(m) Provisions & contingencies
A provision is recognized when the company has a present obligation as a result of past events 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) are not discounted to their present value and are determined based on the 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 disclosed in the notes. Contingent assets are not recognized or disclosed in the Financial Statements.
(n) Earnings per Share:
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares except where the result would be anti-dilutive.
(o) Foreign Currency Transactions
Foreign Currency Transactions are recorded at the exchange rate prevailing on the date of transaction. All monetary foreign currency assets/liabilities are translated at the rates prevailing on the date of balance sheet. The exchange difference between the rates prevailing on the date of transaction and on the date of settlement as also on translation of monetary items at the end of the year is recognized as income or expense, as the case may be.
(p) Investments
Investments, which are readily realizable and intended to be held for not more than one year from the date on which investments are made , are classified as current investments. All other investments are classified as long term investments. Longterm investments are stated at cost, less provision for other than temporary diminution in the carrying value of each investment. Current investments are stated at the lower of cost and fair value.
38. Other Statutory Disclosures: -
The MCA vide notification dated 24th March, 2021 has amended Schedule 111 to the Companies Act. 2013 in respect of certain disclosures which are applicable from 1st April, 2021. The Company has incorporated the changes as per the said amendment in the financial statements and below disclosures are made in compliance of the said amendment :
a) All the title deeds of immovable properties (other than properties where the company is the lessee and the lease agreement are duly executed in favour of the lessee) were held in the name of the company. However, during the current year, company has no immovable properties.
b) The Company does not have any Investment property, hence the question of disclosure and valuation by the registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017 does not arise.
c) During the year 2023-24 and 2022-23 , the company has not revalued any of its Property,plant and equipment or Intangible Assets or both during the year.
d) The Company has granted loans and advances in the nature of loan to wholly owned subsidiary Rs. 453.79 Lakhs in the financial year ending 31stMarch 2024 and Rs. Nil in the financial year 31st March, 2023. Loan is carrying interest rate @ 10% per annum. Details given below:
f) Company is required to submit statement of current assets with the bank or financial institutions and therefore reconciliation of the statement filed by the company with bank are in agreement with books of accounts.
g) The Company has not been declared as wilful defaulter by any bank or financial institution or government or any government authority in the financial
year 2023-24 and 2022-23.
h) The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year ending 31st March, 2024 and 31st March, 2023.
i) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year ending 31st March, 2024 and 31st March, 2023.
j) The Company has no cases of any charges or satisfaction which is yet to be registered with ROC beyond the statutory period in the financial year ending 31st March, 2024 and 31st March, 2023.
k) 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.
l) The Company has not entered into any scheme(s) of arrangements during the year ending 31st March, 2024 and 31st March, 2023.
m) During the financial year 2023-24 and 2022-23, the Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the 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
n) During the financial year 2023-24 and 2022-23, 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
o) The Company does not have any transactions in financial year 2023-24 and 2022-23, where the company has not used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date.
p) The Company has not entered in any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the current & previous financial 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.
39. In the opinion of Directors, and to the best of their knowledge and belief, the value of Current Assets, Loans and advances shown in the Balance Sheet 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.
40. Previous year accounts have been regrouped/ recast, wherever necessary to make them comparable with those of current year.
For BHS & CO. For and On behalf of Board of Directors
Firm’s Registration No. 016899N of Wise Travel India Limited
Chartered Accountants
Harvinder Singh Bhatia Vivek Laroia Manish Kumar Sharma
Partner Managing Director Whole-Time Director
Membership No. 094765 DIN: 02534740 DIN: 07541303
Place: New Delhi Date :
Place: New Delhi
Date: 28th May, 2024
UDIN: 24094765BKAPDG6368
Ashok Vashist Sameep Mittal Shivani Rastogi
Chief Executive Officer Chief Financial Officer Company Secretary
Place: New Delhi Date: 28th May, 2024
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