Online-Trading Portfolio-Tracker Research Back-Office MF-Tracker
BSE Prices delayed by 5 minutes... << Prices as on May 06, 2024 - 3:59PM >>   ABB 6942.3 [ 3.64 ]ACC 2490.75 [ -1.71 ]AMBUJA CEM 605.95 [ -2.62 ]ASIAN PAINTS 2931.2 [ 0.13 ]AXIS BANK 1145 [ 0.35 ]BAJAJ AUTO 9048.65 [ -0.55 ]BANKOFBARODA 265.75 [ -3.71 ]BHARTI AIRTE 1284.5 [ 0.61 ]BHEL 289 [ -5.28 ]BPCL 610.05 [ -3.14 ]BRITANIAINDS 5060.75 [ 6.65 ]CIPLA 1423.4 [ -0.09 ]COAL INDIA 460.45 [ -3.02 ]COLGATEPALMO 2850.75 [ 2.04 ]DABUR INDIA 530.85 [ -0.08 ]DLF 884.6 [ 0.75 ]DRREDDYSLAB 6315 [ -0.55 ]GAIL 197.7 [ -2.99 ]GRASIM INDS 2452.6 [ -1.20 ]HCLTECHNOLOG 1358.05 [ 0.76 ]HDFC 2729.95 [ -0.62 ]HDFC BANK 1522.8 [ 0.27 ]HEROMOTOCORP 4505 [ -0.92 ]HIND.UNILEV 2255.35 [ 1.80 ]HINDALCO 638.5 [ -1.32 ]ICICI BANK 1148.8 [ 0.60 ]IDFC 118.1 [ -1.09 ]INDIANHOTELS 570.95 [ 0.01 ]INDUSINDBANK 1498.35 [ 1.06 ]INFOSYS 1425.8 [ 0.66 ]ITC LTD 434.6 [ -0.38 ]JINDALSTLPOW 934.6 [ 0.32 ]KOTAK BANK 1624.75 [ 5.01 ]L&T 3462.1 [ -1.06 ]LUPIN 1679.75 [ 1.48 ]MAH&MAH 2225.1 [ 1.47 ]MARUTI SUZUK 12435.25 [ -0.45 ]MTNL 36.62 [ -3.76 ]NESTLE 2458 [ 0.10 ]NIIT 103.6 [ -0.81 ]NMDC 269.25 [ 0.06 ]NTPC 356.65 [ -2.31 ]ONGC 282 [ -1.40 ]PNB 127.1 [ -6.41 ]POWER GRID 306.9 [ -1.22 ]RIL 2839 [ -1.03 ]SBI 807.75 [ -2.86 ]SESA GOA 410.6 [ -1.10 ]SHIPPINGCORP 215.35 [ -2.78 ]SUNPHRMINDS 1529.55 [ 1.40 ]TATA CHEM 1081.1 [ -0.88 ]TATA GLOBAL 1098.7 [ 0.43 ]TATA MOTORS 1015.8 [ 0.20 ]TATA STEEL 167.6 [ 0.69 ]TATAPOWERCOM 446.15 [ -1.86 ]TCS 3921 [ 2.13 ]TECH MAHINDR 1263.55 [ 1.11 ]ULTRATECHCEM 9778.15 [ -0.39 ]UNITED SPIRI 1225 [ 1.39 ]WIPRO 458.25 [ 0.31 ]ZEETELEFILMS 136.65 [ -4.47 ] BSE NSE
You can view the entire text of Notes to accounts of the company for the latest year

BSE: 512038ISIN: INE887D01016INDUSTRY: Trading

BSE   ` 547.95   Open: 550.00   Today's Range 521.75
576.65
-1.25 ( -0.23 %) Prev Close: 549.20 52 Week Range 16.22
591.60
Year End :2023-03 

Rights, preferences and restrictions attached to equity shares

The Company has only single class of Equity Shares having a par value of INR 10. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. Each holder of equity shares is entitled to one vote per share. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

There are no bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding reporting date.

1. The company has opted for section 115 BAA. As such, tax rate applicable to the compnay is 25.168%. Also, MAT provision is not applicable to the company.

2. The company has a brought forward business loss of Rs.0.07 lakhs. The company has decided not to claim such loss in the current financial year. As such, the company has not recognised deferred tax during current financial year.

Note:

1. Basic EPS amounts are calculated by dividing the Net profit attributable to the equity shareholders of the Company by the Weighted average number of equity shares outstanding during the year

2. Diluted EPS amounts are calculated by adjusting the Weighted average number of equity shares outstanding, for effects of all dilutive potential ordinary shares.

25 Financial risk management

The Company's principal financial liabilities comprise trade payables and other borrowings. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets include security deposits, trade & other receivables, unbilled revenue and cash and short-term deposits that derive directly from its operations.

The Company is exposed to the following risks from its use of financial instruments:

- Credit risk

- Liquidity risk

- Market risk

This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for measuring and managing risk.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations resulting in a financial loss to the Company. Credit risk arises principally from trade receivables, unbilled revenue, cash & cash equivalents and deposits with banks.

Trade receivables and unbilled revenue

The Company earns its revenue from customers by providing mobile application development service.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Company performs ongoing credit evaluations of its customers' financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and ageing of the receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer and vendor risks.

The Company limits its exposure to credit risk from trade receivables by establishing a maximum credit period of 45 days for its customers. An impairment analysis is performed at each reporting date on an individual basis for major customers. The calculation is based on historical data.

Based on the business environment in which the Company operates, management considers that there is significant increase in credit risk for trade receivables if the payments are more than 30 days past due and the trade receivables are in default (credit impaired) if the payments are more than 90 days past due. The Company has not experienced any significant impairment losses in respect of trade receivables in the past years.

Since the Company has its customers spread over around the world, geographically there is no concentration of credit risk.

(ii) Provision for expected credit losses:

(a) Financial assets for which loss allowance is measured using 12 month expected credit losses

The Company has assets where the counter- parties have sufficient capacity to meet the obligations and where the risk of default is low.

(b) Financial assets for which loss allowance is measured using life time expected credit losses

The Company has customers with strong capacity to meet the obligations and therefore the risk of default is negligible. On account of the adoption of Ind AS 109, the Company uses ECL model to assess the impairment loss. The Company uses a provision matrix to compute the ECL allowance for trade receivables. Below mentioned is the movement of impairment loss recognised on financial assets using lifetime expected credit loss method.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Company's income. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Currency risk

The Company is not exposed to foreign currency risk as all transactionsare denominated in a entity's functional currency. Interest rate risk

The Company is not exposed to interest rate risk as the entity has not availed any loan from banks or financial institutions.

26. Contingent Liabilities & Commitments ( to the extent not provided for)

Particulars of Contingent liabilities

As at March 31, 2023

As at March 31, 2022

Contingent Liabilities not provided for in respect of

a) Claims against the Company not acknowledged as debt

-

-

b) Guarantee given by the Company on behalf of other company

-

-

C) Others

-

-

Particulars of Commitments

As at March 31, 2023

As at March 31, 2022

a) Estimated amount of contracts remaining to be executed on capital account and not provided for

-

-

b) Uncalled liability on shares and other investments partly paid

-

-

C) Other commitments

-

-

The Company do not have any pending litigations on its financial position.

* Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as

- Level 3: inputs for the asset or liabili ty that are not based on observable market data (unobservable inputs). The fair value of Thie finance department of the Cumpa ny includes a team that performs the valuat ions of fin ancial assets and liabilities requ ired for Tne ca^ying amou nts of s!ort term trade receivables, short term lo ans and advcnces an! chsh & casc equivalents, unbille d

The fair valade for secueity cieposks wac cakulated based on cash flows discounted using a cuhrent lending rate/borrowing aate. Valuatien technique used to dir term in e fair va lu e:

- Fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date taken Ý Discounted casfi flow approach; appropriate market borrowing rate of the entity as of each balance sheet date used for

28 Capital Management

The company's capital management objectives are:

a. to ensure the Company's ability to continue as a going concern

b. to provide an adqueate return to shareholders

c. maintain an optimal capital structure to reduce the cost of capital

Management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the company's various classes of debt. The company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

29 Events after the reporting period

The Company has evaluated subsequent event from the balance sheet date through May 26, 2023, the date at which financial statments were available to be issued and determined no event has occured that would require adjustment and disclosure in the financial statement.

Relationship with Struck off

31 companies:

The Company did not enter into any transaction with Companies struck off from ROC records for the period ended 31 March 2023 and 31 March 2022.

32

a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies) including foreign entities (intermediaries) with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) No funds have been received by the company from or in any other person(s) or entity(ies) including foreign entities (funding parties) with the understanding, whether recorded in writing or otherwise, that the company shall, whether 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

Outstanding balances of related parties at the year-end are unsecured and interest free and settlement occurs in cash. For the year ended 31 March 2023, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2022: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the "Entrepreneurs Memorandum Number” as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31 March 2019 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 ('the Act') is not expected to be material. The Company has not received any claim for interest from any supplier in this regard.

Explanation for variance

1. Current Ratio: The ratio has been impacted due to increase in security deposits and trade receivables

2. Return on Equity: The ratio has been impacted due to profit of current year

3. Trade receivables Turnover Ratio: The ratio has been impacted due to increase in average trade receivables and turnover.

4. Trade payables turnover ratio: The ratio has been impacted due to increase in average trade payables and turnover.

5. Net Capital turnover ratio: The ratio has been impacted due to increase in turnover

6. Net Profit Ratio: The net profit is increased due to increase in turnover

7. Return on Capital Employed: The ratio has been impacted due to increase in profit

37 Subsequent Event

The Company has evaluated subsequent event from the balance sheet date through May 26, 2023, the date at which financial statments were available to be issued and determined no event has occured that would require adjustment and disclosure in the financial statement.

38 Previous year comparatives

Previous year's figures have been reclassified/rearranged/regrouped wherever necessary to conform to current year's presentation.

As per our report of even date attached