x Provisions, Contingent Liabilities and Contingent Assets
Provisions and Contingent Liability: The Company recognises a provision when there is a 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 outflow
of resources. Where there is a possible obligation or a present obligation and the likelihood of outflow of
resources is remote, no provision or disclosure is made. Continegent Assets are neither recognized nor
disclosed in the financial statements.
xi Though the Net Worth of the company is negative, it has prepared the Financial Statements on Going
Concern basis as the Management is of the view that the company will be able to recover the dues from
most of the borrowers/debtors and monitor affectively the deficit in future operations.
16 Income tax department have raised E. 3,80,360/- for AY 2001-02 and E. 4,12,659/- for AY 2002-03 which are
not disputed by the company. Against these the department, the matter has remained unresolved.liabilities
the payment of tax and refund of Income Tax aggregating to E 9,22,934/- has remained unadjusted despite
consistant efforts with the department.
17 At the time of proceedings( Dena Bank Case) before Hon'ble High Court at Mumbai the Company was required
to deposit a sum of E.10.00 lacs to the Hon'ble High Court as per their order which was made. The High court
has placed this amount as Fixed Deposit with Bank of Baroda. The company has recognised the Income on
same in the accounts.
18 Segmental Reporting
Considering the activity of the company during year and with the objective of the Accounting Standards 108,
the company is having only consultancy services therefore there is no other reportable primary business
segment information.
19 Related party disclosures
The particulars of related parties, as certified by the management, together with the transactions during the
year and related balances as on 31st March, 2022 are as under:
1 List of related parties :
b) Other related parties where controls/ Significant influence exists :
Name of the Related Party
Amalgamated Business Solutions Limited
Pursarth Trading Company Private Limited
M/s. S Ramdas
23 Figures of the previous year are re-grouped / re-arranged to make them comparable with the figures of the
the year under review
As per our report attached of even date For and on behalf of the board
FOR H G SARVAIYA & CO
Chartered Accountants
Firm Reg No. 115705W
HASMUKHBHAI G SARVAIYA Milan Dalal Nitin Velhal
Proprietor Director Whole Time Director
Mem No.045038 DIN:00062453 DIN:00820859
Place : Mumbai Shreekant Kudtarkar Mangesh Shirodkar
Dated : May 27, 2024 Compant Secretary Chief Financial Officer
Dated : May 27, 2024
Place: Mumbai
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