N. Contingent Liabilities / Assets and Provisions
Contingent Liabilities in respect of show cause notices received are considered only when they are converted into
demands. Contingent Liabilities under various fiscal laws include those in respect of which the Company / Department
is in appeal. A provision is made based on a reliable estimate when it is probable that an outflow of resources
embodying economic benefits will be required to settle an obligation. Contingent Liabilities are disclosed in notes to
financial statements. Contingent assets are neither recognized nor disclosed in the financial statements.
Note no. 27: - Additional Information to the Financial Statements
27.01 Contingent liability as may arise on account of none / late compliance of certain fiscal statement - amount
unascertainable.
27.02 The amounts under the head short term borrowing, trade payables, trade receivables and loans and advances
including those adjusted during the year are subject to confirmation and reconciliation and consequent adjustment
thereof, if any.
27.03 Expenditure incurred on employees holding shares of the company, who were in respect of remuneration of
more than 2 Lakh p.m., if employed for part of the year or 27 Lakh p.a. - Nil
27.04 Remuneration to Directors:
i) Remuneration paid during the year:
-Mrs. Poonam Sharma: Rs. 29,27,844
- Mr. Ritesh Sharma: Rs. 29,27,844
ii) Remuneration paid during previous year:
-Mrs. Poonam Sharma: Rs. 29,27,844
- Mr. Ritesh Sharma: Rs. 29,27,844
In respect of the balance confirmations sought for by the company from its debtors and creditors, very few parties
have responded to the request. As such, balances in the accounts of debtors, creditors, advances and deposits are
taken as appearing in the accounts.
Note 30: Information about Business Segments
The Company has identified and initiated segment reporting from the FY 2023-24 and accordingly the Segment
Report for half year ended 30th September 2023 and half year and year ended 31st March 2024 is presented hereby
in accordance with AS-17.
Note 31: Previous year figures.
Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's
classification / disclosure.
As per the amendment notification for Schedule III dated 27th March 2021 it is now mandatory for every company to
round-off the figures appearing in financial statements. Since the turnover of the company is less than 100 crores, the
figures in financial statements have been rounded off to the nearest hundred.
Note 33: Others:
i) The Company has advanced an amount of Rs. 1 5,00,000/- to two service providers and based on explanations
provided by the Company these two vendors have not delivered the requisite services hence Company has
filed a legal case against both the parties for recovery of the said sum of Rs. 15,00,000/-
ii) As on March 31st, 2024, the Company has one Wholly-owned Subsidiary - Mindpool Technologies INC.
For and on behalf of the Board
For Mindpool Technologies Limited
Sd/- Sd/-
Poonam Sharma Ritesh Sharma
Place: Pune Whole-Time Director Chairman & Managing Director
Date/ 28/05/2024 DIN : 03397469 DIN : 02676486
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