Notes to Accounts of Bervin Investment & Leasing Ltd.

Mar 31, 2024

q) Provisions and contingent liabilities General

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of past events, 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

When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Provision for onerous contracts

An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The Company at the end of every reporting period conducts the onerous contract test per the provisions of Ind AS 37 by comparing the remaining costs to be incurred under the contract with the related revenue of the contract. Where the costs of a contract exceed the related revenue of the contract, the Company makes a provision for the difference.

Contingent Liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. At the balance sheet date no contingent liability exist.

r) Employee benefits

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

t) Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing the net profit or loss attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid equity share during the reporting period.

The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue that have changed the number of equity shares outstanding, without a corresponding change in resources.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

u). Significant accounting judgements, estimates and assumptions

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Judgements

In the process of applying the Company''s accounting policies, there are no significant judgements established by the management.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market change or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

(i) Useful life of property, plant and equipment

The Company uses its technical expertise along with historical and industry trends for determining the economic life of an asset/component of an asset. The useful lives are reviewed by management periodically and revised, if appropriate. In case of a revision, the unamortised depreciable amount is charged over the remaining useful life of the assets.

(ii) Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the nature of business differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues.

4) MSME as per the Micro, Small and Medium Enterprises Development Act, 2006

Required to pay MSMEs within 45 days, as per section 15 of the MSMED Act, 2006, depending on the presence of a written agreement. In case there is no written agreement, payment should be made within 15 days. Clause (h) of Section 43B comes into effect from April 1, 2024, as per Sec15 MSMED Clause (h), otherwise the company is liable for disallowance as per Union Budget 2023."

There are no Micro, Small and Medium Enterprise to whom the company overdues, which are outstanding for within 45 days, or within 15 days of March 31, 2024, as per section 15 of Micro, Small and Medium Enterprise Development Act, 2006.

4) Additional Regulatory Information:-as per Notification dated 24^th March 2021 on Revised

Scheduleissued by Ministry of Corporate affairs:

A Title deeds of Immovable Properties not held in name of the Company: -

The Company is not having immovable property during the period under review.

b Revaluation of Property Plant and Equipment

The company has not revaluated any Property Plant and Equipment during the year.

c Capital Work in Progress

The company does not have any Capital Work in Progress.

d Intangible Assets under development

The company does not have any Intangible Assets

e Details of Benami Property held

No proceeding has been initiated or pending against the company for holding any benamiproperty under the Benami Transaction (Prohibition) Act, 1988.

f Wilful Defaulter

The Company has not taken any loan or provided any guarantee or security hence itis notdeclared as wilful defaulter by any bank or financial institution or any otherlender during the period under review.

g Relationship with Struck off Companies

The company has not made any transaction with companies struck off under section248 of the Companies Act 2013.

h Registration of charges or satisfaction with registrar of companies

The company has not taken any loan, so creation of charge or satisfaction of charge beyond the i statutory period does not arise.

I Compliance with number of layers of companies

The Company is complying the number of layers of companies as defined in Companies Act, 2013.

J Compliance With Approved Schemes of Arrangement

The company is not under any such scheme of arrangement by the competent authorityin terms of Sections 230 to 237 of the Companies Act, 2013

k Utilization of Borrowed funds and Share Premium

A) The company has not given any loan/advance or invested funds to any other person or persons,entities including foreign entities (intermediary) with the understanding that the intermediary shall.

B) 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).

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

D) The company has not received funds from any other person or persons, entities including foreign entities (Funding Party) with the understanding that the company shall ;

E) 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).

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

n Loans and advances to Related Parties

The company has not granted any loans or advances to promoters, directors, KMPs and the relatedparties either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.

o Undisclosed Income

The company has not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the income tax act 1961.

P Ratios

Accounting ratios are disclosed as per annexure "A".

SCHEDULE AS PER OUR REPORT For and on behalf of the Board

OF EVEN DATE Bervin Investment & Leasing Limited

For KRISHAN K. GUPTA & CO.

Chartered Accountants

FRN: 000009N

K.K GUPTA S.K. Murgai VivekPadgaonkar

Prop Director Director

M. No. 008311 (DIN: 00040348) (DIN:10000948)

UDIN: 24008311BKCBIF2650

Place: New Delhi

Date: 28/05/2024 KalpanaUmakanth Ramesh Chand Jain

Secretary& Director CFO

(DIN: 00105594)

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Mar 31, 2015

1. NETCURRENTASSETS VALUATION

In the opinion of the Board of Directors, the Current Assets, Loans and Advances, are approximately of the value stated or realized, in the ordinary course of the business.

2. AM0RT0ZATI0N

No expenditure is treated at deferred revenue.

3. The provision for all liabilities is adequate and not in excess of the amount reasonably necessary. There is no contingent liability other than those stated in accounts.

4. Income Tax Assessments of the company have been completed upto A.Y. 2013-14. The company has filed appeal for A.Y. 1996-97 with the Hon'ble High Court of Mumbai, against the decision of appellate authorities. Adjustment on account of relief, if any granted by the Court of Law, will be made in the year, in which relief is granted.

5. RESERVE BANK DIRECTIVE

The company has not accepted any deposits from the public and hence provisions of Non- Banking Financial Companies (Reserve Bank) Directions 1977 are not applicable.

6. EARNING PER SHARE

The earnings considered in ascertaining the Company's Earning per Share (EPS) comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS.

7. Provision for gratuity has not been made, as we have been informed by the management that the provisions of Payment of Gratuity Act are not applicable.

8. ADDITIONAL INFORMATION

Pursuant to the provisions of paragraph 4-C of Part - II of the Schedule VI of the Companies Act, 1956, it is not given as the company has not undertaken any manufacturing activities in the year or in the previous year and the same is not applicable.

9. Previous year figures have been regrouped, wherever necessary to make them comparable with this year.

10. TAXATION

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

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Mar 31, 2014

1. i. The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- each. Each Holder of equity share is entitled to vote.

ii. Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period.

iii. There are no rights, preferences and restrictions attached to any share.

iv. Details of shares held by each shareholder holding more than 5% shares

2. NET CURRENT ASSETS VALUATION

In the opinion of the Board of Directors, the Current Assets, Loans and Advances, are approximately of the value stated or realized, in the ordinary course of the business.

3. AMORTOZATION

No expenditure is treated at deferred revenue.

4. The provision for all liabilities is adequate and not in excess of the amount reasonably necessary. There is no contingent liability other than those stated in accounts.

5. Income Tax Assessments of the company have been completed upto A.Y. 2012-13. The company has filed appeal for A.Y. 1996-97 with the Hon''ble High Court of Mumbai, against the decision of appellate authorities. Adjustment on account of relief, if any granted by the Court of Law, will be made in the year, in which relief is granted.

6. RESERVE BANK DIRECTIVE

The company has not accepted any deposits from the public and hence provisions of Non- Banking Financial Companies (Reserve Bank) Directions 1977 are not applicable.

7. EARNING PER SHARE

The earnings considered in ascertaining the Company''s Earning per Share (EPS) comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS.

8. Provision for gratuity has not been made, as we have been informed by the management that the provisions of Payment of Gratuity Act are not applicable.

9. ADDITIONAL INFORMATION

Pursuant to the provisions of paragraph 4-C of Part - II of the Schedule VI of the Companies Act, 1956, it is not given as the company has not undertaken any manufacturing activities in the year or in the previous year and the same is not applicable.

10. Previous year figures have been regrouped, wherever necessary to make them comparable with this year.

11. TAXATION

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

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Mar 31, 2013

1. NET CURRENT ASSETS VALUATION

In the opinion of the Board of Directors, the Current Assets, Loans and Advances, are approximately of the value stated or realized, in the ordinary course of the business.

2. AMORTOZATION

No expenditure is treated at deferred revenue.

3. The provision for all liabilities is adequate and not in excess of the amount reasonably necessary. There is no contingent liability other than those stated in accounts.

4. Income Tax Assessments of the company have been completed upto A.Y. 2011-12. The company has filed appeals for A.Y. 1996-97 with the Hon''ble High Court of Mumbai, against the decision of appellate authorities. Adjustment on account of relief, if any granted by the Court of Law, will be made in the year, in which relief is granted.

5. RESERVE BANK DIRECTIVE

The company has not accepted any deposits from the public and hence provisions of Non- Banking Financial Companies (Reserve Bank) Directions 1977 are not applicable.

6. EARNING PER SHARE

The earnings considered in ascertaining the Company''s Earning per Share (EPS) comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS.

7. Provision for gratuity has not been made, as we have been informed by the management that the provisions of Payment of Gratuity Act are not applicable.

8. ADDITIONAL INFORMATION

Pursuant to the provisions of paragraph 4-C of Part - II of the Schedule VI of the Companies Act, 1956, it is not given as the company has not undertaken any manufacturing activities in the year or in the previous year and the same is not applicable.

9. Previous year figures have been regrouped, wherever necessary to make them comparable with this year.

10. TAXATION

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

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Mar 31, 2012

1. NET CURRENT ASSETS VALUATION

In the opinion of the Board of Directors, the Current Assets, Loans and Advances, are approximately of the value stated or realized, in the ordinary course of the business.

2. AMORTOZATION

No expenditure is treated at deferred revenue.

3. The provision for all liabilities is adequate and not in excess of the amount reasonably necessary. There is no contingent liability other than those stated in accounts.

4. Income Tax Assessments of the company have been completed upto A.Y. 2010-11. The company has filed appeals for A.Y. 1996-97 with the Hon'ble High Court of Mumbai, against the decision of appellate authorities, Adjustment on account of relief, if any granted by the Court of Law, will be made in the year, in which relief is granted.

5. RESERVE BANK DIRECTIVE

The company has not accepted any deposits from the public and hence provisions of Non- Banking Financial Companies (Reserve Bank) Directions 1977 are not applicable.

6. EARNING PER SHARE

The earnings considered in ascertaining the Company's Earnings per Share (EPS) comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS.

7. Provision for gratuity has not been made, as we have been informed by the management that the provisions of Payment of Gratuity Act are not applicable.

8. ADDITIONAL INFORMATION

Pursuant to the provisions of paragraph 4-C of Part ~ II of the Schedule VI of the Companies Act, 1956, it is not given as the company has not undertaken any manufacturing activities in the year or in the previous year and the same is not applicable.

9. Previous year figures have been regrouped, wherever necessary to make them comparable with this year.

10. TAXATION

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

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Mar 31, 2011

1. NET CURRENT ASSETS VALUATION

In the opinion of the Board of Directors, the Current Assets, Loans and Advances, are approximately of the value stated or realized, in the ordinary course of the business.

BERVIN INVESTMENT & LEASING LIMITED, NEW DELHI

2. AMQRTOZATION

No expenditure is treated at deferred revenue,

3. The provision for all liabilities is adequate and not in excess of the amount reasonably necessary. There is no contingent liability other than those stated in accounts.

4. Income Tax Assessments of the company have been completed upto A.Y. 2009-10. The company has fifed appeals for A.Y, 1996-97 with the Honble High Court of Mumbai, against the decision of appellate authorities. Adjustment on account of relief, if any granted by the Court of Law, will be made in the year, in which relief is granted.

5. RESERVE BANK DIRECTIVE

The company has not accepted any deposits from the public and hence provisions of Non- Banking Financial Companies (Reserve Bank) Directions 1977 are not applicable.

6. EARNING PER SHARE

The earnings considered in ascertaining the Companys Earning per Share (EPS) comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS.

7. Provision for gratuity has not been made, as we have been informed by the management that the provisions of Payment of Gratuity Act are not applicable.

8. ADDITIONAL INFORMATION

Pursuant to the provisions of paragraph 4-C of Part - II of the Schedule VI of the Companies Act, 1956, it is not given as the company has not undertaken any manufacturing activities in the year or in the previous year and the same is not applicable.

9. Previous year figures have been regrouped, wherever necessary to make them comparable with this year.

10. TAXATION

10.1 Keeping in view of losses incurred by the company during the year, provision for taxation has not been made.

10.2 Current Tax is determined in accordance with provisions of the Income Tax Act, 1961, as the amount of tax payable to the taxation authorities in respect of taxable income for the year.

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Mar 31, 2010

1. NET CURRENT ASSETS VALUATION

In the opinion of the Board of Directors, the Current Assets, Loans and Advances, are approximately of the value stated or realized, in the ordinary course of the business.

2. AMORTOZATION

No expenditure is treated at deferred revenue.

3. The provision for all liabilities is adequate and not in excess of the amount reasonably necessary. There is no contingent liability other than those stated in accounts.

4. Income Tax Assessments of the company have been completed upto A.Y. 2008-09. The company has filed appeals for A.Y. 1996-97 with the Honble High Court of Mumbai, against the decision of appellate authorities. Adjustment on account of relief, if any granted by the Court of Law, will be made in the year, in which relief is granted.

5. RESERVE BANK DIRECTIVE

The company has not accepted any deposits from the public and hence provisions of Non-Banking Financial Companies (Reserve Bank) Directions 1977 are not applicable.

6. EARNING PER SHARE

The earnings considered in ascertaining the Companys Earning per Share (EPS) comprise the net profit after tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year. The diluted EPS is calculated on the same basis as basic EPS.

7. Provision for gratuity has not been made, as we have been informed by the management that the provisions of Payment of Gratuity Act are not applicable.

8. ADDITIONAL INFORMATION

Pursuant to the provisions of paragraph 4-C of Part - II of the Schedule VI of the Companies Act, 1956, it is not given as the company has not undertaken any manufacturing activities in the year or in the previous year and the same is not applicable

9. Previous year figures have been regrouped, wherever necessary to make them comparable with this year.

10. TAXATION

10.1 Keeping in view of losses incurred by the company during the year, provision for taxation has not been made.

10.2 Current Tax is determined in accordance with provisions of the Income Tax Act, 1961, as the amount of tax payable to the taxation authorities in respect of taxable income for the year.