4. Provisions, Contingent Liabilities and
Contingent Assets:
Provisions are recognised 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. Provisions are measured
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 to reflect its present value using a current
pre-tax rate that reflects the current market assessments
of the time value of money and the risks specific to the
obligation. When discounting is used, the increase in the
provision due to the passage of time is recognised as a
finance cost.
Contingent liabilities are disclosed when there is a
possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not
wholly within the control of the Company or a present
obligation that arises from past events where it is either
not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount
cannot be made.
Contingent assets are neither recognized nor disclosed
except when realisation of income is virtually certain,
related asset is disclosed.
5. Revenue Recognition:
Revenue from sale of goods is recognised when all the
control of the goods are transferred to the buyer as per
the terms of the contract. Revenue is measured at fair
value of the consideration received or receivable, after
deduction of any trade discounts, volume rebates and
any taxes or duties collected on behalf of the government
which are levied on sales such as GST, etc.
Dividend income on investments is recognised when the
right to receive dividend is established.
I nterest income is recognized on a time proportionate
basis taking into account the amounts invested and the
rate of interest. For all financial instruments measured
at amortised cost, interest income is recorded using the
effective interest rate method to the net carrying amount
of the financial assets.
6. Employee Benefits
Short-term employee benefits
Employee benefit liabilities such as salaries, wages and
bonus, etc. that are expected to be settled wholly within
twelve months after the end of the reporting period in
which the employees render the related service are
recognised in respect of employee’s services up to the
end of the reporting period and are measured at an
undiscounted amount expected to be paid when the
liabilities are settled.
Post-employment benefit plans
Defined contribution plans
A defined contribution plan is a post-employment benefit
plan under which the Company pays fixed contributions
into a separate entity and will have no legal or constructive
obligation to pay further amounts. Payments to defined
contribution plans are recognised as an expense when
employees have rendered service entitling them to
the contributions.
Defined benefit plans
The Company has an obligation towards gratuity, a defined
benefit retirement plan covering eligible employees.
The plan provides for a lump sum payment to vested
employees at retirement, death while in employment
or on termination of employment, of an amount based
on the respective employee’s salary and the tenure
of employment.
The liability recognised in the Balance Sheet in respect
of defined benefit gratuity plan is the present value of
the defined benefit obligation at the end of the reporting
period. The defined benefit obligation is calculated using
the projected unit credit method.
The present value of the defined benefit obligation is
determined by discounting the estimated future cash
outflows by reference to market yields at the end of the
reporting period on government bonds that have terms
approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount
rate to the net balance of the defined benefit obligation.
This cost and other costs are included in employee
benefits expense in the Statement of profit and loss.
Remeasurements of the net defined benefit liability,
which comprise actuarial gains and losses, the return
on plan assets (excluding interest) and the effect of the
asset ceiling (if any, excluding interest), are recognised
in other comprehensive income and transferred to
retained earnings.
Changes in the present value of the defined benefit
obligation resulting from settlement or curtailments are
recognised immediately in Statement of profit and loss
as past service cost.
The Company’s net obligation in respect of defined
benefit plans is calculated by estimating the amount of
future benefit that employees have earned in the current
and prior periods, discounting that amount and deducting
the fair value of any plan assets.
7. 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 amount of income taxes payable in
respect of taxable profit for a period.
Taxable profit differs from 'profit before tax’ as reported
in the Statement of Profit and Loss because of items of
income or expense that are taxable or deductible in other
years and items that are never taxable or deductible under
the Income Tax Act, 1961.
Current tax is measured using tax rates that have
been enacted by the end of reporting period for the
amounts expected to be recovered from or paid to the
taxation authorities.
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 corresponding
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.
8. Earnings Per Share:
The Company presents basic and diluted earnings per
share (EPS) data for its equity shares. Basic EPS is
calculated by dividing the Statement of profit and loss
attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding
during the year. Diluted EPS is determined by adjusting
Statement of profit and loss attributable to equity
shareholders and the weighted average number of equity
shares outstanding, for the effects of all dilutive potential
equity shares, which comprise share options granted
to employees.
9. Cash flow statement
Cash flows are reported using indirect method, whereby
profit before tax is adjusted for the effects transactions
of a non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows
from regular revenue generating, financing and investing
activities of the Company are segregated. Cash and cash
equivalents in the cash flow comprise cash at bank, cash/
cheques in hand and short-term investments with an
original maturity of three months or less.
10. Property, plant and equipment
Property, plant and equipments are stated at cost
of acquisition or construction, less accumulated
depreciation/ amortization, disposals and impairment
loss, if any. The cost of an item of property, plant and
equipment comprises: (a) its purchase price and non¬
refundable purchase taxes, after deducting trade
discounts and rebates; (b) any costs directly attributable
to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner
intended by management.
The Company has no Intangible assets in the nature of
Goodwill or Misc. Expenditure.
The Company have no jointly owned assets.
Costs of borrowing related to the acquisition or
construction of fixed assets that are attributable to the
qualifying assets are capitalised as part of the cost of
such asset. All other borrowing costs are recognized as
expenses in the periods in which they are incurred.
An item of property, plant and equipment and any
significant part initially recognised is derecognised
upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or loss
arising on derecognition of the asset (calculated as the
difference between the net disposal proceeds and the
carrying amount of the asset) is included in the Statement
of profit and loss when such asset is derecognised.
Subsequent cost
Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as appropriate,
only when it is probable that the future economic benefits
associated with expenditure will flow to the Company and
the cost of the item can be measured reliably. All other
subsequent cost are charged to Statement of profit and
loss at the time of incurrence.
Depreciation/ amortization
Depreciation is the systematic allocation of the
depreciable amount of an asset over its useful life. The
depreciable amount of an asset is the cost of an asset or
other amount substituted for cost, less its residual value.
The useful life of an asset is the period over which an
asset is expected to be available for use by an entity, or
the number of production or similar units expected to be
obtained from the asset by the entity.
Though the useful life of the assets owned by company
have been considered at the lives suggested in Part C of
Schedule II of The Companies Act, 2013, some exceptions
have been made in the useful life of computer, furniture
and fixtures and plants, which have been taken on
higher side.
Impairment
At each Balance Sheet date, the Company reviews
the carrying amounts of its fixed assets to determine
whether there is any indication that those assets
suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated
in order to determine the extent of the impairment loss.
The recoverable amount is the higher of an asset’s net
selling price and value in use. In assessing the value
in use, the estimated future cash flows expected from
the continuing use of the asset and from its ultimate
disposal are discounted to their present values using a
pre-determined discount rate that reflects the current
market assessments of the time value of money and risks
specific to the asset.
11. Leases
Company as a lessee
The Company enters into an arrangement for lease
of. Such arrangements are generally for a fixed period
but may have extension or termination options. In
accordance with Ind AS 116 - Leases, at inception of the
contract, the Company assesses whether a contract is,
or contains a lease. A lease is defined as 'a contract, or
part of a contract, that conveys the right to control the
use an asset (the underlying asset) for a period of time in
exchange for consideration’.
To assess whether a contract conveys the right to
control the use of an identified asset, the Company
assesses whether:
• The contract involves the use of an identified asset
- this may be specified explicitly or implicitly, and
should be physically distinct or represent substantially
all of the capacity of a physically distinct asset. If the
supplier has a substantive substitution right, then the
asset is not identified;
• The Company has the right to obtain substantially
all of the economic benefits from use of the asset
throughout the period of use; and
• The Company assesses whether it has the right to
direct 'how and for what purpose’ the asset is used
throughout the period of use. At inception or on
reassessment of a contract that contains a lease
component, the Company allocates the consideration
in the contract to each lease component on the basis
of their relative stand-alone prices. However, for the
leases of land and buildings in which it is a lessee,
the Company has elected not to separate non-lease
components and account for the lease and non-lease
components as a single lease component.
The Company applies a single recognition and
measurement approach for all leases, except for short¬
term leases and leases of low-value assets. The Company
recognises lease liabilities to make lease payments and
right-of-use assets representing the right to use the
underlying assets.
Measurement and recognition of leases as a lessee
The Company recognises right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised,
initial direct costs incurred, and lease payments made
at or before the commencement date less any lease
incentives received. Right-of-use assets are depreciated
on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.
At the commencement date, the Company measures the
lease liability at the present value of the lease payments
unpaid at that date, discounted using the Company’s
incremental borrowing rate because as the lease contracts
are negotiated with third parties it is not possible to
determine the interest rate that is implicit in the lease.
Lease payments included in the measurement of the
lease liability are made up of fixed payments (including
in substance fixed), variable payments based on an index
or rate, amounts expected to be payable under a residual
value guarantee and payments arising from options
reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be
reduced by lease payments that are allocated between
repayments of principal and finance costs. The finance
cost is the amount that produces a constant periodic rate
of interest on the remaining balance of the lease liability.
The lease liability is reassessed when there is a change in the
lease payments. Changes in lease payments arising from
a change in the lease term or a change in the assessment
of an option to purchase a leased asset. The revised lease
payments are discounted using the Company’s incremental
borrowing rate at the date of reassessment when the rate
implicit in the lease cannot be readily determined. The
amount of the remeasurement of the lease liability is
reflected as an adjustment to the carrying amount of the
right-of-use asset. The exception being when the carrying
amount of the right-of-use asset has been reduced to zero
then any excess is recognised in profit or loss.
The Company has elected to account for short-term
leases and leases of low-value assets using the practical
expedients. Instead of recognising a right-of-use asset
and lease liability, the payments in relation to these are
recognised as an expense in profit or loss on a straight¬
line basis over the lease term.
12. Foreign currency transactions and translations:
Monetary and non-monetary transactions in foreign
currencies are initially recorded in the functional currency
of the Company at the exchange rates at the date of
the transactions.
Monetary foreign currency assets and liabilities remaining
unsettled on reporting date are translated at the rates of
exchange prevailing on reporting date. Gains/(losses)
arising on account of realisation/settlement of foreign
exchange transactions and on translation of monetary
foreign currency assets and liabilities are recognised in
the Statement of profit and loss.
Foreign exchange gains / (losses) arising on translation
of foreign currency monetary loans are presented in the
Statement of profit and loss on net basis. However, foreign
exchange differences arising from foreign currency
monetary loans to the extent regarded as an adjustment
to borrowing costs are presented in the Statement of
profit and loss, within finance costs.
13. Share based payments
The grant-date fair value of equity-settled share-based
payment arrangements granted to eligible employees
of the Company under the Employee Stock Option Plan
('ESOP') is recognised as employee stock option scheme
expenses in the Statement of profit and loss, in relation
to options granted to employees of the Company (over
the vesting period of the awards), with a corresponding
increase in other equity. The amount recognised as an
expense to reflect the number of awards for which the
related service and non-market performance conditions
are expected to be met, such that the amount ultimately
recognised is based on the number of awards that
meet the related service and non-market performance
conditions at the vesting date. The increase in equity
recognised in connection with a share based payment
transaction is presented in the "Employee stock options
outstanding account”, as separate component in other
equity. For share-based payment awards with market
conditions, the grant- date fair value of the share-based
payment is measured to reflect such conditions and
there is no true- up for differences between expected
and actual outcomes. At the end of each period, the
Company revises its estimates of the number of options
that are expected to be vested based on the non-market
performance conditions at the vesting date.
14. Segment reporting
As the Company's business activity primarily falls within
a single segment which is to retail trading of electronic
items whose risks and returns are similar to each. The
geographical segments considered are "within India” and
"outside India” and are reported in a manner consistent
with the internal reporting provided to the Chief Operating
Decision Maker ("CODM”) of the Company who monitors
the operating results of its business units not separately
for the purpose of making decisions about resource
allocation and performance assessment. The CODM is
considered to be the Board of Directors who make strategic
decisions and is responsible for allocating resources and
assessing the financial performance of the operating
segments. The analysis of geographical segments is
based on geographical location of the customers.
Notes
i. Terms and rights attached to equity shares
The Company has only one class of equity shares with a face value of ?10/- per share. Each shareholder of equity shares
is entitled to one vote per share at any General Meeting of Shareholders. The Company declares and pays dividends in
Indian rupees, considering the profitability and cash flow requirements. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The Board of Directors, at its meeting held on July 03, 2024, approved the sub-division of 1 (one) equity share of face
value ?10/- each into 10 (ten) equity shares of face value Re. 1/- each. The said sub-division was subsequently approved
by the shareholders at the Annual General Meeting held on August 02, 2024.
Accordingly, the sub-division of equity shares was effected on August 27, 2024, which was fixed as the Record Date for
determining the entitlement of shareholders for the purpose of the sub-division/split of equity shares of the Company.
Pursuant to the above sub-division, Clause V of the Memorandum of Association of the Company was altered and now
read as follows:
The Authorized Share Capital of the Company is ?15,00,00,000/- (Rupees Fifteen Crore only) divided into 15,00,00,000
(Fifteen Crore) equity shares of Re. 1/- (Rupee One only) each.
ii. Shares reserved for issue under options
Information relating to Aditya Vision Limited Employee Option Plan, including details of options issued, exercised and
lapsed during the financial year and options outstanding at the end of the reporting period, is set out in note 35.
The Board of Directors, at its meeting held on July 03, 2024, approved the sub-division of 1 (one) equity share of face value
?10/- each into 10 (ten) equity shares of face value Re. 1/- each. The said sub-division was subsequently approved by the
shareholders at the Annual General Meeting held on August 02, 2024.
Accordingly, the sub-division of equity shares was effected on August 27, 2024, which was fixed as the Record Date for
determining the entitlement of shareholders for the purpose of the sub-division/split of equity shares of the Company.
31 Segmental Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker ("”CODM””) of the Company. The CODM is considered to be the Board of Directors who make strategic decisions and
is responsible for allocating resources and assessing the financial performance of the operating segments.
The Company’s business activity falls within a single segment, which is to retail trading of electronic items whose risks and
returns are similar to each other. Hence there are no business segments to be reported by the company in terms of Ind AS
108 on Segment Reporting.
The Company does not have any single external customer with 10% or more of the Company’s revenue.
32 Contingent Liabilities and Commitments
The Company does not have any contingent Liabilities and Commitments as on the reporting date.
ii) Fair value hierarchy
Financial assets and financial liabilities measured at fair value in the balance sheet are divided into three levels of a fair value
hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:
Level 1: Quoted prices (unadjusted) in active markets for financial instruments.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data rely as little as possible on entity specific estimates.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
The Company does not have any instrument carried at fair value.
a. Financial assets measured at fair value
Company does not have any financial assets and liabilities which are measured at fair value.
b. Fair value of financial assets and liabilities measured at amortised cost:
The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other bank balances, other
current financials assets and liabilities are considered to be the same as their fair values, due to their short-term nature.
The Company has major of its borrowings at variable rate which are subject to changes in underlying interest rate
indices. Further, the credit spread on these facilities are subject to change with changes in Company’s creditworthiness.
The management believes that the current rate of interest on these loans are in close approximation from market
rates applicable to the Company. Therefore, the management estimates that the fair value of these borrowings are
approximate to their respective carrying values.
The fair values for non-current borrowings are based on cash flows discounted using a current borrowing rate. They
are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs, including own
credit risk.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
Credit risk on cash and cash equivalents and bank deposits (shown under other bank balances) and other financial
assets (mainly bank deposits) is limited as the Company generally invests in deposits with banks with high credit ratings
assigned by domestic credit rating agencies. Other financial assets measured at amortized cost includes security
deposits and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of
such amounts continuously, while at the same time internal control system in place ensure the amounts are within
defined limits. Further, the loans include loans given to employees and other receivable, which are of short-term in
nature, and does not carry significant credit risk.
The Company has trade receivable and credit risk in respect of these financial assets is considered negligible.
b. Liquidity risk
Liquidity risk is the risk that the Company may encounter difficulty in meeting its present and future obligations
associated with financial liabilities that are required to be settled by delivering cash or another financial asset. The
Company’s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral obligations.
Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Company manages liquidity
risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities Management
monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected
cash flows.
37 Capital management policies and procedures
For the purpose of the Company’s capital management, capital includes issued equity share capital,
securities premium and all other equity reserves attributable to the equity holders of the Company.
The primary objective of the Company’s capital management is to maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing
ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans
and borrowings, trade and other payables, less cash and cash equivalents.
40 Utilisation of borrowings
The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken
at the balance sheet date.
41 Micro and small Enterprises
As per mandate of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), the company is required to
classify the outstanding to various suppliers who are covered by the said act.
Steps have been taken to identify the suppliers who qualify under the definition of micro and small enterprises, as defined
under the Micro, Small and Medium Enterprises Development Act 2006. Since no intimation has been received from the
suppliers regarding their status under the said Act as at 31st March of the current year, disclosures relating to amounts unpaid
as at the year end, if any, have not been furnished. In the opinion of the management, the impact of interest, if any, that may
be payable in accordance with the provisions of the Act, is not expected to be material.
42 Corporate Social Responsibility
The provisions for Corporate Social Responsibility have been mandated under section 135 of The Companies Act, 2013 and
are applicable to companies having net worth of ?500 Crore or more or turnover of ?1,000 crore of more or net profit of ?5
crore or more in the immediately proceedings financial year.
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of
its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.
The areas for CSR activities are Promoting Education and Promoting healthcare. A CSR committee has been formed by the
company as per the Act. The funds were primarily utilized through the year on these activities which are specified in Schedule
VII of the Companies Act, 2013.
43 Other Statutory Information for financial year ended March 31, 2025 and March 31, 2024
(i) The Company does not have any benami property, no proceedings have 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.
(ii) The Company does not have any transactions during the period with the companies struck off under the Companies
Act, 2013.
(iii) The Company has not traded or invested in Crypto Currency or Virtual Currency during the current or previous year.
(iv) Derivative Transactions are not applicable to the company.
(v) Disclosure as required under Regulation 36 of SEBI (LODR), is applicable to the company.
(vi) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
under the Income Tax Act, 1961, that has not been recorded in the books of account.
(vii) No proceedings have been initiated on or are pending against the Company for holding benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(viii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.
(ix) 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 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 beneficiaries.
(x) The Company has not received any fund 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 persons 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
(xi) The provisions of Companies (Restricting on number of Layers) Rules, 2017 are applicable to Holding Companies
in terms of Rule 2 of the said Rules. Since the company is not a Holding or Subsidiary company, the provisions are
not applicable.
(xii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets
or both during the current or previous year.
(xiii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.
(xiv) There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the
statutory period.
(xv) Quarterly returns or statements of current assets held by the company with the Banks and/or Financial Institutions are
in agreement with the books of account.
44 Previous year’s figures have been regrouped /reclassified wherever required to make their classification comparable with
that of the current year.
In terms of our report attached.
For Aditya Vision Limited
For Nirmal & Associates L32109BR1999PLC008783
Chartered Accountants
Firm Reg No 002523C Yashovardhan Sinha Nishant Prabhakar
(Managing Director) (Whole Time Director)
CA Nishant Maitin DIN: 01636599 DIN: 01637133
Partner
Membership No 079995 of 2000
Dhananjay Singh Akanksha Arya
Place: Patna (Chief Financial Officer) (Company Secretary)
Date: May 09, 2025
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