1.07 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision involving substantial degree of estimation in measurement is 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 not recognized but
are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
1.08 REVENUE RECOGNITION
Revenue comprises of revenue from providing skill development training services.
Revenue is recognized as per the terms of arrangements entered into with individual parties (service orders or service
confirmations) and is recognized when the performance obligation of an event is satisfied.
Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.
1.09 OTHER INCOME
Interest income is accounted on accrual basis. Income other than interest income is accounted for when right to receive such
income is established.
1.10 EMPLOYEE BENEFITS
Gratuity
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan
provides for lump sum payment to vested employees at retirement, death while in employment or on termination of
employment of an amount equivalent to 15 days salary payable for each completed year of service without any monetary
limit. Vesting occurs upon completion of five years of service. Provision for gratuity has been made in the books as per
actuarial valuation done as at the end of the year.
1.11 TAXES ON INCOME
Income taxes are accounted for in accordance with Accounting Standard (AS-22) - "Accounting for taxes on income",
notified under Companies (Accounting Standard) Rules, 2014. Income tax comprises of both current and deferred tax.
Current tax is measured on the basis of estimated taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act, 1961.
The tax effect of the timing differences that result between taxable income and accounting income and are capable of reversal
in one or more subsequent periods are recorded as a deferred tax asset or deferred tax liability. They are measured using
substantially enacted tax rates and tax regulations as of the Balance Sheet date.
Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are
recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred tax assets on
account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization.
1.12 CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprises Cash-in-hand, Current Accounts, Fixed Deposits with banks. Cash equivalents are
short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid
investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in
value.
1.13 EARNINGS PER SHARE
Basic earning per share is computed by dividing the profit/ (loss) after tax (including the post tax effect of extraordinary
items, if any) by the weighted average number of equity share outstanding during the year. Diluted earning per share is
computed by dividing the profit/ (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for
dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential
equity shares, by the weighted average number of equity shares which could have been issued on the conversion of all
dilutive potential equity shares.
1.14 SEGMENT REPORTING
The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment
revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their
relationship to the operating activities of the segment. Inter-segment revenue is accounted on the basis of transactions which
are primarily determined based on market / fair value factors. Revenue and expenses have been identified to segments on
the basis of their relationship to the operating activities of the segment.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on
reasonable basis have been included under "unallocated revenue / expenses / assets / liabilities"
28 Additional Regulatory Information as per Para Y of Schedule III to Companies Act, 2013:
i. The Company does not have 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 held in the name of the company.
ii. The Company has not revalued its Property, Plant and Equipment.
iii. The Company has not granted loans or advances in the nature of loans are granted to promoters, Directors, KMPs and the
related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are:
(a) repayable on demand or
(b) without specifying any terms or period of repayment
iv. The Company does not have any capital work-in-progress.
v. The Company does not have any intangible assets under development.
vi. 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 the rules made thereunder.
vii. The Company has borrowings from banks or financial institutions on the basis of security of current assets and quarterly
returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the
books of accounts.
viii. The company is not declared as wilful defaulter by any bank or financial institution or other lender.
ix. The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956
x. (a)That, duirng the year company has obtained vehicle loan from Kotak Mahindra Prime Limited of Rs. 15,00,000/-.
However, No Charge has been created before registrar of companies (MCA)
(b)That, during the year company has closed the vehicle loan from Bank of India vide Loan Account No. 424960510000094
vide Vechile No. WB16-AV-6030. However, Charge has not been satisfied before registrar of companies (MCA)
xi. The company does not have any investments and hence, compliance 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 is not applicable.
Reasons for Variation more than 25%:
(a) Current Ratio : The company has paid expenses of ongoing projects during the year as compared to previously booked
outstanding expenses,which is around 1.31 crores approx which is 34% less as compared to previous year .Hence we can
huge impact on our ratio.
(b) Debt-Equity Ratio: The company has cleared off huge amount of debts, which is around 1.18 Crore approx 32% less as
compared to previous year and also has issued equity shares on Preferntial basis and share warrants which is around 3.94
Crores. Hence we can see a huge impact on our ratio
(c) Debt Service Coverage Ratio: The company has cleared off huge amount of debts, which is around 1.18 Crore approx 32%
less as compared to previous year and the Cash & Bank Balances of the company has also been improved by around 81
Lakhs approx 119% as compared to previous year. Hence, we can see a huge impact on our ratio
xiii. The Company does not have any scheme of arrangements which has been approved by the Competent Authority in terms of
sections 230 to 237 of the Companies Act, 2013.
xiv. A. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in 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 ("Ultimate Beneficiaries") by or on behalf of the Company
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
B. No funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"),
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 ("Ultimate Beneficiaries") by or on behalf of the
Funding Parties or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
ii. An inspection was conducted by offical bureau of investigation at Companies principal place of business on 09.02.2023 after
which the case was filed due to discrepancies in total credit of bank account and Sales shown in books of accounts, the
officals of the company has attended the personal hearing and the officer raised the demand order rejecting the merits of the
company, there by passing a demand order U/ s 74(9) of WBGST Act, 2017 vide Adjudication Case ID - AD191123003653G.
The Company has further filed an appeal regarding the same, the matter is still pending with the joint commissioner of state
tax (appeals), the next hearing of the appeal is on 05.08.2024. The Company has reported contingent liablity vide Pt. 27(I)(c)
of the same.
iii. The Company has issued Prefential Equity Shares and Share Warrants during the F.Y. 2023-24 on 05.08.2023, However, the
company has not filled MGT-14 after the issue of Preferntial Equity Shares and Share Warrants.
30 SEGMENT REPORTING
The Company is exclusively engaged in the business of providing skill development training services. This in the context of
Accounting Standard (AS 17) "Segment Reporting", notified under the Companies (Accounting Standards) Rules, 2006,
constitutes one single primary segment. The Company does not have a secondary segment. Accordingly, disclosures required
under AS 17 are not applicable.
31 Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current period's
classification / disclosure.
Signatures to Notes forming part of Financial Statements
For and on behalf of the Board of Directors
Abhijit Chatterjee Sayani Chatterjee Sandip Biswas Neha Maheshwari
(Whole-time Director & CEO) (Managing Director) (Chief Financial Officer) (Company Secretary)
DIN: 06439788 DIN: 06439804 PAN: AKVPB2877P PAN: AWEPM1592K
Place : Kolkata
Date : May 13, 2024
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