12. 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 director's remuneration on account of salary only.
3. Trade receivables, Trade payables, Loans & Advances and Unsecured Loans have been taken at their
book value subject to confirmation and reconciliation.
5. Loans and Advances are considered good in respect of which company does not hold any security
other than the personal guarantee of persons.
6. No provision for retirement benefits has been made, in view of accounting policy No. 11. The impact
of the same on Profit & Loss is not determined.
7. Advance to others includes advances to concerns in which directors are interested (Rs. in Lacs)
• The title deeds of immovable properties (other than properties where the Company is the lessee
and the lease agreements are duly executed in favour of the lessee) are held in the name of the
Company.
• The Company does not have any Investment Property
• The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets)
and Intangible Assets.
• There are no Loans or Advances in the nature of loans that are granted to Promoters, Directors,
KMPs and their Related Parties (as defined under Companies act, 2013), either severally or
jointly with any other person, that are outstanding as on 31 March 2024:
o Repayable on Demand; or
o Without specifying any terms or period of repayment
• Capital Work in Progress ageing schedule: Refer in Note
• There are no Intangible Assets under development as on 31 March 2024
• No Proceedings have been initiated or pending against the Company for holding any Benami
property under the Benami Transactions (prohibition) Act, 1988 (45 of 1988) and the rules made
thereunder.
• The Company is not declared Willful Defaulter by any Bank or Financial Institution or Other
Lender.
• The Company has not undertaken any transactions with Companies struck off under section
the companies act, 2013 or section 560 of companies act, 1956.
• No Charges or satisfaction of charges are yet to be registered with registrar of companies
beyond the statutory period as on 31 March 2024.
• The Company has complied with the number of layers prescribed under clause (87) of section
2 of the act read with Companies (restriction on number of layers) Rules, 2017.
• No Scheme of arrangements has been approved by the competent authority in terms of sections
230 to 237 of the Companies Act, 2013.
• The Company has not advanced or loaned or invested funds (either borrowed funds or share
premium or any other sources 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 directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever (ultimate beneficiaries) by or on behalf of the
Company or provide any guarantee, security or the like to or on behalf of the ultimate
beneficiaries.
• 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 directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever (ultimate beneficiaries) by or on behalf of the funding party or provide
any guarantee, security or the like on behalf of the ultimate beneficiaries.
• No Transactions has been surrendered or disclosed as income during the year in the tax
assessment under the income tax act, 1961. There are no such previously unrecorded income or
related assets.
• The Company is not covered under section 135 of the Companies act Corporate Social
Responsibility (CSR).
• The Company has not traded or invested in Crypto Currency or Virtual Currency during the
financial year.
16. Previous year figures have been regrouped/rearranged wherever necessary.
Signature to notes 1 to 19
In terms of Our Separate Audit Report of Even Date Attached.
For Aalap Parikh & Associates For AJWA FUN WORLD AND RESORTS LTD
Chartered Accountants
CA Alok Patel Rajesh C Jain Rahil R. Jain
Membership No.163903 Chairman & Managing Director
Registration No. 147728W Director
Place: - Vadodara DIN : 00285542 DIN : 02300673
Date: - 29.05.2024
UDIN:24163903BKBKVS3439
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