3.7 Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of past events and 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.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost. Provisions are reviewed at each Balance Sheet date and adjusted to reflect the current best
estimates.
Contingent liability is disclosed in the case of:
* a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the
obligation.
* a present obligation arising from past events, when no reliable estimate is possible.
Contingent assets are not recognised in the financial statements however, contingent liabilities, if any, are disclosed in the financial
statements.
3.8 Earnings Per Share
Basic earnings per equity share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of
the Company by the weighted average number of equity shares outstanding during the year.
Diluted earnings per equity share is computed by dividing adjusted net profit after tax by the aggregate of weighted average number
of equity shares and dilutive potential equity shares during the year.
3.9 Foreign Currency Transactions and Translations
Initial Recognition
The Company's financial statements are presented in INR, which is also the Company's functional currency. Transactions in
foreign currencies are recorded on initial recognition in the functional currency at the exchange rates prevailing on the date of the
transaction.
In case of advance receipts/payments in a foreign currency, the spot exchange rate to use on initial recognition of the related
asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration,
shall be the date when an entity has received or paid advance consideration in a foreign currency.
Measurement at the Balance Sheet Date
Foreign Currency monetary items of the Company, outstanding at the Balance Sheet date are restated at the year-end rates. Non¬
monetary items which are carried at historical cost denominated in a foreign currency are reported using the exchange rate at the
date of the transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value is determined.
Treatment of exchange difference
Exchange differences that arise on settlement of monetary items or on reporting at each Balance Sheet date of the Company's
monetary items at the closing rate are recognised as income or expenses in the period in which they arise.
3.10 Revenue from Contracts with Customers
The Company recognizes revenue to depict the transfer of services to customers in an amount that reflects the consideration to
which the Company expects to be entitled in exchange for those services. Further, the Company evaluates the performance
obligations being distinct to enable separate recognition and can impact timing of recognition of certain elements of multiple element
arrangements.
Revenue arises from rendering of services.
Rendering of Services
The Company is earning revenue from rendering of rental services.Revenue from sale of services is recognised at an amount
entitled in exchange for transferring services at a point in time to a customer.
Interest and Dividends and Other Income
Interest income is reported on an accrual basis using the effective interest method. Dividends are recognised at the time the
unconditional right to receive payment is established. Other income is recognised on accrual basis except where the receipt of
income is uncertain.
3.11 Exceptional Items
An item of income or expense which by its size, nature, type or incidence requires disclosure in order to improve an understanding
of the performance of the Company is treated as an exceptional item and disclosed as such in the financial statements.
3.12 Leases
Company as a lessor
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as
operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and
recognised over the lease term on the same basis as rental income. Leases are classified as finance leases when substantially all
of the risks and rewards of ownership transfer from the Company to the lessee. Amounts due from lessees under finance leases
are recorded as receivables at the Company's net investment in the leases. Finance lease income is allocated to accounting
periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.
3.13 Employee Benefits
Employee benefits include provident fund, gratuity and compensated absences.
Defined Contribution Plans
The Company's contribution to provident fund is considered as defined contribution plan and is charged as an expense as they fall
due based on the amount of contribution required to be made and when services are rendered by the employees. The Company
has no legal or constructive obligation to pay contribution in addition to its fixed contribution.
Defined Benefit Plans
The Company operates a defined benefit Gratuity Plan with approved Gratuity Fund and contributions are made to a separately
administered approved Gratuity Fund. For defined benefit plans in the form of gratuity, the cost of providing benefits is determined
using ‘the Projected Unit Credit method', with actuarial valuations being carried out at each Balance Sheet date. Remeasurements,
comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined
benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are
recognised immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to the Statement of Profit and Loss in subsequent
periods. The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined benefit
obligation as adjusted for unrecognised past service cost.
Short-term Employee Benefits
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by
employees are recognised during the year when the employees render the service. These benefits include salaries, wages,
performance incentive and compensated absences which are expected to occur within twelve months after the end of the period
in which the employee renders the related service. The cost of such compensated absences is accounted as under:
(a) in case of accumulated compensated absences, when employees render the services that increase their entitlement of
future compensated absences; and
(b) in case of non-accumulating compensated absences, when the absences occur.
Long-term Employee Benefits
Compensated absences and other benefits like gratuity which are allowed to be carried forward over a period in excess of 12
months after the end of the period in which the employee renders the related service are recognised as a non-current liability at the
present value of the defined benefit obligation as at the Balance Sheet date out of which the obligations are expected to be settled.
3.14 Taxes on Income
Income tax comprises Current and Deferred Tax. It is recognised in the Statement of Profit or Loss except to the extent that it
relates to business combination or to an item recognised directly in equity or in other comprehensive income.
(a) Current Tax
Current income tax assets and/or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the
current or prior reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs
from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been
enacted or substantively enacted by the end of the reporting period.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised
amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.
(b) Deferred Tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any
unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available
against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can
be utilised. Deferred tax liabilities are generally recognised in full.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
Balance Sheet date.
Tax relating to items recognised directly in equity/ other comprehensive income is recognised in respective head and not in the
Statement of Profit & Loss.
The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and is adjusted to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against
current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
3.15 Equity, Reserves and Dividend Payments
Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction, net of tax, from the proceeds.
Retained earnings include current and prior period retained profits. All transactions with owners of the Company are recorded
separately within equity.
Dividend distribution (including interim dividend) to equity shareholders is accounted for in the year of actual distribution.
3.16 Significant Judgments, Estimates and Assumptions
The preparation of the Company's financial statements requires management to make judgments, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of
contingent liabilities at the date of the financial statements. Estimates and assumptions are continuously evaluated and are based
on management's experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in future periods.
In particular, the Company has identified the following areas where significant judgments, estimates and assumptions are required.
Further information on each of these areas and how they impact the various accounting policies are described below and also in
the relevant notes to the financial statements. Changes in estimates are accounted for prospectively.
Judgments
In the process of applying the Company's accounting policies, management has made the following judgments, which have the
most significant effect on the amounts recognised in the financial statements.
Contingencies
Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, including legal, land
access and other claims. By their nature, contingencies will be resolved only when one or more uncertain future events occur or
fail to occur. The assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of
significant judgments and the use of estimates regarding the outcome of future events.
Estimates and Assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
described below. The Company based its assumptions and estimates on parameters available when the financial statements were
prepared. Existing circumstances and assumptions about future developments, however, may change due to market change or
circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
(a) Impairment of Non-financial Assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Company estimates the assets' recoverable amount.
An asset's recoverable amount is the higher of an asset's or CGU's fair value less costs of disposal and its value in use. It
is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time valueof money and the risks specific to the asset. In determining fair
value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an
appropriate valuation model is used. The calculations are corroborated by valuation multiples, quoted share prices for
publicly traded securities or other available fair value indicators.
(b) Estimation of Defined Benefit Obligations
The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are
determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from
actual developments in the future. These include the determination of the discount rate, future salary increases, mortality
rates and attrition rate. Due to the complexities involved in the valuation and its long term nature, a defined benefit obligation
is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
(c) Fair Value Measurement of Financial Instruments
When the fair values of financial assets and financial liabilities recorded in the Balance Sheet cannot be measured based on
quoted prices in active market, their fair value is measured using valuation techniques including the DCF model. The inputs
to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is
required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and
volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.
(d) Estimation of Current Tax and Deferred Tax
Management judgment is required for the calculation of provision for income - taxes and deferred tax assets and liabilities.
The Company reviews at each Balance Sheet date the carrying amount of deferred tax assets. The factors used in
estimates may differ from actual outcome which could lead to adjustment to the amounts reported in the financial statements.
3.17 Fair Value Measurement
The Company measures financial instruments such as investments in mutual funds, investment in shares and certain other
investments etc. at fair value at each Balance Sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability at the measurement date. All assets and
liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.
* Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
* Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable.
* Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature,
characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
3.18 Financial Instruments
I. Financial Assets
(a) Initial Recognition and Measurement
All financial assets are recognised initially at fair value plus, in case of financial assets not recorded at fair value through
profit or loss, transaction costs that are attributable to the acquisition of the financial asset, which are not at fair value
through profit and loss, are added to fair value on initial recognition. Transaction costs of financial assets carried at fair
value through profit or loss are expensed in Statement of Profit and Loss.
(b) Subsequent Measurement
(i) Financial assets carried at amortised cost
A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is
to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise
on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
(ii) Financial assets at fair value through Other Comprehensive Income (FVOCI)
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a
business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
(iii) Financial assets at fair value through Profit or Loss (FVTPL)
A financial asset which is not classified in any of the above categories are subsequently fair valued through Statement
of Profit and Loss.
(c) Impairment of Financial Assets
The Company assesses on a forward looking basis the Expected Credit Losses (ECL) associated with its assets
measured at amortised cost and assets measured at fair value through other comprehensive income. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
(d) Derecognition of Financial Assets
A financial asset is derecognised when:
* The Company has transferred the right to receive cash flows from the financial assets or
* Retains the contractual rights to receive the cash flows of the financial assets, but assumes a contractual obligation
to pay the cash flows to one or more recipients.
Where the Company transfers the financial asset, it evaluates the extent to which it retains the risk and rewards of the
ownership of the financial assets. If the Company transfers substantially all the risks and rewards of ownership of the
financial asset, the Company shall derecognise the financial asset and recognise separately as assets or liabilities any
rights and obligations created or retained in the transfer. If the Company retains substantially all the risks and rewards of
ownership of the financial asset, the Company shall continue to recognise the financial asset.
Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of the
ownership of the financial asset, the financial asset is derecognised if the Company has not retained control of the
financial assets. Where the Company retains control of the financial assets, the asset is continued to be recognised to
the extent of continuing involvement in the financial asset.
II. Financial Liabilities
Initial Recognition and Subsequent Measurement
All financial liabilities are recognised initially at fair value and in case of borrowings and payables, net of directly attributable
cost.
Financial liabilities are subsequently carried at amortized cost using the effective interest method. For trade and other
payables maturing within one year from the Balance Sheet date, the carrying amounts approximate fair value due to the short
maturity of these instruments. Changes in the amortised value of liability are recorded as finance cost.
III. Fair Value of Financial Instruments
In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are
based on market conditions and risks existing at each reporting date. The methods used to determine fair value include
discounted cash flow analysis, available quoted market prices. All methods of assessing fair value result in general
approximation of value, and such value may vary from actual realization on future date.
IV. Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet, if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets
and settle the liabilities simultaneously.
(e) Impairment of Financial Assets
The impairment provisions for financial assets are based on assumptions about risk of default and expected credit loss
rates (ECL). The Company uses judgments in making these assumptions and selecting the inputs to the impairment
calculation, based on Company's past history, existing market conditions as well as forward looking estimates at the end
of each reporting period.
3.19 Recent Pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new
standards or amendments to the existing standards applicable to the Company.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Overview:
The Company's Risk Management framework encompasses practices relating to the identification, analysis, evaluation, treatment, mitigation
and monitoring of the strategic, external and operational controls risks to achieving the Company's business objectives. It seeks to minimize
the adverse impact of these risks, thus enabling the Company to leverage market opportunities effectively and enhance its long-term
competitive advantage. The focus of risk management is to assess risks and deploy mitigation measures.
The Company's activities expose it to variety of financial risks namely market risk, credit risk and liquidity risk. The Company has various
financial assets such as investments in equity shares, mutual funds, inter-corporate deposits, cash and bank balances directly related to the
business operations. The Company's principal financial liabilities comprise of Security Deposits from Tenant. The Company's senior
management's focus is to foresee the unpredictability and minimize potential adverse effects on the Company's financial performance. The
Company's overall risk management procedures to minimize the potential adverse effects of financial market on the Company's performance
are outlined hereunder:
The Company's Board of Directors have overall responsibility for the establishment and oversight of the Company's risk management
framework.
The Company's risk management is carried out by the management in consultation with the Board of Directors and the Risk Management
Committee. They provide principles for overall risk management, as well as policies covering specific risk areas.
The note explains the sources of risk which the entity is exposed to and how the entity manages the risk.
(A) Credit Risk:
Credit risk is the risk that counter party will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The company is exposed to credit risk from its operating activities (primarily trade receivables), deposits with banks and
Inter Corporate Deposit. The Company's customer mainly consists of its associate Cera Sanitaryware Limited. The Company has a
credit policy, approved by the Management that is designed to ensure that consistent processes are in place to measure and control
credit risk.
The Company has trade relationships only with reputed third parties. The receivable balances are constantly monitored, resulting in an
insignificant exposure of the Company to the risk of non-collectible receivables. Credit risk is managed through credit approvals,
estabishing credit limits, obtaining collaterals from the customers in the form of deposits and / or bank gurantees and continuously
monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The
maximum credit exposure associated with financial assets is equal to the carrying amount.
(i) Cash and cash equivalents and short-term investments:
The Company considers factors such as track record, size of institution, market reputation and service standard to select the
banks with which deposits are maintained. The Company does not maintain significant deposit balances other than those required
for its day to day operations. Credit risk on cash and cash equivalents is limited as these are generally held or invested in deposits
with banks and financial institutions with good credit ratings.
(B) Liquidity Risk:
Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial
instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset
quickly close to its fair value.
The Company's principal sources of liquidity are cash and cash equivalents and the cash flow is generated from operations. The
Company has no outstanding bank borrowings. The Company believes that the working capital is sufficient to meet its current
requirements. The company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents. Accordingly no
liquidity risk is perceived.
(C) Market Risk:
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risks: foreign currency risk, interest risk and other price risk such as commodity risk.
(i) Foreign Currency Risk:
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates and arises where transactions are done in foreign currencies. It arises mainly where receivables and payables
exist due to transactions entered in foreign currencies. The Company evaluates exchange rate exposure arising from foreign
currency transactions and follows approved policy parameters utilizing forward foreign exchange contracts whenever felt necessary.
The Company does not enter into financial instrument transactions for trading or speculative purposes. The Company does not
have exposure in foreign currency and therefore, there is no foreign currency risk.
(ii) Interest Rate Risk:
Interest rate risk is the risk that the fair value of future cash flows of financial instrument will fluctuate because of change in market
interest rates. Since the company has no interest bearing borrowings, there is no exposure to changes market interest rates.
(iii) Other Price Risk:
Other price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. Other
price risk arises from financial assets such as investments in equity instruments, and mutual funds.
The Company is exposed to price risk arising mainly from investment in equity instruments and mutual funds recognised at FVTPL.
Capital Management:
For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves attributable to the
equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue
as going concern and to maintain an optimal capital structure so as 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. The
Company monitors capital using a gearing ratio and is measured by net debt divided by total capital plus net debt. The Company's net
debt is equal to trade and other payables less cash and cash equivalents. The Company did not have any borrowings at any time during
the year.
31.1 All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as
follows, based on the lowest level input that is insignificant to the fair value measurements as a whole.
Level 1 : quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2 : valuation techniques for which the lowest level inputs that has a significant effect on the fair value measurement are
observable, either directly or indirectly.
Level 3 : valuation techniques for which the lowest level input which has a significant effect on fair value measurement is not based
on observable market data.
There have been no transfers between Level 2 and Level 3 during the period.
31.2 The management assessed that fair value of short term financial assets and liabilities significantly approximate their carrying amounts
largely due to the short term maturities of these instruments. The fair value of the financial assets and liabilities is included at the amounts
at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
31.3 The Company determines fair values of financial assets or liabilities by discounting the contractual cash inflows / outflows using
prevailing interest rates of financial instruments with similar terms. The initial measurement of financial assets and financial liabilities is
at fair value.
31.4 The fair value of investments in mutual funds is determined using net assets value of the funds. Further, the subsequent measurements
of all assets and liabilities (other than investments in mutual funds) is at amortised cost, using effective interest rate method.
31.5 The following methods and assumptions were used to estimate the fair values:
- The fair value of the Company's interest bearing borrowings are determined using discount rate that reflects the entity's discount
rate at the end of the reporting period. The own non-performance risk as at the reporting period is assessed to be insignificant.
- The fair value of unquoted instruments and other financial assets and liabilities is estimated by discounting future cash flows using
rates currently applicable for debt on similar terms, credit risk and remaining maturities.
Note-35. OPERATING SEGMENTS:
The Company is engaged mainly in the business of renting of properties and all other activities are incidental thereto, which have similar risk
and return. Accordingly, there are no separate reportable Segments as required under IND AS 108 “ Operating Segment “.The Revenue from
transactions with the single external customer amounting to 10% or more of the Company's Revenue is Nil.
Note - 36. ADDITIONAL REGULATORY INFORMATION
The following additional disclosurs are made pursuant to the Notification of Ministry of Corporate Affairs dated 24th March 2021.
1. Title deeds of Immovable Properties
The title deeds of all the immovable properties are held in the name of the Company itself.
2. Revaluation of Property, Plant & Equipment
The Company has not carried out revaluation of items of Property, Plant & Equipment during the year and accordingly the disclosure as
to whether the revaluation is based on the valuation by a registered valuer as defined under rule 2 of the Companies (Registered Valuers
and Valuation) Rules, 2017 is not applicable.
3. Loans / Advances in the nature of loans to Promoters, Directors, KMP and Related Parties
The Company has not made any loans or advances in the nature of loans to Promoters, Directors, KMP and the related parties during
the year. Amount of Advances to an associate entity as at the end of the current year and previous year is Rs. 493.37 thousands.
4. Details of Benami Property held
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.
5. Wilful Defaulter
None of the banks, financial institutions or other lenders from whom the Company has borrowed funds has declared the Company as
a wilful defaulter at any time during the current year or in previous year.
6. Relationship with Struck off Companies
The Company has not undertaken any transactions with companies struck off under section 248 of the Companies Act 2013 or section
560 of Companies Act 1956 during the current year or in previous year.
7. Registration of charges or satisfaction with Registrar of Companies (ROC)
All the charges or satisfaction which are required to be registered with Registrar of Companies(ROC) have been duly registered within
the statutory time limit provided under the provisions of Companies Act 2013 and rules made thereunder.
8. Compliance with number of layers of companies
The Company does not have investment in subsidiary companies and accordingly the disclosure as to whether the Company has
complied with the number of layers of companies prescribed under clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017 is not applicable.
9. Compliance with Approved Scheme of Arrangements
No scheme of compromise or arrangement has been proposed between the Company & its members or the Company & its creditors
under section 230 of the Companies Act 2013(“The Act”) and accordingly the disclosure as to whether the scheme of compromise or
arrangement has been approved or not by the competent authority in terms of provisions of sections 230 to 237 of the Act is not
applicable.
10. Borrowing from Banks and Financial Institutions for Specific Purpose
There are no borrowings from Banks or Financial Institutions.
11. Utilisation of Borrowed funds and Share Premium
a) The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities (Intermediaries)
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall 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 provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
b) 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 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 provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.
12. There were no transactions which have not been recorded in the books of account, have been surrendered or disclosed as income in
the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year.
In the opinion of the Management, current assets have a value on realisation in the ordinary course of business at least equal to the amount
at which they are stated except where indicated otherwise.
Note-38:
Previous period figures have been regrouped, re-classified and re-arranged wherever considered necessary to confirm to the current year's
classification
The accompanying notes are an integral part of the financial statements.
As per„°ur rKeport,of, even date attached Rajesh B. Shah (DIN : 00607602) Director
For and on behalf of
N. M. Nagri & Co. P. K. Shashidharan (DIN : 06506263) Director
Chartered Accountants Thomas Koshy
Firm Registration No. 106792W C.E.O. Y°gendra Jhaveri (D|N : 09158111) Director
CA. N. M. Nagri Tarun Panchal Daarrpan Shah (DIN : 09449828) Director
Proprietor
Membership No. 016992 DiPti Zaveri (DIN : 10240873) Director
Mitushi Darji
Place : Ahmedabad Company Secretary Place : Ahmedabad
Date : 09th May, 2024 Mem. No. ACS 66466 Date : 09th May, 2024
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