(i) A Provision is recognized when the company has present obligation as a result of past event
and it is probable that outflow of resources will be required to settle the obligation and in respect
of which a reliable estimate can be made. Provisions are not discounted to their present value
are determined based on best estimate required to settle the obligation at the balance sheet date.
These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
(ii) Contingent Liabilities are disclosed separately by way of note to financial statements after
careful evaluation by the managements of the facts and legal aspects of the matter involved in
case of:
(a) A present obligation arising from the past event, when it is not probable that an
outflow of resources will be required to settle the obligation.
(b) A possible obligation, unless the probability of outflow of resources is remote.
(iii) Contingent Assets are neither recognized, nor disclosed in the financial statements.
(o) Income Taxes:
Income tax expense for the year comprises of current tax and deferred tax. It is recognised in
the Statement of Profit and Loss except to the extent it relates to a business combination or to
an item which is recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable/receivable on the taxable income/loss for the year using
applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of previous
years. Interest expenses and penalties, if any, related to income tax are included in finance cost
and other expenses respectively. Interest Income, if any, related to Income tax is included in
current tax expense.
Deferred tax is recognised in respect of temporary differences between the carrying amount of
assets and liabilities for financial reporting purposes and the corresponding amounts used for
taxation purposes.
A deferred tax liability is recognised based on the expected manner of realisation or settlement
of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted,
by the end of the reporting period. Deferred tax assets are recognised only to the extent that it
is probable that future taxable profits will be available against which the asset can be utilised.
Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no
longer probable that the related tax benefit will be realised. Current tax assets and current tax
liabilities are offset when there is a legally enforceable right to set off the recognised amounts
and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets
and deferred tax liabilities are offset when there is a legally enforceable right to set off current
tax assets against current tax liabilities; and the deferred tax assets and the deferred tax liabilities
relate to income taxes levied by the same taxation authority.
(p) Employee Benefits
No provision of retirement benefits of employees such as leave encashment, gratuity has been
made during the year by the company. The same shall be accounted for as and when arises.
22. Previous year’s figures have been reworked, regrouped, & reclassified wherever necessary to
confirm to the current year presentation.
23. In the opinion of Board of Director, the current Assets, loans & advances have a value on
realization in the ordinary course of business at least equal to the amount at which these are
stated.
24. Statutory Reserve represents the Reserve Fund created u/s 45-IC of the Reserve Bank of India
Act, 1934. An amount of NIL (Previous Year Rs. 2,48,618/-) representing 20% of net Profit is
transferred to the fund for the year.
The company has made provision towards loan Assets, based on the management’s best
estimates. Provision of 0.40% (previous Year 0.40%) on Standard Assets has been made during
the year, as per stipulation of RBI on standard assets. Company has made provision for standard
Assets as per table below:
26. The company’s business activity falls within single primary/ secondary business segment viz.
Finance Activity. The disclosure requirement of IND AS-108 “Segment Reporting “issued by
the Institute of chartered Accountants of India, therefore is not applicable.
27. There is no any pending tax demand on company as on date 31.03.2024.
28. Related Party Disclosure:
As per IND AS-24, on related Party disclosure issued by the Institute of chartered Accountants
of India, The details of Such Related party transaction recognized during the year is as under:
30. Information as required by Non-Banking Financial (Non Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Direction, 2007 is Furnished vide Annexure -1
Attached Herewith.
31. The Company has Outstanding Loan to the Best Realty (LLP) ' 14,45,630/-as on 31-03-2024,
the borrower company are involved in the business of Real estate. The company also given a loan
to Paragon Knits Ltd amounting of Rs. 1,07,59,773/- for which the company has not executed
loan agreement.
32. The Company estimates the deferred tax created / (credit) using the applicable rate of Taxation
based on the impact of timing Differences between financial Statements and Estimated taxable
income for the current Year.
35. Details of Policy Developed and Implemented by the Company on its Corporate Social
Responsibility Initiatives
The Company has not developed and implemented any Corporate Social Responsibility
initiatives as the said provisions are not applicable.
36. Details of Crypto / Virtual Currency
There were no Transaction and Financial Dealing in Crypto / Virtual Currency during the Financial
Year 2023-24.
37. There are no micro, Small and Medium Enterprises, to whom the Company owes dues which
outstanding for more than 45 days as at 31st March 2024. This information as required to be disclosed
under the micro, small and medium Development Act, 2006 has been determined to the extent such
parties have been identified on the basis of information available with company.
38. With respect to the proviso to rule 3 sub section 1 of companies (Accounts) rules 2014, the company
did not maintain the accounting software which has a feature of recording of audit trail of each and
every transaction, creating and edit log of each change made in the books of accounts along with the
date when such changes were made and ensuring that the audit trail cannot be disabled.
IN TERMS OF OUR REPORT OF EVEN DATE ANNEXED.
FOR GSA & ASSOCIATES LLP FOR AND ON BEHALF OF
CHARTERED ACCOUNTANT SHRI NIWAS LEASING & FINANCE LTD.
FRN: 000257N/N500339
CA. MANINDRA K TIWARI RAJNI TANWAR SURENDRA KUMAR JAIN
(PARTNER) (MANAGING DIRECTOR) (DIRECTOR)
M.NO: 501419 DIN: 08201251 DIN: 00530035
RAVI KUMAR DHAKER MONI
PLACE: NEW DELHI (COMPANY SECRETARY) (CFO)
DATE: 10.05.2024 M.NO: A49038
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