2.17. Provisions, contingent liabilities and contingent assets [Ind AS 37 & Note 9 & 23]
Provisions are recognised only when:
i. an company entity has a present obligation (legal or constructive) as a result of a past event; and
ii. it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
iii. a reliable estimate can be made of the amount of the obligation
Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money
is material, the carrying amount of the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain
that the reimbursement will be received.
Contingent liability is disclosed in case of:
a. a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle
the obligation; and
b. a present obligation arising from past events, when no reliable estimate is possible.
Contingent assets are disclosed where an inflow of economic benefits is probable. Provisions, contingent liabilities and
contingent assets are reviewed at each Balance Sheet date.
Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received
under such contract, the present obligation under the contract is recognised and measured as a provision.
2.18. Statement of cash flows [Ind AS 07]
Statement of cash flows is prepared segregating the cash flows into operating, investing and financing activities. Cash flow from
operating activities is reported using indirect method adjusting the profit before tax for the effects of:
i. changes during the period in operating receivables and payables transactions of a non-cash nature;
ii. non-cash items such as depreciation, provisions, deferred taxes, unrealised gains and losses; and
iii. all other items for which the cash effects are investing or financing cash flows.
Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are not available
for general use as on the date of Balance Sheet.
2.19. Earnings per share [Ind AS 33 & Note 21 ]
The Company presents basic and diluted earnings per share data for its ordinary shares.
• Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company
by the weighted average number of ordinary shares outstanding during the year.
• Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the
weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive
potential ordinary shares.
2.20. Key source of estimation
The preparation of financial statements in conformity with Ind AS requires that the management of the Company makes estimates
and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and
liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. The estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates include useful lives of property,
plant and equipment & intangible assets, expected credit loss on loan books, future obligations in respect of retirement benefit
plans, fair value measurement etc. Difference, if any, between the actual results and estimates is recognised in the period in
which the results are known.
2.21. Recent Pronouncements
The Ministry of Corporate Affairs (“MCA”) notifies new standards or amendment to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st March, 2025, MCA has notified Ind
AS - 117 Insurance contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable
w.e.f. April 1, 2024.
The Company has reviewed the new pronouncements based on its evaluation has determined that the said standards are not
applicable to the Company.
2.22. Audit Trail
The Company uses accounting software for maintaining its books of account, which has a feature of recording audit trail (edit
log) facility and that has operated throughout the year for all relevant transactions recorded in this software. However, the audit
trail/logs in respect of direct changes made at the database level, if any, are not enabled. Further, the audit trail records except
for the database-level changes as mentioned above, have been preserved by the Company in accordance with the applicable
statutory requirements relating to the retention of books of account.
Nature and purpose of other equity
Securities premium
Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised in accordance with the
provisions of the Companies Act, 2013.
Other Reserves (Statutory Reserve u/s 45-IC of Reserve Bank of India Act, 1934)
Every year the Company transfers sum of not less than 20% of net profit of that year to this statutory reserve fund created pursuant to
Section 45 IC(1) of the Reserve Bank of India Act, 1934 (“RBI Act”). No appropriation of any sum from the reserve fund is permitted
except for the purpose as may be specified by the Reserve Bank of India from time to time.
An amount of Rs. 30,67,249 has been transferred from net profit to the Statutory Reserve Fund under Section 45-IC of the RBI Act,
out of which Rs. 23,92,624 relates to the shortfall in reserve transfer for FY 2022-23.
Retained earnings
Retained earnings or accumulated surplus represents total of all profits retained since Company’s inception. Retained earnings are
credited with current year profits, reduced by losses, if any, dividend pay-outs, transfers to General reserve or any such other
appropriations to specific reserves.
The Company is regular in depositing applicable undisputed statutory dues including Goods and Services Tax, service tax, cess and
other material statutory dues, with the appropriate authorities during the year. The provisions relating to provident fund, employees'
state insurance, duty of custom, duty of excise, value added tax and sales tax are not applicable to the Company.
No undisputed amounts payable in respect income-tax, Goods and Services Tax, cess and other material statutory dues were in arrears
as at 31st March, 2025 for a period of more than six months from the date they became payable other than as below:
- Tax and penalty demand of Rs. 79 lac and Rs. 33 lac respectively for AY 2015-16 against which appeal is being filed
- Interest charged by the Income Tax Department for AY 2019-20 of Rs.25 lakh which the company states is adjustable against
refunds of other years held against the demand of AY 2015-16
Note 21: Earning Per Share (EPS)
Basic earnings per share (EPS) is calculated by dividing the net profit for the year attributable to equity holders of Company by the
weighted average number of equity shares outstanding during the year.
Diluted EPS is calculated by dividing the net profit attributable to equity holders of Company (after adjusting for interest on the
convertible preference shares and interest on the convertible bond, in each case, net of tax) by the weighted average number of equity
shares outstanding during the year plus the weighted average number of equity shares that would be issued on the conversion of all
the dilutive potential ordinary shares into ordinary shares.
Note 27: The Effects of Changes in Foreign Exchange Rates [Ind AS 21 ]
The Company did not have any foreign currency exposure during the period ended 31st March, 2025. (Previous year: Nil)
Note 28: Events Occurring after the Reporting Period [Ind AS 10]
There exist no events occurring after the reporting period and requiring disclosure.
Note 29: Previous Year Comparatives
Figures for the previous year have been regrouped wherever necessary.
Note 30: Additional disclosures as required by the Reserve Bank of India
[Disclosure Template of the Master Direction — Reserve Bank of India (Non-Banking Financial Company — Scale Based Regulation) Directions,
2023]
30.1. Exposure to real estate sector
The Company had no exposure to real estate sector during the year ended 31st March, 2025
30.2. Exposure to capital markets
During FY 2024-25, the Company had exposure to equity instruments held for trading. The carrying amount as at 31st March, 2025
was Rs. 2.214 Crore (presented as financial assets measured at FVTPL). Gains/losses were recognised in the Statement of Profit and
Loss under ‘Net gain/(loss) on fair value changes’ and ‘Other income’ as applicable.
As per our report of even date attached
For Bhatter & Co., For and on behalf of the Board
Chartered Accountants Pyxis Finvest Limited
Firm Registration No.: 131092W
Sd/- Sd/- Sd/- Sd/-
D. H. Bhatter Uttam Bharat Bagri Nahar Singh Mahala Yojana R. Pednekar
Proprietor Managing Director Independent Director Company Secretary
Membership No. 016937 DIN 01379841 DIN 02105653
UDIN: 25016937BMISYB1818
Place: Mumbai Date: 30th May, 2025
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