p. Provisions, Contingent Liabilities and Contingent Assets:
Provisions
Provisions are recognised when the Company has a present legal or constructive
obligation as a result of past events; it is probable that an outflow of resources will
be required to settle the obligation; and the amount has been reliably estimated.
Provisions are measured at the present value of management's best estimate of the
expenditure required to settle the present obligation at the end of the reporting
period. The discount rate used to determine the present value is a pre-tax rate that
reflects current market assessments of the time value of money and the risks
specific to the liability. The increase in the provision due to the passage of time is
recognised as interest expense.
Contingent liabilities
Contingent liabilities are disclosed when there is a possible obligation arising from
past events, the existence of which will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events not wholly within the
control of the Company. A present obligation that arises from past events where it
is either not probable that an outflow of resources will be required to settle or
reliable estimate of the amount cannot be made, is termed as contingent liability.
Contingent Assets:
A contingent asset is disclosed, where an inflow of economic benefits is probable.
q. Earnings per share
In determining earnings per share, the company considers the net profit after tax
and includes the post-tax effect of any extraordinary items. The number of shares
used in computing basic earnings per share is the weighted average number of
shares outstanding during the period.
r. Cash flow statement
Cash flows are reported using the indirect method, whereby profit before tax is
adjusted for the effects of transactions of non-cash nature and any deferrals or
accruals of past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are segregated based
on the available information.
s. Use of Estimates
The preparation of these financial statements in conformity with the recognition
and measurement principles of Ind AS requires the management of the Company
to make estimates and assumptions that affect the reported balances of assets and
liabilities, disclosures relating to contingent liabilities as at the date of the financial
statements and the reported amounts of income and expense for the periods
presented.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimates are revised and future periods are affected.
Key sources of estimation of uncertainty at the date of the financial statements,
which may cause a material adjustment to the carrying amounts of assets and
liabilities within the next financial year, is in respect of impairment of investments,
useful lives of property,plant and equipment, valuation of deferred tax assets,
provisions and contingent liabilities.
t. Current versus non-current classification
The assets and liabilities reported in the Balance Sheet are classified on a
"current/non-current basis", with separate reporting of assets held for sale and
liabilities. Current assets, which include cash and cash equivalents, are assets that
are intended to be realized, sold or consumed during the normal operating cycle of
the Company or in the 12 months following the Balance Sheet date; Current
liabilities are liabilities that are expected to be settled during the normal operating
cycle of the Company or within the 12 months following the close of the financial
year.
The Company presents assets and liabilities in the balance sheet based on current/ non¬
current classification.
An asset is treated as current when it is:
? Expected to be realised or intended to be sold or consumed in normal operating
cycle
? Held primarily for the purpose of trading
? Expected to be realised within twelve months after the reporting period, or
? Cash or cash equivalent unless restricted from being exchanged or used to settle a
liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
? It is expected to be settled in normal operating cycle
? It is held primarily for the purpose of trading
? It is due to be settled within twelve months after the reporting period, or
? There is no unconditional right to defer the settlement of the liability for at least
twelve months after the reporting period
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and
their realization in cash and cash equivalents. The Company has identified twelve
months as its operating cycle.
u. Cost Recognition
Costs and expenses are recognised when incurred and have been classified according
to their nature.
The costs of the Company are broadly categorised in purchase of goods, employee
benefit expenses, finance costs, depreciation and amortisation and other operating
expenses. Employee benefit expenses include employee compensation, allowances
paid, contribution to various funds and staff welfare expenses. Other operating
expenses mainly include fees to its external consultants, cost of running its facilities,
travel expenses, communication costs, allowances for delinquent receivables and
advances and other expenses. Other expenses is an aggregation of costs which are
individually not material such as commission and brokerage, recruitment and
training, entertainment etc.
iv. Contingent Liabilities as may arise due to delayed/non-compliance of certain
fiscal statutes - Amount Unascertainable (Previous Year-Amount
Unascertainable).
30. The Company has given Interest Free Loan to a party for amounting to Rs. 258.19
Lakhs for which term sheet and other documents are in process of regularization.
31. The Management of the Company has decided to reduce its focus of Wellness
activities and concentrate on Films, Media and TV Channel business. Accordingly, it
has been decided to re-structure the Company's agreements with two parties to
whom advances/ security deposits have been given so as to utilize the resources in a
more effective manner for developing the Entertainment business. Accordingly,
discussions are underway for implementation of the same.
a. In one of the agreements in the earlier years, the Company had entered into a
Revenue Sharing Agreement for occupying commercial spaces of SKM Real Infra
Limited (formerly SKM Fabrics (Andheri) Limited) (SKM). As per this Agreement,
the Company had given substantial advance/ deposit to SKM Real Infra Ltd
(SKM) in return for occupying and utilizing the Raaj Chamber development of
SKM. This was in line with the Wellness business component of the Company.
The closing balance of the said deposit as on 31st March 2025 is Rs. 2,218.28 lakhs
which is higher than the space occupied by the Company. SKM has gone into
Resolution under the Insolvency & Bankruptcy Code (IBC). Accordingly, the
Company has filed claim with the IP for an amount of Rs. 6376.71 Lakhs. The
Company has not recognized interest income neither the Company has provided
for rentals payable to the said company for the premises being used in lieu of the
unreceived interest income.
b. In respect of the other party the Company had given a security deposit of Rs. 1500
Lakhs to Shree Ram Urban Infrastructure Limited (SRUIL) under Memorandum
of Understanding for establishment and running of wellness center in the
upcoming Palais Royale project of SRUIL. However, SRUIL has since gone into
Resolution under the IBC and the fate of this MOU has become uncertain. The
Company is making efforts to find a satisfactory solution and is hopeful that
equivalent values will be recovered in due course. Based on conservative
approach, the Company has decided to recognise the interest income only on
receipt basis.
32. The Company has not carried out actuarial valuation as per the recommendations of
Ind AS 15 issued by ICAI, and instead provided for Gratuity on accrual basis as per
Management Estimates. The management is of the opinion that the provision created
in the books is sufficient considering the number of employees & it has provided the
same in current year on ad-hoc basis. Provision towards retirement benefits has been
considered in the Company's books, as per the recommendations of the Indian
Accounting Standard - 15, Employee Benefits given in table below: -
Net employee benefit expenses (recognized in Employee cost)
33. In the opinion of the Board, Current & Non-current Assets and Loans and Advances
have a value on realization in the ordinary course of business, at least equal to the
amounts at which they are stated and adequate provision has been made for all
known liabilities.
34. Certain balances appearing under certain heads of Other Financial Asset, Trade
receivable, Other Current Asset, Loans, Trade Payable, Borrowings, other Financial
Liability are as per books of accounts and as such are subject to consequential
adjustments, which may arise on receipt of confirmations and/or completion of
reconciliations.
36. (a) Provision for current tax has been made as per the law stated in the Income Tax
Act, 1961.
(b) No Deferred Tax Assets have been recognized in the accounts by the Company in
respect of brought forward losses under the Income Tax Act, 1961, keeping in
view the prudence aspect.
37. Related Party Disclosure
As per Indian Accounting Standard - 24 Related Party Disclosures as prescribed under
Companies (Accounting Standard) Rules, 2006, the Company's related parties and
transactions are disclosed below:
i. Holding/Subsidiary - None
ii. Investing parties/promoters having significant influence on the Holding
Company directly or indirectly - None
Carrying value of all the above financial assets and financial liabilities as at March
31, 2025, and March 31, 2024 approximate the fair value because of their short¬
term nature. Difference between carrying amounts ad fair values of the said assets
and liabilities subsequently measured at amortized cost is not significant in each
of the years presented.
(b) Fair value hierarchy
This section explains the judgments and estimates made in determining the fair
values of the financial instruments that are (a) recognised and measured at fair
value and (b) measured at amortised cost and for which fair values are disclosed
in the financial statements. To provide an indication about the reliability of the
inputs used in determining fair value, the company has classified its financial
instruments into the three levels prescribed under the accounting standard. An
explanation of each level follows underneath the table.
(c) Valuation technique used to determine fair values
The carrying amount of current financial assets and liabilities are considered to be
the same as their fair values, due to Difference between carrying amounts ad fair
values of the said assets and liabilities subsequently measured at amortized cost is
not significant in each of the years presented.
The fair value of security deposits and borrowings has been considered same as
carrying value since there have not been any material changes in the prevailing
interest rates. Impact on account of changes in interest rates, if any has been
considered immaterial.
Note
Level 1: Level 1 hierarchy includes financial instruments measured using quoted
prices.
Level 2: The fair value of financial instruments that are not traded in an active
market (for example over-the-counter derivatives) is determined using valuation
techniques which maximize the use of observable market data and rely as little as
possible on entity-specific estimates. If all significant inputs required to fair value
an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market
data, the instrument is included in level 3. This is the case for unlisted equity
securities which are included in level.
(a) Credit risk
The Company is exposed to credit risk, which is the risk that counterparty will
default on its contractual obligation resulting in a financial loss to the company.
Credit risk arises from cash and cash equivalents and financial assets carried at
amortised cost.
Credit risk management
Credit risk is managed at Company level depending on the policy surrounding
credit risk management. For banks and financial institutions, only high rated
banks/institutions are accepted. Generally, all policies surrounding credit risk
have been managed at company level.
(b) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and
marketable securities and the availability of funding through an adequate amount
of committed credit facilities to meet obligations when due and to close out
market positions. Due to the dynamic nature of the underlying businesses,
company treasury maintains flexibility in funding by maintaining availability
under committed credit lines.
Management monitors rolling forecasts of the company's liquidity position and
cash and cash equivalents on the basis of expected cash flows. This is generally
carried out at local level in the operation of the company in accordance with
practice and limits set by the company.
Maturities of financial liabilities
The amounts disclosed in the below are the contractual undiscounted cash flows.
Balances due within 12 months equal their carrying balances as the impact of
discounting is not significant.
41. Capital Management
(a) Risk Management
The company's objectives when managing capital are to safeguard the company's
ability to continue as a going concern in order to provide returns for shareholders
and benefits for other stakeholders and to maintain an optimal capital structure to
reduce the cost of capital. In order to maintain or adjust the capital structure, the
company may adjust the amount of dividends paid to shareholders, return capital
to shareholders, issue new shares or sell assets to reduce debt.
The Company monitors capital on basis of total equity on a periodic basis. Equity
comprises all components of equity includes the fair value impact. The following
table summarizes the capital of the Company:
42. Outstanding amounts payable to Micro, Small and Medium Enterprises included
under Current Liabilities, as per the information available with the Company and
relied upon by the Auditors - Nil (Previous Year-Nil).
43. The Operating Segment is the level at which discrete financial information is
available. Business segments are identified considering: a) the nature of products and
services b) the differing risks and returns c) the internal organisation and
management structure, and d) the internal financial reporting systems.
Revenue and expenses directly attributable to segments are reported under each
reportable segment. Exceptional items and other expenses which are not attributable
or allocable to segments are disclosed separately. Assets and liabilities that are
directly attributable or allocable to segments are disclosed under each reportable
segment. All other assets and liabilities are disclosed as unallocable assets and
liabilities.
The Company is engaged in the business of sale of packaged water and film
production and presentation. Considering the scale and financial significance of these
operations, they are identified as reportable segments in accordance with the
provisions of Ind AS 108 - Operating Segments. The Company also provides
consultancy services; however, this activity does not meet the quantitative thresholds
for separate disclosure and is therefore not considered a reportable segment under
Ind AS 108.
47. The Company has no transactions with the struck off Companies under Section 248 or
560 of the Act.
48. No proceedings were initiated or pending against the Company for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988.
49. There are no ultimate beneficiaries to whom the Company has lent/invested nor
received any fund during the year within the meaning of Foreign Exchange
Management Act 1999 and Prevention of money Laundering Act 2002.
50. The Company has Compliance related to number of layers prescribed under clause
(87) of section 2 of the Companies Act read with the Companies (Restriction on
number of Layers) Rules, 2017.
51. There we no transaction in the Company which is not recorded in the books of
accounts that has been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961.
52. The Company does not have any charges or satisfaction, which is yet to be registered
with Registrar of Companies beyond the statutory period.
53. The Company has not borrowed any money from any issue of securities and long¬
term borrowings from banks and financial institutions and hence utilization for the
specific purpose for which the funds were raised is not applicable.
54. The Company not done any borrowings from banks or financial institutions on the
basis of security of current assets and hence disclosure pertaining to it are not
applicable to the Company.
55. The Company during the year has not complied with the provision of maintaining
edit log as required under Companies Act.
59. Previous year's figures have been regrouped /rearranged wherever considered
necessary.
For and on behalf of the Board
Whole Time Director & CFO Director
K. R. Mahadevan Vidhi Kasliwal
DIN-07485859 DIN-00332144
Mumbai, dated 29th May 2025
| 