9.1 Credit period and risk
The average credit period for the services rendered:
(a) Trade receivables (Domestic) are non-interest bearing and are generally on terms ranging from 30 days to 90 days. (31 March 2023: Ranging from 30 days to 90 days)
(b) Trade receivables (International) are non-interest bearing and are generally on terms ranging from 30 days to 180 days. (31 March 2023: Ranging from 30 days to 180 days)
Of the trade receivable balance as at 31 March, 2024, ' 919 Lakhs is due from one customer i.e having more than 10% of the total outstanding trade receivable balance.
[' 855 Lakhs is due from one customer i.e. having more than 10% of the total outstanding trade receivables balance as at 31 March 2023]
No trade receivable are due from directors or other officers of the Company either severally or jointly with any other person. Nor are any trade receivable due from firms or Private Companies respectively in which any director is a partner, a director or a member.
9.2 Expected credit loss allowance
The Company has used a practical expedient by computing the expected loss allowance for trade receivables based on provision matrix. The provision matrix takes into account the historical credit loss experience and adjustments for forward looking information.
Based on the assessment of the Company, there is no risk associated with the dues from the related parties both from a credit risk or time value of money as these are managed through the Company's cash management process and can be recovered on demand by the Company. Accordingly, no provisions has been considered necessary.
With regard to other parties, the company had, based on past experience, wherein collections are done within a year of it being due and expectation in the future Credit loss, has made necessary provisions.
c) Rights, preferences and restrictions attached to equity shares
The Company has issued only one class of equity shares having a face value of '10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend, which can be approved by the Board of Directors. In the event of liquidation, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
d) There were no shares issued persuant to contract without payment being received in cash, alloted as fully paid up by way of bonus issues or brought back during the last five years immediately preceding 31 March 2024.
(i) Disaggregation of revenue
The above break up presents disaggregated revenues from contracts with customers by each of the business segments. The Company believes that this dissaggregation best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry, market and other economic factors.
(ii) Trade receivables and Unbilled Revenue
The Company classifies the right to consideration in exchange for deliverables as either a receivable or as unbilled revenue. Trade receivables and unbilled revenues are presented net of impairment in the Balance Sheet.
Unbilled Revenue primarily relate to the company's rights to consideration for work completed but not billed at the reporting date. Unbilled Revenue are transferred to receivables when the rights become unconditional.
(iii) Performance obligations and remaining performance obligations
The remaining performance obligation disclosure provides the amount of the transaction price yet to be recognized as at the end of the reporting period and an explanation as to when the Company expects to recognize these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the value of remaining performance obligations for (i) contracts with an original expected duration of one year or less and (ii) contracts for which the Company recognises revenue at the amount to which it has the right to invoice for services performed (typically those contracts where invoicing is on time and material basis).
* Contribution made to entity in which Directors having significant influence refer Note 27(B)
The provisions of Section 135 of the Companies Act, 2013, relating to the mandatory requirement of amount to be spent towards corporate social responsibility is applicable for the Company during the current year based on the stipulated criteria. Accordingly the Company needs to spend at least 2% of its average net profit of the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the Company as per the Act. The Company has received back an amount of ' 5 Lakhs from careworks foundation out of the payments made during the financial year 2022-2023 to its earmarked bank account in April 2023. During the current financial year, the Company has spent an amount of ' 22 Lakh (31 March 2023 - ' 26 Lakhs) against current year obligation and ' 20 Lakh (31 March 2024- ' 46 Lakhs) towards previous year obligation brough forward towards various activities as enumerated in the CSR Policy of the Company which covers promoting education, health and civic amenities etc. and earmarked the balance amount of the obligation amounting to ' 41 Lakh (31 March 2023 - ' 25 Lakh) to be deposited in an exclusive Current account with Bank for CSR expenditures for the year within the time stipulated under section 135 of companies Act, 2013, as the ongoing project spend is in the nature of disbursement in phased manner and not completed as at the year end. The pending amount shall be spent for the intended project in the subsequent months by the Company. Subsequent to the year end, the Company has received back the amount of ' 7 Lakh to its earmarked bank account and the entire pending amount of ' 48 Lakh shall be spent for the intended project in the subsequent period.
*The Company has opted to avail deduction under Section 80M of Income Tax Act, 1961 in respect of dividend income received from its wholly owned subsidiary, Allsectech Manila Inc., Philippines amounting to ' 3,973 lakhs and ' 2,932 Lakh during the year ended 31 March 2024 and 31 March 2023, respectively. Consequently, the Company charged off foreign tax credit on the dividend income to 'current tax expense' which aggregates to ' 596 lakhs and ' 435 lakhs during the year ended 31 March 2024 and 31 March 2023, respectively.
# Remuneration and other benefits pertain to short term employee benefits. As the gratuity and compensated absences are determined for all the employees in aggregate, the post-employment benefits and other long-term benefits relating to key management personnel cannot be ascertained individually.
@ Ceased to be a fellow subsidiary effective from 21 October 2022. Transactions reported for previous year are upto 21 October 2022
Notes:
(i) The Company accounts for costs incurred by / on behalf of the Related Parties based on the actual invoices / debit notes raised and accruals as confirmed by such related parties. The Related Parties have confirmed to the Management that as at 31 March 2024 and 31 March 2023, there are no further amounts payable to / receivable from them, other than as disclosed above. The Company incurs certain costs on behalf of other companies in the group. These costs have been allocated/recovered from the group companies on a basis mutually agreed to with the group companies.
(ii) Remuneration and other benefits pertain to short term employee benefits. As the gratuity and
compensated absences are determined for all the employees in aggregate, the post-employment benefits and other long-term benefits relating to key management personnel cannot be ascertained individually.
(iii) The remuneration payable to key management personnel is determined by the nomination and remuneration committee having regard to the performance of individuals and market trends.
(iv) All transactions with these related parties are priced at arm's length basis. The amounts outstanding are unsecured and will be settled in cash. There have been no instances of amounts due to or due from related parties that have been written back or written off or otherwise provided for during the year.
29 Contingent liabilities and commitments
(a) Contingent liabilities
Claims against the company not acknowledged as debt
In January 2008, the Company had received a demand from the Tamil Nadu Generation and Distribution Corporation Limited ("TANGEDCO") for an amount of ' 109 Lakhs towards differential amount of charges arising from reclassification on the tariff category applicable to the Company with retrospective effect from June 2005 till June 2007. The Company had filed a writ with Hon'ble High Court of Madras seeking relief from the demand. During the previous year, the Hon'ble High Court of Madras vide its order dated 12 January 2022 directed the Company to approach the Electricity Regulatory Commission to get the grievances settled and instructed the Commission to conclude the plea in line with applicable provisions laid down by the Commission in this regard. While the procedural approach as directed by the Hon'ble High Court was
in progress, the company received demand notices from the TANGEDCO towards this disputed claim of ' 109 Lakh for the above cited period and additional demand for the period from July 2007 to July 2010 amounting to ' 112 Lakh along with Belated Payment Surcharge (“BPSC") on the principal amounts pertaining to the period June 2005 to July 2010 and was demanded to be settled within the stipulated time frame, failure to which the supply of electricity was threatened to be disconnected. The Company proposed to pay the dues in installments under protest and simultaneously proceed with the legal resolutions in the manner directed by the Hon'ble Madras High Court. The Company made provision towards principal charges of ' 221 Lakhs. The BPSC amounting to ' 457 lakh has been considered by the Company as contingent liability. Based on management assessment and professional advice receieved by the management, Company is confident that the demand raised will not be payable by the Company and expects that the outcome of the appeal is yet to be made will be favourable to the Company.
(b) Commitments
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Particulars
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For the year ended
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For the year ended
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31 March 2024
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31 March 2023
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Capital commitments that are not cancellable -
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Estimated amount of capital contracts remaining to be executed *
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93
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83
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* Represents, the entity's contractual commitment towards Intangible Assets under Development (IAUD).
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31 Employee Benefits
a) Defined Contribution plans
The Company makes Provident and Pension Fund contributions, which is a defined contribution plan, for qualifying employees. Additionally, the Company also provides, for covered employees, health insurance through the Employee State Insurance scheme. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.
b) Defined Benefit Plans:
The Company offers 'Gratuity' (Refer Note 20 Employees Benefits Expense) as a post employment benefit for qualifying employees and operates a gratuity plan. The benefit payable
is calculated as per the Payment of Gratuity Act, 1972 and the benefit vests upon completion of five years of continuous service and once vested it is payable to employees on retirement or on termination of employment.
In case of death while in service, the gratuity is payable irrespective of vesting. The Company's obligation towards its gratuity Liability is a defined benefit plan.
Description of Risk Exposures
Valuations are performed on certain basic set of pre-determined assumptions and other regulatory framework which may vary over time. Thus, the Company is exposed to various risks in providing the above gratuity benefit which are as follows:
A) Interest Rate risk:
The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
B) Investment Risk:
The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
C) Salary Escalation Risk:
The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan's liability.
D) Demographic Risk:
The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
E) Liquidity Risk:
This is the risk that the Company is not able to meet the short-term gratuity payouts.This may arise due to non availabilty of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
In respect of the plan, the most recent actuarial valuation of the present value of the defined benefit obligation were carried out as at 31 March 2024. The present value of the defined benefit obligation, and the related current service cost and paid service cost, were measured using the projected unit cost credit method.
a. The estimates of rate of escalation in salary considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.
b. The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for the estimated term of the obligations.
c. Attrition rate considered is the management's estimate based on the past trend of employee turnover in the Company
Sensitivity analysis
The significant actuarial assumptions for the determination of the defined benefit obligation are the attrition rate, discount rate and the long-term rate of compensation increase. The calculation of the net defined benefit liability is sensitive to these assumptions. It is assumed that the active members of the scheme will experience in service mortality in accordance with the Indian Assured Lives Mortality (2012-14) Ultimate Table. The following table summarises the effects of changes in these actuarial assumptions on the defined benefit liability.
32 Information of assets and associated liabilities classified as held for sale
The Board of Directors of the Company, at its meeting held on 06 February 2024 approved the sale of its Labour Law Compliance Division (LLC) on a going concern basis by way of slump sale for a consideration of ' 2,700 lakhs, subject to closing adjustments as defined in Business Transfer Agreement (BTA) dated 06 February 2024. As per the BTA, the closing date of the said transaction was 31 March 2024 which was subsequently extended to 30 April 2024. Consequently, the closing conditions were met on 30 April 2024 and the transaction was effective from that day. Accordingly, the assets and liabilities of the LLC business have been classified as held for sale as at March 31,2024.
Variance in on account of the following reasons:
1 Reduction in Debt Equty ratio is on account of repayment of lease liabilities, and corresponding increase in profit during the year
2 Increase is on account of increase in dividend income from subsidiary company AUsectech Manila Inc., Philippines (reported under other income) by '1,041 Lakhs compared to previous year.
34 Financial Instruments 34.1 Capital Management
The Company manages capital risk in order to maximize shareholders' profit by maintaining sound/optimal capital structure. For the purpose of the Company's capital management, capital includes equity share Capital and Other Equity and Debt includes Borrowings and Other Financial Liabilities net of Cash and bank balances. The Company monitors capital on the basis of the following gearing ratio. There is no change in the overall capital risk management strategy of the Company compared to last year.
Investment in subsidiaries carried at cost is not appearing as financial asset in the table above being investment in subsidiaries and associates accounted under Ind AS 27, Separate Financial Statements and is hence scoped out under Ind AS 109.
The management assessed that fair value of cash and cash equivalents, trade receivables, loans, borrowings, trade payables and other current financial assets and liabilities 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 amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estmate the fair value/ amortized cost.
1) Long-term fixed-rate receivables/ borrowings are evaluated by the Company based on parameters such as interest rates, specific country risk factors, individual losses and creditworthiness of the receivables.
2) The fair value of unquoted instruments, loans from banks and other financial liabilities, as well as other non-current financial liabilities are estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. In addition to being sensitive to a reasonably possible change in the forecast cash flows or discount rate, the fair value of the unquoted instruments is also sensitive to a reasonably possible change in the growth rates. The valuation requires management to use unobservable inputs in the model, of which the significant unobservable inputs are disclosed in the tables below. Management regularly assesses a range of reasonably possible alternatives for those significant
unobservable inputs and determines their impact on the total fair value.
Fair Value Hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
There were no items of financial assets or financial
liabilities which were valued at fair value as of 31
March 2024 and 31 March 2023.
34.3 Financial Risk Management Framework
The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Company manages financial risk relating to the operations through internal risk reports which analyse exposure by degree and magnitude of risk.
The Company's activities expose it to a variety of financial risks: liquidity risk, credit risk and market risk (including interest rate risk and other price risk). The Company's primary risk management focus is to minimize potential adverse effects of market risk on its financial performance. The Company's risk management assessment and policies and processes are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company's activities. The Board of Directors and the Audit Committee is responsible for overseeing the Company's risk assessment and management policies and processes.
(a) Liquidity Risk Management :
Liquidity risk refers to the risk that the Company cannot meet its financial
obligations as they become due. The Company manages its liquidity risk by ensuring as far as possible, that it will always have sufficient Liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company's reputation. The Company maintains adequate reserves and banking facilities, and continuously monitors the forecast and actual cash flows by matching maturing profiles of financial assets and financial liabilities in accordance with the approved risk management policy of the Company periodically. The Company believes that the working capital (including banking limits not utilised) and its cash and cash
equivalent are sufficient to meet its short and medium term requirements.
Liquidity and Interest Risk Tables :
The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables include both interest and principal cash flows.
To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.
(b) Credit Risk:
Credit risk is the risk of financial Loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, cash and cash equivalents, bank deposits and other financial assets. None of the other financial instruments of the Company result in material concentration of credit risk. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit.
The carrying amount of the financial assets recorded in these financial statements, grossed up for any allowance for losses, represents the maximum exposures to credit risk.
Trade receivables: The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and credit history, also has an influence on credit risk assessment.
Credit risk on current investments, cash & cash equivalent and derivatives is limited as the Company generally transacts with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investment in fixed deposits.
(c) Market Risk :
Market risk is the risk of loss of any future earnings, in realizable fair values or in future cash flows that may result from adverse changes in market rates and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, all foreign currency receivables and payables and all short-term and long-term debt. The Company is exposed to market risk primarily related to foreign exchange rate risk and interest rate risk and the market value of its investments. Thus, the Company's exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currencies.
(c.1) Interest rate risk:
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with floating interest rates.
The Company's management monitors the interest fluctuations, if any, and accordingly, take necessary steps to mitigate any interest rate risk.
Interest rate sensitivity analysis
The Company is debt free as at 31 March 2024 and 31 March 2023 and hence the Company is not exposed to changes in market interest rates.
(c.2) Foreign Currency Risk Management :
The Company undertakes transactions denominated in foreign currencies and consequently, exposures to exchange rate fluctuations arises.
Foreign Currency sensitivity analysis:
The following table details the Company's sensitivity to a 10% increase and decrease in ' against the relevant foreign currencies. 10% is the rate used in order to determine the sensitivity analysis considering the past trends and expectation of the management for changes in the foreign currency exchange rate. The sensitivity analysis includes the outstanding foreign currency
denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates a increase in profit / decrease in Loss and increase in equity where the ' strengthens 10% against the relevant currency. For a 10% weakening of the ' against the relevant currency, there would be a comparable impact on the profit or Loss and equity and balance below would be negative.
34.4 Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required)
The Management considers that the carrying amount of financial assets and financial liabilities recognized in the financial statements approximate their fair values.
34.5 Offsetting of financial assets and financial liabilities
The Company has not offset financial assets and financial liabilities.
35 Fair value measurement
Financial Assets and Financial Liabilities that are measured at fair value on a recurring basis
Some of the financial assets and financial liabilities are measured at end of the each reporting period. The following table gives information about how the fair value of these financial assets and liabilities are considered:
Measurement of fair value of financial instruments
Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximising the use of market-based information. The finance team reports directly to the chief financial officer (CFO) and to the audit committee. Valuation processes and fair value changes are discussed among the audit committee and the valuation team at least every year, in line with the Company's reporting dates.
The valuation techniques used for instruments categorised in Levels 1,2 and 3 are described below:
Investments in mutual fund units (Level 1)
The mutual funds are valued using the closing NAV.
Foreign exchange forward contracts (Level 2)
The Company's foreign currency forward contracts are not traded in active markets. These have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contract. The effects of non-observable inputs are not significant for foreign currency forward contracts.
Investments in equity instruments of other companies (Level 3)
These investments are not traded in active markets, and management considers the cost of investments to approximate the fair value.
Financial instruments measured at amortised cost for which the fair value is disclosed
The carrying amount of all financial instruments measured at amortised cost are considered to be a reasonable approximation of the fair value.
Fair value measurement of non-financial assets
There are no non-financial assets that were measured at fair value on the reporting dates.
36 Capital management policies and procedures
The Company's objective for capital management is to maximise shareholder value, safeguard business continuity and support the growth of the Company. The Company determines the capital requirement based on annual operating plans and longterm and other strategic investment plans. The funding requirements are met through equity and operating cash flows generated.
The Company is not subject to any externally imposed capital requirements.
37 Dividend
During the current year, the Company declared and paid out Interim Dividend of ' 30 per equity share (300% of par value of '10 each) pursuant to the approval of the Board of Directors, at their meeting held on 26 October 2023 and final dividend of '15 per equity share (150% of par value of ' 10 each) pursuant to the approval of the shareholders, at their meeting held on 06 May 2024.
During the previous year, the Company declared and paid out Interim Dividend of ' 20 per equity share (200% of par value of '10 each) each pursuant to the approval of the Board of Directors, at their meeting held on 28 October 2022.
39 Audit Trail and Backup of Accounting records
1. The Company has used accounting softwares for maintaining its books of account for the financial year ended 31 March 2024 which has a feature of recording audit trail (edit log) facility and the audit trail facility has been operating throughout the year for all relevant transactions recorded in the softwares except that :
(i) Audit trail was not enabled at the database level for SAP accounting software to log direct data changes, and
(ii) Audit trail logs were not enabled for certain standard SAP tables.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1 April 2023, reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the year ended 31 March 2024.
2. The Company has maintained the backup of the books of accounts on a daily basis on server situated in India.
40 Other Disclosures
(a) The Company does not have any transaction not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the income tax assessments under the provisions of Income Tax Act, 1961.
(b) The Company neither has any immovable property nor any title deeds of immovable property not held in the name of the Company
(c) The Company neither has traded nor invested in Crypto currency or Virtual Currency during the Financial year.
(d) The Company does not have any charges or satisfaction yet to be registered with ROC beyond the statutory period, as at the year ended 31 March 2024 and 31 March 2023.
(e) During the Financial year, the Company has not revalued any of its Property, Plant and Equipment, Right of Use Asset and Intangible Assets.
(f) The company does not have any investment properties as at 31 March 2024 and 31 March 2023 as defined in Ind AS 40.
(g) As at 31 March 2024, the Company has two wholly owned subsidiaries (Refer Note 1) and the Company complies with clause (87) of Section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.
(h) The Company has not advanced or loaned or invested funds to any person(s) or entity(ies),
including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:
(i) 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
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(i) 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
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(i) The Company has not granted any loans or advance in the nature of loans to promoters, directors, key managerial personnel and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.
(j) No proceedings have been initiated during the year or are pending against the company as at 31 March
2024 and 31 March 2023 for holding any benami property under Benami Property Transactions (Prohibition) Act, 1988.
(k) Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification /disclosure.
41 Approval of Financial Statements
In connection with the preparation of the standalone financial statements for the year ended 31 March 2024, the Board of Directors have confirmed the propriety of the contracts / agreements entered into by / on behalf of the Company and the resultant revenue earned / expenses incurred arising out of the same after reviewing the levels of authorisation and the available documentary evidences and the overall control environment. Further, the Board of Directors have also reviewed the realizable value of all the current assets of the Company and have confirmed that the value of such assets in the ordinary course of business will not be less than the value at which these are recognised in the standalone financial statements. In addition, the Board has also confirmed the carrying value of the non-current assets in the financial statements. The Board, duly taking into account all the relevant disclosures made, has approved these standalone financial statements in its meeting held on 06 May 2024 in accordance with the provisions of Companies Act, 2013.
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