3.14 Provision, contingent liabilities and
contingent assets
a. Provisions
Provisions are recognized when the Company has a
present obligation (legal or constructive) as a result
of a past event, and 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 obligation.
Provisions are measured at the best estimate of the
expenditure required to settle the present obligation,
at the balances sheet date.
If the effect of the time value of money is material,
provisions are discounted to reflect its present value
using a current pre-tax rate that reflects the current
market assessments of the time value of money and
the risks specific to the obligation. When discounting
is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
b. Contingent Liabilities
A disclosure for a contingent liability is made 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 arising as a
result of past event that probably will not require an
outflow of resources or where a reliable estimate of
the obligation cannot be made.
c. Contingent Assets
Contingent assets are not recognized in the financial
statements. However, contingent assets are assessed
continually and if it is virtually certain that an inflow
of economic benefits will arise, the asset and related
income are recognized in the period in which the
change occurs.
3.15 Investment property
Properties, held to earn rentals and/or capital
appreciation are classified as investment property
and measured at cost, including transaction costs.
Depreciation is recognised using straight line method
so as to write off the cost of the investment property less
their residual values over their useful lives specified in
Schedule II to the Companies Act, 2013. Depreciation
method is reviewed at each financial year end to
reflect the expected pattern of consumption of the
future benefits embodied in the investment property.
An investment property is derecognised upon disposal
or when the investment property is permanently
withdrawn from use and no future economic benefits
are expected from the disposal. Any gain or loss
arising on derecognition of property is recognised
in the statement of profit and loss in the same period.
3.16 Taxes
a. Current tax
Current income tax, assets and liabilities are
measured at the amount expected to be paid
to or recovered from the taxation authorities in
accordance with the tax regime inserted by the
Taxation Laws (Amendment) Act, 2019 in the
Income Tax Act, 1961 and the Income Computation
and Disclosure Standards (ICDS) enacted in India by
using tax rates and the tax laws that are enacted at
the reporting date.
Current tax relating to items recognized outside profit
or loss is recognized in correlation to the underlying
transactions either in OCI or directly in other equity.
Management periodically evaluates positions taken in
the tax returns with respect to situations in which the
applicable tax regulations are subject to interpretation
and establishes provisions where applicable.
b. Deferred tax
Deferred tax is provided using the liability method on
temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial
reporting purposes at the reporting date. Deferred tax
assets and liabilities are recognised for all deductible
temporary differences, the carry forward of unused
tax credits and any unused tax losses. Deferred tax
assets are recognised to the extent that it is probable
that taxable profit will be available against which
the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses
can be utilised. The carrying amount of deferred tax
assets is reviewed at each reporting date and reduced
to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of
the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting
date and are recognised to the extent that it has
become probable that future taxable profits will allow
the deferred tax asset to be recovered. Deferred tax
assets and liabilities are measured at the tax rates
that are expected to apply in the year when the asset
is realized or the liability is settled, based on tax rates
(and tax laws) that have been enacted or substantively
enacted at the reporting date.
3.17 Earning per share
Basic earnings per share is calculated by dividing
the net profit or loss for the period attributable to
equity shareholders by the weighted average number
of equity shares outstanding during the period.
Earnings considered in ascertaining the Company’s
earnings per share is the net profit for the period after
tax. The weighted average number of equity shares
outstanding during the period and for all periods
presented is adjusted for events, such as bonus
shares, sub-division of shares etc. that have changed
the number of equity shares outstanding, without a
corresponding change in resources.
For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable
to equity shareholders is divided by the weighted
average number of equity shares outstanding during
the period, considered for deriving basic earnings per
share and weighted average number of equity shares
that could have been issued upon conversion of all
dilutive potential equity shares.
For the purpose of calculating basic EPS, shares
allotted to ESOP trust pursuant to the employee
share based payment plan are not included in the
shares outstanding as on the reporting date till the
employees have exercised their right to obtain shares,
after fulfilling the requisite vesting conditions. Till such
time, the shares so allotted are considered as dilutive
potential equity shares for the purpose of calculating
diluted EPS.
3.18 Assets held for sale
Assets acquired by the Company under settlement
with the borrrowers or repossesed as per the powers
conferred under SARFAESI Act are classified as Non
Current Assets Held for Sale, as their carrying amount
will be recovered principally through a sale transaction
rather than through its use and a sale is considered
highly probable. They are measured at the lower of
their carrying amount and fair value less costs to sell,
as estimated by the management. An impairment
loss is recognised for any initial or subsequent write¬
down of the asset to fair value less costs to sell. A
gain is recognised for any subsequent increases in
fair value less costs to sell, but not in excess of any
cumulative impairment loss previously recognised.
These assets are not depreciated or amortised while
they are classified as held for sale.
3.19 Significant accounting judgements,
estimates and assumptions
The preparation of standalone financial statements
in conformity with Ind AS requires the management
to make use of estimates and assumptions that
affect the reported amount of assets and liabilities
and disclosure of contingent liabilities at the date of
standalone financial statements, and the reported
amount of revenues and expenses during the
reporting period. In view of the inherent uncertainties
and a level of subjectivity involved in measurement
of items, it is possible that the outcomes in the
subsequent financial years could differ from those on
which the Management’s estimates are based.
The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying
values of assets and liabilities within the next financial
year are given below.
Fair value of financial instruments
Fair value of financial instruments is required to
be estimated for financial reporting purposes. The
Company applies appropriate valuation techniques
and inputs for fair value measurements. In estimating
the fair value of an asset or a liability, the Company
uses quoted prices and market-observable data
to the extent it is available. When the fair value of
financial assets and financial liabilities recorded in the
balance sheet cannot be measured based on quoted
prices in active markets, their fair value is measured
using valuation techniques, based on the inputs to
these models taken from observable markets where
possible, but where this is not feasible, a degree of
judgement is required in establishing fair values.
Judgements include considerations of inputs such
as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the
reported fair value of financial instruments.
Effective Interest Rate (EIR) method
The Company recognizes interest income/expense
using a rate of return that represents the best estimate
of a constant rate of return over the expected life of the
loans given/taken. This estimation, by nature, requires
an element of judgement regarding the expected
behaviour and life-cycle of the instruments, as well as
expected changes to other fee income/expense that
are integral parts of the instrument.
Impairment of financial assets - Expected
Credit Loss
The measurement of impairment loss allowance for
financial asset measured at amortised cost requires
use of statistical models, significant assumptions
about future economic conditions and credit behavior
(e.g. likelihood of borrowers defaulting and resulting
losses). In estimating the cash flows expected to be
recovered from credit impaired loans, the Company
makes judgements about the borrower's financial
situation, current status of the project, net realisable
value of securities/collateral etc. As these estimates are
based on various assumptions, actual results may vary
leading to changes to the impairment loss allowance.
Further, judgement is also made in identifying the
default and significant increase in credit risk (SICR) on
financial assets as well as for homogeneous grouping
of similar financial assets. Impairment assessment also
takes into account the data from the loan portfolio,
levels of arrears and an analysis of historical defaults.
Useful life of property, plant and equipment
The Property, Plant and Equipment are depreciated
on straight line method over their respective useful
lives. Management estimates the useful lives of these
assets as detailed in Note 3.9 above. Changes in the
expected level of usage, technological developments,
level of wear and tear could impact the economic
useful lives and the residual values of these assets,
therefore, future depreciation charges could be
revised and could have an impact on the financial
position in future years.
(b) During the financial year 2021-22 the Company had allotted the following shares:
- 1,23,38,414 equity shares of ' 10/- each, fully paid up, as bonus shares in the ratio of 1:2.
- 18,25,000 equity shares of face value ' 10/- each fully paid up on prefrential basis.
(c) During the financial year 2023-24 the Company had converted 350,000 share warrants into 3,50,000
equity shares of ' 10/- each fully paid up.
(d) Terms/rights attached to equity shares
The Company has one class of equity shares having a par value of ' 10/- per share. Each Shareholder is eligible for
one vote per share held. The shares entitle the holder to participate in dividends and in the event of liquidation,
the equity Shareholders are eligible to receive the remaining assets of the Company in proportion to their
shareholding.
34. SEGMENT INFORMATION
In the opinion of the management, there is only business segment i.e. lending, which have similar risks and
return for the purpose of Ind AS 108 'Operating segments', prescribed under Section 133 of the Companies Act,
2013 ('Act') read with the relevant rules issued thereunder. Accordingly, no separate disclosure for segmental
reporting is required to be made in the financial statements or the Company.
Secondary segmentation based on geography has not been presented as the Company operates primarily in
India and the Company perceives that there is no significant difference in its risk and returns in operating from
different geographic areas within India.
All the operating revenue of the Company is from the external customers with in India only. No revenue from
transactions with a single external customer or counterparty amounted to 10% or more of the Company's total
revenue in year ended 31 March 2025 or 31 March 2024.
35. EMPLOYEE STOCK OPTION SCHEME
(ESOS)
The ESOS Scheme titled "CSL Employee Stock options
Scheme 2016” (CSL ESOS 2016) was approved by the
shareholders on 30.09.2016. 7,00,000 options are
covered under the CSL ESOS, 2016.
During the financial year 2016-17, the Compensation
Committee in its meeting held on 03.02.2016 and
11.02.2016 has granted 4,50,000 options (aggregate)
under ESOS to eligible employees of the Company.
Each option comprises one underlying equity share.
The terms regarding vesting and exercise of options
are governed by the grant letters issued to the eligible
employees to whom options are granted. The Exercise
price has been determined at '226/- per share for the
grant of aforesaid 450000 options.
During the financial year 2017-18, the Compensation
Committee in its meeting held on 12.05.2017 and
07.07.2017 has granted 1,15,000 options (aggregate)
under ESOS to eligible employees of the Company.
Each option comprises one underlying equity share.
The terms regarding vesting and exercise of options
are governed by the grant letters issued to the eligible
employees to whom options are granted. The Exercise
price has been determined at '240/- per share for the
grant of aforesaid 1,15,000 options.
During the financial year 2018-19, 69,350 options
were exercised and 1,65,000 equity shares were
allotted. However, 90,000 options were lapsed during
the financial year 2018-19 and no fresh options were
granted during the year.
During the financial year 2019-20, 24,891 options
were exercised and 90,000 equity shares were
allotted. However, 12,500 options were lapsed during
the financial year 2019-20 and no fresh options were
granted during the year.
During the financial year 2020-21, 34921 options
were exercised. and 120,838 options were lapsed
during the financial year 2020-21 and no fresh
options were granted during the year.
During the financial year 2021-22, 6625 options
were exercised. During the current financial year
400000 equity shares were allotted along with the
71676 bonus shares.
During the financial year 2022-23, 6625 options
were exercised. During the current financial year
481000 equity shares were granted.
During the financial year 2023-24, 147814 options
were exercised and 152250 shares were lapsed.
During the financial year 2024-25, 19375 options
were exercised and 61875 shares were lapsed. During
the current financial year 30000 equity shares were
allotted.
39.2 Valuation methodologies of financial
instruments not measured at fair value
Below are the methodologies and assumptions
used to determine fair values for the above financial
instruments which are not recorded and measured at
fair value in the Company’s financial statements. These
fair values were calculated for disclosure purposes only.
Short-term financial assets and liabilities
For financial assets and financial liabilities that have
a short-term maturity (less than twelve months), the
carrying amounts, which are net of impairment, are
a reasonable approximation of their fair value. Such
instruments include: cash and bank balances, balances
other than cash and cash equivalents. Such amounts
have been classified as Level 2/Level 3 on the basis
that no adjustments have been made to the balances
in the balance sheet.
Loans and advances to customers
For loans and advances, the fair value is calculated
for SME and Wholesale portfolios separately. The
weighted average rate of lending is computed for each
segment on reporting date and the portfolio is then
adjusted for changes in these rates.
Borrowings
The fair values of financial liability held-to-maturity are
estimated using effective interest rate model based on
contractual cash flows using weighted average rate of
borrowing of the Company.
40. CREDIT RISK MANAGEMENT
40.1 Credit Risk
Credit risk is the risk that the Company will incur a loss
because its customers fail to discharge their contractual
obligations.The Company has a comprehensive
framework for monitoring credit quality of its loans
primarily based on days past due monitoring at period
end. Repayment by individual customers and portfolio
is tracked regularly and required steps for recovery are
taken through follow ups and legal recourse.
40.3 ECL Methodology
In assessing the impairment of financial loans under
Expected Credit Loss (ECL) Model, the assets have
been segmented into three stages. The three stages
reflect the general pattern of credit deterioration of a
financial instrument.
Stage 1 (0-30 days) includes loan assets that have
not had a significant increase in credit risk since
initial recognition or that have low credit risk at the
reporting date.
Stage 2 (31-90 days) includes loan assets that have
had a significant increase in credit risk since initial
recognition but that do not have objective evidence
of impairment.
Stage 3 (more than 90 days) includes loan assets
that have objective evidence of impairment at the
reporting date.
The Expected Credit Loss (ECL) is measured at
12-month ECL for Stage 1 loan assets and at lifetime
ECL for Stage 2 and Stage 3 loan assets. ECL is the
product of the Probability of Default, Exposure at
Default and Loss Given Default
(i) Definition of default
The Company considers a financial asset to be in
"default” when a financial asset is 90 days past due
and therefore Stage 3 (credit impaired) for ECL
calculations when the borrower becomes 90 days
past due on its contractual payments.
(ii) Exposure at default
EAD is based on the amounts the Company expects
to be owed at the time of default. Forward-looking
economic information (including management
overlay) is included in determining the 12-month
and lifetime PD, EAD and LGD. The assumptions
underlying the expected credit loss are monitored
and reviewed on an ongoing basis. The EAD for Stage
3 assets is the gross principal outstanding at the date
of default.
(iii) Estimations and assumptions considered
in the ECL model
The probability of default (PD’) is the likelihood that
an obligor will default on its obligations in the future.
Ind AS 109 requires a separate PD for a 12-month
duration and lifetime duration depending on the
stage allocation of the obligor.
PD describes the probability of a loan to eventually
falling in default (>90 days past due) category. To
calculate the PD, loans are classified in three stages
based on risk profile of the loan products. PD %age
is calculated for each loan product separately and is
determined by using available historical observations.
PD for stage 3 derived as 100% considering that
the default occurs as soon as the loan
becomes overdue for 90 days that
matches the definition of stage 3.
(iv) Forward looking information
PDs has been converted into forward looking PD
which incorporates the forward-looking economic
outlook. For SME and Wholesale portfolio, Real GDP
(% change p.a.) is used as the macroeconomic variable.
(v) Assessment of significant increase in
credit risk
When determining whether the credit risk has
increased significantly since initial recognition, the
Company considers both quantitative and qualitative
information and analysis based on the Company’s
historical experience, including forward-looking
information. The Company considers reasonable and
supportable information that is relevant and available
without undue cost and effort.
(vi) Write Offs/Recoveries
The gross carrying amount of a financial asset is
written off when there is no realistic prospect of further
recovery. This is generally the case when the Company
determines that the debtor does not have assets or
sources of income that could generate sufficient cash
flows to repay the amounts subject to the write-off.
However, financial assets that are written off could
still be subject to enforcement activities under the
Company’s recovery procedures, taking into account
legal advice where appropriate. Any recoveries made
are recognised in profit or loss.
(vii) Undrawn commitments
These commitments pertain to the loans sanctioned
but amount remaining undrawn. The Company
can opt not to disburse the undrawn amount at its
discretion. Therefore, no provision has been created
on these commitments.
40.7 Collateral
i) Narrative description of collateral
The Company has business interests in Wholesale and SME Retail Lending. The Company risk is mitigated by
considering the collateral from the borrowers. Thereby the Company employs a range of policies and practices
to manage the credit risk in the business. The most common is to by accepting the collateral from the borrowers.
The Company deploys internal policies on the acceptabiltiy of the specific class of collateral or credit risk
mitigation. The principal collateral types for the loans and advances includes:
- Mortgage of Immovable Property
- Pledge of the Shareholding of Promoters
- Hypothecation of Immovable Property
- Pledge of instruments through which promoters contribution is infused in the project
41. LIQUIDITY RISK AND FUNDING MANAGEMENT
Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated
with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk arises because
of the possibility that the Company might be unable to meet its payment obligations when they fall due as a
result of mismatches in the timing of the cash flows under both normal and stress circumstances.
The Company manages liquidity risk by measuring and managing net funding requirments by calculating the
cummulative surplus or deficit of funds at a selected maturity dates. The Company also maintains adequate
reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash
flows, and by matching the maturity profiles of financial assets and liabilities.
42. MARKET RISK
Market the risk that the fair value or future cash flows
of financial instruments will fluctuate due to changes
in market variables such as interest rates, Foreign
Currency.
The Company's financial statements are not exposed
to currency and price risk.
Interest rate risk arises from the possibility that
changes in interest rates will affect future cash flows
or the fair values of financial instruments.
The sensitivity of the statement of profit and loss is the
effect of the assumed changes in interest rates on the
profit or loss for a year, based on the floating rate non¬
trading financial assets and financial liabilities held at
31 March 2025.
43. TRANSFER OF FINANCIAL ASSETS
The Company has not transferred any assets that are
derecognised in their entirety where the Company
continues to have continuing involvement.
44. CAPITAL MANAGEMENT
"The Company’s capital management strategy
is to effectively determine, raise and deploy
capital so as to create value for its shareholders.
The same is done through a mix of either equity
and/or convertible and/or combination of short
term/long term debt as may be appropriate.
The Company determines the amount of capital
required on the basis of operations, capital expenditure
and strategic investment plans. The capital structure
is monitored on the basis of net debt to equity and
maturity profile of overall debt portfolio."
45. DIVIDEND
During the year ended 31 March 2025, the Board of
Directors have recommended a dividend @ 30% per
equity share of ' 10/- subject to approval of members
at the ensuing Annual General Meeting.
46. RELATED PARTY DISCLOSURES
(A) Names of related parties and description
of relationship as identified and certified
by the Company:
Key Management Personnel (KMP) and their
relatives
Mr. Rohit Gupta, Managing Director
Ms. Rachita Gupta, Whole Time Director
Ms. Preeti Gupta, Company Secretary
Mr. Naresh C. Varshney, Chief Financial Officer
Mr. Pramod Bindal, Independent Director
Mr. Chandra Subhash Kwatra, Independent Director
Mr. Ayush Mittal*
Ms. Alaktika Banerjee **
Mr. Anirudha Kumar **
Mr. Ashok Kathuria
*Ayush Mittal was independent director till 06-03¬
2025
** Both of these directors were appointed as director
from 18-03-2025
Enterprises over which key management
personnel and relatives of such personnel
exercise significant influence with whom
transactions has been undertaken:
rci .^1- - —.i ru h- i -f^i
(b) Others
The Company, as part of its normal business, grants
loans and advances. These transactions are part of
Company’s normal non-banking finance business,
which is conducted ensuring adherence to all
regulatory requirements.
No funds have been advanced or loaned (either
from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in
any other person(s) or entity(ies), including foreign
entities ("Intermediaries”) with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall lend or invest in party identified by
or on behalf of the Company (Ultimate Beneficiaries).
The Company has not received any fund from any
party(s) (Funding Party) with the understanding that
the Company shall whether, directly or indirectly lend
or invest in other persons or entities identified by or
on behalf of the Company ("Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.
(c) Relationship with Struck off companies
During the year, Company has not undertaken any
transactions with the companies struck off under the
Companies Act, 2013/1956.
49.4 Risks associated with Defined benefit
obligation
Gratuity is a defined benefit plan and Company is
exposed to the Following Risks:
Interest rate risk: A fall in the discount rate which is
linked to the G.Sec. Rate will increase the present
value of the liability requiring higher provision. A fall
in the discount rate generally increases the mark to
market value of the assets depending on the duration
of asset.
Salary Risk: The present value of the defined benefit
plan liability is calculated by reference to the future
salaries of members. As such, an increase in the salary
of the members more than assumed level will increase
the plan's liability.
Investment Risk: The present value of the defined
benefit plan liability is calculated using a discount rate
which is determined by reference to market yields
at the end of the reporting period on government
bonds. If the return on plan asset is below this rate,
it will create a plan deficit. Currently, for the plan in
India, it has a relatively balanced mix of investments in
government securities, and other debt instruments.
Asset Liability Matching Risk: The plan faces the ALM
risk as to the matching cash flow. Since the plan is
invested in lines of Rule 101 of Income Tax Rules,
1962, this generally reduces ALM risk.
Mortality risk: Since the benefits under the plan is not
payable for life time and payable till retirement age
only, plan does not have any longevity risk.
Concentration Risk: Plan is having a concentration
risk as all the assets are invested with the insurance
Company and a default will wipe out all the assets.
Although probability of this is very less as insurance
companies have to follow regulatory guidelines.
Para 139 (c) Characteristics of defined benefit
plans
During the year there we no plan amendements,
curtailments & settlements.
Para 147 (a)
A separate trust fund is created to manage the
Gratuity plan and the contributions towards the trust
fund is done as guided by rule 103 of Income Tax
Rules, 1962.
(b) Intra-Group Exposure
The Company does not have any intra-group exposure
hence this disclosure is not applicable.
(c) Unhedged Foreign Currency Exposure
The Company does not have any unhedged foreign
currency exposure hence this disclosure is not
applicable.
66.
(a) There is no restructuring of loan during the year
and in the previous year accordingly as per Master
Direction - Reserve Bank of India (Non-Banking
Financial Company - Scale Based Regulation)
Directions, 2023, RBI circular RBI/2020-21/16
DOR.No.BP.BC/3/21.04.048/2020-21 dated
August 6, 2020 and RBI circular DOR.STR.
REC.11/21.04.048/2021-22 dated May 5, 2021
(Resolution framework - 2.0) there is no disclosure
made in the financial statements.
(b) Pursuant to RBI circular RBI/2019-20/88 DOR.
NBFC (PD) CC. No.102/03.10.001/2019-20
dated November 04, 2019, Liquidity Coverage
Ratio ("LCR") is not applicable as Company asset
size is lower than INR 10,000 crore.
(c) The Reserve Bank of India has issued Master
Direction - Reserve Bank of India (Non-Banking
Financial Company - Scale Based Regulation)
Directions, 2023 vide Circular No. RBI/DoR/2023-
24/106, DoR.FIN.REC.No.45/03.10.119/2023-
24 on 19 October 2023 ('Framework'). The
Framework categorizes NBFCs in Base Layer
(NBFC-BL), Middle Layer (NBFC-ML), Upper
Layer (NBFC-UL) and Top Layer (NBFC-TL). The
Company is classified under "Middle Layer"
pursuant to the said Framework.
(d) The Reserve Bank of India has issued Master
Direction - Reserve Bank of India (Non-Banking
Financial Company - Scale Based Regulation)
Directions, 2023 vide circular No. RBI/DoR/2023-
24/106, DoR.FIN.REC.No.45/03.10.119/2023-
24 in supersession of the Non-Banking Financial
Company-Non-Systemically Important Non¬
Deposit taking (Reserve Bank) Directions,
2016 and Non-Banking Financial Company-
Systemically Important Non-Deposit taking
Company and Deposit taking Company (Reserve
Bank) Directions, 2016.
73. The Company has not surrendered or disclosed
any transaction, which was not recorded in the books
of accounts, as income during the year in the tax
assessments under the Income Tax Act, 1961.
74. Revaluation of Plant, Property and Equipment
and Intangible Assets: No revaluation of Plant,
Property and Equipment andIntangible Assets has
been done during the year.
75. The Company has not been declared as willful
defaulter by any banks/Financial Institution.
76. The Company has neither approved any scheme
of arrangement nor has made any proposal for such
arrangement.
77. The Company uses accounting software for
maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the software except in
certain components where the audit trail were not
operating due to system limitations. The audit trail has
been preserved by the Company as per the statutory
requirements for record retention. Further at no
instance the Audit Trail feature was tempered with.
78 . The Company has not traded or invested in Crypto
currency or Virtual Currency during the financial year.
79. The Company has utilised the funds raised
from banks and financial institutions for the specific
purpose for which they were borrowed.
80. There is no Securitization or assignment of loan
during the current year or previous financial year.
81. Previous year figures have been regrouped/
rearranged wherever necessary to render them
comparable with current year figures.
Notes 1 to 81 form an integral part of the Financial Statememnts
As per our Report of even date attached
For S. P. Chopra & Co. FOR & ON BEHALF OF THE BOARD
Chartered Accountants
Firm Registration No. 000346N
(Rohit Gupta) (Ashok Kumar Kathuria)
Managing Director Director
DIN: 00045077 DIN: 01010305
(Pawan K. Gupta) (Preeti Gupta) (Naresh C. Varshney)
Partner Company Secretary Chief Financial Officer
Membership No: 092529 M. No: FCS A43593
Date: 23 May, 2025
Place: Noida
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