14 Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when an enterprise has a present obligation as a result of past event; it is probable that an outflow
of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not
discounted to its present value and are determined based on best estimate required to settle the obligation at the balance
sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent Liabilities are not recognized but disclosed in Notes to accounts. Contingent assets are neither recognized nor
disclosed in financial statements.
15 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. For the purpose of
presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, short-term deposits with
original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value.
Note 6.1: Security for Cash Credit from Bank
Cash Credit from IndusInd Bank and Kotak Mahindra Bank is secured by pan passu hypothecation of over entire current assets (including
receivables) of the company, present & future and collateral security of first charge by way of hypothecation on entire fixed assets of the
company and equitable mortgage of shop no. 12, at Building no. 5, Whispering Palm, Shoping Center, Lokhandwala Complex, Kandivali (E),
additional collateral security of equitable mortgage of shop no. 13& 21 at Building no. 5, Whispering Palm, Shoping Center, Lokhandwala
Complex, Kandivali (W), and personnel guarantee of director flat no 503, 5th Floor, A-wing ,The Neighbourhood CHS Ltd Building no 1,
Akurli Road, Kandivali (East), Mumbai
Note 6.2:
Statements of Current Assets have been regularly filed with the bank on monthly basis for Cash Credit from IndusInd Bank & Kotak
Mahindra Bank. The statements of Current Assets filed with the bank are in agreement with the books of accounts.
Note 6.3:
The unsecured loans from Banks consists of loan from SBI Global Factors Ltd-FIU A/C -0573301 having o/s debit balance as on 31st
March, 2025 of Rs. 1,92,181.22/- which is covered by sub-servient charges created against current and fixed assets of the company.
Note 31.1: Provident Fund
In accordance with the Employee’s Provident Fund and Miscellaneous Provisions Act, 1952, eligible employees of the
Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both
employees and the Company make monthly contributions at a specified percentage of the covered employees’ salary. The
contributions, as specified under the law, are made to the employee provident fund organization (EPFO).
Note 31.2: Gratuity (Core Employees)
The Group has a funded defined benefit gratuity plan for it's core employees and is governed by the Payment of Gratuity
Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of
benefits provided depends on the member‘s length of service and salary at retirement age.
The following tables summarise the components of net benefit expense recognised in the summary statement of profit or
loss and the funded status and amounts recognised in the statement of assets and liabilities for the respective plans:
Note 31.3: Gratuity (Associate)
The Company has recognised gratuity liability and reimbursement right in respect of associate employees in accordance
with AS 15. The following tables summarise the components of net benefit expense recognised in the summary statement
of profit or loss and the funded status and amounts recognised in the statement of assets and liabilities for the respective
plans:
Note: The above employee benefits expense towards gratuity and related reimbursement right for associate employees is
netted off in the Statement of Profit and Loss and Balance Sheet for the year ended 31st March 2025.
Note 32: Unbilled Revenue
Unbilled revenue represents amounts recognized as revenue for services rendered for which invoices have not yet been
issued to customers as of the reporting date. These amounts are typically billed subsequent to the end of the reporting
period, in accordance with the terms of the customer contracts
Note 33: Cost of Service
The Salary of the Contract Staff is accounted as Cost of Services since this cost is directly attributable to revenue from
operations and the same has been reflected on the face of Profit and Loss Account for the year ended 31st March 2025 as
Cost of Services. Further details of such expenses is shown in accompanying notes to financial statements in Note No. 21
Note 34: Segment Reporting
In accordance with the requirements of Accounting Standard 17 ’’Segmental Reporting”, the Company’s business consist
of one reportable segment of business of "Human Resources" hence no separate disclosure pertaining to attributable
Revenues, Profits, Assets, Liabilities, Capital employed are given.
Note 35: Undisclosed Income
Company has not recorded any transaction 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)
Note 36: Utilization of Borrowed Fund & Share Premium
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 by or on behalf of the
company (Ultimate Beneficiaries) or
-provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
-directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
- Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
Note 37: Registration of charges or satisfaction with Registrar of Companies
All the Charges or Satisfaction of Charges are registered with ROC within the statutory period
Note 38: Security of Current Assets against Bank Borrowings
Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement
with the books of accounts;
Note 39:Misutilisation of Bank Borrowing
The company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken
at the balance sheet date 31st March 2025
Note 40: Compliance with the number of layers of Companies
Company does not have any layers of companies. Hence Company does not required to 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,
Note 41: Title Deeds of Immovable property not held in the name of the company
The Company Does not have any Property plant and equipments or Investment property in the Balance sheet which is
not held in the name of the company
Note 42: Compliance with approved Scheme(s) of Arrangements
No Scheme of Arrangements have been approved by the competent authority in terms of section 230 to 237 of the
Companies Act,2013
i) The Company has not been declared as wilful defaulter by any bank or financial institutions or other lenders.
ii) During the audited period, the Company has not revalued its Property, Plant and Equipments.
iii) The Company have not traded or invested in Crypto currency or Virtual Currency during the audited period.
iv) Based on the information available with the Company, the Company do not have any transactions with companies
struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
Note 44: Benami Property
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.
Note 45:
In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business atleast
equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and
not in excess of amount reasonably necessary.
Note 46:
Certain Trade receivables, Advances and Trade payables as at March 31, 2025 are subject to confirmation of balances and
reconciliation with the respective parties, the impact of which is not ascertained. The financial statements do not include
the impact of adjustments, if any, which may arise out of the confirmation and reconciliation process. Management is of
the opinion that there will be no significant impact on the financial statements.
Note 46:
These financial statements are presented in Indian Rupees (INR), which is also its functional currency and all values are
rounded to the nearest Lakhs, except when otherwise indicated. The amounts which are less than Rs. 0.01 Lakhs are
shown as Rs 0.00 Lakhs.
The Board of Directors of the company in the board meeting dated 13th July, 2023 and the shareholders of the company
in the Extra-Ordinary General Meeting dated 09th August, 2023 have approved the issuance of Preferential Issuance of
Shared to its Directors of 15,00,000 fully convertible shares @ Rs.81/- share. In which 25% i.e Rs.3,03,75,000/- should be
pay at the time of suscription and the balance 75% i.e. Rs. 9,11,25,000/- will be paid at the time of allotment of equity
shares.
The Company has Received balance 75% i.e Rs 8,70,75000/- in two installments on 16-11-2024 & 11-02-2025 and alloted
shares 14,00,000 Lakhs shares to its members. Also One members Holding 100000 warrents failed to pay the last
installment due to which his previous payments of Rs 20,75000 stands forfeited and is represented in Capital reserves of
Balance sheet.
Note 48:
Previous year figures has been reclassified, wherever considered necessary, to conform the current years presentation.
Figures wherever not available/furnished in the last year's financial statementss have not been given and hence not strictly
Note 49:
The Balance sheet, Statement of profit and loss, Cash flow statement, Statement of significant accounting policies and the
other explanatory Notes form an integral part of the financial statements of the Company for period ended 31st March,
2025 & 31st March 2024.
In terms of our report of even date
For ATSJ and Associates .
Chartered Accountants
Firm Reg. No. 152047W
Tarang Goyal Sandeep Goyal
Himanshu Desarda Director Director
Partner DIN: 01885882 DIN: 01724446
Membership No. 199737
Haridasan Nair Kavita Yadav
Chief Financial Officer Company Secretary
Place: Mumbai Place: Mumbai
Date: 16th May, 2025 Date: 16th May, 2025
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