2.10 Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when the company has present determined obligations as a result of past events an outflow of
resources embodying economic benefits will be required to settle the obligations. Provisions are recognised at the best
estimate of the expenditure required to settle the present obligation at the balance sheet date.
If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects,
where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
A Contingent liability is not recognised but disclosed in the notes to the accounts, unless the probability of an outflow of
resources is remote.
A contingent asset is generally neither recognised nor disclosed.
2.11 Earnings per share
The Basic earnings per share (EPS) is calculated by dividing the net profit or loss for the year attributable to the equity
shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating Diluted earnings per share, the net profit or loss for the year attributable to the equity
shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the effects
of all dilutive potential equity shares.
2.12 Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion
of the company, on or before the end of the reporting period but not distributed at the end of the reporting period.
2.13 Impairment of assets
The company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the company estimates the asset's recoverable amount.
An asset's recoverable amount is the higher of an assets or cash-generating unit's (CGU) fair value less costs of disposal
and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset
or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair
value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified,
an appropriate valuation model is used.
Impairment losses of continuing operations are recognised in the statement of profit and loss.
2.14 Critical accounting estimates:
Property, plant and equipment
Property, plant and equipment represent a considerable proportion of the asset base of the Company. The charge in respect
of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual
value at the end of its life. The useful lives and residual values of company's assets are determined by management at the
time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical
experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in
technology.
Recoverability of Trade Receivable/Advances and provision for the same
Judgements are required in assessing the recoverability of overdue trade receivables and advances and determining
whether a provision against those receivables and advances is required. Factors considered include the credit rating of
the counterparty, the amount and timing of anticipated future payments and any possible actions that can be taken to
mitigate the risk of non-payment.
Management estimations and assumptions
a) The management assessed that cash and cash equivalents and other current liabilities approximate their carrying
amounts largely due to the short-term maturities of these instruments.
b) The fair value of the financial assets and liabilities is included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following
methods and assumptions were used to estimate the fair values:
(i) The fair values of the quoted shares are based on price quotations at the reporting date.
(ii) The fair values of the unquoted equity shares have been determined based on last audited financial statements
and have used Net Asset Value approach for determining the fair values.
Level 1 : Quoted Prices 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 company's policy is to recognize transfers into and the transfers out of fair value hierarchy levels as at the end of
the reporting period. There are no transfers between level 1 and level 2 during the end of the reported periods.
12.3 Financial Risk Management
The Company's activities expose it to various financial risks: market risk, credit risk and liquidity risk. The company tries
to foresee the unpredictable nature of financial markets and seek to minimise potential adverse impact on its financial
performance. The senior management of the company oversees the management of these risks. The management has
additional oversight in the area of financial risks and controls. It is the Company's policy that no trading in derivatives
for speculative purposes may be undertaken.
15 The Company has not received any memorandum as required to be filed by the suppliers with the notified authority
regarding registration under Micro, Small and Medium Enterprises Development Act, 2006 for claiming their status as
micro, small or medium enterprises as at 31st March, 2024. Therefore, there are no dues outstanding to Micro, Small
and Medium Enterprises (Previous Year: Nil).
16 Lease :
i) The Company Leased Asset primarily consist of right to use the Office Premises. The Company adopted Ind
AS 116 "Leases" for accounting lease asset and lease liability regarding the right to use the Office Premises.
Consequently, the Company recorded the lease liability at the present value of total remaining lease payments
discounted at the incremental borrowing rate as on the date of commencement of lease and has measured
right to use asset at an amount equal to lease liability adjusted for any lease payments made at or before the
commencement date less any lease incentives received, plus any initial direct costs incurred and an estimate of
costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the underlying
asset or site on which it is located.
21 Applicability of Notes of General Instruction for preparation of Financial Statements and Additional Regulatory
Information (as per amended Schedule III, Division-III of the Companies Act 2013)
21.1 The Company does not carry any borrowings, hence the disclosure required under Note "(WA)", is not applicable.
21.2 The Company is the lessee and the lease agreements are duly executed in favour of the lessee, hence the disclosure
required under Note "(WB) (i)", is not applicable.
21.3 The Company does not hold any investment property as defined under Ind AS 40; hence, the disclosure required under
Note "(WB) (ii)", is not applicable.
21.4 The Company has not revalued its Property, Plant and Equipment; hence, disclosure required under Note -"(WB) (iii)",
is not applicable.
21.5 The Company has not revalued its intangible assets; hence, the disclosure required under Note-"(WB) (iv)" , is not
applicable.
21.6 No proceeding 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. Hence, the disclosure required under
Note "(WB) (viii)", is not applicable.
21.7 The Company does not have any borrowings from banks on the basis of security of current assets (Inventories & Trade
Receivable), hence, the disclosure required under Note -"(WB) (ix)", is not applicable.
21.8 The Company has not been declared as wilful defaulter by any bank or financial Institution or other lender. Hence, the
disclosure required under Note "(WB) (x), is not applicable.
21.9 The Company has not done any transactions with companies struck off under section 248 of the Companies Act, 2013
or section 560 of Companies Act, 1956. Hence, the disclosure required under Note "(WB) (xi), is not applicable.
21.10 The Company has registered with Ministry of Corporate Affairs /Registrar of Companies, all charges or satisfaction
within the statutory time period. Hence, the disclosure required under Note "(WB) (xii)", is not applicable.
21.11 The Company is compliant in respect of number of layers prescribed under clause (87) of section 2 of the Act read with
the Companies (Restriction on number of Layers) Rules, 2017. Hence, the disclosure required under Note "(WB) (xiii)",
is not applicable.
21.12 The Company has not entered into any scheme of arrangement; hence, the disclosure required under Note "(WB)
(xv)", is not applicable.
21.13 The company has not advanced or loaned or invested funds to any person or entity including foreign entity with the
understanding that the Intermediary shall -
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the company (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
In view of above, the disclosure required under Note "(WB) (xvi) (A)", is not applicable.
21.14 The company has not received any funds from any person or entity including foreign entity with the understanding that
the company shall
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
In view of above, the disclosure required under Note "(WB) (xvi) (B)", is not applicable.
21.15 The Company is not covered by section 135 of the Companies Act, 2013 dealing with CSR activities.
21.16 The Company has not traded or invested in Crypto currency or Virtual Currency during the FY 23-24.
22 The following additional information (other than what is already disclosed elsewhere) is disclosed in terms of RBI
circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on 'Scale Based Regulation (SBR):
A Revised Regulatory Framework' for NBFCs, which inter-alia envisages certain specific disclosures read with circular
no. DOR.ACC.REC.No.20/21.04.018/2022-23 dated April 19, 2022 for "Disclosures in Financial Statements - Notes to
Accounts of NBFCs".
5) There was no Unhedged foreign currency exposure for the year ended 31st March 2024 and 31st March 2023.
23 The outbreak of Corona Virus Disease (COVID-19) have severely impacted and triggered significant disruptions to
businesses worldwide, leading to an economic slowdown. Significant disruptions primarily includes decline in market
value of investments, unavailability of personnel, closure of offices/facilities, etc. The company has to the best of
its abilities considered impact of COVID-19 while preparing these financial statements and accordingly reviewed the
following possible effects:
i) there is no material uncertainty on the ability of the company to continue as a going concern,
ii) there is no material adjustment required to be done in the carrying amounts of the assets and liabilities as on
March 31, 2024,
iii) there is no material event/circumstance happened due to COVID-19 as on the date of approval of these financial
statements that require specific adjustments/disclosures in these financial statements. However, the company
shall continue to closely monitor any material changes arising of future economic conditions and its impact on the
business.
24 On the basis of physical verification of assets, as specified in Ind-AS - 36 and cash generation capacity of these assets,
in the management's perception, there is no impairment of such assets as appearing in the balance sheet as on
31.03.2024.
25 Previous year figure have been regrouped/ rearranged, wherever found necessary.
Signature to Note "1 to 25"
For A.K Dubey & Co. For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No. 329518E Anil Jhunjhunwala Shyam Bagaria
(Director) (Director)
CA Arun Kumar Dubey DIN : 00128717 DIN : 00121949
Partner
Mem. No. 057141 Virendra Lal Nagar Anujit Singh
Place : Kolkata (Chief Financial Officer) (Company Secretary)
Date : 29th May, 2024 Mem. No. : A55516
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