xii. Provision's, Contingent Liabilities and Contingent Assets
The Company recognizes as provisions, the liabilities being present obligation arising out
of past events, the settlement of which is expected to result in an outflow of resources
which can be measure only by using a substantial degree of estimation.
Contingent liabilities are disclosed by way of notes to the financial statements after
careful evaluation by the management of the facts and the legal aspects of the matter
involved.
Contingent assets are neither recognized nor disclosed.
xiii. Cash Flow Statement
The Cash Flow Statement is prepared by the indirect method set out in Accounting
Standard 3 on Cash Flow Statements and presents the cash flows by operating, investing
and financing activities of the Company.
Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand
and unencumbered bank balance
Ý The Company has provided guarantee to Multi commodity exchange of India Ltd. of
Rs.9.91 lakhs- in case company fails to provide support & service mentioned under the
purchase order.
However in case company is unable to meet or fulfill the obligation ICICI bank will pay
the amount to MCX on behalf of company.
The above bank guarantee is secured against fixed deposit created with ICICI bank.
27. There is no capital commitment outstanding at the end of current and previous year.
28. The Company came with Right issue of equity shares issuing 68,31,000 new equity shares
of Rs. 10 each at a premium of Rs. 30 per share, aggregating to a total amount of Rs.
2732.40 lakhs. The objectives and utilization of the funds raised through the Right issue
are as follows:
29. The company does not allow accumulation of leaves and hence the Company has not
obtained actuarial valuation report for leave encashment.
The particulars as required under the Accounting Standard-AS 15 of Employees Benefits
are as under:
ii. Defined Benefit Plan:
Following are the principle Actuarial Assumptions used for determining defined benefit
obligations towards gratuity as on the Balance Sheet date:
35. Expenditure in foreign currency: Nil
36. The Company has given long term trade advances to Three parties for carrying out the
Research & development activities for developing of new IT Security product and
Company is hopeful of recovering more than advance given by making a sales in
subsequent years from the developed product.
The Company has also appointed the Technical valuer for conducting the feasibility of and
marketability and value of the expected product as on March 31, 202 5 to demonstrate no
impairment is required for the advance given.
37. During the year, the Company has utilised the right issue proceeds towards giving trade
advances to Two Parties, Out of that, trade advance given to one party is for development
of new product amounting to Rs. 1948.15 lakhs. As per the agreement entered with the
party on dated November 13, 2024, the party has to develop the product within One year
from the date effective date mentioned in the agreement.
The Company has given another trade advance of Rs.550 lakhs for design,
implementation and maintenance of comprehensive infrastructure management services
for site surveys, Passive infrastructure, Connectivity and network, Surveillance,
Environmental controls and Auxiliary and miscellaneous services .
38. The Company has not deposited the TDS liability of Rs.93.52 Lakhs since October 2024 till
date, however the provision has been made along-with the interest. The management is
working on the improving the cash flow management to ensure such non-compliance does not
occurs in future.
39. One of the operational creditors having outstanding dues of Rs. 132.78 lakhs as on March 31,
2025 has filed an application with NCLT Mumbai for initiation of insolvency proceeding. The
NCLT has issued a direction to response to the appeal filed by 9th of June, 2025. The
Company is assessing the appeal filed by the Creditors and direction issued by the NCLT.
40. Earnings in Foreign Currency INR Rs.83.12lacs
43. Other Significant notes
i. No transactions has been surrendered or disclosed as income during the year in the tax
assessment under the Income Tax Act, 1961. There are no such previously unrecorded
income or related assets.
ii. The company is not declared wilful defaulter by any bank or financial institution or other
lender.
iii. The company has not undertaken any transactions with companies struck off under
section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
iv. The Company has not traded or invested in Crypto currency or Virtual Currency during
the financial year.
v. The Provision of Section 135 of the Companies Act 2013 in relation to Corporate Social
Responsibility are not applicable to the Company during the year and hence reporting
under this clause is not applicable.
vi. The Company does not have any charges or satisfaction which is yet to be registered with
Registerer of Companies (ROC) beyond the statutory period.
vii. The 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 directly or indirectly lend
or invest in other persons or entities identified in any manner whatsoever (Ultimate
Beneficiaries) by or on behalf of the company or provide any guarantee, security or the
like to or on behalf of the Ultimate Beneficiaries.
viii. The 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 directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever (Ultimate Beneficiaries) by or on behalf of
the Funding Party or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.
ix. The Provision of Section 135 of the Companies Act 2013 in relation to Corporate Social
Responsibility are not applicable to the Company during the year and hence reporting
under this clause is not applicable.
x. No Scheme of Arrangements has been approved by the Competent Authority in terms of
sections 230 to 237 of the Companies Act, 2013.
xi. The title deeds of immovable properties (other than properties where the Company is
the lessee and the lease agreements are duly executed in favour of the lessee) are held in
the name of the Company.
xii. The Company does not have any investment property.
xiv. There are no proceedings that have been initiated or pending against the Company
for holding any benami property under the Benami Transactions (Prohibitions) Act,
1988 (45 of 1988) and the Rules made thereunder.
44. Previous Year’s figures have been regrouped /reclassified to conform to the current year’s
presentation, wherever necessary.
As per our report of even date attached
For Kumbhat & Co LLP For and on the behalf of the Board of Directors
Chartered Accountants Globesecure Technologies Limited
Firm Reg. No.: 001609S/ S000162
Gaurang C. Unadkat Ragavan Rajkumar Sonam Ragavan
Partner Managing Director Director
Membership No. 131708 DIN: 02002480 DIN: 08789592
Amit Das Heta Desai
Chief Financial Officer Company Secretary
Place :- Mumbai Place :- Mumbai
Date :- 29th May, 2025 Date :- 29th May, 2025
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