Provisions are recognized when the Company has a present legal or constructive obligation as a result
of past events, it is probable that an outflow of resources will be required to settle the obligation and
the amount can be reliably estimated. These are reviewed at each year end and reflect the best current
estimate. Provisions are not recognized for future operating losses.
Where there arc a number of similar obligations, the likelihood that an outflow will be required in
settlement is determined by considering the class of obligations ns a whole A provision is recognized
even if the likelihood of an outflow with respect to any one item included in the same class of
obligations may be small.
Provisions are measured at the present value of best estimate of the expenditure required to settle the
present obligation at the end of the reporting period. The discount rate used to determine the present
value is a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability. The increase in the provision due to the passage of time is recognized as
interest expense.
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.
The Company does not envisage any likely reimbursements in respect of the above
The above matters are currently being considered by the tax authorities and the Company expects the
judgment will be in its favour and has therefore, not recognised the provision in relation to these claims.
Future cash outflow in respect of above will be determined only on receipt of judgement | decision pending
with tax authorities. The potential undiscounted amount of total payments for taxes that the Company could
be required to make if there was an adverse decision related to these disputed demands of regulators as of
the date reporting period ends are as illustrated above.
NOTE 28:- EMPLOYEE BENEFIT OBLIGATIONS
Funded Scheme
a) Defined Benefit Plans:
Gratuity
Due to the circumstances as stated in Note 1, in the previous year 2022-23, the Company had provided foi
Gratuity for all eligible employees as payable as on 31.03.2023 up to the date of relieving of the saic
eligible employees. Further, during the current financial year 2023-24, no provision for gratuity paybale
has been made.
Note 29
Segment Reporting
The Company operates only in one reportable segment.
Note 30
Lease arrangements
The Company procures office premises for its branches under operating lease
agreements that are renewable on a periodic basis at the option of both lessor and
lessee. The initial tenure of the lease is below 12 months. The lease rentals recognised
in the Statement of Profit and Loss for the year are Rs.275.20 lakh (previous year
Rs.757.73 lakh). The contingent rent recognised in the Statement of Profit and Loss
for the year is Rs.nil (previous year Rs.nil).
NOTE 32 Capital management
Risk Management
The primary objective of Capital Management of the Company is to maximise
Shareholder value. The Company monitors capital using Debt-Equity ratio which is
total debt divided by total equity. For the purposes of Capital Management, the
Company considers the following components of its Balance Sheet to manage capital:
Total equity includes General reserve. Retained earnings, Share capital, Security
premium. Total debt includes current debt plus non-current debt less cash and cash
eauivalents & other Bank balances.
NOTE 34: Outstanding dues of micro enterprise and small enterprise
There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises
Development Act, 2006 to whom the company owes dues on account of principal amount together with interest and
accordingly no additional disclosures have been made.
The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such
parties have been identified on the basis of information available with the Company. This has been relied upon by
the auditors.
NOTE 35:
Valuation of Imports calculated on C.I.F. basis for One Year period ended 31 st March 2024 is ? NIL (Previous year
? 13,832.10 Lakh).
Note 38 Going Concern:
The management of Compuage Infocom Limited had prepared and reviewed the financial
statements for the year ended 31st March 2024.These financial statements are presented with
assumption that company will continue its operation as going concern and it has ability to
meet its financial obligation and liabilities in normal course of business.
As outlined in the accompanying financial statements and related notes to accounts, the
company has faced significant challenges during financial year under review. These
challenges include liquidity constraints, disruption in supply chain, difficulties in debt
collection, and ongoing working capital issue and undergoing Corporate Insolvency
Resolution Process (CIRP) under Insolvency & Bankruptcy Code, 2016. These factors have
collectively resulted in financial stress, as reflected in financial statements.
Subsequently, a petition C.P. (IB) 329/MB/2023 was filed by Plus Plus Engaugement Services
Pvt Ltd under section 7 of Insolvency and Bankruptcy Code, 2016 (‘IBC’) against Compuage
Infocom Limited (“Corporate Debtor”) for the default in payment of INR 1,68,57,123/-
(Rupees One Crore Sixty-Eight Lacs Fifty-Seven Thousand One Hundred Twenty-Three
Only). The Hon’ble NCLT, Mumbai Bench admitted the petition and ordered initiation of
Corporate Insolvency Resolution Process in respect of the Corporate Debtor on November 02,
2023. The Hon’ble Bench in the same order appointed Mr. Arun Kapoor as the Interim
Resolution Professional (iRP’). Thereafter, Hon’ble NCLT, Mumbai Bench has passed an
order dated 29.04.2024 (Order received on 09.05.2024), for the replacement of Resolution
Professional and appointed Mr. Gajesh Labhchand Jain (Registration no. IBBI/IPA-001/IP-P-
01697/2019-2020/12588) as Resolution Professional (“RP”) under the Insolvency and
Bankruptcy Code, 2016 (“Code”) in matter of Corporate Insolvency Resolution Process of
M/s Compuage Infocom Limited.
Under Section 20 of the Code, it is incumbent upon the Resolution Professional to manage the
operations of the Company as a going concern upon initiation of CIRP and the financial
statements which have been prepared on going concern basis have been considered by the
Resolution Professional accordingly.
Pending outcome of CIRP proceedings, the said financial statements of the company for the
Financial Year ended on 31st March 2024 have been prepared on going concern basis.
Note 39
As mentioned in note 38 above, the Company was admitted under Corporate Insolvency
Resolution Process, vide Order No CP (IB) 329/MB/2023 dated 02.11.2023 as part of the
Corporate Insolvency Process, the Creditors of the Company were called upon to submit their
claims to the Interim Resolution Professional (IRP) in terms of the applicable provisions of
the Insolvency & Bankruptcy Code, 2016 (IBC). Claim submitted by creditors are being
compiled and verified by the IRP and updated status is uploaded on the IBC portal.
The order dated 02.11.2023 imposes moratorium, in accordance with section 14 of the Code,
and no interest is serviced during the CIRP period on the Loan outstanding as of the CIRP
commencement date. The balances of financial creditors in the books have been adjusted to
match the claims submitted by them. The overall obligations and liabilities including interest
on loans and the principal amount of loans shall be determined upon the successful resolution
of the Company. Pending final outcome of the CIRP, no accounting impact in the books of
accounts has been made in respect of excess or short claims or non-receipt of claims for
operational and financial creditors. Hence, consequential impact, if any, is currently not
ascertainable and we are unable to comment on possible financial impact of the same.
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