q) Provisions and contingent liabilities
General
Provisions are recognised when the Company has a present obligation (legal or constructive)
as a result of past events, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation
When the Company expects some or all of a provision to be reimbursed, for example, under
an insurance contract, the reimbursement is recognised as a separate asset, but only when
the reimbursement is virtually certain. The expense relating to a provision is presented in
the statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as
a finance cost.
Provision for onerous contracts
An onerous contract is a contract in which the unavoidable costs of meeting the obligations
under the contract exceed the economic benefits expected to be received under it. The
Company at the end of every reporting period conducts the onerous contract test per the
provisions of Ind AS 37 by comparing the remaining costs to be incurred under the contract
with the related revenue of the contract. Where the costs of a contract exceed the related
revenue of the contract, the Company makes a provision for the difference.
Contingent Liabilities
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 non-occurrence of
one or more uncertain future events not wholly within the control of the Company or a
present obligation 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. At
the balance sheet date no contingent liability exist.
r) Employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be
settled wholly within 12 months after the end of the period in which the employees render
the related service are recognised in respect of employees' services up to the end of the
reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented as current employee benefit obligations in the
balance sheet.
t) Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing the net profit or loss attributable to equity
shareholders by the weighted average number of equity shares outstanding during the
period. Partly paid equity shares are treated as a fraction of an equity share to the extent that
they are entitled to participate in dividends relative to a fully paid equity share during the
reporting period.
The weighted average number of equity shares outstanding during the period is adjusted for
events such as bonus issue that have changed the number of equity shares outstanding,
without a corresponding change in resources.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings
per share to take into account:
- the after income tax effect of interest and other financing costs associated with dilutive
potential equity shares, and
- the weighted average number of additional ordinary shares that would have been
outstanding assuming the conversion of all dilutive potential equity shares.
u). Significant accounting judgements, estimates and assumptions
The preparation of financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets
and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities affected in future periods.
Judgements
In the process of applying the Company's accounting policies, there are no significant
judgements established by the management.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty
at the reporting date that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year, are described below.
The Company based its assumptions and estimates on parameters available when the
financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market change or circumstances arising beyond
the control of the Company. Such changes are reflected in the assumptions when they occur.
(i) Useful life of property, plant and equipment
The Company uses its technical expertise along with historical and industry trends
for determining the economic life of an asset/component of an asset. The useful lives
are reviewed by management periodically and revised, if appropriate. In case of a
revision, the unamortised depreciable amount is charged over the remaining useful
life of the assets.
(ii) Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations,
changes in tax laws, and the amount and timing of future taxable income. Given the
nature of business differences arising between the actual results and the assumptions
made, or future changes to such assumptions, could necessitate future adjustments to
tax income and expense already recorded. The Company establishes provisions,
based on reasonable estimates. The amount of such provisions is based on various
factors, such as experience of previous tax audits and differing interpretations of tax
regulations by the taxable entity and the responsible tax authority. Such differences
of interpretation may arise on a wide variety of issues.
4) MSME as per the Micro, Small and Medium Enterprises Development Act, 2006
Required to pay MSMEs within 45 days, as per section 15 of the MSMED Act, 2006,
depending on the presence of a written agreement. In case there is no written agreement,
payment should be made within 15 days. Clause (h) of Section 43B comes into effect from
April 1, 2024, as per Sec15 MSMED Clause (h), otherwise the company is liable for
disallowance as per Union Budget 2023."
There are no Micro, Small and Medium Enterprise to whom the company over dues, which
are outstanding for within 45 days, or within 15 days of March 31, 2025, as per section 15 of
Micro, Small and Medium Enterprise Development Act, 2006.
4) Additional Regulatory Information:-as per Notification dated 24th March 2021 on Revised
Schedule issued by Ministry of Corporate affairs:
A Title deeds of Immovable Properties not held in name of the Company: -
The Company is not having immovable property during the period under review.
b Revaluation of Property Plant and Equipment
The company has not revaluated any Property Plant and Equipment during the year.
c Capital Work in Progress
The company does not have any Capital Work in Progress.
d Intangible Assets under development
The company does not have any Intangible Assets
e Details of Benami Property held
No proceeding has been initiated or pending against the company for holding any benami
property under the Benami Transaction (Prohibition) Act, 1988.
f Wilful Defaulter
The Company has not taken any loan or provided any guarantee or security hence it is not
declared as wilful defaulter by any bank or financial institution or any other lender during the
period under review.
G Relationship with Struck off Companies
The company has not made any transaction with companies struck off under section248 of the
Companies Act 2013.
H Registration of charges or satisfaction with registrar of companies
The company has not taken any loan, so creation of charge or satisfaction of charge beyond the
i. statutory period does not arise.
I Compliance with number of layers of companies
The Company is complying the number of layers of companies as defined in Companies Act, 2013.
J Compliance With Approved Schemes of Arrangement
The company is not under any such scheme of arrangement by the competent
authority in terms of Sections 230 to 237 of the Companies Act, 2013
k Utilization of Borrowed funds and Share Premium
A) The company has not given any loan/advance or invested funds to any other person or
persons, entities including foreign entities (intermediary) with the understanding that
the intermediary shall.
B) 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).
C) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
D) The company has not received funds from any other person or persons, entities
including foreign entities (Funding Party) with the understanding that the company
shall ;
E) 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).
F) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
l Detail of Crypto Currency or Virtual Currency
The Company has not traded or invested in crypto currency or virtual currency during the
period under review.
n Loans and advances to Related Parties
The company has not granted any loans or advances to promoters, directors, KMPs and the
related parties either severally or jointly with any other person, that are repayable on
demand or without specifying any terms or period of repayment.
o Undisclosed Income
The company has not 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.
P Ratios
Accounting ratios are disclosed as per annexure "A".
SCHEDULE AS PER OUR REPORT For and on behalf of the Board
OF EVEN DATE Bervin Investment & Leasing Limited
For KRISHAN K. GUPTA & CO.
Chartered Accountants
FRN: 000009N
K.K GUPTA S.K. Murgai Vivek Padgaonkar
Prop Director Director
M. No. 008311 (DIN: 00040348) (DIN:10000948)
UDIN: 25008311BMJJXZ2882
Place: New Delhi
Date: 29.05.2025 Kalpana Umakanth Ramesh Chand Jain
Secretary& Director CFO
(DIN: 00105594)
|