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Notes to Accounts of Royal India Corporation Ltd.

Mar 31, 2015

NOTE:1

Balances of Trade Receivables, Loans and Advances, Secured Loans, Trade Payables & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

NOTE:2

In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount stated in balance sheet.

NOTE:3

According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of Accounting Standards28 issued by The Institute of Chartered Accountants of India.

NOTE:4

The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Statement of Profit & Loss.

NOTE : 5 DEFERRED TAX ASSETS/(LIABILITY)

The Company has provided Deferred Tax Assets for the year, amounting to Rs. 321,112/- due to the difference between the book balance and the written down value of fixed assets under Income Tax, which is in conformity with Accounting Standard - 22 on "Accounting on Taxes on Income "issued by the Institute of Chartered Accountant of India.

NOTE:6

The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year-end together with interest paid/payable as required under the said Act have not been made.

NOTE : 7 DERIVATIVE INSTRUMENTS

There was no contract related to hedging outstanding at the end of the year. Exposure related to Stock in hand at the end of the year were not hedged amount Rs. 77,103/- (P.Y- 8,92,42,215/-).

NOTE : 8 RELATED PARTY TRANSACTION

Related Parties and Nature of Relationship:

Related Party Nature of Relationship

MANISH NAVNIT SHAH Managing Director

HITESH MANGILAL JAIN Whole-Time Director& CFO

SIDDHI PATIL Company secretary

Note: Related Parties as disclosed by the management and relied upon by auditors.

NOTE : 9 SEGMENT INFORMATION (AS17)

Company has only one segment of activity namely "Trading of Bullion". Since there is No export turnover, there are no reportable geographical segments.


Mar 31, 2014

1 Corporate information

Royal India Corporation Limited is engaged in the business of Bullion, Real Estate and Investments.

Note : 2 Contingent Liabilities

Sr. Contingent liabilities and commitments As at As at No. (to the extent not provided for) 31st March, 31st March, 2014 2013 Income Tax Demand for A.Y 2010-11, Substantive Additions made during the A assessment, however appeal has been 9,77,02,258 9,77,02,258 filed and is pending for disposal by Commissioner of Income Tax (Appeal)

In respect of Stamp Duty demand with respect to order under section 391 & 394 of the Companies Act, 1956 passed B by The Hon''ble High Court pertaining 30,75,492 30,75,492 to the scheme of Amalgamation of Companies. It is not tenable in the view of the management.

The Income Tax Assessments of the company has been completed up to Assessment Year 2010-11. The disputed demand outstanding upto the said Assessment Year is 977.02 Lacs. On the Analysis by the expert professionals of the nature of demand and based on the earlier decisions of the authorities, interpretations, relevant provisions and considering the fact the company has been legally advised that the demand is likely to be deleted and accordingly has not been accounted in the books of accounts.

Contingent liabilities with respect to inspection carried by Regional Director (WR), Ministry of Corporate Affairs under section 209A of the Companies Act, 1956 during the year 2010 are not provided in books of accounts, as there was no major discrepancy/ irregularities are observed during the inspection.

Note: 3 Impairment of Assets

As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment loss during the year.

Note: 4

The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Statement of Profit & Loss.

The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been made.

Note: 5 Derivative Instruments

pThere was no contract related to hedging outstanding at the end of the year. Exposure related to Stock in hand at the end of the year were not hedged amount Rs. 8,92,42,215 (P.Y- 8,61,11,580).


Mar 31, 2013

1. CORPORATE INFORMATION

Royal India Corporation Limited is engaged in the business of Trading in Gold Jewelley, Gold Bar and Diamond.

NOTE : 2 RELATED PARTY DISCLOSURE

A) Key Management Personnel 1. Details of the Related Party

I) Manish Shah

II) Hitesh Jain

III) Kumarpal Punamiya#

B) Companies/ Firms in which KMP can exercise influence

I) Balaji Universal Tradelink Private Limited

II) Balaji Bullions & Commodities (I) Private Limited

III) Balaji Lifestyle Realtors Private Limited

V) Balaji Propbuilders Private Limited

VI) Balaji Refineries Limited

VII) Labh Commodities Private Limited

VIII) Om Movies Production Private Limited

IX) Amla Global Impex Private Limited

X) Hillview Impex Private Limited

XI) Jaguar Energy & Power Limited

XII) Jaguar Gems & Jewellery Limited

XIII) Orbit Diamonds Private Limited

XIV) Shri Baiju Trading & Investment Private Limited

For the year ended 31st March, 2013

XV) Paridhi Overseas Private Limited

XVI) Khajana Jewellers

XVII) Base Mining Resources Private Limited # Resigned from Directorship w.e.f. 21.12.2012

Note: Related Parties have been identified by Management

Sr. Contingent liabilities and commitments As at As at No. (to the extent not provided for) 31st March, 31st March, 2013 2012

A Income Tax Demand for A.Y. 2007-08, however appeal has been filed and is pending for disposal by Commissioner of Income - 3,46,14,261 Tax (Appeal)

Note: The appeal of A.Y. 2007 -08 has been assessed in the favour of the company.

B Income Tax Demand for A.Y 2010-11, Substantive Additions made during the assessment, however appeal has been filed and is pending for disposal by Commissioner of Income Tax 9,77,02,258 9,77,02,258 (Appeal)

C In respect of Stamp Duty demand with respect to order under section 391 & 394 of the Companies Act, 1956 passed by The C Hon''ble High Court pertaining to the scheme of Amalgamation of Companies. It is 30,75,492 30,75,492 not tenable in the view of the management.

The Income Tax Assessments of the company has been completed up to Assessment Year 2010-11. The disputed demand outstanding upto the said Assessment Year is rs. 977.02 Lacs. On the Analysis by the expert professionals of the nature of demand and based on the earlier decisions of the authorities, interpretations, relevant provisions and considering the fact the company has been legally advised that the demand is likely to be deleted and accordingly has not been accounted in the books of accounts.

Contingent liabilities with respect to inspection carried by Regional Director (WR), Ministry of Corporate Affairs under section 209A of the Companies Act, 1956 during the year 2010 are not provided in books of accounts, as there was no major discrepancy/ irregularities are observed during the inspection.

NOTE : 3 IMPAIRMENT OF ASSETS

As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment loss during the year.

NOTE : 4

The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS – 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Profit & Loss Account.

NOTE : 5 SEGMENT INFORMATION (AS-17)

The Segments are identified based on the dominant sources and nature of risks and return. Unallocated Corporate Expenses relate to the enterprises as a whole and are not attributable to the segments.

NOTE : 6

The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been made.

NOTE : 7 DERIVATIVE INSTRUMENTS

There was no contract related to hedging outstanding at the end of the year. Exposure related to Stock in hand at the end of the year were not hedged amount rs. 8,61,11,580 (P.Y- rs. 8,42,90,000).


Mar 31, 2012

1. CORPORATE INFORMATION

Royal India Corporation Limited is engaged in the business of Real Estate, Investments and Bullion Trading. Further during the year company has applied for the mines and also under the process of setting up Manufacturing unit in Mumbai.

NOTE : 2 DEFERRED TAX

The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax

NOTE : 3 RELATED PARTY DISCLOSURE 1. Details of the Related Party

A) Key Management Personnel

I) Manoj Punamiya#

II) Kumarpal Punamiya

III) Manish Shah

B) Companies/ Firms in which KMP can exercise influence.

I) Balaji Universal Tradelink Private Limited

II) Balaji Bullions & Commodities [I) Private Limited

III) Balaji Lifestyle Realtors Private Limited

IV) Balaji Propbuilders Private Limited

V) Balaji Refineries Limited

VI) Labh Commodities Private Limited

VII) Om Movies Production Private Limited

VIII) Amla Global Impex Private Limited

IX) Threewin Maritime India Private Limited#

X) Hillview Impex Private Limited

XI) Jaguar Energy & Power Limited

XII) Jaguar Gems & Jewellery Limited

XIII) Orbit Diamonds Private Limited

For the year ended 31st March, 2012

I) Shri Baiju Trading & Investment Private Limited

II) Paridhi Overseas Private Limited

III) Balaji Builders & Developers#

IV) Burhani Builders & Developers#

V) Silver Coin#

VI) Khajana Jewellers

VII) Base Mining Resources Private Limited # Resigned from Directorship w.e.f. 16th February 2012 Note: Related Parties have been identified by Management

NOTE : 4 CONTINGENT LIABILITIES

Sr. Contingent liabilities and commitments As at As at No. (to the extent not provided for] 31st March, 2012 31st March, 2011

Income Tax Demand for A.Y. 2006-07, however appeal has been A filed and is pending for disposal by Commissioner of Income - 8,08,662 Tax (Appeal)

Income Tax Demand for A.Y. 2006-07, however appeal has been B filed and is pending for disposal by Income Tax Appellate - 8,14,293 Tribunal

Income Tax Demand for A.Y. 2007-08, however appeal has been C filed and is pending for disposal by Commissioner of Income 3,46,14,261 Tax (Appeal)

Income Tax Demand for A.Y. 2008-09, however appeal has been D filed and is pending for disposal by Commissioner of Income - 21,87,080 Tax (Appeal)

Income Tax Demand for A.Y 2010-11, Substantive Additions made during the assessment, however appeal has been filed E 9,77,02,258 - and is pending for disposal by Commissioner of Income Tax (Appeal)

In respect of Stamp Duty demand with respect to order under section 391 & 394 of the Companies Act, 1956 passed by The F 30,75,492 30 75,492 Hon'ble High Court pertaining to the scheme of Amalgamation of Companies. It is not tenable in the view of the management.

The Income Tax Assessments of the company has been completed up to Assessment Year 2010-11. The disputed demand outstanding upto the said Assessment Year is ? 1323.17 Lacs. On the Analysis by the expert professionals of the nature of demand and based on the earlier decisions of the authorities, interpretations, relevant provisions and considering the fact the company has been legally advised that the demand is likely to be deleted and accordingly has not been accounted in the books of accounts.

Contingent liabilities with respect to inspection carried by Regional Director (WR), Ministry of Corporate Affairs under section 209A of the Companies Act, 1956 during the year 2010 are not provided in books of accounts, as there was no major discrepancy/ irregularities are observed during the inspection.

NOTE : 5 IMPAIRMENT OF ASSETS

As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment loss during the year.

NOTE:6

The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Profit & Loss Account.

NOTE:7

The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been made.

NOTE : 8 DERIVATIVE INSTRUMENTS

There was no contract related to hedging outstanding at the end of the year. Exposure related to Stock in hand at the end of the year were not hedged amount Rs. 8,42,90,000 (P.Y- 41,91,000).


Mar 31, 2010

NATURE OF BUSINESS:

Natraj Financial & Services Limited (NFSL) is engaged in the business of Real Estate, Investment, Finance and Bullion Trading.

1. Event Occurring after the Balance Sheet Date

The Audited Financial statements were approved by Board of Director on 29/05/2010 along with Auditor report. The above Financial Statements are restated after giving the effect of merged entity Luxury Exports Private Limited with the Company.

Amalgamation of Luxury Exports Private Limited with Company :

The Amalgamation of Luxury Exports Private Limited with Appointed Date as 1st April, 2009, has been completed and approved by the Honble High Court of Judicature at Mumbai. The financial statements include effects of this amalgamation.

a) In accordance with the Scheme of Amalgamation of the erstwhile Luxury Exports Private Limited (hereinafter referred to as LEPL) with the Natraj Financial And Services Limited (hereinafter referred to as Company) as sanctioned by the Honble High Court of Mumbai, the assets, liabilities and reserves of the LEPL were transferred to and vested in the Company w.e.f 1st April, 20O9.The Honble Mumbai High Court passed their order 01.16* July, 2010 approving the merger. The certified copies of the said orders were duly filed with the Registrar of Companies within the due * date.

b) LEPL was registered to carry on business in India and or outside India as dealers, trader, importer, exporter of goods, items, products and to deal in metal scrap, ferrous and non-ferrous metals, diamonds, precious/semi-precious stones, iron, steel, hardware items, aluminum items, machineries, engineering goods, cement, building materials, stones, minerals electronic and electrical items, mobile, mobile accessories, woods including plywood, chemicals, drugs, cosmetics, general pharmacy item, rubber, plastic items, tyre tubes, computers, scrap material, automobiles, accessories, agricultural products, grocery, textile items, yarns, fabrics, garments, papers and stationery items.

The company also invested in its subsidiary, Balaji Corporation Private Limited, which is engaged in the business of real estate.

c) The amalgamation has been accounted for under the pooling of interests method as prescribed by the Accounting Standard (AS 14 - Accounting for Amalgamations) issued by The Institute of Chartered Accountants of India. Accordingly, the assets, liabilities and reserves of erstwhile LEPL have been taken over at their books values. The difference between the amount recorded as share capital to be issued and the amount of share capital of the LEPL, i.e. Rs. 1122.00 Lacs has been adjusted in Security Premium of the Company.

d) As stipulated in the Scheme of Amalgamation and in accordance with the Accounting Standard AS 14 - Accounting for Amalgamations, issued by The Institute of Chartered Accountants of India, Security Premium for Rs.45.00 Lacs and Profit & Loss Account for Rs.(0.19) Lacs of erstwhile LEPL have been transferred to the corresponding Reserves accounts.

Consequent to the Amalgamation of LEPL with the Company and in accordance with the terms of Scheme of Amalgamation, the Company would allot 188 equity shares of the Company of Rs.10 each to the shareholders of LEPL for every 1 equity share of face value of Rs.10 held by them, total 1,12,80,000 equity shares would thus be allotted.

e) During the period between the Appointed Date and the Effective Date as erstwhile LEPL carried on the existing business in trust on behalf of the company, all vouchers, documents, etc., for the period are in the name of erstwhile LEPL. The title deeds for landed properties, licenses, agreements, loan documents, etc., if any, are being transferred in the name of the Company.

f) Previous years figures do not include the figures of LEPL and hence are not comparable to those of the current year.

g) The Balaji Corporation Private Limited, subsidiary of LEPL, has now become subsidiary of the Company, accordingly the consolidated financial statements are prepared separately.

2. The company has issued 73,00,000 new Equity Shares through the Postal Ballot dated 02/07/2009 under section 81(1A) and other applicable provision of The Company Act, 1956. These shares have been allotted at a price of Rs. 35.10 each which is in accordance with the Preferential Issue Guidelines issued by Securities & Exchange Board of India.

3. Contingent Liabilities -

Contingent Liabilities in respect of Income Tax Demand for the A.Y. 2007-08 of Rs. 8,08,662/- is not provided in the books of Accounts.

4. The Balance of Sundry Debtors, Loans & Advances and Current Liabilities are subject to confirmation from parties.

5. The Company has not provided for Gratuity and Leave Encashment to Employees on accrual basis, which is* not in conformity with AS - 15 issued by ICAI. However, in the opinion of management the amount involved is negligible and has no impact on Profit & Loss Account.

6. In the opinion of the management, loans & advances are recoverable at the value stated in the financial statements and adequate provisions have been made in the accounts for all known liabilities.

7. Additional information pursuant to the provisions of Clause 4a of Part II of Schedule VI of the Companies Act, 1956: Commission (u/s 349) "Nil".

9. Additional information pursuant to the provisions of Paragraphs 4d of Part II of Schedule VI of the Companies Act, 1956:

a. Expenditure in Foreign currency "Nil"

b. Earning in Foreign currency "Nil"

10. Accounts payable to Small Scale Industrial Undertaking the head of Sundry Creditors - Nil

(Previous Year - Nil)

11. Related Party Disclosures :

A. Related Parties and Nature of Relationship :

I. Companies in which Directors having significant influence

1. Balaji Universal Tradelink Private Limited

2. Balaji Bullions & Commodities (I) Private Limited

3. Balaji Lifestyle Realtors Private Limited

4. Balaji Propbuilders Private Limited

5. Balaji Refinery Limited

6. Labh Commodities Private Limited

7. Om Movies Production Private Limited

8. Amla Global Impex Private Limited

9. Threewin Maritime (I) Private Limited

10. Luxury Exports Private Limited

11. Hill View Impex Private Limited

12. Jaguar Energy & Power Limited

13. Jaguar Gems & Jewellery Limited

14. Orbit Diamonds Private Limited

15. Shree Baiju Trading & Investments Pvt. Ltd.

16. Varan Industries Limited $

17. Varan Jewels Private Limited $

18. Shri Sai Jewels Private Limited $

19. Varan Minerals Corporation Private Limited $

20. Varan Petroleum Corporation Private Limited $

21. Varan Real Estate (India) Private Limited $

22. Varan Capital Market Advisory Private Limited $

23. Varan Earthtech Limited $

24. Rainbow Sunlight Jewels Private Limited #

25. Aishnoni Copper and Alloys Private Limited

26. Bright Telecom India Private Limited

27. RAS Extrusions Limited @

28. RAS Propack Lamipack Limited @

29. Paridhi Overseas Private Limited*

II. Subsidiary

Balaji Corporation Private Limited

III. Firms in which Directors are Partners/Proprietor

1. Silver Coin

2.Balaji Builders & Developers 3.Burhani Builders & Devlopers 4.Balaji Enterprises 5.Devshanti Devlopers 6.Parshvwa Telesystem 7.Reliable Associates # 8. Rainbow Silk #

IV. Key Management Personnel Manoj Punamiya

14. Segment Information (AS-17):

The Segments are identified based on the dominant sources and nature of risks and return. Unallocated Corporate Expenses relate to the enterprises as a whole and are not attributable to the segments.

15. As required by accounting standard (AS 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company has carried out the assessment of impairment of assets. There has been no impairment loss during the year.

17. Schedule 1 to 15 form an integral part of the Balance Sheet as at 31st March 2010 and the P & L A/c for the year ended on that date.

18. Prior year amounts have been regrouped & reclassified, where necessary, to confirm to current years presentation.

19. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been made.

20. Balance Sheet abstract and companys general business profile as per the annexure A.

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