I. 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) are 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.
J. Current versus Non-current Classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.
An asset is treated as current when it is:
- Expected to be realised or intended to be sold or consumed in normal operating cycle
- Held primarily for the purpose of trading
- Expected to be realised within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle
- It is held primarily for the purpose of trading
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities. The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has identified twelve months as its operating cycle.
K. Cash and cash equivalents in the statement of cash flows
Cash and cash equivalent in the balance sheet comprise cash at banks balances
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.
L. Leases:
Finance Lease
Assets held under lease viz. property, plant and equipment, in which a significant portion of the risks and rewards of ownership are transferred to lessee are classified as finance leases.
Operating Lease
All other leases are treated as operating leases.
M. Earnings per share
Basic and diluted earnings per share is computed by dividing the net profit attributable to equity shareholders for the year, by weighted average number of equity shares outstanding during the year.
N. Segment Accounting Policies
The company has only one segment of operation i.e. Infrastructure activity in local market. So segment wise Income/ Expenditure/Assets and Liabilities are not presented, as per Ind AS 108.
O. Other Accounting Policies
Other accounting policies are consistent with generally accepted accounting policies.
2. PREVIOUS YEAR'S FIGURES
The Previous year's figures have been recasted/restated and regrouped, wherever necessary to confirm with Ind AS and current year classification.
3. SHARE CAPITAL
The Company has at present, only one class of shares i.e. Equity Shares. There is no movement either in the number of shares or in amount between previous year and current year. The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.
4. PROPERTY PLANT AND EQUIPMENT
During the year, the Company has Purchased net fixed assets of Rs.1.44 Lakhs (Previous Year: - Purchase of net fixed assets of Rs.5.96 Lakhs from its gross block).
6. CURRENT TAX
The Company has provided the current tax of Rs. 339.85 Lakh as per the Income tax law for the current year (Previous Year Tax Rs. 65.49 Lakh).
7. EARNING/EXPENDITURE IN FOREIGN CURRENCY
Earning: - Rs. Nil (Previous Year: - Rs. Nil)
Expenditure: -Rs. Nil (Previous Year: - Rs. Nil)
8. RELATED PARTY DISCLOSURES
Related Party Disclosure as required by Ind AS-24 "Related Party Disclosure" are given below:
1 Individuals owing directly or indirectly an interest in the voting power that gives them control or significant influence:
Name of the Party Nature of Relationship
Kirit R. Kanakiya - Chief Promoter
2. Key Management Personnel
Name of the Party Nature of Relationship
Santosh S Tambe - Managing Director
Anamika Kamble - CFO & Executive Director
3. Other Related Parties and Nature of Relationship
(a) Nature of Relationship: - Associate Concerns
(b) Name of the Parties:-
(a) Black More Consultancy Pvt. Ltd.
(b) Consisent Packagers Pvt. Ltd.
(c) Pleasant Packaging Pvt. Ltd.
(d) Pravara Commercial Pvt. Ltd.
(e) Relaxed Packagers Pvt. Ltd.
(f) Total Bizcon Solution Limited
(g) Stock Watch Securities Pvt. Ltd.
4. Subsidiaries and Joint Ventures
(a) Wholly Owned Subsidiary
BSEL Infrastructure Realty FZE
(b) Joint Ventures
Goa Tech Parks Pvt. Ltd.
9. The Following transactions were carried out with the related parties in the Ordinary Course of Business. Details regarding the parties referred to in items (1) to (4) above.
10. EARNINGS PER SHARE
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted average number of Equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the parent (after adjusting for interest on the convertible preference shares) by the weighted average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares. However, company don't have any dilutive potential Equity shares. Hence, Basic and Diluted EPS is same.
The earnings considered in ascertaining the Company's earnings per share comprise of the net profit after tax.
11. DEFERRED TAX
There is no certainty of earning future profits by the Company, therefore Deferred Tax Liability has been reversed in earlier years and therefore no Deferred Tax has been accounted for this year.
12. CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements are published as per the Ind AS 110.
13. DUES TO SMALL SCALE INDUSTRIAL UNDERTAKINGS
Due to Micro, Small, Medium Enterprises as defined under the MSMED Act, 2006 is Rs. Nil (Previous Year Rs. Nil). This information has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.
14. INVESTOR EDUCATION PROTECTION FUND
There are no amounts due and outstanding to be credited to Investor Education Protection Fund.
15. EMPLOYEES BENEFITS
(a) Defined Contribution Plans
The Group's Contribution paid/ payable during the year towards Provident Fund is charged in the Profit and Loss Account every year
(b) Defined Benefit Plan
During the current Financial Year provisions of Rs. 0.74 Lakh is made towards gratuity (Previous Year Rs.0.69 Lakh) liability as on 31st March, 2024 under the Payment of Gratuity Act, 1972.
16. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
In accordance with Ind AS 37, 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) are 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.
Provision for Doubtful Debt
There is no doubtful amount receivable from the parties; therefore no provision has been made towards Doubtful Debts
in the books of accounts. Further the management has opinion that advance given to the wholly owned subsidiary will be recovered in normal course & business once the recovery comes in Dubai market. The management is of the opinion that amount due from wholly owned subsidiary is not doubtful hence no provision made in books of account. The loan given to wholly owned subsidiary is for the purpose of business operation. The nature of transfer represent interest free loan provided to its wholly owned subsidiary will not fined repayment schedule.
17. PRIOR PERIOD ITEMS
Prior period items having material impact on the financial affairs of the company have been disclosed.
18. There is no employee drawing Salary of Rs. 2 Lakhs per month or more.
19. There is no Unpaid Dividend Account balance as on 31st March, 2024.
20. Other additional information pursuant to Schedule III Part II of the Companies Act, 2013 are not applicable to the Company.
As per our Report of Even Date For BSEL ALGO LIMITED
For Gada Chheda & Co. LLP Sd/- Sd/-
Chartered Accountants Santosh S Tambe Anamika Kamble
Managing Director Director/CFO
Sd/- DIN: 09668177 DIN: 09824238
CA Ronak Gada
Partner Sd/-
UDIN: 24146825BKCUVU3498 Monika Nathani
Membership No. 146825 Company Secretary
ACS: A19222
Place: Mumbai Date: 18.05.2024
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