26) Contingent Liabilities:-
a) Letter of credit and Bank Guarantees outstanding: Rs.109.05 lacs (Pre. Yr. 9.56 lacs).
b) Income Tax department has raised a demand for Rs.9.82 lacs for AY 2018-19 (previous year Rs.9.82 lacs) against which the Company has filed an appeal with the CIT (Appeals).
27) Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs.175 lacs.
28) Initial Public Offer
The company has voluntarily got itself converted from a ‘Private Limited Company’ to ‘Public Limited Company’ vide its certificate of Incorporation consequent to conversion dated 16th June, 2024 issued by Ministry of Corporate Affairs, India. The Company's shares have been listed with National Stock Exchange of India Limited (NSE) EMERGE Platform consequent to a public offer of shares during the year by the Company. During the year under review, the Company came out with its maiden ‘Initial Public Offering’ (IPO) of 37,90,400 Equity shares of face value of Rs.10/- each at a price of Rs.81/- per equity share aggregating to Rs.30,70,22,400/- . The public issue was open for subscription from 03/11/2023 till 07/11/2023. The Company got listed on 10/11/2023 on the National Stock Exchange of India Limited (NSE) Emerge Platform. The details of the Net Proceeds are set forth below:
(i) General Corporate Purpose amount includes Director’s remuneration, employee benefit expenses, services purchased, interest and other general expenses.
(ii) Net proceeds which were unutilized as at 31st March, 2024, have been kept in banks.
29) Balances of Trade receivables, Trade payables, Loans & advances, Long & current liabilities and Current & non-current assets are required to be confirmed / reconciled. The balances are therefore as per books of accounts only. Consequential effects /adjustment, presently unascertainable, will be provided as and when confirmed.
30) In the opinion of the Management and to the best of their knowledge and belief, the value on realisation of loans & advances and other current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.
31) In the opinion of the board, the provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.
32) Remuneration paid during the year to whole time Directors: Rs.195.68 lacs (Pre. Year: Rs.155.95 lacs).
33) In view of the management, no impairment loss on its property, plant & equipment / cash generating units is considered necessary at this stage, as its expected recoverable value is more than its carrying value.
37) GST credit receivable / availed are treated as an asset with relevant expenses being accounted net of such credit and the same is reduced to the extent of their utilizations.
38) During the year, vehicle purchased and considered as an asset by the Company is registered in the name of one of the Directors. This vehicle is being used by the Company for business purpose.
39) During the year, the Company has undertaken a review of all property, plant and equipment & Intangible assets and in the opinion of management, there is no impairment of assets as on balance sheet date and no provision for impairment is required to be recognized for the year.
40) Besides debit / credit in previous year adjustment account, amounts related to previous years arisen & settled during the year have been debited / credited to the respective heads of accounts.
41) The Employee’s Gratuity Fund Scheme is managed by LIC. The present value of obligation is determined based on actuarial valuation using projected unit credit method. The following tables set out the funded status of the gratuity plan recognised as per the company’s financials at 31.03.2024.
43) Trade receivables includes old outstanding amounts of Rs.3.88 lacs from Microdata Simulation Solutions FZCO in which some of the directors are interested. The management believes that this is recoverable and good, hence no provision has been made in the books of accounts.
48) SEGMENT REPORTING:
Primary Segment Information based on business segments
The company has 2 primary reportable business segments: IT related services & Trading of IT hardware and software. The segmental financial information is as follows:
49) Additional regulatory information as required under Companies Act 2013
(a) Title deeds of immovable property
All the title deeds of immovable properties are held in the name of the Company.
(b) Capital Work-in-Progress Ageing Schedule
There is no capital work-in-progress for the current year or the previous year. Hence this clause is not applicable.
(f) Benami Property
The Company did not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(g) Borrowings secured against current assets
The Statement of current assets filed by the Company with banks are in agreement with the books of accounts and there are no material deviations.
(h) Wilful Defaulter
The Company had not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.
(i) Relationship with Stuck off Companies
The Company did not have any transactions with Companies struck off under Section 248 of Companies Act, 2013 or Section 560 of Companies Act, 1956 considering the information available with the Company.
(j) Utilisation of borrowed funds
i. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
1.1. 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
1.11. Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
ii. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
11.1. 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
11.11. Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(k) Details of Crypto Currency or Virtual Currency
The Company did not trade or invest in Crypto Currency or virtual currency during the financial year. Hence disclosure relating to it are not applicable.
(l) Undisclosed Income
The Company do not have any transaction which are not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 during any of the years.
(m) Valuation of Property, Plant & Equipment, intangible assets and investment property
The Company has not revalued its property, plant and equipment (including Right of Use Assets) or intangible assets or both during the current or previous year.
(n) Loans to related parties and others
The Company had not granted any loans or advances in the nature of loans to promoters, directors, KMP's and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person that:
i. Are repayable on demand
ii. Without specifying any terms or period of repayment
(o) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the statutory period.
(p) Compliance with number of layers of companies
The Co mpany has co mplied with the number of layers prescribed under the Co mpanies Act, 2013.
50) Events occurring after the Balance Sheet date
No adjusting or significant non-adjusting events have occurred between 31 March 2024 and the date of authorisation of these standalone financial statements.
51) Previous year’s figures have been regrouped / rearranged wherever necessary to make them comparable with this year’s figures.
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