(j) Provisions, contingent liability and contingent assets:
• Provisions are recognized only when there is a present obligation, as a result of past events and when a reliable
estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each
reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values,
where the time value of money is material.
• Contingent liability is disclosed for:
a. Possible obligations which will be confirmed only by future events not wholly within the control of the Company;
or
b. Present obligations arising from past events where it is not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
• Contingent assets are neither recognized nor disclosed except when realization of income is virtually certain, related
asset is recognized
(k) Foreign currency transaction and translations:
Foreign currency transactions are recorded in the functional currency, by applying the exchange rate between the functional
currency and the foreign currency at the date of the transaction. Foreign currency monetary items outstanding at the
balance sheet date are converted to functional currency using the closing rate. Non-monetary items denominated in a
foreign currency which are carried at historical cost are reported using the exchange rate at the date of the transactions.
Exchange differences arising on monetary items on settlement, or restatement as at reporting date, at rates different from
those at which they were initially recorded, are recognized in the Standalone Statement of Profit and Loss in the year in
which they arise.
(l) Operation segments:
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker ('CODM') of the Company. The CODM is responsible for allocating resources and assessing performance
of the operating segments of the Company.
(m) Earnings per share:
Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings
per share, the net profit for the period attributed to equity shareholders and the weighted average number of shares
outstanding during the period is adjusted for the effects of all potentially dilutive equity shares.
(n) Borrowing Cost:
Borrowing cost consists of interest and other costs incurred in connection with the borrowing of funds and also include
exchange differences to the extent regarded as an adjustment to the same. Borrowing costs directly attributable to the
acquisition and/ or construction of a qualifying asset are capitalized during the period of time that is necessary to complete
and prepare the asset for its intended use or sale. A qualifying asset is one that necessarily takes substantial period of time
to get ready for its intended use. All other borrowing costs are charged to the Standalone Statement of Profit and Loss as
incurred.
(o) Cash & Cash equivalent:
For the purpose of the Standalone Statement of Cash Flows, cash and cash equivalents consist of cash and cheques in hand,
bank balances, demand deposits with banks where the original maturity is three months or less and other short-term highly
liquid investments net of outstanding bank overdrafts and cash credit facilities as they are considered an integral part of the
Company's cash management.
(p) Taxes
Tax expense recognized in Standalone Statement of Profit and Loss comprises the sum of deferred tax and current tax except
the ones recognized in other comprehensive income or directly in equity. Current tax is determined as the tax payable in
respect of taxable income for the year and is computed in accordance with relevant tax regulations. Current income tax
relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income
or in equity).
(q) Significant management judgement in applying accounting policies and estimates uncertainty:
The preparation of the Company's financial statements requires the management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities:
• Evaluation of indicators for impairment of assets
The evaluation of applicability of indicators of impairment of assets requires, the management to make an assessment of
several external and internal factors which could result in deterioration of recoverable amount of the assets.
• Recoverability of advances / receivables
At each balance sheet date, based on historical default rates observed over expected life, the management assesses the
expected credit losses on outstanding receivables and advances.
• Defined benefit obligation ('DBO')
Management's estimate of the DBO is based on a number of underlying assumptions such as standard rates of inflation,
mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact
the DBO amount and the annual defined benefit expenses.
• Provisions
At each balance sheet date basis the management judgment, changes in facts and legal aspects, the Company assesses the
requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different
from this judgement.
• Contingencies
Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, (refer note
37). By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The
assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of significant judgments
by management and the use of estimates regarding the outcome of future events.
• Fair value measurements
Management applies valuation techniques to determine the fair value of financial instruments (where active market quotes
are not available) and share based payments. This involves developing estimates and assumptions consistent with how
market participants would price the instrument. The Company engages third party valuers, where required, to perform the
valuation. Information about the valuation techniques and inputs used indetermining the fair value of various assets,
liabilities and share based payments are disclosed in the notes to standalone financial statements.
• Useful lives of depreciable / amortizable assets
Management reviews its estimate of the useful lives of depreciable / amortizable assets at each reporting date, based on
the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may
change the utility of assets.
4 Recent pronouncements in IND AS notified effective from April 1st 2023.
IND AS: 12 Deferred Taxes
Paragraphs 15 and 24 of Ind AS 12, Income Taxes exempt an entity from recognising a deferred tax asset or liability in particular
circumstances. Despite this exemption, at the date of transition to Ind ASs, a first-time adopter shall recognise a deferred tax
asset—to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can
be utilised—and a deferred tax liability for all deductible and taxable temporary differences associated with:
(a) right-of-use assets and lease liabilities; and
(b) decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the
related asset."
IND AS: 107 Financial Instruments
Presentation of Financial Statements, an entity discloses material accounting policy information. Information about the measurement
basis (or bases) for financial instruments used in preparing the financial statements is expected to be material accounting policy
information.
IND AS: 1 Presentation of Financial Statements
Ind AS 1 also requires entities to disclose, along with material accounting policy information or other notes, the judgements,
apart from those involving estimations, that management has made in the process of applying the entity's accounting policies
and that have the most significant effect on the amounts recognised in the financial statements.
• Aforesaid amendment do not have material impact in the financial statements prepared for the current year.
For and on behalf of the Board of Directors
For G.Basu & Company
Firm Registration Number: 301174 E
Chartered Accountants
Partner" Maitra Gangotri Guha Director (DIN: 01666863)
Membership Nl°. 054728 Vinay Kumar Gupta Whole-Time Director (DIN: 00574665)
place : Kolkata Pinaki Ghosh Chief Financial Officer
Date : 27th May 2024
Sumeet Kumar Company Secretary (ACS - 35071)
UDIN :24054728BKGTP14496
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