XV. Provisions
A provision is recognized when the company has a present obligation as a result of past event i.e., it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation in respect of which a reliable estimate of the amount of the obligation can be made.
Provisions are not discounted to their present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each reporting date and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources would be required to settle the obligation, the provision is reversed.
XVI. Contingent liabilities
A provision is recognized when the company has a present obligation as a result of past event i.e., it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation in respect of which a reliable estimate of the amount of the obligation can be made.
Provisions are not discounted to their present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each reporting date and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources would be required to settle the obligation, the provision is reversed.
28 Leases:
Operating lease commitments:
The company has taken premises on lease under cancellable operating leases. These lease agreements are normally renewed on expiry. There are no restrictions placed upon the company by entering into these leases and there are no subleases. The annual Increments are expected to be in line with the expected general inflation to compensate the lessor for the expected inflationary cost increase.
30. IPO Funds and Application:
The Company has completed its SME Initial Public Offering ("SME IPO") by the way of fresh issue of 56,96,000 equity shares of face value of Rs. 10 each for at an issue price of Rs. 75 per equity share aggregating to Rs. 4,272.00 Lakhs. The equity shares of the company were listed on BSE Limited ("BSE") on 30th August, 2023.
35. Other statutory information:
I. Title deeds of all immovable properties are held in the name of the company.
II. The company has not revalued its property, plant and equipment and intangible assets during the year.
III. No loans or advances in nature of loans are granted to promoters, directors, KMPs or related parties that are repayable on demand or without specifying any terms or period of repayment.
IV. In respect of loans borrowed from banks or the financials institutions on the basis of security of current assets, the quarterly returns or statements of currents assets filed by the company with the banks or financial institutions are in agreement with the books of accounts.
V. No proceedings have been initiated or pending against the company for holding any benami properties under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
VI. The company has not been declared a wilful defaulter as defined by any bank or financial Institution or other lender.
VII. The company had no transactions with companies struck off under section 248 of the Companies Act 2013 or section 560 of Companies Act 1956.
VIII. There are no charges or satisfaction which are yet to be registered with ROC beyond the statutory period.
IX. The company has complied with the number of layers prescribed under Clause 87 of Sec.2 of the Act read with the Companies (Restriction on number of layers) Rules 2017.
X. A). 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(s) or entity(ies) 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 persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate beneficiaries); or (ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
B) 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 (i) 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 (ii) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
XI. There were no transactions which were not recorded as income in the books of account but surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
XII. The company has not traded or invested in crypto currency or virtual currency during the financial year.
XIII. Latest valuation reports has been considered for valuation of unquoted Investments in equity shares.
36. The financial statements were approved for issue by the Board of Directors on May 01.2024
37. Previous year figures have been regrouped/ reclassified, wherever necessary, to confirm to this year's classification.
As per our report of even date attached For and on behalf of the Board Of Directors
For Sreedar Mohan & Associates Bondada Engineering Private Limited
Chartered Accountants CIN: U28910TC2012PLC080018
Firm’s Registration No. 0127225
Vidyasagar Macharla Raghavendra Rao Bondada Satyanarayana Baratam
Partner Chairman and Whole-time Director and
Membership No: 223056 Managing Director Chief Financial Officer
DIN : 01883766 DIN : 02610755
Place: Hyderabad Sonia Bidlan
Date: May 01,2024, Company Secretary
M No: A37766
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