Accounting Policies of QVC Exports Ltd. Company

Mar 31, 2025

1. Corporate Information:

QVC Exports Limited got listed on 28^th August, 2024 on the National Stock Exchange. Company is domiciled in
India and incorporated under the provisions of the Companies Act, 1956. The Company incorporated on 04 ^th August,
2005 having its registered office at 6th Floor, Room No. 611, South City Business Park, 770 EM Bypass, Anandapur,
Adarsha Nagar, Kolkata-700107.

2. Nature of Operation:

Our Company is engaged in the business of dealing in ferro alloys, including but not limited to high carbon silico
manganese, low carbon silico manganese, high carbon ferro manganese, high carbon ferro chrome and ferro silicon.
Company is also engaged in the dealing in raw materials for manufacturing of steel. Company have devised a unique
business model, wherein company procure raw materials required for manufacturers of ferro alloys, such as, manganese
ore, chrome ore, coke, and purchase their finished products, being varied categories of ferro alloys and further sell it to
domestic and international steel manufacturers. Company have created a unique inward and outward model, wherein
company procure raw materials for a manufacturer and further sell the finished products of the same manufacturer,
thereby creating a wide and reliable customer and supplier base and ability of serving manufacturers at different points
of the steel supply chain.

3. Statement of Significant accounting policies

The material accounting policies applied by the Company in the preparation of its financial statements are listed below.
Such accounting policies have been applied consistently to all the periods presented in these financial statements, unless
otherwise indicated.

Basis of Preparation of Financial Statements:

The financial statements have been prepared to comply in all material aspects with the Generally Accepted Accounting
Principles in India (Indian GAAP), including the Accounting Standards prescribed under section 133 of the Companies
Act, 2013 (Act) read with Rule 7 of the Companies (Accounts) Rules, 2021, the provisions relating to the Act (to the
extent notified) and other accounting principles generally accepted in India, to the extent applicable. The financial
statements are prepared on accrual basis under the historical cost convention. The financial statements are presented in
Indian rupees. The financial statements are prepared under Division I of the Schedule III of the Companies Act, 2013.
The financial statements are presented in Indian rupees (“INR”), which is the functional currency of the country and all
values are rounded off to Lacs except when otherwise indicated.

Use of Estimates:

The preparation of the financial statements in conformity with GAAP requires management to make judgments,
estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as
at the date of the financial statements and the reported amount of revenues and expense during the reporting period.
Accounting estimates could change from one period to another. Actual results could differ from those estimates. Any
revision to accounting estimates is recognized prospectively in current and future periods as and when the Management
becomes aware of the changes in circumstances surrounding the estimates. Changes in estimates are reflected in the
period in which the changes are made and, if material, their effects are disclosed in the notes to the financial statements.

Operating Cycle

Based on the nature of products/activities of the company and the normal time between acquisition of assets and their
realization in cash or cash equivalents, the company has determined its operating cycle as 12 months for the purpose of
classification of its assets and liabilities as current and non current.

Current and Non-Current Assets:

All assets and liabilities are classified into current and non-current.

a. Assets:

An asset is classified as current when it satisfies any of the following criteria:

a) It is expected to be realized in, or is intended for sale or consumption in, the Company''s normal operating cycle;

b) It is held primarily for the purpose of being traded;

c) It is expected to be realized within 12 months after the reporting date; or

d) It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at-least 12
months after the reporting date.

Current assets include the current portion of non-current financial assets. All other assets are classified as non-current.

b. Liabilities:

A liability is classified as current when it satisfies any of the following criteria:

a) It is expected to be settled in the Company''s normal operating cycle;

b) It is held primarily for the purpose of being traded;

c) It is due to be settled within 12 months after the reporting date; or

d) The Company does not have an unconditional right to defer settlement of the liability for atleast 12 months after the
reporting date.

Current liabilities include current portion of non-current financial liabilities. All other liabilities are classified as non¬
current.

c. Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Property, Plant and Equipment and Depreciation:

Property, plant and equipment are carried at cost of acquisition or construction net of recoverable taxes, trade discounts
and rebates less accumulated depreciation and/or accumulated impairment loss, if any. The cost of an item of property,
plant and equipment comprises its purchase price, including import duties and other non-refundable taxes or levies and
any directly attributable cost of bringing the asset to its working condition for its intended use; any trade discounts and
rebates are deducted in arriving at the purchase price. Subsequent expenditures related to an item of property, plant and
equipment (except land) are added to its book value only if they increase the future benefits from the existing asset
beyond its previously assessed standard of performance. The valuation and recognition is done by keeping in view the
provisions of the Accounting Standard 10 on “Accounting for Property, Plant and Equipment”. None of Fixed Assets
have been revalued during the Y ear.

Depreciation on Tangible Fixed Assets has been provided on Straight Line Method over the useful lives of Assets as
prescribed under Part C of Schedule II of the Companies Act, 2013. Depreciation for Assets purchased/sold during a
period is proportionately charged.

Property, plant and equipment is eliminated from the financial statements on disposal or when no further benefit is
expected from its use and disposal. Losses arising from retirement or gains or losses arising from disposal of property,
plant and equipment which are carried at cost are recognized in the Statement of Profit and Loss. The details of
estimated life of each category of Assets are as under¬
Office Building, Flat and Parking Space -60 Years, Furniture-10 Years, Computer & Peripherals-3 Years, Office
Equipment- 5 Years, Motor Vehicles-8 Years

Property, Plant and Equipment - Intangible Assets and Amortization:

Intangible assets that are acquired by the Company are measured initially at cost. After initial recognition, an intangible
asset is carried at its cost less any accumulated amortization and any accumulated impairment loss.

Intangible assets are amortized in the Statement of profit and loss over their estimated useful lives, from the date that
they are available for use based on the expected pattern of consumption of economic benefits of the asset. Accordingly,
at present, these are being amortized on straight line basis.

In accordance with the applicable Accounting Standard, the Company follows a rebuttable presumption that the useful
life of an intangible asset will not exceed ten years from the date when the asset is available for use. However, if there is
persuasive evidence that the useful life of an intangible asset is longer than ten years, it is amortized over the best
estimate of its useful life. Such intangible assets that are not yet available for use are tested annually for impairment.
Intangible assets comprise of softwares only, which are being amortized over a period of 5 years.

Amortization method and useful lives are reviewed at each reporting date. If the useful life of an asset is estimated to be
significantly different from previous estimates, the amortization period is changed accordingly. If there has been a
significant change in the expected pattern of economic benefits from the asset, the amortization method is changed to
reflect the changed pattern. An intangible asset is derecognized on disposal or when no future economic benefits are
expected from its use and disposal.

Impairment of Assets:

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is
charged to the Profit & Loss Account in the year in which as the asset is identified as impaired. The impairment loss
recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. The
company found no indication that any asset may be impaired. Therefore, there was no need to determine impairment
Loss.

Inventories:

Inventories comprise of Trading Goods and are recorded at the lower of cost and net realizable value. Cost of
inventories comprises all costs of purchase and other costs incurred in bringing the inventories to their present location
and condition. Valuation of inventories is done on a First in First Out (FIFO) basis.

Net realizable value is the price at which the inventories can be realized in the normal course of business after allowing
for the cost of conversion from their existing state to a finished condition and for the cost of marketing, selling and
distribution. Provisions are made to cover slow moving and obsolete items based on historical experience of utilization
on a product category basis, which involves individual businesses considering their product lines and market conditions.

Employee Benefits:

Short-term employee benefits

Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term
employee benefits. These benefits include salaries and wages, bonus and ex-gratia.

Contributions under defined contribution plans are recognized as expense for the period in which the employee has
rendered service. Payments made to state managed retirement benefit schemes are dealt with as payments to defined
contribution schemes where the Company’s obligations under the schemes are equivalent to those arising in a defined
contribution retirement benefit scheme. Gratuity is not applicable on our company.

Construction Contracts:

This Standard is not applicable to our Company.

Investments:

Investments which are readily realizable and intended to be held for not more than one year from the date on which such
investments are made, are classified as current investments. All other investments are classified as long term
investments.

On initial recognition, all investments are measured at cost. The cost comprises of purchase price and directly
acquisition charges such as brokerage, fees and duties.

Long -term investments are carried at cost. However, provision for diminution in value is made to recognize a decline
other than temporary in the value of the investments. On disposal of investments, the difference between its carrying
amount and net disposal proceeds is charged or credited to the statement of profit & loss.

Recognition of Income and Expenditure:

Revenue Recognition: Revenue is recognized as and when the economic benefits will flow to the company.

Sale of Goods:

Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have
been passed to the buyer, usually on delivery of the goods, The Company collects GST on behalf of the government
and, therefore, these are not economic benefits flowing to the Company. Hence, they are excluded from Revenue.

Export Benefits:

Export benefits are recognized on accrual basis as per schemes specified in Foreign Trade Policy, as amended from time
to time.

Interest:

Interest benefits are recognized on a time proportion basis taking into account the amount outstanding and the
applicable interest rate. Interest income is included under the head “Other Income” in the statement of Profit and Loss.

All other Income and Expenditure to the extent considered receivable and payables unless specifically stated are
accounted for on accrual and prudent basis.

Foreign Currency Translation:

Initial recognition: Foreign currency transactions are recorded in the reporting currency, by applying to the foreign
currency amount the exchange rate between the reporting currency and the foreign currency at the date of the
transaction. The rate of conversion used is the rate prescribed by the CBEC.

Conversion: Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date.
Non-monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported
using the exchange rate at the date of the transaction. Non-monetary items, which are measured at fair value or other
similar valuation denominated in a foreign currency, are translated using the exchange rate at the date when such value
was determined.

Exchange differences: The transactions in foreign exchange are accounted at the exchange rate prevailing on the date
of the transaction. Assets & liabilities denominated in foreign currency are restated at the year end adopting the
contracted/ year end rates as applicable. Any exchange gains or losses arising out of subsequent fluctuations are
accounted in the Profit & Loss Statement.

Translation of foreign exchange transaction: Company follows AS - 11 (Revised) in respect of Foreign Currency
Transaction applying the principle of most likely realizable/disbursable amount.

Forward Contracts: The Company enters into forward contracts in order to hedge its foreign currency exposures. As
per Para 36 of AS11, premium or discount arising at the inception of such a forward exchange contracts have been
amortised as expense or income over the life of the contract. Exchange differences on such contracts have been
recognised in the statement of profit and loss in the reporting period in which the exchange rates change. Any profit or
loss arising on cancellation or renewal of such forward exchange contracts have been recognised as income or as
expense for the period. The contracts are entered for a short term period of less than 12 months.

Earnings Per Share:

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders
(after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period. The
weighted number of equity shares outstanding during the period is adjusted for events that have changed the number of
equity shares outstanding, without a corresponding change in resources.

Accounting for Taxes on Income:

Tax expense comprises of Current Tax and Deferred Tax. Current Tax is measured as the higher of the amount expected
to be paid to the tax authorities, using the applicable tax rates and Minimum Alternate Tax Calculated on the Book
Profits.

Deferred Income Tax reflect the current period timing differences between taxable income and accounting income for
the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognized only to the
extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets,
in case there are unabsorbed depreciation or losses, are recognized if there is virtual certainty that sufficient future
taxable income will be available to realize the same.

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Mar 31, 2024

SIGNIFICANT ACCOUNTING POLICIES FOR THE YEAR ENDFD 3Isr MARCH, 2024

1. Corporate information:
QVC Exports Limited is a Public Unlisted company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company incorporated in the year 2005 having its registered office at 6th Floor, South City Business Park, 770 EM Bypass, Anandapur, Adarsha Nagar, Kolkata-700107.

2. Nature of Operation: ,
Our Company is engaged in the business of dealing in ferro alloys, including buLnot limited to high carbon silico manganese, low carbon silico manganese, high carbon ferro manganese, high carbon ferro chrome and ferro silicon. Company is also engaged in the dealing in raw materials for manufacturing of steel. Company have devised a unique business model, wherein company procure raw materials required for manufacturers of ferro alloys, such as, manganese ore, chrome ore, coke, and purchase their finished products, being varied categories of ferro alloys and further sell it to domestic and international steel manufacturers. Company have created a unique inward and outward model, wherein company procure raw materials for a manufacturer and further sell the finished products of the same manufacturer, thereby creating a wide and reliable customer and supplier base and ability of serving manufacturers at different points of the steel supply chain.

3. Statement of Significant accounting policies
I he accounting policies set out below have been applied consistently to the period presented in these financial statements.

Basis of Prenaration of Financial Statements;
The financial statements have been prepared to comply in all material aspects with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards prescribed under section 133 of the Companies Act, 2013 (Act) read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions relating to the Act (to the extent notified) and other accounting principles generally accepted in India, to the extent applicable. The financial statements are prepared on accrual basis under the historical cost convention. The financial statements are presented in Indian rupees. The financial statements are prepared under Division I of the Schedule 111 of the Companies Act, 2013. The financial statements are presented in Indian rupees, which is the functional currency of the country and all values are rounded off to Lacs except when otherwise indicated.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

Use of Estimates:
.he preparation of the financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and the reported amount of revenues and expense during the reporting period. Accounting estimates could change from one period to another. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in current and future periods as and when the Management becomes aware of the changes in circumstances surrounding the estimates. Changes in estimates are reflected in the period in which the changes are made and, if material, their effects are disclosed in the notes to the financial statements.

Operating Cycle
Based on the nature of products/activities of the company and the normal time between acquisition of assets and their realization in cash or cash equivalents, the company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non current.

Current and Non-Current Assets:
All assets and liabilities are classified into current and non-current.

Assets:
An asset is classified as current when it satisfies any of the following criteria:

a) It is expected to be realized in, or is intended for sale or consumption in, the Company''s normal operating cycle;

b) It is held primarily for the purpose of being traded;

c) It is expected to be realized within 12 months after the reporting date; or

d) It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at-least 12 months after the reporting date.

Current assets include the current portion of non-current financial assets. All other assets are classified as non-current. Liabilities:

A liability is classified as current when it satisfies any of the following criteria:

a) It is expected to be settled in the Company''s normal operating cycle;

b) It is held primarily for the purpose of being traded;

c) It is due to be settled within 12 months after the reporting date; or

d) The Company does not have an unconditional right to defer settlement of the liability for atleast 12 months after the reporting date.

Current liabilities include current portion of non-current financial liabilities. All other liabilities are classified as noncurrent.

Deterred tax assets and liabilities are classified as non-current assets and liabilities.

Property. Plant and Equipment and Depreciation:

Property, plant and equipment are carried at cost of acquisition or construction net of recoverable taxes, trade discounts and rebates less accumulated depreciation and/or accumulated impairment loss, if any. The cost of an item of property, plant and equipment comprises its purchase price, including import duties and other non-refundable taxes or levies and any directly attributable cost of bringing the asset to its Working condition for its intended use; any trade discounts and rebates are deducted in arriving at the purchase price. Subsequent expenditures related to an item of property, plant and equipment (except land) are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance. The valuation and recognition is done by keeping in view the provisions of the Accounting Standard 10 on “Accounting for Property, Plant and Equipment”. None of Fixed Assets have been revalued during the Year.

Depreciation on Tangible Fixed Assets has been provided on Straight Line Method over the useful lives of Assets as prescribed under Part C of Schedule II of the Companies Act, 2013. Depreciation for Assets purchased/sold during a period is proportionately charged.

Property, plant and equipment is eliminated from the financial statements on disposal or when no further benefit is expected from its use and disposal.

Losses arising from retirement or gains or losses arising from disposal of property, plant and equipment which are carried at cost are recognized in the Statement of Profit and Loss.

Property, Plant and Equipment - Intangible Assets:
Intangible assets that are acquired by the Company are measured initially at cost. After initial recognition, an intangible asset is carried at its cost less any accumulated amortization and any accumulated impairment loss.

Intangible assets are amortized in the Statement of profit and loss over their estimated useful lives, from the date that they are available for use based on the expected pattern of consumption of economic benefits of the asset. Accordingly, at present, these are being amortized on straight line basis.

In accordance with the applicable Accounting Standard, the Company follows a rebuttable presumption that the useful h ie ot an intangible asset will not exceed ten years from the date when the asset is available for use. However, if there is persuasive evidence that the useful life of an intangible asset is longer than ten years, it is amortized over the best estimate of its useful life. Such intangible assets that are not yet available for use are tested annually for impairment. Intangible assets comprise ERP software only, which are being amortized over a period of 5 years.

Amortization method and useful lives are reviewed at each reporting date. If the useful life of an asset is estimated to be significantly different from previous estimates, the amortization period is changed accordingly. If there has been a significant change in the expected pattern of economic benefits from the asset, the amortization method is changed to reflect the changed pattern. An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use and disposal.

Impairment of Assets:
An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which as the asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. The company found no indication that any asset may be impaired. Therefore, there was no need to determine impairment Loss. Other disclosure requirements as per mandatory Accounting Standard AS - 28 are not applicable in the case of the company.

Inventories:

Inventories comprise Trading Goods and are carried at the lower of cost and net realizable value. Cost of inventories comprises all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Valuation of inventories is done on a First in First Out (FIFO) basis.

Employee Benefits:
Short-term employee benefits

Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. Employee benefits in the form of Provident Fund and ESI are considered as defined contribution plan and the contributions to Employees’ Provident Fund Organization established under The Employees'' Provident Fund and Miscellaneous Provisions Act 1952 and Employees'' State Insurance Act, 1948, respectively, are charged to the Profit and Loss Account of the year when the contributions to the respective funds are due. Gratuity is not applicable on our company.

Construction Contracts:

This Standard is not applicable to our Company,

Investments:
Investments which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long term investments.

On initial recognition, all investments are measured at cost. The cost comprises of purchase price and directly acquisition charges such as brokerage, fees and duties.

Long -term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments. On disposal of investments, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of profit & loss.

Recognition of Income And Expenditure:

Revenue Recognition: Revenue is recognized as and when the economic benefits will flow to the company.

Sale of Goods:
Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on delivery of the goods, The Company collects GST on behalf of the government and, therefore, these are not economic benefits flowing to the Company. Hence, they are excluded from Revenue, CVD and Additional Duty deducted from revenue (Gross) is the amount that is included in the Revenue (Gross).

Export Benefits:

Export benefits are recognized on accrual basis as per schemes specified in Foreign Trade Policy, as amended from time to time.

Interest:

Interest benefits are recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head “Other Income” in the statement of Profit and Loss.

All other Income and Expenditure to the extent considered receivable and payables unless specifically stated are accounted for on accrual and prudent basis.

Foreign Currency Translation:

Initial recognition: Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction. I he rale of conversion used is the rate prescribed by the CBEC.

Conversion: Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date Non-monetary items, which are measured in terms of historical cost denominated in a foreignCurrencyfareTenoried e exchange iateat the dale ol the transaction. Non-monetary items, which are measured at fair''value oAtther was determined''1 den0mmated ,n a fore,Sn currency, are translated using the exchange rate at the date when such value

Exchange differences: The transactions in foreign exchange are accounted at the exchange rate prevailing on the date of the transaction. Assets & liabilities denominated in foreign currency are restated at the year end adopting the contracted/ year end rates as applicable. Any exchange gains or losses arising out of subsequent fluctuations are accounted in the Profit & Loss Statement.

Translatim, of foreign exchange transaction: Company follows AS - 1 I (Revised) in respect of Foreign Currency 1 lansactton applying the principle ol most likely realizable/disbursable amount.

Forward Con tracts: The Company enters into forward contracts in order to hedge its foreign currency exposures As per Para 36 of ASH, premium or discount arising at the inception of such a forward exchange contracts have been amoused as expense or income over the life of the contract. Exchange differences on such contracts have been recognised in the statement of profit and loss in the reporting period in which the exchange rates change. Any profit or .oss arising on cancellation or renewal of such forward exchange contracts have been recognised as income or as expense ior the period. The contracts are entered for a short term period of less than 12 months.

Earnings Per Share:

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (a tei deducting attnbutable taxes) by the weighted average number of equity shares outstanding during the period The weighted number ol equity shares outstanding during the period is adjusted for events that have changed the number of equity shaies outstanding, without a corresponding change in resources.

Accounting for Taxes on Income:

l ax expense comprises of Current Tax and Deferred Tax. Current Tax is measured as the higher of the amount expected ProfUs^^ ° the ^ aUth0nt''eS’ USm8 the aPPllcable tax rates and Minimum Alternate Tax Calculated on the Book

Deferred Income Tax reflect the current period timing differences between taxable income and accounting income for e period and reversal os timing differences of earlier years/period. Deferred tax assets are recognized only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets m case there are unabsorbed depreciation or losses, are recognized if there is virtual certainty that sufficient future taxable income will be available to realize the same.

Provisions, Contingent Liabilities and Contingent Assets
A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated reliably. Contingent liabilities do not warrant provisions, but are disclosed unless the possibility of outflow of resources is remote. Contingent assets are neither recognized nor disclosed in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognized in the period in which the change occurs.

Cash & Cash Equivalents as indicated in the Cash Flow Statement comprise Cash on Hand, Cash at Bank and Fixed Deposits held with Bank.

Borrowing Costs:
Borrowing cost includes interest, and other ancillary costs incurred in connection with the arrangement of borrowings and are charged to revenue. Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to the Statement of Profit and Loss in the period in which they are incurred.

Prior Period Expenditure:
The change in estimate due to error or omission in earlier period is treated as prior period items. The items in respect of which liability has arisen/crystallized in the current year, though pertaining to earlier year is not treated as prior period expenditure.

Extra Ordinary Items:
The income or expenses that arise from event or transactions which are clearly distinct from the ordinary activities of the Company and are not recurring in nature are treated as extra ordinary items. The extra ordinary items if any are disclosed in the statement of profit and loss as a part of net profit or loss for the period in a manner so as the impact of the same on current profit can be perceived.

Cash Flow Statement:
Cash flows are reported using indirect method, whereby profit before tax is adjusted for the effects transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flow from regular revenue generating, financing and investing activities of the Company is segregated. Cash and cash equivalents in the balance sheet comprise cash at bank term deposits maturing within 12 months, cash/cheques in hand and short term investments with an original maturity of three months or less.

Accounting fur Government Grants:
The Company has not received any subsidy during the year.

Accounting for Amalgamation:
The company has not entered into any amalgamation contract in the current financial year,

Leases;
There are no leases operating within the company.

Financial Reporting of Interests in Joint Ventures:
This Standard is not applicable in case of the Company as the Company has not entered into any Joint Venture. Contingencies and Events Occurring after Balance Sheet Date:

Disclosure of contingencies if any as required by the accounting standard is furnished in the Notes on accounts.

Related Party Disclosures:
Details of related parties and transaction are disclosed in Note-33 of the Financial Statements.

Discontinuing Operations:
This Standard is not applicable to our Company since the Company has not discontinued any operations during the year. Director Personal Expenses

There are no direct personal expenses debited to the profit and loss account. However, personal expenditure if included in expenses like telephone, vehicle expenses etc. are not identifiable or separable.

4. NOTES ON ACCOUNTS:

Quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of accounts & borrowings from banks have been used for the specific purpose for which it was taken.

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

The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favor of the lessee), are held in the name of the Company.

The company has not revalued its property or Plant and Equipment during the financial year. There were no capital-work-in progress and intangible assets under development, whose completion was overdue or has exceeded its cost compared to its original plan.

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) and the rules made there under.

I he Company has not surrendered or disclosed any amount 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).

The company did not enter into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

The company is not declared a willful defaulter by any bank or Financial Institution or other lender.

The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restrictions on number of layers) Rule, 2017.

No Scheme of Arrangements has been approved by the Competent Authority in terms of section 230 to 237 of the Companies Act, 2013.

There are no undisclosed income.

The company is not covered under section 135 of the Companies Act.

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

The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, 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/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.

The Company has not received any funds from person(s) or entity (ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the company shall, whether, directly or indirectly lend or invest in other persons/entities identified in any manner whatsoever by or on behalf of the funding j^ty:T;:Bkimate beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

The details of amount outstanding under the Micro, Small and Medium Enterprises Development Act, 2006 to the extent of information available with the Company are as under:

(i) Principal & Interest amount due and remaining unpaid as at 31.03.2024: Nil (Previous Year Nil)

(ii) Payment made beyond the appointed day during the year: Nil (Previous Year Nil)

(iii) Interest Accrued and unpaid as at 31.03.2024: Nil (Previous Year Nil)

Previous Year Figures have been regrouped or rearranged wherever considered necessary.

Balances of Sundry Debtors, Loan & Advances and Sundry Creditors are subject to confirmation and reconciliation (if any).

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