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1.2.19 Contingent Liabilities and Commitments
- Contingent liability on account of pending litigation:
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Nil
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- Estimated number of contracts remaining to be executed
on capital accounts and not provided for, net of advances is Rs.
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Nil
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- Other Contingent Liability is Rs.
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Nil
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1.2.21 Segment Reporting
Consequent to the internal reorganization there were changes effected in the reportable industry segments based on the “management approach” as laid down in Ind AS 108.
Industry segments for the company are Staffing/IT Software Development
Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Allocated expenses of segments include expenses incurred for rendering services from the companies off shores software development centers which 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.
Transactions and outstanding balances in the nature of reimbursement of expenditure incurred by one Company on behalf of the other have not been considered above.
1.2.23 The Company has does not have any suppliers who are registered as Micro, Small, Medium Enterprise as on March 31,2025 in terms of the provisions of “The Micro, Small, and Medium Enterprises Development Act, 2006”.
Note on Managerial Remuneration:
During the year, Managerial remuneration amounting to 18,00,000 was paid to the Managing Director, which exceeds the limit of 5% of the net profits of the Company as per Section 197 of the Companies Act, 2013.
1.2.27 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.
1.2.28 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.
1.2.29 Provision for taxation is made based on an estimate of assessable income determined by the company under the Provisions of Companies Tax Act, 1961.
1.2.30 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.
1.2.31 Relationship / transactions with Struck off Companies
There are no transactions or amount outstanding with struck off companies for the year ended March 31,2025 and March 31,2024.
1.2.32 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.
1.2.33 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.
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.
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