(m) Provisions, contingent liabilities and Contingent Assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, the expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.
Contingent assets are neither recognised nor disclosed in the financial statements.
(n) Financial Instrument
Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the Company decides to classify the same as at fair value through other comprehensive income (FVTOCI).
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
(o) Employee benefits
lil Short-term employee benefits:-
All employee benefits falling due within twelve months of the end of the period in which the employees render the related services are classified as short term employee benefits, which include benefits like salaries, wages, short term compensated absences, performance incentives, etc. and are recognised as expenses in the period in which the employee renders the related service and measured accordingly.
(ii) Post-employment benefits:
Post employment benefit plans are classified into defined benefits plans and defined contribution plans as under
Gratuity The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount based on the respective employee's salary and the tenure of employment. The liability in respect of Gratuity, is recognised in the books of accounts based on actuarial valuation by an independent actuary. The gratuity liability for employees of the Company is funded with Life Insurance Corporation of India.
Provident Fund The Company makes contributions to statutory provident fund in accordance with Employees Provident Fund and Miscellaneous Provisions Act, 1952. Provident Fund is a defined benefit scheme the contribution of which is being deposited with Regional Provident Fund Commissioner. Company's contribution to the provident fund is charged to Statement of Profit and Loss.
Micro, Small and Medium Enterprises
There are no Micro, Small & Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as on 31st March 2024. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.
Notes: 26
Short Term Borrowings
Short term borrowing as per Balance Sheet Rs.11830.50 thousands. Actual utilisation as per Bank Statement is Rs.2083.01 thousands as on 31st March, 2024. The difference between Balance Sheet amount and physical Bank Account is Rs.9747.49 thousands. This is due to cheques received and cheques issued which are not credited and debited in Bank Account, as per BRS Notes: 27
Contingent liabilities
Claims against the company not acknowledged as liability are as follows :-
The Income Tax Assessing Officer has issued Assessment Orders u/s 143(3) for Assessment Years, 2014-15, where in certain additions have been made. The Company has taken up the matters with Appeal Commissioner. As per advice received from Tax experts, the Company is confident that the stand of the Assessing Officer will be negated by the Appeal Commissioner. However, this may involve additional Income Tax liability of Rs.682.14 thousands for Assessment Year 2014-15. The demand has been paid. In case of favourable order from the Appeal authorites, the already paid amount will be refunded along with interest. Further, this may involve additional Income Tax penalty liabilities if favourable order is not received from Appeal authorities. The quantum of such liability cannot be determined now. No provision has been made for this contingent liability.
Others
Bank Guarantee in favour of CGHS for Rs.200.00 thousands (Previous year Rs.200.00) and in favour of Directorate of ECHS for Rs.200.00 thousands (Previous year Rs.200.00).
Notes: 28
Fixed Deposits & Interest Income
Bank Fixed Deposit to the tune of Rs.2500.00 thousands have been pledged to HDFC Bank Ltd. for Securing Over draft Limit.
Bank Fixed Deposit to the tune of Rs.20000.00 thousands have been pledged to Yes Bank Ltd. for Securing Over draft Limit.
Bank Fixed Deposit as on 31.03.2024 to the tune of Rs.400.00 thousands have been pledged to State Bank of India for Securing Bank Guarantee.
Notes: 29
Corporate Social Responsibility (CSR):
The following disclosures are made as per the additional regulatory information required by Schedule III of the Companies Act, 2013 towards Corporate Social Responsibility -
a) amount required to be spent by the company during the year - Rs.9.20 lakhs
b) amount of expenditure incurred-Rs.0.00 lakhs
c) shortfall at the end of the year-9.20
d) total of previous years shortfall - Nil (bf
e) reason for shortfall - CSR Project yet to be conceptualised is not initiating II ? ( / J/)
, f) nature of CSR activities - Nil
ACCESS'
Notes: 30
In the opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in accounts, if realised in ordinary course of business, unless otherwise stated. The provision for all known liabilities is adequate and not in excess/short of the amount considered reasonable/ necessary.
Notes: 31
Balances of debtors, creditors, loans and advances incorporated in the books as per balances appearing in the relevant subsidiary records, are subject to confirmation from the respective parties and consequential adjustments arising from reconciliation, if any. The management however is of the view that there will be no material discrepancies in this regard.
Notes: 32
i Impairment of Assets
On the basis of physical verification of assets and cash generation capacity of those assets in the management perception, there is no impairment of assets as on 31st March 2024.
Notes: 33
Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure & Figures have been rounded off to nearest thousands as per requirement of general intsructions in Schedule III of the Company Act, 2013.
Summary of significant accounting policies & Notes on Accounts 1-33 For and on behalf of Board of Directors
The accompanying notes are an integral part of the financial statements. j )•
Rajesh Goenka
In terms of my report of even date Chairman & Whole-time-Director
(DIN:00157319)
For M.R.SINGHWI & CO.
Chartered Accountants
Firm Regn. No.312121E Neha Goenka
Inf FRH \o| Director
(DIN:05215437)
(CA BAL KRISHAN PODDAR)
Partner
Membership No. 054613 Santosh Kumar Thakur
Chief Financial Officer
-ra—s.—-J
Place: Kolkata S Prasad
Date : 23rd day of May, 2024 Company Secretary
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