3.11 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.
3.12 Cash and Cash Equivalents :
Cash and Cash Equivalents for the purposes of cash flow statement comprise cash at bank, cash in hand and short term
investments with an original maturity of three months or less.
3.13 Loans, Receivables and Other Financial Assets :
Loans and other financial assets are financial assets with fixed or determinable payments that are not quoted in an active
market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to
initial recognition, loans and other financial assets are measured at amortized cost, less any impairment losses.
7.1 Capital reserve represents reserves created pursuant to the business combination upto year end to meet capital expenses or to
finance long term projects.
7.2 Securities premium reserve represents premium received on equity shares issued, which can be utilised only in accordance with
the provisions of the Companies Act, 2013 for specified purposes.
7.3 General reserve is created from time to time by transferring profits from retained earnings and can be utilised for purposes such
as dividend payout, bonus issue, etc.
7.4 Statutory reserve is the reserve created by transferring the sum not less than 20% of its net profit after tax in terms of Section
45-IC of The Reserve Bank of India Act, 1934.
7.5 Retained earnings represents profits that the company earned till date, less any transfers to General Reserve, Statutory
Reserves, Dividends and other distributions paid to the shareholders.
17. D ue to the uncertainty in the future taxable income, the Company has not recognized Deferred Tax as per Indian Accounting
standard-12 "Accounting for Taxes On Income".
18. The Company believes that no impairment of assets arises during the year as per the recommendations of Indian Accounting
Standard - 36 Impairment of Assets.
19. The RBI cancelled the NBFC Certificate of the company vide order dated 1st October, 2018. However Management has filed
an appeal against the same with Ministry of Finance, Delhi on 26-10-2018 and it was heard on 05-09-2019 and an order
received dated 27-04-2020 stating RBI may review its cancellation order. Now RBI has issued Review Order dated 17¬
11-2023 and decided not to go ahead with the cancellation proceedings initiated and the NBFC CoR
no.13.00777 issued to company dated 25-05-1998 under Section 45-IA of RBI Act, 1934 is restored w.e.f. 17¬
11-2023.
20. Disclosure pursuant to Ind AS 108 "Operating segment The company operates mainly in the business segment of investment
activity. As such there are no reportable segments as per IND AS 108 on operating segment.
21. Disclosure pertaining to corporate social responsibility expenses :
Amount required to be spent by the Company on Corporate Social Responsibility (CSR) related activities during the year is
Nil (previous year Nil).
24. Details of dues to Micro and Small Enterprises as defined under the MSMED Act, 2006
Based on the intimation received by the Company, none of the suppliers have confirmed to be registered under "The Micro,
Small and Medium Enterprises Development ('MSMED') Act, 2006". Accordingly, no disclosures relating to amounts unpaid
as at the year end together with interest paid /payable are required to be furnished.
25. There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at March 31, 2024
26. In the opinion of the Board, the Current Assets, Loans & Advances are realizable in the ordinary course of business at least
equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not
in excess of the amount reasonably necessary.
Note : Level 1: Fair Value measurements are based on quoted prices. This includes listed equity instruments and mutual funds that
have quoted price. The fair value of equity are traded in the stock exchanges is valued using the closing price as at the
reporting period. The mutual funds are valued using the closing NAV.
Level 2: These includes instruments which does not have an active market hence the fair value is determined using
observable market data such as latest declared NAV/ recent market deals.
Level 3: Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability
that are not based on observable market data (unobservable inputs).
ii) Financial instruments measured at amortised cost:
The carrying amount of financial assets and liabilities measured at amortised cost are reasonable approximation of their fair
values. Since the Company does not anticipate that the carrying amounts would be significantly different from the values
that would eventually be received or settled.
28. Disclosure pertaining to corporate social responsibility expenses : Amount required to be spent by the Company on
Corporate Social Responsibility (CSR) related activities during the year is Nil (previous year Nil)
ly) There Is no Capita! Work-in-progress / rntanglble Assets under development so no ageing / completion
v) Not any proceedings have been Initiated or pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (AS of 1988) and the rules made
thereunder,
yl) The Company has no borrowings from banks or financial Institutions on the basis of security of current
assets,
vil) The company Is not declared wilful defaulter by any bank or financial Institution or other lender.
vllf) The company does not have any transactions with companies struck off under section 248 of the
Companies Act, 2013 or section S6Q of Companies Act, 19S6,
lx) The Company has not advanced or loaned or invested funds to any other person(s) or entsty(ies),
including foreign entitles (Intermediaries) with the understanding that the Intermediary shall:
a, directly or indirectly lend or invest In other persons or entitles Identified In any manner whatsoever by or
on behalf of .
b, the company (Ultimate Beneficiaries) or
c, provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
The Company has not received any fund from any persors(s) or entity(ies5, including foreign entitles
(Funding Party) with the understanding (whether recorded In writing or otherwise) that the Company
shall:
a. 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
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
x) There are not any charges or satisfaction to be registered with Registrar of Companies,
xl) The Company does not have any undisclosed income.
xil) The Company is not covered under Section 135 of the Companies Act,
xlll) The company has no trading or investment In Crypto currency or virtual currency.
As per our report of even date
For and on behalf of
CHATURVEDI SOHAN St CO^jssssss^ For and on behalf of the Board
Chartered Accountants it
Brm R”9"-0*0?^
* K MUWBW 1*11 (Lalitha Ranka) (Saurabh Singh)
uCiA Managing Director Director
CA Sohan Cbaturvedi DIN 01l£5®A9 DIN 06501289
Partner | /1 \ , ’ >
Membership No, 030760 1 > i
UDlN;2£f&30Y6oGk;mMW£33t
Place: Mumbai (Adltya Mishra) (Sitaram Sharma)
Date; 30/05/2024 ' CFO Company Secretary
| 