Provisions are recognized when the Company has a present, legal or constructive obligation as a result of a past eventand it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are determined based on the best estimate required to settle the obligation at the Balance Sheet date. Provisions are reviewed at each Balance Sheet date and adjusted to reflect currentbest estimates.
Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a presentobligation that is because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because itcannot be measured reliably. A disclosure for a contingent liability is made where there is a possible obligation arisingout of past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or moreuncertain future events not wholly within the control of the Company or a present obligation arising out of a past eventwhere it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amountcannot be made.
Cash and cash equivalents in the cash flow statement comprises of cash at bank, cash in hand and short term deposits with an original maturity period of three months or less.
Details of Related parties with whom transactions were entered and their balances as on March 31, 2024.
24. Operating Lease:
The Company has not taken any lease properties under financial lease arrangements.
25. Employee Benefits - Gratuity Valuation
NIL
26. Contingent Liabilities & Commitments:
27. Gratuity and Employment Benefit Plan:
No provision has been made for retirement and employee benefit as per ‘ Ind AS 19’ regarding retirement
The capital commitment as at March 31, 2024 is NIL.
There is no foreign currency exposure outstanding as on 31/03/2024.
There is no Income/ Expenditure in foreign currency as on 31/03/2024.
There is no Benami Property held by company as on 31/03/2024.
The Company is not declared as wilful defaulter by any Bank or Financial Institution.
The Company has not had any transactions with companies struck off under section 248 of the Companies Act,2013.
The company does not have any charge as on 31/03/2024.
The Company has not approved any Scheme of Arrangement in terms of sections 230 to 237 of the Companies Act, 2013.
The Company had raised Rs.541.61 lakhs during the year on 21.07.2023 by issuing 18,25,377 Equity Shares of Rs.10/- each at a premium of Rs.20/- per share on right basis. The Company had received the full call money of Rs. 30 amounting to. Rs. 536.59 Lakhs on 17,46,364 shares which were duly allotted by the Company on March 21, 2024. At present, 79,213 shares remain partly paid up for which a final forfeiture cum demand notice has been sent on May 9, 2024. Out of the total proceeds raised from the above rights issue, the Company has utilized a sum of Rs 270 Lakhs towards subscription of equity shares of subsidiary company i.e. Alan Scott Retail Limited, a sum of Rs. 7 Lakhs has been advanced to Alan Scott Fusion Resonance Ltd. (earlier known Alan Scott Nanoveu India Limited) which will be adjusted toward share application money pending completion formalities, Rs 22.2 Lakhs were Right Issue expenses, a sum of Rs. 33 Lakhs has been utilised for repayment of borrowings and balance of Rs. 28.65 Lakhs have been utilised for general corporate purposes. As on March 31, 2024, the total fund utilisation is 360.84 Lakhs, Balance fund of Rs.175.75 Lakhs remain are kept in schedule bank
The Company had borrowed Rs.29.45 lacs from Mr Suresh Pukhraj Jain, Managing Director and Rs.84 lacs from M/s Suncap SS Global Ventures Pvt Ltd as ICD during the financial year 2023-24. These borrowed funds are deployed in funding working capital.
The company is not required to fulfill any liability under the provisions of section 135 of the Companies Act, relating to Corporate Social Responsibility.
The company has not traded or invested in any Crypto currency or Virtual currency.
The company has complied with the clause 87 of section 2 of the Act Companies (Restriction on number of Layers) Rules, 2017.
In absence of adequate information relating to the suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the Company is unable to identify such suppliers, hence the Information required under the said Act, cannot be ascertained.
) Debt represent only Long Term Liabilities.
2) Debt service represent Interest Principal pertaining to long term borrowings payable.
The variance in case of Current ratio is due to financing of working capital by short term borrowing availed.
The variance in case of Debt- Equity Ratio, Return on Capital Employed (ROCE) and Return on equity ratio is due to increase in the shareholder’s equity through the issuance of right shares.
The variance in Debt service coverage ratio is due to increase in the loss incurred.
The variance in case of Trade receivables turnover ratio is because of the increased in outstanding receivables without a corresponding increase in sales. The variance in case of Net capital turnover ratio is because of the increased working capital requirement in the current year.
42. Previous periods / year’s figures have been reported have been regrouped where necessary to conform to current period’s classification.
43. The notes referred to above torm an integral part of the Balance Sheet and Profit & Loss Account.
Pravin Chandak And Associates
Chartered Accountants For and on behalf of Board of Director
Firm Regn. No. 116627W
Sd/- Sd/- Sd/-
CA Pravin Chandak Suresh P Jain Saloni Jain
Proprietor / Partner Director Director
M. No. 049391 DIN:00048463 DIN:07361076
UDIN: 24049391BKBNCH4898
Date: 14th August, 2024 Sd/- Sd/-
Place: Mumbai Ms.Sonal Solanki Ankit Gondaliya
Company Secretary Chief Financial Officer Membership No.A57308