xiv) Provisions & Contingent Liabilities :
Provisions are recognised when the Company has a present legal or
constructive obligation as a result of past events, it is probable that an
outflow of resources will be required to settle the obligation and the amount
can be reliably estimated. Provisions are not recognized for future operating
losses.
Provisions are measured at the present value of management’s best estimate
of the expenditure required to settle the present obligation at the end of the
reporting period. The discount rate used to determine the present value is a
pre tax rate that reflects current market assessments of the time value of
money and the risks specific to the liability. The increase in the provision due
to the passage of time is recognised as interest expense.
Contingent Liabilities are disclosed by way of notes to the financial
statements in respect of possible obligations that arise from past events but
their existence will be confirmed by the occurrence or non occurrence of one
or more uncertain future events not wholly within the control of the
Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation
cannot be made.
xv) Cash Flows Statement:
The Company adopts the Indirect Method in preparation of Cash Flows
Statement. For the purpose of Cash Flows Statement, Cash & Cash
equivalents consists of Cash on Hand, Cash at Bank, Term Deposits having
original maturity of twelve months.
xvi) Segment Reporting :
Company is into a single line of business and doesn’t have any Reportable
Segment, hence reporting requirements as per Ind AS 108 is not applicable
For Asha & Associates
Chartered Accountants
FRN:024773N
Sd/-
CA Asha Taneja
M.No. 096107
UDIN: 24096107BKFNHB2153
Place: New Delhi
Date: 28.05.2024
(B) Terms and rights attached to equity shares
Equity Shares
* The Company has only one class of Equity Shares having a par value of Re. 1/- per share. Each holder of
Equity Share is entitled to one vote per share.
** In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
f) Sundry debtors, Sundry Creditors, Loan & Advances
have been taken at their book value and are subject to
confirmation and reconcilation.
g) Loans and Advances are considered good in respect
of which company does not hold any security other
than personal guarantee of persons.
h) Company has given advance of Rs. 53220671/- for
purchase of property at gurgaon during the year .
i) In the opinion of the management the development
of Project is still not completed , hence the amount paid
to different parties amounting to Rs.21,23,87,156.00
Crores will treated as advance. The same will be treated
as Stock in Hand / Fixed Assets as and when the
project will complete.
j) In the opinion of the management and to the best of
the knowledge and belief, the value of realization of
current assets, Loans & Advances in the ordinary course
of business would not be less than the amount stated in
the Balance sheet. The provision of all known liabilities
is adequate and is neither in excess nor short of the
amount reasonably necessary. The Management has not
recognized certain interest on loans as the same has not
yet shown in 26AS of the Income Tax. The impact of
the same (if any) will be taken care at the time of filing
Income tax Return.
k) The cost of the Computer Software, Content
Development for E-Siksha , web browser and portals
have been regognized as an asset on the following
assumptions:
1. The future economic benefits from these assets will
flow to the Company, and
2. The cost of the asset is measured on reliability.
l) The Company did not have any long-term contracts
including derivative contracts for which there were any
material forseable losses.
m) During the current year the Company has not made
any transaction involving payment of foreign currency.
n) Previous year figures have been regrouped and
rearranged, wherever found necessary, to confirm the
current year's classification.
26. Fair values
Set out below, is a comparison by class of the carrying amounts and fair value of the
Company’s financial instruments, other than those with carrying amounts that are
reasonable approximations of fair values:
The management assessed that cash and cash equivalents, trade receivables, other bank
balances and trade payables approximate their carrying amounts largely due to the
short-term maturities of these instruments. The fair value of the financial assets and
liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale.
The Company determines fair values of financial assets and financial liabilities by
discounting the contractual cash inflows/ outflows using prevailing interest rates of
financial instruments with similar terms. The initial measurement of financial assets
and financial liabilities is at fair value. The fair value of investment is determined
using quoted net assets value from the fund. Further, the subsequent measurement of
all financial assets and liabilities (other than investment in mutual funds) is at
amortised cost, using the effective interest method.
27. Financial risk management objectives and policies
The Company’s principal financial liabilities comprise trade payables, employee
related liabilities, etc. The main purpose of these financial liabilities is to finance the
Company’s operations. The Company’s principal financial assets include trade and
other receivables, cash and cash equivalents, security deposits, etc. that derive directly
from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The company's
senior management oversees the management of these risks. The company's senior
management is responsible for formulating an appropriate financial risk governance
framework for the Company and periodically reviewing the same. The company's
senior management ensures that financial risks are identified, measured and managed
in accordance with the Company’s policies and risk objectives. The company's senior
management reviews and agrees policies for managing each of these risks, which are
summarised below.
(a) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial
instrument will fluctuate because of changes in market prices. Market prices
comprise three types of risk: interest rate risk, foreign currency risk and price risk.
Financial instruments affected by market risk include fixed deposits and FVTPL
investments.
(i) Interest Rate Risk
The company does have borrowings or significant interest bearing assets. So, the
Company is exposed to such risk.
(ii) Foreign currency risk
The Indian Rupee is the Company’s most significant currency. As a consequence,
the Company’s results are presented in Indian Rupee. Foreign currency risk is the
risk that fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company transacts business
majorly in local currency and there is no significant foreign currency transactions,
therefore do not pose a significant foreign currency risk on the company.
(b) Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a
financial instrument or customer contract, leading to a financial loss. The
Company is exposed to credit risk from its operating activities (primarily trade
receivables) and from its investing activities, including deposits with banks and
financial institutions. Management has a credit policy in place and the exposure to
credit risk is monitored on an ongoing basis. Credit evaluations are performed on
all customers requiring credit over a certain amount.
Trade receivables
Customer credit risk is managed by each business unit subject to the Company’s
established policy, procedures and control relating to customer credit risk
management. Outstanding customer receivables are regularly monitored. An
impairment analysis is performed at each reporting date on an individual basis for
major clients. The maximum exposure to credit risk at the reporting date is
primarily from trade receivables amounting to Rs.17.39 crore for the F.Y. 2021-22
and are typically unsecured.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the
Company’s treasury department in accordance with the Company’s policy.
Investments of surplus funds are made only with approved counterparties and
within credit limits assigned to each counterparty. The limits are set to minimise
the concentration of risks and therefore mitigate financial loss through
counterparty’s potential failure to make payments.
The Company’s maximum exposure to credit risk for the components of the
Balance Sheet at reporting dates are the carrying amounts as illustrated in note
below.
The carrying amount of financial assets represents the maximum credit exposure.
The maximum exposure to credit risk at the reporting date was:
Liquidity Risk
The Company monitors its risk of a shortage of funds using a liquidity planning tool.
The Company’s treasury function reviews the liquidity position on an ongoing basis.
The Company has access to a sufficient variety of sources of funding..
The following are the contractual maturities of the financial liabilities, including
estimated interest payments as at 31 March 2024:
28. Capital Management
The company’s policy is to maintain a strong capital base so as to maintain investor,
creditor confidence and to sustain future development of the business. The company's
senior management monitor the return on capital employed and gearing ratio.
In terms of our report of even
date
For Asha & Associates, For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No:
024773N
SD/- SD/- SD/-
CA AshaTaneja Shikha Ankit Sharma
Partner Managing Director Director & CFO
Membership No: 096107 DIN: 07013436 PAN: GKZPS2374L
UDIN: 24096107BKFNHB2153
SD/- Sd/-
Place : New Delhi Kanhaiya Tripathi Shivani Jindal
Date : 28.05.2024 Director Company Secretary
DIN: 07074151 M. No.- A71079
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