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Notes to Accounts of Pil Italica Lifestyle Ltd.

Mar 31, 2023

NOTE 14.4 - NO BONUS SHARES ALLOTTED DURING THE PERIOD OF FIVE YEARS IMMEDIATELY PRECEDING THE YEAR.NOTE 14.5 - OTHER DISCLOSURES

The Company has one class of equity shares having a par value @ W1 per share held. Each equity share holder is entitled to dividends as and when declared by the company. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their share holding.

The Company has not alloted any shares pursuant to contract without payment being received in cash.

There are no call unpaid on equity shares.

No shares have been reserved for issue on option.

No equity shares have been forfeited.

1) Share Premium:

The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. The reserve is utilised in accordance with the provisions of the Act.

2) General Reserve:

This includes the amount received from the Government under an incentive scheme for capital expansion and on the expiry of requisite period, the amount was transferred to it.

3) Retained Earnings:

This Reserve represents the cumulative profits of the Company and effects of re-measurement of defined benefit obligations. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

(a) Cash Credit, Guaranteed Emergency credit, covid emergency credit from UCO Bank:

Secured against equitable mortgage of land and building of the Company situated at Kodiyat Road, Udaipur and by way of first charge of all current assets such as Raw Material, finished goods, work in progress, stores and spares, book debts and packing material etc. Also secured by way of personal guarantee of Mr. Daud Ali, Managing Director of the Company Rate of interest on cash credit as on March 31, 2023 is 10.45%.

(b) Car Loan from UCO Bank:

Secured against hypothecation of Car No.MH01DT5202 and rate of interest is 7.60%.

Secured against fixed deposit receipt of the Company, rate of interest as on March 31, 2023 is 7.85%.

(d) There is no default in the payment of interest and principal.

(b) Gratuity Plan

The Company participates in the Employees Group Gratuity-scheme of life insurance corporation limited, a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on death or on separation/termination in terms of the payment of gratuity (amendment) Act, 1997, or as per the company''s scheme whichever is more beneficial to the employees.

NOTE 33 - SEGMENTAL REPORTING

The Company has identified two reportable segment i.e. Manufacturing and finance taking in to account nature of product. The accounting policies adopted for segment reporting are in line with accounting policy of the company.

The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

Significant management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income in which the relevant entity operates and the period over which deferred income tax assets will be recovered.

The Company has opted taxation under section 115 BAA of income tax act, as per provisions of this section minimum alternate tax is not payable.

NOTE 35 - FINANCIAL INSTRUMENTS

Financial Instruments and Related Disclosures:

1. Capital Management

The Company''s financial strategy aims to support its strategic priorities and provide adequate capital to its businesses for growth and creation of sustainable stakeholder value. The Company funds its operations through internal accruals. The Company aims at maintaining a strong capital base largely towards supporting the future growth of its businesses as a going concern.

3. FINANCIAL RISK MANAGEMENT

The activities of the Company exposes it to a number of financial risks namely market risk, credit risk and liquidity risk. The Company seeks to minimize the potential impact of unpredictability of the financial markets on its financial performance. The Company does regularly monitor, analyze and manage the risks faced by the Company and to set and monitor appropriate risk limits and controls for mitigation of the risks.

A. MANAGEMENT OF MARKET RISK:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of three types of risks: interest rate risk, price risk and currency rate risk. Financial instruments affected by market risk includes borrowings and investments. The Company has international trade operations and is exposed to a variety of market risks, including currency and interest rate risks.

(i) Management of 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. The Company has not borrowed funds.

(ii) Management of price risk:

The Company has no surplus for investment in debt mutual funds, deposits etc. The Company does make deposit with the banks to provide security against Overdrafts given by the banks. Deposit is made in fixed rate instrument. In view of this it is not susceptible to market price risk, arising from changes in interest rates or market yields which may impact the return and value of the investments.

B. MANAGEMENT OF CREDIT RISK:

Credit risk refers to the risk of default on its obligations by a counter party to the Company resulting in a financial loss to the Company. The Company is exposed to credit risk from its operating activities (trade receivables) and foreign exchange transactions and financial instruments.

Credit risk from trade receivables is managed through the Company''s policies, procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring creditworthiness of the customers to which the Company extends credit in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has no concentration of credit risk as the customer base is widely distributed.

The Company''s historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record of the counter party etc. Loss allowances and impairment is recognised, where considered appropriate by responsible management.

C. MANAGEMENT OF LIQUIDITY RISK:

Liquidity risk is the risk that the Company may not be able to meet its present and future cash obligations without incurring unacceptable losses. The Company''s objective is to maintain at all times, optimum levels of liquidity to meet its obligations. The Company closely monitors its liquidity position and has a cash management system. The Company maintains adequate sources of financing including debt and overdraft from domestic and international banks and financial markets at optimized cost.

The Company''s Current assets aggregate to ? 6,800.85 lakhs (2022 - ? 6,750.26 lakhs); including Cash and cash equivalents and Other bank balances of ? 89.43 lakhs (2022 - ? 7.07 lakhs) against an aggregate Current liability of ? 1,637.21 lakhs (2022 - ? 1,684.45 lakhs); Non-current liabilities due between one year to three years amounting to ? 79.32 lakhs (2022 - ? 97.15 lakhs) and Non-current liability due after three years amounting to ? NIL (2022 - NIL); on the reporting date. Further, while the Company''s total equity stand ? 6,956.25 lakhs (2022 - ? 6,651.89 lakhs), it has non-current borrowings of ? 79.32 lakhs (2022 - 97.15 lakhs). In such circumstances, liquidity risk or the risk that the Company may not be able to settle or meet its obligations as they become due does not exist.

D. Fair value measurement Fair value hierarchy

Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels:

Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.

Level 2: Inputs other than quoted price 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).

The fair value of financial instruments that are not traded in an active market is determined using market approach and valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

If one or more of the significant inputs is not based on observable market data, the fair value is determined using generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counter party.

in nature, the same has been classified as Level 3 and fair value determined using discounted cash flow basis. Similarly, unquoted equity instruments where most recent information to measure fair value is insufficient, or if there is a wide range of possible fair value measurements, cost has been considered as the best estimate of fair value.

There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has not classified any material financial instruments under Level 3 of the fair value hierarchy. There were no transfers between Level 1 and Level 2 during the year.

NOTE 39

The company has utilized funds for the purpose for which they were borrowed.

NOTE 40

The company has not received funds from any person or entities including foreign entities to further lend or invest or provide any guarantee, security to third party.

NOTE 41

The Company has not made any scheme of arrangement during the year.

NOTE 42

The books of accounts are tallied with stock statement submitted by the company with bank.

NOTE 43

There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessment under the Income Tax Act, 1961 (43 of 1961).

NOTE 44

The Company has no transactions with struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

NOTE 45 - RELATED PARTY DISCLOSURE

Disclosures in respect of related parties pursuant to IND AS 24.

NOTE 46

There are no Micro, Small and Medium Enterprises, to whom the Company owes dues (principal and/or interest), which are outstanding for more than 45 days as at the balance sheet date. During the year, there have been no payments made to Micro, Small and Medium Enterprises beyond 45 days. There were no amounts on account of interest due that were payable for the period where the principal has been paid but interest under the MSMED Act, 2006 not paid. Further, there were no amounts towards interest accrued that were remaining unpaid at the end of accounting year. Accordingly, there were no amounts due to further interest due and payable in the succeeding years.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

NOTE47

Balances of banks, sundry debtors and trade payables, current liabilities, etc. as on March 31, 2023 are subject to confirmation and reconciliation.

NOTE48

No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made there under.

NOTE49

The Company is not covered under section 135 of the companies Act, 2013.

NOTE 50

The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

NOTE 51

In the opinion of the Management, there is no impairment of assets in accordance with the IND AS 36 as on the Balance Sheet date.

NOTE 52

There are no amounts due to be credited to Investor Education and Protection Fund in accordance with Section 125 of the Companies Act, 2013 as at the year end.

NOTE 53

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

NOTE 54

The financial statements were authorised for issue by the Board of Directors on May 3, 2023.

NOTE 55

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs and decimal thereof as per the requirements of Schedule III, unless otherwise stated.

NOTE 56

Previous year''s figures have been reclassified/regrouped wherever necessary to conform with the current year''s Financial Statements.

Mar 31, 2019

Note - 1 Corporate Information

PIL ITALICA LIFESTYLE LIMITED (The Company) is a public limited company domiciled India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in the manufacturing of Plastic Molded furniture and other articles. The Company was incorporated on march 16,1992 and has its registered office at Kodiyat Road, Sisarma, Udaipur (Rajasthan), The Company shares are listed on National Stock Exchange and Bombay Stock Exchange.

1) Share Premium :

The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. The reserve is utilised in accordance with the provisions of the Act.

2) General Reserve

This includes the amount received from the Government under an incentive scheme for capital expansion and on the expiry of requiste period, the amount was transferred to it.

3) Retained Earnings :

Note 4 - No Bonus Shares allotted during the period of five years immediately preceding the year.

Note 4.1 - Other Disclosures -

The Company has one class of equity shares havin a par value @ Rs. 1 per share held. Each equity share holder is entitled to dividends as and when declared by the company. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their share holding. The Company has not alloted any shares pursuant to contract without payment being received in cash. There are no call unpaid on equity shares No shares have been reserved for issue on option.

No equity shares have been forfeitted.

Note 5 - Retirement and other Employee Benefits

Family pention scheme

The contribution are based on fixed percentage of the employees salary, subject to a ceiling as prescribed in the scheme.

Defined Benefit plans

(a) Providend Fund

The contribution are based on fixed percentage of the employees salary.

(b) Gratuity Plan

The Gratuity plan is governed by Payment of gratuity act, 1972 . Under the Act an employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the members length of service and salary at retirement age. The Companyâs defined benefit plans are funded with LIC. The Company does not have any liberty to manage the funds provided by LIC.

Note 6 - Segmental Reporting

The Company has identified three reportable segment i.e Manufacturing, trading, finance taking in to account nature of product. The accounting policies adopted for segment reporting are in line with accounting policy of the company.

During the year, the Company has accounted for tax credits in respect of Minimum Alternative Tax (MAT credit) of Rs.76.64 lakhs (March 31,2018 - Rs 123.91 lacs). The Company is reasonably certain to avail the said MAT Credit in future years against the normal tax expected to be paid in those years and accordingly has recognised a deferred tax asset for the same.

Note 7 - Exceptional Items

Exceptional item includes waiver by creditors Rs. 75.10 Lacs (C.Y.) and Rs. 202.15 Lacs (P.Y.)

Note 8 - Financial Instruments Financial Instruments and Related Disclosures :

1. Capital Management

2. FINANCIAL RISK MANAGEMENT :

The activities of the Company exposes it to a number of financial risks namely market risk, credit risk and liquidity risk. The Company seeks to minimize the potential impact of unpredictability of the financial markets on its financial performance. The Company does regularly monitor ,analyze and manage the risks faced by the Company and to set and monitor appropriate risk limits and controls for mitigation of the risks.

A. MANAGEMENT OF MARKET RISK:

(i) Management of 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. The Company has not borrowed funds.

(ii) Management of price risk:

B. MANAGEMENT OF CREDIT RISK :

Credit risk refers to the risk of default on its obligations by a counterparty to the Company resulting in a financial loss to the Company. The Company is exposed to credit risk from its operating activities (trade receivables) and foreign exchange transactions and financial instruments.

The Company''s historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record of the counterparty etc. Loss allowances and impairment is recognised, where considered appropriate by responsible management.

C. MANAGEMENT OF LIQUIDITY RISK :

The Company''s Current assets aggregate to Rs.5370.22 lakhs( 2017 -Rs.5653.27 lakhs;) including Cash and cash equivalents and Other bank balances of Rs.8.41 lakhs (2017 - Rs. 195.33 Lakhs) against an aggregate Current liability of Rs. 520.28 lakhs (2017 - Rs.1058.14 Lakhs); Non-current liabilities due between one year to three years amounting to Rs. Nil (2017 -Rs. Nil) and Non-current liability due after three years amounting to Rs. NIL (2017 - NIL;) on the reporting date. Further, while the Company''s total equity stands at Rs. 5950.08 lakhs( 2017 - Rs. 5635.80 Lakhs), it has noncurrent borrowings of Rs. Nil (2017 - Nil). In such circumstances, liquidity risk or the risk that the Company may not be able to settle or meet its obligations as they become due does not exist.

D. Fair value measurement Fair value hierarchy

Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels:

Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.

Level 2: Inputs other than quoted price 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 fair value of trade receivables, trade payables and other Current financial assets and liabilities is considered to be equal to the carrying amounts of these items due to their short-term nature. Where such items are Non-current in nature, the same has been classified as Level 3 and fair value determined using discounted cash flow basis. Similarly, unquoted equity instruments where most recent information to measure fair value is insufficient, or if there is a wide range of possible fair value measurements, cost has been considered as the best estimate of fair value.

Note 9 - RELATED PARTY DISCLOSURE

Disclosures in respect of related parties pursuant to IND AS 24 Party is given below :

(i) Holding Company

(a) Dawood Investments Private limited

No amount in respect of the related parties have been written off/back are provided for during the year. Related party relationship has been identified by the Management and relied upon by the auditors.

Note 10 - Micro, Small & Medicum Enterprises

Note 11

Balances of banks, sundry debtors and trade payables, current liabilities etc. as on 31.03.2019 are subject to confirmation and reconciliation.

Note 12

In the opinion of the Management ,there is no impairment of assets in accordance with the Ind AS -36 as on the Balance Sheet date.

Note 13

There are no amounts due to be credited to Investor Education and Protection Fund in accordance with Section 125 of the Companies Act, 2013 as at the year end.

Note 14

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

Note 15

The financial statements were authorised for issue by the Board of Directors on May 15 ,2019.

Note 16

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs and decimal thereof as per the requirements of Schedule III, unless otherwise stated.

Note 17

Previous year''s figures have been reclassified/regrouped wherever necessary to conform with the current year''s Financial Statements.

Mar 31, 2018

Notes to the Financial Statements for the year ended March 31, 2018

Note - 1 (Corporate Information)

PIL ITALICA LIFESTYLE LIMITED (The Company) is a public limited company domiciled India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in the manufacturing of Plastic Molded furniture and other articles. The Company was incorporated on march 16,1992 and has its registered office at Kodiyat Road, Sisarma , Udaipur (Rajasthan) , The Company shares are listed on National Stock Exchange and Bombay Stock Exchange.

NOTE-2 (Basis of Preparation of Financial Statements)

These financial statements are prepared on a going concern basis, in accordance with Indian Accounting Standrads (Ind As) under the historical cost convention on the accrual basis except for financial instruments which are measured at fair values (refer note 38 ), the provisions of the companies Act, 2013 (âActâ). The Ind AS are prescribed under section 133 of the Act read with rule 3 of the Companies (Indian Accounting Standrads) Rules,2015 and Companies (Indian Accounting standards) Amendment Rules, 2016.

Accounting policies have been consistently applied except where a newly issued accounting standards is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hereto in use. The Financial statements were approved for issue by the Board of Directors on 18 th May 2018

These are Companyâs first financial statements prepared in accordance with Ind As , using April 1,2016 as the transition date.

The Company has adopted all the Ind AS s and the adoption was carried out in accordance with Ind As 101 first time adoption of Indian Accounting Standrads. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under section 133 of the Act ,read with Rule 7 of the Companies (Accounts) Rules ,2014 (IGAAP) which was the previous GAAP.

An explanation of how the transition to Ind As has affected the reported Balance Sheet , statement of Profit & Loss and cash flows of the company and the exemptions claimed by the company on first time adoption of Ind As are given in note no. 42

Note 3.1 - 155057200 of Re. 1/- each Equity Shares (Pr. Yr. - 142657200 of Re. 1/- each) are held by Dawood Investment Private Limited, holding company.

Note 3.2 - No Bonus Shares allotted during the period of five years immediately preceding the year.

Note 3.3 - Other Disclosures - The Company has one class of equity shares havin a par value @ Rs. 1 per share held. Each equity share holder is entitled to dividends as and when declared by the company. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their share holding.

Depreciation on tangible assets has been provided under straight line method over useful life of the assets estimated by the management which is in line with terms prescribed in schedule II to the Companies act 2013. Depreciation for assets purchased/sold during the period is proportionately charged.

Note 4 (a) - The stressed assets stabilisation fund assignee of Industrial Development Bank of India under the negotiated settlement in respect of its dues agreed to accept the payment of Rs. 640.00 Lacs and interest there on over a period of 8 years. In case of any default in repayment, the original amount of dues Rs. 3770.53 Lacs will restore. In view of this difference between the original amount and settled amount i.e. 3130.53 Lacs has been shown as contingent liability.

Note 5 - Retirement and other Employee Benefits

Defined Contribution schemes

(a) Family pention scheme

The contribution are based on fixed percentage of the employees salary , subject to a ceiling as prescribed in the scheme.

Defined Benefit plans

(a) Providend Fund

The contribution are based on fixed percentage of the employees salary.

(b) Gratuity Plan

The Gratuity plan is governed by Payment of gratuity act, 1972 . Under the Act an employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the members length of service and salary at retirement age. The Companys defined benefit plans are funded with LIC. The Company does not have any liberty to manage the funds provided by LIC.

The Following table set out the funded status of the gratuity plans and amount recognised in the financial statements.

Note 6 - Segmental Reporting - The Company has identified three reportable segment i.e Manufacturing, trading, finance taking in to account nature of product .The accounting policies adopted for segment reporting are in line with accounting policy of the company

During the year, the Company has not accounted for tax credits in respect of Minimum Alternative Tax (MAT credit) of Rs.123.91 lakhs (March 31,2017 - Rs NIL & April 1, 2016 - Rs NIL ). The Company is reasonably not certain availing the said MAT Credit in future years against the normal tax expected to be paid in those years and accordingly has not recognised a deferred tax asset for the same.

Note 7-Exceptional Items

As per revival scheme sanctioned by Board for Industrial and Financial Reconstruction a sum of Rs. 202.15 Lacs (C.Y.) and Rs. 711.85 Lacs (P.Y.) included under the head Execptional Items in th Profit and Loss Account.

Note 8 - Financial Instruments

Financial Instruments and Related Disclosures :

1. Capital Management

The Companyâs financial strategy aims to support its strategic priorities and provide adequate capital to its businesses for growth and creation of sustainable stakeholder value. The Company funds its operations through internal accruals. The Company aims at maintaining a strong capital base largely towards supporting the future growth of its businesses as a going concern. During the year the Company has converted 17400000 equity shares of Re 1/- each at a premium of Rs. 14/- each.

3 : FINANCIAL RISK MANAGEMENT

The activities of the Company exposes it to a number of financial risks namely market risk, credit risk and liquidity risk. The Company seeks to minimize the potential impact of unpredictability of the financial markets on its financial performance. The Company does regularly monitor ,analyze and manage the risks faced by the Company and to set and monitor appropriate risk limits and controls for mitigation of the risks.

A. MANAGEMENT OF MARKET RISK:

(i) Management of 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. The Company has not borrowed funds.

(ii) Management of price risk:

B. MANAGEMENT OF CREDIT RISK:

Credit risk refers to the risk of default on its obligations by a counterparty to the Company resulting in a financial loss to the Company. The Company is exposed to credit risk from its operating activities (trade receivables) and foreign exchange transactions and financial instruments.

Credit risk from trade receivables is managed through the Companyâs policies, procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring creditworthiness of the customers to which the Company extends credit in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has no concentration of credit risk as the customer base is widely distributed.

The Companyâs historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record of the counterparty etc. Loss allowances and impairment is recognised, where considered appropriate by responsible management.

C. MANAGEMENT OF LIQUIDITY RISK:

Liquidity risk is the risk that the Company may not be able to meet its present and future cash obligations without incurring unacceptable losses. The Companyâs objective is to maintain at all times, optimum levels of liquidity to meet its obligations. The Company closely monitors its liquidity position and has a cash management system. The Company maintains adequate sources of financing including debt and overdraft from domestic and international banks and financial markets at optimized cost.

The Companyâs Current assets aggregate to Rs.4983.27 lakhs( 2017 -Rs.3966.70 lakhs; 2016 - Rs. 962.13 Lakhs) including Cash and cash equivalents and Other bank balances of Rs.195.33 lakhs( 2017 - Rs. 378.12 lakhs; 2016 - Rs. 53.28 Lakhs) against an aggregate Current liability of Rs. 1058.14 lakhs( 2017 - Rs. 1736.67 lakhs; 2016 - Rs. 1341.56 Lakhs);

Non-current liabilities due between one year to three years amounting to Rs. Nil lakhs( 2017 - Rs. 72.55 lakhs; 2016 - Rs. 178.61 Lakhs) and Noncurrent liability due after three years amounting to Rs. NIL( 2017 - NIL; 2016 - Rs. NIL) on the reporting date. Further, while the Companyâs total equity stands at Rs. 5635.80lakhs( 2017 - Rs. 2603.36 lakhs; 2016 - Minus 102.82 Lakhs), it has non-current borrowings of Rs. Nil ( 2017 - Nil ,2016 -Nil )). In such circumstances, liquidity risk or the risk that the Company may not be able to settle or meet its obligations as they become due does not exist.

D. Fair value measurement Fair value hierarchy

Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels:

Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.

Level 2: Inputs other than quoted price 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 the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

Note 9 - RELATED PARTY DISCLOSURE

As per accounting standard 18, the disclosures of transactions with related Party is given below:

(i) Holding Company

(a) Dawood Investments Private limited

During the year following transactions were carried out with the related parties in the ordinary course of business at arm length price

No amount in respect of the related parties have been written off/back are provided for during the year.Related party relationship has been identified by the Management and relied upon by the auditors.

Note 10

The balances of sundry debtors, sundry creditors, secured loans, unsecured loans, loans and advances are subject to confirmation and reconciliation.

Note 11

The Revival scheme sanctioned by Board for Industrial and financial reconstruction is under implementation.

Note 12

FIRST TIMEADOPTION OF IND AS

These are the Companyâs first financial statements prepared in accordance with IND AS . The Company has complied with all applicable IND AS For All periods up to and including year ended March 31, 2016, the company prepared its financial statements in accordance with accounting standards notified under section 133 of the companies act 2013, read together with paragraph 7 of the Companies (Accounts) Rules ,2014, herein after referred to as âprevious GAAP.â

Reconciliation of equity between IND AS and previous GAAP

The transition from previous GAAP to IND AS did not have any impact on total equity presented in the balance sheet of the company.

Reconciliation of profit after tax between IND AS and previous GAAP

Reconciliation of cash flows for the year ended march 31,2017

The transition from previous GAAP to IND AS did not have any impact on Cash flows.

Note 13

The figures for the previous year have been regrouped/re-arranged to the extent necessary.

Mar 31, 2017

Note No. 1(f) EXPENDITURE IN FOREIGN CURRENCY - NIL

Note No. 2 - DEPRECIATION

Depreciation on tangible assets has been provided under Straight Line Method over the useful life of the assets estimated by the management which is in line with the terms prescribed in Schedule II to The Companies Act, 2013. Depreciation for assets purchased/sold during the period is proportionately charged.

. Note No.3 EARNINGS IN FOREIGN EXCHANGE - Rs.2.66 Lakhs Note no. 28 SEGMENTAL REPORTING -

In view of Accounting Standard 17 segmental reporting issued by the Institute of Chartered Accountants of India, the company has identified two reportable segment i.e. manufacturing and trading taking in to account nature of product. The accounting policies adopted for segment reporting are in line with accounting policy of the company

Note: Company commenced trading segment w.e.f. 01.07.2016; hence previous period figures are not available and comparable.

Note No. 4 RELATED PARTY DISCLOSURE

As per accounting standard 18, the disclosures of transactions with related Party is given below :- (Amount in Rs.)

(i) Holding Company

01) Dawood Investment Private limited

During the year following transactions were carried out with the related parties in the ordinary course of business at arm length price

Closing Balances- NIL

Eduvisor Services Private Limited - Debit Rs.29500000

No amount in respect of the related parties have been written off/back are provided for during the year.

Related party relationship has been identified by the Management and relied upon by the auditors.

Note No.5.

As required by Accounting Standard No.-22 "Accounting for Taxes on Income" issued by Institute of Chartered Accountants of India, The Company has not recognized deferred tax as the company has heavy unabsorbed depreciation and carry forward of losses under tax law and here is no convincing evidence that sufficient future taxable income will be available against which such deferred tax can be realized.

Note No. 6

The balances of sundry debtors, sundry creditors, secured loans unsecured loans, loans and advances are subject to confirmation and reconciliation.

Note No. 7

The Stressed Assets Stabilization Fund assignee of Industrial Developmen'' Bank of India under the negotiated settlement in respect of its dues agree to accept the payment of Rs.640.00 lacs and Interest thereon over a period of 8 years. In case of any default in repayment, the original amount'' of dues i.e. Rs. 3770.53 lacs will restore. In view of this the difference between the original amount and settled amount i.e. Rs 3130.53 lacs has been shown as contingent liability.

Note No.8

The Revival scheme sanctioned by Board for Industrial and financial reconstruction is under implementation.

Note No. 9

The Company has allotted 2,50,00,000 warrants convertible into equity shares of Re. 1 each at a premium of Rs. 14 each during the year, out o'' it 7600000 warrants were converted into equity shares of Re.1 each a'' premium of Rs.14 each. The funds raised were fully utilized for investment repayment of borrowings, working capital etc.

Note No. 10

Details of specified Bank notes (SBN) transacted during 08.11.2016 tc 30.12.2016 (Rs.)

''Permitted receipts include cash withdrawn from bank Rs.730000/-Note No.37 - The figures for the previous year have been regrouped/re-arranged to the extent necessary.

Mar 31, 2015

1. Corporate Information

PEACOCK INDUSTRIES LIMITED (The Company) is a public limited company domiciled India and incorporated under the provisions of Companies Act, 1956. The Company is engaged In the manufacturing of Plastic Molded furniture and other articles.

1.1 Basis of Preparation of Financial Statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under section 133 of the Companies Act,2013 read with rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act,2013. The financial statements have been prepared on accrual basis under the histoncal cost convention, The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

2. SHARE CAPITAl

Note no. 2.1 -35664300 Equity Shares ( Pr. Yr. -24414300) are held by Dawood Investments Private Limited the holding company.

Note No. 2.2- No Bonus Shares allotted during the period of five years immediately preceding the year.

Note No. 2.3- Other Disclosures - The Company has one class of equity shares having a par value @ Rs.4 per share held. Each equity share holder is entitled to dividends as and when declared by the company. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their share holding.

3. DEPRECIATION

Consequent upon enactment of the Companies Act.2013 , being effective from April 1,2014, the company has reassessed the useful life of the fixed assets in accordance with provisions of Schedule II to the Companies Act.2013 In case of assets .which are having carrying value and remaining life nil as on 01.04.2014, Being Rs. 4,16 Lacs(Net of deferred tax ), have been recognized in the opening balance of retained earnings . In case of other assets which have useful life as on 01.04.2014 and having carrying value after adjusting salvage value , the same has been depreciated over the remaining useful life. Due to this current year depreciation is lower by Rs. 0.87 Lacs.

4. SEGMENTAL REPORTING -

In view of Accounting Standard 17 segmental reporting issued by the Institute of Chartered Accountants of India , the operation of the company is considered as Single segment hence segment report is considered not applicable.

5. As required by Accounting Standard No.-22 "Accounting for Taxes on Income" issued Institute of Chartered Accountants Of India, The Company has not recognised deferred tax as the company has heavy unabsorbed depreciation and carry forward of losses under tax law and here is no convincing evidence that sufficient future taxable income will be available against which such deferred tax can be realised

6. CONTINGENT LIABILITIES:- (Rs. in lakhs)

As at 31st As at 31 st March,2015 March,2014

(a) Guarantee issued by the banks 49.75 49.75 in respect of import of Capital Goods under EPCG

(b) Excise Duty (Net of predeposit) 98.22 98.22

(c) Penalty imposed by the 200.00 200.00 Enforcement Directorate

(d) Stressed Assets Stabilisation Fund 3130.53 3130.53

7. The balances of sundry debtors, sundry creditors, secured loans, unsecured loans, loans and advances are subject to confirmation and reconciliation.

8. The Stressed Assets Stabilisation Fund assignee of Industrial Development Bank Of India under the negotiated settlement in respect of its dues agreed to accept the payment of Rs.640.00 lacs and Interest thereon over a period of 8 years. In case of any default in repayment, the original amount of dues i.e. Rs. 3770.53 lacs will restore. In view of this the difference between the original amount and settled amount i.e Rs 3130.53 lacs has been shown as contingent liability.

9. The company was declared a Sick industrial company by the Board for Industrial and Financial Reconstruction (BIFR) vide its order dated 21.12.1998 under the provisions of the Sick Industrial companies (Special Provisions) Act,1985. The BIFR has sanctioned revival scheme .prepared by the operating agency viz IDBI, vide its order dated 15.07.2013, presently revival scheme is under implementation.

10. As per revival scheme sanctioned by Board for Industrial and financial Reconstruction a sum of Rs. 213.37 Lacs included under the head Exceptional Items in the Profit and Loss Account.

11. The figures for the previous year have been regrouped/re-arranged to the extent necessary.

Mar 31, 2013

Note no.1.1 Share Application Money- The Company has submitted draft revival scheme to Borad For Industrial and Financial Reconstruction (BIFR) and Industrial Development Bank of India, Operating Agency (IDBI). The proposed scheme interlia includes induction of share capital to the extent Rs. 930.00 lacs. The promoters has brought in Rs.914.70 (Pr. Yr.707.00 Lacs). The Company will allot equity shares after sanction of scheme from BIFR. In the event of non sanction of scheme amount is refundable.

Note no.2 .

As required by Accounting Standrad No.-22 "Accounting for Taxes on Income" issued Institute of Chartered Accountants of India, The Company has not recognised deferred tax as the company has heavy unabsorbed depreciation and carry forward of losses under tax law and there is no convincing evidence that sufficient future taxable income will be available against which such deferred tax can be realised.

Note No. 3 CONTINGENT. LIABILITIES:-

(Rs. in lakhs)

As at 31st As at 31 st March,2013 March,2012

(a) Guarantee issued by the banks 49.75 49.75 in respect of import of

Capital Goods under EPCG

(b) Excise Duty (Net of predeposit) 103.22 108.22

(c) Penalty imposed by the 200.00 200.00 Enforcement Directorate

(d) Stressed Assets 3,130.53 3,130.53 Stabilisation Fund

Note No. 4

The balances of sundry debtors, sundry creditors, secured loans, unsecured loans.loans and advances are subject to confirmation and reconciliation.

Note No.5

The Company has not provided interest in the case of inter corporate deposits, loans .bills Payable of Rs. 185.63 lakhs (Pr.Yr.Rs. 238.72 lakhs) in the books of account since the same is under verification and require reconsideration consequently profit, reserves and liabilities for the current year are more/less as the case being by Rs. 185.63 lakhs (Pr.Yr.Rs.238.72Lakhs).

Note No. 6

The Stressed Assets Stabilisation Fund assignee of Industrial Development Bank Of India under the negotiated settlement in respect of its dues agreed to accept the payment of Rs.640.00 lacs and Interest thereon over a period of 8 years. In case of any default in repayment, the original amount of dues i.e .Rs 3770.53 lacs will restore. In view of this the difference between the original amount and settled amount i.e Rs 3130.53 lacs has been shown as contingent liability.

Note No.7

The company was declared a Sick industrial company by the Board for Industrial and Financial Reconstruction (BIFR) vide its order dated 21.12.1998 under''the provisions of the Sick Industrial Companies (Special Provisions) Act,1985. The BIFR has circulated a draft revival scheme .prepared by the operating agency viz IDBI , for revival of the company to the concerning persons for their consent . . ''

Note No. 8

The lenders under the Negotiated settlement in respect of their dues, waived a sum of Rs.308.65 lakhs in respect of principal amont. The same have been included under the head Extra Ordinary Items in the Profit and Loss Account.

Note No.9

The figures for the previous year have been regrouped/re-arranged to the extent necessary.

Mar 31, 2012

Note 1.1 Maturity profile, rate of interest and security of term loan from others :- Term loan is from Stressed Assets Stabilisation Fund and rate of interest is 8 % The term loan is repayable in 24 qtrly instalment, 23 instalment of Rs.25.00 lac each and 24 th qtrly. Instalment is of Rs. 15.00 lacs. Last Instalment is payable on 01.04.2017. The Company has not defaulted in repayment. The term.loan is secured by way of equitable mortgage by deposit of title deeds of immovable property and also guaranteed by directors of company.

Note 1.2 Maturity profile and rate of interest of deferred sales tax liability -

The deferred sales tax liability is interest free and is repayable in 20 qtrly. instalment from 01.04.2013 to 31.03.2018.

The Company has not received any information from their suppliers regarding their status under the Micro,small and Medium enterprises Act.,2006.hence disclosures if any relating to amount unpaid at the year end together with interest payable as required under the said act could not be disclosed.The Management is of opinion that interest if any on such account will not be material.

Note no. 2 SEGMENTAL REPORTING -

In view of Accounting Standard 17 segmental reporting issued by the Institute of Chartered Accountants of India, the operation of the company is considered as Single segment hence segment report is considered not applicable.

Note No. 3 RELATED PARTY DISCLOSURE

As per Accounting standard 18, the disclosures of transactions with related Party are given below :-

(1) List of related parties with whom transactions have taken place and relation ship -

Note no. 4.

As required by Accounting Standard No.-22 "Accounting for Taxes on Income" issued Institute of Chartered Accountants Of India, The Company has not recognised deferred tax as the company has heavy unabsorbed depreciation and carry forward of losses under tax law and there is no convincing evidence that sufficient future taxable income will be available against which such deferred tax can be realised.

Note No. 5 CONTINGENT LIABILITIES :-

(Rs. in lakhs) As at 31st As at 31 st March,2012 March,2011

(a) Guarantee issued by the banks in respect of import of Capital 49.75 49.75 Goods under EPCG

(b) Excise Duty 108.22 108.22

(c) Penalty imposed by the Enforcement 200.00 200.00 Directorate

(d) Stressed Assets Stabilisation Fund 3130.53 3130.53

Note No. 6

The balances of sundry debtors, sundry creditors, secured loans, unsecured loans, loans and advances are subject to confirmation and reconciliation.

Note No.7

The Company has not provided interest in the case of inter corporate deposits, loans, bills Payable of Rs.238.72 lakhs (Pr.Yr. Rs. 238.72 lakhs) in the books of account since the same is under verification and require reconsideration consequently profit, reserves and liabilities for the current year are more/less as the case being by Rs.238.72 lakhs (Pr.Yr.Rs.238.72 Lakhs).

Note No. 8

The Stressed Assets Stabilisation Fund assignee of Industrial Development Bank Of India under the negotiated settlement in respect of its dues agreed to accept the payment of Rs.640.00 lacs and Interest thereon over a period of 8 years. In case of any default in repayment, the original amount of dues i.e. Rs. 3770.53 lacs will restore. In view of this the difference between the original amount and settled amount i.e Rs. 3130.53 lacs has been shown as contingent liability.

Mar 31, 2011

1. Contingent Liabilities Not Provided For :

(Rs. in lakhs)

As at 31st As at 31st March,-2011 March, 2010

(a) Guarantee issued by the banks 49.75 49.75 in respect of import of Capital Goods under EPCG

(b) Excise Duty 108.22 108.22

(c) Penalty imposed by the Enforcement 200.00 200.00 Directorate

(d) Stressed Assets Stabilisation Fund 3130.53 (Refer Note No.8)

2. Claims against the company on account of lease rentals, bills payable and unsecured loan of Rs.435.10 lakhs relating to the year 97-98 not acknowledged as debts.

3. The balances of sundry debtors, sundry creditors, secured loans, unsecured loans, loans and advances are subject to confirmation and reconciliation.

4. The Company has not provided interest in the case of inter corporate deposits, loans, bills Payable of Rs.238.72 lakhs (Pr.Yr. Rs. 238.72 lakhs) in the books of account, since the same is under verification and require reconsideration consequently profit, reserves and liabilities for the current year are more/less as the case being by Rs.238.72 lakhs (Pr.Yr. Rs.238.72 Lakhs).

5. The Secured lenders and their assignees under the Negotiated settlement in respect of their dues, waived a sum of Rs.5043.51 Lacs in respect of principal and sum of Rs.2453.63 Lacs in respect of interest (provided in the books), the same have been included under the head " Extra Ordinary Items"" in the Profit and Loss Account.

6. The amount of depreciation of the past years not provided amounting to Rs.4585.47 lakhs has been charged to profit and loss account and included under the head Extra Ordinary Item.

7. The Stressed Assets Stabilisation Fund assignee of Industrial Development Bank Of India under the negotiated settlement in respect of its dues agreed to accept the payment of Rs.640.00 lacs and interest thereon over a period of 8 years. In case of any default in repayment, the original amount of dues i.e. Rs 3770.53 lacs will restore. In view of this the difference between the original amount and settled amount i.e Rs 3130.53 lacs has been shown as contingent liability.

8. To settle and pay off the dues of the secured lenders, the Company borrowed a sum of Rs. 516.50 lakhs under security by way of first charge over the current assets of the Company such as stocks, receivables etc. This is also further secured by way of second charge over the entire immovable assets of the Company. It is repayable after one year from the date of execution of documents. The execution of documents, creation of security and registration of charges are yet to take place and will be completed in due course. In view of the above circumstances the amount of borrowings have been classified as "SECURED LOAN."

9. The Company was declared a sick industrial company by the Board for Industrial and Financial Reconstruction (BIFR) vide its order dated 21.12.1998 under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985. The BIFR vide its order dated 22.02.2007 recommended winding up of the Company. The Company preferred an appeal against the order of BIFR to AAIFR and the AAFIR has stayed the operation of the order of the BIFR. The appeal is pending for adjudication. The management feels that the results of the appeal will be in the company"s favour. In view of the forgoing the accounts have been prepared on a going concern basis.

10. The Company has not received any informations from their suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 hence disclosures, if any relating to amounts unpaid at the year end together with interest payable as required under the said act could not be disclosed. The management is of opinion that interest, if any on such account will not be material.

11. The figures for the previous year have been regrouped/re-arranged to the extent necessary.

12. In view of the Accounting Standrad-17 Segmental Reporting issued by the Institute of Chartered Accountants of India, the operation of the company is considered as single segment" hence segment reporting is considered not applicable.

13. In view of the Accounting Standrad-18 issued by the Institute of Chartered Accountants of India, The nature of transactions held with related party are as follows :-

(I) list of related parties :-

Key Management Personnel

Mr. Narendra Bhanawat - Executive Director

Mr. Daud Ali - Managing Director

(II) Transaction with Related Parties

details of remuneration to Key Management Personnel (Executive Director) are disclosed at point no. 17

14. In view of the Accounting Standrad.-20 issued by the Institute of Chartered Accountants of India, The details of earning per share are as under :-

(I) Basic and diluted earnings per share is Rs. (0.65 ), Pr.yr. is Rs. (0.94) before Extra Ordinary items and after extra ordinary item is Rs.18.14 p.y. Rs.(0.94)

(II) The loss for the year has been used as the numerator and 1,55,00,000 numbers of Equity Shares (both for basic and diluted)being fully paid up has been considered as the denominator.

15. As required by Accounting Standrad No.- 22 "Accounting for Taxes on Income" issued by Institute of Chartered Accountants Of India, The Company has not recognised deferred tax as the company has heavy unabsorbed depreciation and carry forward of losses under tax law and there is no convincing evidence that sufficient future taxable income will be available against which such deferred tax can be realised.

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