j) Provision on Non-Performing Assets & for diminution in Investment value
Non-performing assets are identified and categorized into Sub-standard, Doubtful and Loss Category based on
the guidelines and direction issued by RBI. Provisions for non-performing assets and for diminution in
investment value are made in the accordance with the RBI guidelines.
k) Contingent Liabilities
No Contingent Liabilities were recognised by the management during the year.
l) Investments
In accordance with Accounting Standard (AS 13) on “Accounting for Investments” and the guidelines issued by
the Reserve Bank of India, Current Investments are stated at lower of cost and fair value. However, Provision
for diminution in value of investment is made to recognize a decline in value other than temporary in nature.
On sale of an investment, the difference between its carrying value and net sale proceeds is charged or credited
in the statement of profit and loss. Unquoted investments in the units of mutual funds in the nature of current
investments are valued at the net asset value declared by mutual funds in respect of each particular scheme.
m) Employment benefit: -
i. Gratuity-:
Gratuity is a post-employment benefit. During the year 2023-24, the Company has made provision for
gratuity and the detail of the same in under note no. 8 of the notes on Financial Statements for the year
ended 31st March 2024.
ii. Provident Fund -:
Pursuant to Employees' Provident Fund Act, the payment under Employees Provident Fund Act is not
applicable to the Company.
iii. Employee state Insurance-:
The Company contributes amount to Employee state Insurance as per the provisions of the Employee State
Insurance Act and is recognized as an expense in the period in which the services are rendered.
iv. Short Term Employee Benefits: -
Short Term Employee Benefits are recognized during the period when the services are rendered. These
Short-term benefits include Bonus, Incentive and other benefits which fall due within twelve months after
the end of the period in which services are rendered.
n) Accounting For Taxes on Income
The accounting treatment for the Income Tax in respect of Company's Income is based on the Accounting
Standard on “Accounting for taxes on Income” (AS 22). Income tax expenses is the aggregate amount of current
tax and deferred tax charge, Taxes on income are accrued in the same period as the revenue and expenses to
which they relate. Current Tax is determined in accordance with the Income Tax Act 1961, on the amount of tax
payable in respect of income for the year.
Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences
arising between the carrying value of assets and liabilities. Deferred tax assets are recognized only after giving
due consideration to prudence. Deferred tax assets and liabilities are measured using tax retards and tax laws
that have been enacted (or) substantially enacted by the balance sheet date.
o) Earnings Per Share
The Company reports basic and diluted earnings per equity share in accordance with (AS) 20, Earnings per
share issued by the Institute of Chartered accountants of India. Basic earnings share has been computed by
dividing net income by the weighted average number of equity shares outstanding for the period. Diluted
earnings per equity shares have been computed using the weighted average number of equity shares and
dilutive potential equity shares outstanding during the period.
p) Goods and Service Tax Input Credit
Goods and Service Tax input credit is accounted for in the books in the period in which the underlying service
received is accounted and when there is reasonable certainty in availing / utilising the credits.
q) Net Profit
The Company calculates Net Profit or Loss for the Period and Changes in Accounting Policies, if any, in
accordance with (AS) 5, issued by the Institute of Chartered accountants of India and other applicable laws.
Terms and condition of transactions with related parties: -
All the related party transactions are made in the normal course of business and on terms equivalent to those that
prevail in arm's length transactions.
25. In the opinion of management the current assets and advances are approximately of the value as stated if
realized in the ordinary course of business unless otherwise stated. The provisions for all liabilities are
adequate and not in excess / shortage of the amount reasonably necessary.
26. During the year, there was no employee employed throughout the year who was in receipt of remuneration of
Rs. 1.02 Crores or more per annum or Rs. 8.50 Lakhs or more per month, if employed for the part of the year.
27. The previous year figures have been regrouped /rearranged/ reclassified wherever necessary to correspond
with current year's disclosure.
28. The Company have complied all the applicable prudential norms prescribed by Reserve Bank of India on income
recognition, accounting standards, assets classification, provisions for Bad & doubtful debts, capital adequacy
and credit / investment concentration.
29. The Company has written off irrecoverable debts amounting to Rs. 14.97 Lakhs in financial year 2023-24
(Previous Year 57.96 lakhs).
30. The company does not have any exposure in foreign currency at the year end.
39. There has been no delay in registration or satisfaction of charges with Registrar of Companies (ROC) beyond
statutory limit.
40. No proceedings have been initiated or pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 and rules made thereunder, as at March 31, 2024 and
March 31, 2023.
41. Company has not invoked or implemented resolution plan under the “Resolution Framework for COVID-19
related Stress” as per RBI circular dated August 6, 2020 for any of its borrower accounts. The Company has not
invoked or implemented resolution plan under the “RBI Resolution Framework - 2.0: Resolution of COVID-19
related stress of Individuals and Small Businesses dated May 05, 2021 with reference to disclosures stated
under Format-B prescribed in the Resolution Framework - 1.0.
42. The Company does not hold any immovable property in the Company.
43. As a part of normal lending business, the company grants loans and advances on the basis of security / guarantee
provided by the Borrower/ co-borrower. These transactions are conducted after exercising proper due
diligence. Other than the transactions described above
a) No funds have been advanced or loaned or invested by the Company to or in any other person(s) or
entity(ies) including foreign entities (“Intermediaries”) with the understanding that the Intermediary shall
lend or invest in a party identified by or on behalf of the Company (Ultimate Beneficiaries);
b) No funds have been received by the Company from any party(s) (Funding Party) with the understanding
that the Company shall whether, directly or indirectly, lend or invest in other persons or entities identified
by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
Notes on Financial statements 1 to 43 are annexed and forming part of the Balance Sheet and Statement of Profit &
Loss.
For M/S Valawat & Associates For & on behalf of the Board
Chartered Accountant
FRN: 003623C
Vinod K. Jain Seema Jain
Managing Director Director
DIN:00248843 DIN:00248706
Jinendra Jain
Partner
M.No. 072995
Place: Udaipur
Date: 30.05.2024
Rajat Purohit Priya Chaplot
CFO Company Secretary
M No A48227
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