T. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
(i) The Company is contingently liable towards Bank Guarantee provided to the tune of ' 1504 Lakhs in favour of Indian Railways and H.P.S.E.B. and contingently liable towards Letter of Credit provided to the tune of ' 1,472.16 Lakhs in favour of M/s Sun Flag Iron & Steel Co. Ltd., M/s Deepa Sales, Bhushan Power & Steels Ltd. & M/s Contitech India Pvt. Ltd. Margin money ' 178.69 Lakhs deposit with S.B.I. against Letter of Credit & Bank Guarantee (Prev. Yr. Bank guarantee of ' 9.84 Lakhs in favour of Indian Railways and H.P.S.E.B. and Letter of credit of' 1,183.27 Lakhs in favour of M/s Sun Flag Iron & Steel Co. Ltd., M/s Deepa Sales and Margin money ' 155.19 Lakhs deposit with S.B.I.).
(ii) The Company had paid amounting to ' 31,52,87700 in financial year 2016-17 to Unitech Limited on account of booking of flat at Gurgaon. Currently, the project is on halt and no activity is taking place since the Government has taken stay on construction due to some legal formalities. The Company shall make further payments once the stay is vacated and the construction activity starts.
U. Earnings per share
Basic earnings per share are computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for
deriving basic Earnings Per Share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value which is the average market value of the outstanding shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.
The number of shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.
V. Cash and cash Equivalents
Cash and cash equivalents comprise cash and cash on deposit with banks and corporations. The Company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.
W. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.
(vi) Details of Benami Property held
There is no any Benami Property held in the name of the Company.
(vii) Wilful Defaulter*
The Company has never been declared as wilful defaulte by any Bank or financial Institution.
(viii) Compliance with approved Scheme(s) of Arrangements
No Scheme of Arrangements has been approved by the Competent Authority in terms of Sections 230 to 237 of the Companies Act, 2013.
(ix) Undisclosed income
There is no undisclosed income which is not recorded.
(x) Crypto Currency or Virtual Currency
The Company has not dealt with Crypto Currency or Virtual Currency.
(xi) Utilisation of Borrowed funds and share premium:
(A) Where Company has advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall: No.
(i) 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) or: No.
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries; The Company shall disclose the following: No.
(I) date and amount of fund advanced or loaned or invested in Intermediaries with complete details of each Intermediary;
(II) date and amount of fund further advanced or loaned or invested by such Intermediaries to other intermediaries or Ultimate Beneficiaries alongwith complete details of the ultimate beneficiaries;
(III) date and amount of guarantee, security or the like provided to or on behalf of the Ultimate Beneficiaries;
(IV) declaration that relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and Companies Act has been complied with for such transactions and the transactions are not violative of the Prevention of Money-Laundering act, 2002 (15 of 2003);
(B) Where a Company has received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall disclose the following: No.
(i) 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) or: No.
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, The Company shall disclose the following: No.
(I) date and amount of fund received from Funding parties with complete details of each Funding party;
(II) date and amount of fund further advanced or loaned or invested other intermediaries or Ultimate Beneficiaries alongwith complete details of the other intermediaries' or ultimate beneficiaries;
(III) date and amount of guarantee, security or the like provided to or on behalf of the Ultimate Beneficiaries;
(IV) declaration that relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and Companies Act has been complied with for such transactions and the transactions are not violative of the Prevention of Money-Laundering act, 2002 (15 of 2003);
(xiii) Registration of charges or satisfaction with Registrar of Companies
Where any charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period, details and reasons thereof shall be disclosed.
(xiv) Relationship with Struck off Companies
Where the Company has any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956, the Company shall disclose the details: NIL
(xv) Compliance with number of layers of companies
Where the Company has not complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 the name and CIN of the companies beyond the specified layers and the relationship/extent of holding of the Company in such downstream companies shall be disclosed: NA
(xvi) Loans or Advances in the nature of loans are granted 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: No
(xvii) Where the Company has borrowings from banks or financial institutions on the basis of security of current assets, it shall disclose the following: Yes
(a) whether quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts: Yes
(b) if not, summary of reconciliation and reasons of material discrepancies, if any to be adequately disclosed: No
Notes:
(i) The quantitative details stated above are based on the certification given by the management.
(ii) The installed capacity is not being verified by us as a technical matter and it is taken as certified by management.
(iii) The quantities have been shown to the nearest units.
As per our report of even date
For Sanjay Nandani & Co. (K.L. Bhatia) (Kapil Bhatia)
Chartered Accountants Chairman & Mng. Director Mng. Director
Firm's Registration No.: 006941C DIN: 00581799 DIN: 00582337
(Sanjay Malhotra) (Neeraj Bhatia)
Partner CFO
Membership No.: 071140 DIN: 0582395
UDIN: 24071140BKDBCW7075 Place: Kanpur
Date: 2705.2024 (Dhruv Bhasin) (Sanjay Nigam)
Company Secretary Manager Accounts
M. No.: F10100
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