1.2.13 Provisions and contingent liabilities:
i. General
A provision is recognised when the Company has a present legal or constructive obligation as
a result of a past event and it is probable that an outflow of resources will be required to settle
the obligation, in respect of which reliable estimate can be made. Provisions are reviewed at
each balance sheet date and adjusted to reflect the current best estimates.
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.
ii. Contingent liabilities
A disclosure for contingent liabilities is made where there is a possible obligation or a present
obligation that may probably not require an outflow of resources. When there is a possible or
a present obligation where the likelihood of outflow of resources is remote, no provision or
disclosure is made.
iii. Onerous contracts
Provision for onerous contracts. i.e. contracts where the expected unavoidable cost of meeting
the obligations under the contract exceed the economic benefits expected to be received
under it, are recognised when it is probable that an outflow of resources embodying economic
benefits will be required to settle a present obligation as a result of an obligating event based
on a reliable estimate of such obligation.
1.2.14 Cash and cash equivalents:
Cash and cash equivalents comprise cash at bank and in hand and short term investments
with original maturity of three months or less.
1.2.15 Cash flow statement
Cash flows are reported using the indirect method, whereby profit / (loss) before tax is adjusted
for the effects of transactions of non-cash nature and any deferrals or accruals of past or
future cash receipts or payments. The cash flows from operating, investing and financing
activities of the Company are segregated based on the available information.
1.2.16 Current and non-current classification:
The Company presents assets and liabilities in the balance sheet based on current/ non¬
current classification.
An asset is current when it satisfies any of the following criteria:
• It is expected to be realised or intended to sold or consumed in normal operating cycle;
• It is held primarily for the purpose of trading.
• It is expected to be realised within twelve months after the reporting year; or
• It is Cash or cash equivalent unless restricted from being exchanged or used to settle a
liability for at least twelve months after the reporting period.
Current assets include the current portion of non-current financial assets. All other assets are
classified as non-current.
A liability is current when it satisfies any of the following criteria:
• It is expected to be settled in normal operating cycle;
• It is held primarily for the purpose of trading;
• It is due to be settled within twelve months after the reporting year; or
• There is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period.
Current liabilities include the current portion of non-current financial liabilities. All other liabilities
are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Operating cycle:
Operating cycle is the time between the acquisition of assets for processing and their realization
in cash or cash equivalents. Accordingly, the Company has ascertained its operating cycle as
12 months for the purpose of current - non-current classification of assets and liabilities.
1.2.17 Recent accounting pronouncements:
In March 2023, the Ministry of Corporate Affairs issued the Companies (Indian Accounting
Standards) Amendment Rules, 2023 which amended certain Ind AS as explained below:
a. Ind AS 1 - Presentation of Financial Statements - the amendment prescribes disclosure of
material accounting policies instead of significant accounting policies. The impact of the
amendment on the Financial Statements is expected to be insignificant basis the preliminary
evaluation.
b. Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - the amendment
added definition of accounting estimate and clarifies what is accounting estimate and treatment
of change in the accounting estimate and accounting policy. There is no impact of the
amendment on the Financial Statements basis the preliminary evaluation.
c. Ind AS 12 - Income taxes - the definition of deferred tax asset and deferred tax liability is
amended to apply initial recognition exception on assets and liabilities that does not give rise to
equal taxable and deductible temporary differences. There is no impact of the amendment on
the Financial Statements basis the preliminary evaluation
d. The above amendments are effective from annual periods beginning on or after 1st April,
2023.
1.2.19 Contingent Liabilities and Commitments
- Contingent liability on account of pending litigation: Nil
- Estimatedamountof contracts remaining to be executed on capital accounts and not
provided for, net of advances is Rs. Nil
- Other Contingent Liability is Rs. Nil
1.2.21 Segment Reporting
Consequenttothe internalre organization there were changes effected in the reportable industry
segments based on the “management approach”as laid down in AS17.
Industrysegmentsforthe company are
Mobile-Handsets trading, Staffing/HR Related services
IT Software Development, Bitumen Trading.
Revenue and identifiable operating expenses in relation to segments are categorized based on
items that are individually identifiable to that segment. Alloca ted expenses of segments include
expenses incurred for rendering services from the companies off shores software development
center swhich are categorized in relation to the associated turnover of the segment.
1.2.22 Related Party transactions
The company has identified all related parties and details of transactions are given below. No
provision for doubtful debts or advances is required to be made. No amounts have been
written off or written back during the year in respect of debts due from or related parties.
There are no other related parties where control exists that need to be disclosed.
1.2.28 In the opinion of the Management and to the best of their knowledge and belief realization of
current assets and loans and advances are not less than the amount at which they are stated
in the Balance Sheet and are subject to confirmation from respective parties.
1.2.29 The management is of the opinion that the carrying amounts of fixed assets and other assets
are not less than their respective net realizable values.
1.2.30 Provision for taxation is made based on an estimate of assessable income determined by the
company under the Provisions of Companies Tax Act, 1961.
1.2.31 The Company estimates the deferred tax charges/(Credit) using the applicable rate of taxation
based on the impact of timing differences between financial statements and estimated taxable
income for the current year.
1.2.32 Relationship / transactions with Struck off Companies
There are no transactions or amount outstanding with struck off companies for the year ended
March 31,2024 and March 31,2023.
1.2.33
1) The company, for the current year as well as previous Year, does not have any benami
property, where any proceeding has been initiated or pending against the company for holding
any benami property.
2 The Company, for the current year as well as previous year, does not have any charges or
satisfaction which is yet to be registered with ROC beyond the statutory period, where as the
company yet to update the charge in the ROC for the below mentioned Liability.
1.2.34 The Company, for the current year as well as the previous year, has not traded or invested in
Crypto currency or Virtual Currency during the financial year.
1.2.35 The Company, for the current year as well as previous year, not has any such transaction
which is not recorded 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.
1.2.36 The company has not advanced or loaned or invested funds to intermediaries for directly or
indirectly lending to, or investing in, or providing guarantee or security on behalf of ultimate
beneficiaries identified by the company and/or the company has not received any fund to act
as intermediary for directly lending to, or investing in, or providing any guarantee or security
on behalf of ultimate beneficiaries identified by the funding parties, and are in compliance with
FEMA and Companies Act, 2013 and are not violative of PMLA.
1.2.37 The company is not declared as a willful defaulter by any bank or financial institution or other
lender, during the current year and previous year.
1.2.38 The company has not made any investment in downstream companies during the current
year and previous year. Hence the compliance under clause (87) of section 2 of the Act read
with the Companies (Restriction on number of Layers) Rules, 2017 is not applicable.
1.2.39 The Company has not entered into any scheme of arrangement in terms of sections 230 to
237 of the Companies Act, 2013 during the current year and previous year.
1.2.40 The Company has not revalued its Property, Plant and Equipment or intangible assets or
both during the current year and previous year.
1.2.41 The Company has given an advance of Rs. 25,00,000 to the related parties (as defined
under Companies Act, 2013), Rs. 10,94,267 to Body Corporates (Related Parties),Rs. 31,56,045
to the entities where KMP has significant influence, that are repayable on demand or without
specifying any terms or period of repayment.
1.2.42 Previous year's figures have been regrouped/reclassified wherever necessary to correspond
with the current year's classification/disclosure.
1.2.43 All the figures have been rounded off to the nearest "Thousand Rupees". Unless otherwise
stated.
For M/s. Kalyana & Co. For and on behalf of the Board of Directors
Chartered Accountants M/s. Mahaveer Infoway Limited
FRN No.: 007095S
CA N Kalyana Sundar Ashok Kumar Jain Vijay Jain
Partner Managing Director Director
M.No.204247 DIN:00043840 DIN:02321195
UDIN: 24204247BKEKYI9349
Place: Hyderabad Monika Ashish Rathi
Date: 24.05.2024 Company Secretary
M.No: A39393
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