l) Provisions, Contingent liabilities and Contingent assets
A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an
outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions
(excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based
on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date
and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. A
contingent asset is neither recognised nor disclosed in the financial statements.
m) Cash and cash equivalents
The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash
that are subject to an insignificant risk of change in value and having original maturities of three months or less from the
date of purchase, to be cash equivalents.
(Ref Note No. 29: Details of Borrowing)
(Overdraft Limits from ICICI Bank -01272- amounting to Rs. 1,63,10,000/- are secured by the first charge on the mortgage
of the property in Delhi and Haryana owned by the directors Mr. Jitender Sharma, Yetender Sharma and Mrs. Geetanjali
Sharma)
(Overdraft Limits from ICICI Bank -01272 is converted to current account FY 24-25)
(Overdraft Limits from ICICI Bank -6677- amounting to Rs. 10,00,00,000/- are secured by the first charge on the immovable
property (mortgage of the property Haryana) and personal guarantee by Mr. Jitender Sharma, Yetender Sharma and Mrs.
Geetanjali Sharma)
the above loan includes interestfree loan from Director FY23-24 Rs. 38,31,540/-, Jitender Kumar Sharma, in the management
opinion, these loans are repayable as and when company generate surplus cash in future. During the FY 24-25 (1st April 24
to 31st Oct 24) Company was paid of Rs 7,67,074/- and remaining balance is payable of Rs 30,64,466.
the above loan include interestfree loan from Director FY23-24 Rs. 38,31,540/-, Jitender Kumar Sharma, In the management
opinion, these loans are repayable as and when company generate surplus cash in future. During the FY 24-25 (1st April 24
to 31st March 2025) Company was paid of Rs. 17,97,166/- and remaining balance is payable of Rs 27,44,198s.
the above loan include interest free loan from Director Rs. 13,00,000/-, Yetender Kumar Sharma, In the management
opinion, these loans are repayable as and when company generate surplus cash in future
33. Operational outlook
The directors have made an assessment of the Company’s ability to continue as a going concern and have no reason to believe the
Company will not be a going concern in the year ahead. Accordingly, the standalone financial statement does not include any
adjustments regarding the recoverability and classification of the carrying amount of assets and liabilities that might result, should the
Company be unable to continue as a going concern.
34. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable
losses.
35. There were no amounts which were required to be transferred to the Investor Education and protection Fund by the Company.
36. Additional Regulatory Information
a) Note on Holding Benami Property:
There are no proceedings which have been initiated or pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
b) Note on Relationship with Struck off Companies:
The company has no transactions with the companies Struck off under section 248 of the Companies Act, 2013 or section 560
of the Companies Act, 1956. For disclosure, refer Annexure on Struck off Companies forming part of the Financial Statement.
c) Note on Dealing in Crypto or Virtual Currency:
The Company has neither traded nor invested in Crypto currency or Virtual Currency during the financial year ended March
31, 2023.
d) Note on Layer of Companies.
The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies
(Restriction on number of Layers) Rules, 2017
e) Note on Creation of Charge
There are no pending charges or satisfaction which are yet to be registered with the Registrar of Companies (ROC) beyond the
defined statutory period.
f) During the year the company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to any other person or entity 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 person or
entities identified in any manner whatsoever by or on behalf of company (ultimate beneficiaries) or (ii) provide any guarantee,
security or the like to or behalf of the ultimate beneficiaries.
g) During the year the company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to any other person or entity 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 person or
entities identified in any manner whatsoever by or on behalf of company (ultimate beneficiaries) or (ii) provide any guarantee,
security or the like to or behalf of the ultimate beneficiaries.
h) The company is not a wilful defaulter as declared by any bank or financial Institution or any other lender.
i) There are no transactions which are 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).
|