t. Provisions, Contingent Assets and Contingent liabilities:_
i) Provisions
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and
a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding
the obligation.
Provisions are not discounted to present value and are determined based on best estimate required to settle
the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to
reflect the current best estimates.
ii) Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the
Company or a present obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases
where there is a liability that cannot be recognized because it cannot be measured reliably. The Company
does not recognize a contingent liability but discloses its existence in the standalone financial statements
29 Share Capital
a) Rights, Preferences and restrictions attached to Equity Shares
The company has only one class of equity shares having par value of Rs.10 per share. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of
liquidation, the shareholders are eligible to remaining assets of the company after distribution of all the
preferential amount in proportion to their holding.
a) Working Capital loans:
Working capital facilities of Rs. Nil ( 31st March 2023 Rs.264.85) from banks are secured on first pari passu
by way of hypothecation of Book Debts and second pari passu by way of personal guarantee of Director.
Working capital loans are repayable on demand having interest of 10.25%.(previous year 9.95%)
b) Term Loans
Term Loans(Vehicle Loans) Rs.2358.28 Lakhs and Term Loan(Office Premises) Rs.228.43 Lakhs(31st March
30 2023 Vehicle Loan-Rs.2258.56 Lakhs and Office Premises Loan-Rs.300 Lakhs) from banks financial
institutions are secured on first pari passu by way of hypothecation of vehicles and Office premises
respectively.
c) The quarterly statements filed by the company for working capital limits are not in agreement with the
books of accounts of the company where differences noted in respect of trade receivables and trade payables
as per books of accounts for the quarter ended 30th June 2023 amounting to a net difference of Rs.4.18 Lakhs
and figures for the rest of quarters ended 30th September 2023, 31st December 2023 and 31st March 2024 are
in agreement with books of accounts respectively. However the said difference does not have any impact on
the borrowing power of the company.
32 Contingent Liability:
_ Income Tax Demand in Appeal Rs. 1457.89 lacs_
Non current loans includes a loan given to the group company amounting to Rs.300 lacs which has ceased to
33 be going concern, but in the opinion of the management the same is good for recovery being a company
within the group.
34 Balance of Income tax refund receivable are subject to confirmation.
Related Party Disclosures:
37 EMPLOYEE BENEFITS :
The company contributes to the following post- employment defined benefit plans in India.
(i) Defined Contribution Plans :
The contributions to the Provident Fund and Family Pension Fund of certain employees are made to a Government
administered Provident Fund and there are no further obligations beyond making such contribution.
The Company recognized Rs.43.31/- Lakhs for year ended 31 March 2023 (Previous year Rs.35.04/ Lakhs-)
provident fund contributions in the Statement of Profit and Loss.
(ii) Defined Benefit Plan
GRATUITY
A. Gratuity
The Company participates in the Employees Gratuity scheme, a funded defined benefit plan for qualifying
employees. Gratuity is payable to all eligible employees on death or on separation / termination in terms of
the provisions of the Payment of Gratuity Act, 1972.
The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for
gratuity were carried out as at March 31, 2023. The present value of the defined benefit obligations and the related
current service cost and past service cost, were measured using the Projected Unit Credit Method.
COMPENSATED ABSENCES:
The sensitivity analysis above have been determined based on a method that extrapolates the impact on
defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the
reporting period.
The Compensated Absences is payable to all eligible employees for each day of accumulated leave on death
or on resignation. Compensated Absences debited to Statement of Profit and Loss during the year amounts
to Rs.13.19 lakhs (Previous year Rs.3.21 lakhs) and is included in Note 22 - 'Employee benefits expenses'.
Accumulated non- current provision for leave encashment aggregates to 25.99 lakhs (Previous year 18.73
lakhs) and current provision aggregates 4.84 lakhs (Previous year Rs.4.69 lakhs).
38 In accordance with IND AS 108- operating segment, disclosure of segment information not required as the
company operate only one segment.
39 Financial Risk Management.
The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The
main purpose of these financial liabilities is to finance the Company's operations.
The Company's principal financial assets include trade and other receivables and cash and cash equivalents
that derive directly from operations, security and other deposits. The Company's operations expose it to
credit risk and liquidity risk.
The Company's focus is to reduce volatility in financial statements
1. 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 and arises principally from the Company's trade and other receivables
and other bank balances. To manage this, the Company periodically assesses financial reliability of customers,
taking into account the financial condition, current economic trends and analysis of the historical bad debts
and ageing accounts receivable. The maximum exposure of credit risk in the case of all the financial
instruments covered below is restricted to their respective carrying amount.
Credit risk in respect of trade and other receivables is managed through credit approvals, establishing credit
limits and monitoring the creditworthiness of customers to which the Company grants credit terms in the
normal course of business.
2. Liquidity Risk :
Liquidity risk is the risk that the company will encounter difficulty in meeting its obligations associated with
financial liabilities. The company consistently generates sufficient cash flows from operations and has access to
multiple sources of funding to meet its financial obligations and maintain adequate liquidity for use.
The Company's objective is to maintain a balance between continuity of funding and flexibility through the use
of bank overdrafts, bank loans and by other means.
The table below summarizes the maturity profile of the Company's financial liabilities based on contractual
undiscounted payments
Capital Management
40 For the purpose of the Company's capital management, capital includes issued equity capital and all other equity
Reserves attributable to the equity holders of the Company. The Company strives to safeguard its ability to
continue as a going concern so that they can maximize returns for the shareholders and benefits for other stake
holders. The aim is to maintain an optimal capital structure and minimize cost of capital.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions
and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may
return capital to shareholders, issue new shares or adjust the dividend payment to shareholders (if permitted).
Consistent with others in the industry, the Company monitors its capital using the gearing ratio which is total
debt divided by total capital plus total debt.
44 Other Statutory Information.
i) The company does not have any benami property where any proceedings has been initiated or pending
against the company for holding any benami property.
ii) The company does not have any charges of satisfaction which is yet to be registered with ROC beyond the
statutory period.
iii) The company has not traded or invested in crypto currency or virtual currency during the financial year.
iv) The company has not advanced or loaned or invested funds to any other perons(s) or entity(ies) , including
foreign entities with the understanding that the intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the company or
(b) provide any guarantee, security or the like or on behalf of the ultimate beneficiaries.
v) The company has not received any fund to any other person(s) or entity(ies) , including foreign
entities(funding party) with the understanding that the company shall
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the company or
(c) provide any guarantee, security or the like or on behalf of the ultimate beneficiaries.
vi) The company does not any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
_ vii)The company has not identified any transactions with companies struck off and hence not reported.
The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to
Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules
2021 requiring companies, which uses accounting software for maintaining its books of accounts, shall use only
such accounting software which has a feature of recording audit trail of each and every transaction, creating an
edit log of each change made in the books of accounts along with the date when such changes were made and
ensuring that the audit trail cannot be disabled.
The Company has used an accounting software (Tally prime) and billing and Operations software(pine apple
tech) which is operated by a third party software service provider for maintaining its books of account and
operating data. The audit trail (edit logs) feature was enabled at application level of the accounting software
used for maintenance of all accounting and operating records. However, the audit trail (edit logs) is not enabled
at the database level.
47 Previous year figures have been regrouped/reclassified wherever necessary.
For VANDANA V. DODHIA & CO.
_For and on behalf of the Board Directors
Chartered Accountants
(FRN NO. 117812W)
______Sd/-____________ ______Sd/-_________________
________Sd/-_______ Chintan Amrish Patel Maneka Vijay Mulchandani
Vandana V.Dodhia Managing Director & CEO Director
Partner_ DIN: 00482043 DIN: 00491027
(M.No. 104000)
UDIN NO. 24104000BKFJGJ2115
Place : Mumbai ______Sd/-____________ ____Sd/-___________
Date : 30th May, 2024 Ramachandran.C.G. Agrima Shah
Chief Financial Officer Company Secretary
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