VIII Provision, Contigent Liabilites and Contigent Assets:
A provision is recognized if as a result of a past event the Company has a present legal or constructive obligation that
can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. Contingent Liabilities are not recognised
but are disclosed in the notes. Contingent Assets are not recognised but disclosed in the Financial Statements when
economic inflow is probable.
XII Details of title deeds of Immovable Property not held in name of the Compamy:
The Company do not have the immovable property whose title deeds are not held in the name of the Compamy as on
31.03.2024. (Previous Year 31.03.2023: Nil).
XIII Detials of Capital-Work-in Progress (CWIP) as on 31.03.2024
The Company do not have Capital Work in Progress as on 31.03.2023. (Previous Year 31.03.2023: Nil)
XIV Detials of Intangible assets under development as on 31.03.2024:
The Company do not have Intangible assets under development in Progress as on 31.03.2023. (Previous Year
31.03.2023: Nil)
XV Details of Benami Property as on 31.03.2024:
Company do not have any Benami Property as on 31.03.2023.(previous Year 31.03.2023:NIL)
XVI Details of Surrender Income as on 31.03.2024:
The Company do not have any transaction not recoreded in the books of accounts that has been surrendered or
disclosed as income during the year in tax assessments under the income tax Act, 1961 ( Such as Search or survey or
any other relevant provisions of the Income tax Act, 1961). as on 31.03.2024. ( Previous Year 31.03.2023 : Nil)
Note 18
CONTINGENT LIABILITIES AND COMMITMENTS
There are no contingent liabilitites during the year.
Note 19
In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course
of business.
Note 20
SEGMENT REPORTING
Segment Information : The Company is engaged in the business of providing Loans. All other activities of the Company are
related to the main business. As such there are no separate reportable segments, as per the Ind-AS 108 on Operating Segment
Note 21
RELATED PARTY DISCLOSURES
a) List of Related parties
i) Holding Company
Awaita Properties Pvt. Ltd
ii) Subsidiary Company
KLG Stock Brokers Pvt. Ltd
iii) Key Management Personnel
Chintan Chheda , Director, (W.E.F Nov. 13,2020)
Akhilesh Kumar .Manager (W.E.F Nov. 11,2021)
b) Terms and Conditions of transactions with related parties
The Transactions from related parties are made on arm’s length price. Outstanding balances at the year-end are unsecured
and interest have been accounted on market rate except the advances which is merely reimbursment of expenses. This
assessment is undertaken each financial year through examining the financial position of the related party and the market
in which the related party operates.
FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES:
The Company’s principal financial liabilities comprise loans and borrowings and trade and other payables. The main purpose
of these financial liabilities is to finance the Company’s operations and to provide guarantees to support its operations. The
Company's principal financial assets include Investment, loans and advances, trade and other receivables, and cash and bank
balances that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Company’s senior management advises on financial decision and the appropriate financial risk
governance framework for the Company.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and
commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, FVTOCI investments and
derivative financial instruments.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s
long-term debt obligations with floating interest rates.
Credit risk
Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to
a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables and advances to
suppliers) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions
and other financial instruments.
Trade receivables
Customer credit risk is managed by each business unit subject to the Company’s established policy, procedures and control
relating to customer credit risk management. Outstanding customer receivables are regularly monitored. An impairment analysis
is performed at each reporting date on an individual basis for major clients.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance
with the Company's policy. Investments of surplus funds are made only with approved authorities. Credit limits of all authorities
are reviewed by the Management on regular basis.
Liquidity risk
The Company monitors its risk of a shortage of funds using a liquidity planning tool.
The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts,
Letter of Credit and working capital limits.
Note - 23
CAPITAL MANAGEMENT:
For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other
equity reserves attributable to the equity holders of the parent. The primary objective of the Company's capital management is
to maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total
capital plus net debt.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. There have
been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
Note - 24
EARNING PER SHARE:
Particulars 2023-24 2022-23
Net Profit / (Loss) After Tax available for Equity Shareholders (in Rs.) (3,77,890) (6,22,462)
Weighted Average Number of Equity Shares of Rs. 10/- each outstanding during 3202400 32,02,400
the year
Basic/Diluted Earning Per Share (in Rs.) (0.12) (0.19)
In terms of our report of even date attached For and on behalf of the Board of Directors
For BHARAT SHAH & ASSOCIATES,
Chartered Accountants
Firm Reg. No.101249W Chintan Chheda Rakesh Bajaj
Director Director
BHARAT A. SHAH DIN :08098371 DIN :02894631
PROPRIETOR
Membership No. 32281 Akhilesh Kumar
CFO
PLACE: Mumbai
DATE : 29-05-2024
|