Notes to Accounts of Visagar Financial Services Ltd.

Mar 31, 2024

In accordance with Accounting Standard Ind AS 108 ‘Operating Segment’ the Company has only one reportable business segment and have only one reportable geographic segment in India.

30. Capital Risk Management:

The Company aim to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders.

The capital structure of the Company is based on management’s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and

the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

31. Contingent Liabilities: Rs. 40,42,798/-(Previous Year - 40,42,798/-)

32. Financial risk management objectives and policies

The Company''s principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company''s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.

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.

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables and deposits to landlords) and from its financing activities. The Company generally doesn''t have collateral.

Trade Receivables and Security Deposits

Customer credit risk is managed by business through the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of each

customer is assessed and credit limits are defined in accordance with this assessment. Outstanding customer receivables and security deposits are regularly monitored.

Liquidity Risk

The company''s principal source of liquidity is cash and cash equivalents and the cash flow that is generated from operations. The company has no outstanding bank borrowings. The company believes that the working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived

33. Certain Balances of parties under sundry debtors, creditors, loans and advances are subject to confirmations/reconciliation.

34. There was no expenditure/earning in Foreign Currency during the year.

36. Certain Balances of parties under sundry debtors, creditors, loans and advances are subject to confirmations/reconciliation.

37. There was no expenditure/earning in Foreign Currency during the year.

38. The Company does not any transactions with Companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

39. The Company has not traded or invested in crypto currency or virtual currency during the current year or previous year.

40. The Company has not entered into any Scheme or Arrangements that are approved by the Competent Authority in terms of Sections 230 to 232 of the Companies Act, 2013

41. The Company has complied with the number of layers prescribed under the Companies Act, 2013

42. Previous Year figures have been reclassified whenever necessary to conform in the current year’s presentation.

---

Mar 31, 2014

1. RETIRMENT BENEFITS

Provision for Payment of Gratuity Act, 1972 is not applicable and as such no provision is made. Leave Encashment, if any, would be accounted for as and when paid.

2. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

3. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

4. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

5. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

a. Particulars of Purchase, Turnover and Stock of Goods traded in -

b. Other additional information - NIL (Previous Year NIL)

c. Earning & Expenditure in Foreign Currency - NIL (Previous Year NIL)

6. Previous Year''s Figure have been Regrouped and rearrange wherever found necessary.

---

Mar 31, 2013

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

A. Particulars of Purchase, Turnover and Stock of Goods traded in –

B. Other additional information – NIL (Previous Year NIL)

C. Earning & Expenditure in Foreign Currency – NIL ( Previous Year NIL)

5. Previous Year''s Figure have been Regrouped and rearrange wherever found necessary. Signature to the Schedule 1 to 19 forming part of the Balance Sheet & Profit & Loss Account.

---

Mar 31, 2012

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

A. Particulars of Purchase, Turnover and Stock of Goods traded in -

B. Other additional information - NIL (Previous Year NIL)

C. Earning & Expenditure in Foreign Currency - NIL ( Previous Year NIL)

5. Previous Year's Figure have been Regrouped and rearrange wherever found necessary.

Signature to the Schedule 1 to 19 forming part of the Balance Sheet & Profit & Loss Account.

---

Mar 31, 2011

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

A. Particulars of Purchase, Turnover and Stock of Goods traded in –

B. Other additional information – NIL (Previous Year NIL)

C. Earning & Expenditure in Foreign Currency – NIL ( Previous Year NIL)

5. Previous Year's Figure have been Regrouped and rearrange wherever found necessary.

---

Mar 31, 2010

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

A. Particulars of Purchase, Turnover and Stock of Goods traded in -

B. Other additional information - NIL (Previous Year NIL)

C. Earning & Expenditure in Foreign Currency - NIL (Previous Year NIL)

5. Previous Year's Figure have been Regrouped and rearrange wherever found necessary. Signature to the Schedule 1 to 13 forming part of the Balance Sheet & Profit & Loss Account.