(E) Provisions, Contingent Liabilities and Contingent Assets
Provisions are measured at the present value of the management's best estimate of the
expenditure required to settle the present obligation at the end of the reporting period.
Provisions involving substantial degree of estimation in measurement are recognized when
there is a present obligation as a result of past events and it is probable that there will be an
outflow of resources.
Contingent liabilities are disclosed only 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 which is 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 estimate of the amount cannot be
measured reliably. No contingent asset is recognized but disclosed by way of notes to accounts
only when its recognition is virtually certain.
(F) Borrowing Cost
General and Specific Borrowings Cost that are directly attributable to the acquisition or
construction or production of qualifying assets capitalized as part of the cost of such assets
up to the date when such assets are ready for intended use. Qualified assets are assets that
necessarily take a substantial period of time to get ready for their intended use or sale. Other
borrowing costs are charged as expenses in the year in which they are incurred.
(G) Earnings Per Share
Basic Earnings per Share is calculated by dividing the net profit of loss for the period
attributable to equity shareholders by weighted average number of equity shares outstanding
during the period. For the purpose of calculating diluted earnings per share, net profit after tax
during the year and the weighted average number of shares outstanding
during the year are adjusted for the effect of all dilutive potential equity shares
1.5 Revenue Recognition
The Company has recognized revenue from Services namely Office Management/ C&F
Agency Operations as and when becomes due and on accrual basis.
1.6 Investments
Long term investments are stated at cost, unless the loss is other than temporary in nature.
There are no longterm investments at the end of year.
1.7 CurrentTax
Current tax expense is based on the provisions of Income Tax Act, 1961 and judicial
interpretations thereof as at the Balance Sheet date and takes into consideration various
deductions and exemptions to which the Company is entitled to as well as the reliance
placed by the Company on the legal advices received by it. Current tax assets and current
tax liabilities are offset when there is a legally enforceable right to set off the recognized
amounts and there is an intention to settle the asset and the liability on a net basis.
16 Income Tax assessments of the Company have been completed up to assessment year 2023-24.
17 The Company has no liability towards leave encashment, gratuity and bonus payable for the year
under consideration.
18 The Company has no suppliers covered under “Micro, Small & Medium Enterprises Development
Act, 2006”. This has been relied upon by the auditors.
19 The Company will review the various credit balances appearing in the ledger for a considerable
period of time and necessary adjustment, if any, shall be carried out upon settlement of the dues.
20 Segmental reporting as defined in Accounting Standard 17 is not applicable to the Company as it
is operating only a single business, i.c. office management services / C&F Agency Operations.
21 Deferred taxation
The Company has adopted Accounting Standard 22 “Accounting for Taxation on Income” issued
by the Institute of Chartered Accountants of India with effect from lil April 2001. As on the date
of Balance Sheet, the Company has significant unabsorbed depreciation and carry forward losses.
In view of the absence of virtual certainty of realization of unabsorbed depreciation and carry
forward losses, no deferred tax assets have been recognized.
23. The Company has adopted Indian Accounting standards (Ind-AS) effective 1st April 2017(transition
date being 1st April 2017) and accordingly audited financial results has been prepared in accordance
with IND-AS prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian
Accounting Standards) Rules 2015 (as amended)
Note • 27: Other Statutory Information
(i) The Company does not have any Benami oroperty, where any proceeding has been initiated or pending aganst the Company for Holding any Benami
property under the Benami Transactions (prohibiron) Act, 1988 or rule thereunder.
(i) The Company does not have any transactions with companes struck off.
(i) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies). including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirecfly 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 Beneficianes.
(vi) The Company has not received any fund from any persons) or entries), including foreign entiles (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shal.
(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 Beneficianes.
In terms of our report of even date. For and on behalf of the Board of Directors
ForSaluja and Associates
Chartered Accountants
FRN:000148N
(V.K VERMA) (B.R Goyal) (Rishabh Goel)
PARTNER Chairman Managing Director
M. NO. 017742 DIN: 01659885 DIN: 06888389
UDIN: 24017742BKBFMW6873
PLACE: NEW DELHI K.Sukumaran K.K. Jha
DATE: 22.05.2024 Company Secretary CFO
M. NO. 1680
|