p) Provisions
Provisions for legal claims, service warranties, volume discounts and returns are
recognized when the Company has a present legal or constructive obligation as a result
of past events, it is probable that an outflow of resources will be required to settle the
obligation and the amount can be reliably estimated. Provisions are not recognized for
future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be
required in settlement is determined by considering the class of obligations as a whole. A
provision is recognized even if the likelihood of an outflow with respect to any one item
included in the same class of obligations may be small.
Provisions are measured at the present value of management's best estimates of the
expenditure incurred to settle the present obligation at the end of the reporting period.
The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the
liability.
The increase in the provision due to the passage of time is recognized as interest
expense.
q) Insurance claims
Insurance claims are accounted for on the basis of claims admitted / expected to be
admitted and to the extent that the amount recoverable can be measured reliably and it
is reasonable to expect ultimate collection.
r) Operating Cycle
Based on the nature of activities of the Company and the normal time between
acquisition of assets and their realisation in cash or cash equivalents, the Company has
determined its operating cycle as 12 months for the purpose of classification of its assets
and liabilities as current and non-current.
s) Current and Non-Current classification:
i. The assets and liabilities in the Balance Sheet are based on current/ non - current
classification. An asset as current when it is:
• Expected to be realised or intended to be sold or consumed in normal operating
cycle
• Held primarily for the purpose of trading
• Expected to be realised within twelve months after the reporting period, or
• Cash or cash equivalents unless restricted from being exchanged or used to settle
a liability for at least twelve months after the reporting period
All other assets are classified as non - current.
ii. A liability is current when:
• Expected to be settled in normal operating cycle
• Held primarily for the purpose of trading
• Due to be settled within twelve months after the reporting period, or
• There is no unconditional right to defer the settlement of the liability for at least
twelve months after the reporting period
All other liabilities are treated as non - current.
Deferred tax assets and liabilities are classified as non - current assets and liabilities.
t) Trade receivables
Trade receivables are recognized initially at fair value and subsequently measured at
amortized cost using the effective interest method, less provision for impairment.
Trade Receivables have been taken at fair value subject to confirmation and
reconciliation.
u) Trade payables
These amounts represent liabilities for goods and services provided to the Company prior
to the end of financial year which are unpaid. The amounts are unsecured and are
usually paid as per the agreed terms. Trade and other payables are presented as current
liabilities unless payment is not due within 12 months after the reporting period.
They are recognized initially at their fair value and subsequently measured at amortized
cost using the effective interest method.
In accordance with Ind AS 101 provisions related to first time adoption, the Company
has elected to apply Ind AS accounting for business combinations prospectively from 1
April 2017. As such, Indian GAAP balances relating to business combinations entered
into before that date, including goodwill, have been carried forward with minimal
adjustment. The same first time adoption exemption is also used for associates.
Business combinations are accounted for using the acquisition method. The cost of an
acquisition is measured as the aggregate of the consideration transferred measured at
acquisition date fair value. Acquisition-related costs are expensed as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are
recognised at their acquisition date fair values. For this purpose, the liabilities assumed
include contingent liabilities representing present obligation and they are measured at
their acquisition fair values irrespective of the fact that outflow of resources embodying
economic benefits is not probable.
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred over the net identifiable assets acquired and liabilities
assumed.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to each of the Company's cash¬
generating units that are expected to benefit from the combination, irrespective of
whether other assets or liabilities of the acquiree are assigned to those units.
8. There are no contingent liabilities as on the balance sheet date.
9. There are no charges or satisfaction of charge pending to be registered with Registrar
of Companies beyond the statutory period, as applicable.
10. The company has not been declared wilful defaulter by any bank or financial
institution or other lender during the year.
11. The company does not hold any Benami property and no proceeding have been
initiated or pending against the company in such respect.
12. The company has not entered into any transactions with struck off companies.
13. The company has not traded or invested in Crypto currency or Virtual Currency
during the year.
14. The company has made detailed assessment of its liquidity position and of the
recoverability and carrying value of its assets as on the balance sheet date and has
concluded that no material adjustments are required to be made in financial
statements.
15. In the opinion of the management all the assets of the company have a value on
realization in the ordinary course of business, at least equal to the amount at which
they are stated in the financial statements.
16. Previous year figures have been regrouped/rearranged wherever necessary.
17. Whenever the balance confirmation is not available from the parties, the balance as
appearing in the books of accounts have been considered.
In terms of our Report attached of even date
For BAS & Co. LLP
Chartered Accountants
FRN:323347E/E300008
Sd/
(CA Ritika Agarwal) Sd/- Sd/-
Designated Partner (BAL MUKUND TIWARI) (ARPAN GUPTA)
M. No. 527731 Chairperson Director
Place: New Delhi DIN-02566683 DIN-03498884
Date: 27.05.2023
UDIN:24527731BKCJPN7402
Sd/- Sd/-
(HOBIN DUGGAL) (SONIA SHARMA)
Company Secretary Chief Financial Officer
M.NO.A55624 PAN:AYXPS7732A
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