Notes to Accounts of Spright Agro Ltd.

Mar 31, 2025

Note 34 : Corporate Social Responsibility

a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company during the year is Rs. 11 lakhs.

b) Expenditure related to Corporate Social Responsibility

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM”) of the Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director of the Company. The Company operates only in one Business Segment i.e. "Trading & Mfg of Agri Products”, hence does not have any reportable Segments as per Ind AS 108 "Operating Segments”.

Note 37 : Financial instruments - Fair values and risk management

The fair value of the financial assets are included at amounts at which the instruments could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value

a) Fair value of cash and short-term deposits, trade and other short-term receivables, trade payables, other current liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments

b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.”

B. Fair Value Hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

Financial Risk Management

Risk management framework

A wide range of risks may affect the Company’s business and operational / financial performance. The risks that could have significant influence on the Company are market risk, credit risk and liquidity risk.

The Company’s Board of Directors reviews and sets out policies for managing these risks and monitors suitable actions taken by management to minimise potential adverse effects of such risks on the company’s operational and financial performance.

Market risk

Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s trade and other receivables, cash and cash equivalents and other bank balances. To manage this, the Company periodically assesses financial reliability of customers, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of accounts receivable. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

Note 38 : Capital management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The Company strives to safeguard its ability to continue as a going concern so that they can maximise returns for the shareholders and benefits for other stake holders. The aim to maintain an optimal capital structure and minimise cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may return capital to shareholders, issue new shares or adjust the dividend payment to shareholders (if permitted). Consistent with others in the industry, the Company monitors its capital using the gearing ratio which is total debt divided by total capital plus total debts.

Note : For the purpose of computing total debt to total equity ratio, total equity includes equity share capital and other equity and total debt includes long term borrowings, short term borrowings, long term lease liabilities and short term lease liabilities.

Note 39 : ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013

1. The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

2. The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

3. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

b. Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

4. There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.

5. The Company has not traded or invested in crypto currency or virtual currency during the year.

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

7. During the year, the company has not announced any dividend during the year.

8. The Company has not been declared wilful defaulter by any banks.

Note 40 : Prior year comparatives

Previous year’s figures have been regrouped or reclassified, to conform to the current year’s presentation wherever considered necessary.

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Mar 31, 2024

Company overview

Spright Agro Limited (''the company'') is a public company domiciled and incorporated in name of Kansal Fibres Limited on April 20, 1994. The name was subsequently changed to Tine Agro Limited with effect from 20^th October, 2021 and further change to Spright Agro Limited with effect from 22^nd March, 2024 as per permission affirmation by Central Government.

The main object of the company on incorporation was to carry on business of dealing, marketing and manufacture of textile products. Later on main object of the company have been appended with obligatory permissions to entered into dealing and trading in all types of Agriculture goods, commodities and other related materials on retail as well as on wholesale basis. The Company is listed on Bombay Stock exchange (BSE) [Script code: TINEAGRO].

Significant accounting policies: -(i) Basis Of Preparation & Presentation

The Financial Statements are prepared in accordance with Indian Accounting Standards (IndAS) notified under Section 133 of the Companies Act, 2013 (“Act”) read with Companies (Indian Accounting Standards) Rules, 2015; and the other relevant provisions of the Act and Rules thereunder.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The Financial Statements have been prepared under historical cost convention basis except for certain financial assets and financial liabilities measured at fair value

Authorisation of Financial Statements: The Financial Statements were authorized for issue in accordance with a resolution of the directors on 26^th April, 2024.

(ii) Fair value Measurement

The Company measures certain financial instruments at fair value at each reporting date.

Certain accounting policies and disclosures require the measurement of fair values, for both financial and non-financial asset and liabilities.

The Company used valuation techniques, which were appropriate in circumstances and for which sufficient data were available considering the expected loss/ profit in case of financial assets or liabilities.

(iii) Revenue Recognition

Effective 1st April, 2018, the Company has applied Ind AS 115 - Revenue from Contracts with Customers. Pursuant to adoption of Ind AS 115, Revenue from contracts with customers are recognized when the control over the goods or services promised in the contract are transferred to the customer. The amount of revenue recognized depicts the transfer of

promised goods and services to customers for an amount that reflects the consideration to which the Company is entitled to in exchange for the goods or services.

Revenue is recognized 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 made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment.

(iv) Use of Estimates & Judgements

The preparation of the financial statements of the Company in accordance with Indian Accounting Standards (Ind-AS) requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and the accompanying disclosures along with contingent liabilities at the date of the financial statements. These estimates are based upon management''s best knowledge of current events and actions; however, uncertainty about these assumptions and estimates could result in outcomes that may require adjustment to the carrying amounts of assets or liabilities in future periods. Appropriate revisions in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Revisions in estimates are recognized prospectively in the financial statements in the period in which the estimates are revised in any future periods affected.

(v) Inventories

Inventories of Raw Materials, Finished Goods, Semi-Finished Goods, Accessories & Packing Materials are valued at cost or net realizable value, whichever is lower.

Cost is arrived at on FIFO basis.

(vi) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a noncash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

(vii) Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any.

(viii) Depreciation

Depreciation on Plant, Property and Equipment has been provided on the Straight Line Method based on the useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

(ix) Provisions, contingent liabilities and contingent assets

Provisions are recognised at present value 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 can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. Provisions are not recognised for future operating losses.

Where there are number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

The measurement of provision for restructuring includes only direct expenditure arising from the restructuring, which are both necessarily entailed by the restructuring and not associated with the ongoing activities of the company.

(x) Off Setting Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet when, and only when, there is a legally enforceable right to offset the recognized amount and there is intention either to settle on net basis or to realize the assets and to settle the liabilities simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or counterparty.

(xi) Taxes on Income

Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability during the year. Current and deferred tax are recognized in the statement of profit and loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively.

A) Current Income tax

Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the taxable income for that period. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date.

Current tax assets and liabilities are offset only if, the Company:

• has a legally enforceable right to set off the recognized amounts; and

• Intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

B) Deferred Income tax

Deferred tax is recognized for the future tax consequences of deductible temporary differences between the carrying values of assets and liabilities and their respective tax

bases at the reporting date, using the tax rates and laws that are enacted or substantively enacted as on reporting date.

(xii) Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, other short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

(xiii) Trade Receivables

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

(xiv) Trade and Other Payables

These amounts represent liability for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 90 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.

(xv) Related Party Disclosure:• Key Management Personnel / Promoter Directors: -

Name of Related Party	Relation	Date of Cessation
Mr. Rajendra Singh	Director	14/04/2023
Mrs. Shivangi Gajjar	Non-Executive Independent Director (w.e.f 14/04/2023)	-
Mr. Vinay Kumar Jain	Company Secretary & Compliance Officer	01/05/2023
Mr. Pawansut Swami	Company Secretary & Compliance Officer	04/09/2023
Mrs. Pooja Patel	Company Secretary & Compliance Officer	12/04/2024
Mr. Akshaykumar Patel	Managing Director & Chief Financial Officer (w.e.f. 10/01/2024)
Mrs. Krishna Patel	Non-Executive Non Independent Director (w.e.f. 01/03/2024)	-
Mr. Apurvkumar Patel	Non-Executive Non Independent Director	01/03/2024
Mrs. Nilam Makwana	Non-Executive Independent Director	-

• Entities Over Which Parties Listed in Mentioned Above Exercise Control: -

Name of Related Party	Relation
Xoroton Commercial T rade Pvt Ltd*	Mr. Apurvkumar Patel is a Director in the company.
Torextron Ventures Private Limited*
Aarniya Import and Export Private Limited	Mr. Akshaykumar Patel is a Director in the Company.
Starchart Shipping And Marine Services Private Limited	Mr. Akshaykumar Patel & Mr. Apurvkumar Patel are Directors in the company.
JMJ Communication Private Limited
* Ceased to be a Related Party w.e.f. 1st March, 2024

• Transaction with Key managerial Personnel and Related Parties

(Rs. In Thousand)
Particulars	Details	Year Ended 31st March, 2024	Year Ended 31st March, 2023
Mr. Vinay Kumar Jain	Salary	36.00	108.00
Mr. Pawansut Swami	Salary	625.00	0.00
Mrs. Nilam Makwana	Sitting Fees	27.00	0.00
Mrs. Shivangi Gajjar	Sitting Fees	27.00	0.00
Mr. Akshaykumar Patel	Salary (CFO)	750.00	200.00
Mrs. Pooja Patel	Salary	117.00	0.00

(xvi) Auditor''s Remuneration:

(Rs. In Thousand)
Particulars	2023-24	2022-23
Audit Fees	63.40	40.00

(xvii) Investment & Financial Assets(a) Classification

The Group classifies its financial assets in the measurement categories:

* Those to be measured subsequently at fair value, and

* Those measured at amortised cost.

The Classification depends on the entity''s business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will be recorded in profit or loss. For investment in equity instruments, this will depend on whether group has made an irrecoverable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.

(b) Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Company''s balance sheet) when:

A. The contractual rights to the cash flows from the financial asset have expired, or B. The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''pass-through'' arrangement; and either

i) The Company has transferred substantially all the risks and rewards of the asset, or

ii) The Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

(c) Impairment of financial assets

The Company assesses impairment based on expected credit loss (ECL) model to the following:

A. Financial assets measured at amortized cost B. Financial assets measured at fair value through other comprehensive income

Expected credit losses are measured through a loss allowance at an amount equal to:

A. The 12-months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date); or

B. Full time expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument)

The Company follows ''simplified approach'' for recognition of impairment loss allowance on trade receivables. It recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. The Company uses a provision matrix to determine impairment loss allowance for trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-months ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the Company reverts to recognising impairment loss allowance based on 12-months ECL.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss. The balance sheet presentation for various financial instruments is described below:

A. Financial assets measured as at amortised cost and contractual revenue receivables - ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets writeoff criteria, the company does not reduce impairment allowance from the gross carrying amount.

B. Financial assets measured at FVOCI - Since financial assets are already reflected at fair value, impairment allowance is not further reduced from its value. Rather, ECL amount is presented as accumulated impairment amount in the OCI.

For assessing increase in credit risk and impairment loss, the Company combines financial instruments on the basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely basis.

(xviii) Financial Liabilitiesa) Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in case of loans and borrowings and payables, net of directly attributable transaction costs.

Subsequently, all financial liabilities are measured at amortised cost or at fair value through profit or loss. The Company''s financial liabilities include trade and other payables, loan and borrowings including bank overdrafts.

b) Subsequent measurement

A. Financial liabilities measured at amortised cost

B. Financial liabilities subsequently measured at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ losses are not subsequently transferred to profit or loss. However, the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss. The Company has not designated any financial liability as at fair value through profit or loss.

c) Derecognition

A financial liability is derecognized 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.

(xix) Fair Value

The Company measures certain financial instruments at fair value at each balance sheet date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

A. In the principal market for the asset or liability, or

B. In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as under, based on the lowest level input that is significant to the fair value measurement as a whole:

A. Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

B. Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

C. Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

This note summarizes the accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

(xx) Details of Foreign Exchanges Earnings and Out Go:-

Sr No	Particulars	31st March, 2024	31st March, 2023
1	Foreign Exchange Earning	-	-
2	Foreign Exchange Out Go	-	-

Details of foreign exchange mentioned above are certified and provided by the Management of the company.

(xxi) As certified by the company that it was received written representation from all the directors, that companies in which they are directors had not defaulted in terms of section 164(2) of the companies Act, 2013, and the representation from directors taken in Board that Director is disqualified from being appointed as Director of the company.

(xxii) Earning Per Share

The basic earnings per share is computed by dividing the net profit attributable to equity shareholders for the period by the weighted average number of equity shares outstanding during the period.

The number of shares used in computing diluted earnings per share comprises the weighted average shares considered for deriving basic earnings per share, and also the weighted average number of equity shares which could be issued on the conversion of all dilutive potential equity shares

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Mar 31, 2023

(a) Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

i) 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 dividend in Indian Rupees. During the year ended 31st March 2023, the Company has not declared any dividend.

ii) 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

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(f) Detailed note on shares reserved to be issued under options and contracts / commitment for the sale of shares / divestments including the terms and conditions.

The company does not have any such contract / commitment as on reporting date.

(g) Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures,

The company does not have any securities convertible into shares as on reporting date.

Note: 1) Balance of Sundry Creditors are subject to confirmation. 2) In absense of the identification by the company Micro, Small and Medium Enterprise (MSME) parties from whom the company has the company has procured the goods and services. We are unable to categorize the over dues over 45 days to and interest payments outstanding to MSME as on the date of balance sheet.

Note:

The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.

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Mar 31, 2014

1) During the year, the company has engaged in no business activity other than renting out its vehicle. The rental income is not sufficient to meet out the expenditure of the company. As a result, the company has incurred a cash loss of Rs. 2,92,361/- during the year as at 31st March 2014, the company has accumulated losses of Rs. 62,288,730/- which amount exceeds its paid- up share capital in view of this, there is a substantial doubt about the ability of the company to continue its operations in the foreseeable future.

2) The balances of debtors, Creditors and Security Deposits are subject to their confirmation.

3) In the opinion of the Directors, the current assets, Loans & Advances have a value on realization at least equal to the value at which they are stated in the foregoing balance sheet.

4) Amounts due to creditors covered under Micro, Small and Medium Undertakings Act, 2006 could not be determined owing to lack of information available with the company.

5) Contingent Liabilities not provided for: NIL

6) In the absence of there being virtual certainty that there would be sufficient taxable income in future to set of unabsorbed business losses and depreciation, no deferred tax asset has been created, in accordance with the provisions of Accounting standard 22 "Accounting for taxes on Income" issued by the Institute of chartered Accountants of India.

7) Previous year figures have been recast and rearranged wherever thought necessary in order to make them look comparable with the current year''s figures.

8) Note Nos. 1 to 17 form an integral part of the balance sheet and the profit and loss account.

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Mar 31, 2013

1) During the year, the company has engaged in no business activity other than renting out its vehicle. The rental income is not sufficient to meet out the expenditure of the company. As a result, the company has incurred a cash loss of Rs. 2,53,608/- during the year as at 31st March 2013, the company has accumulated losses of Rs 6,04,95,831/- which amount exceeds its paid-up share capital in view of this, there is a substantial doubt about the ability of the company to continue its operations in the foreseeable future.

2) The balances of debtors, Creditors and Security Deposits are subject to their confirmation.

3) In the opinion of the Directors, the current assets, Loans & Advances have a value on realization at least equal to the value at which they are stated in the foregoing balance sheet.

4) Amounts due to creditors covered under Micro, Small and Medium Undertakings Act, 2006 could not be determined owing to lack of information available with the company.

5) Contingent Liabilities not provided for:

Claims lodged against the company not acknowledged as debts Rs. 70,00,000. (Previous Year : Rs. 70,00,000)

6) In the absence of there being virtual certainty that there would be sufficient taxable income in future to set of unabsorbed business losses and depreciation, no deferred tax asset has been created, in accordance with the provisions of Accounting standard 22 "Accounting for taxes on Income" issued by the Institute of chartered Accountants of India.

7) Previous year figures have been recast and rearranged wherever thought necessary in order to make them look comparable with the current year''s figures.

8) Note Nos. 1 to 17 form an integral part of the balance sheet and the profit and loss account.

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Mar 31, 2012

1.1 Based on the information available with the company regarding the coverage of its suppliers under the Micro, Small and Medium Enterprises Development Act 2006, no amount was due to any party covered unde the said Act.

1.2 Balances of creditors are subject to confirmation.

2 Presentation and Disclosure of Financial Statements

In compliance with the Ministry of Corporate Affairs Notification No F No 2/6/2008- CL-V dated 30 March 2011, the financial statements of the company for the year ended 31 March, 2012 have been drawn up in accordance with the terms of the revised Schedule VI to the Companies Act. The adoption of the revised Schedule VI does not impat the measurement and recognition principles followed for the preparation of financial statements. However, it has significant impact on the presentation of and disclosures made in the financial statements. The company has also recast the previous year's figures to meet the requirements of the revised Schedule VI.

1) During the year, the company has engaged in no business activity other than renting out its vehicle. The rental income is not sufficient to meet out the expenditure of the company. As a result, the company has incurred a cash loss of Rs. 2,53,608/- during the year as at 31st March 2012, the company has accumulated losses of Rs 6,04,95,831/- which amount exceeds its paid-up share capital in view of this, there is a substantial doubt about the ability of the company to continue its operations in the foreseeable future.

2) The balances of debtors, Creditors and Security Deposits are subject to their confirmation.

3) In the opinion of the Directors, the current assets, Loans & Advances have a value on realization at least equal to the value at which they are stated in the foregoing balance sheet.

4) Amounts due to creditors covered under Micro, Small and Medium Undertakings Act, 2006 could not be determined owing to lack of information available with the company.

5) Contingent Liabilities not provided for :

Claims lodged against the company not acknowledged as debts Rs. 70,00,000. (Previous Year : Rs. 70,00,000)

6) Related Party Disclosures in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

7) In the absence of there being virtual certainty that there would be sufficient taxable income in future to set of unabsorbed business losses and depreciation, no deferred tax asset has been created, in accordance with the provisions of Accounting standard 22 "Accounting for taxes on Income" issued by the Institute of chartered Accountants of India.

8) Previous year figures have been recast and rearranged wherever thought necessary in order to make them look comparable with the current year's figures.

9) Note Nos. 1 to 17 form an integral part of the balance sheet and the profit and loss account.

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Mar 31, 2011

1) During the year, the company has engaged in no business activity other than renting out its vehicle. The rental income is not sufficient to meet out the expenditure of the company. As a result, the company has incurred a cash loss of Rs 226835/- during the year as at 31st march 2011, the company has accumulated losses of Rs 6,02,35,935/- which amount exceeds its paid up share capital in view of this, there is a substantial doubt about the ability of the company to continue its operations in the foreseeable future.

2) The balances of Sundry debtors, Loans and Advances and Sundry Creditors are subject to their confirmation.

3) In the opinion of the Board of Directors, the current assets, Loans & Advances have a value on realization at least equal to the value at which they are stated in the foregoing balance sheet.

4) Amounts due to creditors covered under Micro, Small and Medium Undertakings Act, 2006 could not be determined owing to lack of information available with the company.

5) Contingent Liabilities not provided for :

Claims lodged against the company not acknowledged as debt Rs. 70,00,000. Previous Year (Rs. 70,00,000)

6) In the absence of there being virtual certainty that there would be sufficient taxable income in future to set of unabsorbed business losses and depreciation, no deferred tax asset has been created, in accordance with the provision of Accounting standard 22 "Accounting for taxes on Income" issued by the Institute of chartered Accountants of India.

7) Previous year figures have been recast and rearranged wherever thought necessary in order to them look comparable with the current year's figures.

8) Schedule 1 to 12 form an integral part of the balance sheet and the profit and loss account.

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Mar 31, 2010

1) No provision for Gratuity has been made since no employee has completed the qualifying period of five years.

2) The balances of Sundry debtors, Loans and Advances and Sundry Creditors are subject to their confirmation.

3) In the opinion of the Board of Directors, the current assets, Loans & Advances are having the value at which they are stated in the Balance Sheet if realized in the ordinary course of business except as otherwise specified.

4) Sundry Creditors due to small scale and ancillary undertaking could not be ascertained due to lack of in formations.

5) Contingent Liabilities not provided for :

Claims lodged against the company not acknowledged as debt Rs. 70,00,000. Previous Year (Rs. 70,00,000)

6) Deferred tax liability / asset (net) as at 31.03.2010

Pursuant to Accounting Standard (AS) -22 Accounting for Taxes on Income, no deferred tax asset has not been considered up to 31.03.2010 in the books of account since the next year.

7) Previous Year figures have been regrouped / rearranged wherever considered necessary to make them comparable.

8) Schedule 1 to 13 form an integral part of the balance sheet and profit and loss account.