Trishakti Industries Ltd. के अकाउंट के लिये नोट

Mar 31, 2024

(i) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized when the Company has a binding present obligation. This may be either legal because it derives from a contract, legislation or other operation of law, or constructive because the Company created valid expectations on the part of third parties by accepting certain responsibilities. To record such an obligation, it must be probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made for the amount of the obligation. The amount recognized as a provision and the indicated time range of the outflow of economic benefits are the best estimate (most probable outcome) of the expenditure required to settle the present obligation at the balance sheet date, considering the risks and uncertainties surrounding the obligation. Non-current provisions are discounted if the impact is material.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

A contingent asset is not recognized but disclosed in the financial statements where an inflow of economic benefit is probable.

Provisions, contingent assets and contingent liabilities are reviewed at each balance sheet date. Borrowing Costs

Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds.

General and specific borrowing costs directly attributable to the acquisition or construction of qualifying assets that necessarily takes substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Interest income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets Is deducted from the borrowing costs eligible for capitalization. Borrowing costs that are not directly attributable to a qualifying asset are recognized in the Statement of Profit and Loss using the effective interest method.

(j) Statement of Cash Flows

Cash flows are reported using the indirect method, whereby profit/ (loss) before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments.

Exceptional Items

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Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Company. These are material items of income or expense that have to be shown separately due to their nature or incidence.

(k) Exceptional Items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Company. These are material items of income or expense that have to be shown separately due to their nature or incidence.

(k) Financial Instruments

(I) Financial Assets

Initial Recognition and Measurement

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Financial assets are recognized when the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial assets at initial recognition.

When financial assets are recognized initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss directly attributable transaction costs. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the Statement of Profit and Loss. However, trade receivables that do not contain a significant financing component are measured at transaction price.

Classification

- Cash and Cash Equivalents - Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances with an original maturity of three months or less from the date of acquisition, highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

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- Debt Instruments - The Company classifies its debt instruments as subsequently measured at amortized cost, fair value through Other Comprehensive Income or fair value through profit or loss based on its business model for managing the financial assets and the contractual cash

^ flow characteristics of the financial asset.

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0) Financial Assets at Amortized Cost

Financial assets are subsequently measured at amortized cost if these financial assets are held for collection of contractual cash flows where those cash flows represent solely payments of principal and Interest.

Interest income from these financial assets is included as a part of the Company''s income in the Statement of Profit and Loss using the effective interest rate method.

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(i) Financial Assets at Fair Value Through Other Comprehensive Income (FVOCI)

Financial assets are subsequently measured at fair value through Other Comprehensive Income if these financial assets are held for collection of contractual cash flows and for selling the financial assets, where the assets'' cash flows represent solely payments of principal and interest.

Movements in the carrying value are taken through Other Comprehensive Income, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognized in the Statement of Profit and Loss.

When the financial asset is derecognized, the cumulative gain or loss previously recognized in Other Comprehensive Income is reclassified from Other Comprehensive Income to the Statement of Profit and Loss. Interest income on such financial assets is included as a part of the Company''s income in the Statement of Profit and Loss using the effective interest rate method.

(If) Financial Assets at Fair Value Through Profit or Loss (FVTPL)

Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss.

- Equity instruments - The Company subsequently measures all equity Investments (other than the investment in subsidiaries, joint ventures and associates which are

measured at cost) at fair value. Where the Company has elected to present fair value gains and losses on equity investments in Other Comprehensive Income ("FVOCI"), there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are recognized in the Statement of Profit and Loss as other income when the Company''s right to receive payment is established.

The Company has made an irrevocable election to present in Other Comprehensive Income subsequent changes in the fair value of equity investments that are not held for trading.

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When the equity investment is derecognized, the cumulative gain or loss previously recognized in Other Comprehensive Income is reclassified from Other Comprehensive Income to the Retained Earnings directly.

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Interest

Interest income is accrued on a time proportion basis using the effective interest rate method.

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Dividend-

Dividend income is recognized when the Company''s right to receive the amount Is established.

De-Recognition |

A financial asset is derecognized only when the Company has transferred the rights to receive cash flows from the financial asset. Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognized. Where the Company has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized. Where the Company retains control of the financial asset, the asset is continued to be recognized to the extent of continuing involvement in the financial asset.

(II) Financial Liabilities

Initial Recognition and Measurement

Financial liabilities are recognized only when the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognized initially at fair value, plus, in the case of financial liabilities not at fair value, through profit or loss directly attributable transaction costs.

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Subsequent Measurement

After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortized cost using the effective interest method.

Gains and losses are recognized In the Statement of Profit and Loss when the liabilities are derecognized, and through the amortization process.

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De-Recognition

A financial liability is de-recognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the Statement of Profit and Loss.

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Equity Instruments

Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

(III) Impairment of Financial Assets

Assessment is done, at each reporting date, whether a financial asset or a group of financial assets is impaired. Expected credit losses are measured through a loss allowance as per Ind AS 109 , on Financial Instruments,

For trade receivables only, the Company recognizes expected lifetime losses using the simplified approach permitted by Ind AS 109, from initial recognition of the receivables.

For other financial assets {not being equity instruments or debt instruments measured subsequently at FVTPL) the expected credit losses are measured at the 12 month expected credit losses or an amount equal to the lifetime expected credit losses if there has been a significant increase in credit risk since initial recognition.

(I) Financial Guarantee Contracts

Financial guarantee contracts liabilities issued by the Company are measured initialiy at their fair values and recognized as income In the Statement of Profit and Loss.

Where guarantees in relation to loans or other payables of group companies are provided for no compensation, the fair value are accounted for as contributions and recognized as part of cost of investment.

(m) Recent Accounting Pronouncements

(i) New and Amended Standards Adopted by the Company:

The Company has applied the following amendments for the first time for their annual reporting period commencing April 1,2023:

Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

The amendments to Ind AS 8 darify the distinction between changes in accounting estimates, changes in accounting polides and the correction of errors. They also darify how entities use measurement techniques and inputs to develop accounting estimates.

Ind AS 1 - Presentation of Financial Statements

The amendments to Ind AS 1 provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ''significant'' accounting policies with a requirement to disclose their ''material'' accounting policies and adding guidance on how entities apply the concept of materiality in making dedsions about accounting policy disclosures. This amendment does not have any material impact on the Company''s financial statements and disclosures.

Ind AS 12 - Income Taxes

The amendments to Ind AS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities.

The above amendments did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.

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(ii) New Standards/Amendments notified but not yet effective:

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The Ministry of Corporate Affairs has not notified any new standards or amendments to the existing

standards applicable to the Company during the year ended March 31,2024.

(33) Financial Risk Management Objectives and Policies.

The Compan/s Financial Risk Management is an integral part of how to plan and execute its Business Strategies. The Compan/s Financial Risk Management Policy is set by the Board. The Compan/s activities are exposed to a variety of financial risks from its operations. The key financial risks include market risk (including foreign currency risk, interest rate risk and commodity risk etc.), credit risk and liquidity risk.

33.1 Market Risk: Market risk is the risk of loss of future earnings, fair values or future cash flows that may results from change in the price of a financial instrument. The value of a financial instrument may change as result of change in the interest rates, foreign currency exchange rates, equity prices and other market changes may affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments and deposits, foreign currency receivables, payables and loans and borrowings. Market risk comprises mainly three types of risk: interest rate risk, currency risk and other price risk such as equity price risk and commodity risk. The Company has an elaborate risk management system to inform Board Members about risk management and minimiration procedures.

a) Foreign Currency Risk : Foreign Currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company makes certain imports in foreign currency & therefore is exposed to Foreign Exchange Risk. The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows established risk management policies, including the use of derivatives like foreign exchange forward contracts to hedge exposure to foreign currency risk.

b) Interest Rate Risk:

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Any changes in the interest rates environment may impact future rates of borrowing. The Company mitigates this risk by maintaining a proper blend of Fixed & Floating Rate Borrowings as also a mix of Rupee & Foreign Currency Borrowings.

(c) Commodity Price Risk and Sensitivity:

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The Company Is exposed to the movement in price of key raw materials in domestic and international markets. The Company manages fluctuations in raw material price through hedging in the form of advance procurement when the prices are perceived to be low and also enters Into advance buying contracts as strategic sourcing initiative in order to keep raw material and prices under check, cost of material is hedged to the extent possible.

33.2 Credit Risk:

Credit Risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The Company is exposed to credit risk from its operating activities (primarily trade receivables). Trade Receivable:- Customer Credit Risk is managed based on Company''s established policy, procedures and controls. The Company periodically assesses the financial reliability of customers, taking into account the financial conditions, current economic trends, and analysis of historical bad debts and aging of trade receivables. Individual credit risk limit are set accordingly.

The credit risk from the organized and bigger buyers is reduced by securing Bank Guarantees/Letter of Credits/part advance payments/post dated cheques. The Outstandings of different parties are reviewed periodically at different level of organization. The outstanding from the trade segment is secured by two tier security - security deposit from the dealer himself, and our business associates who manage the dealers are also responsible for the outstanding from any of the dealers in their respective region. Impairment analysis is performed based on historical data at each reporting period on an Individual basis. The Aging of Trade Receivables are as below:

Financial Instruments and Deposits with Banks:

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The Company considers factors such as track record, size of institution, market reputation and service standards to select the bank with which balances and deposits are maintained. Generally, balances are maintained with the institutions with which the Company has also availed borrowings. The Company does not maintain significant cash and deposit balances other than those required for its day to day operation.

33.3 Liquidity Risk:

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Liquidity risk is the risk that 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. The Company relies on a mix of borrowings, and excess operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowings facilities at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of Its borrowing facilities.

(34) Capital Risk Management:

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company''s primary objective when managing capital is to ensure that it maintains an efficient capital structure and healthy capital ratios and safeguard the Company''s ability to continue as a going concern In order to support its business and provide maximum returns for shareholders. The Company also proposes to maintain an optimal structure to reduce the cost of capital. For the purpose of the Company''s capital management, capital includes issued capital, securities premium and all other equity reserves. Net debt includes, interest bearing loans and borrowings, less cash and shortterm deposits

Reason for Varlence

(a) Current liabilities increase during the year.

(e) Sale & closing stock increase during the year.

(0 Revenue fron operation & trade receivable increase during the year.

(h) Revenue fron operation & current assets increase during the year.

(i) Revenue fron operation increase & net profit after tax decrease during the year.

(j) Profit before Tax and finance cost increase during the year.

(k) Income generated from investments decrease during the year.

Note:

a) The company has no trade payable, hence trade payable turnover ratio is not presented.

Explanations have been furnished for change in ratio by more than 25% as compared to the preceding year as stipulated in

b) schedule III to the Act.

(47) Others

a) The Company has no Immovable property hence the question of title deed not in the name of Company or jointly held with others does not arise,

b) The Company has not revalued its Property, Plant & Equipment accordingly disclosure 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 Is not applicable to the Company

c) The company has no capital work-in-Progress and as such the disclosure requirements are not applicable to the company.

d) Th company has no intangible assets under development and as such the disclosure requirements are not applicable to the company.

e) The Company does not have any benami property where any proceedings have been initiated or pending against the company for holding any Benami Property.

f) The Company has not taken any borrowings from banks or financial institutions on the basis of security of Current Assets.

g) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender or any other government authority.

h) The Company has not entered into any transactions with companies which are struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

i) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.

j) The Company does not have any such transaction which are 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).

k) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

l) There are no funds that have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind or funds) 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 directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company, or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaties.

m) There have been no funds that have been received by the Comnpany from any persons or entities, including foreign entities ("Funding Parties”), with the uunderstanding, whether recorded in writing or otherwise, that the Company shall directly or Indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaties") by or on behalf of the Funding Party or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaties.

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(c) Subsequent Events

The Board of Directors in their meeting held on 9th May 2024 have proposed a final dividend of Rs. 0.15 per equity share of Rs. 2 each for the year ended 31st March 2024 which is subject to the approval of shareholders at the ensuring Annual General Meeting and if approved, would result in a cash outflow of approximately Rs. 22.28 lacs.

(48) There are no amounts due and outstandng to be credited to Investor Education & Protection Fund as on 31st March, 2023 (Previous year Rs. Nil).

(49) Contingent liabilities and Commitments (To the extent not provided for)

(a) Contingent liabilities

The company has given corporate guarantee amounting to Rs. 2.00 lacs (previous year Rs. Nil) to M/s. Sgarmal Ramesh Kumar Pvt. Ltd. For the mortgage of their property against overdraft facility provided to us by ICICI Bank.

(b) Commitments Rs.Nil, (previous year Rs. Nil).

(50) The name of the company has been changed from Trishakti Electronics & Industries Ltd to Trishakti Industries Ltd with effect from 22nd August 2023 vide Certificate of Incorporation pursuant to change of name issued by ROC Kolkata.

(51) The Company has migrated to "Tally Prime Edit Log" version from "Tally Prime" during the year and is in process of establishing necessary controls and documentations regarding Audit Trail.

(52) All amount disclosed in the financial statements have been rounded off to the nearest lakh up to two decimals as per the requirement of Schedule III unless otherwise stated.

(53) Previous year figures are regrouped, reclassified & rearranged wherever considered necessary.

As per our Report of even date attached For and on behalf of the Board of Directors

(for G. BASU & 00. , —t\^ *

Chartered Accountant

JR* Suresh Jhanwar Siddhartha Chopra

/?>_ Managing Director Director

DIN:00568879 DIN:00546348

Satyaprlya Bafidyopadhyty < .

* Partner

(M. NO.-058108) 4

Dhruv Jhanwar Kumar''fcanti Ghosh Dipti Goenka

Kolkata, the 9th day of May, 2024 Executive Director Chief Hnanrial Officer Company Secretary

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Mar 31, 2023

(10) Provisions, Contingent liabilities. Contingent Assets and Commitments.

Provisionsare recognized when the Company has a present obligation [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 of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Contingent liability is disclosed in the case of:

* A present obligation arising from past events, when rt is not probable that an outflow of resources will be required to settle the obligation,

• A present obligation arising from past events, when no reliable estimate is possible:

¦ A possible obligation arising from past events, unless the probability of outflow of resources is remote.

Commitments include the amount of Purchase Order (net of Advances) issued to parties for Completion of Assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date

(11) ¦ Revenue Recognition

Revenue is recognised to the extent it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being received. The specific recognition criteria described below are met before revenue is recogmsed.The Company maintains its accounts on accrual basis, except otherwise stated.

Rendenng of Services

Revenue from sale of services is recognised as per the terms of the contract with customers based on stage of completion when the outcome of the transactions involving rendering of services can be estimated reliably. In case, the contract outcome cannot be measured reliably, revenue is recognised only to the extent that the expenses incurred are eligible to be recovered and if it is probable that expenses were not recoverable, revenue is not recognised.

(12) Employees Benefits,

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Employees benefit of short term nature are recognised as expense as and when it accrues. Employees benefit of long term nature are ; recognised as expense based on management estimate.

Though the company is listed but being too meagre in size with employees strength far below the benchmark. Provision for Gratuity has been accounted for as per management estimate instead of actuarial valuation.

Company’s contribution in respect of Employees'' Provident Fund is made to Government Provident Fund and is charged to Statement of Profit & Loss. Accrued leave for the year is paid to the employees during the year itself. Other retirement benefits to the employees of the Company are not applicable during the year under review, l he same will be provided as and when became due.

(13) Borrowing Costs.

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- (lj Borrowing costs that are specifically attributable to the acquisition, construction, or production of a qualifying asset are capitalized as

a part of the cost of such asset till such tirnethe asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a substantial period of time [generally over twelve months) to get ready for its intended use or sale.

The Borrowing Cost consists of Interest & Other incidental costs that the Company incurs in connection with the borrowing of such funds,

(2) For general borrowing used for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalization is determined by applying a capiiafi/adon rate to the expenditures on that asset. The capitalization rate is the weighted average of the borrowing costs applicable to the borrowings of the Company that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of bor rowing costs capita ized during a period does not exceed the amount of borrowing cost incurred during that period.

(3) AM other borrowing costs are recognized as expense in the period in which they are incurred.

(14) Taxes on Income.

a) Current Tax. .

i) Tax on income for the current period is determined on the basis of estimated taxable income and tax credrts computed in accordance with the provisions of the relevant tax laws and based on the expected outcome of assessments / appeals.

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ii) Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

b) Deferred Tax.

Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow al! or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date,

Deferred tax relating to items recognized outside the statement of profit and loss is recognized outside the statement of profit and loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. The break-up of the major components of the deferred tax assets and liabilities as at balance sheet date has been arrived at after setting off deferred tax assets and liabilities where the Company have a legally enforceable right to set-off assets against liabilities and where such assets and liabilities relate to taxes on income levied by the same governing taxation laws.

(15} Exceptional items.

On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the Company is such that its disclosure improves the understanding of the performance of the Company, such income or expense is classified as an exceptional item and accordingly, disclosed in the notes on accounts accompanyingtothe financial statements.

(16) Earnings Per Share (EPS),

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f) Basic earnings per share.

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Basic earnings per share is calculated by dividing:

* The Profit or Loss attributable to Equity Shareholders of the Company.

* By the Weighted Average number of equity shares outstanding during the financial year, adjusted for bonus elements m equity shares issued during the year.

ii) Diluted earnings per share.

Diluted earnings 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 ocrential eauitv shares.

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Segment have identified a.* per accounting standards as per segment reporting {AS 17 j taking into account the organisations structure as well as diferrentiaf risks and returns of these segments. The company has disclosed Financial Services & Investments and Commission as primary segments.Fixed assets used in company''s business or liabilities contracted have been identified to reportable segments to the extent possible. The business segments are reviewed by the Whoretme Directors (Chief Operational Decision Maker). The Chief Operational Decision Maker monitors the operating results of its business Segments separately for the purpose of making decisions about

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resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements.

- (18) Foreign Currency Translations & Transitions.

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(i) Functional and Presentation Currency,

The Company''⁵ financial statements are presented in INR, which is also the Company''s Functional and Presentation Currency.

(il) Transaction and Balance.

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Foreign currency transactions are recorded at exchange rates prevailing on the date of transaction. Monetary

Assets and liabilities related to foreign current transactions are stated at exchange rate prevailing at the end of the year and exchange difference in respect thereof is charged to the Statement of Profit & Loss.

(19)'' Recent Pronouncement

ind AS 1 Presentation of F nancial Statements * This amendment requires the entities to disclose their materia! accounting policies rather than their significant account policies. The effective date for adoption of this amendment is annual periods beginning on or af:er April 1, 2023. The company has evaluated the amendment and the impact, of the amendment and the impact of the amendment is insignificant tn the standalone financial statements.

ind AS 2 - Accounting Ploicies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition of ''accounting estimates¹ and included amendments to ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates- The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The company has evaluated the amendment and there is no impact on its standalone financial statements.

ind AS 12 - income Taxes This amendment has narrowed the scope of the initial recognition exemptions so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment [s annual periods beginning on or after April 1, 2023. The company has evaluated the amendment and there is no impact on its standalone ; financial statements.

Ministry of Corporate Affairs (‘MCA") notifies new standards or amendments to ''he existing standards under Companies (Indian Accounting Standards) Amendment Rules, 2023.

The Company''s Financial Risk Management is an integral part of how to plan and execute its Business Strategies, The Company''s Financial Risk Management Policy is set by the Board. The Company''s activities are exposed to a variety of financial risks from its operations. The key financial risks include market risk (including foreign currency risk, interest rate risk and commodity risk etc.), credit risk and liquidity risk.

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33.1 Market Risk; Market risk is the risk of toss of future earnings, fair values or future cash flows that may results from change in the price of a financial instrument. The value of a financial instrument may change as resuJt of change in the interest rates, foreign currency exchange rates, equity prices and other market changes may affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments and deposits, foreign currency receivables, payables and loans and borrowings. Market risk comprises mainly three types of risk: interest rate risk, currency risk and other price risk such as equity price risk and commodity risk. The Company has an elaborate risk management system to inform Board Members about risk management and minimization procedures.

a) Foreign Currency Risk : Foreign Currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company makes certain imports in foreign currency & therefore is exposed to Foreign Exchange Risk, The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows established risk management policies. Including the use of derivatives like foreign exchange forward contracts to hedge exposure to foreign currency risk.

b) interest Rate Risk :

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interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Any changes in the interest rates environment may impact future rates of borrowing. The Company mitigates this risk by maintaining a proper blend of Fixed & Floating Rate Borrowings as also a mix of Rupee & Foreign Currency Borrowings.

(c) Commodity Price Risk and Sensitivity:

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The Company is exposed to the movement in price of key raw materials in domestic and international markets. The Company manages fluctuations In raw material price through hedging in the farm of advance procurement when the prices are perceived to be low and also enters into advance buying contracts as strategic sourcing initiative in order to keep raw material and prices under check, cost of material is hedged to the extent possible.

33.2 Credit Risk:

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Credit Risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The Company is exposed to credit risk from its operating activities (primarily trade receivables). Trade Receivable:* Customer Credit Risk is managed based on Company''s established policy, procedures and controls. The Company periodically assesses the financial reliability of customers, taking into account the financial conditions, current economic trends, and analysis of historical bad debts and aging of trade receivables. Individual credit risk limit are set accordingly.

The credit risk from the organized and bigger buyers is reduced by securing Bank Guarantees/Letter of Credits/part advance payments/post dated cheques. The Outstandings of different parties are reviewed periodically at different level of organization. The outstanding from the trade segment is secured by two tier security security deposit from the dealer himself, and our business associates who manage the dealers are also responsible for the outstanding from any of the dealers in their respective region. Impairment analysis is performed based on historical data at each reporting period on an individual basis. The Aging of Trade Receivables are as below:

The Company considers factors such as track record, size of institution, market reputation and sendee standards to select the bank with which balances and deposits are maintained. Generally, balances are maintained with the institutions with which the Company has also availed borrowings- The Company does not maintain significant cash and deposit balances other than those required for its day to day operation-

333 liquidity Risk:

Liquidity risk is the risk that 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. The Company relies on a mb< of borrowings, and excess operating cash flows to meet rts needs for funds. The current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowings facilities at all times so that the Company does not breach borrowing limits or covenants {where applicable} on any of its borrowing facilities.

(34} Capital Risk Management:

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company''s primary objective when managing capital is to ensure that ft maintains an efficient capital structure and healthy capital ratios and safeguard the Company''s ability to continue as a going concern In order to support its business and provide maximum returns for shareholders. The Company also proposes to maintain an optima! structure to reduce the cost of capital. For the purpose of the Company''s capital management capital includes issued capital, securities premium and ail other equity reserves. Net debt includes, interest bearing loans and borrowings, less cash and short term deposits

Reason for Va Hence

(a) Current Assets & Liabilities decreased during the year.

(b) Term Loa n & Interest decreased during the year.

¦ . ¦ . ⁴ .. -f''c} Sales decreased and average inventory increased during the year.

{d) Revenue from operation araf average trade receivables decreased during the year.

{e} Revenue from operation decreased during the year,

(f) Average investment decreased du ring the year.

Note:

Explanations have been furnished for change in ratio by more than 25% as compared to the preceding year as stipulated in schedule ill to the Act,

m Others

a) The Company has no Immovable property hence the question of title deed not in the name of Company or jointly held with others does not arise,

b) The Company has not revalued its Property, Plant & Equipment accordingly disclosure 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) .

c) The company has no capital work-fn-Progress and as such the disclosure requirements are not applicable to the company.

d) Th company has no intangible assets under development and as such the disclosure requirements are not applicable to the company.

e) The Company does not have any benami property where any proceedings have been initiated or pending against the company for holding any Benami Property.

f) The Company has not taken any borrowings from banks or financial institutions on the basis of security of Current Assets.

g) The Company has not been declared as witful defaulter by any bank or financial institution or other lender or any other government authority.

¦

^; h] The Company has not entered into any transactions with companies which are struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

¦ i) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period,

j) The Company does not have any such transaction which are not recorded in the books of accounts that has been surrenderee] 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),

k) The Company has not traded or I nvested in Crypto Currency or Virtual Currency during the financial year,

l) There are no funds that have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind or funds) 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 directly or indirectly lend or invest in other persons or entitles identified in any manner whatsoever ("Ultimate Beneficiaries*'') by or on

, behalf of the Gompany, or provide any guarantee, security or the like on behalf of the Ultimate Beneflciattes.

i * ¦ ¹ *

n) There have been no funds that have been received by the Comnpany from any persons or entities, including foreign entities ("Funding Parties"), with the uunderstanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneflclaties") by or on behalf of the Funding Party or provide any guarantee, security or the like on behalf of the ultimate Beneficiatles.

(c) Subsequent Events

The Board of Directors in their meeting haldon 20th May 2023 have proposed a final dividend of Rs. 0.75 per equity share for the year ended 31st March 2023 which is subject to the approval of shareholders at the ensuring Annual General Meeting and if approved, would result in a cash outflow of approximately Rs. 22,28 lacs.

(43) there are no amounts due and outstandngto be credited to investor Education & Protection Fund as on 31st March, 2023 (Previous year Rs. Nil).

Disclosure In Respect of Material Related party transaction during the year;

i) Advances taken during the year from Sri. Suresh Jhanwar - Director Fts. 42.00 lacs (previous year Rs. 39.75 lacs }, Mrs. Shalirri Jhanwar -Director Fts. 2.50 lac {previous year Rs- 46.75 lacs), Ohrvv Jhanwar *¦ Director Rs, Nil (previous year Rs, 30.50 lacs)-

«•) Repayment of Advances taken during the year to Sri. Suresh Jhanwar Director Rs. 42.00 lacs (previous year Rs. 39.75 lacs }_r Mrs, Shalini Jhanwar - Director Rs. 2.50 lac (previous year Rs. 46.75 lacs), Dhruv Jhanwar Director Rs. Nil (previous year Rs. 30.50 lacs ).

iii) Advances Given to Sri Suresh Jhanwar - Director fts, 7.77 lacs (previous year Rs. Nil), Suresh Jhanwar HUF Rs. 4.54 lacs (previous year Rs. Nil) & Sri Pransv Jhanwar fts. 0.61 lacs (previous year Rs. Nil)

iv) Refund of Advances, given to Sri Suresh Jhanwar - Director Rs, 7.77 facs (previous year Rs. Nil), Suresh Jhanwar HOF Rs. 4,54 lacs (previous year Rs, Nil) & Sri Pranav Jhanwar Rs, 0 61 lacs (previous year Rs. Nfl)

v) Loan given to M/s Trishakti Capital l td, Rs. 42,75 lacs (previous year Rs. Nil),

vr) Refund of Loan given to M/s Trishakti Capital Ltd, Rs. 42.75 lacs (previous year Rs, Nil).

vH) Security Deposit against rent given to M/s, Sagarmai Ramesh Kumar Pvt, Ud, Rs~ 34.00 lacs (previous year Rs. Nil), viii) Security Deposit against rent refunded by M/s. Sagarmal Ramesh Kumar Pvt. Ltd. Rs. 29.00 lacs (previous year Rs. N|[). lx) Interest Received from M/s, Trishakti Capital Ltd.'' Subsidiary Company Rs. 1,26 lacs (previous year Rs, Nil)

x) Directors remuneration paid to Sri Suresh Jhanwar Rs. 22.00 lacs (previous Year Rs. 9,20 lacs), Smt. Shalini Jhanwar Rs. 21.00 (previous Year Rs. 4.50) & Sri Dhruv Jhanwar Fs. 10,00 lacs (pr evious Year Rs. Nil)

xi) Salary paid to Sri Dhruv Jhanwar Rs. Nil (previous year Rs, 0,20 iacs), Sri Pranav Jhanwar fts. 5.60 lacs (previous year Rs. 5.60 lacs}, Ms. Nandinl Dharnidharita Rs. 0.80 lacs (previous year Rs, 0.80 lacs) & Ms. Dipti Goenka Rs. 0.4Q lacs (previous year Rs. Nil).

xii) Rent Paid to M/s. Sagarmal Ramesh Kumar Pvt. Ltd. Rs. 30.00 lacs (previous year Rs. 18.00 lacs)

Kiri) Travelling & Conveyance Expenses include Director''s travelling Rs. 34.99 lacs, (Previous year Rs. 7,81 lacs)

xiv) Security deposit given outstanding at the end of the year M/^Si Sagarmal Ramesh Kumar Pvt. Ltd. Rs. 5.00 lacs (previous year R$. Nil)

{44} Ourlng the year, the financial income on account of interest on loan exceeded The nondiraneial income on account of commission earning pending final!ration of lew tenders of the company applying as commission agents. The surplus funds have been given as loans, The company is exploring new business activity where the company''s Fund will he utilized.

The Reserve Rank of India press release of 1999 classifies an entity under the category of NBFCif more than 50 % of gross Income relates to financial income and more then 50% of gross assets are Invested in financial assets.

Vi ewed from the standpoint of above criteria, Ifin business of the company turns out to be that of ME ^SC therehy entailing prior obtentfon of a "Certificate of Registration" for tarrying on such business which has been dispensed with in the light of stray NBFC features in isolation which is poised for otherwise ,lc, ron-NBFC feature shortly.

(4S) Dividend, Ratos & Taxes, Insurance Claim & Keyman insurance have been accounted for on cash basis.

{46) As at March 31, 2023, the company has no outstanding dues to micro enterprises and small enter prises /smail-scale industrial undertaking to the extent such parties have been identified on the basis of information available with the company, (previous year Rs. Nil): The seme has been taker by the auditors as certified by the management

The disclosures pursuant to the Act regarding the suppliers registered under Micro. Small and Medium Enterprises Development Act, 2006 fMSMED Act*}, areas follows:

(47) The C o mpany i s in process of collect i ng confirmot ions from parties to d ebtors, creditors imd loa n accou nts

(44) Co ntingent Ibbrlrtie sand Commitments

(To the extent not provided for)

{a} Contingent liabilities

Debts against the Company not acknowledge as debt:

Bombay Stock Exchange Ltd. tBSEj had imposed a penally of Rs, Sfl,6l lacs for non compliance of some rules. Kb. 18.25 lacs has been withdrawn by BSE on 12/01/2023. The Company had applied io 6SE for withdraw! of balance amount of penalty (Previous year Rs. Nil}

[b} Commitments (previous year ft*. Nil),

(49) Previbus year figures are regrouped, reelassi*: ed & rearranged wherever Considered necess ary.

As per our Report ol even date attached For and on behalf of the Board of Directors

¦ -. ¦ ti

For G, BASU & CO* ^

Cftartere4 Atctjuniarjis ^¹- —^ a

R. Hx -$011,174. E ''

$ t Suresh Jhanwar Sid martha Chopra

fjL Mzr.zm Director Director

„ *1 ^7/ , / / D!IM:0056BS79 Dfftl:00S4634S

SatyapcEya fai%Qpadhfsy ^f —.

Partner - f _^ V- Ayst*

ttoimm : Grr^Ka,

Ku rtf aNjtanTi Ghosh Diptl Gomka

Ko! kata, the 20th day of May, 2.023 ChiefTi nan cl at Officer Company Secretary

ilfitts . 33oasms AfiTbimSjSi. Kolkata, the 20th day of May, 2023

---

Mar 31, 2014

1. (a) Terms/riahts attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting.

During the year ended 31st March, 2014, the board of directors have not proposed any dividend.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2.(i) In the opinion of the Board, the current assets, loans and advances are approximately of value stated, if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary

(ii) Related party disclosure in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India. (Related parties and nature of relationship are as certified by the management and relied upon by the auditors).

3. Amount written off or written back or provision for doubtful debts in respect of debts due from or to related parties is Rs. Nil (Previous Year Rs. Nil).

Disclosure in Respect of Material Related party transaction during the year:

i) Advances taken during the year from Sri. Sagarmal Jhanwar - Director Rs. 54,00,000 (previous year Rs. 5,00,000), Sri. Ramesh Jhanwar - Director Rs. 25,00,000 (previous year Rs. Nil), Sri. Suresh Jhanwar - Director Rs. 20,00,000 (previous year Rs. Nil) M/s. Sagarmal Suresh Kumar Pvt. Ltd. Rs. 20,00,000 (previous year Rs. Nil), M/s/ RVS Shares & Stock Broking Services Pvt. Ltd. Rs. 2,00,000 (previous year Rs. Nil) and M/s. Sagar International Ltd. Rs. Nil (previous year Rs. 22,500).

ii) Repayment of Advances taken during the year to Sri. Sagarmal Jhanwar - Director Rs. 54,00,000 (previous year Rs. 5,00,000), Sri. Ramesh Jhanwar - Director Rs. 25,00,000 (previous year Rs. Nil), Sri. Suresh Jhanwar - Director Rs. 20,00,000 (previous year Rs. Nil) M/s. Sagarmal Suresh Kumar Pvt. Ltd. Rs. 20,00,000 (previous year Rs. Nil), M/s/ RVS Shares & Stock Broking Services Pvt. Ltd. Rs. 2,00,000 (previous year Rs. Nil) and M/s. Sagar International Ltd. Rs. Nil (previous year Rs. 22,500).

iii) Directors Remuneration paid to Sri Sagarmal Jhanwar Rs. 3,60,000 (previous year year Rs. 3,60,000), Sri Ramesh Jhanwar Rs. 1,80,000 (previous year year Rs. 3,60,000), & Sri. Suresh Jhanwar Rs. 3,60,000 (previous year year Rs. 3,60,000).

iv) Rent Paid to Sri Suresh Jhanwar - Director Rs. 14,400 (previous year Rs. 14,400).

v Travelling & Conveyance Expenses include Director''s travelling Rs. 8,24,901 .(Previous year Rs. 10,81,689)

vi Directors remuneration include payment to Whole Time Directors Rs. 9,00,000 (previous year Rs. 10,80,000)

vii Keymen Insurance Rs. 7,05,817 (previous year Rs. 7,05,817) is for the payment of insurance for whole time directors.

viii Dividend has been accounted for on cash basis.

ix Stores & spare parts have been issued to department as and when purchased. Closing stock has been asertained on the basis of physical verification at the end of the year.

x Contingent liabilities and Commitments

(To the extent not provided for)

i) Contingent liabilities Rs. Nil (previous year Rs. Nil)

ii) Commitments Rs.Nil, (previous year Rs. Nil). Advance there against Rs.Nil, (previous year Rs. Nil)

xv Advances include advance payment of Rs. 40,00,000 (previous year Rs. Nil) for purchase & development of land with a corporate entity.

xi Segment reporting

Segment have identified as per accounting standards as per segment reporting (AS 17) taking into account the organisations structure as well as diferrential risks and returns of these segments.

The company has disclosed Hiring of Equipments, Financial Services & Investments and Commission as primary segments.

The Company has secondary segment (geographical segment) which being insignificant is not disclosed.

Fixed assets used in company''s business or liabilities contracted have not been identified to any of the reportable segments, as allocation of assets and liabilities to segments is currently not possible.

xii Previous year''s figures have been rearranged, recast, restated and reclassified to confirm this year''s classification wherever considered necessary.

---

Mar 31, 2013

I Travelling & Conveyance Expenses include Director''s travelling Rs. 10,81,689 .(Previous year Rs. 14,63,269)

ii Directors remuneration include payment to Whole Time Directors Rs. 10,80,000 (previous year Rs. 10,80,000)

iii Keymen Insurance Rs. 7,05,817 (previous year Rs. 7,05,817) is for the payment of insurance for whole time directors.

vi In accordance with the revised Accounting Standard 15, i.e. Employees Benefits, the requisite disclosures are as under

v Dividend has been accounted for on cash basis.

vi Stores & spare parts have been issued to department as and when purchased. Closing stock has been asertained on the basis of physical verification at the end of the year.

vii The Company has issued Credit Note to varrious parties against hire charges as mutually decided / settlement of payment during the year amounting to Rs. 12,28,694. The auditors have taken the same as certified by the management.

viii Sundry Debtors include Rs. 27,14,322 due from a party. The Company has filled a Case for the recovery of outstanding amount. The management has considered the amount as good & recoverable.

ix Bank statement of State Bank Of India, Barmer Branch has not been received during the year inspite of repeated request to them. Transactions have been recorded on the basis of deposit/ transfer/issue of cheques. The auditors have taken the same as certified by the management.

x Segment reporting

Segment have identified as per accounting standards as per segment reporting (AS 17 ) taking into account the organisations structure as well as diferrential risks and returns of these segments.

The company has disclosed Hiring of Equipments, Financial Services & Investments and Commission as primary

The Company has secondary segment (geographical segment) which being insignificant is not disclosed.

Fixed assets used in company''s business or liabilities contracted have not been identified to any of the reportable segments, as allocation of assets and liabilities to segments is currently not possible.

xi Contingent liabilities and Commitments (To the extent not provided for) i) Contingent liabilities Rs. Nil (previous year Rs. Nil) ii) Commitments Rs. Nil (previous year Rs. Nii)

xii Previous year''s figures have also been rearranged, recast, restated and reclassified to confirm this year''s classification wherever considered necessary.

---

Mar 31, 2012

(a) Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a per value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting.

During the year ended 31st March, 2012, the board of directors have not proposed any dividend.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

As at March 31, 2012, the company has no outstanding dues to micro enterprises and small enterprises/small-scale industrial undertaking to the extent such parties have been identified on the basis of information available with the company, (previous year Rs. Nil) The same has been taken by the auditors as certified by the management.

All investments are long term investments which have been valued at cost. The market value of the investments in shares and securities have been substantialy eroded due to prevailing depressed market condition. The same being temporary in nature, in the opinion of the management, no provision for diminution of the value of Long Term Investments (Quoted) amounting to Rs. 23,48,105 (previous year Rs. 3,32,227) has been made in the books of accounts.

1. In the opinion of the Board, the current assets, loans and advances are approximately of value stated, if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

2. Related party disclosure in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India. (Related parties and nature of relationship are as certified by the management and relied upon by the auditors).

b) Amount written off or written back or provision for doubtful debts in respect of debts due from or to related parties is Rs. Nil (Previous Year Rs. Nil)

Disclosure in Respect of Material Related party transaction during the year:

i) Loan taken during the year from Sri. Ramesh Jhanwar - Director Rs. 7,00,000 (previous year Rs. Nil) & M/s. Sagarmal Suresh Kumar Pvt. Ltd. Rs. 2,75,000 (previous year Rs. Nil).

ii) Repayment of Loan taken during the year to Sri. Ramesh Jhanwar - Director Rs. 7,00,000 (previous year Rs. Nil)

& M/s. Sagarmal Suresh Kumar Pvt. Ltd. Rs. 2,75,000 (previous year Rs. Nil). ,

iii) Intgerest paid to M/s. Sagarmal Suresh Kumar Pvt. Ltd. Rs. 3,085 (previous year Rs. Nil).

iv) Directors Remuneration paid to Sri Sagarmal Jhanwar Rs. 3,60,000 (previous year Rs. 3,60,000), Sri Ramesh Jhanwar Rs. 3,60,000 (previous year Rs. 3,60,000) & Sri. Suresh Jhanwar Rs. 3,60,000 (previous year Rs. 3,60,000)

v) Rent Paid to Sri Suresh Jhanwar - Director Rs. 14,400 (previous year Rs. 14,400).

3. Travelling & Conveyance Expenses include Director's travelling Rs. 14,63,269 (Previous year Rs. 8,34,916)

4. Directors remuneration include payment to Whole Time Directors Rs. 10,80,000 (Previous year Rs. 10,80,000)

5. Keymen Insurance Rs. 7,05,817 (previous year Rs. 7,05,817) is for the payment of insurance for whole time directors.

6. In accordance with the revised Accounting Standard 15, i.e. Employees Benefits, the requisite disclosures are as under :

b) In respect of defined benefit plans, necessary disclosures are as under : -

(i) Benefits are of the following types :

Every employee who have completed five years or more of service is entitled to gratuity as per the provisions of the payment of Gratuity Act, 1972.

Provident Fund as per the provisions of Employees Provident Fund & Miscellaneous Provisions Act, 1952.

(ii) As none of the employees have completed the minimum length of service as provided in the payment of gratuity Act, 1972 no provision for gratuity is required to be made.

7. Crane hire charges have been shown net after deducting LD charges & credit notes, as certified by the management.

8. Earnings in Foreign Exchange : . — -

9. Dividend has been accounted for on cash basis.

10. Stores & spare parts have been issued to department as and when purchased. Closing stock has been asertained on the basis of physical verification at the end of the year.

11. Segment reporting

Segment have identified as per accounting standards as per segment reporting (AS 17) taking into account the organisations structure as well as diferrential risks and returns of these segments. The company has disclosed Hiring or Equipments, financial services and Commission as primary segments.

The Company has secondary segment (geograaphical segment) which being insignificant is not disclosed.

Fixed assets used in company's business or liabilities contracted have not been identified to any of the reportable segments, as allocation of assets and liabilities to segments is currently not possible.

12. The financial statement of the year ended 31st March, 2011 has been prepared as per the applicable pre revised schedule VI to the Companies Act, 1956. Conequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared under revised schedule VI. Accordingly, the previous year's figures have also been reclassified to confirm this year's classification.

13. Contingent liabilities and Commitments (To the extent not provided for)

i) Contingent liabilities Rs. Nil (previous year Rs. Nil)

ii) Commitments Rs. Nil (previous year Rs. Nil) .

---

Mar 31, 2010

1 All Investments are long term Investments which have been valued at cost. The market value of the investments in shares and securities have been substantially eroded due to prevailing depressed market condition. The same being temporary in nature in the opinion of the management, no provision for diminution of the value of Long Term Investments (Quoted) as appearing in Schedule - D amounting to Rs. 10,004/- (previous year Rs. Nil ) has been made in the books of accounts.

2 Travelling and Conveyance include Directors travelling expenses Rs. 9,37,108/- (Previous year Rs. 19,66,695/-).

3 In the opinion of the Board, the current assets, loans and advances are approximately of value stated, if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

4 In accordance with the revised Accounting Standard 15, i.e. Employees Benefits, the requisite disclosures are as under:

b) In respect of defined benefit plans, necessary disclosures are as under : (i) Benefits are of the following types :

Every employee who have completed five years or more of service is entitled to gratuity as per the provisions of the payment of Gratuity Act, 1972.

Provident Fund as per the provisions of Employees Provident Fund & Miscellaneous Provisions Act, 1952.

(ii) As none of the employees have completed the minimum length of service as provided in the payment of gratuity Act, 1972 no provision for gratuity is required to be made.

5 Crane hire charges have been shown net after deducting LD charges & credit notes as certified by the management

6 Stores & spare parts have been issued to department as and when purchased. Closing stock has been asertained on the basis of physical verification at the end of the year.

7 Income & Expenditure in Foreign Exchange

a. Income :

Income in foreign currency on account of Commission Received Rs. 9,65,282/- (Previous year Rs. Nil ), Reimbursement of Tender Fee Rs. 1,94,928/- (Previous year Rs. 1,46,208/- ).

b. Expenditure :

Expenditure in foreign currency on account of Travelling Expenses Rs. 4,35,643/- (Previous year Rs. 9,44,475/.) and Cost of spare parts Rs. 4,46,532/- (Previous year Rs. 4,99,706/-), Claim Paid Rs. 3,48,871/- (Previous year Rs. Nil) & Tender Fee Rs. 2,47,802/- (Previous year Rs. 1,89,851/-).

8 Segment reporting

Segment have been identified as per accounting standards as per segment reporting (As 17) taking into account the organization structure as well as diferrential risks and returns of these segments. The company has disclosed Hiring of Equipments, financial services and Commission as primary segments. The Company has secondary segment (geographical segment) which being insignificant is not disclosed. Fixed assets used in companys business or liabilities contracted have not been identified to any of the reportable segments, as allocation of assets and liabilities to segments is currently not possible.

9 Related party disclosure in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India. Related parties and nature of relationship (as certified by the management and relied upon by the auditors).

Where Control exists

Sagarmal Ramesh Kumar Pvt. Ltd.

Sagarmal Suresh Kumar Pvt. Ltd.

RVS Shares & Stock Broking Services Pvt. Ltd.

Key Management Personnel

Sri Sagarmal Jhanwar, Director. Sri Ramesh Jhanwar, Director. Sri Suresh Jhanwar, Director.

10 Keyman Insurance Rs. 7,05,817/- (previous-year Rs. 3,89,835/-) is for the payment of insurance for whole time directors and accounted for on payment basis.

11 Unpaid dividend account does not include any amounts due and outstanding, to be credited Investor Education and Protection Fund.

12 As at March 31, 2010, the company has no outstanding dues to micro enterprises and small enterprises /small- scale industrial undertaking to the extent such parties have been identified on the basis of information available with the company, (previous year Rs. Nil). The auditors have taken the same as certified by the management.

13 Previous years figures have been re-arranged and regrouped wherever considered necessary.