Where the company transferred the financial assets, the company evaluates whether it has transferred substantially allrisks and reward of ownership of the financial assets. In such cases, the financial asset is derecognized. Where the entityhas not transferred substantially all risks and rewards of the ownership of the financial assets, the financial assetsis notderecognized.
Where the company retains control of the financial assets, the asset is continued to be recognized to the extent ofcontinuing involvement in the financial assets.x) Earnings per share
Earnings per share is calculated by dividing the profit attributable to owners of the company by the weighted averagenumber of equity shares outstanding during the financial year.xii) Taxes on IncomeCurrent Income Tax
Current Income tax assets and liabilities are measured at the amount expected to be paid to the taxation authorities. Thetax rate and tax laws are used to compute are those that are enacted or substantively enacted, at the reporting datetogether with any adjustments to tax payable in respect of previous years.
Deferred Tax
Deferred Tax is provided on temporary difference between the tax bases of assets and liabilities and their carryingamounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for alldeductible temporary differences to the extent it is probable that future profits will be available against which deductibletemporary differences can be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the assets arerealized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at thereporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assetsagainst current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.Deferred tax relating to item recognized outside profit or loss is recognized outside profit or loss (either OCI or in equity).Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.
For and on behalf of the Board of Directors For PVSP & Co
Chartered Accountants
Sd/- Sd/- Sd/- FRN : 008940N
Vivek Jain Vineet Jain Anju
(Director) (Director) Company Secretary
DIN: 01753065 DIN: 01823758 M.No: A65057 Sd/-
CA Vi nod Ralhan
Place : New Delhi (Partner)
Date : 30.05.2024 M.No.: 091503
Company attention was drawn to provisions of accounting standard that actuarial assumptions are anentity's best estimates of variables that will determine the ultimate cost of providing post employmentbenefits and shall be unbiased & mutually compatible.
The principal assumptions are the discount rate & salary growth rate. The discount rate is generallybased upon the market yields available on Government bonds at the accounting date relevant to currencyof benefit payments for a term that matches the liabilities. Salary growth rate is company's long term bestestimate as to salary increases & takes account of inflation, seniority, promotion, business plan, HR policyand other relevant factors on long term basis as provided in relevant accounting standard. Thesevaluation assumptions are as follows;
Attrition rates are the company's best estimate of employee turnover in future determined consideringfactors such as nature of business & industry, retention policy, demand & supply in employment market,standing of the company , business plan, HR Policy etc. as provided in the relevant accounting standard.
"Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financialliabilities.“The Company's approach in managing liquidity is to ensure that it will have sufficient funds to meetits liabilities when due without incurring unacceptable losses. In doing this, management considers bothnormal and stressed conditions. The Company maintained a cautious liquidity strategy, with a positive cashbalance throughout the year ended 31st March, 2024 and 31st March, 2023. Cash flow from operatingactivities provides the funds to service the financial liabilities on a day-to-day basis."
The Company is not subject to the Currency risk. The Company has laid policies and guidelines which itadheres to in order to minimize the risk.
"The Company is mainly exposed to the price risk due to its investment in debt portion of mutual funds. Theprice risk arises due to uncertainties about the future market values of these investments. At 31st March,2024, the investments in mutual funds amounts to Rs.922.42/-lakhs (31st March, 2023: Rs.621.15lakhs).“These are exposed to price risk."
The Company has laid policies and guidelines which it adheres to in order to minimize price risk arising frominvestments in mutual funds.
The Company is mainly not exposed to the interest rate risk. The interest rate risk arises due to uncertaintiesabout the future market interest rate on investments.
Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contrac¬tual obligations.
Trade receivables : Concentration of credit risk with respect to trade receivables are limited, due to theCompany's customer base being large and diverse. All trade receivables are reviewed and assessed fordefault on a quarterly basis. Our historical experience of collecting receivables indicate a low credit risk.Hence, trade receivables are considered to be a single class of financial assets.
C. Deferred tax assets & liabilities are measured using the current tax rates. When there is unabsorbeddepreciation or carry forward of losses, deferred tax assets are recognized only to the extent that there isvirtual certainty of realization of deferred tax assets. Other deferred tax assets are recognized to the extent,there is reasonable certainty of realization of deferred tax assets. Such deferred tax assets and otherunrecognized deferred tax assets are re-assessed at each balance sheet dates and the carrying value of thesame are adjusted recognizing the change in the value of each such deferred tax assets.
Note 47 "No funds have been advanced / loaned / invested (from borrowed funds or from share premium or from anyother sources / kind of funds) by the Company to any other person(s) or entity(ies), including foreign entities(Intermediaries), with the understanding (whether recorded in writing or otherwise) that the Intermediary shall(i) directly or indirectly lend or invest in other persons“or entities identified in any manner whatsoever by or onbehalf of the Company (Ultimate Beneficiaries) or (ii) provide any“guarantee, security or the like to or on behalfof the Ultimate Beneficiaries. No funds have been received by the Company from any person(s) or entity(ies),including foreign entities (Funding Parties), 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 anymanner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (ii) provide any guarantee,security or the like on behalf of the Ultimate Beneficiaries"
Note 48 Compliance with approved Scheme(s) of Arrangement : Not Appliacble
Note 49 The Figure have been rounded off to the nearest rupees in lakhs.
Note 50 The previous period figures have been re-grouped or re-arranged whenever considered necessary and havebeen shown in bracket.