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Notes to Accounts of Texmaco Infrastructure & Holdings Ltd.

Mar 31, 2023

Nature and purpose of each reserves:

1 Capital Redemption Reserve is created pursuant to redemption of preference shares issued in earlier years. This reserve shall be utilised in accordance with the provisions of the Act.

2 Securities Premium is used to record the premium on issue of shares. This reserve shall be utilised in accordance with the provisions of the Act.

3 General Reserve represents the reserve created through annual transfer of net profit at a specified percentage in accordance with the provisions of the erstwhile Companies Act, 1956. Consequent to the introduction of the Companies Act, 2013, the requirement to mandatory transfer a specified percentage of its profit to general reserve has been withdrawn, though the Company may voluntarily transfer such percentage of its profits for the financial year, as it may consider appropriate. This reserve can be utilised in accordance with the provisions of the Act.

4 Retained Earnings represents the undistributed profit / amount of accumulated earnings of the Company.

5 Equity Instruments through other comprehensive income represents the cumulative gains and losses arising on fair valuation of equity instruments measured at fair value through other comprehensive income, net of tax.

6 Debt instruments through other comprehensive income represents the cumulative gains and losses arising on fair valuation of debt instruments measured at fair value through other comprehensive income, net of tax.

7 Remeasurement of defined benefit plans comprises actuarial gains and losses which are recognised in other comprehensive income and then immediately transferred to retained earnings.

Suits/Claims filed by the Company or against the Company, for damages/recovery possessions of quarters/land at Delhi, wages/ reinstatement & other matters are under dispute and sub-judice-Amount not ascertainable (31.03.2022 - Amount not ascertainable).

37. The Company incurred an expenditure of Rs.Nil (31st March, 2022:Rs.6.21lakhs) by way of Legal Expenses and payment of dues and ex-gratia to the ex-employees for obtaining vacant possession of the residential quarters unauthorized occupied by them even after cessation of their employment. These expenses have been shown as expenses on Land and capitalised under the head "Land".

38. In the opinion of the management, current assets, loans and advances have a value on realisation in the ordinary course of business unless otherwise stated, at least to the amount at which they are stated and the provisions for all known and determined liabilities are adequately provided.

39. Disclosure pursuant to Section 186(4) of the Companies Act, 2013:

Particulars of loans given and investments made is given in Note 5 & 13 and 4 & 9 respectively. Loans have been given for normal business use.

Notes:

a) The transactions with related parties have been entered at an amount which are not materially different from those on normal commercial terms.

b) The amounts outstanding are unsecured and will be settled in cash. No expense has been recognized in current year and previous year for bad or doubtful debts in respect of the amounts owed by related parties.

c) The transactions entered into are in the ordinary course of business and are at arms'' length basis.

Note 41 Employee Benefits

As per I nd AS 19, "Employee Benefits", the disclosures of Employee Benefits are as follows:

The Company is exposed to various risks in providing the above benefit which are as follows:

Interest Rate Risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).

Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due to non-availabilty of enough cash / cash equivalent to meet the liabilities or holding of liquid assets not being sold in time.

Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of oblgation will have a bearing on the plan''s liability.

Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act , 1972 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase in the maximum limit on gratuity of '' 20,00,000).

Other Disclosures:

i) The following are the assumptions used to determine the benefit obligation:

a) Discount Rate: The discount rate reflects the estimated timing and currency of benefit payments. It is based on the yields / rates available on applicable bonds as on the valuation date.

b) Rate of escalation in salary: The salary growth rate is the Company''s best estimate of an increase in salary of the employees in future years, determined considering the general trend in inflation, seniority, promotions, past experience and other relevant factors such as demand and supply in employment market, etc.

c) Attrition Rate: Attrition rate represents the Company''s best estimate of employee turnover in future (other than on account of retirement, death or disablement) determined considering various factors such as nature of business, retention policy, industry factors, past experience, etc.

ii) The Provident and Pension Fund Expenses and Gratuity have been recognised under "Contribution to Provident and Other Funds" while Leave Encashment are recognized under the head " Salaries and Wages" under Note No. 30.

46. Financial Risk Management Objectives and policies-

The Company''s activities expose it to Credit Risk, Liquidity Risk, Market Risk and Equity Price Risk.

This note explains the source of risk which the Company is exposed to and how the Company manages the risk and the impact. The management of the company ensures that risks are identified, measured and mitigated in accordance with the Risk Management Policy of the company. The Board provides guiding principles on risk management and also review these risks and related risk management policies which are given as under.

The Company''s financial liabilities comprise borrowings, capital creditors and trade and other payables. The company''s financial assets include trade and other receivables, cash and cash equivalents, investments including investments in subsidiaries, loans & advances and deposits

A. Credit Risk- A risk that counterparty may not meet its obligations under a financial instrument or customer contract, leading to a financial loss is defined as Credit Risk. The Company is exposed to credit risk from its operating and financial activities.

Customer credit risk is managed by the respective marketing department subject to the Company''s established policy, procedures and control relating to customer credit risk management. The Company reviews the creditworthiness of these customers on an ongoing basis. The Company estimates the expected credit loss on the basis of past data, experience and policy laid down in this respect. The maximum exposure to the credit risk at the reporting date is the carrying value of the trade receivables disclosed in Note 10 as the Company does not hold any collateral as security. The Company has a practice to provide for doubtful debts as per its approved policy.

Ageing analysis of trade receivable is disclosed in Note 10.

B. Liquidity Risk- A risk that the Company may not be able to settle or meet its obligations at a reasonable price is defined as liquidity risks. The Company''s treasury department is responsible for managing liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of cash credits, Term loans among others.

C. Market Risk- A risk that the fair value of future cash flows of a financial instrument may fluctuate because of changes in market prices is defined as Marketing Risk. Such changes in the value of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes.

D. Foreign Currency Risk- A risk that the fair value or future value of the cash flows of forex exposure will fluctuate because of changes in foreign exchange rates is defined as Foreign Currency Risk. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s export, import and foreign currency loan/ derivatives operating activities. The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily to hedge foreign exchange exposure. The management monitors the foreign exchange fluctuations on a continuous basis.

E. Equity Price Risk- A risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in equity prices (other than those arising from interest rate or foreign exchange rate risk), whether those changes are caused by factors specific to the individual financial instruments or its issuer, or by factors affecting all similar financial instruments traded in the market is defined as Equity Price Risk.

The Company generally invests in the equity shares of the Subsidiaries, Associates, Joint Ventures and some of the group companies as part of the Company''s overall business strategy and policy. The Company manages the equity price risk through placing limits on individual and total equity investment in each of the subsidiaries and group companies based on the respective business plan of each of the companies. The Company''s investment in quoted equity instruments (other than above) is not material. For sensitivity analysis of Company''s investments in equity instruments, refer Note No.48 (Fair Value).

47. Capital Management

The Company''s objective when managing capital (defined as net debt and equity) is to safeguard the Company''s ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders, while protecting and strengthening the Balance Sheet through the appropriate balance of debt and equity funding. The Company manages its capital structure and makes adjustments to it, in taking into consideration the economic conditions and strategic objectives of the Company.

B. Measurement of fair values

The above table analyses financial instruments carried at fair value, by valuation method. The different levels have been defined

below:

- 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 asset or liability that are not based on observable market data (unobservable inputs)

C. Valuation techniques

The following methods and assumptions were used to estimate the fair values

1) Fair value of the cash and short term deposits, current loans and advances and other current financial liabilities, short term borrowing from banks and other financial institutions and other similar items approximate their carrying value largely due to short term maturities of these instruments.

2) Long-term receivables/borrowings are evaluated by the Company based on parameters such as interest rates, specific country risk factors, individual credit worthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.

3) The fair value of unquoted instruments, loans from banks/financial institution and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt of similar terms, credit risk and remaining maturities.

Note 49 Segment Information:

The Directors have been identified as the Company''s Chief Operating Decision Maker (CODM) as defined by Ind AS 108 - Operating Segments. The Chief Operating Decision Maker (CODM) evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators by Business segments. The CODM of the Company evaluates the segments based on their revenue growth, operating income and return on capital employed. No operating segments have been aggregated in arriving at the Business Segment of the Company.

Management has determined the operating segments based on the information reviewed by the CODM for the purposes of allocating resources and assessing performance. The Company has identified only three business segments viz. Real Estate, Hydro Power and Job work and presented the same in the financial statements on a consistent basis. Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as"Unallocable".

Segment assets and segment liabilities represent assets and liabilities of respective segment. Investments, tax related assets/ liabilities and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as" Unallocable"

Given the nature of business of the Company, it operates only in India. Hence, disclosure regarding geographical information of the segment is not applicable to the Company and therefore not disclosed in the financial statements.

(i) Inter-segment revenues are eliminated upon consolidation. Finance income and costs, and fair value gains and losses on financial assets are not allocated to individual segments as the underlying instruments are managed at Company level. Current taxes, deferred taxes and certain financial assets and liabilities are not allocated to those segments as they are also managed at Company level. Capital expenditure consists of additions to property, plant and equipment, capital work in progress and intangible assets.

(ii) Transactions between segments are primarily transferred at cost/market determined prices. Common costs are apportioned on a reasonable basis.

ii. Company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date.

iii. No Proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder and company has not been declared as wilful defaulter by any bank or institution or other lende

iv. To the best of the information available, the company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956

v. There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.

vi. The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding party") with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding party (ultimate beneficiaries); or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

vii. No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

viii. The Company has not traded or invested in crypto currency or virtual currency during the year.

51. Recent Accounting Pronouncements:

New and revised standards adopted by the Company

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 follows:

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 standalone 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 standalone financial statements.

Ind AS 12 - Income Taxes

This amendment has narrowed the scope of the initial recognition exemptions 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 standalone financial statements.

52. Figures below ''500/- have been omitted for rounding off, '' 500/- and above have been rounded off to the next ''1,000/-.

53. The previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to comply with the amendment in Division II to the Schedule III to the Companies Act, 2013. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

In terms of our Report of even date attached herewith.

Mar 31, 2018

1. General Corporate Information

Texmaco Infrastructure & Holdings Limited, founded in 1939, has demerged its Heavy Engineering and Steei Foundry businesses, constituting the major part of its operations, into a separate company caiied Texmaco Raii & Engineering Limited.

Texmaco Infrastructure & Holdings Limited is presently concentrated in the businesses of Real Estate, Mini Hydel Power and Investments. The demerger of the Company was with the prime objective of each constituent company being able to focus in the core areas of its respective business segments.

The Company is a public limited company incorporated and domiciled in India. The address of its corporate office is Belgharia, Kolkata-700 056.

Notes:2

(i) The Company has oniy one class of shares referred to as equity shares having a par value of Rs. 1/-. each holder of equity shares is entitled to one vote per share.

(ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

(iii) Reconciliation of number of Issued, Subsribed and Paid-up Capital.

(iv) After the reporting date, dividend of 0.20 paisa (2017: 0.20 paisa) per equity share were proposed by the Board of Directors subject to the approval of the shareholders at the Annual General Meeting, the dividend has not been recognised as liabilities. Dividend would attract Dividend Distribution Tax when declared or paid.

(v) Paid-up amount of Forfieted Shares is 7500/-

(vi) The name of Shareholders holding more than 5% of Equity shares

Note 3. The Company has agreed to continue with the charge on its property at Kamaia Nagar, Delhi in favour of the Bank from where credit facilities were availed for working capital for its Heavy Engineering and Steel Foundry businesses demerged to Texmaco Rail & Engineering Ltd. (TexRail), an associate company under a Court approved scheme effective from 01.04.2010. It being a requirement of the Bank, during the initial years of the operations of TexRail after demerger, the Company has also given a Corporate Guarantee to the bank in support of the charge against the said working capital facilities to the extent of Rs.50 crores.

Note 4. The company has surrendered the requisite land to DDA from its Industrial plot and has retained 39,673.09 sq. mtrs. of land in term of the orders of the Hon''ble Supreme Court. The District Judge of Delhi the executing authority has issued orders that the execution proceedings stand closed being satisfied. Post acceptance of surrendered land by DDA, the balance area is now in the clear possession of the Company in terms of the Supreme Court order.

Note 5. As per the Agreement with Chambal Fertilizers & Chemicals Ltd., when they took over the assets and liabilities of Baddi Unit from 01-10-99, Texmaco Infrastructure & Holdings Limited (formerly Texmaco Limited) is liable to pay wages and salary in respect of excess workers/ staff taken over by them over and above the required one to run the Baddi Unit. The Company incurred an expenditure of Rs.47.65 lakhs (31st March, 2017: Rs.55.71 lakhs) by way of Legal Expenses and payment of dues and ex-gratia to the ex-employees for obtaining vacant possession of the residential quarters unauthorized occupied by them even after cessation of their employment. These expenses have been shown as expenses on Land and capitalised under the head " Land".

Note 6. In the opinion of the management, current assets, loans and advances have a value on realisation in the ordinary course of business unless otherwise stated, at least to the amount at which they are stated and the provisions for all known and determined liabilities is adequately provided.

Note 7. Financial Risk Management Objectives and policies-

The Company''s activities expose it to Credit Risk, Liquidity Risk, Market Risk, and Equity Price Risk.

A. Credit Risk-A risk that counterparty may not meet its obligations under a financial instrument or customer contract, leading to a financial loss is defined as Credit Risk. The Company is exposed to credit risk from its operating and financial activities.

Customer credit risk is managed by the respective marketing department subject to the Company''s established policy, procedures and control relating to customer credit risk management. The Company reviews the creditworthiness of these customers on an on-going basis. The Company estimates the expected credit loss on the basis of past data, experience and policy laid down in this respect. The maximum exposure to the credit risk at the reporting date is the carrying value of the trade receivables disclosed in Note 10 as the Company does not hold any collateral as security. The Company has a practice to provide for doubtful debts as per its approved policy.

B. Liquidity Risk-A risk that the Company may not be able to settle or meet its obligations at a reasonable price is defined as liquidity risks. The Company''s treasury department is responsible for managing liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of cash credits, Term loans among others.

Foreign Currency Risk- A risk that the fair value or future value of the cash flows of forex exposure will fluctuate because of changes in foreign exchange rates is defined as Foreign Currency Risk. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s export, import and foreign currency loan/ derivatives operating activities. The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily to hedge foreign exchange exposure. The management monitors the foreign exchange fluctuations on a continuous basis.

D. Equity Price Risk- A risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in equity prices (other than those arising from interest rate or foreign exchange rate risk), whether those changes are caused by factors specific to the individual financial instruments or its issuer, or by factors affecting all similar financial instruments traded in the market is defined as Equity Price Risk.

Note 8. Capital Management

Note 9. Fair Value

Carrying amounts and fair values Fair Value through Profit & Loss (FVTPL) of financial instruments, including their levels in the fair value hierarchy has been mentioned in Note 2 (vii) and has been mentioned in Note No 4 and Note No 9.

B. Measurement op Pair values

The table shown beiow analyses financial instruments carried at fair value, by valuation method. The different levels have been defined below:

- 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 asset or liability that are not based on observable market data (unobservable inputs).

C. Valuation techniques The Following methods and assumptions were used to estimate the Pair values

Note 10. Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs ("MCA") through Companies (Indian Accounting Standards) Amendment Rules, 2018 has notified the following new and amendments to Ind ASs which the Company has not applied as they are effective for annual periods beginning on or after April 1, 2018:

Ind AS 115 - Revenue From Contracts with Customers

Ind AS 115 was issued in February 2015 and establishes a five step model to account for revenue arising from contracts with customers. Under Ind AS 115 revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under Ind AS. The Company will adopt the new standard on the required effective date. During the current year, the Company performed a preliminary assessment of Ind AS 115, which is subject to changes arising from a more detailed ongoing analysis.

Ind AS 21 - The EFFect oF Changes in Foreign Exchange Rates

The amendment clarifies on the accounting of transactions that include the receipt or payment of advance consideration in a foreign currency. The appendix explains that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt. The Company does not have foreign currency transaction and hence there is no impact of this amendment on its financial statements.

Note 11

Previous year figure have been regrouped/ rearranged/ restated/ recast wherever necessary to confirm this year classification.

Note 12

Figures below Rs.500/- have been omitted for rounding off, Rs.500/- and above have been rounded off to the next Rs. 1,000/-.

Mar 31, 2016

(i) The Company has only one class of shares referred to as equity shares having a par value of H 1/-. Each holder of equity shares is entitled to one vote per share.

(ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

(iv) The dividend proposed by the Board of Directors is subject to the approval of shareholders in Annual General Meeting. The Company has proposed to pay dividend amounting to Rs. 306.73 lakhs (including corporate dividend tax of Rs. 51.88 lakhs). The rate of proposed dividend is Rs. 0.20 per equity shares. (Previous Year Rs.230.05 lakhs including Corporate dividend tax of Rs. 38.91 lakhs).

(v) Paid-up amount of Forfeited Shares is Rs. 500/-.

Advance from other includes Rs. 300 lakhs received from a party as security deposit in terms of an agreement for development of land, in which the party defaulted and the matter is under arbitration.

The Company has agreed to continue with the charge on its property at Kamala Nagar, Delhi in favour of the Bank from where credit facilities were availed for working capital for its Heavy Engineering and Steel Foundry businesses demerged to Texmaco Rail & Engineering Limited (TexRail), an associate company under a Court approved scheme effective from 01.04.2010. It being a requirement of the Bank, during the initial years of the operations of TexRail after demerger, the Company has also given a Corporate Guarantee to the bank in support of the charge against the said working capital facilities to the extent of Rs. 50 crore.

The Company has surrendered the requisite land to DDA from its Industrial plot and has retained 39673.09 sq. mtrs. of land in term of the orders of the Honâble Supreme Court. The District Judge of Delhi the executing authority has issued orders that the execution proceedings stand closed being satisfied.

Post acceptance of surrendered land by DDA, the balance area is now in the clear possession of the Company in terms of the Supreme Court order.

As per the Agreement with Chambal Fertilizers & Chemicals Limited, when they took over the assets and liabilities of Baddi Unit from 01-10-99, Texmaco Infrastructure & Holdings Limited (formerly Texmaco Limited) is liable to pay wages and salary in respect of excess workers/ staff taken over by them over and above the required one to run the Baddi Unit. The Company incurred an expenditure of Rs. 127.62 lakhs (previous year Rs. 136.65 lakhs) by way of Legal Expenses and payment of dues and ex-gratia to the ex-employees for obtaining vacant possession of the residential quarters unauthorized occupied by them even after cessation of their employment. These expenses have been shown as expenses on Land and Capitalized under the head "Landâ.

In the opinion of the management, current assets, loans and advances have a value on realization in the ordinary course of business unless otherwise stated, at least to the amount at which they are stated and the provisions for all known and determined liabilities is adequately provided.

Balance of debtors and loans and advances are subject to confirmation from respective parties.

Previous year figure have been regrouped/ rearranged/ restated/ recast wherever necessary to confirm this year classification. Figures below Rs. 500/- have been omitted for rounding off and Rs. 500/- & above have been rounded off to the next Rs. 1,000/-.

Mar 31, 2015

1.1 Advance from others includes Rs. 300 lakhs received from a party as security deposit in terms of an agreement for development of land, in which the party defaulted and the matter is presently under arbitration.

1.2 Post demerger of the Heavy Engineering and Steel Foundry businesses of the Company to Texmaco Rail & Engineering Limited, the first charge created on its immovable property and the corporate guarantee issued for the said businesses, continue as collateral security for the facilities extended to Texmaco Rail & Engineering Limited by the State Bank of India in respect of the demerged businesses.

1.3 The company has surrendered the requisite land to DDA from its Industrial plot and has retained 39673.09 sq. mtrs. of land in term of the orders of the Hon'ble Supreme Court. The District Judge of Delhi the executing authority has issued orders that the execution proceedings stand closed being satisfied.

Post acceptance of surrendered land by DDA, the balance area is now in the clear possession of the Company in terms of the Supreme Court Order.

1.4 As per the Agreement with Chambal Fertilizers & Chemicals Limited, when they took over the assets and liabilities of Baddi Unit from 01-10-99, Texmaco Infrastructure & Holdings Limited (formerly Texmaco Limited) is liable to pay wages and salary in respect of excess workers/ staff taken over by them over and above the required one to run the Baddi Unit. The Company incurred an expenditure of Rs. 136.65 lakhs (previous year Rs 106.23 lakhs) by way of Legal Expenses and payment of dues and ex-gratia to the ex-employees for obtaining vacant possession of the residential quarters unauthorized occupied by them even after cessation of their employment. These expenses have been shown as expenses on Land and Capitalised under the head " Land". 2.26

In the opinion of the management, current assets, loans and advances have a value on realisation in the ordinary course of business unless otherwise stated, at least to the amount at which they are stated and the provisions for all known and determined liabilities is adequately provided.

1.5 Balance of debtors and loans and advances are subject to confirmation from respective parties.

1.6 Following assets (Company's share) are held under co ownership with other companies

1.7 Previous year figure have been regrouped/ rearranged/ restated/ recast wherever necessary to conform this year classification.

1.8 Figures below Rs. 500/- have been omitted for rounding off and Rs. 500/- & above have been rounded off to the next Rs. 1,000/-.

Mar 31, 2014

A. Key Management Personnel

Shri Hemant Kumar Shri Hemant Kumar

(Executive Director) (Executive Director)

B. Subsidiaries

High Quality Steels Limited

(100% of the Capital held by the Company)

Macfarlane & Company Limited

(71.27% of the Capital held by the Company)

High Quality Steels Limited

(100% of the Capital held by the Company)

Macfarlane & Company Limited

(71.27% of the Capital held by the Company!

C. Associates

Lionel India Limited

(50.00% of the Capital held by the Company) Texmaco Rail & Engineering Limited (30.00% of the Capital held by the Company)

Lionel India Limited

(50.00% of the Capital held by the Company) Texmaco Rail & Engineering Limited (30.00% of the Capital held by the Company)

D. Group Company where transaction exists

Zuari Investments Ltd

Duke Commerce Ltd.

Adventz Securities Enterprises Ltd.

Zuari Global Ltd.

Adventz Holdings Ltd

Adventz investment & Holdings Ltd.

New Eros Tradecom Ltd.

Master Exchange & Finance Ltd.

Adventz Investments Co. Pvt. Ltd.

Adventz Securities Trading Pvt. Ltd.

Adventz Finance Pvt. Ltd..

Eureka Traders Pvt. Ltd.

Abhishek Holdings Pvt. Ltd.

Greenland Trading Pvt. Ltd.

Indrakshi Trading Company Pvt. Ltd.

High Quality Steels Ltd.

Zuari Agro Chemicals Ltd.

Zuari Investments Ltd

Duke Commerce Ltd.

Adventz Securities Enterprises Ltd.

Zuari Global Ltd.

Adventz Holdings Ltd

Adventz investment & Holdings Ltd.

New Eros Tradecom Ltd.

Master Exchange & Finance Ltd.

Adventz Investments Co. Pvt. Ltd

Adventz Securities Trading Pvt. Ltd.

Adventz Finance Pvt. Ltd.

Eureka Traders Pvt. Ltd

Abhishek Holdings Pvt. Ltd.

Greenland Trading Pvt. Ltd

Indrakshi Trading Company Pvt. Ltd.

High Quality Steels Ltd.

Zuari Agro Chemicals Ltd.

Previous year figure have been regrouped/ rearranged/ restated/ recast wherever necessary to confirm this year classification. Figures below Rs. 500/- have been omitted for rounding off and above Rs. 500/- have been rounded off to the next Rs. 1,000/-.

Mar 31, 2013

1.1

The Company has agreed to continue with the charge on its property at Kamala Nagar, Delhi in favour of the Bank from where credit facilities were availed for working capital for its Heavy Engineering and Steel Foundry businesses demerged to Texmaco Rail & Engineering Ltd (TexRail), an associate company under a Court approved scheme effective from 01.04.2010. It being a requirement of the Bank, during the initial years of the operations of TexRail after demerger, the Company has also given a Corporate Guarantee to the bank in support of the charge against the said working capital facilities to the extent of Rs 50 crore.

1.2

Pursuant to the Supreme Court order dated 25th March, 2010 the Company could retain 35% of its Industrial Land with a F.A.R., 1.5 times of normal and surrender the balance Land to DDA. In terms of the decision taken by the screening committee of the DDA, the Company surrendered and DDA has duly taken possession of 52,201 sq mtrs. land out of 58,951 sq mtrs. that was required to be surrendered to DDA. The balance area has not yet been surrendered being the balance 5 nos residential quarters occupied by ex-employees, not yet vacated, for which the management has taken necessary steps for obtaining vacant possession.

1.3

As per the Agreement with Chambal Fertilizers & Chemicals Ltd., when they took over the assets and liabilities of Baddi Unit from 01-10-99, Texmaco Infrastructure & Holdings Limited (formerly Texmaco Limited) is liable to pay wages and salary in respect of excess workers/ staff taken over by them over and above the required one to run the Baddi Unit. The Company incurred an expenditure of Rs. 96.94 lakhs (previous year Rs 51.08 lakhs) by way of Legal Expenses and payment of dues and ex-gratia to the ex-employees for obtaining vacant possession of the residential quarters unauthorized occupied by them even after cessation of their employment. These expenses have been shown as expenses on Land and Capitalised under the head D LandD.

1.4

In the opinion of the management, current assets, loans and advances have a value on realisation in the ordinary course of business unless otherwise stated, at least to the amount at which they are stated and the provisions for all known and determined liabilities is adequately provided.

1.5

Balance of debtors and loans and advances are subject to confirmation from respective parties.

1.6

Following assets (company''s share) are held under co ownership with other companies

Figures below Rs. 500/- have been omitted for rounding off and above Rs. 500/- have been rounded off to the next Rs. 1000/-.

Mar 31, 2012

1. Company Overview

Texmaco Infrastructure & Holdings Limited, is involved in carrying on the business of constructing, creating, developing etc. all types of infrastructural facilities required for socio-economic development including social infrastructure related facilities in turnkey projects such as roads, water supply, power supply works, , commercial complexes, etc., industrial structure and providing necessary equipments and facilities either on its own or through private sector participation, joint venture etc., or such other facilities as may be required for attaining the object and to acquire, purchase, own, take on lease, any type of lands or properties and to act as developers, buifders.

The abridged financial statement have been prepared pursuant to Rule 7 A of the Companies (Central Government's) General Rules and Forms, 1956 and are based on the annual accounts for the year ended March 31, 2012

2. Figures below Rs. 500/- have been omitted for rounding off and above Rs. 500/- have been rounded off to the next Rs. 1,000/- (Refer Note 2.36 in the Notes to Accounts of the annual standalone financial statement.)

Mar 31, 2011

1. a) Pursuant to the Scheme of Arrangement approved by the Hon'ble High Court, Calcutta, all the Assets, Liabilities, Capital Investment Subsidy, Equity QIP Share Premium and Revaluation Reserve of Heavy Engineering and Steel Foundry businesses of the Company as on 1st April 2010 have been transferred to Texmaco Rail & Engineering Limited (ÃTexRailÃ) at their book values and accordingly, Rs 15,280.48 lacs being the surplus of Assets over the Liabilities of the Business so Demerged, has been reduced from General Reserve in terms of the Order of the Hon'ble High Court, Calcutta.

b) Pursuant to the Scheme, TexRail has issued 12,71,83,090 Equity Shares of Re 1 each aggregating to Rs 1,271.83 lacs to the existing shareholders of the Company as on the record date, in the ratio of 1 fully paid up Equity Share of Re 1 each of TexRail for each share of Re 1 each held in the Company.

c) The results of the Company for the current year ended 31st March, 2011 are after giving effect to the Scheme of Arrangement with TexRail, whereby the Heavy Engineering and Steel Foundry businesses have been demerged to TexRail with appointed date of 1st April, 2010 and accordingly its previous year's figures are not comparable with the current year.

2. Pursuant to the Supreme Court order dated 25th March, 2010 the Company could retain 35% of its Industrial Land with a F.A.R., 1.5 times of normal and surrender the balance Land to DDA. The Company is in process of identifying the area required to be surrendered to DDA and have moved an application in the Court of Dist. Judge, Delhi who is the Authority nominated by the Hon'ble Supreme Court for executing orders of Supreme Court.

3. As per the Agreement with Chambal Fertilisers & Chemicals Ltd., when they took over the assets and liabilities of Baddi Unit from 01-10-99, Texmaco is liable to pay wages and salary in respect of excess workers / staff taken over by them over and above the required one to run the Baddi Unit. The Company has paid Rs. 53.25 Lakhs (Previous year Rs. 21.79 Lakhs) during the year to such workers/ staff including various other related expenses. Such expenses have been shown as expenses on land and capitalised under the head ÃLand'.

4. In the opinion of the management, current assets, loans and advances have a value on realisation in the ordinary course of business unless otherwise stated, at least to the amount at which they are stated and the provisions for all known and determined liabilities is adequately provided.

5. Balance of debtors and loans and advances are subject to confirmation from respective parties.

6. Issued, Subscribed and Paid up Share Capital of the company is excluding 9960 Nos. of Equity Shares lying in abeyance Ã NSDL Ã Transit case (Previous Year Ã 9960 Nos. of Equity Shares)

7. Sales include inter departmental transfers Rs. Nil (previous year Rs. 14,914.81 lakhs), Tax deducted at source Rs. Nil (previous year Rs. 1,267.68 lakhs), excess/(short) realisation of bills Rs. Nil (previous year Rs. net (5.11) lakhs).

Mar 31, 2010

1 Contingent Liabilities (not 2009-10 2008-09 provided for) in respect of:

(a) Guarantees given by Banks 32,258.80 39,607.46

(b) Letters of Credit opened by Banks 25,397.05 25,638.36

(c) Claims under dispute (excise duty & service tax) 2,054.48 2,600.96

(d) Claims not acknowledged as debts (Amount unascertainable) - -

(e) Income Tax assessment re-opened (Amount unascertainable) - -

2. The Company accounts for gratuity liability of its Engineering units equivalent to the premium amount paid/ payable to Life Insurance Corporation of India (LIC). However, the entire amount of provision of gratuity has not been funded with LIC.

3. As per the Agreement with Chambal Fertilizers & Chemicals Ltd., when they took over the assets and liabilities of Baddi Unit from 01-10-99, Texmaco is liable to pay wages and salary in respect of excess workers/ staff taken over by them over and above the required one to run the Baddi Unit. The Company has paid Rs. 21.79 Lakhs (Previous year Rs. 44.75 Lakhs) during the year to such workers/ staff including various other related expenses. Such expenses have been shown as expenses on land and capitalised under the head v Land.

4. Pending receipt of intimation from its suppliers about registration under MSMED Act, the management has reclassified erstwhile SSI creditors as MSMED creditors.

5. Unclaimed dividend amount have been separately funded in the respective Bank Accounts.

6. In the opinion of the management, current assets, loans and advances have a value on realisation in the ordinary course of business unless otherwise stated, at least to the amount at which they are stated and the provisions for all known and determined liabilities is adequately provided.

7. Balance of debtors and loans and advances are subject to confirmation from respective parties.

8. As per the valuation report submitted by the external valuer appointed for the purpose of the company has revalued some of its fixed assets i.e. certain Land, Building, Road, Railway siding and Plant & Machinery, of its engineering units as at 31.12.1985, after considering depreciation for the year, at net replacement cost. As a result, there has been a net increase in the book value of assets as at 31.12.1985 of Rs. 3,484.58 lakhs which has been transferred to Revaluation Reserve Account. The umamortised balance as 31st March 2010 is Rs. 1,306.55 lakhs.

9. Sales include inter departmental transfers Rs.l4,914.81lakhs (previous year Rs. 20,061.00 lakhs), Tax deducted at source Rs.1,267.68 lakhs (previous year Rs. 735.73 lakhs), excess/(short) realization of bills (net) Rs. (5.11) lakhs (previous year Rs. 17.74 lakhs).

10. Export incentives, escalation, insurance claims ana otner claims nave been accounted Tor on accrual basis based on latest data available with the Company and where the realization of the amount is reasonably certain.

11. Consumption of raw materials, components, stores and spares parts includes profit/loss on sale thereof.

12. During the year, the company has redeemed 2,74,050 6% Redeemable Non cumulative Preference Share of Rs. 100/- each amounting to Rs. 274.05 lakhs.

13. The Company has allotted 1,64,00,000 Equity Shares of Re. 1/- each at a premium of Rs. 103/- per Equity share aggregating to Rs. 17,056 lakhs in July, 2009 against QIP issue. Subsequent to the issue of Equity Shares to the Qualified Institutional Buyers the paid up Equity share capital of the company has increased from Rs. 1,107.83 lakhs to Rs. 1,271.83 lakhs. QIP expenses are adjusted with Share premium account including Rs. 2 lakhs paid to statutory auditors of the company.

14. Issued, Subscribed and Paid up Share Capital of the company is excluding 9,960 Nos of Equity Shares lying in abeyance - NSDL - Transit case (Previous Year - 9,960 Nos of Equity Shares)

15.Previous year figure have been regrouped/ rearranged/ restated/ recast wherever necessary to confilm this year classiflcation.

16. Figures below Rs. 500 have been omitted for rounding off.

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