l. Provisions Contingent Liabilities & Contingent Assets
(a) Provisions
A provision is recognized when the company has a present obligation as a result of past event, it is probable that an outflow of resource s embodying economic benefits will be required to settle the obligatio n and a reliable estimat e can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reportin g date. These estimates are reviewed at each reportin g date and adjusted to reflect the current best estimates.
(b) Contingent Liabilities
A contingent liability is a possible obligatio n that arises from past events whose existence will be confirmed by the occurrence or non- occurrence of one or more uncertain future events beyond the control of the company or a present obligatio n that is not recognize d because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognize d because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.
n. Segment Reporting
The Company has identified two reportable segments viz., sale of goods and EPR services after taking into account the nature of product and services and the differing risk and returns on such products and services. The accounting policies adopted for segment reporting are in line with the accounting policy of the company with following additional policies for segment repor-ting:
(i) Revenue and expenses have been identified to a segment on the basis of relation to operatin g activities of the segment. Revenue and expenses that relates to enterprise as a whole and are not allocable to a segment on a reasonable basis have been disclosed as "Un-allocable".
(ii) Segment Assets and Segment Liabilities represent Assets and Liabilities in respectiv e segments. Assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Un-allocable".
s. The company does not have any Benami property, where any proceeding has been initiated or pending against the company for hol ding any Benami property.
t. The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period .
u. There are no transaction with the companies whose name struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956 during t he period covered under these restated financial information.
v. The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
w. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds ) by the Company to or in any other person or entity, including foreign entity ("Intermediaries") with the understandin g, whether recorded in writing or otherwise, that the Intermediary shall lend or i nvest in party identified by or on behalf of the Company ("Ultimate Beneficiaries").
x. The company did not have any long term contract s including derivative contract s for which there were any material foreseeable losses.
y. The Company has not any such transaction which is 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 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
z. The Company has not any such transaction which is 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 (such as, search or survey or any other rlevant provisions of the Income Tax Act, 1961).
aa. There has been no changes in the accountin g policies during the period covered under the financial statements.
ab. There has been no qualifications in the independent auditor's report during the period covered under the financial statements.
FOR RAJIV MEHROTRA & ASSOCIATES FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF
CHARTERED ACCOUNTANTS GEM ENVIRO MANAGEMENT LIMITED
FIRM REGN. NO. 002253C
DINESH PAREEKH SACHIN SHARMA
SHIVANI YADAV (DIRECTOR) (MANAGING DIRECTOR)
(PARTNER) (DIN:00629464) (DIN:05281526)
MEMBERSHIP NO. 451408
AMAR JEET VIJAY KUMAR SHARMA
KANPUR, 10TH DAY OF AUGUST 2024 (CHIEF FINANCIAL OFFICER) (COMPANY SECRETARY)
(PAN: BHZPA7635Q) (PAN: AUAPS1166P)
NEW DELHI,10TH DAY OF AUGUST 2024
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