3.17 Provisions and contingencies
A provision is recognised when the Company has a present obligation as a result of past events and is probable that
an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made.
Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the
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. Contingent liabilities are disclosed in the Notes. Contingent
assets are not recognized in the financial statements.
3.18 Segment information
Based on similarity of activities, risks and reward structure, organization structure and internal reporting systems, the
Company's primary business segment is recruitment and staffing services.
@ in FY 2022-23 the Company had completed the Initial Public Offering (IPO) including fresh issue of INR 8,67,000
hundreds comprising 17,00,000 equity shares of INR 10 each at an issue price of INR 51 per share. The equity shares of
the Company were listed on BSE Limited under SME category w.e.f 13 March 2023.
$ Pursuant to the approval of the Board of Directors of the Company, at its meeting held on 29th July 2024, has approved
the issue and allotment of 1,00,400 Hundreds (One Crore Forty Thousand) Share Warrants, each convertible into 1 (One)
fully paid-up Equity Share of face value of INR 10/- each at a price of INR 71/- per share (including a premium of INR 61/-),
on a preferential basis, in accordance with the provisions of Section 62(1)(c) and Section 42 of the Companies Act, 2013
and other applicable laws.
Pursuant to the terms of allotment, the warrants allotted to the following individuals/entities have been duly converted into
equity shares upon receipt of the balance subscription amount of ? 53.25/- per warrant within the stipulated period of 18
months from the date of allotment:
The Company has one class of equity shares having a face value of INR 10 each. Each shareholder is eligible for one vote
per share held. The holders of equity shares are entitled to dividends, if any, proposed by the Board of Directors and
approved by Shareholders at the Annual General Meeting, except in case of interim dividend. In the event of liquidation,
the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
26 Contingent liabilities (To the extent not provided for)
a. Claims against the company not acknowledged as debt Nil (Previous year : Nil).
b. Capital commitments - The estimated amount of contracts of capital nature (net of advances) remaining to be executed
and not provided for is Nil (Previous year : Nil)
27 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006 (“MSMED")
The company has identified Micro, Small and Medium Enterprises on the basis of information available. As at 31 March
2025 there are no dues to Micro, Small and Medium Enterprises that are reportable under the MSMED (Previous year : Nil).
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of
information collected by the Management. This has been relied upon by the auditors.
28 Leasing arrangements
The Company's significant leasing arrangement is in respect of operating lease for office premises. The operating lease
payments for the year amounted to 22,694.22 (Previous year : 19,953.73).
29 Employee benefits plan
a. Defined contribution plan
The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contri¬
bution plans for qualifying employees. The Company recognised 4,98,077.43 (Previous year : 2,62,647.68) for Provident
Fund contributions and 74,089.70 (Previous year : 42,587.03) for Employee State Insurance Scheme contributions in the
Statement of Profit and Loss.
b. Defined benefit plan
The company has a defined benefit for gratuity. Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The company provides for
the liability in its books of accounts based on the actuarial valuation by applying the Projected Unit Credit Method.
c. Other long term employee benefits
The Company has made provision for leave encashment basis the leave policy of the Company. The Company recognised
2,307.34 (Previous year : 1,637.25) towards leave encashment in the statement of profit and loss.
35 Other statutory information
i. The company does not have any immovable property in its name and there are no investment properties held by the
Compny.
ii. The Company does not have any Benami property, where any proceedings has been initiated or pending against the
Company for holding any Benami property.
iii. The Company does not have any charge or satisfaction which is yet to be registered with ROC beyond the statutory
period.
iv. Final dividend of Rs. 0.15/- per share (on the face value of Rs. 10/- per equity share), has been recommended by the
Board of
Directors in their meeting held on May 30, 2025. (Previous year-NIL)
v. The Company has not traded or invested in crypto currency or virtual currency during the financial year.
vi. The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other person 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 Beneficiaries
vii. The Company has not received any funds from any persons or entities, 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 person or entities identified in any manner whatsoever by or on behalf
of the
Funding Party (Ultimate Beneficiaries); or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
viii. The Company has not surrendered or disclosed any income during the year in the tax assessments under the Income
Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
ix. The Company has no expenditure obligation towards Corporate Social Responsibility as per the provisions of Section
135 of the Act read with schedule VII to the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014,
as amended.
x. The Company does not have any transactions or relationships with any company struck off under section 248 of the
Companies Act, 2013 or Section 560 of the Companies Act, 1956.
xi. During the year no Scheme of Arrangement has been formulated by the Company/pending with competent authori¬
ty.
xii. The Company does not have any subsidiary company as defined under section 2(87) of the Companies Act, 2013. Ac¬
cordingly the provisions of section 2(87) of the Companies Act, 2013 read with Companies (Restriction on Number of
Layers) Rules, 2017 is not applicable.
xiii. Balances in parties accounts are subject to confirmation / reconciliation. Appropriate adjustments, if any, will be
made as and when the balances are reconciled.
36 Events after the reporting period
No material events have occurred after the Balance Sheet date and upto the approval of the financial statements.
37 Previous year's figures have been regrouped / reclassified wherever necessary to correspond
with the current year's classification / disclosure.
For and on behalf of the Board of Directors
Gaurav Mittal Chetan Prakash Mittal
Managing Director
Director and CFO
DIN - 01205,29 DIN - 01205222
Pooja Gupta
Company Secretary
Place: Noida
Date : 30.05.2025
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