C: NOTES ON FINANCIAL STATEMENTS
1. Contingent liabilities
There are no Contingent Liabilities during the reported period.
2. Dues to Micro enterprises and Small enterprises:
Under the Micro, Small and Medium Enterprise Development Act, 2006 certain disclosure is required to be made related to micro, small and medium enterprise. The company has not received any information from its creditors identifying themselves as MSME.
3. Segment Reporting
The company operates only in one reportable business segment namely consultancy services. Hence there are no reportable segments under Accounting Standard -17. The conditions prevailing in India being uniform no separate geographical disclosures are considered necessary.
4. In the opinion of the Board, subject to the debts considered doubtful, Current Assets and Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet, Trade Receivables, Trade Payables, Loans and Advances are subject to confirmations.
• Mr. Vikas Chhangani has been appointed as Executive Director w.e.f. 31st January, 2024. Transactions executed between Company & Mr. Vikas Chhangani / relatives of Mr. Vikas Chhangani before 31st January, 2024 are not covered under related party transactions.
• Mrs. Dipali Nikunj Kanabar has been appointed as Independent Director w.e.f. 31st January, 2024. Transactions executed between Company & Mrs. Dipali Nikunj Kanabar / relatives of Mrs. Dipali Nikunj Kanabar before 31st January, 2024 are not covered under related party transactions.
8. Other Statutory Information:
(i) The Company does not have any Benami property. No proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company has not advanced to or loaned to or invested funds in any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that such Intermediary shall: (a) 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 (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(iii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall: (a) directly or 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 (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iv) The Company does not have any 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)
(v) The Company has not been declared as a wilful defaulter as prescribed by Reserve Bank of India.
(vi) The Company has not invested in any crypto or virtual currency.
(vii) The Company has not given any loan to Director or KMP.
(viii) During the year the Company has not received Share Application money or increase in Share Capital.
(ix) The Company do not have any Borrowing from Bank & Financial Institutions.
(x) Registration of charges or satisfaction with Registrar of Companies (ROC): Nil
(xi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
(xii) There is no Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013
(xiii) Grants or donations received: Nil
(xiv) The Company is not covered under section 135 of the Companies Act.
9. Relationship with Struck off Companies:
During the year, the Company had no transactions with a company which was struck off under Section 248 of the Companies
Act, 2013 or Section 560 of Companies Act, 1956.
NOTE: 2.2 TERMS/ RIGHTS ATTACHED TO EQUITY SHARES
The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. Dividend if any will be declared in Indian Rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity share held by the Shareholders
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