3.8 Provisions and Contingent Liabilities
The Company creates a provision when there is present
obligation as a result of a past event that probably requires
an outflow of resources and a reliable estimate can be
made of the amount of the obligation.
A disclosure for a contingent liability is made when there is
a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. The
Company also discloses present obligations for which a
reliable estimate cannot be made. When there is a
possible obligation or a present obligation in respect of
which the likelihood of outflow of resources is remote, no
provision or disclosure is made.
3.9 Borrowing costs
Borrowing costs consist of interest and other costs that an
entity incurs in connection with the borrowing of funds.
Borrowing cost also includes exchange differences to the
extent regarded as an adjustment to the borrowing costs
3.10 Earnings per Share
Basic earnings per share are calculated by dividing the
profit after tax or loss for the period attributable to equity
shareholders by the weighted average number of equity
shares outstanding during the period. In case there are any
dilutive securities during the period presented, the impact
of the same is given to arrive at diluted earnings per share.
The Company has only one class of equity shares having a par value of Rs. 10 per
share. Each holder of equity shares is entitled to one vote per share. The dividend
recommended by the Board of Directors and approved by the shareholders in the
Annual General Meeting is paid in Indian Rupees. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
26. Conversion of outstanding loans into equity after closure of
the financial year on 31st
No such event exists in the year ending 31st March 2024.
27. Cost of Investment
The fair value of the quoted shares are not available so the cost of
investment in the quoted shares are based on the cost of
acquisition of shares.
28. Disclosure relating to Trade Payables:
There are no outstanding dues to Micro, Small and Medium
Enterprises to the extent information available with the company
and the payments in respect of such suppliers are made within the
appointed day.
29. Capital work-in-progress ageing schedule:
Since Capital work-in-progress as on 31stMarch 2024 is NIL,
hence disclosure relating to its ageing schedule are not applicable
to the company.
31. Disclosures pursuant to Master Direction - Reserve Bank of
India (Transfer of Loan Exposures) Directions2021 dated
24thSeptember 2021:
a. Details of transfer through direct assignment in respect of
loans not in default:
Since the company has not given any loan which is
Outstanding at the beginning of the year nor has granted
any loan during the year, hence disclosure relating to same
are not applicable.
b. The company has not acquired any loan in default during
the year ended 31stMarch 2024.
c. The Company has not transferred or acquired any
stressed loan during the year ended 31stMarch 2024.
32. Benami Property under the Benami Transactions (Prohibition)
Act, 1988
No proceedings have been initiated or pending against the
Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 and rules made thereunder, as
at 31stMarch 2024 and 31stMarch 2023.
33. Crypto currency or Virtual Currency
The Company has not traded or invested in Crypto currency or
Virtual Currency during the year ended 31stMarch 2024, and 31st
March 2023.
34. Reconciliation of Balances
In the absence of confirmation from all the parties and pending
reconciliation the debit and credit balances with regard to
recoverable and payable have been taken as reflected in the
books. In the opinion of the Directors, Loans and Advances and
Current Assets, if realized in the ordinary course of business, have
the value at which they are stated in the Balance Sheet.
35. Undisclosed Income
There have been no transactions which have not been recorded in
the books of accounts that have been surrendered or disclosed as
income during the year ended 31 March 2024 and 31 March 2023,
in the tax assessments under the Income Tax Act, 1961. There
have been no previously unrecorded income and related assets
which were to be properly recorded in the books of account during
the year ended 31stMarch2024 and 31stMarch 2023
36. Provision for Non-Performing Assets
During the year, the Company has provided Rs. NIL/- (P.Y. NIL-),
towards Non- performing Assets in accordance with the prudential
norms prescribed by Reserve Bank of India.
37. Registration/Satisfaction of Charges with ROC
Since the company has not mortgaged any property / assets
whether moveable or immoveable, nor has taken any loan, hence
the disclosure regarding registration and satisfaction of Charges
with Registrar of Companies is not applicable.
38. Title deeds of immoveable property not held in the name of the
company
The Company does not hold any immovable property either owned
or leased as on 31stMarch 2024 and 31stMarch2023, hence
disclosure relating to Title deeds of immoveable property held in
the name of the company and / or its revaluation are not applicable.
39. Quarterly Returns of Current Assets
Since the company has not taken any borrowings from any banks
and / or financial institutions, hence disclosure relating to filing of
quarterly returns or statement of current assets are not applicable.
40. Wilful Defaulter
The Company is not a declared wilful defaulter by any bank or
financial Institution or other lender, in accordance with the
guidelines on wilful defaulters issued by the Reserve Bank of India,
during the year ended 31stMarch 2024 and 31stMarch 2023.
41. Transactions with Struck off Companies
The Company does not have any transactions with the companies
struck off under section 248 of Companies Act, 2013 or section 560
of Companies Act, 1956 during the year ended 31stMarch 2024 and
31stMarch 2023.
42. Segment Reporting
Segment Reporting as defined in Accounting Standards 17 are not
applicable as the company is primarily engaged in Finance Activity
44. Disclosure of transactions with related parties as required by
Ind AS 24
Related party disclosures Related party disclosures as required by
Indian Accounting Standard (Ind AS) -24 is as under
List of related parties and relationships
A. Directors and Key Managerial Personnel (KMP)
1. Mr. Vishal Abrol - Managing Director
2. MrsBinalJenish Shah - Whole-Time Director
3. Ms. Tejasvi - Chief Financial Officer
4. Ms. Ishita Agarwal - Company Secretary &
Compliance Officer
5. Shubham Arora- Additional Director
Subsidiary Company/Associate Company
There is no Associate/Holding of Vani Commercials
Limited however there is one Subsidiary Company,
SilverlinkFintech Private Limited, in which the company
has invested upto 51% i.e. 5100 shares out of 10,000
shares
Key Management Personnel
A Ms. Tejasvi, Chief Financial Officer
B Ms. Ishita Agarwal, Company Secretary
Enterprises over which Director / key management
personnel and their relatives exercise Significant
influence
i. Boolean Ventura Private Limited- Mr.
SparshAbrol, Son of Mr. Vishal Abrol, Managing
Director of the Company, is the director of Boolean
Ventura Private Limited
ii. Glitz Advertising Private Limited- Belongs to
Promoter group of the Company
iii. Atharva Professional Consultants LLP- Ms. Pooja
Bhatia, Sister of Mr. Gaurav Bhatia (Promoter
Group) of the Company is Designated Partner of
Atharva Professional Consultants LLP
iv. BS Energy Vehicle Private Limited- Mr.
SparshAbrol, Son of Mr. Vishal Abrol, Managing
Director of the Company, is Director in Bs Energy
Vehicle Private Limited
v. Medhansh Snacks Private Limited- Ms. Pooja
Bhatia, Sister of Mr. Gaurav Bhatia (Promoter
Group) is Director in Medhansh Snacks Private
Limited
vi. Regency Fincorp Limited- Mr. Gaurav Kumar,
Brother of Mr. Vishal Abrol is the Managing
Director of Regency Fincorp Limited
vii. Vani Moto Private Limited- JenishPankaj Kumar
Shah , spouse of Mrs. BinalJenish Shah, Whole
Time Director of the Company is Director of Vani
Moto Private Limited
viii. Glitz Homes LLP- Mr.GauravSukhija, Promoter of
the Company is Designated Partner of Glitz
Homes LLP
ix. Smart Energy 111 Tech Mobil India Private Ltd.-
Mr. Vishal Abrol and Mr. SparshAbrol are
directors.
x. SilverlinkFintech Private Ltd. - Ms. Sonia Abrol is
Director.
45. Details as required under regulation 53 (f) read with para (A) of
schedule VI of SEBI (Listing obligation and disclosure
requirement) Regulations in respect of loan, advances and
investment in Companies under same Management.
Not applicable on the Company as the Company as there is no
Non-Convertible securities listed on BSE.
47. Disclosure Requirements of IND AS
Previous Year figures have been re-arranged/re-grouped,
wherever necessary to confirm to current year Classification
48. Securities premium
Securities premium is used to record the premium on issue of
shares. It can be utilised only for limited purposes in accordance
with the provisions of the Companies Act, 2013.
49. Events after Reporting Date
There have been no events after the reporting date that require
adjustment/disclosure in these financial statements.
50 Subsidiary/Join Ventures/Investments
The Company does not haveassociate and joint venture, hence
reporting under clause 3(xxi) of the Order is not applicable. There is
one subsidiary company named SilverlinkFintech Private Limited.
51. Corporate Social Responsibility
The Company doesn't fall under the ambit of Section 135 (1) read
with the Companies (Corporate Social Responsibility Policy)
Rules, 2014. Hence formulation of Corporate Social Responsibility
policy is not applicable to the Company
52. Ageing of Trade Receivables Schedule
The Company doesn't have any Trade Receivable as at 31st March
2024, therefore disclosure regarding ageing of Trade Receivables
is not applicable.
53. Compliance with approved scheme of arrangements
The company has not applied for any scheme of arrangements with
any competent authority in terms of sections 230 to 237 of the
Companies Act, 2013, hence disclosure relating to same are not
applicable
54. Disclosure relation to utilisation of borrowed funds for
specific purpose:
The company has not taken any borrowing from any Banks and/or
Financial institutions, hence disclosure relating to Utilization of
borrowings for specific purpose are not applicable.
(i) Borrowings shall further be sub-classified as secured and
unsecured. Nature of security shall be specified separately in each
case.
(ii) Where borrowings have been guaranteed by Directors or others,
the aggregate amount of such borrowings under each head shall
be disclosed;
(iii) terms of repayment of term loans and other loans shall be stated;
and
(iv) period and amount of default as on the balance sheet date in
repayment of borrowings and interest shall be specified separately
in each case.
59 Dividend distributions made and proposed
No dividend has been distributed and proposed to be declared.
60. Concentration of Deposits, Advances, Exposures and NPA'S
The company has exposure to the electric vehicle industry almost
and all their retail transactions have exposure to the electric vehicle
industry. The total exposure to the doubtful accounts is given below
against which the company has initiated action under N I Act, 1881
and under IBC, 2016
61. Off-balance Sheet SPVs sponsored (which are required tobe
consolidated as per accounting norms)
SilverlinkFintech Private Limited
62. Penalties / fines imposed by the RBI and other regulators
NIL- confirmed by the management
63. Software purchase
The company purchased a software on 28.02.2024 which was put
to use on 01.03.2024 and the same shall be used for a period of 3
years.
As per our report of even date
FOR MKRJ & CO.
CHARTERED ACCOUNTANTS For and on Behalf of Board
Firm Registration No.030311N
Sd/- Sd/- Sd/-
(MUKESH KUMAR JAIN) Vishal Abrol Binal Jenish Shah
PARTNER Managing Director Director
Membership No.073972 DIN: 06938389 DIN: 09371388
UDIN: 24073972BKFARC9258
Sd/-
Ishita Agarwal
Company Secretary
PAN: BELPA2607F
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