1.10 Provisions and Contingent Liabilities
A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. A discloure for a Contingent liability is made when there is a possible obiligation or a present obligation that may, but probably will not, require an outflow of resources. When there is possible obiligation or a present obligation in respect of which the likelihood of outflow of resources is remote no provision or disclosure is made. A contingent asset is neither recognised nor disclosed in the financial statements.
1.11 Investments
Long-term investments and current maturities of long-term investments are stated at cost, less provision for oilier than temporary diminution in value.
1.12 Lease
Assets taken on lease by the Company in its capacity as lessee, where the Company has substantially all the risks and rewards of ownership are classified as finance lease. Such a lease is capitalised at the inception of the lease at lower of the fair value or the present value of the minimum least' payments and a liability is recognised for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor, are recognised as operating leases. Lease rentals under operating leases are recognised in the statement of profit and loss on a straight-line basis.
1.13 Intangible Assets
Tire company does not have any intangible asset.
1.14 Foreign Exchange Transactionns
Income and expense in foreign currencies are converted at exchange rates prevailing on the date of the transaction.
As per our report on even date
For K. S. SHAH & CO.,
Chartered Accountants F.R.No. 109644W
Sd Sd/- Sd/-
KISHORE SHAH MURTUZA S. MEWAWALA HASANAIN S. MEWAWALA
Partner (Chairman & CFO) (Managing Director)
M. No. 031304 DIN: 00125534 DIN: 00125472
UD1N:240.31304BKEPLA7469
Place: - Dubai Place: - Mumbai
Sd/- Dated: - 24.05.2024 Dated: - 24.05.2024
PREETT SHARMA Company Secretary M.No.: 56376
Place: - Mumbai Dated: - 24.05.2024
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