2.14 Provisions and Contingent Liabilities ;
Provisions: Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance sheet date and are not discounted to its present value.
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 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 or a reliable estimate of the amount cannot be made. Contingent Assets are neither recognized nor disclosed in the financial statements. The same is in compliance with AS-29 to the extent applicable.
2.15 Leases ;
Operating Lease payments are recognized as an expense in the statement of profit and loss as per the terms of the agreements which are representative of the time pattern of the user's benefits.
2.16 Cash flow Statement ;
The Cash Flow Statement is prepared by indirect method set in Accounting Standard 3 on Cash flow Statement and presents the cash flows by operating, investing and finance activities of the company. Cash and Cash equivalents presented in cash flow statement consist of cash in hand, cheques on hand and bank balances.
2.17 Earnings per share ;
Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Earnings considered in ascertaining the Company's earnings per share is the net profit for the period after deducting preference dividends and any attributable tax thereto for the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.
2.18 Contingencies and events occurring after the balance sheet date ;
All contingencies and events occurring after the balance sheet date which have a material effect on the financial position of the company are considered for preparing the financial statements.
2.19 Government Grants ;
i) Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received.
ii) Government grants whose primary condition is that the Group should purchase, construct or otherwise acquire capital assets are presented by deducting them from the carrying value of the assets. The grant is recognised as income over the life of a depreciable asset by way of a reduced depreciation charge.
iii) Other government grants are recognised as income over the periods necessary to match them with the costs for which they are intended to compensate, on a systematic and rational basis.
2.20 Extra-oridinary and Exceptional items & Changes in Policies ;
All the extra ordinary and prior period items of Income and expenses are separately disclosed in the statement of Profit and Loss account in the manner such that it's impact on the current profit or loss can be perceived. If there has been any change in the Company's accounting policies or accounting estimate so as to have material impact on the current year profit/loss or that of later periods the same would be disclosed as part of notes to accounts. All the items of Income and Expenses from ordinary activities with such size and nature such that they become relevant to explain the performance of thecompany have been disclosed separately. The same is in compliance with AS-5 to the extent applicable.
31F Utilisation of borrowings availed from banks and financial institutions
The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which such loans were taken
31G Borrowing secured against current assets
The company has availed the borrowings from banks on the basis of security of current assets. The quarterly returns or statements of current assets filed by the company with banks are in agreement with the books of accounts.
31H Relationship with struck off companies
The Company has no transactions with the companies struck off under section 248 of the Companies Act, 2013.
31I Registration of charges or satisfaction with Registrar of Companies (ROC)
There are no charges or satisfaction yet to be registered with Registrar of Companies (ROC) beyond the statutory period.
31J Undisclosed Income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded previously in the books of account except as mentioned & disclosed in Note No 41 to Standalone Financial Statements.
31K Title Deeds of Immovable Properties
The title deeds of all the immovable properties, as disclosed in Note No.13 to the financial statements, are held in the name of the company.
31L Valuation of Property Plant & Equipment, Intangible Asset
The company has not revlaued its property, plant and equipment or intangible assets or both during the current or previous year.
31M Loans or advances to specified persons
No loans or advances in the nature of loans granted to promoters , directors, KMPs and the related parties (as defined under Companies Act,2013), either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.
31N Details ofbenami property held
No proceedings have been initiated on or pending against the company for holding benami property under the Benami Trnasactions (Prohibition) Act, 1988 and rules made thereunder.
31O Wilful Defaulter
The Company has not been declared wilful defaulter by any bank or financial insitution or other lender.
31P Compliance with number of layers of companies
The company has complied with the number of layers prescribed under Section 2(87) of Companies Act, 2013 read with Companies(Restrction on number of layers) Rules, 2017.
31Q Details of Crypto currency or virtual currency
The company has not traded or invested in Crypto Currency or virtual currency during the current or previous year.
31R Utilisation of borrowed funds and share premium
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) bythe company to or in any other person or entity, including foreign entities ("intermediaries") with the understanding, whether recorded inwriting or otherwise, that the intermediary shall lend or invest in party identified by or on behalf of the company (Ultimate beneficiaries). Thecompany has not received any fund from any party (Funding Party) with the understanding that the company shall whether, directly orindirectly lend or invest in other persons or entities identified by or on behalf of the company ("Ultimate Beneficiaries") or provide anyguarantee, security or the like on behalf of the Ultimate Beneficiaries.
31S Compliance with approved scheme(s) of arrangements
The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
41 a) Sri Nagaveer Adusumilli, holds 5 Equity Shares in Polarcube Cold Storage Solutions (P) Ltd., Wholly Owned Subsidiary, in
compliance of Sec.3 of Companies Act, 2013 and the benefecial ownership lies with the company.
b) Sri Nagaveer Adusumilli, holds 5 Equity Shares in Squarepeg Distribution Services (P) Ltd., Wholly Owned Subsidiary, in compliance of Sec.3 of Companies Act, 2013 and the benefecial ownership lies with the company.
42 In the opinion of the Board, current assets, loans and advances are stated at a value, which could be realized in the ordinary course of business. The provision for all known liabilities made is adequate and not in excess of the amount reasonably necessary.
43 Some of the balances in Sundry Debtors, Sundry Creditors, Advances, Deposits, Secured loans and Unsecured Loans are subject to confirmation, reconciliations and adjustments, if any, which in the opinion of the management will not be significant.
44 The figures of the previous year are re-grouped / re-classified wherever necessary to make them comparable with that of the current year classification.
As per my report of even date For and on behalf of the Board of Directors
For Sagar and Associates Chartered Accountants
FRN: 003510S A. Sri Nagaveer Adusumilli Vasavi
Chairman and Managing Director Wholetime Director
DIN : 02589830 DIN : 02589803
B. Aruna
Gagandeep Kaur Saluja Gangachari Ryali
UDIN: 24216454BKDAVU7924 Company Secretary Chief Financial °fficer
Place : Hyderabad Date : 30th May, 2024