(m) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A provision is recognised if, as a result of a past event, the Company has a present obligation that
can be estimated reliably, and it is probable that an outflow of economic benefits will be required to
settle the obligation. Provisions are recognised at the best estimate of the_expenditure required to
settle the present obligation at the balance sheet date. The provisions are measured on an
undiscounted basis. Provision in respect of loss contingencies relating to claims, litigation,
assessment, fines, penalties, etc. are recognised when it is probable that a liability has been incurred
and the amount can be estimated reliably. A contingent liability exists when there is a possible but
not probable obligation, or a present obligation that may, but probably will not, require an outflow of
resources, or a present obligation whose amount cannot be estimated reliably. Contingent liabilities
do not warrant provisions, but are disclosed, unless the possibility of outflow of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial statements. However,
contingent assets are assessed continually and if it is virtually certain that an inflow of economic
benefits will arise, the asset and related income are recognised in the period in which the change
occurs.
(n) INVENTORIES
During the year under review Company has no inventory.
(o) ASSETS HELD FOR SALE
Noncurrent assets are classified under 'Assets held for sale' if their carrying amount is intended to be
recovered principally through sale rather than through continuing use. The condition for
classification as 'assets held for sale' is fulfilled when the non-current asset is expected to be sold
immediately and it is highly probable that such sale will be completed within one year from the date
of classification as 'assets held for sale'.
2. Recent accounting pronouncements
New standards/amendments that are not yet effective and have not been early adopted: Ministry
of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards.
There is no such notification which would have been applicable from April 1st, 2021.
3. Significant estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by
definition, will seldom equal the actual results. Management also needs to exercise judgement in
applying the company’s accounting policies.
This note provides information about the areas that involved a higher degree of judgment or
complexity, and of items which are more likely to be materially adjusted due to estimates and
assumptions turning out to be different than those originally assessed.
NOTE 18:- FINANCIAL RISK MANAGEMENT
(a) Risk Management Framework
In the ordinary course of business, the Company is exposed to a different extent to a variety of financial risks: foreign currency risk, interest rate risk, liquidity risk, price risk and credit risk. In order to minimize any adverse effects on the financial
(b) Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument tails to meet its contractual obligations, and arises principally from the Company’s receivables from customers and investments in financial
The carrying amount of financial assets represents the maximum credit exposure. The Company monitor credit risk very closely both in domestic and export market. The Management impact analysis shows credit risk and impact assessment as
low.
Trade and Other Receivables
Credit risk is the risk that a customer may default or not meet its obligations to the company on a timely basis, leading to financial losses to the Company. The management has an advance collection /credit policy criteria in place and the exposure
Investments are reviewed for any fair valuation loss on periodically basis and necessary provision/fair valuation adjustments has been made based on the valuation carried by the management to the extent available sources, the management does
Trade Receivable, Trade Payable, Short Term Borrowings and Short Term Loans and Advances balances are subject to confirmation and reconciliation
(c) Liquidity Risk management
Ultimate responsibility for liquidity risk management rests with the board of directors. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast
Note 19 : Employee Benefits - -
Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Ind AS19 and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion ofthe
management the amount involved is negligible and has no material impact on the Profit & Loss Account.
Note 20: Valuation of investments in Unquoted shares
As the intention is to hold the unquoted securities for sale in short term and in absence of flow of periodic data, absence of liquidity and market related data closing stock of unquoted shares are valued at cost.
For, Bijan Ghosh & Associates
Chartered Accountant
Firm Registration No. 323214E For, Vaishno Cement Company Limited
Sd/- Sd/- Sd/-
CA.Bijan Ghosh Jatin Nanji Chheda Rajeswari Bangal
Membership No. 009491 Wholetime Director Director
Plhce: Kolkata DIN :- 09342630 DIN :- 09440356
Dated: 30th day of May, 2024
UDIN: 24009491BKDZXZ3709
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