from any other person or entity, incl. foreign entities with the understanding (recorded or otherwise) that the Company shall Lend or invest in Ultimate Beneficiaries Provide Guarantee/ Security/ etc. on behalf of Ultimate Beneficiaries. Not Applicable

34. Details of any transaction 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), unless there is immunity for disclosure under any scheme:- Not Applicable

35. The company not covered under section 135 of the companies act

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

37. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification/disclosure.