13. Provisions and Contingent Liabilities
Provisions are recognized when an enterprise has a present obligation as a result of past event for which it is probable that an outflow of resources will be required to settle the obligation, inrespect of which a reliable estimate can be made. Provisions are not discounted to its 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 best current estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events,the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the company or the present obligations that arises from past events, where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.
14. Investments
Long-term investments, are carried individually at cost less provision for diminution, other thantemporary, in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. Cost of investments include acquisition charges such as brokerage,fees and duties.
15. Earnings per share
The Company reports basic and diluted Earnings per Share (EPS) in accordance with Accounting Standard 20 'Earning per Share. Basic EPS is computed by dividing the net profit or loss attributable to the equity shareholders for the year by the weighted average number of equityshares outstanding during the year. Diluted EPS is computed by dividing the net profit or loss attributed to the equity shareholders for the year by weighted average number of equity shares outstanding during the year as adjusted for the effects of all potential equity share, except where the result is antidilutive.
a. The Company is in appeal against demands on Income Tax, Customs duty, service tax, goods and services tax.
b. Future cash outflows in respect of (a) above can be determined only on receipt of judgments/decisions pending with various forums/authorities.
c. The above figures for contingent liabilities do not include amounts towards certain additional penalties/interest that may devolve on the Company in the event of an adverse outcome as the same is subjective and not capable of being presently quantified.
31 Balances of unsecured loans, creditors, debtors, loans & advances & other parties are subject to their confirmations and reconciliations, due adjustments, if necessary, will be made on receipt thereof. However, the management does not expect any material differences affecting the current year's Financial Statements.
32 Previous Year's figures have been regrouped and/or reclassified, wherever necessary to confirm to the presentation adopted in current year's financial statements.
Other Statutory information
33 The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date.
33.01 The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.
33.02 The Company does not hold any Benami Property under the Benami Transactions (Prohibition) Act, 1988.
33.03 The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
33.04 The Company has not made any Investment in violation to the provisions related to number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.
33.05 There were no charges or satisfaction yet to be registered with ROC beyond the statutory period.
33.06 There are no immovable properties held by company whose title deeds are not held in the name of company. Further in case of leasehold properties where Company is lessee, the lease agreement are duly executed in favour of the company.
33.07 No transactions recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
33.08 The Company has not traded or invested in Crypto Currency or Virtual Currency.
33.09 Company has not given advance, loan or made investments to any other persons or entity, including Foreign entities (Intermediary) with the understanding that the Intermediary shall:
- directly or indirectly lend or invest in other person/ entities (Ultimate Beneficiaries) on behalf of the Company -provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Company has not received any fund from any person or entity, including Foreign entities (Funding Party), with the understanding that the Company shall:
- directly or indirectly lend or invest in other person or entities (Ultimate Beneficiary) by or on behalf of Funding Party
- or provides any guarantee or security on behalf of the Ultimate Beneficiary
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