Accounting Policies of Seven Hill Industries Ltd. Company

Mar 31, 2024

Note: 13 Significant Accounting Policies:

a) General:

i) Accounting policies not specifically referred to otherwise are in consistence with earlier year and in
consonance with generally accepted accounting principles.

ii) Expenses and income considered payable and receivable respectively are accounted for on accrual basis.

b) Valuation of Inventories; There is no Inventories in the company.

c) Fixed assets and depreciation: There is no Fixed Assets in the company.

d) Investments: Investment made by the company are valued at cost.

e) Foreign currency Transactions: There is no foreign currency transaction.

f) Retirement Benefits: Provident fund and employees state insurance scheme contribution is not applicable to
the company.

g) Taxes on Income:

Current Tax: Provision for Income-Tax is determined in accordance with the provisions of Income-tax Act 1961.

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the
taxable incomes and accounting income that originate in one period and are capable of reversal in one or more
subsequent periods.

Note: 14 Balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and

reconciliation.

Note: 15 In the opinion of the Board of directors, the current assets, Loans & advances are approximately

of the value stated if realized in the ordinary course of business. The provision of all known
liabilities is adequate and not in excess of the amount reasonably necessary.

Note: 16 No Remuneration paid to the directors during the year.

Note: 22 Other Notes

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet
as given in Part I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent
relevant and other than those given elsewhere in any other notes to the Financial Statements.

a. During the year ended March 31, 2024 and March 31, 2023, the Company has not advanced or loaned or
invested funds (either borrowed funds or share premium or kind of funds) to any other person(s) or
entity(ies), including foreign entities (Intermediaries) with the nderstanding (whether recorded in writing
or otherwise) 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.

Further, during the year ended March 31, 2024 and March 31, 2023, 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: 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.

b. The Company has not invested or traded in Crypto Currency or Virtual Currency during the year ended
March 31, 2024 (Previous: NIL)

c. No proceedings have been initiated on or are pending against the Company for holding benami property
under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder during the year
ended March 31, 2024(Previous year: Nil).

d. The Company has not been declared Wilful Defaulter by any bank or financial institution or government
or any government authority during the year ended March 31, 2024 (Previous year: Nil).

e. The Company has not surrendered or disclosed as income any transactions not recorded in the books of
accounts in the course of tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961) during the year ended March 31, 2024
(Previous year: Nil).

f. The Company does not have any transactions with the companies struck off under section 248 of the
Companies Act, 2013 or section 560 of the Companies Act, 1956 during the year ended March 31, 2024
(Previous year: Nil).

g. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act
read with the Companies (Restriction on number of Layers) Rules, 2017.

Signature to Notes T to ''22''

As per our report on even date

FOR, RISHI SEKHRI & ASSOCIATES FOR AND ON BEHALF OF THE BOARD

CHARTERED ACCOUNTANTS
FIRM REG. NO. 128216 W

CA RISHI SEKHRI GUNJAN SHAH RAJKUMAR POPATLAL SHINGVI

PARTNER Wholetime Director Director

M. No. 126656 DIN: 08051570 DIN: 08408535

Place: Mumbai Place: Mumbai

Date: 30.05.2024 Date: 30.05.2024

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Mar 31, 2015

The Accounts are prepared on an accrual basis except otherwise stated and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company affairs and the Institute of Chartered Accountants of India.

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION: The Company generally follows the mercantile system of accounting and recognizes income on an accrual basis except those with significant uncertainties.

(C) EXPENSES: It is Company's policy to account of expenses on accrual basis.

(D) TAXATION & DEFERRED TAX ASSETS & LIABILITIES:

(1) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(2) The deferred tax for the timing difference between the book profit and tax profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the extent there is virtual certainty that these would be realized in future and are reviewed for the appropriateness of there respective carrying values at each balance sheet date.

(E) FIXED ASSETS: Fixed Assets are carried out at the cost of acquisition less accumulated depreciation. The cost of the fixed assets includes taxes & duties & freight and other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost directly attributable to acquisition or construction of those fixed assets which necessarily take the substantial period of the time to get ready for their intended use, are capitalized.

(F) DEPRECIATION & AMORTIZATION: Depreciation on intangible assets is provided for on the Straight Line Method as per the rates prescribed under schedule XIV of the Companies Act, 1956. Depreciation is calculated on a pro rata basis from the date of installment/ acquisition till the date the assets are sold or disposed. Individual low cost assets (acquired for the less than Rs. 5000/-) are depreciated within a period of acquisition

(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.

(H) VALUATION OF INVENTORIES: Traded Goods are valued at cost. Cost of inventories comprises all cost of Purchase, cost of conversion and other cost incurred in bringing the inventories to their present location and condition.

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Mar 31, 2014

The Accounts are prepared on an accrual basis except otherwise stated and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company affairs and the Institute of Chartered Accountants of India.

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION: The Company generally follows the mercantile system of accounting and recognizes income on an accrual basis except those with significant uncertainties.

(C) EXPENSES: It is Company's policy to account of expenses on accrual basis.

(D) TAXATION & DEFERRED TAX ASSETS & LIABILITIES:

(1) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(2) The deferred tax for the timing difference between the book profit and tax profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the extent there is virtual certainty that these would be realized in future and are reviewed for the appropriateness of there respective carrying values at each balance sheet date.

(E) FIXED ASSETS: Fixed Assets are carried out at the cost of acquisition less accumulated depreciation. The cost of the fixed assets includes taxes & duties & freight and other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost directly attributable to acquisition or construction of those fixed assets which necessarily take the substantial period of the time to get ready for their intended use, are capitalized.

(F) DEPRECIATION & AMORTIZATION: Depreciation on intangible assets is provided for on the Straight Line Method as per the rates prescribed under schedule XIV of the Companies Act, 1956. Depreciation is calculated on a pro rata basis from the date of installment/ acquisition till the date the assets are sold or disposed. Individual low cost assets (acquired for the less than Rs. 5000/-) are depreciated within a period of acquisition

(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.

(H) VALUATION OF INVENTORIES: Traded Goods are valued at cost. Cost of inventories comprises all cost of Purchase, cost of conversion and other cost incurred in bringing the inventories to their present location and condition.

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Mar 31, 2013

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION: The Company generally follows the mercantile system of accounting and recognizes income on an accrual basis except those with significant uncertainties.

(C) EXPENSES: It is Company''s policy to account of expenses on accrual basis.

(D) TAXATION & DEFERRED TAX ASSETS & LIABILITIES:

(1) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(2) The deferred tax for the timing difference between the book profit and tax profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the extent there is virtual certainty that these would be realized in future and are reviewed for the appropriateness of there respective carrying values at each balance sheet date.

(E) FIXED ASSETS: Fixed Assets are carried out at the cost of acquisition less accumulated depreciation. The cost of the fixed assets includes taxes & duties & freight and other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost directly attributable to acquisition or construction of those fixed assets which necessarily take the substantial period of the time to get ready for their intended use, are capitalized.

(F) DEPRECIATION & AMORTIZATION: Depreciation on intangible assets is provided for on the Straight Line Method as per the rates prescribed under schedule XIV of the Companies Act, 1956. Depreciation is calculated on a pro rata basis from the date of installment/ acquisition till the date the assets are sold or disposed. Individual low cost assets (acquired for the less than Rs. 5000/-) are depreciated within a period of acquisition

(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.

(H) VALUATION OF INVENTORIES: Traded Goods are valued at cost. Cost of inventories comprises all cost of Purchase, cost of conversion and other cost incurred in bringing the inventories to their present location and condition.

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Mar 31, 2011

(A) SYSTEM OF ACCOUNTING

The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION

The company generally follows the mercantile system of accounting and recognizes income on an accrual basis except those with significant uncertainties.

(C) EXPENSES

It is Company's policy to account of expenses on accrual basis.

(D) TAXATION & DEFERRED TAX ASSETS & LIABILITIES.

(1) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(2) The deferred tax for the timing difference between the book profit and tax profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the extent there is virtual certainty that these would be realized in future and are reviewed for the appropriateness of there respective carrying values at each balance sheet date.

(E) FIXED ASSETS

Fixed Assets are carried out at the cost of acquisition less accumulated depreciation. The cost of the fixed assets includes taxes & duties & freight and other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost directly attributable to acquisition or construction of those fixed assets which necessarily take the substantial period of the time to get ready for their intended use, are capitalized.

(F) DEPRECIATION & AMORTIZATION

Depreciation on intangible assets is provided for on the Straight Line Method as per the rates prescribed under schedule XIV of the Companies Act, 1956. Depreciation is calculated on a pro rata basis from the date of installment/ acquisition till the date the assets are sold or disposed. Individual low cost assets (acquired for the less than Rs. 5000/-) are depreciated within a period of acquisition

(G) INVESTMENTS

Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.

(H) VALUATION OF INVENTORIES

Traded Goods are valued at cost. Cost of inventories comprises all cost of Purchase, cost of conversion and other cost incurred in bringing the inventories to their present location and condition.

(I) LOANS & ADVANCES

Loans and advances are subject to confirmation, reconciliation and adjustments, if any in the opinion of the Directors the Current Assets, Loans & Advances will realize the value stated in the Balance Sheet if realized in ordinary course of business.

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Mar 31, 2010

A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared and presented in accordance with the Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAI) and the relevant provisions of the Companies Act, 1956, to the extent applicable. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

b) USE OF ESTIMATES

The preparation of the financial statements in conformity with GAAP requires the Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provisions for doubtful debts, future obligations under employee retirement benefit plans, income taxes and the useful lives of fixed assets and intangible assets. Actual results could differ from those estimates. Any revision to accounting estimates are recognized in the period in which the results are known / materialized.

c) REVENUE RECOGNITION

The company generally follows the mercantile system of accounting and recognizes income on an accrual basis except those with significant uncertainties. At the same time expenses are also accounted and recognized on accrual basis.

d) FIXED ASSETS, INTANGIBLE ASSETS

Fixed Assets are carried at the cost of acquisition less accumulated depreciation. The cost of fixed assets includes taxes & duties and freight & other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost directly attributable to acquisition or construction of those fixed assets, which necessarily take a substantial period of time to get ready for their intended use, are capitalized.

e) DEPRECIATION AND AMORTIZATION

Depreciation on tangible assets is provided for on the Straight Line Method as per the rates and in the manner prescribed under Schedule XIV of the Companies Act, 1956. Depreciation is calculated on a pro-rata basis from the date of installation/ acquisition till the date the assets are sold or disposed. Individual low cost assets (acquired for less than Rs. 5,000/-) are depreciated within a year of acquisition.

Intangible assets are amortized on Straight Line Method from the date they are available for use, over the useful lives of the assets, as estimated by the Management.

f) VALUATION OF INVENTORIES

Traded Goods are valued at cost. Cost of inventories comprises all cost of purchases, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Stock of Securities are valued at cost or market Value whichever is lower as on 31 * March 2010.

g) TAXES ON INCOME

i) Provision for Income Tax is made on the basis of the estimated taxable income for the accounting year in accordance with the Income Tax Act, 1961.

ii) The deferred tax for timing differences between the book profits and tax profits for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the extent there is virtual certainly that these would be realized in future and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

h) CASH FLOW STATEMENT

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating / operating; investing and financing activities are segregated.

i) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

The Company creates a provision 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 of the amount of the obligation. Disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, require an outflow of resources. Where there is possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent Assets are not recognized in the financial statements since this may result in the recognition of income that may never be realized.