3.8 Provisions and Contingent Liabilities
The Company creates a provision when there is present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of
the obligation.
A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. The Company also
discloses present obligations for which a reliable estimate cannot
be made. When there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made.
3.9 Borrowing costs
Borrowing costs consist of interest and other costs that an entity
incurs in connection with the borrowing of funds. Borrowing cost
also includes exchange differences to the extent regarded as an
adjustment to the borrowing costs
3.10 Earnings per Share
Basic earnings per share are calculated by dividing the profit after
tax or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the
period. In case there are any dilutive securities during the period
presented, the impact of the same is given to arrive at diluted
earnings per share.
C Terms/rights/restrictions attached to equity shares
The Company has onlyone class of equity shares having a par value ofRs. 2 per share. Each holderof equity shares is entitled to one vote per share. The
divi dend recommended by the Board of Di rectors and approved by theshareholdersin theAnnualGeneral Meeti ng i s pai d in Indian Rupees. Inthe eventof
liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
24 CIRP against the Company
The National Company Law Tribunal (NCLT) vide its order dated 31st
January 2024, ordered commencement of Corporate Insolvency
Resolution Process (CIRP) for the Company. Further vide its order dated
29th February 2024, the Hon'ble NCLT sanctioned the Resolution Plan on
February 29, 2024.
25. Deferred Tax Calculation
The Company has not accounted for deferred tax due to uncertainty of
taxable profit in near future.
26. Classification of Assets and Liabilities as Current and Non-Current:
All assets and liabilities are classified as current or non-current as per the
group's normal operating cycle and other criteria set out in Schedule III of
the Act.
27. Ageing of Trade Payable Schedule
The Company has executed an agreement with VIVA ENTERPRISES, on
1st April 2022 and assign all the Debtors and Creditors to VIVA Enterprises.
28 Disclosure relating to MSME Trade Payables:
The information about the status of the MSME from the Vendors is yet to be
obtained. However, to our best knowledge, there are no outstanding dues
to Micro, Small and Medium Enterprises to the extent information available
with the company.
29 Capital work-in-progress ageing schedule:
Since Capital work-in-progress as on 31st March 2023 is NIL, hence
disclosure relating to its ageing schedule are not applicable to the
company.
30 Intangible assets under development ageing schedule:
Intangible assets under development as on 31st March 2023 is NIL, hence
disclosure relating to its ageing schedule are not applicable to the
company.
31. Ageing of Trade Receivables Schedule
The Company has executed an agreement with VIVA ENTERPRISES,
one of its Debtors, on 1st April 2022 and assign all the Debtors and
Creditors to VIVA Enterprises.
32 Benami Property under the Benami Transactions (Prohibition) Act,
1988
No proceedings have been initiated or pending against the Company for
holding any benami property under the Benami Transactions (Prohibition)
Act, 1988 and rules made thereunder, as at 31st March 2023 and 31st March
2022.
33 Crypto currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual
Currency during the year ended 31st March 2023, and 31st March 2022.
34 Reconciliation of Balances
In the absence of confirmation from some of the parties and pending
reconciliation the debit and credit balances with regard to recoverable and
payable have been taken as reflected in the books. In the opinion of the
Directors, Loans and Advances and Current Assets, if realized in the
ordinary course of business, have the value at which they are stated in the
Balance Sheet. Therefore, Balances of Sundry Customers, Suppliers,
Loans given or taken Advances to suppliers and others are subject to
confirmations.
35 Undisclosed Income
There have been no transactions which have not been recorded in the
books of accounts that have been surrendered or disclosed as income
during the year ended 31 March 2023 and 31 March 2022, in the tax
assessments under the Income Tax Act, 1961. There have been no
previously unrecorded income and related assets which were to be
properly recorded in the books of account during the year ended 31st March
2023 and 31st March 2022
36 Provision for Non-Performing Assets
During the year, the Company has provided Rs. NIL/- (P.Y. NIL-), towards
Non- performing Assets in accordance with the prudential norms
prescribed by Reserve Bank of India.
37 Registration/Satisfaction of Charges with ROC
Since the company has not mortgaged any property / assets whether
moveable or immoveable, nor has taken any loan, hence the disclosure
regarding registration and satisfaction of Charges with Registrar of
Companies is not applicable.
38 Title deeds of immoveable property not held in the name of Company
The Company does not hold any immovable property either owned or
leased as on 31st March 2023 and 31st March 2022, hence disclosure
relating to Title deeds of immoveable property held in the name of the
company and / or its revaluation are not applicable.
39 Quarterly Returns of Current Assets
Since the company has not taken any borrowings from any banks and / or
financial institutions, hence disclosure relating to filing of quarterly returns
or statement of current assets are not applicable.
40 Willful Defaulter
The Company is not a declared willful defaulter by any bank or financial
Institution or other lender, in accordance with the guidelines on willful
defaulters issued by the Reserve Bank of India, during the year ended 31st
March 2023 and 31st March 2022.
45. Details as required under regulation 53 (f) read with para (A) of
schedule VI of SEBI (Listing obligation and disclosure requirement)
Regulations in respect of loan, advances and investment in
Companies under same Management.
Not applicable on the Company as the Company as there is no Non¬
Convertible securities listed on BSE.
46 Disclosure as required under section 186 (4) of Companies Act, 2013:
47 Disclosure Requirements of IND AS
Previous Year figures have been re-arranged/re-grouped, wherever
necessary to confirm to current year Classification
48 Securities premium
The Company has not issued any shares/Securities therefore, the
Provisions is not applicable.
49. Event After Reporting Date
There have been no events after the reporting date that require
adjustment/disclosure in these financial statements.
50 Subsidiary/Joint Ventures
The Company does not have subsidiary, associate and joint venture,
hence reporting under clause 3(xxi) of the Order is not applicable.
51 Corporate Social Responsibility
The Company doesn't fall under the ambit of Section 135 (1) read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014. Hence
formulation of Corporate Social Responsibility policy is not applicable to
the Company
52. Compliance with approved scheme of arrangements
The company has not applied for any scheme of arrangements with any
competent authority in terms of sections 230 to 237 of the Companies Act,
2013, hence disclosure relating to same are not applicable.
53. Disclosure relation to utilization of borrowed funds for specific
purpose:
The company has not taken any borrowing from any Banks and/or financial
institutions, hence disclosure relating to Utilization of borrowings for
specific purpose are not applicable.
54. Cash Flow Statement
Cash Flow Statement is prepared in accordance with the requirements of
IND AS 7 Statement of Cash Flows
55. Valuation of Inventory
In the preparation of the Financial Statement as at 31st March 2023, the
Stock of the Company is valued at Cost.
As per our report of even date
FOR M.K.R.J.& CO.
CHARTERED ACCOUNTANTS For and on Behalf of Board
Firm Registration No. 0030311N
Sd/- Sd/-
Sd/-
Govindan Krishnan Rajiv Vashisht
(MUKESH KUMAR JAIN)
Whole-time Director Director
PARTNER Din: 08544832 DIN: 02985977
Membership No.073972
UDIN: 24073972BKFARU2265 Sd/- Sd/-
Anshu Kumari Agarwal Ajay Suresh Yadav
Date: 30.08.2024 Company Secretary CFO
Place: Delhi PAN: BVWPA9726M PAN: ADAPY2594A
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