Where the company transferred the financial assets, the company evaluates whether it has transferred substantially all
risks and reward of ownership of the financial assets. In such cases, the financial asset is derecognized. Where the entity
has not transferred substantially all risks and rewards of the ownership of the financial assets, the financial assetsis not
derecognized.
Where the company retains control of the financial assets, the asset is continued to be recognized to the extent of
continuing involvement in the financial assets.
x) Earnings per share
Earnings per share is calculated by dividing the profit attributable to owners of the company by the weighted average
number of equity shares outstanding during the financial year.
xii) Taxes on Income
Current Income Tax
Current Income tax assets and liabilities are measured at the amount expected to be paid to the taxation authorities. The
tax rate and tax laws are used to compute are those that are enacted or substantively enacted, at the reporting date
together with any adjustments to tax payable in respect of previous years.
Deferred Tax
Deferred Tax is provided on temporary difference between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for all
deductible temporary differences to the extent it is probable that future profits will be available against which deductible
temporary differences can be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the assets are
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Deferred tax relating to item recognized outside profit or loss is recognized outside profit or loss (either OCI or in equity).
Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.
For and on behalf of the Board of Directors For PVSP & Co
Chartered Accountants
Sd/- Sd/- Sd/- FRN : 008940N
Vivek Jain Vineet Jain Anju
(Director) (Director) Company Secretary
DIN: 01753065 DIN: 01823758 M.No: A65057 Sd/-
CA Vi nod Ralhan
Place : New Delhi (Partner)
Date : 30.05.2024 M.No.: 091503
II. Actuarial Assumptions
Company attention was drawn to provisions of accounting standard that actuarial assumptions are an
entity's best estimates of variables that will determine the ultimate cost of providing post employment
benefits and shall be unbiased & mutually compatible.
a) Economic Assumptions
The principal assumptions are the discount rate & salary growth rate. The discount rate is generally
based upon the market yields available on Government bonds at the accounting date relevant to currency
of benefit payments for a term that matches the liabilities. Salary growth rate is company's long term best
estimate as to salary increases & takes account of inflation, seniority, promotion, business plan, HR policy
and other relevant factors on long term basis as provided in relevant accounting standard. These
valuation assumptions are as follows;
b) Demographic Assumption
Attrition rates are the company's best estimate of employee turnover in future determined considering
factors such as nature of business & industry, retention policy, demand & supply in employment market,
standing of the company , business plan, HR Policy etc. as provided in the relevant accounting standard.
A) Management of Liquidity Risk
"Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial
liabilities.“The Company's approach in managing liquidity is to ensure that it will have sufficient funds to meet
its liabilities when due without incurring unacceptable losses. In doing this, management considers both
normal and stressed conditions. The Company maintained a cautious liquidity strategy, with a positive cash
balance throughout the year ended 31st March, 2024 and 31st March, 2023. Cash flow from operating
activities provides the funds to service the financial liabilities on a day-to-day basis."
B) Management of Market Risk
1. Currency Risk
The Company is not subject to the Currency risk. The Company has laid policies and guidelines which it
adheres to in order to minimize the risk.
2. Price Risk
"The Company is mainly exposed to the price risk due to its investment in debt portion of mutual funds. The
price risk arises due to uncertainties about the future market values of these investments. At 31st March,
2024, the investments in mutual funds amounts to Rs.922.42/-lakhs (31st March, 2023: Rs.621.15
lakhs).“These are exposed to price risk."
The Company has laid policies and guidelines which it adheres to in order to minimize price risk arising from
investments in mutual funds.
3. Interest Rate Risk
The Company is mainly not exposed to the interest rate risk. The interest rate risk arises due to uncertainties
about the future market interest rate on investments.
C) Management of Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contrac¬
tual obligations.
Trade receivables : Concentration of credit risk with respect to trade receivables are limited, due to the
Company's customer base being large and diverse. All trade receivables are reviewed and assessed for
default on a quarterly basis. Our historical experience of collecting receivables indicate a low credit risk.
Hence, trade receivables are considered to be a single class of financial assets.
C. Deferred tax assets & liabilities are measured using the current tax rates. When there is unabsorbed
depreciation or carry forward of losses, deferred tax assets are recognized only to the extent that there is
virtual certainty of realization of deferred tax assets. Other deferred tax assets are recognized to the extent,
there is reasonable certainty of realization of deferred tax assets. Such deferred tax assets and other
unrecognized deferred tax assets are re-assessed at each balance sheet dates and the carrying value of the
same are adjusted recognizing the change in the value of each such deferred tax assets.
Note 47 "No funds have been advanced / loaned / invested (from borrowed funds or from share premium or from any
other sources / kind of funds) by the Company to any other 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 to or on behalf
of the Ultimate Beneficiaries. No funds have been received by the Company from any person(s) or entity(ies),
including foreign entities (Funding Parties), 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"
Note 48 Compliance with approved Scheme(s) of Arrangement : Not Appliacble
Note 49 The Figure have been rounded off to the nearest rupees in lakhs.
Note 50 The previous period figures have been re-grouped or re-arranged whenever considered necessary and have
been shown in bracket.
For and on behalf of the Board of Directors For PVSP & Co
Chartered Accountants
Sd/- Sd/- Sd/- FRN : 008940N
Vivek Jain Vineet Jain Anju
(Director) (Director) Company Secretary
DIN: 01753065 DIN: 01823758 M.No: A65057 Sd/-
CA Vi nod Ralhan
Place : New Delhi (Partner)
Date : 30.05.2024 M.No.: 091503
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