1.12 Provisions / Contingencies
(a) Provision involving substantial degree of estimation in measurements is recognized when there is a present
obligation as a result of past events and it is probable that there will be an outflow of resources.
(b) Contingent Liabilities are shown by way of notes to the Accounts in respect of obligations where, based on the
evidence available, their existence at the Balance Sheet date is considered not probable.
(c) A Contingent Asset is not recognized in the Accounts.
(d) The company was issued a show cause notice from DGGI, BZU on 30.09.2022 vide notice no. F. No
DGGI/INV/GST/3104/2021, regarding availing of GST ITC amouting to Rs. 232.43 lacs. The company has
deposited Rs. 50 lacs through DRC-03 challan. However the company has filed a writ petition against the order.
This also may impact taxability as per Income Tax Act in coming years.
(e) The company has a contingent outstanding demand of TDS of Rs. 27.93 lacs.
1.13 Segment Reporting
A. Business Segments:
Based on the guiding principles given in Accounting Standard 17 (AS - 17) on Segment Reporting issued by ICAI,
the Company has only one reportable Business Segment, which is engaged incomprehensive range of services
covering Advertising and Marketing Solutions including Digital Marketing, Corporate Travel Arrangements,
Gifting Solutions, Event Management etc. Accordingly, the figures appearing in these financial statements relate to
the Company's single Business Segment.
B. Geographical Segments:
The Company activities / operations are confined to India and as such there is only one geographical segment.
Accordingly, the figures appearing in these financial statements relate to the Company's single geographical
segment.
Note:
a. The Authorised Share Capital of the company was increased from 10,000 Equity Shares of Rs.10/- each to 1,10,00,000 Equity Shares of Rs. 10/- each vide resolution passed
in EGM dated 27th April, 2022.
b. The Company Has Subdivided each Equity Share of the nominal value of Rs.100/- (Rupees One Hundred only) each, into 10 (Ten) Equity Shares of Face Value Rs.10/-
(Rupees Ten only) each fully paid up, Vide Resolution Passed In Members Meeting Dated 24th March, 2022.
c. The Company Has Issued Bonus Shares of 7500000 equity shares of Rs 10 each in the ratio of 1:750 (i.e issue of 750 equity shares against one shares held) vide EGM date
27th April,2022 and allotted on 22nd June,2022
d. During the F.Y. 2023-24, the Company alloted 2713600 no. of equity shares of Rs. 10/- each at a price of Rs. 78/- per equity share (incl. premium of Rs. 68/- each) through
its Initial Public offer vide resolution dated May, 08, 2023
Terms / Rights attached to Equity Shares:
The Company has only one class of Equity Shares having a par value of ' 10 per shares. Each holder of equity shares is entitled to one vote per share. Any shareholder whose
name is entered in the Registar of Members of the Company shall enjoy the same rights and be subject to the same liabilities as all other shareholders of the same class.
In the event of Winding up of the Company, Equity Shareholders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts.
For the said purpose, the liquidator may set such value as he deems fair upon any property to be divided and may determine how such division shall be carried out between
the members.
Notes:
1. Current Ratio increased by 59.14% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to decrease in Current Liabilities during the F.Y. 2023-24
2. Debt Equity Ratio increased by 1553.80% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to increase in Debt during the F.Y. 2023-24
3. Debt - Service Coverage Ratio decreased by 94.19% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to increase in Debt Service during the
F.Y. 2023-24
4. Return on Equity Ratio decreased by 86.52% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to decrease in Net Profit after Tax during the
F.Y. 2023-24
5. Inventory Turnover Ratio increased by 100.00% in F.Y. 2023-24 as compared to F.Y. 2022-23 as there was no Inventory and COGS as such
during the F.Y. 2022-23
6. Trade Receivables Turnover Ratio increased by 127.29% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to decrease in Trade Receivables
during the F.Y. 2023-24
7. Trade Payables Turnover Ratio decreased by 27.66% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to decrease in Net Purchase during
the F.Y. 2023-24
8. Working Capital Turnover Ratio decreased by 78.58% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to decrease in Net Sales during the
F.Y. 2023-24
9. Net Profit Ratio decreased by 32.42% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to decrease in Net Profit as well as Net Sales during
the F.Y. 2023-24
10. Return on Capital Employed decreased by 85.03% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to decrease in EBIT during the F.Y.
2023-24
NOTE 1.16.
No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:
a) Crypto Currency or Virtual Currency
b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder
c) Registration of charges or satisfaction with Registrar of Companies
d) Relating to borrowed funds
i) Wilful defaulter
ii) Utilisation of borrowed funds & share premium
iii) Borrowings obtained on the basis of security of current assets
iv) Discrepancy in utilisation of borrowings
v) Current maturity of long term borrowings
NOTE 1.17. DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES
The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560
of Companies Act, 1956 during the financial year.
II. Defined benefit plans
Gratuity
The Company should provide for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees
who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on
retirement/ termination is the employees last drawn basic salary per month computed proportionately for 15 days
salary multiplied for the number of years of service, subject to a payment ceiling of INR 20,00,000/-.
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