2.16 Provisions, Contingent Liabilities and Contingent Assets
Provision are measured at the Present value of the management's best estimate (these estimated are reviewed at each reporting date and adjusted to reflect the current best estimate) of the expenditure required to settle the present obligation at the end of reporting period. Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.
Contingent liabilities are disclosed only 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 which is not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or estimate of the amount cannot be measured reliably.
Contingent Asset
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
Commitments are future liabilities for contractual expenditure, classified and disclosed as follows:
a. estimated amount of contracts remaining to be executed on capital account and not provided for;
b. uncalled liability on shares and other investments partly paid;
c. funding related commitment to associate and joint venture companies; and
d. other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion of management.
Commitments include the amount of purchase orders (net of advances) issued to parties for completion of assets.
2.17 Revenue Recognition
Revenue from contracts with customers is recognised when control of goods & services is transferred to the customer at an amount that reflects the consideration to which the company expects to be entitled in exchange of transferring promised goods or services having regards to terms of the contract and is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured, regardless of when the payment is being made. Amount of sales are net of goods and service tax, sale returns , trade allowances and discounts but inclusive of excise duty.
To determine whether to recognize revenue, the company follows a 5-step process:
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations
5. Recognising revenue when/as performance obligation(s) are satisfied.
The company considers the terms of the contract and its customary business practice to determine the transaction price.
In all cases, the total transaction price is allocated amongst the various performance obligations based on their relative standalone selling price. The transaction price excludes amounts collected on behalf of third parties. The consideration promised include fixed amounts, variable amounts, or both.
Revenue is recognised either at a point in time or over time, when (or as) the company satisfies performance obligations by transferring the promised goods or services to its customers.
For each performance obligation identified the company determines at contract inception whether it satisfies the performance obligation over time or satisfies the performance obligation at point in time. If any entity does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time.
A receivable is recognised where the company's right to consideration is unconditional (i.e. any passage of time is required before payment if the consideration is due).
When either party to a contract has performed, an entity shall present the contract in the balance sheet as contract asset or contract liability, depending on the relationship between the entity's performance and the customer's payment.
While this represents significant new guidance, the implementation of this new guidance had no impact on the timing or amount of revenue recognised by the company in any year.
Company continues to account for export benefits on accrual basis.
Other income
All other income is recognized on accrual basis when no significant uncertainty exists on their receipt.
Interest income
Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the company and the amount of income can be measured reliably. Interest is accrued on time proportion basis, by reference to the principle outstanding at the effective interest rate.
Dividends
Income from dividend on investments is accrued in the year in which it is declared, whereby the company's right to receive is established.
2.18 Non-current assets held for sale and discontinued operations
Non-current assets (including disposal groups) classified as held for sale are measured at the lower of their carrying value and fair value less costs to sell.
Assets and disposal groups are classified as held for sale if their carrying value will be recovered through a sale transaction rather than through continuing use. This condition is only met when the sale is highly probable and the asset, or disposal group, is available for immediate sale in its present condition and is marketed for sale at a price that is reasonable in relation to its current fair value. The
Company must also be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.
Where a disposal group represents a separate major line of business or geographical area of operations, or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations, then it is treated as a discontinued operation. The post-tax profit or loss of the discontinued operation together with the gain or loss recognised on its disposal are disclosed as a single amount in the statement of profit and loss, with all prior periods being presented on this basis.
2.19 Foreign Currency Conversions/Transactions
The Company's Standalone Financial Statements are presented in Indian Rupees( in Rs. Lakhs). Foreign Currency Transactions are recorded at the exchange rates prevailing on the date of the transactions. Gains and losses arising out of subsequent fluctuations are accounted for on actual payments or realisations as the case may be. Monetary assets and liabilities denominated in foreign currency as on Balance Sheet date are translated into functional currency at the exchange rates prevailing on that date and Exchange differences arising out of such conversion are recognised in the Statement of Profit and Loss.
2.20 Income Taxes
Tax expense for the year comprises of current and deferred tax. The tax currently payable is based on taxable profit for the year.
a) Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of profit and loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
b) Deferred Tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying value of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. In contrast, deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
The carrying value of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on the tax rates and tax laws that have been enacted or substantially enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying value of its assets and liabilities. Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are legally enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.
c) Minimum Alternate Tax (MAT)
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax for the year. The deferred tax asset is recognised for MAT credit available only to the extent that it is probable that the company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward.
In the year in which the company recognizes MAT credit as an asset, it is created by way of credit to the statement of profit and loss and shown as part of deferred tax asset.
The company reviews the "MAT credit entitlement" asset at each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.
2.21 Employee Benefits
i) Short Term Employee Benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.
A liability is recognized for the amount expected to be paid under performance related pay if the Company has a present, legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
ii) Post-Employment benefits
Employee benefit that are payable after the completion of employment are Post-Employment Benefit (other than termination benefit). Company has identified two types of post employment benefits:
a) Defined contribution plans
Defined contribution plans are those plans in which the company pays fixed contribution into separate entities and will have no legal or constructive obligation to pay further amounts. Provident Fund and Employee State Insurance are Defined Contribution Plans in which company pays a fixed contribution and will have no further obligation beyond the monthly contributions and are recognised as an expenses in Statement of Profit & Loss.
b) Defined benefit plans
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. Company pays Gratuity as per provisions of the Gratuity Act, 1972. The Company's net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit to employees is discounted to determine its present value.
The calculation is performed annually by a qualified actuary using the projected unit credit method. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss. Any actuarial gains or losses pertaining to components of re-measurements of net defined benefit liability/(asset) are recognized in OCI in the period in which they arise.
2.22 Borrowing Cost
Borrowings costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for the intended use or sale.
Investment income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets is recognised in the statement of profit and loss.
Discounts or premiums and expenses on the issue of debt securities are amortised over the term of the related securities and included within borrowing costs. Premiums payable on early redemptions of debt securities, in lieu of future finance costs, are recognised as borrowing costs.
All other borrowing costs are recognised as expenses in the period in which it is incurred.
2.23 Earning Per Share
Basic Earning Per Share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by weighted average number of equity shares outstanding during the period. The weighted average number of equity shares is adjusted for bonus shares, bonus element in the right issue to existing shareholders.
For the purpose of calculating diluted earnings per share, net profit after tax during the year and the weighted average number of shares outstanding during the year are adjusted for the effect of all dilutive potential equity shares.
2.24 Leases
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a define period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified assets, the Company assesses whether: (i) the contact involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
(a) The Company as a lessee, The Company recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those of property and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. For leases with reasonably similar characteristics, the Company, on a lease by lease basis, may adopt either the incremental borrowing rate specific to the lease or the incremental borrowing rate for the portfolio as a whole.
Lease payments included in the measurement of the lease liability comprise the fixed payments, including in-substance fixed payments and lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option;
The lease liability is measured at amortised cost using the effective interest method
The Company has elected not to recognise right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Company applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.
(b) The company as lessor-
Leases for which the Company is a lessor are classified as finance or operating leases. 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.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company's net investment outstanding in respect of the leases.
Subsequent to initial recognition, the Company regularly reviews the estimated unguaranteed residual value and applies the impairment requirements of Ind AS 109, recognising an allowance for expected credit losses on the lease receivables.
Finance lease income is calculated with reference to the gross carrying amount of the lease receivables, except for credit impaired financial assets for which interest income is calculated with reference to their amortised cost (i.e. after a deduction of the loss allowance).
When a contract includes both lease and non-lease components, the Company applies Ind AS 115 to allocate the consideration under the contract to each component.
2.25 Statement of Cash Flows
Statement of cash flows is prepared in accordance with the Indirect method prescribed in Ind AS-7 'Statement of cash flows.
2.26 Segment reporting
The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the Managing Director and Chief Executive Officer (who is the Company's chief operating decision maker) in deciding how to allocate resources and in assessing performance.
The accounting policies adopted for segment reporting are in conformity with the accounting policies of the Company. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment. Inter segment revenue is accounted on the basis of transactions which are primarily determined based on market / fair value factors. revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on a reasonable basis have been included under 'unallocated revenue / expenses / assets / liabilities'.
2.27 Dividend
Final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors
Secured loan from Banks
- Loan from Axis Bank of Rs. Nil ( Previous year Rs. 5.00 Lakhs) Secured against hypothecation of car at the rate of interest 8.51% p.a. The loan is repayable in 36 equal monthly instalment of Rs. 1.05 Lakhs per month. The Loan is repaid fully during the year. NOC from the bank is received on August 12, 2023.
- Loan from Union Bank of India of Rs. 174.58 ( Previous year Rs Nil) Secured against hypothecation of car at the rate of interest 9.65% p.a. payable in 84 Months commencing from 17th Feburary'2024 via EMI of Rs. 2.91 lakhs per month. The remaining maturity period is 82 Months from Balance sheet Date.
- Loan from Union Bank of India of Rs. Nil ( Previous year Rs 6.30 Lakhs) Secured against hypothecation of car at the rate of interest 7.40% p.a.. vide sanction letter dated 11th August'2021 payable in 36 Months commencing from 29th August'2021 via EMI of Rs. 0.39 lakhs per month.The Loan is repaid fully during the year. NOC from the bank is received on April 04, 2024.
Loan from Union Bank of India of Rs. 11.23 Lakhs ( Previous Year Rs. 12.82 Lakhs) Secured against hypothecation of car at the rate of interest 7.30% p.a. sanction vide sanction letter dated 11th Aug'2021 payable in 84 Months commencing from 12th Sept'2021 via EMI of Rs.0.24 Lakhs per month. The remaining maturity period is 53 Months from Balance sheet Date.
Loan from Union Bank of India of Rs. Nil ( Previous Year Rs 51.11 Lakhs) Secured against hypothecation of car at the rate of interest 7.25% p.a. sanction vide sanction letter dated 3rd Nov'2021 payable in 84 Months commencing from 2nd Dec'2021 via EMI of Rs.1.60 Lakhs per month.The Loan is repaid fully during the year. NOC from the bank is received on Feburary 02, 2024.
Loan from Punjab & Sind Bank of Rs. 191.60 Lakhs ( Previous Year :215.35 Lakhs) Secured against hypothecation of car at the rate of interest 9.43% p.a. payable in 84 Months commencing from 30th Nov'2022 via EMI of Rs.3.67 Lakhs per month. The remaining maturity period is 67 Months from Balance sheet Date.
Loan from Punjab & Sind Bank of Rs. 612.35 Lakhs ( Previous Year :652.21) Secured against hypothecation of Property situated at House No. 64, Babar Road, Bengali Market, New Delhi-110001 at the rate of interest 8.05% p.a. payable in 120 Months commencing from 31st Oct'2022 via EMI of Rs.8.17 Lakhs per month. The remaining maturity period is 102 Months from Balance sheet Date.
Loan from Union Bank of India of Rs. 990.44 ( Previous Year Rs Nil) Secured against hypothecation of car at the rate of interest 9.75% p.a. payable in 84 Months commencing from 13th Mar'2024 via EMI of Rs.16.48 Lakhs per month. The remaining maturity period is 83 Months from Balance sheet Date.
Note:
1. Unit No.G-31,FirstFloor without Roof Right Plot No. M.P.I.Vikas Cinemall Indranagar, Tehsil-Dehradun, Distt-Dehradun, Uttarakhand, with market value of Rs. 60.00 Lakhs with a carrying cost of Rs 49.48 Lakhs. Agreement to sell has been executed on October 15, 2021 between both the parties to sell the property for a consideration of Rs. 50.00 Lakhs Against which company has received a sum of Rs. 50.00 Lakhs as advance. The said agreement has been extenended by way of addendum agreement entered into by both parties on November 07, 2022 and same is valid upto October 15, 2024
2. Shop No G-19-A Plot No 813/1 GT Road Shahdara New Delhi with market value of Rs. 90.00 Lakhs with a carrying value of Rs 87.25 Lakhs . Agreement to sell has been executed on October 15, 2021 between both the parties to sell the property for a consideration of Rs. 90.00 Lakhs against which company has received a sum of Rs. 90.00 Lakhs as advance, which is shown under note no. 24.This property is mortgaged against working capital facility of Rs. 400 lakhs (including fund based Rs. 250 lakhs & non fund based Rs. 150 lakhs) availed by subsidiary company M/s Genesis Gas solutions private limited from union bank of india. The said agreement has been extenended by way of addendum agreement entered into by both parties on January 21, 2023 and same is valid upto June 12, 2024
3. House No. 79 Nagar Nigam No. 19/10A/79, Jaipur House Housing Society, Lohamandi Ward, Tehsil & District Agra (UP)-282010 with market value of Rs.351.00 Lakhs and a carrying value of Rs 241.44 Lakhs. Agreement to sell has been executed on December 29, 2021 between both the parties to sell the property for a consideration of Rs. 300.00 Lakhs Against which company has received a sum of Rs. 300.00 Lakh as advance. This property is mortgaged against working capital facility of Rs. 400 lakhs (including fund based Rs. 250 lakhs & non fund based Rs. 150 lakhs) availed by subsidiary company M/s Genesis Gas solutions private limited from union bank of india.The said agreement extenended by way of addendum agreement entered into by both parties on November 07, 2022 and same is valid upto December 29, 2024
A. Credit risk
Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to this risk for various financial instruments, for example by granting loans and receivables to customers, placing deposits, etc. The Company's maximum exposure to credit risk is limited to the carrying amount of following types of financial assets.
- cash and cash equivalents,
- trade receivables,
- loans & receivables carried at amortised cost, and
- deposits with banks
- Investments
a) Credit risk management
The Company assesses and manages credit risk based on internal credit rating system, continuously monitoring defaults of customers and other counterparties, identified either individually or by the Company, and incorporates this information into its credit risk controls. Internal credit rating is performed for each class of financial instruments with different characteristics. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.
(a) Low credit risk (b) Moderate credit risk (c) High credit risk
B. Liquidity risk
Liquidity risk is the risk that the Company may encounter difficulty in meeting its present and future obligations associated with financial liabilities that are required to be settled by delivering cash or another financial asset. The Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral obligations . The Company requires funds both for short term operational needs as well as for long term investment programs mainly in growth projects. The Company closely monitors its liquidity position and deploys a robust cash management system. It aims to minimise these risks by generating sufficient cash flows from its current operations, which in addition to the available cash and cash equivalents, liquid investments and sufficient committed fund facilities, will provide liquidity.
a. Maturities of financial liabilities
The tables below analyse the Company's financial liabilities into relevant maturity. Company's based on their contractual maturities for all non-derivative financial liabilities.
The below table analyses the Company's non-derivative financial liabilities as at the reporting date, into relevant maturity groupings based on the remaining period (as at that date) to the contractual maturity date. The amounts disclosed in the below table are the contractual undiscounted cash flows.
b) Foreign Currency Risk
Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company's management has set a policy wherein exposure is identified, a benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. The policy also includes mandatory initial hedging requirements for exposure above a threshold.
The Company's foreign currency exposure arises mainly from foreign exchange imports and exports primarily with respect to USD.
As at the end of the reporting period , the carrying amounts of the Company's foreign currency denominated monetary assets and liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure, are as follows:
c) Competition and Price Risk
The Company faces competition from competitors. Nevertheless, it believes that it has competitive advantage in terms of high quality products and by continuously upgrading its expertise and range of products to meet the needs of its customers.
d) Equity price risk management
The Company's exposure to equity price risk arises from investment held by the Company and classified as FVTOCI. In general, these investments are strategic investments and are not held for trading purposes. Reports on the equity portfolio are submitted to the Company's senior management on a regular basis
(i) Equity price risk sensitivity analysis
The following table demonstrate the sensitivity to a reasonable possible change in value of investment in Equity Shares and compulsorily convertible preference shares, with all other variables held constant. The impact on the Company's Equity Share Capital due to changes in the price of Equity Share and compulsorily convertible preference shares is as follows:
? 51 Capital management
For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company's policy is to keep the gearing ratio optimum. The Company includes within net debt, interest bearing term loans and working capital borrowings.
b. Details of investments made and guarantees & securities provided are as-:
- For details of investment, refer note 6.
-Loan from Axis Bank of Rs. Nil ( Previous year Rs. 5.00 Lakhs) Secured against hypothecation of car at the rate of interest 8.51% p.a. The loan is repayable in 36 equal monthly instalment of Rs. 1.05 Lakhs per month. The Loan is repaid fully during the year. NOC from the bank is received on August 12, 2023.
- Loan from Union Bank of India of Rs. 174.58 ( Previous year Rs Nil) Secured against hypothecation of car at the rate of interest 9.65% p.a. payable in 84 Months commencing from 17th Feburary'2024 via EMI of Rs. 2.91 lakhs per month. The remaining maturity period is 82 Months from Balance sheet Date.
- Loan from Union Bank of India of Rs. Nil ( Previous year Rs 6.30 Lakhs) Secured against hypothecation of car at the rate of interest 7.40% p.a.. vide sanction letter dated 11th August'2021 payable in 36 Months commencing from 29th August'2021 via EMI of Rs. 0.39 lakhs per month.The Loan is repaid fully during the year. NOC from the bank is received on April 04, 2024.
Loan from Union Bank of India of Rs. 11.23 Lakhs ( Previous Year Rs. 12.82 Lakhs) Secured against hypothecation of car at the rate of interest 7.30% p.a. sanction vide sanction letter dated 11th Aug'2021 payable in 84 Months commencing from 12th Sept'2021 via EMI of Rs.0.24 Lakhs per month. The remaining maturity period is 53 Months from Balance sheet Date.
Loan from Union Bank of India of Rs. Nil ( Previous Year Rs 51.11 Lakhs) Secured against hypothecation of car at the rate of interest 7.25% p.a. sanction vide sanction letter dated 3rd Nov'2021 payable in 84 Months commencing from 2nd Dec'2021 via EMI of Rs.1.60 Lakhs per month.The Loan is repaid fully during the year. NOC from the bank is received on Feburary 02, 2024.
Loan from Punjab & Sind Bank of Rs. 191.60 Lakhs ( Previous Year :215.35 Lakhs) Secured against hypothecation of car at the rate of interest 9.43% p.a. payable in 84 Months commencing from 30th Nov'2022 via EMI of Rs.3.67 Lakhs per month. The remaining maturity period is 67 Months from Balance sheet Date.
Loan from Punjab & Sind Bank of Rs. 612.35 Lakhs ( Previous Year :652.21) Secured against hypothecation of Property situated at House No. 64, Babar Road, Bengali Market, New Delhi-110001 at the rate of interest 8.05% p.a. payable in 120 Months commencing from 31st Oct'2022 via EMI of Rs.8.17 Lakhs per month. The remaining maturity period is 102 Months from Balance sheet Date.
Loan from Union Bank of India of Rs. 999.44 ( Previous Year Rs Nil) Secured against hypothecation of car at the rate of interest 9.75% p.a. payable in 84 Months commencing from 13th Mar'2024 via EMI of Rs.16.48 Lakhs per month. The remaining maturity period is 83 Months from Balance sheet Date.
*Secured from Bank includes cash credit ( under e-DFS) Limit Rs 333.71 Lakhs ( Previous Year Rs.451.83 Lakhs) from State Bank of India which is secured against hypothecation of stock and book receivables belonging of ONGC Petro Additions Limited. As per latest renewal letter dated 19.02.2024, the present applicable ROI is 1% above MCLR which is presently 8.55% i.e 9.55% The said loan is secured against collateral security of residential flat at Second Floor,A-25,G.T Road,Bharola wala Bagh,Near Indira Nagar,Delhi-110033. Further the personal guarantee of Mr. Vikas Garg and Mr. Vivek garg, Promoter & Promoter Group of the company is being provided to the bank.
? 61 Other Statutory Information
a) The company does not have any Benami Property, where any proceeding has been initiated pending against the company for holding any Benami Property.
b) The company has advanced loan to its related party M/S Shashi Beriwal & Co. Pvt Ltd & Genesis Gas Solutions Pvt. Ltd. during the financial year which are repayable on demand or where the agreement document specifies any terms or period of repayment. The total outstanding balance of such loans as on reporting date is Rs 608.37 Lakhs which constitutes 66.27% of the total Loans and Advances in the nature of loans as on reporting date.
c) The company has not been declared as a wilful defaulter by any lender who has the power to declare a Company as a wilful defaulter at any time during the financial year or after the end of the reporting period but before the date when the financial statements are approved.
d) The company has utilized funds raised from the issue of securities or borrowings from banks & financial institutions for the specific purposes, for which they were issued/taken.
e) The company has not advanced or loaned or invested funds to any other person(s) or entity(ies) including foreign entities (intermediaries) with the understanding that the intermediatory shall: -
i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or
ii. Provide any guarantees, securities or the like or on behalf of the ultimate beneficiaries
f) The company has not received any funds from any person(s) or entity(ies), including foreign entity(ies) (funding party) with the understanding (whether recorded in writing or otherwise) that the company shall: -
i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or
ii. Provide any guarantees, securities or the like or on behalf of the ultimate beneficiaries.
g) There are no transactions and/or balances outstanding with companies struck off under section 248 of the Companies Act'2013.
h) The company does not have any transaction which is not recorded in the books of accounts but has been surrendered or disclosed as income during the year in the tax assessment under the Income Tax Act'1961.
i) The company has not traded or invested in cryptocurrency or virtual currency during the financial year.
j) The company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act'2013 read with Companies (Restriction on Number of Layers) Rules'2017.
k) The company does not have any charges or satisfaction of charges which is yet to be registered with the registrar of companies (ROC) beyond the satisfactory period except the following: (1) No charge has been created on hypothecation of vehicle against loan of Rs 12.50 Lakh from banks, however the loan has been repaid during the year. (2) The satisfaction of charge for value of Rs 93.37 Lakhs with respect to vehcile loans repaid during the year has not been registered with registrar of companies (ROC) yet.
l) Details of monthly statement of current assets filed by the company with bank & their difference is as per Note No.25A
? 62 Approval of standalone financial statements
The standalone financial statements were approved for issue by the Board of Directors of the Company on 29th May, 2024 subject to approval of shareholders.
As per our report of even date attached
FOR KSMC AND ASSOCIATES For and on behalf of the Board of Directors
Chartered Accountants M/s Vikas Lifecare Limited
(FRN: 003565N) Sundeep Kumar Dhawan Vijay Kumar Sharma
Managing Director Whole time Director & CEO
CA.SACHIN SINGHAL DIN:09508137 DIN : 08721833
Membership No.: 505732 UDIN:24505732BKEGKG1544
Chandan Kumar Bhardwaj Sanjay Jaiswal
Place: NEW DELHI Director cum CFO Company Secretary
Date: 29.05.2024 DIN : 08139239 Membership No. A54224
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