4.14 Provisions, Contingents Liabilities and Contingent Assets
I. A Provision is recognized when the company has present obligation as a result of past event and it is probable that outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
II. Contingent Liabilities are disclosed separately by way of note to financial statements after careful evaluation by the managements of the facts and legal aspects of the matter involved in case of:
a) At present obligation arising from the past event, when it is not probable that an outflow of resources will be required to settle the obligation.
b) A possible obligation, unless the probability of outflow of resources is remote.
III. Contingent Assets are neither recognized, nor disclosed in the financial statements.
4.15 Taxation
Taxes on income comprise current taxes and deferred taxes. Current tax in the Statement of Profit and Loss is provided as the amount of tax payable in respect of taxable income for the period using tax rates and tax laws enacted during the period, together with any adjustment to tax payable in respect of previous years.
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities and the amounts used for taxation purposes (tax base), at the tax rates and tax laws enacted or substantively enacted by the end of the reporting period. Deferred tax assets are recognized for the future tax consequences to the extent it is probable that future taxable profits will be available against which the deductible temporary differences can be utilized. Income tax, in so far as it relates to items disclosed under other comprehensive income or equity, are disclosed separately under other comprehensive income or equity, as applicable.
Deferred tax assets and liabilities are offset when there is legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on net basis, or to realize the asset and settle the liability simultaneously.
4.16 Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss (excluding other comprehensive income) for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted averages number of equity shares outstanding during the year.
4.17 Critical accounting judgements and key sources of estimation uncertainty
The preparation of the standalone financial statements in conformity with the Ind AS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and disclosures as at date of the standalone financial statements and the reported amounts of the revenues and expenses for the years presented. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates under different assumptions and conditions.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
4.18Additional Regulatory Information
(1) Title deeds of Immovable Property not held in name of the Company
Provide the details of all the immovable property (other than properties where the Company is the lessee and the lease agreements are duly executed in favor of the lessee) whose title deeds are not held in the name of the company in format given below and where such immovable property is jointly held with others, details are required to be given to the extent of the company's share.
C urrent Year
5.1 Previous year figures have been reworked, regrouped, & reclassified wherever necessary to confirm to the current year presentation.
5.2 In the opinion of Board of Director, the Current Assets, Loans &Advances have a value on realization in the ordinary course of business at least equal to
the amount at which these are stated.
5.3 The Company has presented segment information in the consolidated financial statements which are presented in the same financial report.
Accordingly, in terms of Paragraph 4 of Ind AS 108 'Operating Segments', no disclosures related to segments are presented in this standalone financial statement.
5.4 As per Ind AS-24 on related Party disclosure notified by the central government under the companies Act, there are some related Party transactions
during the year. The disclosure of related party transactions is as follows.
5.8 Contingent Liabilities & Pending Litigation
• There is a pending Income Tax case A.Y. 2011-12 before Commissioner of Income Tax Appeal. The Income tax Department has raised the demand of Rs. 5952050/-. The management is hopeful to get decision in favor of the company.
•
5.9 There are no micro, Small and Medium Enterprises, to whom the Company owes dues which outstanding for more than 45 days as at 31st March 2024. This information as required to be disclosed under the micro, small and medium Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with company.
The accompanying notes are an integral part of the financial statements.
As per our report of even date
For SINGHAL & GUPTA For and on behalf of the Board of Directors
Chartered Accountants (FRN: 030703C)
Ankur Agarwal ATUL SINGH TYAGI ANUPAMA SINGH TYAGI
Partner MANAGING DIRECTOR CFO DIRECTOR
Membership No.: 407510 DIN: 01335008 DIN: 01064611
Place: Noida Date: 30/05/2024
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