11. Provisions, Contingent Liabilities and Contingent Assets:- (AS-29)
Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made.
Contingent Liabilities is disclosed in Notes to the account for:-
(i) Possible obligations which will be confirmed only by future events not wholly within the control of the company or
(ii) Present Obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are not recognized in the financial statement since this may result in the recognition of the income that may never be realized.
General:
Except wherever stated, accounting policies are consistent with the generally accepted accounting principles and have been consistently applied.
(B) Notes on Financial Statements
1. The SSI status of the creditors is not known to the Company; hence the information is not given.
2. Salaries includes directors remuneration on account of salary Rs. 4,35,65,431/-.
9. Additional Regulatory Information/disclosures as required by General Instructions to Schedule III to the Companies Act, 2013 are furnished to the extent applicable to the Company.
10. Previous year figures have been regrouped/rearranged wherever necessary.
Signature to notes 1 to 10
In terms of Our Separate Audit Report of Even Date Attached.
For, M/s. Sachin & Associates For, Olatech Solutions Limited
Chartered Accountants
FCA. Sachin Kumar Yadav Amit Singh Navneet Kakkar
Partner Director Director
Membership No. 411062 DIN: 06582830 DIN: 08329635
Place: Lucknow Date: 22.05.2024 UDIN: 24411062BKEFMB4423
|