2.10 Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event,
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 the obligation. When the Entity expects some or all of a provision to be
reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when
the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss
net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of
time is recognised as a finance cost.
2.11 Employee Benefits
(i) Short-term obligations-
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12
months after the end of the period in which the employees render the related service are recognised in respect of
employees' services up to the end of the reporting year and are measured at the amounts expected to be paid when
the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.
(ii) Post-employment obligations-
The Company operates the following post-employment schemes:
(a) Defined benefit plans such as gratuity; and
(b) Defined contribution plans such as provident fund and ESI.
Gratuity obligations-
The liability or asset recognised in the balance sheet in respect of defined benefit plan as calculated
arithmetically by management.
Defined contribution plans-
The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The
Company has no further payment obligations once the contributions have been paid. The contributions are accounted for
as defined contribution plans and the contributions are recognised as employee benefit expense when they are due.
2.12 Investments and Other financial assets
(i) Classification-
The Company classifies its financial assets in the following measurement categories:
Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or
loss), and those measured at amortised cost.
The classification depends on the Company's business model for managing the financial assets and the contractual
terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss
or other comprehensive income.
For investments in debt instruments, this will depend on the business model in which the investment is held. For
investments in equity instruments, this will depend on whether the Company has made an irrevocable election
at the time of initial recognition to account for the equity investment at fair value through other comprehensive
income.
The Company reclassifies debt investments when and only when its business model for managing those assets
changes.
(ii) Measurement-
At initial recognition, the Company measures a financial asset at its fair value, in the case of a financial asset is not
at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial
asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash
flows are solely payment of principal and interest.
(a) Debt instruments-
Subsequent measurement of debt instruments depends on the Company's business model for managing the asset
and the cash flow characteristics of the asset. There are three measurement categories into which the Company
classifies its debt instruments:
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that
is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or
loss when the asset is derecognised or impaired. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash
flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and
interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying
amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and
foreign exchange gains and losses which are recognised in profit and loss. When the financial asset is derecognised,
the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised
in other gains/ (losses). Interest income from these financial assets is included in other income using the effective
interest rate method.
Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or FVOCI are measured at
fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value
through profit or loss and is not part of a hedging relationship is recognised in profit or loss and presented net in the
statement of profit and loss within other gains/(losses) in the period in which it arises. Interest income from these
financial assets is included in other income.
(b) Equity instruments-
The Company subsequently measures all equity investments at fair value. Where the Company's management
has elected to present fair value gains and losses on equity investments in other comprehensive income, there is
no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are
recognised in profit or loss as other income when the Company's right to receive payments is established.
Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gain/ (losses)
in the statement of profit and loss. Impairment losses (and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from other changes in fair value.
(iv) Derecognition of financial assets-
A financial asset is derecognised only when:
The Company has transferred the rights to receive cash flows from the financial asset or, retains the contractual
rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to
one or more recipients.
Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all
risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised. Where the
Company has not transferred substantially all risks and rewards of ownership of the financial asset, the financial
asset is not derecognised.
Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of
ownership of the financial asset, the financial asset is derecognised if the Company has not retained control of the
financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to
the extent of continuing involvement in the financial asset.
(v) Income recognition-
a) Interest income:
Interest income from debt instruments is recognised using the effective interest rate method. The effective
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to the gross carrying amount of a financial asset. When calculating the effective interest rate,
the Company estimates the expected cash flows by considering all the contractual terms of the financial
instrument (for example, prepayment, extension, call and similar options) but does not consider the expected
credit losses.
b) Dividends:
Dividends are recognised in profit or loss only when the right to receive payment is established, it is probable
that the economic benefits associated with the dividend will flow to the Company, and the amount of the
dividend can be measured reliably.
2.13 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally
enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must
be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the group or the
counterparty.
2.14 Trade and other payables
These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year
which are unpaid. The amounts are unsecured and are usually paid as per the credit terms.
2.15 Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for
impairment.
2.16 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. Accordingly, segmental reporting is performed on the basis of geographical location of customer which is
also used by the chief financial decision maker of the company for allocation of available resources and future prospects.
2.17 Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less, which are subject to an insignificant risk of changes in value.
2.18 Foreign currency translation or transaction
(i) Functional and presentation currency:
Items included in the financial statements are measured using the currency of the primary economic environment
in which the entity operates ('the functional currency'). The financial statements are presented in Indian rupee
(INR), which is entity's functional and presentation currency.
(ii) Transactions and balances:
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are
generally recognized in statement of profit and loss.
Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the statement of profit
and loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit
and loss on a net basis within other gains/(losses) Non-monetary items that are measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value was determined. Translation
differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For
example, translation differences on non- monetary assets and liabilities such as equity instruments held at fair value
through profit or loss are recognised in profit or loss as part of the fair value gain or loss and translation differences
on non-monetary assets such as equity investments classified as FVOCI are recognised in other comprehensive
income.
2.19 Financial liabilities
Initial recognition and measurement:
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings, payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.
The Company's financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and
financial guarantee contracts.
Subsequent measurement-
The measurement of financial liabilities depends on their classification, as described below:
(a) Financial liabilities at fair value through profit or loss-
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified
as held for trading if they are incurred for the purpose of repurchasing in the near term.
(b) Loans and borrowings-
This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
2.20 Contingencies
Contingent liabilities are possible obligations whose existence will be confirmed only on the occurrence or non-occurrence
of uncertain future events outside the Company's control, or present obligations that are not recognised because of the
following: (a) It is not probable that an outflow of economic benefits will be required to settle the obligation; or (b) the
amount cannot be measured reliably.
Contingent liabilities are not recognised but are disclosed and described in the notes to the financial statements, including
an estimate of their potential financial effect and uncertainties relating to the amount or timing of any outflow, unless the
possibility of settlement is remote.
Contingent assets are possible assets whose existence will be confirmed only on the occurrence or non-occurrence of
uncertain future events outside the Company's control. Contingent assets are not recognised. When the realisation of
income is virtually certain, the related asset is not a contingent asset; it is recognised as an asset.
Contingent assets are disclosed and described in the notes to the financial statements, including an estimate of their
potential financial effect if the inflow of economic benefits is probable.
2.21 Government Grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will
be received and the Company will comply with all attached conditions. Government grants relating to the purchase of
property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss
on a straight-line basis over the expected lives of the related assets and presented within other income.
2.22 Significant accounting judgements, estimates and assumptions
The preparation of the Company's financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities at the date of the financial statements. Estimates and assumptions
are continuously evaluated and are based on management's experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future
periods.
In particular, the Company has identified the following areas where significant judgements, estimates and assumptions are
required. Further information on each of these areas and how they impact the various accounting policies are described
below and also in the relevant notes to the financial statements. Changes in estimates are accounted for prospectively.
Judgements
In the process of applying the Company's accounting policies, management has made the following judgements, which
have the most significant effect on the amounts recognized in the financial statements:
Contingencies
Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, including
legal, contractor, land access and other claims. By their nature, contingencies will be resolved only when one or more
uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum, of contingencies
inherently involves the exercise of significant judgments and the use of estimates regarding the outcome of future events.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The Company based its assumptions and estimates on parameters available when the
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market change or circumstances arising beyond the control of the Company. Such changes
are reflected in the assumptions when they occur.
(a) Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's or CGU's fair value less costs of
disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows
that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset
or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount.
(b) Defined benefit plans
The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation
are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may
differ from actual developments in the future. These include the determination of the discount rate, future salary
increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions
are reviewed at each reporting date.
(c) Fair value measurement of financial instruments
When the fair values 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 including the
NAV model.
Financial assets like security deposits received and security deposits paid, has been classified and measured at
amortised cost on the basis of the facts and circumstances that exist at Balance Sheet date.
Financial liability like long term borrowings received, has been classified and measured at amortised cost on the
basis of the facts and circumstances that exist at balance sheet sate. Average market borrowing rate has been used
to fair value the long term loan at amortised cost.
2.23 Excise, Custom Duty and GST
Custom Duty on imports is accounted for at the time of clearance of goods.
Excise Duty is accounted for at the time of removal of goods.
CENVAT Credit and GST Input Tax Credit, to the extent availed, is adjusted towards cost of materials.
2.24 Borrowing Costs
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.
All other borrowing costs are charged to the Statement of Profit and Loss in the period in which they are incurred.
2.25 Earnings Per Share
Basic earnings per share are 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. The weighted average number of equity
shares outstanding during the period is adjusted for events such as bonus issue, bonus element in a rights issue, share split,
and reverse share split 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 and the weighted average number of shares outstanding during the period are adjusted for the effect of all
potentially dilutive equity shares.
26 Other Disclosure as per amendment in Schedule-III dated 24th March, 2021.
. There are no proceedings has been initiated or pending against the entity under the Benami Transactions (Prohibitions)
a) Act, 1988.
b) Compliance with approved Scheme(s) of Arrangements
There are none Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to
237 of the Companies Act, 2013.
c) Corporate Social Responsibility Expenditure
The provision of Corporate Social Responsibility under section 135 of the Act is not applicable to the company.
d) Details of Crypto Currency or Virtual Currency
The company has not entered in any transaction relating to Crypto Currency or Virtual Currency during the year.
e) Relationship with Struck off Companies:
The entity has not entered into any transaction with such entities whose name has been stuck off u/s 248 of the Act.
f) Utilization of Borrowings
No borrowings from banks and financial institutions were taken during the year other than OD Limit on Fixed deposits
held as Current Assets.
g) Willful Defaulter
The company has not declared as wilful defaulter.
h) Compliance with number of layers of companies
The company has been complied with the provision relating to layers of companies.
i) Registration of charges or satisfaction with Registrar of Companies:
The company has registered all the charges with Registrar of Companies within the statutory period.
j) Undisclosed income
There is no such income which has not been disclosed in the books of accounts. No such income is surrendered or
disclosed as income during the year in the tax assessments under Income Tax Act, 1961.
33 As there are no foreign currency payable at the end of the year and hence foreign currency exposure not hedged by derivative
instruments or otherwise have been disclosed.
34 The Company during the year have not received any information from any vendor regarding their status being registered
under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures, if any, relating to
amounts unpaid as at the period end along with interest paid / payable have not been given.
35 There are no inventories at the end of the year.
36 Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year.
Current Year Charges
No provision for Income tax has been made during the current financial year.
Deferred Tax Liability/Asset
The Company estimates the deferred tax charge using the applicable rate of taxation based on the impact of timing differences
between financial statements and estimated taxable income for the current year.
However, Deferred tax asset has not been recognized in terms of Ind AS 12 issued by ICAI by adopting the conservative
approach in respect of ascertained profitability in the future years.
37 Related Party Disclosures:
In accordance with the Accounting Standards (Ind AS-24) on Related Party Disclosures, where control exists and where key
management personnel are able to exercise significant influence and, where transactions have taken place during the year,
alongwith description of relationship as identified, are given below:-
39 Information under Section 186(4) of the Companies Act 2013:
A. Loans given: The Details of Loan given is disclosed in Note 5 to the Financial Statement
B. Investment : The details of investment made is given in Note-4 to the financial statement.
C. Guarantee Given : NIL
D. The company has not provided any security during the year.
40 Previous year figures have been rearranged/ regrouped wherever considered necessary.
For Krishan Rakesh & Co. For and on behalf of the Board of Directors
Chartered Accountants TRITON CORP LIMITED
(Firm Regn. No. : 009088N)
Sd/- Sd/- Sd/-
K.K.GUPTA (Meena Rastogi) (Sheetal Jain)
(Partner) Chairperson Managing Director
M.No.: 087891 DIN:01572002 DIN: 00269470
Sd/-
Date : 30.05.2025 (Rajeev Kumar Gupta)
Place: New Delhi CfO
PAN: AGOPG2534R
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