13. Employee Benefit Plans
The company operates one defined plan of gratuity for its employees. Under the gratuity plan, every employee who has completed at least five year of service. The Gratuity benefit is funded through a defined benefit plan.
The following table’s summaries the components of net benefit expense recognized in the Statement of profit and loss and the funded status and amounts recognized in the balance sheet for the gratuity plan.
The estimates of Future salary increases, considered in actuarial valuation is based on inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
The sensitivity analysis below have been determine based on reasonably possible change of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
@# Including Investment in subsidiaries and investment in Partnership firms which are accounted at cost in accordance with Ind AS 27.
NOTE:
The management assessed that carrying amount of all other financial instruments are reasonable approximation of the fair value.
15. The Company is engaged in construction and estate dealing activity and as such in view of management it is not possible to give additional information as required by the companies Act, 2013.
16. No provision has been made for penal interest, if any, (amount unascertainable) payable as per agreements for delayed payment to land Vendors. The same will be accounted as and when claimed, ascertained and settled.
17. As per information and explanation given by company there are no Micro, Small and Medium sized enterprises to whom the company owes the dues as at 31.3.2024, however, the outstanding payables as on 31.03.24 have been paid in time and there is no interest cost applicable. The information regarding Micro, Small and Medium sized enterprises has been determined to the extent such parties have been identified on the basis of information.
18. In the opinion of Board, the current assets if realized in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilities are made in the accounts and are not in excess of amount considered necessary.
19. Previous year’s figures have been regrouped/ re casted wherever considered necessary to confirm with current year’s presentations of accounts.
20. Sundry Debtors, Sundry Creditors, Advance from Customer, Advances to Suppliers, other loans and advances balances are as per Books of account and are subject to confirmation from the respective parties.
21. RERA Registration:
In the opinion of the management, Registration under real Estate Regulatory Authority (RERA) is obtained for applicable projects of the Company.
22. Insurance
The company has not obtained insurance of movable assets, stock in trade and other immovable assets except for Vehicles and Investment Property.
23. Trade receivables
Trade receivables amounting to Rs. 100.45 Lakhs (Rs.25.86 Lakhs Previous Year F.Y. 2022-23) are outstanding for a period of more than three years. In the opinion of the management, considering the nature of the business, the amounts have not been received as the obligations have not been fulfilled.
24. There are no imports or any other transactions entered in foreign currency during the year.
25. The Company does not have any transaction which are not recorded in the books of accounts that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
26. The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
28. Additional Information-
I) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favor of the Company) disclosed in the financial statements included in property, plant and equipment and investment and according to the information and explanations given to us and based on the examination of the property tax receipts, registered sale deed / transfer deed, we report that, the title deeds of such immovable properties are held in the name of the Company as at the balance sheet date, except for as provided below:
II) There is no revaluation of company’s Property, Plant and Equipment as on 31.03.2024 and 31.03.2023.
III) There are no Loans and advances in the nature of loans granted to promoters, KMPs, directors and related parties either severally or jointly with any other person as on 31.03.2024 and 31.03.2023.
iv) There is no Capital-Work-in-Progress as on 31.03.2024 and 31.03.2023
v) Intangible assets under development are nil as on 31.03.2024 and 31.03.2023.
vi) There is no Benami property held as on 31.03.2024 and 31.03.2023.
vii) The company is not declared as wilful defaulter by any authority.
viii) As per information provided to us, the company does not have any transactions with companies struck off u/s 248 or 560 of the Companies Act, 2013.
ix) Section 2(87) of Companies Act, 2013 is not applicable to this company.
Compliance with approved scheme of arrangements u/s 230 to 237 of Companies Act, 2013 is not applicable to this company.
x) There are no loans/funds advanced to any Intermediaries or funds to be received from Funding Parties.
xi) The Company has no borrowings from banks or financial institutions on the basis of security of current assets as on 31st March, 2024.
xii) The company has not declared/proposed any interim and final dividend for the year and previous financial year.
xiii) As per Rule 11 (e) of Companies (Audit and Auditors) Rules, 2014, the company has not loaned or advanced or invested or received any funds to/from any entity(ies) or person(s) including foreign entities.
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