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Notes to Accounts of Suyog Telematics Ltd.
Mar 31, 2025
3.15 Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) 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 a reliable estimate can be made of the amount of the obligation. When the Company expects
some or all of a provision to be reimbursed the reimbursement is recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and
loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognised as a finance cost.
From time to time, the Company is subject to legal proceedings, the ultimate oue of each being subject to uncertainties
inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made
and the amount can be reasonably estimated. Significant judgement is required when evaluating the provision
including, the probability of an unfavourable oue and the ability to make a reasonable estimate of the amount of
potential loss. Litigation provisions are reviewed at each accounting period and revisions made for the changes in
facts and circumstances.
3.16 Financial instruments
Initial recognition
Thepany recognise the financial asset and financial liabilities when it bes a party to the contractual provisions of
the instruments. All the financial assets and financial liabilities are recognised at fair value on initial recognition,
except for trade receivable which are initially recognised at transaction price. Transaction cost that are directly
attributable to the acquisition of financial asset and financial liabilities, that are not at fair value through profit and
loss, are added to the fair value on the initial recognition.
Valuation of financial instruments
Significant management judgment is required to determine the method of valuation and disclosures for the Various
Financial Instruments, based on the future aspect and various type of the Financial Instruments different type of
methods need to be determine.
Subsequent measurement
(A) Non derivative financial instruments
(i) Financial Assets at amortised cost
A financial assets is measured at the amortised cost if both the following conditions are met :
a) The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
This category is the most relevant to the Company. All the Loans and other receivables under financial
assets (except Investments) are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. Trade receivables do not carry any interest and are stated at their
nominal value as reduced by impairment amount.
(ii) Financial Assets at Fair Value through Profit or Loss/Other comprehensive income
Instruments included within the FVTPL category are measured at fair value with all changes recognised in
the Statement of Profit and Loss.
If thepany decides to classify an instrument as at FVTOCI, then all fair value changes on the instrument,
excluding dividends, are recognised in the OCI. There is no recycling of the amounts from OCI to P&L, even
on sale of investment. However, thepany may transfer the cumulative gain or loss within equity.
(iii) Financial liabilities
The measurement of financial liabilities depends on their classification, as described below:
(a) Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest rate (EIR) method. However, the Company has borrowings
at floating rates. Considering the impact of restatement of Effective interest rate, transaction cost is
being amortised over the tenure of loan and borrowing.
(b) Trade & other payables
After initial recognition, trade and other payables maturing within one year from the Balance sheet
date, the carrying amounts approximate fair value due to the short maturity of these instruments.
(B) Derivative financial instruments
Thepany holds derivatives financial instruments such as foreign exchange forward and option contracts to
mitigate the risk of changes in exchange rates on foreign currency exposures. Company has taken all the
forward contract from the bank.
Thepany have derivative financial assets/financial liabilities which are not designated as hedges;
Derivatives not designated are initially recognised at the fair value and attributable transaction cost are
recognised in statement of profit and loss, when incurred. Subsequent to initial recognition, these derivatives
are measured at fair value through profit and loss. Asset/Liabilities in this category are presented as current
asset/current liabilities.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as
the derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit or loss.
3.17 Cash and cash equivalents
Cash and cash equivalent in the balance sheetprise cash at banks and on hand and short-term deposits which are
subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits,
as defined above, as they are considered an integral part of the Companyâs cash management.
3.18 Employee Benefits
i) Defined contribution plans (Provident Fund)
In accordance with Indian Law, eligible employees receive benefits from Provident Fund, which is defined
contribution plan. Both the employee and employer make monthly contributions to the plan, which is
administrated by the Government authorities, each equal to the specific percentage of employeeâs basic
salary. The Company has no further obligation under the plan beyond its monthly contributions. Obligation
for contributions to the plan is recognised as an employee benefit expense in the Statement of Profit and Loss
when incurred.
ii) Defined benefit plans (Gratuity)
In accordance with applicable Indian Law, the Company provides for gratuity, a defined benefit retirement
plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a Lum sump payment to vested
employees, at retirement or termination of employment, and amount based on respective last drawn salary
and the years of employment with the Company. The Companyâs net obligation in respect of the Gratuity Plan is
calculated by estimating the amount of future benefits that the employees have earned in return of their service
in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognised
past service cost and the fair value of plan assets are deducted. The discount rate is yield at reporting date on
risk free government bonds that have maturity dates approximating the terms of the Companyâs obligation.
The calculation is performed annually by a qualified actuary using the projected unit credit method. When the
calculation results in a benefit to the Company, the recognised asset is limited to the total of any unrecognised
past service cost and the present value of the economic benefits available in the form of any future refunds
from the plan or reduction in future contribution to the plan.
The Company recognises all Remeasurement of net defined benefit liability/asset directly in other
comprehensive income and presented within equity.
iii) Short term benefits
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as a related
service provided. A liability is recognised for the amount expected to be paid under short term cash bonus or
profit sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result
of past service provided by the employee and the obligation can be estimated reliably.
3.19 Lease
Operating lease:
Lease of assets under which all the risk and rewards of ownership are effectively retained by the lessor are classified
as operating lease. Lease payments / revenue under operating leases are recognised as an expense / income on
accrual basis in accordance with the respective lease agreements.
3.20 Earnings per share
Basic and diluted earnings per share areputed by dividing the net profit attributable to equity shareholders for the
year, by the weighted average number of equity shares outstanding during the year.
3.21 Dividend distribution
Dividend distribution to the equity holders is recognized as a liability in the Companyâs annual accounts in the year in
which the dividends are approved by the Companyâs equity holders.
3.22 Research and Development expenditure
Expenditure on research is recognised as an expense when it is incurred. Expenditure on development which
does not meet the criteria for recognition as an intangible assets is recognised as an expense when it is incurred.
Items of Property, Plant and Equipment and acquired Intangible assets are used for research and development
are capitalised and depreciated in accordance with the policies stated for Property, Plant and Equipment and
Intangible assets.
3.23 RECENT PRONOUNCEMENTS
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended
the Companies (Indian Accounting Standards) Amendment Rules, 2023, as below:
* Ind AS 1 - Presentation of Financial Statements
This amendment requires the entities to disclose their material accounting policies rather than their significant
accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after
April 1, 2023.The Company has evaluated the amendment and the impact of the amendment is insignificant in
the financial statements.
* Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
This amendment has introduced a definition of âaccounting estimates âand included amendments to Ind AS 8
to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective
date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has
evaluated the amendment and there is no impact on its financial statements.
* Ind AS 12 - Income Taxes
This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to
transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this
amendment is annual periods beginning on or after April 1, 2023.The Company has evaluated the amendment
and there is no impact on its financial statement.
b. Defined Benefit Plan:
The Company has a unfunded defined benefit gratuity plan. The gratuity plan is governed by the Payment of
Gratuity Act, 1972. Under the Act, employee who haspleted five years of service is entitled to specific benefit.
The level of benefits provided depends on the memberâs length of service and salary at retirement age. Every
employee who haspleted five years or more of service gets a gratuity on departure at 15 days salary (last
drawn salary) for eachpleted year of service as per the provision of the Payment of Gratuity Act, 1972 with
total ceiling on gratuity of H20,00,000.
36 Segmental Information
In accordance with Ind-AS 108, âOperating Segmentsâ, the Company does not have a business segment. Further, the
Company operates in India and accordingly no disclosures are required under secondary segment reporting.
37 CORPORATE SOCIAL RESPONSIBILITY (CSR)
As per Section 135 of the Companies Act, 2013, a CSRmittee has been formed by the Company. The areas for CSR
activities are eradicating hunger, poverty and malnutrition, promoting preventive health care including preventive
health care, ensuring environmental sustainability education, promoting gender equality and empowering women
and other activities. The amount has to be expended on the activities which are specified in Schedule VII of the
Companies Act, 2013.
39 Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis
as of March 31, 2025:
There have been no transfers among Level 1, Level 2 and Level 3 during the period.
The management assessed that cash and cash equivalents, Trade receivable and other financial asset, trade
payables and other financial liabilities approximate their carrying amount largely due to short term maturity of
these instruments.
40 Financial risk management objectives and policies
The risk management policies of the Company are established to identify and analyse the risks faced by the
Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the Companyâs activities.
The Management has overall responsibility for the establishment and oversight of the Companyâs risk
management framework.
In performing its operating, investing and financing activities, the Company is exposed to the Credit risk, Liquidity
risk and Market risk.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market riskprises three types of risk: interest rate risk, currency risk and other price risk, such
as equity price risk andmodity risk. Financial instruments affected by market risk include loans and borrowings,
deposits and derivative financial instruments.
Credit risk on financial assets
Financial assets that are potentially subject to concentrations of credit risk and failures by counterparties to discharge
their obligations in full or in a timely manner consist principally of cash balances with banks, cash equivalents and
receivables, and other financial assets. The maximum exposure to credit risk is: the total of the fair value of the
financial instruments and the full amount of any loan payablemitment at the end of the reporting year. Credit risk
on cash balances with banks is limited because the counterparties are entities with acceptable credit ratings. Credit
risk on other financial assets is limited because the other parties are entities with acceptable credit ratings.
As disclosed in Note 11 (a), cash and cash equivalents balances generally represent short term deposits with a less
than 90-day maturity.
As part of the process of setting customer credit limits, different credit terms are used. The average credit period
generally granted to trade receivable customers is about 90-360 days. But some customers take a longer period to
settle the amounts.â
41 Foreign currency risk
The Company operates internationally and the major portion of business is transacted in Indian Rupees. The
Company has Sales, Purchase, Borrowing (etc.) in Indian currency. Consequently, the Company is not exposed to
foreign exchange risk.
42 Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates.
Company has interest rate risk exposure mainly from changes in rate of interest on borrowing & on deposit with
bank. The interest rate are disclosed in the respective notes to the financial statements of the Company. The
following table analyse the breakdown of the financial assets and liabilities by type of interest rate:
43 Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral
obligations without incurring unacceptable losses. The Companyâs objective is to, at all times maintain optimum
levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position
and deploys a robust cash management system. It maintains adequate sources of financing including debt and
overdraft from banks at an optimised cost.
The Company maximum exposure to credit risk for theponents of the balance sheet at March 31, 2025 and March
31, 2024 is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the
financial liabilities. The average credit period taken to settle trade payables is about 90 days. The other payables
are with short-term durations. The carrying amounts are assumed to be a reasonable approximation of fair value.
The following table analysis financial liabilities by remaining contractual maturities:
At present, the Company does expects to repay all liabilities at their contractual maturity. In order to meet such
cashmitments, the operating activity is expected to generate sufficient cash inflows.
44 Capital management
For the purpose of the Companyâs capital management, capital includes issued equity capital, share premium and
all other equity reserves attributable to the equity holders of the parent. The primary objective of the Companyâs
capital management is to maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust
the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors
capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Companyâs policy is to keep
optimum gearing ratio. The Company includes within net debt, interest bearing loans and borrowings, trade and
other payables, less cash and cash equivalents, excluding discontinued operations.
46 Estimates
The estimates at March 31, 2025 and at March 31, 2024 are consistent with those made for the same dates in
accordance with Ind As(after adjustments to reflect any differences in accounting policies).
47 There was no impairment loss on the fixed assets on the basis of review carried out by the management in
accordance with Indian Accounting Standard (Ind AS)-36 âImpairment of Assets.
48 Thepany has entered into agreement for obtaining one office premises on rent which is in nature of operating
leases. Amount paid/payable in respect of such leases are charged to profit and loss on accrual basis.
49 Earnings per share
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted
average number of equity shares outstanding during the year.
51 Other statutory information
a) The Company has not entered into any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as ie during the year in the tax assessments under the Ie Tax Act, 1961.
b) The Company hasplied with the number of layers prescribed under clause (87) of Section 2 of the Act read with
the Companies (Restriction on number of Layers) Rules, 2017.
c) The Company is not declared wilful defaulter by any bank or financial institution or other lenders.
d) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
e) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the year.
f) No proceedings have been initiated or are pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made there under.
g) Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as
defined under Companies Act, 2013,) either severally or jointly with any other person,The following disclosures
are as follows:-
54 Events after the end of the reporting year
No subsequent event has been observed which may required an adjustment to the statement of financial position.
55 Previous years figure have been regrouped/rearranged wherever necessary, to correspond with the current year
classification / disclosures.
56 a. A large customer of the Company accounts for substantial part of net sales for the period ended March
31, 2025 and constitutes a significant part of trade receivables outstanding as at March 31, 2025. The said
customer in its declared results for quarter ended March 31, 2025, âhad expressed its ability to continue as
going concern to be dependent on raising additional funds as required, successful negotiations with lenders for
continued support and generation of cash flow from operations that it needs to settle its liabilities as they fall
due.The said customer has met all its debt obligations till that date.
b. Statutory Compliance with respect to GST and TDS is under process for the year end.
c. Balances in the accounts of Trade Receivables are subject to confirmation / reconciliation. The management
doesnotexpectanymaterialadjustmentinrespectofthesameeffectingthefinancialstatementsonsuchreconciliation
/ adjustments.
d. Weakness in the Internal control designmensurate with the growing size of its business, to mitigate the risk,
enhancement to internal controls is implemented by the management to address the deficiencies identified in
the Internal Control System.
57 The balance sheet, statement of profit and loss, cash flow statement, statement of changes in equity, statement of
significant accounting policies and the other explanatory notes forms an integral part of the financial statements of
the Company for the year ended March 31, 2025.
For S P M L & Associates For and on behalf of Board of Directors of
Chartered Accountants Suyog Telematics Limited
FRN: 136549W
Rajkumar Mohata Shivshankar Lature Subhashita Lature
(Partner) (Managing Director) (Whole Time Director)
M.No. 169977 DIN - 02090972 DIN-07953038
Aarti Shukla Ajay Sharma
Place: Mumbai (CS & Compliance Officer) (Chief Financial Officer)
Date : May 20, 2025 M. No.: ACS 63670 Pan No. BBZPS3412B
Mar 31, 2024
3.1 5 Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) 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 a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
From time to time, the Company is subject to legal proceedings, the ultimate outcome of each being subject to uncertainties inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made and the amount can be reasonably estimated. Significant judgement is required when evaluating the provision including, the probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of potential loss. Litigation provisions are reviewed at each accounting period and revisions made for the changes in facts and circumstances.
3 .1 6 Financial instruments Initial recognition
The company recognise the financial asset and financial liabilities when it becomes a party to the contractual provisions of the instruments. All the financial assets and financial liabilities are recognised at fair value on initial recognition, except for trade receivable which are initially recognised at transaction price. Transaction cost that are directly attributable to the acquisition of financial asset and financial liabilities, that are not at fair value through profit and loss, are added to the fair value on the initial recognition.
Valuation of financial instruments
Significant management judgment is required to determine the method of valuation and disclosures for the Various Financial Instruments, based on the future aspect and various type of the Financial Instruments different type of methods need to be determine.
Subsequent measurement
(a) Non derivative financial instruments
(i) Financial Assets at amortised cost
A financial assets is measured at the amortised cost if both the following conditions are met :
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
This category is the most relevant to the Company. All the Loans and other receivables under financial assets (except Investments) are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables do not carry any interest and are stated at their nominal value as reduced by impairment amount
(ii) Financial Assets at Fair Value through Profit or Loss/Other comprehensive income
Instruments included within the FVTPL category are measured at fair value with all changes recognised in the Statement of Profit and Loss.
If the company decides to classify an instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the company may transfer the cumulative gain or loss within equity.
(iii) Financial liabilities
The measurement of financial liabilities depends on their classification, as described below:
(a) Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. However, the Company has borrowings at floating rates. Considering the impact of restatement of Effective interest rate, transaction cost is being amortised over the tenure of loan and borrowing.
(b) T rade & other payables
After initial recognition, trade and other payables maturing within one year from the Balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
(b) Derivative financial instruments
The company holds derivatives financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. Company has taken all the forward contract from the bank.
The company have derivative financial assets/financial liabilities which are not designated as hedges;
Derivatives not designated are initially recognised at the fair value and attributable transaction cost are recognised in statement of profit and loss, when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit and loss. Asset/Liabilities in this category are presented as current asset/current liabilities.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
3.1 7 Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, as they are considered an integral part of the Company''s cash management.
3.1 8 Employee Benefits
i) Defined contribution plans (Provident Fund)
In accordance with Indian Law, eligible employees receive benefits from Provident Fund, which is defined contribution plan. Both the employee and employer make monthly contributions to the plan, which is administrated by the Government authorities, each equal to the specific percentage of employee''s basic salary. The Company has no further obligation under the plan beyond its monthly contributions. Obligation for contributions to the plan is recognised as an employee benefit expense in the Statement of Profit and Loss when incurred.
ii) Defined benefit plans (Gratuity)
In accordance with applicable Indian Law, the Company provides for gratuity, a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a Lum sump payment to vested employees, at retirement or termination of employment, and amount based on respective last drawn salary and the years of employment with the Company. The Company''s net obligation in respect of the Gratuity Plan is calculated by estimating the amount of future benefits that the employees have earned in return of their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognised past service cost and the fair value of plan assets are deducted. The discount rate is yield at reporting date on risk free government bonds that have maturity dates approximating the terms of the Company''s obligation. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the total of any unrecognised past service cost and the present value of the economic benefits available in the form of any future refunds from the plan or reduction in future contribution to the plan.
The Company recognises all Remeasurement of net defined benefit liability/asset directly in other comprehensive income and presented within equity.
iii) Short term benefits
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as a related service provided. A liability is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
3 .1 9 Lease
Operating lease:
Lease of assets under which all the risk and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments / revenue under operating leases are recognised as an expense / income on accrual basis in accordance with the respective lease agreements.
3.2 0 Earnings per share
Basic and diluted earnings per share are computed by dividing the net profit attributable to equity shareholders for the year, by the weighted average number of equity shares outstanding during the year.
3 . 2 1 Dividend distribution
Dividend distribution to the equity holders is recognized as a liability in the Company''s annual accounts in the year in which the dividends are approved by the Company''s equity holders.
3.22 Research and Development expenditure
Expenditure on research is recognised as an expense when it is incurred. Expenditure on development which does not meet the criteria for recognition as an intangible assets is recognised as an expense when it is incurred. Items of Property, Plant and Equipment and acquired Intangible assets are used for research and development are capitalised and depreciated in accordance with the policies stated for Property, Plant and Equipment and Intangible assets.
3.2 3 RECENT PRONOUNCEMENTS
Ministry of Corporate Affairs ("MCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023, as below:
⢠Ind AS 1 - Presentation of Financial Statements
This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023.The Company has evaluated the amendment and the impact of the amendment is insignificant in the financial statements.
⢠Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
This amendment has introduced a definition of ''accounting estimates ''and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its financial statements.
⢠Ind AS 12 - Income Taxes
This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023.The Company has evaluated the amendment and there is no impact on its financial statement.
35 Segmental Information
In accordance with Ind-AS 108, ''Operating Segments'', the Company does not have a business segment. Further, the Company operates in India and accordingly no disclosures are required under secondary segment reporting.
36 CORPORATE SOCIAL RESPONSIBILITY (CSR)
As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the Company. The areas for CSR activities are eradicating hunger, poverty and malnutrition, promoting preventive health care including preventive health care, ensuring environmental sustainability education, promoting gender equality and empowering women and other activities. The amount has to be expended on the activities which are specified in Schedule VII of the Companies Act, 2013.
38 Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
39 Financial risk management objectives and policies
The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.
The Management has overall responsibility for the establishment and oversight of the Company''s risk management framework.
In performing its operating, investing and financing activities, the Company is exposed to the Credit risk, Liquidity risk and Market risk.
Carrying amount of financial assets and liabilities:
The following table summaries the carrying amount of financial assets and liabilities recorded at the end of the period by categories:
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and derivative financial instruments.
Credit risk on financial assets
Financial assets that are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full or in a timely manner consist principally of cash balances with banks, cash equivalents and receivables, and other financial assets. The maximum exposure to credit risk is: the total of the fair value of the financial instruments and the full amount of any loan payable commitment at the end of the reporting year. Credit risk on cash balances with banks is limited because the counterparties are entities with acceptable credit ratings. Credit risk on other financial assets is limited because the other parties are entities with acceptable credit ratings.
As disclosed in Note 11 (a), cash and cash equivalents balances generally represent short term deposits with a less than 90-day maturity.
As part of the process of setting customer credit limits, different credit terms are used. The average credit period generally granted to trade receivable customers is about 90-360 days. But some customers take a longer period to settle the amounts.
40 Foreign currency risk
The Company operates internationally and the major portion of business is transacted in Indian Rupees. The Company has Sales, Purchase, Borrowing (etc.) in Indian currency. Consequently, the Company is not exposed to foreign exchange risk.
41 Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Company has interest rate risk exposure mainly from changes in rate of interest on borrowing & on deposit with bank. The interest rate are disclosed in the respective notes to the financial statements of the Company. The following table analyse the breakdown of the financial assets and liabilities by type of interest rate:
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the excluding the credit exposure for which interest rate swap has been taken and hence the interest rate is fixed. With all other variables held constant, the Company''s profit before tax is affected through the impact on floating rate borrowings, as follows:
42 Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company''s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including debt and overdraft from banks at an optimised cost.
The Company maximum exposure to credit risk for the components of the balance sheet at 31 March 2023 and 31 March 2024 is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period taken to settle trade payables is about 90 days. The other payables are with short-term durations. The carrying amounts are assumed to be a reasonable approximation of fair value. The following table analysis financial liabilities by remaining contractual maturities:
At present, the Company does expects to repay all liabilities at their contractual maturity. In order to meet such cash commitments, the operating activity is expected to generate sufficient cash inflows.
43 Capital management
For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Company''s capital management is to maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company''s policy is to keep optimum gearing ratio. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations.
In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interestbearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2024 and 31 March 2023
45 Estimates
The estimates at 31 March 2024 and at 31 March 2023 are consistent with those made for the same dates in accordance with Ind As(after adjustments to reflect any differences in accounting policies).
46 There was no impairment loss on the fixed assets on the basis of review carried out by the management in accordance with Indian Accounting Standard (Ind AS)-36 ''Impairment of Assets.
47 The company has entered into agreement for obtaining one office premises on rent which is in nature of operating leases. Amount paid/payable in respect of such leases are charged to profit and loss on accrual basis.
48 Earnings per share
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.
The following reflects the income and share data used in the basic and diluted EPS computations:
Notes:
1 The related party relationships have been determined on the basis of the requirements of the Indian Accounting Standard (Ind AS) -24 ''Related Party Disclosures'' and the same have been relied upon by the auditors.
2 The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the current year /previous year, except where control exists, in which case the relationships have been mentioned irrespective of transactions with the related party.
ii) Transactions with related parties:
50 Other statutory information
a) The Company has not entered into any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
b) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
c) The Company is not declared wilful defaulter by any bank or financial institution or other lenders.
d) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
e) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the year.
f) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made there under.
g) Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person,
The following disclosures are as follows:-
54 Events after the end of the reporting year
No subsequent event has been observed which may required an adjustment to the statement of financial position.
55 Previous years figure have been regrouped/rearranged wherever necessary, to correspond with the current year classification / disclosures.
56 a. A large customer of the Company accounts for substantial part of net sales for the period ended March 31, 2024 and constitutes a significant part of trade receivables outstanding as at March 31,
2024. The said customer in its declared results for quarter ended March 31, 2024, "had expressed its ability to continue as going concern to be dependent on ra ising additional funds as required, successful negotiations with lenders forcontinued support and generation of cash flow from operations that it needs to settle its liabilities as they fall due.The said customer has met all its debt obligations till that date.
b. Statutory Compliance with respect to GST and TDS is under process for the year end.
c. Balances in the accounts of Trade Receivables are subject to confirmation / reconciliation. The management does not expect any material adjustment in respect of the same effecting the financial statements on such reconciliation / adjustments.
d. Weakness in the Internal control design commensurate with the growing size of its business, to mitigate the risk, enhancement to internal controls is implemented by the management to address the deficiencies identified in the Internal Control System.
57 The balance sheet, statement of profit and loss, cash flow statement, statement of changes in equity, statement of significant accounting policies and the other explanatory notes forms an integral part of the financial statements of the Company for the year ended March 31, 2024.
Signatures to Notes 1 to 57
For S P M L & Associates For and on behalf of Board of Directors of
Chartered Accountants Suy°g Telematics Limited
FRN: 136549W
Shivshankar Lature Subhashita Lature
(Managing Director) (Whole Time Director)
Gautam Jain
g j DIN - 02090972 DIN- 07953038
(Partner)
M. No. 449094
Aarti Shukla Ajay Sharma
p|ace: Mumbai (CS & Compliance Officer) (Chief Financial Officer)
Date : May 21, 2024 M. No.: ACS 63670 Pan No. BBZPS3412B
Mar 31, 2023
3.15 Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) 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 a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
From time to time, the Company is subject to legal proceedings, the ultimate outcome of each being subject to uncertainties inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made and the amount can be reasonably estimated. Significant judgement is required when evaluating the provision including, the probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of potential loss. Litigation provisions are reviewed at each accounting period and revisions made for the changes in facts and circumstances.
3.16 Financial instruments Initial recognition
The company recognise the financial asset and financial liabilities when it becomes a party to the contractual provisions of the instruments. All the financial assets and financial liabilities are recognised at fair value on initial recognition, except for trade receivable which are initially recognised at transaction price. Transaction cost that are directly attributable to the acquisition of financial asset and financial liabilities, that are not at fair value through profit and loss, are added to the fair value on the initial recognition.
Valuation of financial instruments
Significant management judgment is required to determine the method of valuation and disclosures for the Various Financial Instruments, based on the future aspect and various type of the Financial Instruments different type of methods need to be determine.
Subsequent measurement
(A) Non derivative financial instruments
(i) Financial Assets at amortised cost
A financial assets is measured at the amortised cost if both the following conditions are met :
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
This category is the most relevant to the Company. All the Loans and other receivables under financial assets (except Investments) are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables do not carry any interest and are stated at their nominal value as reduced by impairment amount.
(ii) Financial Assets at Fair Value through Profit or Loss/Other comprehensive income
Instruments included within the FVTPL category are measured at fair value with all changes recognised in the Statement of Profit and Loss.
If the company decides to classify an instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the company may transfer the cumulative gain or loss within equity.
(iii) Financial liabilities
The measurement of financial liabilities depends on their classification, as described below:
(a) Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. However, the Company has borrowings at floating rates. Considering the impact of restatement of Effective interest rate, transaction cost is being amortised over the tenure of loan and borrowing.
(b) Trade & other payables
After initial recognition, trade and other payables maturing within one year from the Balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
(B) Derivative financial instruments
The company holds derivatives financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. Company has taken all the forward contract from the bank.
The company have derivative financial assets/financial liabilities which are not designated as hedges;
Derivatives not designated are initially recognised at the fair value and attributable transaction cost are recognised in statement of profit and loss, when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit and loss. Asset/Liabilities in this category are presented as current asset/current liabilities.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
3.17 Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, as they are considered an integral part of the Company''s cash management.
3.18 Employee Benefits
i) Defined contribution plans (Provident Fund)
In accordance with Indian Law, eligible employees receive benefits from Provident Fund, which is defined contribution plan. Both the employee and employer make monthly contributions to the plan, which is administrated by the Government authorities, each equal to the specific percentage of employee''s basic salary. The Company has no further obligation under the plan beyond its monthly contributions. Obligation for contributions to the plan is recognised as an employee benefit expense in the Statement of Profit and Loss when incurred.
ii) Defined benefit plans (Gratuity)
In accordance with applicable Indian Law, the Company provides for gratuity, a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a Lum sump payment to vested employees, at retirement or termination of employment, and amount based on respective last drawn salary and the years of employment with the Company. The Company''s net obligation in respect of the Gratuity Plan is calculated by estimating the amount of future benefits that the employees have earned in return of their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognised past service cost and the fair value of plan assets are deducted. The discount rate is yield at reporting date on risk free government bonds that have maturity dates approximating the terms of the Company''s obligation. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the total of any unrecognised past service cost and the present value of the economic benefits available in the form of any future refunds from the plan or reduction in future contribution to the plan.
The Company recognises all Remeasurement of net defined benefit liability/asset directly in other comprehensive income and presented within equity.
iii) Short term benefits
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as a related service provided. A liability is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
3.19 Lease Operating lease:
Lease of assets under which all the risk and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments / revenue under operating leases are recognised as an expense / income on accrual basis in accordance with the respective lease agreements."
3.20 Earnings per share
Basic and diluted earnings per share are computed by dividing the net profit attributable to equity shareholders for the year, by the weighted average number of equity shares outstanding during the year.
3.21 Dividend distribution
Dividend distribution to the equity holders is recognized as a liability in the Company''s annual accounts in the year in which the dividends are approved by the Company''s equity holders.
3.22 Research and Development expenditure
Expenditure on research is recognised as an expense when it is incurred. Expenditure on development which does not meet the criteria for recognition as an intangible assets is recognised as an expense when it is incurred. Items of Property, Plant and Equipment and acquired Intangible assets are used for research and development are capitalised and depreciated in accordance with the policies stated for Property, Plant and Equipment and Intangible assets.
3.23 RECENT PRONOUNCEMENTS
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023,
MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023, as below:
⢠Ind AS 1 - Presentation of Financial Statements
This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023.The Company has evaluated the amendment and the impact of the amendment is insignificant in the financial statements.
⢠Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
This amendment has introduced a definition of ''accounting estimates ''and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its financial statements.
⢠Ind AS 12 - Income Taxes
This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023.The Company has evaluated the amendment and there is no impact on its financial statement.
1C
Credit risk on financial assets
Financial assets that are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full or in a timely manner consist principally of cash balances with banks, cash equivalents and receivables, and other financial assets. The maximum exposure to credit risk is: the total of the fair value of the financial instruments and the full amount of any loan payable commitment at the end of the reporting year. Credit risk on cash balances with banks is limited because the counterparties are entities with acceptable credit ratings. Credit risk on other financial assets is limited because the other parties are entities with acceptable credit ratings.
As disclosed in Note 11 (a), cash and cash equivalents balances generally represent short term deposits with a less than 90-day maturity.
As part of the process of setting customer credit limits, different credit terms are used. The average credit period generally granted to trade receivable customers is about 90-360 days. But some customers take a longer period to settle the amounts."
45 ESTIMATES
The estimates at 31 March 2023 and at 31 March 2022 are consistent with those made for the same dates in accordance with Ind As(after adjustments to reflect any differences in accounting policies).
46 Balances in the accounts of trade receivables, loans and advances, trade payables and other current liabilities are subject to confirmation / reconciliation, if any. The management does not expect any material adjustment in respect of the same effecting the financial statements on such reconciliation / adjustments.
47 There was no impairment loss on the fixed assets on the basis of review carried out by the management in accordance with Indian Accounting Standard (Ind AS)-36 ''Impairment of Assets.
48 LEASE DISCLOSURE
The company has entered into agreement for obtaining one office premises on rent which is in nature of operating leases. Amount paid/payable in respect of such leases are charged to profit and loss on accrual basis.
49 EARNINGS PER SHARE
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.
51 OTHER STATUTORY INFORMATION
a) The Company has not entered into any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
b) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
c) The Company is not declared wilful defaulter by any bank or financial institution or other lenders.
d) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
e) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or
both during the year.
f) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made there under.
g) Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person,
The following disclosures are as follows:-
55 EVENTS AFTER THE END OF THE REPORTING YEAR
No subsequent event has been observed which may required an adjustment to the statement of financial position.
56 The Ministry of home affairs vide order No.40-3/2020 dated 24.03.2020 notified telecommunication services among the essential services which continued to operate during lock down in the crisis situation of COVID-19, which has been declared as pandemic by World Health Organisation. The passive infrastructure as well as active telecom operations of the Company''s customers are covered under essential services which are actively engaged in fulfilling the surge in demand arising out of the choice exercised by almost all industries to conduct their operations remotely. Hence, the telecom industry is among the businesses that are least impacted due to COVID-19. The Company believes that thus far, there is no significant impact of COVID-19 pandemic on the financial position and performance of the Company. Further, the company is not expecting any significant change in estimates as of now
as the company is running its business and operations as usual without any major disruptions. Given the Uncertainties associated with the nature and duration of this pandemic the eventual outcome of the impact of the global health pandemic may be different from those-estimated as on the date of approval of these financial results and the Company will closely monitor any material changes to the economic environment and their Impact on its business in the times to come.
57 a. Balances in the accounts of trade receivables, Cash & Cash Equivalents, trade payables and other
current liabilities including Statutory dues are subject to confirmation/ reconciliation, if any. The management does not expect any material adjustment in respect of the same effecting the financial results on such reconciliation/ adjustments.
b. Revenue from operation includes income from reimbursement of electricity expense incurred at sites.
c. Statutory Compliance with respect to GST is under process for the Querter 4 of the Financial year 202122
58 Previous period/years figure have been regrouped/rearranged wherever necessary, to correspond with the current period /year classification / disclosures.
59 The balance sheet, statement of profit and loss, cash flow statement, statement of changes in equity, statement of significant accounting policies and the other explanatory notes forms an integral part of the financial statements of the Company for the year ended March 31, 2022.
60 a. A large customer of the Company accounts for substantial part of net sales for the period ended
March 31, 2022 andconstitutes a significant part of trade receivables outstanding as at March 31,
2022. The said customer in its declaredresults for quarter and nine months period ended December 31, 2021, "had expressed its ability to continue as going concern to be dependent on ra ising additional funds as required, successful negotiations with lenders forcontinued support and generation of cash flow from operations that it needs to settle its liabilities as they fall due.The said customer has met all its debt obligations till that date.
The Union Cabinet on September 15, 2021 approved major structural and process reforms in the telecom sector to boost the proliferation and penetration of broadband and telecom connect ivity. On October 14, 2021, DoT issued the required notifications giving an option for moratorium of Spectrum instalment and AGR dues to be confirmed by the said customer on or before October 29, 2021. It also provided a period of 90 days to confirm upfront conversion, if any, of the interest amount arising due to such deferment into equity. The said customer has conveyed its acceptance for the deferment of Spectrum auction instalments & AGR dues by a period of four years with immediate effect.
At its meeting held on January 10, 2022, the Board of Directors of the said customer approved the conversion of the full amount of such interest on the deferred instalments re lated to spectrum auction amounts and AGR dues into shares of the said customer''s Company, either ordinary and/ or preference, at the discretion of government". The said customer has notified the DoT accordingly. The next steps in this regard are subject to final confirmation by the DoT.
The aforementioned moratorium appears to have strengthened the said customer''s ability to continue as a going concern
Notwithstanding, the potential loss of a significant customer or the failure to attract new customers could have an adverse effect on the business, results of operations and financial condition of the Company.
b. Revenue from operation Includes income from reimbursement of electricity expense incurred at sites.
c. Statutory Compliance with respect to GST and TDS is subject to reconciliation and subsequent adjustment if any.
d. Balances in the accounts of Trade Receivables are subject to confirmation I reconciliation. The management does not expect any material adjustment in respect of the same effecting the financial statements on such reconciliation /adjustments.
e. Enhancement to internal controls is In the process of implementation to address the deficiencies identified in theInternal Control with respect to Capex and Inventory Management at new sites.
As per our report of even date attached For and on behalf of Board of Directors of
For S P M L & Associates. Suyog Telematics Limited
Chartered Accountants
FRN: 136549W
(Vikas Asawa) (Shivshankar Lature) (Subhashita Lature)
Partner Managing Director Director
M. No. 172133 DIN - 02090972 DIN- 07953038
Aarti Shukla Ajay Sharma
Place: Mumbai (CS & Compliance Officer) (Chief Financial Officer)
Date : May 30, 2023 M. No.: ACS 63670 Pan No. BBZPS3412B
Mar 31, 2018
1 Corporate information
Suyog Telematics Limited (âthe Companyâ) is having its registered office at 41 Suyog Indl Estate 1st Flr Lbs Marg Vikhroli West Mumbai 400 083. The Company is engaged in business of is serving Mobile Telecom Industry as Service provider of Telecommunication Products and Services. The Company makes available Telecommunication products such as Telecommunications Cables, Telecommunication Panels, Diesel Generators, Earth Strips, Batteries, Electric Power Cable, Fiber Cable and Galvanized Poles etc. in different specifications stated by the buyers. Having association to bring Funicular Ropeway Project to India for the first time, the company has emerged as a prominent name in telecommunication industry. As well, the company is a name to reckon with when it comes to Monopole sites for telecom operators and acquisition of special properties and Project Management.
2 Basis of preparation of financial statements
These financial statements, for the year ended 31 March 2018 and 31 March 2017 are prepared in accordance with lnd AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read with relevant rules issued thereunder.
Accordingly, the Company has prepared financial statements which comply with lnd AS applicable for periods ending on 31 March 2018, together with the comparative period data as at and for the year ended 31 March 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Companyâs opening balance sheet was prepared as at 1 April 2016, the date of transition to lnd AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 1 April 2016 and the financial statements as at and for the year ended 31 March 2017.
Note :
The Company used carrying amount as per previous GAAP as on 1 April 2016 in its opening Ind AS statement of financial position as deemed cost for an item of property, plant and equipment. Following are the disclosure with regard to its gross block value, accumulated depreciation and net block value as per previous GAAP.
a) Terms/ rights attached to equity shares
The Company has only one class of equity shares. Each holder of equity shares is entitled to one vote per share. The dividend proposed, if any by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
d) The Company has issued Shares at a Proportion of 1 Equity Share for every five Equity Shares held by the shareholders vide special resolution passed at the Extra Ordinary General Meeting of the Company held on May 23, 2016.
The Company has not received any information from its suppliers regarding their registration under the âMicro, Small and Medium Enterprises Development Act, 2006â. Hence, interest if, any payable as required under Act has not been provided and the information required to be given in accordance with Section 22 of the said Act, is not ascertainable and hence, not disclosed.
3 Employee benefit obligations
a. Defined Contribution Plans:
The following amount recognized as an expense in Statement of profit and loss on account of provident fund and other funds. There are no other obligations other than the contribution payable to the respective authorities.
b. Defined Benefit Plan:
The Company has a unfunded defined benefit gratuity plan. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the memberâs length of service and salary at retirement age. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service as per the provision of the Payment of Gratuity Act, 1972 with total ceiling on gratuity of Rs. 20,00,000.
The following tables summaries the components of net benefit expense recognised in the Statement of profit and loss and the funded status and amounts recognised in the balance sheet for the gratuity plan:
4 segmental Information
In accordance with Ind-AS 108, âOperating Segmentsâ, the Company does not have a business segment. Further, the Company operates in India and accordingly no disclosures are required under secondary segment reporting.
5 corporate social responsibility (csr)
As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the Company. The areas for CSR activities are eradicating hunger, poverty and malnutrition, promoting preventive health care including preventive health care, ensuring environmental sustainability education, promoting gender equality and empowering women and other activities. The amount has to be expended on the activities which are specified in Schedule VII of the Companies Act, 2013.
Details of CSR expenditure required to be spent and amount spent are as under:
6 Financial Instruments Financial instrument by category
The carrying value and fair value of financial instrument by categories as of 31 March 2018 were as follows
7 Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of 31 March 2018:
There have been no transfers among Level 1, Level 2 and Level 3 during the period.
The management assessed that cash and cash equivalents, Trade receivable and other financial asset, trade payables and other financial liabilities approximate their carrying amount largely due to short term maturity of these instruments.
8 Financial risk management objectives and policies
The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Companyâs activities.
The Management has overall responsibility for the establishment and oversight of the Companyâs risk management framework. In performing its operating, investing and financing activities, the Company is exposed to the Credit risk, Liquidity risk and Market risk.
Carrying amount of financial assets and liabilities:
The following table summaries the carrying amount of financial assets and liabilities recorded at the end of the period by categories:
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and derivative financial instruments.
Credit risk on financial assets
Financial assets that are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full or in a timely manner consist principally of cash balances with banks, cash equivalents and receivables, and other financial assets. The maximum exposure to credit risk is: the total of the fair value of the financial instruments and the full amount of any loan payable commitment at the end of the reporting year. Credit risk on cash balances with banks is limited because the counterparties are entities with acceptable credit ratings. Credit risk on other financial assets is limited because the other parties are entities with acceptable credit ratings. AsdisclosedinNote11(a),cashandcashequivalentsbalancesgenerallyrepresentshorttermdepositswithalessthan90-daymaturity. As part of the process of setting customer credit limits, different credit terms are used. The average credit period generally granted to trade receivable customers is about 90-360 days. But some customers take a longer period to settle the amounts. Exposure to credit risk
Financial asset for which loss allowance is measured using expected credit loss model
Ageing analysis of the age of trade receivable amounts that are past due as at the end of reporting year but not impaired:
In the opinion of management, trade receivable, Financial assets, Cash and cash equivalent, Balance with Bank , Loans and other financial assets have a value on realisation in the ordinary course pf business at lease equal to the amount at which they are stated in the balance sheet.
The Company has not recognised any loss allowance as the Company expect that there is no credit loss on trade receivables. Foreign currency risk
The Company operates internationally and the major portion of business is transacted in Rs. The Company has Sales, Purchase, Borrowing (etc.) in Indian currency. Consequently, the Company is not exposed to foreign exchange risk.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Company has interest rate risk exposure mainly from changes in rate of interest on borrowing & on deposit with bank. The interest rate are disclosed in the respective notes to the financial statements of the Company. The following table analyse the breakdown of the financial assets and liabilities by type of interest rate:
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the excluding the credit exposure for which interest rate swap has been taken and hence the interest rate is fixed. With all other variables held constant, the Companyâs profit before tax is affected through the impact on floating rate borrowings, as follows:
Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Companyâs objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including debt and overdraft from banks at an optimised cost.
The Company maximum exposure to credit risk for the components of the balance sheet at 31 March 2018 and 31 March 2017 is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period taken to settle trade payables is about 90 days. The other payables are with short-term durations. The carrying amounts are assumed to be a reasonable approximation of fair value. The following table analysis financial liabilities by remaining contractual maturities:
At present, the Company does expects to repay all liabilities at their contractual maturity. In order to meet such cash commitments, the operating activity is expected to generate sufficient cash inflows.
Capital management
For the purpose of the Companyâs capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Companyâs capital management is to maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Companyâs policy is to keep optimum gearing ratio. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations.
In order to achieve this overall objective, the Companyâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2018 and 31 March 2017.
9 Income tax
The major components of income tax expense for the years are:
A Reconciliation of income tax provision to the amount computed by applying the statutory income tax rate to the income before Income taxes is summarized as follow:
Applicable statutory tax rate for financial year 2017-18 is 34.608% (Previous year 2016-17 is 34.608%)
The Gross movement in the current income tax asset/(Liability) for the year ended March 31, 2018 and March 31, 2017 is as follows
10 The Ministry of Corporate Affairs (MCA) vide its notification in the Official Gazette dated February 16,2015 notified the Indian Accounting Standards (Ind AS) applicable to certain classes of companies. Ind AS would replace the existing Indian GAAP prescribed under section 133 of The Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules,2014. For Suyog Telematics limited , Ind AS would be applicable for the accounting period beginning April 1, 2017, with a transition date of April 1, 2016.
A. Reconciliation of Balance Sheet as at 1 April 2016
The Previous GAAP figures have been reclassified to confirm to Ind As presentation requirements for the purpose of this note. B Reconciliation of equity
C Reconciliation of profit and loss for the year ended 31 March 2017
D Reconciliation of cash flow for the year ended 31 March 2017
All the adjustments on account of Ind AS are non - cash in nature and hence, there is no material impact on the cash flows in the cash flow statement.
Notes:
1 Fair valuation of financial assets
The company has valued equity shares, mutual funds, venture funds, preference shares and government security at fair value and the same has been recognised in financials.
2 Classification and presentation of assets and liabilities
Under previous GAAP, the Company was not required to present its assets and liabilities bifurcating between financial assets / financial liabilities and non financial assets / non financial liabilities. Under Ind AS, the Company is required to present its assets and liabilities bifurcating between financial assets / financial liabilities and non financial assets / non financial liabilities . Accordingly, the Company has classified and presented its assets and liabilities.
3 deferred tax
Additional deferred tax assets/liabilities has been recognised corresponding to the adjustments to retained earnings / profit and loss as a result of Ind AS Implementation.
4 other financial assets
Under previous GAAP, the Company was not required to amortise Deposit. Under Ind AS, the Company is required to present its Deposit at amortised cost. Accordingly, the Company has classified and presented its assets and liabilities.
5 other Comprehensive Income
Under Indian GAAP, the Company has not presented other comprehensive income (OCI) separately. Hence, it has reconciled Indian GAAP profit or loss to profit or profit or loss as per Ind AS.
11 Estimates
The estimates at 1 April 2016 and at 31 March 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies).
12 Balances in the accounts of trade receivables, loans and advances, trade payables and other current liabilities are subject to confirmation / reconciliation, if any. The management does not expect any material adjustment in respect of the same effecting the financial statements on such reconciliation / adjustments.
13 There was no impairment loss on the fixed assets on the basis of review carried out by the management in accordance with Indian Accounting Standard (Ind AS)-36 âImpairment of Assets.
14 Lease disclosure
The company has entered into agreement for obtaining one office premises on rent which is in nature of operating leases. Amount paid/payable in respect of such leases are charged to profit and loss on accrual basis.
15 Earnings per share
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.
The following reflects the income and share data used in the basic and diluted EPS computations:
16 RELATED PARTY DISCLOSURES
i) Related party relationships:
Notes:
1 The related party relationships have been determined on the basis of the requirements of the Indian Accounting Standard (Ind AS) -24 âRelated Party Disclosuresâ and the same have been relied upon by the auditors.
2 The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the current year / previous year, except where control exists, in which case the relationships have been mentioned irrespective of transactions with the related party.
ii. Transactions with related parties:
17 Calculation of Remuneration ceiling limit for MD & WTD:
Managerial Remuneration under Section 197 of the Companies Act 2013 read with Schedule V of the Act
18 Events after the end of the reporting year
No subsequent event has been observed which may required an adjustment to the statement of financial position.
19 In the opinion of the Director, current assets, loans, advances and deposits are approximately of the value stated, if realised in the ordinary course of business and are subject to confirmation.
Mar 31, 2016
3. Notes on Financial Statements
a) Segment Reporting
The Company is mainly engaged in single segment business of Telecommunication Products and Services, which is managed as one entity and governed by a similar set of risk and returns. Further, operations of the Company is confined to the single geographic segment i.e. India and does not qualify for reporting as geographic segment. Further, in view of the Accounting Standard Interpretation (ASI) 20, issued by the Institute of Chartered Accountants of India for companies operating in single segment, the disclosure requirements as per Accounting Standard 17 âSegment Reportingâ are not applicable to the Company.
b) Contingent liabilities:
According to the information and explanation provided to us by the management that there are no Contingent Liabilities for Income Tax Assessment Pending since AY 2013-2014 and as explained by management no any court cases are pending against Company and Its Directors in any matter. The Company Does not have any pending Litigation for Sales Tax, Service Tax & TDS & Other Taxes which will impact Companies Financials.
According to the information and explanation provided to us by the management that, below mentioned Bank Guarantees were issued by the Various Banks on behalf of the Company and outstanding for settlement as on the date of balance sheet, details of the same areas under:
c. In view of Accounting Standard required by AS-28 âImpairment of Assetsâ issued by ICAI, the company has reviewed its fixed assets and does not expect any loss as on 31st March, 2016 on account of impairment.
d. Income and Expenditures in Foreign Currency: Nil
e. Purchases of material for consumption and installation of polls and towers was made during the financial year include purchases from Unregistered Dealers.
f. Events Occurring After Balance Sheet Date
No significant events have occurred after the Balance sheet date till the signing of report which could affect the financial position as on 31st March, 2016 to a material extent, have been reported by the management.
g. In the opinion of the management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and similarly all liabilities are payable as on balance sheet date.
h. Balances of Long Term Liabilities, Current Liabilities i.e. Trade Payables, Short Term Liabilities & Other Current Liabilities & Long Term Loans and Advances, Other non-Current Assets, Trade Receivables, Short Term Loans and Advances, Sundry Deposits and Other Current Assets are subject to Confirmations, Reconciliation and Consequential Adjustments, if any thereon.
i. In view of multiplicity and difficulty in identification of accounts to Micro, Small and Medium Enterprises, information with regard to amount unpaid at the year end together with the interest paid / payable under the MSMED Act, 2006 as required under to the Companies Act, 2013 is not disclosed.
j. Secured Loans: The details of Secured Loans balances as on 31.03.2016 and the securities offered for each loan is as under:
n. Related party transactions:
i. Related Parties and their Relationship
Key Management Personnel:
- Gurushantappa N Lature â Director
- Shivshankar G Lature â Director
- Vivek Lature - Director
Enterprises over which Key Management personnel are able to exercise significant influence:
- Suyog Telematics (Prop. Of Shri Shiv Shankar Lature)
- Suyog Gurbaxani Funicular Ropeways Private Limited
o. Prior Year Comparatives: These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act. Previous period figures have been recasted / restated to conform to the classification of the current period.
Mar 31, 2015
1. Terms and Rights attached Is Equity Shares
The company Has only one class of equity shares having a par value of
INR 10/- per share. Each holder or equity shares is entered to one vote
per Share.
a. Shares held by holding ultimate holdmg company and/or their
subsidiaries/associates
b. There are no calls remaining unpaid as on March 31,2015, hence no
disclosure is requred pursuant to Hole no. 6(A)(K) of Pan 1 of Schedule
VI to me companies Act, 2013.
c.Terms and Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of
INR 10/- per share. Each holder of equity share is entitled to one vote
per share.
d. Fundraised through Preienentiai Allotment of Equity Shares of the
Company
The Company has raised INR 9 crores Irom issuance of preferential
allotment of of 20 Lacs equity snares issued at 45/- per share havng
face value at INR 10 each and snare premium at INR 35 each during the
financial year.
2.(a) Sale of service companies of instaliation Maintanance, Survey,
Labour Supply and rental income changed to clients
(b) Other operating revenue compainies reimoursement received for taxes
paid on clients behalf.
i. Segment Reporting
The Company is mainly engaged in single segment business of
Telecommunication Products and Services, which is managed as one entity
and governed by a similar set of risk and returns. Further, operations
of the Company is confined to the single geographic segment i.e. India
and does not qualify for reporting as geographic segment. Further, in
view of the Accounting Standard Interpretation (ASI) 20, issued by the
Institute of Chartered Accountants of India for companies operating in
single segment, the disclosure requirements as per Accounting Standard
17 "Segment Reporting" are not applicable to the Company.
ii. Contingent Liabilities:
a. As per information and explanation provided by the management that
there are no Contingent Liabilities / pending litigations for Income Tax
/ Sales Taxes / VAT / Service Tax and TDS and no such court cases are
pending against the company in any matter except the VAT Liability of I
NR 183562/- due for payment for FY 2010-11 vide department letter dated
Feb 16, 2015 and liabilities for interest and penalty for delay in
payment of Service Tax and TDS during the FY 2014-15 however the company
has not accounted the liability for interest on delay in payment of TDS
and Service Tax during the year.
b. As per information and explained provided to us by the management,
details of the Bank Guarantees issued by the Company are as under:
Sr. Party Name Amount (INR)
No.
i. BG Issued in favour of Maharashtra
Industrial Development Corporation, Mumbai INR 2,52,900/-
Guarantee No. 0505014BG0000051 issued From 07/01/2014 to
by State India, Trade Finance CPC, 30/08/2015
Lower Parel, Mumbai
ii. BG Issued in favour of Maharashtra INR 5,00,000/-
State Electricity Development Corporation
Limited, Mumbai
From 21/08/2013 to
Guarantee No. 0505013BG0002456 issued 28/05/2015
by State India, Trade Finance CPC, Lower
Parel, Mumbai
iii. BG Issued in favour of BSNL, Dhule INR 53,250/-
Guarantee No. 0505014BG0002595 issued From 27/08/2014 to
by State India, Trade Finance CPC, Lower 25/02/2016
Parel, Mumbai
iv. BG Issued in favour of Maharashtra State INR 64,74,500/-
Road Development Corporation, Mumbai
Guarantee No. 0505014BG0000518 issued From 27/02/2015 to
by State India, Trade Finance CPC, Lower 25/02/2016
Parel, Mumbai
c. In view of Accounting Standard required by AS-28 "Impairment of
Assets" issued by ICAI, the company has reviewed its fixed assets and
does not expect any loss as on 31st March, 2015 on account of
impairment.
d. Income and Expenditures in Foreign Currency: Nil
e. Purchases of material for consumption and installation of polls and
towers was made during the financial year include purchases from
Unregistered Dealers.
f. Events Occurring After Balance Sheet Date
No significant events have occurred after the Balance sheet date till
the signing of report which could affect the financial position as on
31st March, 2015 to a material extent, have been reported by the
management
g. In the opinion of the management, current assets, loans and
advances have a value on realization in the ordinary course of business
at least equal to the amount at which they are stated and similarly all
liabilities are payable as on balance sheet date.
h. Balances of Long Term Liabilities, Current Liabilities i.e. Trade
Payables, Short Term Liabilities & Other Current Liabilities & Long
Term Loans and Advances, Other non Current Assets, Trade Receivables,
Short Term Loans and Advances, Sundry Deposits and Other Current Assets
are subject to Confirmations, Reconciliation and Consequential
Adjustments, if any thereon.
i. The company being listed company required to follow section 203 &
134 (1), However, the view of absence of appropriate candidate for
filing vacancy of Company Secretary and CFO have not appointed. The
said Key Managerial Personnel as per section 203 and to the extent
134(1) Signing of financial statement have been considered only by
director. However, the management has considered the matter in the
process of appointing Company Secretary and CFO.
j. In view of multiplicity and difficulty in identification of
accounts to Micro, Small and Medium Enterprises, information with
regard to amount unpaid at the yearend together with the interest paid
/ payable under the MSMED Act, 2006 as required under to the Companies
Act, 2013 is not disclosed.
k. Secured Loans: The details of Secured Loans balances as on
31.03.2015 and the securities offered for each loan is as under:
l. Related party transactions:
Related Parties and their Relationship Key Management Personnel:
i. Gurushantappa N Lature  Director
ii. Shivshankar G Lature  Director
iii. Vivek Lature - Director
Relative of the Director
i. Suchitra Lature
Enterprises over which Key Management personnel are able to exercise
significant influence:
ii. Suyog Telematics (Prop, of Mr. Shiv Shankar Lature)
iii. Suyog Gurbaxani Funicular Ropeways Pvt. Ltd.
m. Prior Year Comparatives: These financial statements have been
prepared in the format prescribed by the Revised Schedule VI to the
Companies Act. Previous period figures have been recasted / restated to
conform to the classification of the current period.
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