Sample FS Schedule 3 Tool For Companies

Black Horse Excellence Private Limited
(CIN: U72900GJ2021PTC120981)
Balance Sheet as at 31 March 2023
Particulars Note 31 March 2023 31 March 2022
I. EQUITY AND LIABILITIES

(1) Shareholders’ funds
(a) Share Capital 3 200.00 200.00
(b) Reserves and Surplus 4 219.50 197.51
Total 419.50 397.51
(2) Non-current liabilities
(a) Long-term Borrowings 5 418.80 988.04
(b) Deferred Tax Liabilities (net) 6 7.32 11.95
Total 426.12 999.99
(3) Current liabilities
(a) Short-term Borrowings 7 500.84 251.87
(b) Trade Payables 8
- Due to Micro and Small Enterprises - -
- Due to Others 951.42 644.12
(c) Other Current Liabilities 9 20.74 5.17
(d) Short-term Provisions 10 31.33 22.52
Total 1,504.33 923.68
Total Equity and Liabilities 2,349.95 2,321.18
II. ASSETS
(1) Non-current assets
(a) Property, Plant and Equipment and Intangible Assets
(i) Property, Plant and Equipment 11 354.95 423.29
(ii) Intangible Assets 11 36.62 28.25
(iii) Capital Work-in-progress 11 329.82 246.71
(b) Other Non-current Assets 12 11.29 10.61
Total 732.68 708.86
(2) Current assets
(a) Inventories 13 796.14 658.36
(b) Trade Receivables 14 522.74 766.33
(c) Cash and Cash Equivalents 15 152.18 65.18
(d) Short-term Loans and Advances 16 21.74 23.46
(e) Unbilled Revenue 17 0.01 -
(f) Other Current Assets 18 124.46 98.99
Total 1,617.27 1,612.32
Total Assets 2,349.95 2,321.18
See accompanying notes to the financial statements
As per our report of even date

For Vishal Mulchandani & Associates For and on behalf of the Board
Chartered Accountants
Firm's Registration No. 000001W
Vishal G Mulchandani Hiren Raval Kamal Mulchandani

Partner Director Director
Membership No. 172970 DIN: 6909487 DIN: 876485646
UDIN: AAAAA123456ASDF
Place: Ahmedabad Place: Ahmedabad
Date: 25 September 2023 Date: 25 September 2023
(CIN: U72900GJ2021PTC120981)
Statement of Profit and loss for the year ended 31 March 2023
Revenue from Operations 19 3,335.30 2,498.23

Other Income 20 36.17 13.43
Total Income 3,371.47 2,511.66
Expenses
Property Development Cost 21 24.61 18.37
Purchases of Stock in Trade 22 2,480.95 1,900.72
Change in Inventories of work in progress and finished goods 23 (137.78) (260.60)
Employee Benefit Expenses 24 340.52 292.42
Finance Costs 25 169.52 145.48
Depreciation and Amortization Expenses 26 72.51 77.01
Other Expenses 27 387.24 328.24
Total expenses 3,337.57 2,501.64
Profit/(Loss) before Exceptional and Extraordinary Item and Tax 33.90 10.02
Exceptional Item - -
Profit/(Loss) before Extraordinary Item and Tax 33.90 10.02
Extraordinary Item - -
Profit/(Loss) before Tax 33.90 10.02
Tax Expenses 28
- Current Tax 16.54 8.13
- Deferred Tax (4.63) (4.74)
Profit/(Loss) after Tax 21.99 6.63
Earnings Per Share (Face Value per Share Rs.100 each)
-Basic 29 10.99 3.31
-Diluted 29 10.99 3.31


(CIN: U72900GJ2021PTC120981)
Cash Flow Statement for the year ended 31 March 2023

CASH FLOW FROM OPERATING ACTIVITIES
Net Profit after tax 21.99 6.63
Depreciation and Amortisation Expense 72.51 77.01

Provision for tax 11.91 3.39
Effect of Exchange Rate Change (8.42) -
Dividend Income (0.71) -
Interest Income (0.51) (0.29)
Finance Costs 169.52 145.48
Operating Profit before working capital changes 266.29 232.22
Adustment for:
Inventories (137.78) (658.36)
Trade Receivables 243.59 (766.33)
Other Current Assets 3.25 (125.46)
Trade Payables 307.30 644.12
Other Current Liabilities 15.57 5.17
Short-term Provisions 8.81 22.52
Cash generated from Operations 707.03 (646.12)
Tax paid(Net) 16.54 (8.56)
Net Cash from Operating Activities 690.48 (637.56)
CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Property, Plant and Equipment (95.63) (775.27)
Loans and Advances given (1.25) (7.59)
Interest received 0.50 0.29
Dividend received 0.71 -
Net Cash (Used in) Investing Activities (95.68) (782.57)
CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from Issue of Share Capital - 200.00
Proceeds from Long Term Borrowings (569.23) 988.03
Proceeds from Short Term Borrowings 248.96 251.87
Interest Paid (169.52) (145.48)
Net Cash (Used in) / Generated from Financing Activities (489.79) 1,294.42
Net (Decrease) in Cash and Cash Equivalents 105.02 (125.70)
Opening Balance of Cash and Cash Equivalents 65.18 -
Closing Balance of Cash and Cash Equivalents 15 170.19 (125.70)
Note:
The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Accounting Standard 3 (AS-3), “Cash
Flow Statements”.


Notes forming part of the Financial Statements
1 COMPANY INFORMATION
Black Horse Excellence Private Limited ("the Company") was incorporated on March 9, 2021 under the Companies Act,
2013 having its registered office at 81-B, Nigam Co Op H Soc Ltd, Ghodasar, Ahmedabad. The company is into the
development of information technology software and to sale in india/abroad.
2 SIGNIFICANT ACCOUNTING POLICIES

a Basis of Preparation
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India
(‘Indian GAAP’) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, as
applicable. The financial statements have been prepared under the historical cost convention on accrual basis, except for
certain financial instruments which are measured at fair value.
b Use of estimates
The preparation of financial statements requires the management of the Company to make estimates and assumptions
that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date
of the financial statements and reported amounts of income and expense during the year. Examples of such estimates
include provisions for doubtful receivables, provision for income taxes, the useful lives of depreciable fixed assets and
provision for impairment. Future results could differ due to changes in these estimates and the difference between the
actual result and the estimates are recognised in the period in which the results are known / materialise.
c Property, Plant and Equipment

Fixed assets are stated at cost, less accumulated depreciation / amortisation. Costs include all expenses incurred to bring
the asset to its present location and condition.
Fixed assets exclude computers and other assets individually costing Rs. XXXX or less which are not capitalised except
when they are part of a larger capital investment programme.
d Depreciation / amortisation
In respect of fixed assets (other than freehold land and capital work-in-progress) acquired during the year,
depreciation/amortisation is charged on a straight line basis so as to write-off the cost of the assets over the useful lives.
Type of Period
Assets
Buildings 30 Years
Plant and Equipment 15 Years
Furniture and Fixtures 10 Years
Vehicles 8 Years
Office equipment 5 Years
Computers 4 Years
e Leases
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 lease 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.
f Impairment
At each balance sheet date, the management reviews the carrying amounts of its assets included in each cash generating
unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of impairment. Recoverable amount is the
higher of an asset’s net selling price and value in use. In assessing value in use, the estimated future cash flows expected
from the continuing use of the asset and from its disposal are discounted to their present value using a pre-tax discount
rate that reflects the current market assessments of time value of money and the risks specific to the asset. Reversal of
impairment loss is recognised as income in the statement of profit and loss.
g Investments
Long-term investments and current maturities of long-term investments are stated at cost, less provision for other than
temporary diminution in value. Current investments, except for current maturities of long-term investments, comprising
investments in mutual funds, government securities and bonds are stated at the lower of cost and fair value.
h Revenue recognition
Revenue from the sale of equipment are recognised upon delivery, which is when title passes to the customer.
Revenue is reported net of discounts.
Dividend is recorded when the right to receive payment is established. Interest income is recognised on time proportion
basis taking into account the amount outstanding and the rate applicable.
i Taxation
Current income tax expense comprises taxes on income from operations in India and in foreign jurisdictions. Income
taxpayable in India is determined in accordance with the provisions of the Income Tax Act, 1961. Tax expense relating to
foreign operations is determined in accordance with tax laws applicable in countries where such operations are
domiciled.
Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which gives rise to future economic
benefits in the form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence
that the Company will pay normal income tax after the tax holiday period. Accordingly, MAT is recognised as an asset in
the balance sheet when the asset can be measured reliably and it is probable that the future economic benefit associated
with it will fructify.
Deferred tax expense or benefit is recognised on timing differences being the difference between taxable income and
accounting income that originate in one period and is likely to reverse in one or more subsequent periods. Deferred tax
assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the
balance sheet date.
Advance taxes and provisions for current income taxes are presented in the balance sheet after off-setting advance tax
paid and income tax provision arising in the same tax jurisdiction for relevant tax paying units and where the Company is
able to and intends to settle the asset and liability on a net basis.
The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to
taxes on income levied by the same governing taxation laws.
j Foreign currency transactions

Income and expense in foreign currencies are converted at exchange rates prevailing on the date of the transaction.
Foreign currency monetary assets and liabilities other than net investments in non-integral foreign operations are
translated at the exchange rate prevailing on the balance sheet date and exchange gains and losses are recognised in the
statement of profit and loss. Exchange difference arising on a monetary item that, in substance, forms part of an
enterprise’s net investments in a non-integral foreign operation are accumulated in a foreign currency translation reserve.
k Inventories
Raw materials are carried at the lower of cost and net realisable value. Cost is determined on a weighted average basis.
Purchased goods-in-transit are carried at cost. Work-in-progress is carried at the lower of cost and net realisable value.
Stores and spare parts are carried at lower of cost and net realisable value. Finished goods produced or purchased by the
Company are carried at lower of cost and net realisable value. Cost includes direct material and labour cost and a
proportion of manufacturing overheads.
l Provisions, Contingent liabilities and Contingent assets

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. Provisions
(excluding retirement benefits and compensated absences) are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial
statements. A contingent asset is neither recognised nor disclosed in the financial statements.
m Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash
that are subject to an insignificant risk of change in value and having original maturities of three months or less from the
date of purchase, to be cash equivalents.

3 Share Capital
Particulars 31 March 2023 31 March 2022
Authorised Share Capital

Equity Shares, Rs. 100 par value, 500000 (Previous Year -500000) Equity Shares 500.00 500.00
Issued, Subscribed and Fully Paid up Share Capital

Equity Shares, Rs. 100 par value 200000 (Previous Year -200000) Equity Shares paid up 200.00 200.00
Total 200.00 200.00
(i) Reconciliation of number of shares

Equity Shares No. of shares No. of shares
Opening Balance 2,00,000 200.00 2,00,000 200.00
Issued during the year - - - -
Deletion during the year - - - -
Closing balance 2,00,000 200.00 2,00,000 200.00
(ii) Rights, preferences and restrictions attached to shares
(iii) Details of Shares held by shareholders holding more than 5% of the aggregate shares in the company
Equity Shares 31 March 2023 31 March 2022
Name of Shareholder No. of shares In % No. of shares In %
Kamal Mulchandani 50000 25.00% 50000 25.00%

Mohit Sirvani 50000 25.00% 50000 25.00%
Rajesh Ahuja 50000 25.00% 50000 25.00%
Hiren Raval 50000 25.00% 50000 25.00%
(iv) Shares held by Promoters at the end of the year 31 March 2023
% of total % Change
Name of Promotor Class of Shares No. of Shares
shares during the year
Kamal Mulchandani Equity Shares 50000 25.00% 0.00%

Mohit Sirvani Equity Shares 50000 25.00% 0.00%
Rajesh Ahuja Equity Shares 50000 25.00% 0.00%
Hiren Raval Equity Shares 50000 25.00% 0.00%
Shares held by Promoters at the end of the year 31 March 2022

% of total % Change
Name of Promotor Class of Shares No. of Shares
shares during the year
Kamal Mulchandani Equity Shares 50000 25.00% 0.00%

Mohit Sirvani Equity Shares 50000 25.00% 0.00%
Rajesh Ahuja Equity Shares 50000 25.00% 0.00%
Hiren Raval Equity Shares 50000 25.00% 0.00%
4 Reserves and Surplus

Statement of Profit and loss

Balance at the beginning of the year 197.51 190.88
Add: Profit during the year 21.99 6.63
Balance at the end of the year 219.50 197.51
Total 219.50 197.51
5 Long term borrowings

Secured Term loans from banks 65.08 386.02

Unsecured Term loans from banks 214.38 355.15
Unsecured Term loans from other parties 137.25 246.87
Unsecured Loans and advances from related parties 2.09 -
Total 418.80 988.04
Particulars of Borrowings
Rate of Monthly No of
Name of Lender/Type of Loan Nature of Security
Interest Installments Installment
ABC Bank Limited Factory Building MCLR+1.5% 126710 60
6 Deferred tax liabilities Net

Differed Tax Current Liabilities 7.32 11.95
Total 7.32 11.95
7 Short term borrowings

Secured Loans repayable on demand from banks 500.84 251.87
Total 500.84 251.87
8 Trade payables
Due to others 951.42 644.12
Total 951.42 644.12

8.1 Trade Payable ageing schedule as at 31 March 2023

Particulars Outstanding for following periods from due date of payment
Less than 1 More than 3 Total
1-2 years 2-3 years
year years
MSME - - - - -
Others 802.83 2.92 34.57 38.68 878.99
Disputed dues- MSME - - - - -
Disputed dues- Others - - - - -
Sub total 878.99
MSME - Undue -
Others - Undue 72.43
Total 951.42
8.2 Trade Payable ageing schedule as at 31 March 2022

Particulars Outstanding for following periods from due date of payment
Less than 1 More than 3 Total
1-2 years 2-3 years
year years
MSME - - - - -
Others 437.69 146.58 - - 584.28
Disputed dues- MSME - - - - -
Disputed dues- Others - - - - -
Sub total 584.28
MSME - Undue -
Others - Undue 59.85
Total 644.12
9 Other current liabilities

Other payables
-ESIC Payable 0.18 0.27
-GST Payable (0.26) 0.20
-Professnal Tax Payable 1.82 1.82
-Salary Payable 15.70 (3.48)
-TDS Payable 3.30 6.36
Total 20.74 5.17
10 Short term provisions

Provision for employee benefits 7.86 7.30

Others
-Expenses Payable 7.63 3.31
-Income Tax Payable 11.59 2.34
-Interest Payable 4.25 9.57
Total 31.33 22.52
Short provision includes provision for tax related to 2017-18 tax assement demand.
11 Property, Plant and Equipment (Rs in lakhs)

Name of Assets Gross Block Depreciation and Amortization Net Block Net Block
As on Addition Deduction As on As on for the Deduction As on As on As on
01-Apr-22 31-Mar-23 01-Apr-22 year 31-Mar-23 31-Mar-23 31-Mar-22
(i) Property, Plant and Equipment
Land 111.65 - - 111.65 - - - - 111.65 111.65

Building 9.22 - - 9.22 0.66 0.29 - 0.95 8.27 8.56
Plant and Equipment 33.58 - - 33.58 21.59 1.83 - 23.43 10.16 11.99
Furniture and Fixtures 10.37 - - 10.37 9.86 - - 9.86 0.52 0.52
Vehicles 14.10 - - 14.10 10.73 1.05 - 11.79 2.32 3.37
Computers 36.35 - - 36.35 31.82 1.93 - 33.75 2.60 4.53
Total 215.27 - - 215.27 74.66 5.11 - 79.77 135.51 140.62

Previous Year
(ii) Intangible Assets
Goodwill 1.07 - - 1.07 1.01 - - 1.01 0.05 0.05

Computer software 6.24 - - 6.24 5.93 - - 5.93 0.31 0.31
Copyrights 7.46 - - 7.46 3.18 1.42 - 4.60 2.86 4.28
Total 14.77 - - 14.77 10.13 1.42 - 11.55 3.22 4.64

Previous Year
(iii) Capital Work-in-progress 329.82 246.71

12 Other non current assets

Security Deposits 11.29 10.61
Total 11.29 10.61
13 Inventories
Work-in-progress 77.01 92.35

Finished goods 719.13 566.00
Total 796.14 658.36
Inventories are valued at cost or NRV whichever is less.
14 Trade receivables
Unsecured considered good 522.74 766.33
Total 522.74 766.33
14.1 Trade Receivables ageing schedule as at 31 March 2023

Outstanding for following periods from due date of payment
Particulars Less than 6 6 months- 1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed Trade 419.02 13.24 2.43 - - 434.70

receivables- considered
good
Undisputed Trade - - - - - -
Receivables- considered
doubtful
Disputed Trade - - - - - -
Receivables considered
good
Disputed Trade - - - - - -
doubtful
Sub total 434.70
Undue - considered good 88.05

Undue - considered doubtful -
Provision for doubtful debts -
Total 522.74
14.2 Trade Receivables ageing schedule as at 31 March 2022

Outstanding for following periods from due date of payment
Particulars Less than 6 6 months- 1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed Trade 602.90 68.29 671.19

receivables- considered
good
Undisputed Trade -
Receivables- considered
doubtful
Disputed Trade -
good
Disputed Trade -
doubtful
Sub total 671.19
Undue - considered good 95.13
Total 766.33
15 Cash and cash equivalents

Cash on hand 98.43 37.89

Balances with banks in current accounts 53.75 27.29
Total 152.18 65.18
16 Short term loans and advances

Balances with Government Authorities

-Income Tax (Net of Provision) 12.44 7.03
Other loans and advances (Unsecured, considered good)
-Avances to Employees 8.84 7.59
Others
-Interest Accrured But Not Received 0.46 -
-Pre-Paid Expenses - 8.84
Total 21.74 23.46
17 Unbilled Revenue
Unbilled Revnue 0.01 -
Total 0.01 -
18 Other current assets

Accured Income Rebate on DBK Export Sale - 4.93

Advances to Suppliers 21.82 -
Balance With Sales Tax Authority 13.36 13.36
GST Cash Balance 3.62 3.27
GST Input Tax Credit 65.44 77.41
Security Deposit 20.21 -
VAT Credit Availed 0.01 0.02
Total 124.46 98.99
19 Revenue from operations

Sale of products 3,326.05 2,489.78

Sale of services 7.13 8.45
Other operating revenues 2.12 -
Total 3,335.30 2,498.23
20 Other Income
Interest Income 0.51 0.29

Dividend Income 0.71 -
Others
-Balance Written Off 15.13 1.32
-Profit & Loss on Foreign Exchange Currency Differe 8.42 -
-Rebate on Export Sale (Dbk) 11.40 11.82
Total 36.17 13.43
21 Property Development Cost

Basic Metal Manufacuring Services - 3.69

Consutruction Cost 19.70 -
Finance Cost 3.34 -
Labour Cost 0.17 -
Land Cost 1.11 -
Machineing Services - 10.35
Maintenance Or Repair Services - (0.49)
Manufacturing Services - 4.46
Polyacetals Epoxide Resins Job Work - 0.19
Sandblasting by Spray Guns - 0.12
Sandblasting Proces Job Work - 0.05
Site Cost 0.29 -
Total 24.61 18.37

22 Purchases of stock in trade

Purchases 2,480.95 1,900.72
Total 2,480.95 1,900.72
23 Change in Inventories of work in progress and finished goods

Opening Inventories
Finished Goods 566.00 162.11
Less: Closing Inventories
Finished Goods 719.13 566.00
Total (137.78) (260.60)
24 Employee benefit expenses

Salaries and wages 316.02 268.01

Contribution to provident and other funds 11.10 12.80
Staff welfare expenses 13.40 11.61
Total 340.52 292.42
25 Finance costs
Interest expense 113.67 97.96

Other borrowing costs 55.85 47.52
Total 169.52 145.48
26 Depreciation and amortization expenses

Depreciation 72.51 77.01
Total 72.51 77.01
27 Other expenses
Auditors' Remuneration 3.64 1.18

Insurance 4.84 2.09
Total continued 8.48 3.27

Other expenses (Rs in lakhs)

Total continued from previous page 8.48 3.27
Manufacturing Expenses 2.47 1.02

Power and fuel 41.59 33.01
Rent 16.64 0.79
Repairs to buildings 2.14 5.73
Repairs to machinery 3.81 4.33
Repairs others 0.76 2.94
Travelling Expenses 2.34 0.77
Other Expenses
-Advertisement Expenses 0.56 -
-Bill Book Printing Expenses 0.05 -
-Brochure Printing Charges 5.12 -
-Caliberation Charges 0.15 0.01
-Canteen Expenses 35.04 18.74
-Cess - 1.92
-Counsulting Charges 1.35 -
-Custome House Agent Service Charges 3.76 2.58
-Designing Charges 3.57 -
-Donation - 2.63
-EDI Charges Sea 0.02 0.01
-Electrical Installation Services 0.11 -
-Export Consultancy Fees - 0.44
-Export Sea Freight Charges 1.36 0.69
-Freight &Transportation Expenses 0.07 1.20
-Freight Charges (0.03) (0.86)
-Fumigation Charges 0.27 0.04
-Gas Connection & Consumption Expenses 2.88 2.19
-GST Late Payment Fees 0.01 0.01
-GST Packing Charges 18% 0.37 (0.56)
-Hotel & Guest House Expenses 0.10 -
-Information Technology Software Services 0.45 -
-Interest on Service Tax GTA - 0.01
-Interest Othe's - 0.01
-Interest Paid on ESIC Late Payment 0.01 -
-Interest Paid on TDS Late Payment 0.52 0.17
-IT Network Management Services 0.56 0.43
-Job Work - Machining,Drilling ,Turning Etc. - 9.66
-Job Work - Machining,Drilling,Turning Etc. NON GST 171.88 159.69
-Krishi Kalyan Cess @.5% - 0.01
-Labour Charges GST 0.54 -
-Labour Work 28.59 20.05
-LD Charges Deduction 0.86 -
-Legal Certification Services 0.89 -
-Legal Documentation And Certification Services - 0.02
-Loan Maintenance Charges - 1.77
-Management Consulting Services 2.99 -
-Manpower Consultancy Services 0.45 -
-Membership Fees in GCCI 0.03 0.03
-Misc. Expenses 1.87 -
Total continued 342.63 272.75

Other expenses (Rs in lakhs)

Total continued from previous page 342.63 272.75
-NAA CHARGES 0.09 0.07

-NSIC- Registration Exp. 1.06 -
-Other Professional & Techinical Services 1.49 0.54
-Postage & Courier Exp. 3.47 1.17
-Printed Books Magazine Adverstisement - 0.05
-Printing & Stationary Expenses 1.20 0.80
-Printing & Stationery Expenses Non Gst 1.13 0.13
-Printing Charges 0.02 -
-Printing Machinery Usded for Printing 0.05 0.01
-Professional Fees 1.62 1.38
-Purchase- Job Work 0.44 37.39
-Radiography Charges 3.08 0.26
-Rates & Taxes - 2.12
-RCM Freight Charges 10.43 6.30
-RCM Freight Charges Non GST 0.83 0.18
-Redio Graphy Testing Charges Rt 6.35 -
-Registration Fees 4.13 -
-Reservation Services for Accmo & Package Tours 2.12 -
-ROC Annual Return Filling Fee 0.30 0.30
-Service Tax on Legal Servises - 0.11
-Software Maintance Charges 0.27 1.80
-Spectro Hardness Tensile Testing Services 4.44 0.21
-Stationary & Printing Expenses 0.10 0.13
-Swach Bharat Cess @ .5% - 0.01
-Telephone Charges 0.65 0.66
-Telephone Expenses - 0.26
-Testing & Inspection Charges - 0.79
-Water Charges 1.34 0.82
Total 387.24 328.24
28 Tax Expenses
Current Tax 16.54 8.13

Deferred Tax (4.63) (4.74)
Total 11.91 3.39

29 Earning per share

Profit attributable to equity shareholders (Rs in lakhs) 21.99 6.63

Weighted average number of equity shares 2,00,000 2,00,000
Earnings per share basic (Rs) 10.99 3.31
Earnings per share diluted (Rs) 10.99 3.31
Face value per equity share (Rs) 100 100
30 Auditors' Remuneration
Payments to auditor as
- Auditor 0.75 0.60
- for taxation matters 0.25 0.15
- for company law matters 0.65 -
- for management services 0.37 -
Total 2.03 0.75
Amount is exlcuding gst.
31 Contingent Liabilities and Commitments

Claims against the Company not acknowledged as debt

- Income tax demands 5.40 5.40
Total 5.40 5.40
32 Micro and Small Enterprise

31 March 2023 31 March 2022
Particulars Principal Interest Principal Interest
Amount Due to Supplier 0.03 0.02 0.03 0.04

Principal amount paid beyond appointed date 0.05 0.08 0.07 0.08
Interest due and payable for the year 0.09 0.12 1.00 0.10
Interest accrued and remaining unpaid 0.09 0.01 1.00 0.10
MSME as per ---------------------------------
33 Related Party Disclosure

(i) List of Related Parties Relationship
Kamal Mulchandani Director

Hiren Raval Director
Kailash Mulchandani Shareholder
(ii) Related Party Transactions

Particulars Relationship 31 March 2023 31 March 2022
(1) Director Remuneration

- Kamal Mulchandani Director 12.00 9.60
- Hiren Raval Director 12.00 9.60
(2) Rent
(3) Salary
- Kailash Mulchandani Shareholder 4.50 4.00
(iii) Related Party Balances

Particulars Relationship 31 March 2023 31 March 2022
(1) Loans Given

- Kamal Mulchandani Director 5.00 45.00
(2) Loans taken
34 Security of Current Assets Against Borrowings

Particulars June, 2021 September, December, March, 2022
2021 2021
Current Assets as per Quarterly Return filed with Bank 653.82 627.84 792.84 813.89
Add:
Valuation Difference - - - 0.91
Less:
Difference due to Physical verification - - - 18.66
Current Assets as per Books of Account 653.82 627.84 792.84 796.14
35 Relationship with Struck off Companies

Relationship
Name of struck off Company Nature of transactions 31 March 2023 31 March 2022 with the Struck
off company
ABC Private Limited Loans given 2.59 2.59 NA

XYZ Limited Loans given 3.98 3.98 NA
36 Ratio Analysis
Particulars Numerator/Denominator 31 March 2023 31 March 2022 Change in %
Current Assets
(a) Current Ratio 1.08 1.75 -38.41%
Current Liabilities
Total Debts
(b) Debt-Equity Ratio 2.19 3.12 -29.72%
Equity
Earning available for Debt Service

(c) Debt Service Coverage Ratio 4.00 3.75 6.73%
Interest + Installments
Profit after Tax

(d) Return on Equity Ratio 5.38% 3.31% 62.41%
Average Shareholder’s Equity
Total Trunover
(e) Inventory turnover ratio 4.59 3.82 20.16%
Average Inventories
Total Turnover
(f) Trade receivables turnover ratio 5.17 4.31 20.16%
Average Account Receivable
Total Purchases
(g) Trade payables turnover ratio 3.11 2.65 17.47%
Average Account Payable
Total Turnover
(h) Net capital turnover ratio 29.53 3.63 713.99%
Net Working Capital
Net Profit
(i) Net profit ratio 0.66% 0.27% 148.48%
Total Turnover
Net Profit
(j) Return on Capital employed 1.64% 0.40% 305.62%
Capital Employed
Return on Investment
(k) Return on investment
Total Investment
37 CSR Expenditure
(Rs in lakhs)
Amount required to be spent by the company during the year 1.10 0.65
Amount of expenditure incurred 1.06 0.62
Shortfall at the end of the year 0.04 0.03
Total of previous years shortfall 0.04 0.03
Movement in the provision 0.80 0.75
Reason for shortfall

Shortfall in CSR expenditure has been utilised in April, 2023.
Nature of CSR activities

The amount of CSR has been spent on education and health care of weaker sector of society.
38 Other Statutory Disclosures as per the Companies Act, 2013

1. The Company do not have any immovable properties not held in the name of company.
2. The Company has not granted Loans or Advances in the nature of loan to any promoters, Directors, KMPs and the related parties
(As per Companies Act, 2013) , which are repayable on demand or without specifying any terms or period of repayments.
3. The Company has not defaulted in on loans payable and have not be declared as wilful defaulter.
4. The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.
5. The Company have not revalued its Property, Plant & Equipments, Intangible Assets and Right to Use Assets during the year.
6. During the year the Company has not disclosed or surrendered, any income other than the income recoginsed in the books of
accounts in the tax assessments under Income Tax Act, 1961.
7. The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
8. The Company have complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.
9. The Company has 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:
a) 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
b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.
10. 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
a) 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
b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
11. The Company has not traded or invested in any crypto currency or Virtual Currency transactions.
39 Subsequent Events
There is no any event which requires adjustment to account between balance sheet date and date on which financials have been
approved by board of directors.
40 Regrouping
Previous year figures are regrouped/ reclassified, where ever necessary, to correspond with the current years classification /
disclosure.


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Black Horse Excellence Private Limited

Particulars Note 31 March 2023 31 March 2022

I. EQUITY AND LIABILITIES

Total Assets 2,349.95 2,321.18

See accompanying notes to the financial statements

As per our report of even date

Vishal G Mulchandani Hiren Raval Kamal Mulchandani

Particulars Note 31 March 2023 31 March 2022

Revenue from Operations 19 3,335.30 2,498.23

See accompanying notes to the financial statements

As per our report of even date

Vishal G Mulchandani Hiren Raval Kamal Mulchandani

Particulars Note 31 March 2023 31 March 2022

Depreciation and Amortisation Expense 72.51 77.01

CASH FLOW FROM INVESTING ACTIVITIES

CASH FLOW FROM FINANCING ACTIVITIES

See accompanying notes to the financial statements

As per our report of even date

Vishal G Mulchandani Hiren Raval Kamal Mulchandani

Notes forming part of the Financial Statements

2 SIGNIFICANT ACCOUNTING POLICIES

c Property, Plant and Equipment

Notes forming part of the Financial Statements

j Foreign currency transactions

Notes forming part of the Financial Statements

l Provisions, Contingent liabilities and Contingent assets

m Cash and cash equivalents

As per our report of even date

Vishal G Mulchandani Hiren Raval Kamal Mulchandani

Notes forming part of the Financial Statements

Authorised Share Capital

Issued, Subscribed and Fully Paid up Share Capital

Total 200.00 200.00

(i) Reconciliation of number of shares

(ii) Rights, preferences and restrictions attached to shares

Kamal Mulchandani 50000 25.00% 50000 25.00%

Kamal Mulchandani Equity Shares 50000 25.00% 0.00%

Shares held by Promoters at the end of the year 31 March 2022

Kamal Mulchandani Equity Shares 50000 25.00% 0.00%

Notes forming part of the Financial Statements

4 Reserves and Surplus

Statement of Profit and loss

Total 219.50 197.51

5 Long term borrowings

Secured Term loans from banks 65.08 386.02

Total 418.80 988.04

6 Deferred tax liabilities Net

Differed Tax Current Liabilities 7.32 11.95

Total 7.32 11.95

7 Short term borrowings

Secured Loans repayable on demand from banks 500.84 251.87

Total 500.84 251.87

Due to others 951.42 644.12

Total 951.42 644.12

Notes forming part of the Financial Statements

8.1 Trade Payable ageing schedule as at 31 March 2023

8.2 Trade Payable ageing schedule as at 31 March 2022

9 Other current liabilities

Total 20.74 5.17

10 Short term provisions

Provision for employee benefits 7.86 7.30

Total 31.33 22.52

Notes forming part of the Financial Statements