L) Provision, Contingent liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is
a present obligation as a result of past events and it is probable that there will be an outflow of
resources. Contingent Liabilities are not recognized but are disclosed in the Notes. Contingent Assets
are neither recognized nor disclosed in the Standalone Financial Statements.
(f) Details of Benami Property held
The Company does not hold any benami property as defined under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No
proceeding has been initiated or pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules
made there under for any of the year reported.
(g) Borrowings obtained on the basis of security of current assets
The Company has been sanctioned working capital limits from banks on the basis of
security of current assets in March 2025 and Returns/Statements are not required to file for
the year reported.
(h) Wilful Defaulter
The Company has not been declared Wilful Defaulter by any bank or financial institution or
any other lender during any of the year reported.
(i) Relationship with Struck off Companies
The Company does not have any transactions with struck off companies during any of the
year reported.
(j) Registration of charges or satisfaction with Registrar of Companies (ROC)
Registration of charges or satisfaction with Registrar of Companies (ROC) not pending
during any of the year reported.
(k) Compliance with number of layers of companies
The Company is in compliance with number of layers of companies in accordance with
clause 87 of Section 2 of the Act read with the Companies (Restriction on number of layers)
Rules, 2017.
(l) Approved scheme of arrangements
The Company has not entered into any scheme of arrangement approved by the
Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during any
of the year reported.
(m) Utilisation of Borrowed funds and share premium
The Company has not advanced or loaned or invested funds (either borrowed funds or
share premium or kind of funds) to any other persons or entities, including foreign entities
(Intermediaries) with the understanding (whether recorded in writing or otherwise) that the
Intermediary shall:
(i) 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
’ (ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The Company have not received fund from any persons or entities, including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the
Company shall:
(i) 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
(ii) provide any guarantee, security, or the like on behalf of the ultimate beneficiaries.
(i) 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
(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The company has not received fund from any persons or entities, including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the
company shall:
(i) 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
(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(n) Undisclosed Income
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 any of the year reported in the tax
assessments under the Income Tax Act, 1961
(o) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in crypto currency or virtual currency during any
of the year reported.
(p) Corporate Social Responsibility (CSR)
The Company does not fall under the provisions of Section 135 of the Companies Act, 2013
and accordingly is not required to spend any amount for CSR for any of the year reported.
32 Statement of Management
(a) The current assets, loans and advances are good and recoverable and are approximately
of the values, if realized in the ordinary courses of business unless and to the extent stated
otherwise in the Accounts, provision for all know liabilities is adequate and not in excess of
amount reasonably necessary. There are no contingent liabilities except those stated in the
notes, if any.
(b) standalone Balance Sheet and Standalone Statement of Profit and loss and Standalone
Cash Flow Statement read together with the schedules to the accounts and notes thereon,
are drawn up so as to disclose the information required under the Companies Act, 2013 as
well as give a true and fair view of the statement of affairs of the Company as at the end of
the year and results of the Company for the year under review.
33 Related Party Disclosures:
Related party disclosures as required under the Accounting Standard (AS) - 18 on "Related
Party Disclosures" notified in Companies (Accounting Standards) Rules, 2006 are given
below:
34 The previous year figures have been regrouped/reclassified, wherever necessary to conform
to the current year presentation.
35 During the year, the company received funds through an initial public offering. The unutilized
portion of these funds was initially invested in mutual funds to ensure optimal short-term
returns and liquidity. Prior to the end of the financial year, these mutual funds investments
were fully redeemed and the proceeds were subsequently invested in fixed deposits with
scheduled commercial banks, pending utilization for intended purposes as disclosed in the
IPO offer document.
36 During the year, the Company has entered into a Joint Venture Agreement with Cloud IOT
SDN. BHD. to establish a Joint Venture entity namely- Sattrix Information Security SDN. BHD.
in Malaysia to carry the business of Cyber Security & Information Technology
related Services in Malaysia. According to the MOU Agreement dated November 08, 2024,
the shareholding in the said Joint Venture will be 51% of the Sattrix Information Security
Limited and 49% Cloud IOT SDN. BHD. The Sattrix Information Security SDN. BHD. has been
incorporated on November 26, 2024. As per the Certificate of Incorporation dated December
03, 2024 issued by Companies Commission of Malaysia, the paid up capital of Sattrix
Information Security SDN. BHD. will be 100 (Hundred) Malaysian Ringgit. However, no amount
was subscribed or remitted during the year, and no transactions were carried out by the
Sattrix Information Security SDN. BHD. during the financial year 2024-25.
As Per our report of even date
For, A. N. Ruparel & Co. For & On Behalf of the Board of Directors
Chartered Accountants
sd/- sd/- sd/-
(Atul N. Ruparel) Sachhin Gajjaer Ronak Gajjar
Proprietor - M. No.: 46392 Managing Director Whole Time Director & CFO
Firm Reg. No.: 113413W DIN No.: 06688019 DIN No.: 07737921
UDIN : 25046392BMMKJV6395
SD/-
Place: Ahmedabad Rina Kumari
Date: 29/05/2025 Company Secretary
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