IND AS 37: PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
IND AS 37 has been applied in accounting for provisions, contingent liabilities & contingent assets.
A Provision shall be recognized only when:
i. An entity has a present obligation due to past events;
ii. It is probable that an outflow of resources embodying economic benefits will be an outflow of resources embodying economic benefits will be required to settle the obligation, and
iii. A reliable estimate can be made of the amount of obligation. If these conditions are not met, no provision shall be recognized.
A contingent liability is disclosed, as required by paragraph 86, unless the possibility of an outflow of resources embounding economic benefit is remote.
IND AS 109: FINANCIAL INSTRUMENTS
The company classifies its financial assets in the following measurement categories:
i. Those to be measured subsequently at fair value (either through other Comprehensive Income, or through profit or loss)
ii. Those measured at amortised cost
The classification depends on the business model of the entity for managing financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other Comprehensive income for investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through Other Comprehensive Income.
SUBSEQUENT MEASUREMENT:
After initial recognition, financial assets are measured at:
i. Fair value (either through other Comprehensive Income (FVOCI) or through profit or loss (FVPL) or,
ii. Amortised cost
The company subsequently measures all investment in equity instruments at fair value. The management of the company has elected to present fair value gains or losses on such equity investment in Profit and loss. Dividends from such investments are recognized, as and when right to receive is established. Impairment losses (and reversal of impairment losses) on equity instruments measured at FVTPL (Fair Value through Profit and Loss) are not reported separately from other changes in fair value.
IND AS 113: FAIR VALUE MEASUREMENT
The objective of a fair value measurement is to estimate the price at which an orderly transaction to sell or to transfer the liability would take place between market participants at the measurement date under current market conditions. A fair value measurement requires an entity to determine all the following:
a) The particular asset or liability that is the subject of the measurement (consistently with its unit of account)
b) For a non-financial asset, the valuation premise that is appropriate for the measurement (consistently with its highest and best use).
c) The principal (or most advantageous) market for the asset or liability.
d) The valuation technique (s) appropriate for the measurement, considering the availability of data to develop input that represent the assumptions that market participants would use when pricing the asset or liability and the level of the fair value hierarchy within which the inputs are categorised.
This IND AS defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
REVENUE RECOGNITION
Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contribution from equity participants.
Revenue is recognized only when it is probable the economic benefits associated with the transaction will flow to the entity. Interest income is recognized on a time proportion basis using the effective interest rate method. Rental Income/ Licence fees are recognized on accrual basis as per terms of agreements for letting of spaces. Capital gain is recognized at the time of sale of Investment.
Exclusion from the definition of revenue are:
• Amount collected on behalf of third parties, viz, sales tax, goods and services tax: These are not economic benefits that will flow to the entity and do not result in equity.
• In agency relationship, amounts collected on behalf of principal.
Entity recognizes revenue on accrual basis, except for dividend which is recognized as and when right to receive payment is established.
OTHER ADDITIONAL INFORMATION AS AT MARCH 31, 2024
1. CONTINGENT LIABILITIES:
i) Claims against the company not acknowledged as debts Nil, Previous Year Nil.
ii) Guarantees to Bank and Financial Institutions against credit facilities extended to third parties Nil, Previous Year Nil.
iii) Other money for which the company is contingently liable Nil, Previous Year Nil.
2. COMMITMENTS ON CAPITAL ACCOUNTS:
i) Uncalled liability on partly paid-up shares - Nil, Previous Year Nil.
ii) Estimated amount of contracts remaining to be executed on capital accounts - Nil, Previous year Nil.
iii) Other Commitments Nil, Previous year Nil.
3. In the opinion of the Board and to the best of its knowledge, the value on realization of Current Assets, Loans and Advances, in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.
9. SEGMENT REPORTING IND AS 108
In accordance with IND AS 108 on Segment Reporting, the Company has only one reportable business segment. Hence, segment reporting is not applicable to the company.
10. ACCOUNTING FOR TAXES ON INCOME:
In accordance with IND AS 12 there is no deferred taxes liability/assets during the year, however there are brought forward business loss and unabsorbed depreciation on which deferred tax assets emerge which has not been recognised as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized.
11. OTHER REGULATORY REQUIREMENTS
• The Title Deed of All the Immovable Property are in the name of Company.
• There is no any Proceeding have been initiated or pending on or against of the company for holding any benami Property under the Benami Transaction (Prohibition) Act, 1988 (section 45 of 1988) and the rules made thereunder.
• Company does not have any borrowing from the bank or financial institution on the basis of security of current assets.
• Since the company does not have any loan from bank or financial institution or other lender hence cannot be declared a wilful defaulter by bank or financial institution.
• There are no any transaction with "the Companies struck off under section 248 of the companies Act 2013 or Section" 560 of Companies Act 1956.
• There is no any charge or Satisfaction yet to be registered with the Registrar of the companies beyond the statutory period.
• The Company is not covered Under Section 135 of the Companies Act 2013 hence This Clause in Not Applicable to the Company.
• Company has not traded or invested in crypto Currency or Virtual Currency during the financial Year.
13. Other than in the normal and ordinary course of business there are no funds that 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.
There have been no funds that 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 Party or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
14. The figures of the previous year have been regrouped /rearrange wherever necessary to correspond with current year figures.
15. Note 1 to 22 forms an integral part of the accounts for the year ended March 31, 2024.
As per our audit report of even date attached
For R C CHADDA & CO LLP For & On behalf of Board of Directors
Chartered Accountants
FRN: 003151N
Sd/- Sd/-
BHISHM MADAN Omprakash Ramashankar Pathak Ankit Rathi
(Partner) (Managing Director) (Director)
Membership No. 524462 DIN-01428320 DIN-01379134
Sd/- Sd/-
Nidhi Parashar Surendra Singh Tangar
(CFO) (Company Secretary)
Date: - 29th May, 2024
Place: - New Delhi
UDIN - 24524462BKACQK3267
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