Mar 31, 2023
The Company has only single class of Equity Shares having a par value of INR 10. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. Each holder of equity shares is entitled to one vote per share. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
There are no bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding reporting date.
1. The company has opted for section 115 BAA. As such, tax rate applicable to the compnay is 25.168%. Also, MAT provision is not applicable to the company.
2. The company has a brought forward business loss of Rs.0.07 lakhs. The company has decided not to claim such loss in the current financial year. As such, the company has not recognised deferred tax during current financial year.
Note:
1. Basic EPS amounts are calculated by dividing the Net profit attributable to the equity shareholders of the Company by the Weighted average number of equity shares outstanding during the year
2. Diluted EPS amounts are calculated by adjusting the Weighted average number of equity shares outstanding, for effects of all dilutive potential ordinary shares.
25 Financial risk management
The Company''s principal financial liabilities comprise trade payables and other borrowings. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include security deposits, trade & other receivables, unbilled revenue and cash and short-term deposits that derive directly from its operations.
The Company is exposed to the following risks from its use of financial instruments:
- Credit risk
- Liquidity risk
- Market risk
This note presents information about the Company''s exposure to each of the above risks, the Company''s objectives, policies and processes for measuring and managing risk.
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations resulting in a financial loss to the Company. Credit risk arises principally from trade receivables, unbilled revenue, cash & cash equivalents and deposits with banks.
Trade receivables and unbilled revenue
The Company earns its revenue from customers by providing mobile application development service.
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Company performs ongoing credit evaluations of its customers'' financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and ageing of the receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer and vendor risks.
The Company limits its exposure to credit risk from trade receivables by establishing a maximum credit period of 45 days for its customers. An impairment analysis is performed at each reporting date on an individual basis for major customers. The calculation is based on historical data.
Based on the business environment in which the Company operates, management considers that there is significant increase in credit risk for trade receivables if the payments are more than 30 days past due and the trade receivables are in default (credit impaired) if the payments are more than 90 days past due. The Company has not experienced any significant impairment losses in respect of trade receivables in the past years.
Since the Company has its customers spread over around the world, geographically there is no concentration of credit risk.
(ii) Provision for expected credit losses:
(a) Financial assets for which loss allowance is measured using 12 month expected credit losses
The Company has assets where the counter- parties have sufficient capacity to meet the obligations and where the risk of default is low.
(b) Financial assets for which loss allowance is measured using life time expected credit losses
The Company has customers with strong capacity to meet the obligations and therefore the risk of default is negligible. On account of the adoption of Ind AS 109, the Company uses ECL model to assess the impairment loss. The Company uses a provision matrix to compute the ECL allowance for trade receivables. Below mentioned is the movement of impairment loss recognised on financial assets using lifetime expected credit loss method.
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Company''s income. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Currency risk
The Company is not exposed to foreign currency risk as all transactionsare denominated in a entity''s functional currency. Interest rate risk
The Company is not exposed to interest rate risk as the entity has not availed any loan from banks or financial institutions.
26. Contingent Liabilities & Commitments ( to the extent not provided for) |
||
Particulars of Contingent liabilities |
As at March 31, 2023 |
As at March 31, 2022 |
Contingent Liabilities not provided for in respect of a) Claims against the Company not acknowledged as debt |
- |
- |
b) Guarantee given by the Company on behalf of other company |
- |
- |
C) Others |
- |
- |
Particulars of Commitments |
As at March 31, 2023 |
As at March 31, 2022 |
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) Other commitments |
- |
- |
The Company do not have any pending litigations on its financial position. |
* Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
- Level 3: inputs for the asset or liabili ty that are not based on observable market data (unobservable inputs). The fair value of Thie finance department of the Cumpa ny includes a team that performs the valuat ions of fin ancial assets and liabilities requ ired for Tne ca^ying amou nts of s!ort term trade receivables, short term lo ans and advcnces an! chsh & casc equivalents, unbille d
The fair valade for secueity cieposks wac cakulated based on cash flows discounted using a cuhrent lending rate/borrowing aate. Valuatien technique used to dir term in e fair va lu e:
- Fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date taken ¦ Discounted casfi flow approach; appropriate market borrowing rate of the entity as of each balance sheet date used for
28 Capital Management
The company''s capital management objectives are:
a. to ensure the Company''s ability to continue as a going concern
b. to provide an adqueate return to shareholders
c. maintain an optimal capital structure to reduce the cost of capital
Management assesses the Company''s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the company''s various classes of debt. The company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.
29 Events after the reporting period
The Company has evaluated subsequent event from the balance sheet date through May 26, 2023, the date at which financial statments were available to be issued and determined no event has occured that would require adjustment and disclosure in the financial statement.
The Company did not enter into any transaction with Companies struck off from ROC records for the period ended 31 March 2023 and 31 March 2022.
a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies) including foreign entities (intermediaries) with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) No funds have been received by the company from or in any other person(s) or entity(ies) including foreign entities (funding parties) with the understanding, whether recorded in writing or otherwise, that the company shall, whether 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
Outstanding balances of related parties at the year-end are unsecured and interest free and settlement occurs in cash. For the year ended 31 March 2023, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2022: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.
The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the "Entrepreneurs Memorandum Numberâ as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31 March 2019 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (''the Act'') is not expected to be material. The Company has not received any claim for interest from any supplier in this regard.
Explanation for variance
1. Current Ratio: The ratio has been impacted due to increase in security deposits and trade receivables
2. Return on Equity: The ratio has been impacted due to profit of current year
3. Trade receivables Turnover Ratio: The ratio has been impacted due to increase in average trade receivables and turnover.
4. Trade payables turnover ratio: The ratio has been impacted due to increase in average trade payables and turnover.
5. Net Capital turnover ratio: The ratio has been impacted due to increase in turnover
6. Net Profit Ratio: The net profit is increased due to increase in turnover
7. Return on Capital Employed: The ratio has been impacted due to increase in profit
37 Subsequent Event
The Company has evaluated subsequent event from the balance sheet date through May 26, 2023, the date at which financial statments were available to be issued and determined no event has occured that would require adjustment and disclosure in the financial statement.
38 Previous year comparatives
Previous year''s figures have been reclassified/rearranged/regrouped wherever necessary to conform to current year''s presentation.
As per our report of even date attached
Mar 31, 2014
1. Notes in compliance of Schedule Vi to the Companies Act, 1956
2.1 The details of bonus shares issued, shares issued for consideration
otherwise than in cash and shares brought back in preceding five years:
The company has not issued any bonus shares, shares for consideration
otherwise than in cash and has not brought back any shares in yea under
review and preceding five years
2.2 Details of Unpaid calls due from Directors or officers
There were no unpaid calls due from Directors/Officers of the Company.
2.3 Rights of Shareholders, Dividend and Repayment of Capital:
Rights of Equity Share holders
a. Holder of equity shares is entitled to one vote per share.
b. The Company declares and pays dividends in Indian Rupees. The
Companies Act, 1956 provides that any dividend be declared out of
accumulated distributable profits only after the transfer to a general
reserve of a specified percentage of net profit computed i accordance
with current regulations.
c. In the event of liquidation of the Company, the holders of shares
shall be entitled to receive the remaining assets of the Company, after
distribution of all preferential amounts. The amount distributed will
be in proportion to the number of equity shares held by the
shareholders.
3. During the year under review the company has made provision of
Rs.1, 89,600/- for Income tax.
As regards deferred tax as per Accounting Standard - 22 (AS-22) on
"Accounting for Taxes on Income" issued by The Institute of Chartered
Accountants of India, since there is a net deferred tax assets for the
past years and for the current year. Considering the provisions of the
As-22 and as a matter of prudence, the company has not recognized the
said deferred tax assets while preparing the accounts for the year
under audit.
4. The cost of purchase is arrived at after considering effect of any
settlement reached with the suppliers during the year.
5. There are no micro and small enterprises, to which the company
owes dues, which are outstanding for more than 45 days as at 31st
March, 2014. This information as required to be disclosed under The
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the company.
6. Segment reporting (Accounting Standard - 17):
The company has only one revenue segment  trading business. Hence, no
separate segment wise information on Revenue, Results and Capital
employed is given.
7. As regards adoption of accounting standard  28 on "impairment of
Assets" issued by The Institute of Chartered Accountants of India, does
not have any impact on either profit for the year or on the net assets
of the company as at year end..
8. Previous year figures have been regrouped / rearranged wherever
necessary to confirm to this year''s figures.
Mar 31, 2013
1 The details of bonus shares issued, shares Issued for consideration
otherwise than in cash and shares brought back In preceding I five
years:
The company has not issued any bonus shares, shares for consideration
otherwise than In cash and has not brought back any shares in yearl I
under review and preceding five years.
b. The Company declares and pays dividends In Indian Rupeas. The
Companies Act, 1956 provides ihatany dividend be declared oui| of
accumulated distributable profits only after the transfer to a general
resarva of a specified percentage of net profit computed In accordance
with current regulations.
c. In the event of liquidation of the Company, the holders of shares
snail be entitled to receive the remaining assets of the Company after
distribution of all preferential amounts. Tha amount distributed will
be in proportion to the number of equity shares held by the
shareholders.
2. During the year under review the company has made provision of
Rs.1,52,400/- for Income tax.
As regards deferred tax as per Accounting Standard - 22 (AS-22) on
"Accounting for Taxes on Income" issued by The Institute of Chartered
Accountants of India, since there is no deferred tax assets or
liabilities during the year, no provision for the same has been made.
3. The cost of purchase is arrived at after considering effect of any
settlement reached with the suppliers during the year.
4. There are no micro and small enterprises, to which the company
owes dues, which are out standing for more than 45 days as at 31st
March, 2013. This information as required to be disclosed under The
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the company.
5. Segment reporting (Accounting Standard - 17):
The company has only one revenue segment - trading business. Hence, no
separate segment wise information on Revenue, Results and Capital
employed is given.
6. Related parties disclosures (Accounting Standard - 18):
(i) Relationships
(a) Other related parties where control exists:
Krupa Printers
(ii) Transactions carried out with related parties referred to In (I)
above are in ordinary course of business.
Mar 31, 2012
1.1 Reconciliation of number of shares outstanding:
The company has not issued or brought back any equity shares during the
year under review .
1.2 Shares Held by holding/ultimate holding company and/or their
subsidiaries/associates Out of issued, subscribed and paid up capital:
Nil (Previous Year Nil) Equity Shares are held by holding company
Nit (Previous Year Nif) Equity Shares are held by ultimate holding
company Nil (Previous Year Nil) Equity Shares are held by subsidiary of
holding company
Nil (Previous Year Nil) Equity Shares are held by associates of holding
or ultimate holding company. . :
1.3 The details of bonus shares issued, shares issued for consideration
otherwise than in cash and shares brought back In preceding five years:
The company has not issued any bonus shares, shares for consideration
otherwise than in cash and has not brought back any shares in yeai
under review and preceding five years ,
1.4 Details of Unpaid calls due from Directors or officers
There were no unpaid calls due from Directors/Officers of the Company.
1.5 Rights of Shareholders, Dividend and Repayment of Capital: .
Rights of Equity Share holders
a. Holder of equity shares is entitled to one vote per share.
b. The Company declares and pays dividends in Indian Rupees. The
Companies Act, 1956 provides that any dividend bfe declared out of
accumulated distributable profits only after the transfer to a general
reserve of a specified percentage of net profit computed in accordance
with current regulations.
c. in the event of liquidation of the Company, the holders of shares
shall be entitled to receive the remaining assets of the Company, after
distribution of all preferential amounts. The amount distributed will
be in proportion to the number of equity shares held by the
shareholders
1.6 Appropriations out of Balance in Profit and Loss Account:
There is no appropriation out of Profit and Loss Account for the
year/previous year.
2. During the year under review the company has made provision of
Rs.1,37,300/-for Income tax.
As regards deferred tax as per Accounting Standard - 22 {AS-22) on
Accounting for Taxes on Income issued by The Institute of Chartered
Accountants of India, there is a net deferred tax asset as at year end.
Considering the provisions of the AS-22 and as a matter of prudence,
the company has not recognised the said deferred tax asset while
preparing the accounts for the year under review. .
3. The cost of purchase is arrived at after considering effect of any
settlement reached with the suppliers during the year. . '
4. There are no micro and small enterprises, to which the company
owes dues, which are out standing for more than 45 days as at 31st
March, 2012. This information as required to be disclosed under The
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the company.
5. Segment reporting (Accounting Standard -17):
The company has only one revenue segment - trading business. Hence, no
separate segment wise information on Revenue. Results and Capital
employed is given.
6. Related parties disclosures {Accounting Standard - 18):
(i) Relationships
(a) Other related parties where control exists:
Krupa Printers . .
(ii) Transactions carried out with related parties referred to in (i)
above are in ordinary course of business.
7. As regards adoption of accounting standard - 28 on Impairment of
Assetsà issued by The Institute of Chartered Accountants of India,
dose not have any impact on either profit for the year or on the net
assets of the company as at year end.. .
8. Previous year figures have been regrouped / rearranged wherever
necessary to confirm to this year's figures.
9. Contingent liabilities not provided for:
(Rupee)
As on
Mar.31,12 Mar. 31,11
(i) Claims not acknowledged
as debt NIL 3777911
Mar 31, 2010
1. Previous year figures have been regrcuped/rearranged wherever
necessary to make them comparable with those of Current Year.
2. Micro and Small Scale business entities
There are no micro and small enterprises, to which the company owes
dues, which are out standing for more than 45 days as ai 31st March,
2010. This information as required to be disclosed under The Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information, available with the company.
3. Additional Information pursuant to paragraph 3 and 4 of part II of
Schedule VI of The Companies Act 1956.
4. The Company has only one revenue segment - trading business. Hence,
no separate segment wise information on Revenue, Results and Capital
employed is given.
5. Contingent liabilities not provided for:
(Rupees in lacs)
As on
Mar.31,10 Mar,31, 09
(i) In respect of ted income tax
demand not acknowledge by 37.78 37.78
the company
7. As regards deferred tax as per Accounting Standard (AS-22) on
"Accounting for Taxes on Income issued by the Institute of Chartered
Accountants of India, there is a net deferred tax assets as at year
end. Considering the provisions of the AS-22 and as a matter of
prudence, the company has not recognized the said deferred tax asset
while preparing the accounts for the year under audit.
8. Related Parties Disclosures ( Accounting Standard - 18) 1.
Relationships:-
(a) Other related parties where control exists :- (i) Krupa Printers
9. As regards adoption of accounting standard - 28 on "Impairment of
Assets issued by The Institute of Chartered Accountants of India,
does not have any impact on either profit for the never or on the net
assets of the company as at year end.
Mar 31, 2009
1. Previous year figures have teen regrouped/rearranged wherever
necessary to make them comparable with those of Current Year.
2. Micro and Small Scale business entites
There are no micro and small enterprises, to which the company owes
dues, which are out standing for more than 45 days as at 31st March,
2009. This information as required to be disclosed under The Micro,
Small and Medium Enterprises Development Act, 2006 has been determind
to the extent such parties have been identified on the basis of
information available with the company.
3. The Company has only one revenue segment - trading business. Hence,
no separate segment wise information on Revenue, Results and Capital
employed is given.
4. Contingent liabilities not provided for:
(Rupees in lacs)
As on
Mar.31,09 Mar.31, 08
(i) In respect of disputed income tax
demand not acknowledge by 37.78 43.99
the company
5. As regards deferred tax as per Accounting Standard (AS-22) on
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India, since there is no deferred tax assets or
liabilities during the year no provision for the same has been made.
6. Related Parties Disclosures ( Accounting Standard - 18 )
Relationships :-
(a) Other related parties where control exists :- (i) Krupa Printers
7. As regards adoption of accounting standard - 28 on "Impairment of
Assets" issued by The Institute of Chartered Accountants of India, does
not have any impact on either profit for the year or on the net assets
of the company as at year end.
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