13. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made.
Contingent Liabilities is disclosed in Notes to the account for:
(i) Possible obligations which will be confirmed only by future events not wholly within the control of the Company or
(ii) Present Obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are not recognized in the Financial Statement since this may result in the recognition of the income that may never be realized.
General:
Except wherever stated, accounting policies are consistent with the generally accepted accounting principles and have been consistently applied.
B. NOTES ON ACCOUNTS
1. The Standalone Financial Statements including Standalone Financial information have been prepared after making such regroupings and adjustments, considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in the Consolidated Financial Statements / information may not necessarily be same as those appearing in the respective audited Consolidated Financial Statements for the relevant years.
2. Segment Reporting
The Company at present is engaged in the Business of IT Service only. In view of this, primary and secondary reporting disclosures for business / geographical segment as envisaged in AS -17 is not applicable.
(b) As per the best estimate of the management, there is no capital commitment and contingent liability exists as on the date of the Financial Statement.
(c) Disclosures required under mandatory accounting standards and Schedule III are given to the extent appplicable and possible.
(d) Additional information as required by para 5 of General Instructions for preparation of Statement of Profit and Loss (other than already disclosed above) are either Nil or Not Applicable.
(e) Previous year figures are regrouped or rearranged wherever considered necessary.
(f) Figures have been rounded off to the nearest Lakhs
As per our report of even date For and on behalf of the Board of Directors
Vinsys IT Services India Limited
For A Y & Company
Firm Registration No. 020829C Sd/- Sd/-
Chartered Accountants Vikrant Patil Vinaya Patil
Chairman and Managing Director Whole Time Director (DIN:00325383) (DIN:00325458)
Sd/-
CA Arpit Gupta
Partner Sd/- Sd/-
Membership No. 421544 Gayatree Karandikar Saneeka Dhamankar
UDIN : 24421544BKFPJU5494 Company Secretary Chief Financial Officer
Place : Pune Date : 15.05.2024
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