(j) Provisions and Contingent Liabilities
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 will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
Contingent liability
Bank Guarantee
• Financial Bank Guarantee- Rs. 30.22 crores
• Performance Bank Guarantee- Rs. 14.52 crores
Income Tax Demand:
• A.Y. 2010-11 Rs. 3.98 lakhs
• A.Y. 2018-19 Rs 16.59 lakhs
• A.Y. 2019-20 Rs 6.58 lakhs
• A.Y. 2020-21 Rs 0.97 lakhs
• A.Y. 2021-22 Rs. 0.98 lakhs
• A.Y.2022-23 Rs 14.48 lakhs
GST Demand:
• F.Y. 2018-19 to 2021-22- Telengana State- Rs 65.29 lakhs
• F.Y. 2018-19 Uttar Pradesh State- Rs 5.06 lakhs
• F.Y. 2021-22 Uttar Pradesh State- Rs 36.75 lakhs
• F.Y. 2018-19 Tamil Nadu State- Rs 11.91 lakhs
• F.Y. 2018-19 Gujarat State- Rs 0.29 lakhs
Service Tax Demand:
• F.Y. 2015-16 Rs. 389.55 lacs
• F.Y. 2016-17 Rs. 430.38 lacs
• F.Y. 2017-18 Rs. 218.50 lacs (upto June 17)
The above demand is in appeal with CESTAT
Authority.
(k) Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
(l) Current Assets, Loans & Advances
In the opinion of the Board and to the best of its knowledge and belief the value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet and repayable on demand. Trade Receivables as on March 31, 2023 has been taken as certified by the management of the company and is subjected to balance confirmations. As per the view of the management of the company there is no doubtful debt and hence provision for doubtful debts has not been made.
(n) Related Party Transactions
Notes to Financial Statements for the year ended March 31, 2024
Related Party Transactions:
(A) Relationship :
Key Management Personnel- Mr Sanjay Patil
Mr Vijay Oswal Mr Karan Bora
Key Management Personnel's Relatives: Safala Oswal
Group Companies:
Markolines Infra Private Limited Markolines Technologies Private Limited Unique UHPC Markolines LLP (Associate)
AS PER OUR REPORT OF EVEN DATE ATTACHED MARKOLINES PAVEMENT TECHNOLOGIES LIMITED
For Jay Gupta & Associates Sd/- Sd/-
(Erstwhile Gupta Agarwal & Associates) SANJAY BHANUDAS PATIL KARAN ATUL BORA
Chartered Accountants MANAGING DIRECTOR DIRECTOR
Firm's Registration No: 329001E DIN: 00229052 DIN: 08244316
Sd/-
Sd/- VIJAY RATANCHAND OSWAL
Jay Shanker Gupta CFO
Partner
Membership No: 059535
UDIN: 24059535BKBJAO2554 Date: May 30, 2024
Date: 30th May 2024 Place: Navi Mumbai
Place: Kolkata
Notes on ratio:
1. Debt-Equity Ratio increased by 62.15% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to increase in Debt during the year.
2. Inventory Turnover Ratio increased by 180.95% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to increase in COGS during the year.
3. Trade Payable Turnover Ratio increased by 32.01% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to increase in Net Purchase during the year.
4. Return on Investment increased by 114.66% in F.Y. 2023-24 as compared to F.Y. 2022-23 due to increase in Net Return on Investment during the year.
NOTE 2.1.(p).
No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:
a) Crypto Currency or Virtual Currency
b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder
c) Registration of charges or satisfaction with Registrar of Companies
d) Relating to borrowed funds
i) Wilful defaulter
ii) Utilisation of borrowed funds & share premium
iii) Borrowings obtained on the basis of security of current assets
iv) Discrepancy in utilisation of borrowings
v) Current maturity of long term borrowings
NOTE 2.1.(q). DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES
The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
| 