12.1 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).
Rights, Preferences and restrictions attached to equity shares:
The Company has single class of equity shares. Accordingly, all equity shares rank equally with regard to dividend and share in the Company's residual assets. The equity shareholders are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share in the paid- up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
14 ( a ) Security Premium is the amount received in excess of face value of the equity shares issued and is recognised in Security
Premium Account
14 ( b ) Capital Reserve, represents the Subsidy received from State Government in respect of capital investment.
14 ( c ) Retained Earning represents the cumulative profits of the company . This reserve can be utilized in accordance with the
provision of the Companies Act,2013
NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH,2024 Notes to Other Equity
14 ( a ) Security Premium is the amount received in excess of face value of the equity shares issued and is recognised in Security Premium Account
14 ( b ) Capital Reserve, represents the Subsidy received from State Government in respect of capital investment.
14 ( c ) Retained Earning represents the cumulative profits of the company . This reserve can be utilized in
accordance with the provision of the Companies Act,201 3
CURRENT LIABILITIES FINANCIAL LIABILITIES
15 The Company has not received any fund from any party(s) or entity including foreign (Funding Party) with the understanding ( wheather recorded in writing or otherwise ) that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Funding party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like or on behalf of the Ultimate Beneficiaries.
(a) Based on the information avaialable with the company regarding the status of suppliers as defined under MSMED Act ,2006 there was no principal amount overdue and no interest was payable to the Micro ,Small and Medium Enterprises on 31st March 2024 as per the terms of contract.
Figures in bracket are in respect of previous year.
Note: Related Parties relationship is as identified by the Company and relied upon by the auditors.
33 Company has an investment of Rs. 80.59 Lacs in the share capital of Milestone Global (U.K.) Limited U.K a wholly owned subsidiary Company. Milestone Global (U.K.) Limited U.K. has accumulated losses Rs.31.85 Lacs as on 31.03.2024 (Previous Year Rs. 39.79 Lacs). The Management is, however, of the opinion that with strategic plan on hand and long-term involvement in the subsidiary company, no provision is necessary in this account.
34 Disclosure in terms of Ind AS- 19 issued by the Institute of Chartered Accountants of India has not been given as required details have not been provided by Life Insurance Corporation of India.
35 Actuarial valuation of leave encashment has not been carried out as company has paid leave earned up to 31-032024.
36 Satisfaction of charge with Registrar of Companies, of various assets under charge created in earlier Year. is still in process
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38 CONTINGENT LIABILITIES:
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Particulars
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As at 31st March, 2024 Rs.
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As at 31st March, 2023 Rs.
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(1) In respect of Claims (Including Claims
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Amount Indeterminate
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Amount Indeterminate
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made by Employees) not acknowledged as Debts
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NIL
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NIL
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(2) Capital commitment
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(3) Other commitment
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NIL
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NIL
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39 SEGMENT INFORMATION:
The Company has only one business segment “Stone” as primarily segment. The secondary segment is geographical which is given as under:
40 Financial Instruments and Related Disclosures Capital Management:
The Company’s financial strategy aims to support its strategic priorities and provide adequate capital to its businesses for growth and creation of sustainable stakeholder value. The Company funds its operations majorly through internal accruals. The Company aims at maintaining a strong capital base largely towards supporting the future growth of its businesses as a going concern.
41 FINANCIAL RISK MANAGEMENT OBJECTIVES:
The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Company’s risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a
Disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.
i) Liquidity Risk:
The company is able to settle or to meet its obligation as they become due.
ii) Market Risks:
The Company is not an active investor in equity markets.
iii) Foreign Currency Risk:
The Company undertakes transactions denominated in foreign currency (mainly US Dollar) which are subject to the risk of exchange rate fluctuations
iv) Credit Risk:
The Company’s historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
D. FAIR VALUE MEASUREMENT:
Fair value hierarchy:
Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels: Level 1:
Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3:
Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The fair value of trade receivables, trade payables and other Current financial assets and liabilities is considered to be equal to the carrying amounts of these items due to their short-term nature.
44 The company did not enter any transactions with companies stuck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956. There are no outstanding balances with stuck of Companies.
45. The company did not hold any Benami Properties and no proceedings has been initiated or pending against the company for holding any Benami Property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
46. The Company has complied with the number of layers prescribed under (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.
47 All transactions have been recorded in the books of account and there are no unrecorded income have been disclosed during the year in the tax assessments under the Income-Tax Act, 1961. Moreover, there are no unrecorded income and related assets pertaining to previous years.
48 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
49 The company has not guranted any loans or advances in the nature of loans to promoters, directors, KMP’s And the related parties (As defined Under companies Act 2013) , either severally or jointly with any other Person that are:
a) Repayable on demand ;
b) Leave without specifying any terms or period of repayment.
50 Previous year figures have been regrouped and recasted wherever necessary to conform to the classification for the Year.
51 APPROVALS OF FINANCIAL STATEMENTS:
The financial statements were approved for issue by the board of directors on 25th May 2024.
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