N) Provision: . ,. .
A provision is recognized when there exists a present obligation as a result of pas
events and it is probable that an outflow of resources embodying economic bene i will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provision are discounted, if material to presen value and are determined based on best estimates required to settle the obligation at t reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
CM Contingent Liabilities!
A contingent liability is a possible obligation that arise from past events whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obliganon S“t recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extreme y cases where there is a liability that cannot be recognized because it cannot be measured reliably; the Company does not recognize a contingent liability bu discloses its existence in the financial statements. A contingent asset is nei er recognized nor disclosed in the financial statements.
nl yinanrial instruments
Financial assets and financial liabilities are recognized when company becomes party to the contractual provisions of the instruments. Financial assets and financ liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or oss) are added to or deducted from the fair value of the financial assets or (inane al liabilities3 as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
ol Cash and cash equivalent:
Cash and cash equivalents for the purposes of cash flow statement comprise bmk and in hand and short term deposits with bank with an original maturity of
three months or less.
2 In the opinion of the board of director all the current assets, investments loans and advances recoverable in cash or kind are stated at values realisable in the ordinary course of business of the company and all the known liabilities have been provided for and there are no liabilities contingent or otherwise except those which are stated in the account.
3 The company has taken into account the impact of any significant event that occurs after balance sheet date and the date on which the financial statements are approved by the Board of Directors.
4 The company has not identified assets that may have been impaired in respect of each cash generating unit. Hence, no impairment loss has been provided in the books.
5 As per Ind AS 24, the disclosures of transactions with the related parties are given below.
1 °'eS Deb^ equity end Capital Employeed ratio decreased due tc issue of share warrant
2 Due to increase in current assets and decrese in liabilities
3 Trade Receivable Ratio is not applicable due to auction of the security pledged
durinq the year and amount is still receivable
4 Due to Decrease in Net Profit as compared to previous Year
5 Debt repayment ratio decreses due to decrese in interest in current year
relevant provisions of the Income Tax Act, 1961).
18 The Company do no. have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
19 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
- ssras1==?=
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.
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) o
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
22 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authonty.
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24 The Company has paid an amount of Rs 27.10,086/- during the year 2018-19 towards the seUelmTntof disputed liability. The same is treated as Loans & Advances in the ftnanad statements pending final settlement. The company does not envisaged any liability in this
respect.
25 The Company has made provision on standard assets at the rate of 0 25% of total StandaS Advances and also provided lor substandard assets os per the prov,s.on,ng norms issued by RBI from time to time.
26 The Company has not accepted deposits from the public and hence is not required to have maintained the liquid asset as prescribed by RBI.
27 The management of the company has complied with the all the directions of the RBI applicable to the company from time to time and have not violated any directive by
RBI.
28 The Company has transferred a sum of Rs. 2.77 lacW-(PX Rs. 9.84 lakhsAItc.special reserve a/c being 20% ot net profit for the year as per the provision of section 45IC ol the
RBI Act.
30 otheAhan in the normal and ordinary course of business there are no funds that have been advanced or loaned or invested (either from borrowed funds or share premium« or anv other sources or kind of funds) by the Company to or in any other persons or entities, induding foreign entities ("Intermediaries"), with the understanding, whether recorded in that he Intermediary shall directly or indirectly lend or invert in other persons^ or enTi^sTdenTified in any manner whatsoever ("Ultimate Beneficiaries by or on behalf of the Company; or provide any guarantee, security or the like on behalf of
Sa^enbeSanoe funds that have been received by the Company from any persons or behalf of the Ultimate Beneficiaries.
For and on behalf of the Board of Directors ^ ^ ^ Qf 0Ven dQfe attached
For Haribhakti 8. Co Chartered Accountants
Firm Reg. No. 0118013W
Akhil Nair Defepa Nair I Jjj
Managing Director Independent Director f .1
DIN: 07706503 DIN: 09291891 CA Mayor D Amip
AC yS, Partner
1) ^ Membership No. 111697
Bhuwan Ranjan Divya Shah UDIN:
CFO Company Secretary
M. No. : A39586
* Place: Surat
Sa.ee3«4 W : 30/05/2024
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