PROVISIONS AND CONTINGENCIES

A provision is recognised when the company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which are liable estimates can be made. Provision are not discounted to their present value and are determined based on the best estimates at the Balance Sheet date.

2.9 IMPAIRMENT OF ASSETS

The carrying value of assets / cash generating unit at each Balance Sheet date are reviewed for impairment If any indication of Impairment exists, the recoverable amount of such assets is estimated and impairment is recognised. If the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, except in case of revalued assets.

TAXES ON INCOME

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognised, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets in respect of depreciation is recognised if there is virtual certainty that there will be sufficient future taxable income available.

30 Prior Period Expenses :

The amount of prior period expenses of Rs. 4.14 lakhs represents the incremental rent amount paid for Mumbai HO Office premises due to rate revision/escalation pertaining to previous years.

31 Government Subsidy :

During F.Y. 2023-24the Company has availed benefit of Atmanirbhar Rojgar Yojna Scheme, in which Contribution of Provident Fund of new joinee employees will be paid by Government.

As per scheme, the Company has availed Rs. 0.51 lakhs as employee contribution and Rs. 0.51 lakhs as employer contribution, since amount contributed by Government of India, no entries has been made in books of accounts.

32 LEASES :

The Company has taken office premise under operating lease that are renewable on a periodic basis at the option of both the lessor and lessee. The company has not entered into any non cancellable agreement, accordingly lease disclosure is not applicable to the company.

The amount of lease payments with respect to the above lease recognised in the statement of profit and loss for the year is Rs.83.64 lakhs (previous year Rs.71.20 lakhs).

Increase in Short Term Borrowings, Short term Provisions and other current liabilities compare to previous year, lead to Increase in current liabilities , thereby decrease in current ratio. Previous year ratio change 4.22 to 3.82 on account of regrouping adjustments.

ii Ratio has Increased on account of increase in Short Term Borrowings and decrease in equity owing to losses in a current year.

Debt Service Coverage Ratio, EBITA, Return on Capital employed and Net Profit Ratio has reduced in comparison to previous year due to

ⁱⁱⁱ increase in expenses and reduction of Income from operations which resulted in losses during the current year.

iv Ratio has Increased on account of increase in Average debtors and decrease in sales/Revenue thereby indicating poor recovery.

v Ratio has decreased on account of increase in Average Trade payable and decrease in Direct expanses.

Ratio has Increased due to decrease in working capital compare to previous year. Previous year ratio change 1.25 to 1.43 on account of

^vi regrouping adjustments.

viii Profit earned by subsidiary in financial year 2023-2024 is higher than the previous year, resulting in a rise in return on investment.

38 Benami T ransactions

The Company does not hold any Benami Property as defined under Benami Transactions (Prohibition) Act (45) of 1988 and rules made thereunder.

gg T ransactions with struck off Companies

The Company does not have any transactions with companies struck off under section 248 of Companies Act 2013 or Section 560 of Companies Act 1956, during the financial year ending 31 March 2024 and 31 March 2023.

40 Restriction on number of layers

The Company has complied with the number of layer prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on Number of Layers) Rules, 201 7.

41 Undisclosed Income

The Company does not have any undisclosed income during the financial year ended 31 March 2024 and 31 March 2023.

42 Crypto/Virtual Currency

The Company does not traded or invested in Crypto Currency or Virtual Currency during the financial year ended 31 March 2024 and 31 March 2023.

43 Code on Social Security, 2020

The Indian Parliament has approved the Code on Social Security, 2020 which subsumes the Provident Fund and the Gratuity Act and the Rules thereunder. The Ministry of Labour and Employment has also released draft rules thereunder on 13 November 2020, and has invited suggestions from the stakeholders which are under active consideration by the Ministry. The Company will evaluate the rules, assess the impact, if any, and account the same once the rules are notified and become effective.

44 Utilization of borrowed funds and share premium

No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity

(a) ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or

^(b) 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

45 Scheme of arrangements

There are no scheme of arrangements which have been filed by the company under the act and which have approved by the competent authority u/s 230 to 237 of the Act.

46 Wilful defaulter.

The company has not been declared as wilful defaulter by any bank or financial institution or any other lender.

47 Previous year figures

The figures of previous years have been re-grouped and re-arranged wherever necessary to conform with the current year's grouping and disclosures.

SIGNATURE FOR NOTES 1 TO 47

For Sanjay Rane & Associates LLP For and on Behalf of the Board

Chartered Accountants Moxsh Overseas Educon Limited

Firm Reg. No. 121089W/W100878 (Formerly Known as Moxsh Overseas Educon Private Limited)

CA. Abhijeet Deshmukh Dhananjay Shah Priti D Shah

M.No. 129145 (Director) (Director)

DIN :00225296 DIN : 08124259

Priyanka Rathi Monika Shah

(Company Secretary) (Chief Financial Officer)

Place : Mumbai M No: 54816

Date : May 24, 2024

Date : May 24, 2024

U DIN:24129145BKAJZI9725_