అకౌంట్స్ గమనికలుTurner Industries Ltd.

Mar 31, 2025

Cash flow statement

Cash flows are prepared in accordance with the indirect method prescribed in Account Standard-3.

14.6 Fixed Assets and Depreciation / Amortisation

(i) Tangible fixed assets and depreciation

Tangible fixed assets acquired by the Company are reported at acquisition cost, with deductions for accumulated depreciation and impairment losses, if any.

The acquisition cost includes the purchase price (excluding refundable taxes) and expenses directly attributable to bring the asset to the location and condition for its intended use. Examples of directly attributable expenses included in the acquisitions! are delivery and handling costs, installation, legal services and consultancy services.

Where the construction or development of any such asset requiring a substantial period of time to set up for its intended use, is funded by borrowings, the corresponding borrowing costs are capitalised up to the date when the asset is ready for its intended use.

Depreciation is provided on a straight line basis at rates and in the manner specified in Schedule II to the Companies Act, 2013, unless the use of a higher rate or an accelerated charge is justified through technical estimates. During the year, the cornea has been converted from partnership firm to private limited company. Since the partnership firm has followed only Depreciation as per IT act, the opening WDV(Written value) is as per incom tax act. During the year after conversion the company is foWing calculation of depreciation both as per Companies Act and Income tax Act

(ii) Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment loss, if any. Profit or Loss on disposal of inmtgible assets is recognised in the Statement of Profit and Loss.

14.7 Revenue Recognition

Revenue from sale of goods is recognised on transfer of all significant risks and rewards of ownership to the buyer. The amount recognised as sale is exclusive of GST and are net of returns.

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

Service income is recognised, net of service tax, when the related services are provided.

14.8 Investments

Investments that are readily realisable and are intended to be held for not more than one ye: from the date, on which such investments are made, are classified as current investments. A other investments are classified as long term investments. Currehtvestments are stated at lower of cost and fair value. Long term investments are stated at cost of acquisition. Provisi for diminution is made when such diminution is considered other than temporary in nature. Non-current investments are carried at costProvision for diminution in the value of non current investments is made only if such a decline is other than temporary in the opinion of the management.

Current investments are carried at lower of cost and fair value. The comparison of cost and fair value is done separately in respect of each category of investments.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the Statement of Profit and Loss.

14.9 Employee benefit)

(i) Defined Benefit \ Contribution Plan:

Fixed attributions to Provident Fund and Employees State Insurance aie recognized in the accounts

at actual cost to the company. Company''s contributions paid’payable dump the year to Rwident

Fund and ESIC are recognized in the Statement of Profit and Less. Company''s Caitnbution towards

Provid.it Find and ESIC is based on a percentage of salary.

(ii) Short -Tenn Employee Benefit:

Sat term employ ee benefits are recognized in the Statemert of Profit and Loss relating to tie year in which tlie employee h as rendered service.

(iii) lamination Benefits

Temriration benefits arc recognised in the profit and loss aaxnrt for the period in which the same is aoente.

15 Segmat repotting

The Company has only one segment, lienee the Segmental reporting regulations are not applicable.

15.1 Earnings per share

Basie earning; per share is computed by dividing tit profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by fit weighted average nuiber of equity shares otstanding duriiptteyear.DilutedeamingspershareiscaTpile d by dividing the profit / (loss) alter tax

(including the post tax effect ofextraoidinary items if any) as adjusted lor dividend, interest and other clxiges to expense or income relating to the dilutive potaiial equity shares, by die weighted average mmter of equity shares considered tor deriving basic earnings per share and die weighted average nunter of equity sixties which could have been issued on the conversion of all dilutive potential equity shares.

15.2 Segment reporting

The Company provides only Financial Services and does not hav e any other segment of business. So die Segtmital reporting regulations are not applicable to the company.

Basic earnings per shine is computed by dividing the profit / (loss) after'' tax (including the post tax

effect of extraordinary items, if any) by the weighted average number of equity shares outstanding

during the year. Diluted earnings per share is compute d by dividing the profit / (loss) after tax

(including the post tax effect of extraordinary items, if any) as adjusted for dividend interest and

other charges to expense or income relating to the dilutive potential equity shares, by the weighted

average number of equity shares considered for deriving basic earnings per share and the weighted

average number of equity shares which could have been issued on the conversion of all dilutive

potential equity shares. Potential equity shares are deemed to be dilut ive only if their conversion to

equity shares would decrease the net profit per share from continuing ordinary'' operations. Potential

dilutive equity shares are deemed to be converted as at the beginning of the period unless they have

been issued at a late r date. The dilutive potential equity shares are adjusted for the proceeds

receivable had the shares been actually issued at fair value (i.e. average market value of the

outstanding shares). Dilutive potential equity shares are determined independently for each period

presented The number of equity shares and potentially dilutive equity shares are adj listed for share

splits / reverse share splits and bonus shares, as appropriate.

15.4 Provision for Taxation

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income tliat originate in me period and are capable of reversal in ore or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or

substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised on ly if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to tlx; extent that reasonable certainty exists tliat suffici ent future taxable income will be

available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right f or such set off. Deferred tax assets are reviewed at each Balance Slieet date for their rcalisability.

Qrrrent and deferred tax relating to items directly related to equity are recognised in equity and not in the Statement of Profit and Loss.

15.5 Impairment of Assets

The company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. An asset is identified as impaired, when the carrying amount of the assets exceeds its recoverable value. Based on such assessment, impairment lo ss if any, is recognised in the statement of profit and loss account for the period in which the asset is identified as impaired. The impairment loss recognised in the prior accounting periods is reversed if there has been a change in the estimate of recov erable amount.

An impainnent loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. An assessment is also done at each Balance Sheet date whether there is any indication that an impairment loss recognised for an asset in prior account ing periods may no longer exist or may have decreased. If any such indication exists, the asset’s recoverable amount is estimated. The carrying amount of the fixed asset is increased to the revised estimate of its recoverable amount but so t hat the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impainnent loss is recognised in the statement of Profit and Loss for t he year.

After recognition of impairment loss or reversal of impainnent loss as applicable, the depreciation charge for the fixed asset is adjusted in future periods to allocate the asset’s revised carrying amount, less its residual value (if any), on stra ight line basis over its __remaining useful life._

15.6 Provisions and contingencies

Provisions involving a substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Provision is not discounted to its present va lue and is determined based on the best estimate required to settle an obligation at the year end.

These are reviewed every year end and adjusted to reflect the best current estimate.

Contingent liabilities are not recognised but are disclosed in the finan cial statements. Contingent assets are neither recognised nor disclosed in the financial statements.

A provision is recognised when there is a present obligation as a result of a past event, that probably requires an outflow of resources and a reliable estimate can be made to settle the amount of obligation. Provision is not discounted to its present valu e and is determined based on the last estimate required to settle the obligation at the year end. These are reviewed at each year end and adjusted to refle ct the best current estimate. Contingent liabilities are not recognised but disclosed in the financial statements. Contingent assets are neither recognised nor disclosed in the financial statements.

During the financial year 2020 -2021, the company had paid Rs. 13,10,000( 10% of 1.31 Crores) as Deposit for Sendee Tax Demand against company, based on the judgement the liability may or may not arise.The payment of Rs. 13,10,000 had been accounted under __Current Assets -Deposit_

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Mar 31, 2024

2.14 Provisions and contingencies

Provisionsinvolving asubstantialdegreeofestimation inmeasurementarerecognisedwhenthereisapresentobligation asaresultofpasteventsandit is
probablethattherewill beanoutflow ofresources.Provision isnotdiscountedtoitspresentvalueandisdetermined basedonthebestestimaterequired to
settleanobligation at the year end.Thesearereviewed every year end and adjusted to reflect the bestcurrent estimate.Contingent liabilities arenot
recognised but are disclosed in the financial statements. Contingent assets are neither recognised nor disclosed in the financial statements.

Aprovision isrecognisedwhenthereisapresentobligation asaresultofapastevent,thatprobably requiresanoutflow ofresourcesandareliableestimate
canbemadetosettletheamountofobligation. Provisionisnotdiscountedtoitspresentvalueandisdetermined basedonthelastestimaterequired tosettle
theobligation attheyearend.Thesearereviewed ateachyearendandadjustedtoreflectthebestcurrent estimate.Contingent liabilities arenot recognised
but disclosed in the financial statements. Contingent assets are neither recognised nor disclosed in the financial statements.

During thefinancial year2020-2021,thecompanyhadpaid Rs.13,10,000(10°%f1.31Crores)asDepositfor ServiceTaxDemandagainstcompany,basedon

the judgement the liability may or may not arise.The payment of Rs.13,10,000 had been accounted under Current Assets -Deposit

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Mar 31, 2014

Related Party Transactions:

As per accounting standard 1 8 (AS18) issued by the Institute of Chartered Accountants of India, the Company''s related parties are as under:

Key Managerial Persons:

1. Sri Rikhabchand Samdaria, Chairman

AUDITOR''S REMUNERATION 2013-14 2012-2013

For Audit Rs.30000 30000

TOTAL Rs.30000 30000

Interested Party payments, if any Nil

TAXES

Since there is a loss no provision for taxation has been provided The deferred tax liability has been provided on the depreciation provided during the year on car and inverter.

FOREIGN EXCHANGE TRANSACTIONS :

Foreign Exchange Transactions of revenue in nature are accounted at the exchange rates prevailing on the date of transaction and are recognized in the Profit and Loss Account. There are no Foreign Exchange Transactions with respect to Assets and Liabilities. Profit on realization of Foreign Exchange is Rs.7,40,861 and previous year profit for Rs.2,85,284

ADVANCE FOR MACHINERY:

The Liabilities for sundry creditor towards purchase of Machinery from M/s. Diamond Processing Corporation and M/s. Star Machinery has been adjusted against the Machinery advances to M/s. R.V. Diamonds. Since They belongs to the same group as per the information and explanation given to us. After adjust the credit balance against the advances for Machinery the net balance has been shown in the balance sheet but Amount advance to R.V. Diamond for purchase of machinery during the year 1995 (Rs.67.52 lakh). Company has filed suite against them which is still pending in the High Court.

PROVIDENT FUND:

As per the information provided the provisions of provident fund, state insurance are not applicable is accounted on accrual basis and is charges to revenue account. In the opinion of the Board of Directors, Sundry debtors, Current assets, Loans and Advances have a value on realization, in the ordinary course of business, atleast equal to the amount at which they are stated. The company is yet to receive confirmations from parties in respect of balances outstanding in sundry debtors and creditors.

SEGMENT REPORTING :

The Company''s business consists of one primary reportable business segment purchase and sale of Precious stones hence segment report is not required under Accounting Standard - 17.

Provision is recongnized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable.

A Provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date. Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date. Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the Re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

Previous years figures have been regrouped wherever necessary As per our report of even date.

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Mar 31, 2013

SECURED LOAN

There are no secured loan borrowed by the company .

CHANGE IN ACCOUNTING POLICY

There is no change in policy of accounts Expenditure in Foreign CurrencyNIL

Previous Year figures have been rearranged and regrouped wherever necessary.

Sundry Debtors unsecured considered goods

Outstanding for a period exceeding six months Rs. 9.66 Lakhs Others Rs. 65.34 Lakhs

(The Company does not hold any security except the personal guarantee of debtors.)

Related Party Transactions:

As per accounting standard 1 8 (AS1 8) issued by the Institute of Chartered Accountants of India, the Company''s related parties are as under:

Key Managerial Persons:

1. Sri Rikhabchand Samdaria, Chairman

TAXES

Since there is a loss no provision for taxation has been provided

The deferred tax. liability has been provided on the depreciation provided during the year on car and inverter.

FOREIGN EXCHANGE TRANSACTIONS

Foreign Exchange Transactions of revenue in nature are accounted at the exchange rates prevailing on the date of transaction and are recognized in the Profit and Loss Account. There"are no Foreign Exchange Transactions with respect to Assets and Liabilities. Profit on realization of Foreign Exchange is Rs.2,85,284 and previous year profit for

Rs.6,02,866

ADVANCE FOR MACHINERY :

The liabilities for sundry creditor towards purchase of Machinery from M/s. Diamond Processing Corporation and M/s. Star Machinery has been adjusted against the Machinery advances to M/s. R.V. Diamonds. Since They belongs to the same group as per the information and explanation given to us. After adjust the credit balance against the advances for Machinery the net balance has been shown in the balance sheet but Amount advance to R.V. Diamond for purchase of machinary during the year 1995 (Rs.67.52 lakh). Company has filed suite against them which is still pending in the High Court.

PROVIDENT FUND :

As per the information provided the provisions of provident fund, state insurance are not applicable is accounted on accrual basis and is charges to revenue account.

In the opinion of the Board of Directors,, Sundry debtors, Current assets, Loans and Advances have a value on realization, in the ordinary course of business, atleast equal to the amount at which they are stated.

The company is yet to receive confirmations from parties in respect of balances outstanding in sundry debtors and creditors.

SEGMENT REPORTING :

The Company''s business consists of one primary reportable business segment purchase and sale of Precious stones hence segment report is not required under Accounting Standard - 17. Provisions, Contingent Liabilities and Contingent Assets

Prevision is recongnized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable.

A Provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date. Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

Reimbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the

Re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts.

Previous years figures have been regrouped wherever necessary

As per our report of even date

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Mar 31, 2012

Related Party Transactions:

As per accounting standard 18 (AS18) issued by the Institute of Chartered Accountants of India, the Company's related parties are as under: Key Managerial Persons:

1. Sri Rikhabchand Samdaria, Chairman

2. Sri lalit kumar Sarndaria Director

Provisions, Contingent Liabilities and Contingent Assets

Provision is recongnized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered probable.

A Provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.

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

Re-imbursement expected in respect of expenditure to settle a provision is recognized only when it is virtually certain that the Re-imbursement will be received.

A Contingent Asset is not recognized in the Accounts, Previous years figures have been regrouped wherever necessary