(M) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the company has a present obligation as a result of a past event and it is probable that an outflow of resources would be required to settle the obligation and in respect of which a reliable estimate can be made. The expenses relating to provision is presented in the statement of profit and loss account.
A disclosure of the contingent liability, if determinable, is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. But where there is a possible obligation but the likelihood of outflow of resources is remote, no provision / disclosure are made.
Contingent asset is disclosed in the financial statements where an inflow of economic benefits is probable and are assessed continually.
(N) Employee Benefits
a) Short Term Employee Benefits
Employee Benefits payable wholly within twelve months of receiving employee services are classified as short term employee benefits. These benefits include salaries and wages, bonus and performance incentive. The amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render the services.
Leave Encashment is due and recognized as expense immediately after the end of each calendar year in which the employees renders the related employee services.
b) Post-Employment Benefits
Retirement benefits in the form of provident fund (where contributed to the Regional PF Commissioner) are a defined contribution scheme. The Company has no obligation, other than the contribution payable to the provident fund contribution scheme. The Company recognizes contribution payable to the provident fund scheme as expenditure, when an employee renders the related service.
(O) Leases
Finance leases including rights of use in leased land, which effectively transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at inception of the lease term at the lower of the fair value of the land and present value of the minimum lease payments and disclosed as leased assets. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised as finance cost in the statement of profit and loss.
A leased asset is depreciated / amortised on a straight line basis over the useful life of the asset. However, if there is no reasonable certainty that the Company will obtain the ownership by the end of the lease term, the capitalized leased assets is depreciated /amortised on a straight line basis over the shorter of the estimated useful life of the asset or the lease term.
Leases, wherein the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the statement of profit and loss on a straightline basis over the lease term.
(P) Extraordinary Item:
The extraordinary items are that arising from events or transactions that are clearly distinct from the ordinary activities of the enterprise and therefore, are not expected to recur frequently or regularly.
The nature and amount of each extraordinary item are identified and disclosed in the Statement of Profit and Loss in a manner that its impact on current profit or loss can be perceived.
(Q) Earnings Per Share:
Basic earnings per share are calculated by dividing the net profit 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 and for all periods presented is adjusted for the events, other than conversion of potential equity share, 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 is adjusted for the effects of all dilutive potential equity shares.
Note 31 Micro, Small and Medium Emterprises Development Act, 2006.
During the financial year, the company has not identified the micro, small and medium enterprises as required by Micro, Small and Medium Enterprises Development Act, 2006. Hence the information in respect of outstanding to such enterprises are not available for disclosure.
Note 32 Disclosure in Accordance with IND AS-19 on "Employee Benefits"
The Company has not recognized any amounts in the Statement of Profits and Loss for the year relating to Employee Benefit Expenses the same is shown as liability and paid off within the due date
Note 33 Disclosure in Accordance with IND AS-17 on "Leases"
Operating Lease
The Company has recognized the following amounts in the Statement of Profits and Loss for the year as Obligations on long term, non cancellable operating leases:
The operating lease arrangements, are renewable on a periodic basis and extend upto a maximum of 11 months from their respective dates of inception and relates to rented premises. Some of these lease agreements have price escalation clauses.
Note 34 Disclosure in Accordance with IND AS- 108 on Segment Reporting
The Company' operations predominantly relate to sale of securities is the only for the year along with sale of solar roof top related products as operating segment of the Company. The management reviews the operations of the Company as one operating segment. Hence, there is no separate segment information has been furnished herewith. The Company operates in one geographical segment namely within India and hence no separate information for geographic segment wise disclosure is required.
C Title deeds of immovable property not held in the name of the Company
The Company has not held any immovable property the title deeds of which are not held in the name of the Company.
D Revaluation of property, plant and equipment
The Company has not revalued any of the property, plant and equipment during the year.
E Loans or advances - Additional disclosures
The Company has not granted any loan or advance in nature of loan to promoters, directors, key managerial personnel and related parties as defined under the Companies Act, 2013 either severally or jointly with any other person that is (a) repayable on demand; or (b) without specifying any terms or period of repayment as shown in the below table:
F Capital work-in-progress (CWIP)
The Company is not having any capital work-in-progress during the year or previous year.
G Intangible assets under development
The Company is not having any intangible asset under development during the year or previous year.
H Details of Benami Property held
No proceedings have been initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) and the rules made thereunder as amended from time to time.
I Security of current assets against borrowings
The Company has no borrowings from banks or financial institutions on the basis of security of current assets during the year except for a Car Loan which is secured by hypothecation of vehicles.
J Wilful defaulter
The Company has borrowings from bank for a Car Loan. However, the Company has not been declared a wilful defaulter at any time during the year or after the end of reporting period, but before the date when financial statements are approved or in an earlier period and the default has continued for the whole or part of the current year by any financial institution.
K Relationship with Struck off companies
The Company has no transaction during the year with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
L Registration of charges or satisfaction with Registrar of Companies
The Company is not required to register any charge to be registered with the Registrar of Companies (ROC) within the time limit.
M Compliance with number of layers of companies
The Company has 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, 2017. Hence, requirements of disclosing the name and CIN of the companies beyond the specified layers and the relationship / extent of holding of the company in such downstream companies are not applicable.
O 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 during the year. Hence, the requirements of disclosure of effect of such Scheme of Arrangements in the books of account in accordance with the Scheme and in accordance with accounting standards are not applicable.
P Utilisation of Borrowed funds and share premium
(A) 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) during the year 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.
(B) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) during the year 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 to or on behalf of the Ultimate Beneficiaries.
Q Undisclosed Income
The Company has recorded all the transactions carried out during the said financial year in the books of accounts and hence, there is no undisclosed income during the year in tax assessments.
R CSR Expenditure
The Company is not covered under Section 135 of the Companies Act , 2013 and hence, is not required to comply with the CSR Provisions S Details of Crypto Currency
The Company has not carried out any transactions from Crypto Curreny during the said financial year.
Level I - Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level II - Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level III - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
Note 39 Financial risk management objectives and policies Financial Risk Factors
1. The company is exposed with various financial risks so to mitigate such risks the quantitative, data of trading / movement in valuation is put up before monthly meeting and quarterly result evaluation meeting of the board.
2. The Velocity of market viz.a viz. effect in return is within knowledge of management.
3. Any sudden fall or rise in market movement, any change or deviation in Government policies or international events are watched carefully by key personnel and management.
Market risk
1. Market risk is the risk that the fair value or cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk reflects interest rate risk, currency risk and other price risks.
2. The Company has limited criteria of dealing in trading of financial instruments. A close watch on market and index movement in stock exchange is observed.
3. The Velocity of market viz.a viz. effect in return is within knowledge of KMPs.
Interest rate risk
1. As on the reporting date, the company does not have any borrowing in the Financial Statements so that there is no Interest rate risk. Foreign currency risk
1. As on the reporting date, the company does not have exposure in foreign currency, therefore it is not exposed to currency risk.
Credit risk
1. Credit risk is the risk that one party to a financial instrument will cause a loss for the other party by failing to pay for its obligation.
2. The company's investments are mainly in liquid form, does not pass any risk to creditors & the Company's obligations on any contingences of honouring any obligation of risk coverage.
Trade receivable
1. The company has major receivables from exchange only which are unsecured in nature but there is no historical loss incurred in respect
of such receivables
Loans
1. The company do not have any loans against Margin Trading facilities so exposure regarding such credit default risk is not associated. Liquidity risk
1. Liquidity risk is the risk that an entity will have difficulties in paying its financial liabilities. As the company has investments are mainly in liquid form so such risk is majorly mitigated but still KMPs are regularly closely monitoring such liquidity risks.
The table below summarises the maturity profile of the Company financial liabilities based on contractual undiscounted payments
In the opinion of the Board of the Directors of the Company, the current assets, loans and advances have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities have been made in the accounts except as stated otherwise.
Note 41
We draw attention vide this note of the financial statements in respect to scheme of Amalgamation between the Company (Transferee Company) and U R Energy (India) Private Limited (Transferor Company) from the appointed date of April 1, 2024, as the amlagamation scheme is with National Company Law Tribunal for approval of the merger by absorption and dissolution of the Transferor Company without winding up and consequent issuance of the New Equity Shares in accordance with the Share Exchange Ratio to the Eligible Members only.
Note 42
Previous Years figures have been regrouped, reclassified and rearranged wherever necessary to confirm with that of the current year
FOR M A R K S & Co FOR & ON BEHALF OF THE BOARD OF DIRECTORS OF
Chartered Accountants JHAVERI CREDITS AND CAPITAL LIMITED
Firm Reg. No.: 139476W
Rohan D. Mehta VISHNUKUMAR V PATEL BIJAL KIRAN PARIKH
Partner Managing Director Director
Membership No. : 142372 DIN : 02011649 DIN : 07027983
BHUSHAN PITHE NEVIL SHETH
Chief Financial Officer Company Secretary
UDIN : 24142372BKCQPP2333
Place : Ahmedabad Place : Ahmedabad Place : Ahmedabad
Date : 30-05-2024 Date : 30-05-2024 Date : 30-05-2024
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