Notes to Accounts of O P Chains Ltd.

Mar 31, 2024

1.2.10 Provisions and contingent liabilities:

Provisions and Contingent Liabilities are accounted in conformity with Accounting Standard- 29-
“Provisions, Contingent Liabilities and Contingent Assets”, accordingly,

(a) The Company creates a provision when there is a present obligation as a result of an obligating event
that probably requires an outflow of resources and a reliable estimate can be made of the amount of the
outflow.

(b) A disclosure for a contingent liability is made when there is a possible obligation or a recent
obligation that may, but probably will not, require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made.

1.3 In the opinion of the Board, the value on realization of current assets, Loans & Advances in the
ordinary course of business would not be less than the amount at which they are stated in the Balance sheet

1.4 Cash Flow Statement

The Cash Flow Statements has been prepared by using Indirect method, whereby profit before tax is adjusted
for the effects of transactions of non - cash nature, any defferals or accruals of past or future operating cash
receipts or payments and items 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.

1.5 Disclosures for other Accounting Standards which are not covered above, which lay down
recognition, measurement and disclosure requirements, are not applicable to the Entity as the entity does not
fall within the requirement mentioned in the respective accounting standards.

1.6 Foreign Currency Transactions

Transactions in currencies other than the Company’s functional currency (i.e. foreign currencies) are
recognised at the rates of exchange prevailing at the dates of the transactions.The company''s financial
statements are presented in INR, which is also the company''s functional currency. Therefore, there is no
foreign currency transactions during the year.

1.7 The Company has used accounting software for maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same has operated throughout the year for all the transactions
recorded in the software. Further, during the course of our audit we did not come across any instance of audit
trail feature being tampered with, and the audit trail has been preserved by the Company as per the statutory

requirements for record retention.

In terms of our report attached to Balance Sheet

For M/S. GARIMA AND CO. For and on Behalf of Board of Directors of

Chartered Accountants M/S O.P. Chains Limited

Firm Registration No. 003273C

Sd/- Sd/-

Sd/- Satish Kumar Goyal Ashok Kumar Goyal

CA Pradeep Kumar Agarwal DIN:00095295 DIN:00095313

Partner Managing Director Whole Time Director

Membership No. 072223

Sd/- Sd/-

UDIN:24072223BKAKKV2272 Cheena Golani Abhay Kumar Pal

Date: 30.05.2024 MRN- 17214 CFO

Place : Agra Company Secretary

25. There is no immovable property whose whole title deed is not held in the name of the company.

26. According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets or both during the year.

27. Disclosure in respect of loans or advances in nature of loans, repayable on demand, granted to
promoters, directors, KMPs and the related parties.

28.In the opinion of Board, the current assets and loans and advances, if realized in the ordinary course of
business have value on realisation at least to the amount at which these are stated in the balance sheet date.
The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

29.The Company had not been declared a wilful defaulter by any bank or financial institution or other lender
(as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on
wilful defaulters issued by the Reserve Bank of India.

30. The Company has no transactions with struck off companies under section 248 of the Companie Act, 2013
or section 560 of Companies Act, 1956.

31. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

32. The Company have 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:

"(i)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"

"(ii)provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries"

33. The Company have 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:

"(i)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"

"(ii)provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

34. There is no Scheme of Arrangements that has been approved by the Competent Authority in terms of
sections 230 to 237 of the Companies Act, 2013.

35.Segment Reporting :

An operating segment is a component of the Company that engages in business activities from which it may
earn revenues and incur expenses, whose operating results are regularly reviewed by the company
management.

36. As infomed from management no balances are outstanding for more than 45 days at the balance sheet date
to the suppliers registered thermselves under the Micro, Small and Medium Enterprises Development Act,
2006.

37. Earning per share :

Basic Earnings Per Share (“EPS”) is computed by dividing the net profit / (loss) after tax for the year
attributable to the equity shareholders by the weighted average number of equity shares outstanding during the
year. The weighted average number of equity shares outstanding during the year is adjusted for treasury
shares.For the purpose of calculating diluted earnings per share, net profit / (loss) after tax for the year
attributable to the equity shareholders is divided by the weighted average number of equity shares which
could have been issued on the conversion of all dilutive potential equity shares and is adjusted for the treasury
shares held by the Holding Company to satisfy the exercise of the share options by the employees.

40. Borrowing Costs

General and specific borrowing costs that are attributable to the acquisition, construction or production of a
qualifying asset are capitalised as part of the cost of such asset till such time the asset is ready for its intended
use and borrowing costs are being incurred. A qualifying asset is an asset that necessarily takes a substantial
period of time to get ready for its intended use. All other borrowing costs are recognised as an expense in the
period in which they are incurred. Therefore, there is no borrowing costs during the year.

42 DETAILS OF LOANS GIVEN. INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S 186 (4) OF THE COMPANIES ACT, 2013

Loans given and Investments made are given under the respective heads.

43. The figures of the previous year have been regrouped/reclassified, where necessary, to conform with the
current year''s classification.

There has been no prior period or extra ordinary item of income or expenditure which has been entered in the
books of accounts during the year.

44. Cash and Cash equivalents

Cash and cash equivalents comprise of cash at bank and in hand and short-term deposits with banks that are
readily convertible into cash which are subject to insignificant risk of changes in value and are held for the
purpose of meeting short-term cash commitments.

45. Recognition of defered tax assets and liabilities

Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses
for which there is probability of utilisation against the future taxable profit. The Company uses judgement to
determine the amount of deferred tax liability / asset that can be recognised, based upon the likely timing and
the level of future taxable profits and business developments.

46. Accounting for employee benefits
a Defined Benefit Plan

For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method,
with actuarial valuations conducted annually by an independent actuary. Re-measurements, including actuarial
gains and losses, changes to the asset ceiling, and returns on plan assets (excluding net interest), are
immediately reflected in the Balance Sheet with corresponding adjustments in Other Comprehensive Income
(OCI). Past service costs, both vested and unvested, are recognized as expenses upon plan amendment or
curtailment/settlement. Gains or losses from curtailment or settlement are recognized immediately in the
Statement of Profit and Loss. The balance sheet reflects the present value of defined benefit obligations minus
the fair value of plan assets. However no such expenses are recognised during current period."

b Defined Contribution Plan

Contributions to defined contribution plans are recognized as expenses when employees render services
entitling them to such benefits. As there were no contributions to defined contribution plans, no expenses were
recognized for the year.

As per our report of even date attached For and on behalf of Board of Directors

For M/s. Garima and Co.

Firm Registration Number :003273C

Chartered Accountants Sd/- Sd/-

Satish Kumar Goyal Ashok Kumar Goyal

(Managing Director) (Chairman & Whole Time Director)
Sd/- DIN : 00095295 DIN : 00095313

CA Pradeep Kumar Agarwal
Partner
M.No.072223

Place : Agra Sd/- Sd/-

Date : 30.05.2024 Cheena Golani Abhay Kumar Pal

UDIN : 24072223BKAKKV2272 (Company Secretary) (CFO)

MRN : 17214

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Mar 31, 2013

1. Rights, preferences and restrictions attached to the shares-

Company has one class of Equity shares having a par value of Rs 10A per share. Each share- holder is entitled to one vote per share held.

Dividend proposed by the Board is subject to approval of the shareholders in the ensuing annual general meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company in proportion to their shareholdings.

2. Contingent Liabilities not provided for in respect of:-

Particulars Current Previous Year Year

(1) Estimated Amount of Contacts Nil Nil remaining to be executed.

(2) Sales Tax/Customs/other statutory Nil Nil claims.

Pending with respective authorities

(3) Unexpired bank guarantee Nil Nil

(4) Disputed demand of Income Tax Nil Nil

3. Deferred Tax Liabilities/(Assets)

Deferred Tax Asset/Liability has been created on the amount of difference which is due to liming difference.

4. The Company has been carried on the business of trading of precious metals & Ornaments. The quantity has been shown as an annexure to the Balance Sheet

5. Expenditures on Employees

Break up of expenditure incurred on employees who were employed throughout financial year and were in receipt of remuneration aggregating to not less than Rs.24,00.000/-per annum,or if employed for a part of financial year were in receipts of remuneration aggregating to not less than Rs.2.00,000/-per month.

6. In the opinion of the board , the current assets,loans and advance ,if realized in the ordinary course of business have value on realization at least to the amount at which these are staled in the balance sheet, the provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

7. Confirmation for Balances Grouped under the head "Sundry Creditors" and "Sundry Debtors" and "Advances" has been confirmed by the Management.

8. The MCX license which was in the name of Mr. Satish Kumar Goyal, has been surrendered during the last financial year, so there is no transaction in MCX during the year under audit.

9. As informed to us by the management no balances arc outstanding for more than 45 days at the balances sheet date to the suppliers registered themselves under the micro, Small and Medium Enterprises development (MSMED) Act,2006.

10. Schedule 'A' to 'S' form integral part of Balance Sheet and profit & loss accent and have been duly annexed .

11. Previous years comparative figures have been grouped wherever necessary.

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Mar 31, 2011

1. Related Party transactions

Transactions with related parties during the year ended and outstanding balances as at 30 March 2011 are

2. Contingent Liabilities not provided for in respect of:

Particulars Current Year Previous Year

(1) Estimated Amount of Contracts remaining to be executed. Nil Nil

(2) Sales Tax/Customs/other statutory claims Pending with respective Nil Nil authorities

(3) Unexpired bank guarantee Nil Nil

(4) Disputed demand of Income Tax Nil Nil

3. Deferred Tax Liabilities/ (Assets)

Deferred Tax Asset/Liability has been created on the amount of difference which is due to timing difference.

4. The Company has been carried on the business of trading of precious metals & Ornaments. The quantity has been shown as an annexure to the Balance Sheet

5. Expenditures on Employees

Break up of expenditure incurred on employees who were employed throughout financial year and were in receipt of remuneration aggregating to not less than Rs.24,00,000/-per annum, or if employed for a part of financial year were in receipts of remuneration aggregating to not less than Rs.2,00,000/-per month.

6. In the opinion of the board, the current assets, loans and advance, if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the balance sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

7. Confirmation for Balances Grouped under the head "Sundry Creditors" and "Sundry Debtors" and "Advances" could not be produced before the Auditors in some cases. The Management has however satisfied itself about the balances.

8. The income / loss from MCX transactions are shown in the books of accounts of the company but the member of MCX is in the name of Directors Mr.Satish Kumar Goyal.

9. The Security Money /Margin money in MCX account is deposited in form of FDRs which are in the name of Directors Mr. Satish Kumar Goyal but the entire funds belongs to the company and shown in the books of accounts of the company.

10. The interest on said FDR''s is taken as income of the company however the said FDRs are in the name of Directors Mr. Satish Kumar Goyal and the same way TDS deducted on interest of the said FDRs is claimed in the hands of company .

11. The interest income on FDRs credited in the accounts for the whole period of FDRs irrespective of the period of FDRs.

12. LIBOR charges debited in the accounts on the basis of transaction irrespective of the period.

13. The profit/loss shown under the mentioned heads are calculated, estimated and booked in the current year irrespective of the period, payment date and settlement date of transaction.

a) L.C. Opening Charges

b) LIBOR Charges

c) FWC gain/loss

d) Withholding tax

e) L.C. Amendment & Remittance Charges

f) Overdue Interest

g) Other Charges

14. As informed to us by the management no balances are outstanding for more than 45 days at the balances sheet date to the suppliers registered themselves under the micro, Small and Medium Enterprises development (MSMED) Act, 2006.

15. Schedule ''A'' to ''S'' form integral part of Balance Sheet and profit & loss account and have been duly annexed.

16. Previous years comparative figures have been grouped wherever necessary.