2.05 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision involving substantial degree of estimation in measurement Is recognized when there is a present obligation as a result of past events and it is
probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither
recognized nor disclosed in the financial statements.
2.06 REVENUE RECOGNITION
when the performance obligation of an event is satisfied.
Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.
2'07 hlXm!?axc™cEoun,ed for in accordance with Accounting Standard (AS-22, - "Accounting for taxes on income”, notified under Companies
d in accordance with the provisions of the Income Tax Act.
1961.
regulations as of the Balance Sheet date.
the extent there is a reasonable certainty of its realization.
cash and which are subject to insignificant risk of changes in value.
~ ==
dilutive potential equity shares.
2.10 EMPLOYEE BENEFITS
Con'tri^hons payable tothe recognised provident fund, which is a defined contribution scheme, are charged to the statement of profit and loss.
^‘olp^ha^an obligation towards gratuity, a defined benefit retirement plan covering eligible employees, lire plan provides for tampMun
payment to vested employees at retirement, death while in employment or on termination of employment of an amount equ.valent to 15 sala y
payable for each completed year of service without any monetary limit. Vesting occurs upon completion of ftve years of servtce. Provts.on for grat y
has been made in the books as per actuarial valuation done as at the end of the vear.
8f"JSwa fiLUm
(1) X"l,MCrS^^,ndU) Pv, Ltd v/s Voter Car wheroin the liability landed by AWP Assi,Ume(b,di,> — t
professional judgement of legal counsel whereas the liability already booked as per books Is Rs. 4.U758.1 he company has no. accepted the order and will contest the
order. Therefore, difference amount of Rs. 3,87,242 is booked as contingent liability. „
Outstanding demand on seen on the direct tax portal raised by the A.O. in which company has filed its response, but the order is yet to be passed - Rs 96*58.
(LJ Show cause- notice issued under sec 73<l) of CSGT Act, 2017 have hcvn issued to the company for the year 2019-20 dated 21-05-024 demanding a total liebi l> .
(iv) A louder has been issued under sec- 73(1) of CSGT AC, 2017 for year 20.7-18 to the company dated 31-12-2023 demanding a total liability of
contested the same and have booked liability of 10% of tax i.e Rs. 47,277 as a pre-requisit for filing appeal on 01-W-2024. Only balance amount of Rs. 9,63,562 ,s to
considered as contingent liability. .
(V, Show cause not.ee issued under sec- 73(I) of CSGT AC. 2017 have hcvn issued to the company for the year 2019-20 dated ,30-0.-2024 demanding a total liability of Rs.
I 10 54 179 Out of Ihis, company has reversed liability of Rs. 1,00,49,208. Balance amount of penalty Rs. 10,04,921 is booked as contingent liability. ,,
(Vi) Show cause notice issued under sec 73(1) of CSGT Act, 2017 have been issued to the company for the year 2019-20 dated 06-02--0.4 demanding a total hah t> •
53,55,638.
Litigation i, been booked against Sachin Arora for the BMW car theft. BMW India has been demanding amount of loan and interest the^inforthe said car loamThe
confpany1 hassome liabiliW recorded in .he books to the tune of Rs .7,50,340 whereas the amount demanded by the lender is 1*. 22.51,990. Balance amount of Rs.
5.01.650 is booked as contingent liability since it would be payable if the company fails to return car of loses law suit against Sachin Arora.
Ivml Litigation is been booked against company by state of Haryana. The amount of contingent liability in this case if Rs 20,000.
(IX) The liability in case of Sangita Ganpat Bhise has been booked for Rs. 13,00,000 on account of any possible outcome from the ca«.
(XI Litigation between Tata Motors Finance v/s Voler Car wherein the liability demanded by Tata Motors Finance is Rs. 71,94,907 as per the order dated 20-11 -0-.
Amount already recorded in company's books is Rs. 21,06,690. Therefore, contingent liability to be booked is Rs. 50,88,217.
32 ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS
(i) Earnings and Expenditure in foreign currency : - Nil
(ii) Details of consumption of imported and indigenous items : -Nil
1,1,1 Tte“Xam'd^sPnT,rhIfhrlt benami property neither any proceeding has been initialed or pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
(iv) Relationship with Struck off Companies: .tL _ . A .
During the financial year Ihe company does not have has any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956.
(viii) Compliance with number of layers of companies mCk, J( » u
Clause (87) ol section 2 ot the Act read with the Companies (Restriction on number of Users) Rules, 2017 .s not applicable to reporting entity as it is
neither investor nor investee in/of any company or Body corporate whether incorporated in india or outside.
fix) Utilisation of Borrowed funds and share premium: . . » j- 1,1.
(T) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies). including foreign entities (Intermediaries) with the
understanding that the Intermediary shall: .. ,, . .. tt«m.|„
(a) 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 ...
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Benefit iaries.
(ii) The Company has not received any fund from any person(s) or enlitv(ies), including foreign entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the Company shall: .. „ . ,,
(a) directly or indirectly lend or invest in other (versons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or
(b) prov ide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
dPI
Reasons for variation more than 25% :
1 Current Ratio : Ratio improved due to increase in current assets during the year.
2 Debt-Equity Ratio : Due to written off and repayment of loans.
3 Debt Service Coverage Ratio: Due to greater profit the ratio is increased.
4 Return on Kquitv Ratio: Returns on equity have been reduced since the company's shareholder's equity have grown higher.
5 Trade pa cables turnover ratio : Ratio improved due to decrease in trade payable during the year.
6 Net capital turnover ratio : Ratio has decreased mainly due to decrease in net working capital available with the company.
7 Net profit ratio : Ratio improved due to increased profits during the year.
8 Return on Capital employed : Ratio improved due to increase in operating profits during the year.
9 Return on Investment: Ratio is decreased due to decrease in investments and income generated thereon. /
(xi) Previous year's figures: I
Previous year's figures have been regrouped / reclassified w herever necessary to correspond with the current years classification / disclosure. I he
figures have also been rounded off and presented the amounts in lakhs. \
The accompanying notes are an integral part of the financial statements \
As per our report of even date \
For Goyal Goyal & Co lor Jnd on h<-hdlf of ,he Bo,,rd of dirf,lors
Chartered Accountants Voler Car Private Limited \ \ .
Firm's RegistMj^^^^L^jj^^^QYA^ ^ X j
llemanl C.oyaf „ ifp I Q &4) Pawan Parasrampuria Vikas Parasranmjrfla^
Partner Ti 0 /?/ Director Director
M. Na. 4l)5/lai4A^V\ff\^ (DIN: 01731502) (DIN: 0*f43499)
UDIN: 24405884BKCOOK7729 Ankit Toshniwal Mustafa Kangwala
CFO Company Secretary
Ý ill
|