3.11 Provisions and contingent liabilities
The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. The Company also discloses present obligations for which a reliable estimate cannot be made. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
3.12 Retirement Benefits
All employee benefits payable wholly within twelve months of rendering service are classified as short-term employee benefits. Benefits such as salaries, allowances, short-term compensated absences and the expected cost of other benefits is recognized in the period in which the employee renders the related services.
3.13 Leases
With effect from 1 April 2019, the Company has applied Ind AS 116 'Leases' for all long term and material lease contracts covered by the Ind AS. The Company has adopted modified retrospective approach as stated in Ind AS 116 for all applicable leases on the date of adoption.
Measurement of Lease Liability
At the time of initial recognition, the Company measures lease liability as present value of all lease payments discounted using the Company's incremental cost of borrowing and directly attributable costs. Subsequently, the lease liability is
(i) increased by interest on lease liability;
(ii) reduced by lease payments made; and
(iii) remeasured to reflect any reassessment or lease modifications specified in Ind AS 116 'Leases', or to reflect revised fixed lease payments.
Measurement of Right-of-use assets
At the time of initial recognition, the Company measures 'Right-of-use assets' as present value of all lease payments discounted Depreciation on 'Right-of-use assets' is provided on straight line basis over the lease period.
The exception permitted in Ind AS 116 for low value assets and short term leases has been adopted by Company.
3.14 Earning per Share
In determining basic earning per share, the company considers the net profits attributable to equity shareholders. The number of shares used in computing basic earning per share is the weighted average number of share outstanding during the period. In determining diluted earnings per share, the net profit attributable to equity shareholders and weighted average number of shares outstanding during the period are adjusted for the effect of all dilutive potential equity shares.
3.15 Fair value measurement
The Company measures its qualifying financial instruments at fair value on each Balance Sheet date.
Fair value is the price that would be received against sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in the accessible principal market or the most advantageous accessible market as applicable.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy into Level I, Level II and Level III based on the lowest level input that is significant to the fair value measurement as a whole. For a detailed information on the fair value hierarchy, refer note no. 47 and 48.
For assets and liabilities that are fair valued in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
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.
33 Provision for retirement benefits under the Payment of Gratuity Act and Provident Fund Act have not been made as the said act are not applicable to the company on account of the company having less than the required number of employees.
34 Contingent Liability - Rs. Nil (Previous Year Rs. Nil).
35 The company has filed legal suits against 5 customers for recovery of Loan and advances amounting to Rs. 11.47 crores (Previous year Rs. 11.47 crores).
Since the above loans and advances are fully secured, the company does not foresee any liability against it. The required provision on the aforesaid loans and advances has been made in the books of account as on 31 st March' 2023 as per RBI guidelines.
36 Estimated amount of contracts remaining to be executed on capital account Rs. Nil (Previous Year Rs. Nil).
37 SEGMENT REPORTING
Ind AS - 108 on ‘Segment Reporting' became applicable during the current year. The Company is engaged in financing by way of loans and sale of property. The Company does not have any reportable geographic segment. The Revenues profit and assets from the reportable business segment in terms of Ind AS - 108 on ‘Segment Reporting' as notified by the Companies (Accounting Standards) Rules 2006 are as given below:
48 Title deeds of Immovable Properties not held in name of the Company
The Company does not possess any immovable property (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) whose title deeds are not
49 Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual currency during the financial years ended March 31, 2023 and March 31, 2022.
50 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 in the
51 Wilful Defaulter
The Company has not been declared as a wilful defaulter by any bank or financial institution or other lender in the financial years ended March 31, 2023 and March 31, 2022.
52 Relationship with Struck off Companies
The Company has no transactions with companies whose names have been struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956 in the financial years ended March 31,
53 The Reserve Bank of India, under Scale Based Regulations (SBR) has categorised the Company in Base Layer (NBFC-BL) vide its circular dated September 30, 2022. So, the company is not required to disclose their CRAR, tier I CRAR, tier II CRAR and liquidity ratio as a part of their balance sheet.
54 Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company has no borrowings from Banks and Financial institutions during the financial year. So, charges or satisfaction to be registered with ROC within the statutory period for the financial years ended March 31, 2023 and March 31, 2022 are not applicable.
55 Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 for the financial years ended March 31, 2023 and March 31, 2022.
56 Utilisation of Borrowed funds and share premium
The Company, as part of its normal business, grants loans and advances, makes investment and borrowings from its customers, other entities and persons. These transactions are part of Company’s normal
57 Undisclosed income
There are no transactions not recorded in the books of accounts.
58 Events after reporting date
There have been no events after the reporting date.
For Agarwal & Dhandhania For and on behalf of the Board of Directors
Chartered Accountants Acme Resources Limited
Firm's registration no. : 125756W
Alok Dhandhania Kuldeep Saluja Vivek Chaturvedi
Partner Director Managing Director
Membership No. 111062 DIN No. 00289187 DIN No. 08027097
Kailash Jha Amanpreet Kaur
Place : New Delhi Chief Financial Officer Company Secretary
Date : May 29, 2023_PAN No. AMAPJ6908Q_PAN No. DZOPK5565A
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