2.16Provisions, Contingent liabilities and Contingent assets
The Company estimates the provisions that have present obligations as a result of past events and it is probable that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best estimates.
The Company uses significant judgements to disclose 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 the obligation or a reliable estimate of the amount cannot be made.
Contingent assets are neither recognized nor disclosed in the financial statements.
2.17 Cash and Cash equivalents
The Company considers all highly liquid financial instruments, which are readily convertible into known amounts 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. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage. Cash and cash equivalents for the purpose of cash flow statement comprise of cash at bank and in Hand and short-term bank deposits with original maturity of twelve months or less.
2.18 Government Grants
Government grants / subsidies received towards specific fixed assets have been deducted from the gross value of the concerned fixed assets and grant / subsidies received during the year towards revenue expenses have been reduced from respective expenses.
2.19 General
Accounting policies not specifically referred to, are consistent with the Indian Generally Accepted Accounting Principles and are followed consistently.
29.3 Segment Information
The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.
The Company has only one business segment, hence, the disclosure of segment wise information as required by AS-17 'Segment Reporting', is not applicable. Similarly, there are no geographical segments which require disclosure during the year.
29.4 Capital and Other Commitments
i. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. Nil. (Previous year Rs. Nil)
ii. For commitments related to lease arrangements, refer Note 28.5
iii. There are no contingent liabilities such as claims against the Company, guarantees and other money for which the Company is contingently liable for the year ended 31st March, 2024.
29.5 Leases
The Company's significant leasing arrangements are in respect of operating leases for office. The aggregate lease rentals payable is charged as Rent under Note 27 in Statement of Profit and Loss.
29.6 Earnings in Foreign Currency
The company has no earnings in foreign currency.
29.12 There are neither any projects under Capital work-in-progress nor any intangible asset under development for FY 2023-24.
29.13 The Company does not hold any Benami Property.
29.14 The Company has borrowings from banks or financial institutions on the basis of security of current assets. Statements of the current assets including stock statement filed by the Company are in agreement with the books of accounts.
29.15 The Company has not been declared as willful defaulter by any bank or financial institution or any other lender.
29.16 The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
29.17 There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.
29.18 The Company has 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.
29.19 Ratios:
Following are analytical ratios for the year ended 31st March, 2024 and 31st March, 2023:
29.20 The provisions of section 230 to 237 of the Companies Act, 2013 are not applicable to the Company.
29.21 (A) The Company has neither advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other persons (s) or entity(ies), including foreign entities (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.
(B) The Company has not received any fund from any persons (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 Company (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
29.22 No instance of any transactions not being 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 have been found. The Company does not have any previously unrecorded income and related assets which have not been properly recorded in the books of accounts.
29.23 The Company has used an accounting software TEZERP which is operated by a third-party software service provider, for maintaining its books of account. Further, during the year the Company has migrated to Tally ERP from TEZERP and is in process of establishing necessary controls and documentations regarding audit trail.
29.25 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
29.26 Previous year's figures have been regrouped, recast and rearranged wherever necessary, to make them comparable with those of the current year's presentation.
29.27 Figures have been rounded off to nearest rupee.
29.28 Pursuant to resolution passed at the meeting of members dated 30th September,2023 the Company has issued 1,20,00,000 (One Crore Twenty Lacs) equity shares of Rs 10/- each of an aggregate value of Rs 1200 lakhs (Rupees Twelve Crores Only) as an bonus shares to the Shareholder of existing fully paid Equity Shares of the Company out of the free reserves of the Company in the proportion of 30 (Thirty) new shares for every 1 (One) Equity Shares held by the existing shareholders, whose name appear in the Register of Members as on record date i.e. 30th September, 2023.
For PSRD & Co For and on behalf of the Board
Chartered Accountants
Firm Registration No.126390W
Pravin Oza Sanjiv Vasant Soham Vasant
Partner Managing Director Chief Financial Officer
Membership No. 119427 DIN: 03036854 DIN: 03036861
Date: 29-05-2024 Date: 29-05-2024 Date: 29-05-2024
Place: Mumbai Place: Mumbai Place: Mumbai
Shivam Vasant Rishita Taparia
Whole-time Director Company Secretary
DIN: 08512942 Mem No: A70523
Date: 29-05-2024 Date: 29-05-2024
Place: Mumbai Place: Mumbai
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