14. Provision, Contingent Liabilities and
Contingent Assets
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 ACCOUNTS
1. The Standalone Financial statements including
Standalone Financial information have been prepared
after making such regroupings and adjustments,
considered appropriate to comply with the same.
As result of these regroupings and adjustments,
the amount reported in the Consolidated Financial
statements/information may not necessarily be same as
those appearing in the respective audited Consolidated
Financial statements for the relevant years.
2. Segment Reporting
The Company at present is engaged in the Business of
IT Service only. In view of this, primary and secondary
reporting disclosures for business/ geographical
segment as envisaged in AS -17 is not applicable.
3. Provisions, Contingent Liabilities and
Contingent Assets (AS 29)
Contingent liabilities and commitments (to the extent
not provided for). There are no contingent liabilities as
on March 31,2025.
8. Additional regulatory information:
(a) Details of crypto currency or virtual currency
The Company has neither traded nor invested
in Crypto currency or Virtual Currency for the
year ended on March 31, 2025, March 31, 2024.
Further, the Company has also not received any
deposits or advances from any person for the
purpose of trading or investing in Crypto Currency
or Virtual Currency.
(b) Compliance with approved scheme of
arrangements
Company is not engaged in any scheme
of arrangements.
(c) Undisclosed income
During the year ended on March 31, 2025, March
31, 2024., the Company has not surrendered
or disclosed as income any transactions not
recorded in the books of accounts in the course of
tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961).
(d) Relationship with struck off companies
The Company does not have any transactions
with the companies struck off under section 248
of the Companies Act, 2013 or section 560 of the
Companies Act, 1956 during the year ended on
March 31,2025, March 31,2024.
(e) Compliance with numbers of layers of
companies
The Company is in compliance with the number of
layers of companies in accordance with clause 87
of Section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017
during the year ended on March 31, 2025,
March 31,2024.
(f) Utilization of borrowed funds and share
premium
During the year ended on March 31, 2025,
March 31, 2024, the Company has not advanced
or Loans or invested funds (either borrowed
funds or share premium or kind of funds) 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.
During the year ended on March 31, 2025, March
31.2024, 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:
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.
(g) The Company has not been declared Willful
Defaulter by any bank or financial institution or
government or any government authority.
(h) No proceeding has been initiated nor pending
against the company for holding any benami
property under the Benami Transactions
(Prohibition) Act,1988 (45 of 1988) and rules
made thereunder.
(i) The Company has not revalued its tangible
& intangible assets in the year ended March
31.2025, 2024.
(j) The Company does not have any intangible assets
under development as on March 31, 2025, 2024
(k) The Company does not have any Immovable
Property whose title deeds are not registered in the
name of company.
(l) The Company has not been sanctioned working
capital limits at any points of time during the year,
from banks or financial institutions on the basis of
security of current assets
(m) The Company has not granted any loans &
Advances to Promoters, directors, KMPs and
related parties during the reporting period.
9. Details of dues to Micro and Small Enterprises
as defined under the MSMED Act, 2006:
Based on the information available with the Company
in respect of MSME (as defined in the Micro, Small and
Medium Enterprises Development Act, 2006) and as
confirmed to us there are no delays in payment of dues
to such enterprise during the year.
C. Shares held by holding/ultimate holding company and/or their subsidiaries/associates
There is no Holding Company of Vinsys IT Services India Limited
D. Shares with rights preferences and restrictions attaching to each class including restriction on
distribution of dividend and repayment of capital
Equity shares
The Company has only one class of Equity having a par value Rs. 10.00 per share. Each shareholder is eligible for one
vote per share held.
2.30 Employee benefits AS 15
Defined contribution plans
The Company has recognized Rs 110.03 Lakhs towards Provident Fund and Rs 3.29 Lakhs towards Employee State Insurance
in the Statement of Profit and Loss.
Defined Benefit plans
Gratuity
In accordance with Payment of Gratuity Act, 1972, the Company was required to provide post employement benefit to its
employees in the form of gratuity. The disclosure relating to acturial assumptions in accordance with AS 15 (revised ) are
provided below,
Discount Rate:The discount rate should be based upon the market yields available on Government bonds at the accounting
date with a term that matches that of the liabilities
Salary Increases: It should be set by taking into account inflation,seniority,promotion and other relevant factors such as supply
and demand in the employment market and the past history regarding salary increases.
Methodology : Projected Unit Credit method (PUC) is used to assess the present value of obligation and the related current
service cost and interest cost.
(b) As per the best estimate of the management, there is no capital commitment and contingent liability exists as on the date
of the Financial Statement.
(c) Disclosures required under mandatory accounting standards & Schedule III are given to the extent appplicable and possible.
(d) Additional information as required by para 5 of General Instructions for preparation of Statement of Profit and Loss (other
than already disclosed above) are either Nil or Not Applicable.
(e) Previous year figures are regrouped or rearranged wherever considered necessary.
(f) Figures have been rounded off to the nearest Lakhs
As per our report of even date For and on behalf of the Board of Directors
Vinsys IT Services India Limited
For A Y & Company
Firm Registration No. 020829C Sd/- Sd/-
Chartered Accountants Vikrant Patil Vinaya Patil
Chairman and Managing Director Whole Time Director
(DIN:00325383) (DIN:00325458)
Sd/-
CA Arpit Gupta
Partner Sd/- Sd/-
Membership No. 421544 Gayatree karandikar Saneeka Dhamankar
UDIN : 25421544BMIUXX6733 Company Secretary Chief Financial Officer
Place : Pune
Date :
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