Contingent liabilities and contingent assets

A contingent liability exists when there is a possible but
not probable obligation, or a present obligation that may,
but probably will not, require an outflow of resources, or
a present obligation whose amount cannot be estimated
reliably. Contingent liabilities do not warrant provisions, but
are disclosed unless the possibility of outflow of resources
is remote. Contingent assets are neither recognised nor
disclosed in the financial statements. However, contingent
assets are assessed continually and if it is virtually certain
that an inflow of economic benefits will arise, the asset
and related income are recognised in the period in which
the change occurs

3.19 Other statutory information :

(I) The Company does not have any Benami property,
where any proceeding has been initiated or pending
against the Company for holding any Benami
property.

(II) The Company does not have any charges or
satisfaction which is yet to be registered with ROC
beyond the statutory period.

(III) The Company has not traded or invested in Crypto
currency or Virtual Currency during the financial year.

(IV) the Company has not advanced or loaned or invested
funds to any person(s) or entity(is), including foreign
entities (Intermediaries) with the understanding that
the Intermediary shall: (a) 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 (b) provide any guarantee,
security or the like to or on behalf of the Ultimate
Beneficiaries.

(V) The Company has not received any fund from any
person(s) or entity(is), including foreign entities
(Funding Party) with the understanding (whether
recorded in writing or otherwise) that the Company
shall: (a) 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 (b) provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries.

(VI) The Company does not have any transaction which is
not 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 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961.

VII) The Company is not declared as willful defaulter by
any bank or financial institution (as defined under
the Companies Act, 2013) or consortium thereof or
other lender in accordance with the guidelines on
willful defaulters issued by the Reserve Bank of India.

3.19 Recent accounting pronouncements

Ministry of Corporate Affairs ("MCA") notifies new
standard or amendments to the existing standards under
Companies(Indian Accounting Standards) Rules as issued
from time to time. On March 31, 2023, MCA issued the
Companies (Indian Accounting Standards) Amendment
Rules, 2023, applicable from April 1, 2023, as below:

I. Ind AS 1 - Presentation of Financial Statements

The amendments require companies to disclose the
material accounting policies rather than significant
accounting policies. Accounting policy information,
together with other information, is material when
it can reasonably be expected to influence decisions
of primary users of general-purpose financial
statements

II. Ind AS 12 - Income Taxes

The amendments clarify how companies account
for deferred tax on transactions such as leases and
decommissioning obligations. The amendments
narrowed the scope of the recognition exemption
in paragraphs 15 and 24 of Ind AS 12 so that it
no longer applies to transactions that, on initial
recognition, give rise to equal taxable and deductible
temporary differences

III. Ind AS 8 - Accounting Policies, Changes in
Accounting Estimates and Errors

The amendments will help entities to distinguish
between accounting policies and accounting
estimates. The definition of a change in accounting
estimates has been replaced with a definition of
accounting estimates. Under the new definition,
accounting estimates are "monetary amounts in
financial statements that are subject to measurement
uncertainty". Entities develop accounting estimates
if accounting policies require items in financial
statements to be measured in a way that involves
measurement uncertainty.

Report on Other Legal and Regulatory Requirements

Proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014 for maintaining booksOf account using accounting
software which has a feature of recording audit trail(edit
log) facility is applicable to the Company with effect from
April 1, 2023, andaccordingly, reporting under Rule 11(g)
of Companies (Audit and Auditors) Rules,2014 is not
applicable for the financial year ended March 31,2023.