ii) Provisions and Contingencies
The assessments undertaken in recognizing provisions and contingencies have been
made in accordance with the applicable Ind AS. A provision is recognized if, as a result of
a past event, the Company has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Where the effect of time value of money is material,
provisions are determined by discounting the expected Future cash flows.
20. Segment Reporting
Business Segments:
As the Company's business activity primarily falls within a single primary business
segment, the disclosure requirements of IND AS 108 'Operating Segments' are not
applicable.
Geographical Segments:
The company does not have operation outside India. Hence, disclosure of geographical
segment does not arise.
21. Disclosure Requirement for Sundry Creditors Covered Under MSME Act, 2016
Based on the information and records available with the Company, there are no amounts
payable to micro and small enterprises as defined in Micro, Small and Medium
Enterprises Development Act, 2006.
23. Undisclosed Income:
There are no transactions 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.
24. Corporate Social Responsibility:
The company is not covered under section 135 of The Companies Act, 2013.
25. Details of Crypto Currency or Virtual Currency:
Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year.
26. Capital Management
The Company’s objectives when managing capital is to safeguard continuity, maintain a
strong credit rating and healthy capital ratios in order to support its business and provide
adequate return to shareholders through continuing growth and maximize the
shareholders value. The company’s overall strategy remains unchanged from previous
year. The following table summarizes the capital of the company.
27. Additional Regulatory Information
i. Registration of Charges:
There are no charges or satisfaction yet to be registered with ROC beyond the statutory
period.
ii. Compliance with Number of Layers of Companies:
Since the Company does not have any holding/subsidiary, thus the clause is not
applicable.
iii. Relationship with Struck off Companies:
There are no transactions and balance outstanding to and from any struck off
companies as on the balance sheet date.
iv. Wilful Defaulter:
Company is not declared wilful defaulter by any bank or financial Institution or other
lender.
v. 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.
vi. Utilisation of Borrowed funds and share premium:
a. Company has not 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 (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 (ii) provide
any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries the
company.
b. Company has not 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 (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 (ii) provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.
For, S K Jha & Co. For and on behalf of Board of Directors
Chartered Accountants Gallops Enterprise Limited
FRN: 126173W
Nikhil Makhija Balram Padhiyar Pooja Patel
Partner Managing Director Director
M.No.: 176178 DIN: 01812132 DIN: 02233585
UDIN: 24176178BKDZGA5190
Pooja Rajpara Nitin Solanki
CS CFO
PAN: CEZPR1519G PAN: FTEPS9311E
Date: 10.05.2024 Date: 10.05.2024
Place: Ahmedabad Place: Ahmedabad
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