obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.
m. Leases
The Company as a lessee
The Company's lease asset classes primarily consist of leases for land. Leases on which significant portion of the risks and rewards of ownership are effectively retained by the lessor, are classified as operating leases. Operating leases payments are charged to the Statement Profit and Loss on a straight- line basis over the lease term.
The Company as a lessor
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.
(C) Terms/Rights attached to equity shares The Company has equity shares having a face value of Rs. 10 /- each. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the equity shareholders 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.
(D) The Company has not issued any share as fully paid up without payment being received in cash or as bonus shares nor any share has been bought back by the Company since its incorporation
Nature and purpose of other reserves
(i) Securities Premium Reserve
Securities Premium Reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the act.
(ii) General Reserve
General reserve is used for strengthening the financial position and meeting future contingencies and losses.
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20. Contingent Liabilities: Rs. 2,14,16,973/- (Previous Year Rs.2, 14,88,059/-)
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No
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Particulars
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31st March 2025
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31st March 2024
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|
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1
|
Appeal against Sales Tax
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-
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71,086
|
|
2
|
Appeal against DGVCL
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2,14,16,973
|
2,14,16,973
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21. Capital Commitment: Estimated amounts of contracts remaining to be executed on capital account is Nil (Net of advances).
22. Going Concern Assumption: The Companys net worth is positive as on March 31, 2025 and assumed that Company is a going concern.
23. Current Assets, Loans and Advances: In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business, provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.
24. Other Receivables: Balance of Trade Payables, Trade Deposits, Advance from Customers, Trade Receivables, Non-Current and Current Loans and Advances are subject to confirmation by the parties. In case of doubts regarding recoverability of receivables the provision for bad debt have been provided accordingly.
25. MSME Trade Payables: There are no payables to Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days at the Balance Sheet date. The Micro, Small and Medium Enterprises have been identified on the basis of information available with the Company. This has been relied upon by the auditors.
27. Expenditure in foreign currency: Rs. Nil (Previous Year Rs Nil )
28. CIF Value of Imports of Raw Materials and Capital goods: Rs. Nil (Previous Year Rs. Nil )
29. Remittance in Foreign Currency on account of Dividend: Rs. Nil (Previous Year Rs. Nil)
30. Earnings in foreign exchange and expenditure in foreign currency: Rs. Nil (Previous Year Rs. Nil)
32. Accounting of income taxes: In view of the uncertainty of availment of tax benefit on accumulated business losses and unabsorbed depreciation, the company has considered deferred tax assets as required to be disclosed under Ind AS 12 "Income tax".
34. Loans or advances to specified persons: No loans or advances in the nature of loans are granted to promoters, directors, KMPS and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.
35. Details of benami Property held: No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
36. Borrowing secured against current assets: The Company has not borrowed any funds from banks on the basis of security of current assets during the year.
37. Willful Defaulter: The Company has not been declared willful defaulter by any bank or financial institution or other lender.
38. Undisclosed Income: There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded previously in the books of account.
39. Other Points: Previous year's figures have been regrouped and /or rearranged whenever necessary.
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