1.15. Provisions, contingent liabilities, contingent assets
A provision is recognized when the Company has a present obligation (legal or
constructive) 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 a reliable estimate can be
made. If the effect of time value of money is material, provisions are discounted using
a current pre-tax rate that reflects, when appropriate, the risk specific to the liability.
When discounting is used, the increase in the provision due to the passage of time is
recognized as a finance cost. These are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.
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. When
there is a possible obligation or a present obligation in respect of which likelihood of
outflow of resources is remote, no provision or disclosure is made.
The Company does not recognize a contingent asset but discloses its existence in the
financial statements if the inflow of economic benefits is probable. However, when the
realization of income is virtually certain, then the related asset is no longer a contingent
asset, but it is recognized as an asset.
Provisions, contingent liabilities, contingent assets and commitments are reviewed at
each balance sheet date.
1.16. Earnings per share
Basic earnings per share are computed using the net profit for the year attributable to
the shareholders’ and weighted average number of shares outstanding during the
year. The weighted average numbers of shares also include fixed number of equity
shares that are issuable on conversion of compulsorily convertible preference shares,
debentures or any other instrument, from the date consideration is receivable
(generally the date of their issue) of such instruments.
Diluted earnings per share is computed using the net profit for the year attributable to
the shareholder’ and weighted average number of equity and potential equity shares
outstanding during the year including share options, convertible preference shares and
debentures, except where the result would be anti-dilutive. Potential equity shares that
are converted during the year are included in the calculation of diluted earnings per
share, from the beginning of the year or date of issuance of such potential equity
shares, to the date of conversion.
1.17. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity
and a financial liability or equity instrument of another entity. Financial assets and
financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other
than financial assets and financial liabilities at fair value through profit or loss) are
added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities at fair value through profit or loss
are recognized immediately in profit or loss.
Financial Investments
Non-Current Investments includes Investment in Partnership Firm which is stated at
Original Capital invested, share of profit earned by the Firm and the interest earned on
the Capital.
2. OTHER ADDITIONAL INFORMATION FORMING PART OF FINANCIAL STATEMENT
I. Contingent Liability: NIL
II. Capital Commitment: NIL
III. The Management has considered all the Trade Receivables as good and taking effort
for recovery from the parties. Therefore, the Management has not recommended any
provision for doubtful debts against the receivables.
IV. Out of the Loan & advances, some parties has expressed its financial inability to pay
interest; hence, no interest or lower interest is accounted on the said loan. However,
the Management is taking steps to recover the dues & interest, if any and are hopeful
to settle the account in due course and no provision for doubtful debts is made on the
same.
V. Ind-AS 116 Accounting of Lease expenses is not applicable as all leases as on the
reporting date are for the short-term period.
VI. The outstanding balance of assets and liabilities are accepted as they appear in the
books of accounts and are subject to reconciliation / adjustments, if any, and
confirmation by respective parties.
VII. The Company has reasonable check & internal Control over the expenses incurred
that are legitimate for the purpose of the Business with the Debit vouchers along
with supporting documents, as available, which are checked, approved and
authorized by the Staff, Managers and Directors as per the internal control and
budget policy of the Company.
VIII. The current liability includes statutory liabilities towards Taxes and dues which
shall be paid in due course as per the Management.
IX. Micro, small and medium enterprise disclosure:
The Company has not received any memorandum (as required to be filed by the
suppliers with the notified authority under the Micro, Small and Medium Enterprises
Development Act, 2006) claiming their status as on 31st March 2024 as micro, small
or medium enterprises. Consequently, the amount paid/payable to these parties
during the year is nil..
X. Segment Reporting:
The Company has one reportable business and geographical segment and hence no
further disclosure is required under IND AS- 108 on Segment Reporting.
XI. Related Parties Disclosures under IND AS 24:
As per Annexure attached
XII. Previous year’s figures have been regrouped and recast wherever necessary to
conform to the current year classification.
For VORA & ASSOCIATES FOR AND ON BEHALF OF THE BOARD
CHARTERED ACCOUNTANTS
(ICAI F.R. No.: 111612W)
SD/- SD/- SD/-
RONAK A. RAMBHIA VARDHAMAN C. SHAH AKSHIT LAKHANI
PARTNER MANAGING DIRECTOR DIRECTOR
(Membership No.: 140371) DIN: 00334194 DIN: 00334241
SD/- SD/-
R. MISHRA VARSHA BANSAL
CFO CO. SECRETARY
Place: Mumbai Place: Mumbai
Date: 7th May, 2024 Date: 7th May, 2024
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