K. 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.
L. Contingent liabilities and Contingent assets
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of
one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the obligation. The company does not recognize a contingent liability but discloses its
existence in the financial statements.
Contingent Assets is neither recoginised nor disclosed in financial statement.
M. Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank, cash in hand and short-term investments with an original maturity of three months or less
which are highly liquid and readily convertible to known amounts of cash.
N. Borrowing Costs
Borrowing Costs are defined as interest and other costs related to borrowing of funds. Borrowing costs which are directly attributable to
acquisition, construction or production of qualifying assets are capitalised, until such time as the assets are substantially ready for their intended
use or sale except for the period the construction activities are temporarily suspended. An asset which takes substantial period of time to get ready
for its intended use or sale is called qualifying asset. All other borrowing costs are recognised in profit or loss in the period in which they are
incurred.
O. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.
P. Material Events
Material events occurring after the balance sheet date are taken into cognizance.
Notes:
a. The above related party transactions have been conducted in the ordinary course of business.
b. TIC Services Private Limited and ASC Consulting Private Limited have given corporate guarantee for long-term loans and overdraft availed by the Company from bank amounting to
INR 2183.57 Lakh (Previous year: INR 1805.10 Lakh). The balance oustanding against these loans as on March 31,2025 is INR 2007.28 Lakh (Previous year: INR 1167.33 Lakh).
c. SKM Realcon Private Limited has given corporate guarantee and equitable mortage of immovable property owned by it for long-term loans and overdraft availed by the Company
from bank amounting to INR 2183.57 Lakh (Previous year: INR 1805.10 Lakh). The balance oustanding against these loans as on March 31,2025 is INR 2007.28 Lakh (Previous year: INR
1167.33 Lakh).
d. Employee Benefit Expenses do not include post-employment benefits and other long-term benefits since the same are calculated based on actuarial valuation for the company as a
whole and cannot be measured separately.
e. Antaryami Nayak, Kamal Grover and Alok Kumar Agarwal have given personal guarantee for long-term loans and overdraft availed by the Company from bank amounting to INR
2183.57 Lakh (Previous year: INR 1805.10 Lakh). The balance oustanding against these loans as on March 31, 2025 is INR 2007.28 Lakh (Previous year: INR 1167.33 Lakh).
f. Loans and advances to/from related parties are unsecured, interest-free and repayable after 3 years.
28 Employee Benefits (Disclosure under AS 15)
A. Defined Contribution Plans
The Company has defined contribution plans such as employees provident fund and employees state insurance for the benefit of its employees. The obligation of the Company is
limited to the amount contributed and it has no further contractual nor any constructive obligation. The expenses recognized in the statement of profit and loss during the year
towards contribution to defined contribution plans are Rs. 97.02 Lakh (Previous year Rs. 27.04 Lakh).
B. Defined Benefit Plans
The Company has a defined benefit gratuity plan. The present value of obligation is determined based on the actuarial valuation using the Projected Unit Cost Method, which
recognises each period ofservice asgiving riseto additional unit ofemployee benefit entitlement and measures each unit separatelyto build upthefinal obligation. These benefits are
unfunded.
The following tables summaries the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet:
29 Contingencies & Commitments
There is no contravention of laws or regulations the effect of which could form the basis for recording a contingent loss provision or a disclosure in the financial statements.
There are no significant claims for which the Company would be contingently liable in respect of litigation, if any, which may be pending against the Company. There is no litigation
pending against any of the employees of the Company for which the Company would be contingently liable either directly or indirectly.
The Company is not involved in any litigation or arbitration proceedings relating to claims or amounts which are material. So far as the Management is aware, no such litigation or
arbitration proceedings are pending or threatened.
The Company does not have any long term commitments or material non-cancellable contractual commitments/ contracts, which might have material impact on the financial
statements.
30 Disclosures as required by the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) in respect of payment due to any supplier as at March 31, 2025
are as follows:
The following is the information as required to be disclosed under the MSMED Act. The information has been determined to the extent such parties have been identified on the basis
of information available with the Company.
(vii) Company does not hold any benami property under the Benami Transactions (Prohibition) Act 1988.
(viii) The Company has borrowings or sanctioned overdraft limit from bank on the basis of security of current assets. However, quarterly returns or statements of current assets are not
required to be filed by the company with banks or financial institution.
(ix) The company has not been declared willful defaulter by any bank or financial institution or government or any government authority.
(x) No transactions were made with the companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
(xi) No charges or satisfaction is yet to be registered with Registrar of Companies, except the below :
- During the year 2020-21, the Company has availed vehicle loan facility from ICICI Bank for Rs. 29.70 Lakh against hypothecation of the underlying vehicle.
(xii) Company has complied with the number of layers prescribed under clause (87) ofsection 2 ofthe Companies Act, 2013 read with Companies (Restriction on number of layers) Rules,
2017.
(xiii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial years.
(xiv) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entity (Intermediary) with the understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiary) or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiary.
(xv) The Company has not received any fund from any person or entity, including foreign entity (Funding Party) with the understanding (whether recorded in writing or otherwise) that:
a. directly or indirectly lend or invest in other persons or entitles identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiary), or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiary.
(xvi) There is no income surrendered or disclosed as income during the current or previous financial years in the tax assessment under the Income Tax Act, 1961 that has not been
recorded in the books of accounts.
(xvii) The company has not traded or invested in crypto currency or virtual currency during the current or previous financial years.
(xviii) The company has done assessment to identify Core Investment Company (CIC) {including CICs in the group} as per the necessary guidelines of Reserve Bank of India (including Core
Investment Companies (reserve Bank) Directions, 2016). The company is not CIC and no entities have been identified as CIC in the group, of which company is a part.
(xix) The Company has not received any whistle-blower complaints during the current or previous financial years.
34 Preferential allotment of equity shares
During thefinancial year ended March 31,2025, the Company has raised capital ofINR 5171.65 Lakh through preferential allotment of26,07,600 equityshares ofINR 10 each fully paid
up at a premium of INR 188.33 per share. The net proceeds realised from the preferential allotment of equity shares after deduction of issue related expenses are INR 4805.65 Lakh
(For details, refer notes 3 and 4).
35 Acquisition of subsidiaries
During the financial year ended March 31,2025, the Company has acquired:
(i) 2,54,845 equity shares representing 49.99% holding in Interstellar Testing Centre Private Limited (ITCPL) for a consideration of INR 3299.26 Lakh paid in cash. The Company
also exercises Control over the composition ofthe Board of Directors of ITCPL and hence ITCPL is a subsidiary ofthe Company w.e.f. September 11, 2024. Further, the
company will issue 16,71,598 equity shares to the existing equity shareholders of ITCPL in the ratio of 6.56 shares for every 1 share held by them in ITCPL to acquire the
remaning 50.01% shares of ITCPL. Thus, ITCPL will become a wholly-owned subsidiary of the Company after completion of share-swap transaction.
(ii) 2,34,000 equity shares representing 100% holding in Quality and Testing Infosolution Private Limited (QTI) for a consideration of INR 500.00 Lakh paid in cash. Thus, QTI is a
wholly-owned subsidiary of the Company w.e.f. September 09, 2024.
36 Utilisation of IPO proceeds
During thefinancial year ended March 31,2024, the Company had raised capital ofINR 1964.40 Lakh through its initial public offering (IPO) of 19.64 Lakh equity shares ofINR 10/- each
fully paid-up at a premium of INR 90/- per equity share. The net proceeds realised from the IPO after deduction of issue related expenses are INR 1831.18 Lakh.
Notes:
(i) The Company has utilised the IPO proceeds in funding capital expenditure towards installation of plant and machinery as per approved object in the prospectus. However, due to
change in technology and emerging business requirements, machines with higher configuration/capability were purchased instead of those mentioned in the prospectus.
(ii) The Company had incurred expenses of INR 139.84 Lakh in connection with the IPO. These expenses were adjusted against securities premium during the financial year ended 31
March 2024 in accordance with Section 52 of the Companies Act, 2013.
37 Leases
A. Operating Leases
i) The Company has taken office premises and machinery on operating leases during the year. The leases are cancellable in nature. The lease rentals orthe minimum lease payments in
respect of the operating leases recognised as expense in the Statement of Profit and Loss during the year are INR 270.99 Lakh (Previous Year: INR 125.94 Lakh).
B. Finance Leases
i) The Company has taken machinery on finance leases during the year. The leases cover substantially the whole of the useful lives and the Company is expected to exercise the buy¬
back option at the end ofthe lease tenure. The machines are yet to be installed as on March 31,2025. Accordingly, as on March 31,2025 the Company has recognized the net carrying
amount of leased assets amounting to INR 225.98 Lakh (Previous year: Nil) under Capital work-in-progress and corresponding present value of lease liability of INR 204.54 Lakh
(Previous year: Nil).
41 The Company was incorporated on May 17, 2018 as a Private Limited Company under the Companies Act, 2013. During the financial year ended March 31, 2023, the Company had
altered its Memorandum of Association and Articles ofAssociation for conversion into a Public Limited Company and filed the application for the same with the Central Government
under Section 18 of the said Act. On April 26, 2023, the Company received the approval of the Central Government for conversion into a Public Limited Company. Accordingly, the
name of the Company has been changed from Qualitek Labs Private Limited to Qualitek Labs Limited.
42 Figures for the previous year have been re-grouped/re-arranged, wherever considered necessary to confirm with the classification of current year figures.
As per our report of even date For and on behalf of the Board of Directors of
ForJ Madan &Associates Qualitek Labs Limited
Chartered Accountants
Sd/- Sd/- Sd/-
Naveen Kumar Antaryami Nayak Kamal Grover
Partner Managing Director Whole-Time Director
M. No.: 536759 DIN - 07232463 DIN - 07429267
FRN No.: 025913N
Sd/- Sd/-
Navneet Gupta Mayank Garg
CFO Company Secretary
PAN: ANNPG5364K M. No.: ACS76038
Place: New Delhi Place: New Delhi
Date: 29-Aug-2025 Date: 29-Aug-2025
| 