S.No. Name__Relationship_
1 Vaishali Vyas__Promoter_
2 Janak Vyas__Brother of Promoter_
3 Rahul Belwalkar__Managing Director_
4 Shibani Belwalkar__Director_
5 Nipa Modi__Key Managerial Person_
6 Richard Desouza__Key Managerial Person_
7 Pankaj Vyas__Promoter, Chairman, Non-Executive Director
8 Mayur Chheda__Chief financial officer (CFO)_
9 Vipul Bhoy__Company Secretary_
10 Spiro Life Care Pvt. Limited__ Chairman is Shareholder_
(v) Employee benefits:
I . Defined contribution Plans :-
Retirement benefits in the form of Provident fund (where contributed to the Regional PF Commissioner) are a defined contribution scheme. The contribution to the Provident fund is charged to the statement of Profit and Loss for the year when the contribution to the fund is due. The Company has no obligation, other than the contribution to the Provident Fund.
II. Defined Benefit plan:
Gratuity payable to employees in accordance with the provisions of The Payment of The Gratuity Act, 1972 is a defined benefit plan as per Accounting Standard (AS) - 15 "Employee Benefits" as per Actuarial valuation certificates.
During FY 2017-18 Provision for Gratuity is made for Rs, 8,50,147 for the gratuity liability accrued up to 31.03.2018.
The details of Actuarial valuation of Gratuity as at year end are as under :-Actuarial Calculations as per revised As 15 Method: Projected Unit Credit
Period Covered_2017-18_
Assumptions GTY
Discount Rate 7.37% p.a.
Expected Return on Plan Assets N/A
Mortality Indian Assured Lives Mortality (2006-08) Ultimate
Future Salary Increases 5% p.a.
Disability Nil
Attrition__18% p.a_
Retirement 58 yrs.
Dis. Rate Calculation
Avg. Age = 30 yrs.
Retirement = 58 yrs.
Avg. Future Service = 28 yrs.
Attrition = 18% p.a.
Future decrement adjusted Weighted Service = 5 yrs.
YTM Gsecs maturing 2023 = 7.37%
(ix) Contingent liabilities not provided in respect of:
1. Disputed ESIC demand of Rs.23,69,747/-, against which company will preferred an appeal with in allowable time, management is of opinion that the demand is likely to be either deleted or substantially reduced accordingly no provision has been made.
2. Disputed TDS demand of Rs.8,31,500/-, against which company will preferred an appeal / Rectification within allowable time, management is of opinion that the demand is likely to be either deleted or substantially reduced accordingly no provision has been made.
(x) During the year company has changed its accounting estimate of depreciation from Written down Value (WDV) method to Straight Line Method (SLM) for proper disclosure. If company would have followed WDV method, depreciation charge to profit and loss would be higher by Rs.49,09,244, and correspondingly profit would be lower by same amount.
(xii) The Company has not received any information from its suppliers regarding their registration under the ‘Micro, Small and Medium Enterprises Development Act, 2006'. Hence the information required to be given in accordance with Section 22 of the said Act, is not ascertainable and not disclosed.
(xiii) The balances in accounts of sundry debtor and creditors and Loans & Advances are subject to confirmation, and consequent reconciliations. Adjustments in this respect in the opinion of the management are not likely to be material and would be carried out as and when ascertained.
(xiv)In the opinion of the management, current assets, loans, advances and deposits are approximately of the value stated, if realized in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.
(xv) Additional information pursuant to Schedule III of the Companies Act, 2013 has not been furnished as the same is either Nil or not applicable.
(xvi) There is no impairment loss on fixed assets on the basis of review carried out by the Management in accordance with Accounting Standard (AS)-28 "Impairment of Assets"
(xvii)Previous year's figures have been reclassified/regrouped, wherever necessary to make the same comparable with the current year's figures.
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