xiii. Provisions
Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Where a provision is measured using the cash flows estimated to settle the present obligation, it carrying amount is the present value of those cash flows. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability.
xiv. Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation.
The Company does not recognize a contingent liability but discloses its existence in the financial statements.
xv. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equities shares outstanding during the year.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to consider
• The after-income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
• Weighted average number of equity shares that would have been outstanding assuming the conversion of all the dilutive potential equity.
xvi. Cash and Cash Equivalents
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are shortterm balances (with an original maturity of three months or less from the date of acquisition), and highly liquid time deposits that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
xvii. Employee Benefits
Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employee's services up to the end of the reporting period and are measured at the undiscounted amounts of the benefits expected to
be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.
Note 3- Critical Accounting Judgements and Estimates
The preparation of financial statements in conformity with Ind AS requires judgements, estimates and assumptions to be made by the management of the Company that affect the reported amount of assets, liabilities, revenue, expenses, accompanying disclosures and the disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of income and expense for the periods presented.
The estimates and associate's assumptions are based on historical experience and other factors that are considered to be relevant. Actual results could differ from those estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period.
i. The title deeds of immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
ii. The Company has not revalued any of its Property, Plant and Equipment and intangible assets during the year.
iii. The Company has not granted Loans and Advances in the nature of loans to Promoters, Directors, KMPs and the related parties (as defined under Companies Act, 2013) either severally or jointly with any other person during the year.
iv. No proceedings have been initiated during the year or are pending against the Company at the end of year for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
v. The Company does not have any borrowings from banks or financial institutions on the basis of security of current assets.
vi. The company has not been declared wilful defaulter by any bank or financial institution or other lender.
vii. The company had no transactions with companies struck off under sections 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956 during the year.
viii. There were no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period at the end of the year.
ix. The Company does not have any layers prescribed under clause (87) of Section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
x. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
xi. The Company is not covered under section 135 of the Companies Act during the year.
xii. The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.
There is expenditure in foreign currency of Rs. 5.95 Lakhs (Previous Year Rs. 4.53 Lakhs). There is income in foreign currency of Rs. 2.70 Lakhs (Previous Year Rs. 22.44 Lakhs).
Note 29- Contingent Liability
Contingent Liability not provided for:
Bank Guarantee Rs. 151.79 Lakhs
Note 30- Bonus Shares
i. The Company had allotted 53,20,000 Equity Shares as fully paid up by way of Bonus Shares in the ratio of 19:2 during the year 2020-2021.
ii. The Company had allotted 42,75,600 Equity Shares as fully paid up by way of Bonus Shares in the ratio of 1:2 during the year 2022-2023.
Note 31- COVID 19
The Management has reviewed the events or conditions arising out of COVID 19 and are of the opinion that same indicates that no material uncertainty exists that may cast doubt on the company's ability to continue as a going concern.
Note 32- Other Information
i. The Company has no accrued liability as on March 31, 2024 in respect of gratuity.
ii. Interest on Fixed Deposit from Bank is provided based on certificate / letter / confirmation by Bank.
iii. During the income tax assessment proceedings for assessment year 2009-10, 2012-13 and 201415, certain additions were made primarily based on facts. The Company has won the appeal at CIT(A) and ITAT. The Income Tax Department has filed appeal in Bombay High Court against ITAT order which is in pre admission stage. The Management is of the opinion that the possibility of any outflow is remote.
Previous year's figures have been regrouped or reclassified, wherever necessary AS PER OUR REPORT OF EVEN DATE
FOR VANDANA V. DODHIA & CO. FOR & ON BEHALF OF THE BOARD
CHARTERED ACCOUNTANTS
Sd/- Sd/- Sd/-
VANDANA V. DODHIA ANJAY AGARWAL VENUGOPAL M. DHOOT
PARTNER CHAIRMAN & MANAGING WHOLE TIME DIRECTOR &
MEMBERSHIP NO: 104000 DIRECTOR CFO
FIRM REG No: 117812W DIN: 00415477 DIN: 02147946
Sd/-
MUMBAI SAGAR SHAH
DATED: 28-MAY-24 COMPANY SECRETARY &
UDIN: 24104000BKFJGH3954 COMPLIANCE °FFICER
MUMBAI
DATED: 28-MAY-24
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