M Provisions
A provision is recognized when the company has a present
obligation as a result of past event, it is probable that an outflow
of resources embodying economic benefits will be required to
settle the obligation and a reliable estimate can be made of
the amount of the obligation. Provisions are not discounted to
their present value and are determined based on the best
estimate required to settle the obligation at the reporting date.
These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.
Where the company expects some or all of a provision to be
reimbursed the reimbursement is recognized as a separate
asset but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the
statement of profit and loss net of any reimbursement.
N Contingent liabilities
A contingent liability is a possible obligation that arises from
past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future
events beyond the control of the company or a present
obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The company does
not recognize a contingent liability but discloses its existence
in the financial statements.
O Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow
statement comprise cash at bank and in hand and short-term
investments with an original maturity of three months or less.
Cash flows are reported using the indirect method, whereby
net profits before tax is adjusted for the effects of transactions
of a non-cash nature and any deferrals or accruals of past or
future cash receipts or payments. The cash flows from regular
revenue generating, investing and financing activities of the
Company are segregated.
P Financial instruments
In accordance with the ICAI announcement, derivative
contracts, other than foreign currency forward contracts
covered under Ind AS 32, are marked to market on a portfolio
basis, and the net loss, if any, after considering the offsetting
effect of gain on the underlying hedged item, is charged to
the statement of profit and loss. Net gain, if any, after
considering the offsetting effect of loss on the underlying
hedged item, is ignored.
The Company does not have any risk management policy
with respect to risk of foreign exchange fluctuations and is not
a party to the contractual provisions of the instrument.
Presently the Company do not hold any derivative instruments
Q Measurement of EBITDA
As permitted by the Guidance Note on the Revised Schedule
III to the Companies Act, 2013, the company has elected to
present earnings before interest, tax, depreciation and
amortization (EBITDA) as a separate line item on the face of
the statement of profit and loss. The company measures
EBITDA on the basis of profit/ (loss) from continuing
operations. In its measurement, the company does not include
depreciation and amortization expense, finance costs and tax
expense.
CONTINGENT LIABILITY & COMMITMENTS
Currently the management does not foresee any of the capital commitments or contingent liabilities for the years ahead.
Mere inquiry or seeking cause from any statutory department is not considered as litigations.
Note 12
RELATED PARTY TRANSACTIONS
Disclosure is being made below separately for all the transactions with related parties as specified under IndAs 24 Related Party Disclosure
issued pursuant to the Companies (Accounting Standard) Rules, 2006 and by The Institute of Chartered Accountants of India.
i) The Company has following Related Parties:
Subsidiary companies: Subsidiaries are either liquidated or under liquidation with appropriate statutory authorities in respective countries.
(b) Directors, Relatives of Directors and Key management personnal having interest in other companies
Mr Vaidyanathan Sankarraman (DIN 00207553) - Relative of Mr Sriraman
Trusted Aerospace Engineering Private Limited
Anukrith Securities Private Limited
Note 14
EXPENDITURE IN FOREIGN CURRENCY: - -
Note 15
EARNINGS IN FOREIGN CURRENCY: - -
Note 16
OPERATING SEGMENT
As per Ind AS 108, 'Segment Reporting' issued pursuant to the companies (Accounting standard) Rules, 2006, the company operates in
single business segment and from one geographical area (exports are not considered as seperate geographical area) hence seperate
disclosure of segmental information is not warranted.
Note 17
DUE TO SMALL SCALE INDUSTRIES
There are no dues to Small Scale Industries, which are outstanding for more than 30 days at the Balance Sheet date. Such information
regarding Small Scale Undertaking has been determined to the extent such parties have been identified on the basis of information
available with the company and relied upon by the Auditors.
Note 18
QUANTITATIVE DETAILS
The Company is primarily engaged in development and maintenance of computer software. The production and sale of such software
cannot be expressed in generic unit. Hence it is not possible to give the quantitative details of sales and certain information.
Note 19
GOING CONCERN
The financial statements of the Company have been prepared on a going concern basis, which contemplates the realization of assets and
discharge of liabilities in the normal course of business for the foreseeable future. The Company has reported a net loss of
$ 5,13/- thousands (PY Loss $ 1,111/-thousands) for the year ended 31st March 2024.The management has addressed the criticality of the
issue in the company and has initiated various steps, including but not limited to cost reduction measures, closing down non profitable
operations and other significant business proposals. The management is confident of successfully completing these initiatives and thereby
ensuring profitable business operations into the foreseeable future.
For SVSR & Associates For and on behalf of the Board of Directors
Chartered Accountants
FRN : 014139S
CA U R Srikaanth Meleveettil Padmanabhan V Sriraman S Ramasamy
Partner Chairman Wholetime Director Company Secretary
M. No. 225952
Place : Chennai
Date : 29th May 2024
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