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Notes to Accounts of Toyam Sports Ltd.

Mar 31, 2018

NOTE 1 Company Overview

The Company ("Toyam Industries Limited", "TOYAM") is an existing public limited company incorporated on 25/01/1985 under the provisions of the Indian Companies Act, 1956 and deemed to exist within the purview of the Companies Act, 2013, having its registered office at -503, shri Krishna Complex, Opp. Laxmi Industrial Estate, New Link Road Mumbai Mumbai City MH 400053. The Company offers a diverse range of products and services including Trading in Agro Commodity, COmmodity, Restaurent and Financing Activity. The equity shares of the Company are listed on BSE Limited (“BSE”) and Metropolitan Stock Exchange of India Limited (“MSEI”). The financial statements are presented in Indian Rupee (Rs.).

A. Measurement of fair values

Valuation techniques and significant unobservable inputs

The Fair Value of the Financial Assets & Liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

B. Financial Risk Management

B. i. Risk management framework

A wide range of risks may affect the Company’s business and operational or financial performance. The risks that could have significant influence on the Company are market risk, credit risk and liquidity risk. The Company’s Board of Directors reviews and sets out policies for managing these risks and monitors suitable actions taken by management to minimise potential adverse effects of such risks on the company’s operational and financial performance.

B. ii. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s trade and other receivables, cash and cash equivalents and other bank balances. To manage this, the Company periodically assesses financial reliability of customers, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of accounts receivable. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

(a) Trade and other receivables from customers

Credit risk in respect of trade and other receivables is managed through credit approvals, establishing credit limits and monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in the credit risk on an on-going basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on assets as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i. Actual or expected significant adverse changes in business

ii. Actual or expected significant changes in the operating results of the counterparty

iii. Financial or economic conditions that are expected to cause a significant change to the counterparties ability to meet its obligation

iv. Significant changes in the value of the collateral supporting the obligation or in the quality of third party guarantees or credit enhancements

Financial assets are written off when there is a no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. When loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due, When recoverable are made, these are recognised as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

(b) Cash and cash equivalents and Other Bank Balances

The Company held cash and cash equivalents and other bank balances as stated in Note No. 05. The cash and cash equivalents are held with bank with good credit ratings and financial institution counterparties with good market standing.

C.iii. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

Liquidity risk is managed by Company through effective fund management of the Company’s short, medium and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and other borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

C. iv. 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 three types of risk: currency risk, interest rate risk and other price risk.

C. iv.a Currency risk

The Company is not exposed to any currency risk on account of its operating and financing activities. The functional currency of the Company is Indian Rupee. Our exposure are mainly denominated in INR''s Only. The Company’s business model incorporates assumptions on currency risks and ensures any exposure is covered through the normal business operations. This intent has been achieved in all years presented. The Company has put in place a Financial Risk Management Policy to Identify the most effective and efficient ways of managing the currency risks.

C.iv.b 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 is exposed to interest rate risk through the impact of rate changes on interest-bearing liabilities and assets. The Company manages its interest rate risk by monitoring the movements in the market interest rates closely.

NOTE 2 FIRST TIME ADOPTION OF IND AS

The Company has adopted Ind AS with effect from 1st April 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening Reserves as at 1st April 2016. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS and Schedule III.

Explanation 1 - Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

(I) Ind AS Optional exemptions Deemed Cost - Property, Plant and Equipment and Intangible Assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets. Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying values.

(II) Ind AS mandatory exemptions

(i) Estimates

An entity''s estimates in accordance with Ind AS'' at the date of transition to Ind AS shall be consistant with the estimates made for the same date in accordance with the previous GAAP (after adjustments to reflect any difference in accounting policies) unless there is an objective evidence that those estimates were in error.

(ii) Classification and measurement of financial assets (other than equity instruments)

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exists at the date of transition to Ind AS.

(iii) De-recognition of financial assets and financial liabilities

Ind AS 101 requires a first time adopter to apply the de-recognition provisions for Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows first time adopter to apply the derecognition requirements provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past Ind AS 101 retrospectively from the date of entity''s choosing, transactions was obtained at the time of initially accounting for the transactions.

NOTE 3

The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation as per the schedule III of Companies Act, 2013.


Mar 31, 2016

NOTES TO ACCOUNTS:

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

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.

3. Provision for retirement benefits to employees was provided on accrual basis, which is in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

4. 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 standards-28 issued by the Institute of Chartered Accountants of India.

5. 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 yearend together with interest paid/payable as required under the said Act have not been made.

6. Related Party Transaction :

Related Parties and Nature of Relationship:

Related Party Nature of Relation ship

Tejas Hingu Whole Time Director

Shashikumar Jatwal Independent Director

Pravin Kamble Independent Director

Manan Shah Independent Director

Priya Khagram Independent Director

Dimple Rathod Independent Director

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

8. The company being listed company required to follow section 203 & 134(1), However, the company secretary has been appointed on 28/03/2016, as informed by Management, CS has not signed the financial statement as on 31/03/2016. The said Key Managerial Personnel as per section 203 and to the extent 134(1) Signing of financial statement have been considered only by director.


Mar 31, 2015

1. SHARE CAPITAL

a. Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company decleres and pays dividend in Indian Rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting. In event of liquidation of the Company the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The Distribution will be in proportion to the number of equity shares held by the shareholders.

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

3. 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.

4. Provision for retirement benefits to employees was provided on accrual basis, which is in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

5. 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 standards-28 issued by the Institute of Chartered Accountants of India.

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 yearend together with interest paid/payable as required under the said Act have not been made.

7. Related Party Transaction :

Related Parties and Nature of Relationship:

Related Party Nature of Relation ship

Mr. Tejas Vinodrai Hingu Director

Mr. Shashi Kumar Ramdas Jatwal Director

Mr. Pravin Bhanudas Kamble Director

Mrs. Priya Manshukh Khagram Director

Mrs. Beena Agrawal Promoter

Mr. Vijay Agrawal Promoter

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

Related Party Amount Nature of Transactions

Mr. Tejas Vinodrai Hingu 72,077 Remuneration to Director

8. Segment Information (AS-17)

Company has two segments of activities namely "Trading and Financial Activities & Fabric Business". Since there is No export turnover, there are no reportable geographical segments.

9. The company being listed company required to follow section 203 & 134 (1), However, the view of absence of appropriate candidate for filing vacancy of CFO and CS have not appointed. The said Key Managerial Personnel as per section 203 and to the extent 134(1) Signing of financial statement have been considered only by director. However, the management has considered the matter in the process of appointing relevant Key Managerial Personnel.


Mar 31, 2014

1. Consequent to the notification under the Companies Act. 1956, the financial statements for the year encied 31 st March 2014 are prepared under revised Schedule VI Accordingly, the previous year figures have also boon reclassified to confirm to this year's classification

2. Provision for Taxation has boon made In the accounts as per current tax rates in force according to Indian Tax Statutes.

3. Investments

(a)The instruments are held in the name of Company except to the extent exempt under section 49 of the Companies Act. 1956.

(b) investments held are fully paid-up unless otherwise stated.

Market value of un-quoted investments Is not available


Mar 31, 2013

1. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st M$rch 2013 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this yea's classification.

2. Provision for Taxation has been made in the accounts as per current tax rates in force according to Indian Tax Statutes.

3. Investments

(a) The instruments are held in the name of Company except to the extent exempt under section 49 of the Companies Act. 1956.

(b) Investments held are fully paid-up unless otherwise stated.

(c) Aggregate-Book value of unquoted Investments as at the year-end is 37.50 Lakhs {Previous Year 751.31 Lakhs). Market value of un-quoted investments is not available.

4. Contingent Liabilities not provided for in respect of:

There is no contingent liability against the Company.

Current assets. loans and advances have a value on realization which In the Ordinary course of the business would not be less than the amount at which they are stated in the balance sheet and the provisions for all known and determined liabilities are adequate and not in excess of the amount reasonable required.

Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 There are no Micro and Small Scale Business Enterprises, to whom the company owes dues for more that 45 days as on 31.03.2013.This information is required to be given under the Micro. Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been Identified on he basis of information available with the company.

Additional Information pursuant to provision of Paragraph 4D of Part II Schedule VI to the Companies Act

1956:

GIF Value of import -NIL Expenditure in Foreign Currency-NIL Earnings in Foreign Currency-NIL

Estimated amount of contracts remaining to be executed on capital accounts and not provided for Rs. NiL(Previous year NIL)

None of the employee was in receipt of remuneration exceeding Rs. 24,00,000/- p.a, if employed throughout the year and Rs. 2,00,000/- p.m. or more if employed for a pert of the year.

Disclosure Under AS 16 {Related Parties Disclosures!

(i) Details of relateq parties:

Description of relationship Nature of Names of related Relationship parties

Key Management Pumonnel (KMP) Director Achwani Dewan

Director Raja Gupta

Director Himanshu Kukreja

Relative of KMP Relative of

Director Sunita Dewan

Relative of Shushma Bajaj Director

Entitles In which KMP have Common Director Shfvji Finance significant influence And Investments Pvt Ltd


Mar 31, 2012

Not Available


Mar 31, 2011

NOTES CONCERNING AMALGAMATION

1.0 Scheme of Arrangement (Scheme) - The Scheme sanctioned by Honble High Court of Delhi is for the amalgamation of the ADINATH TRADING PVT LTD. (ATPL-Transferor Company No. 1) and Chitralekh Trading Pvt Ltd. (CTPL-Transferor Company No. 2) with the OJAS ASSET RECONSTRUCTION CO LTD. OARCL-Transferee Company)

The proposed scheme will result in reduction in overheads and other expenses, reduction in administrative and procedural works, eliminate duplication or work, better and more prodctive utilisation of various resources and will enable the undertakings concerned to effect internal economies and optimise productivity. The said scheme will enable the undretakings and business of the said companies to obtain greater facilities possessed and enjoyed by one large company compared to a small comanay for raising capital, securing and conducting trade and business on favorable terms and other related benefits. Thus there is synergy of business interest between the three Companies. Accordingly, their businesses are combined conveniently/ advantageously and would ensure for the benefit of the Shareholders, the employees and all the stakeholders of all the three Companies.

2.0 Salient feathres of the Scheme are:

2.1 The Scheme would be operative from the Appointed Date, i.e. 01.04.09 and would be effective from the on which copies of the order of Honble Court of Delhi sanctioning the Scheme has been tiled with the registrar of Companies, NCT of Delhi and Haryana.

2.2 Authorised Share Capital of the Transferee Company would be sum total of the Authorised Share Capital of all the three Companies.

2.3 Based on the business valuation of OARCL, ATPL and CTPL, Equity Shareholders of ATPL would get 21 Equity Shares for every 2 Equity Share held in ACTPL and Equity Shareholders of CTPL would get 21 Equity Shares for every 2 Equity Shares held in CTPL of the Transferee Company after canceling the crossholdings.

Accordingly, Equity Share Capital of the Transferee Company would become Rs. 21,24,90,000.00 comprising of 2,12,49,000 Equity Shares.

Accordingly, Equity Shares would be allotted to the Shareholders of all the two Companies as on the Record Date as under:- 21 New Equity Shares of Rs 10/- each fully paid -up of Transferee Company for every 2 Equity Shares of Rs 10/- each fully paid-up held in Transferor Company No.1, i.e. ATPL, 21 New Equity Shares of Rs 10/- each fully paid -up of Transferee Company for every 2 Equity shares of Rs 10/-each fully paid-up held in Transferor Company No. 2, i.e CTPL.

2.4 The incidence of adopting uniform Accounting Policies, if any, has been quantified and adjusted in the Revenue Reserves.

2.5 All Assets, Liabilities, Rights and Obligations of Transferor Companies No. 1 and 2 would vest with the Transferee Company at Book Value as on the Appointed Date, i.e. 1.4.2009.

3.0 The Scheme of amalgamation has been sanctioned by Honable High Court of Delhi vide its order dated 19.08.2011. The company has filed the requisite papers with RQC-Delhi & Haryana for its approval of scheme on 02.09.2011 and the same is awaited for its approval/ the Appointed Date of the Scheme being 1st April 2009.

3.1 The accounts of the Company have been prepared following the principles and procedures of the Pooling of Interest Method of Accounting for Amalgamation as per Accounting Standard-14.

3.2 The difference of Rs. 10901800.00 between the Equity Share Capital allotted to the Shareholders of both the Transferor Companies and their Equity Share Capital prior to Amalgamation has been adjusted in Profit & Loss A/c.

OTHER NOTES

4.0 This consolidated balance sheet has been prepared on the basis of scheme of arrangement consequent upon its approval by the Honble High court of Delhi vide its order dated 19.08.2011 by applying the principles laid down in AS-14 issued by the ICAI.

The compnay has during the period covered under audit allotted new equity shares as per the sanctioned scheme as has been approved by the ROC-New Delhi & Haryana on the date of this report. All the necessary proceedings pertaining to increase in authorised share capital and its subsequent allotment has already been completed.

5.0 Provision for Income Tax

The amalgamated Company OJAS ASSET RECONSTRUCTION CO LTD. Formerly known as CHETRAM BALKRISHAN LTD) intends to file its Income Tax Return based on amalgamated accounts. Accordingly the provision for taxation in the consolidated accounts has been made as per the current tax rates prescribe the Income Tax Act, 1961.

6. Contingent Liabilities not provided for in respect of:

There is no contingent liability against the Compnay.

a. Current assets, loans and advances have a value on realization on which in the ordinary course of the business would not be less than the amount at which they are stated in the balance sheet and the provisions for all known and determined liabilities are adequate and not in excess of the amount reasonable required.

7. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

These are no Micro and Small Scale Business Enterprises, to whom the company owes ques for more than 45 days as on 31.03.2011, This information is required to be given under the Micro, Small and Medium Enterprises Development Act, 1006 has been determined to the extent such parties have been identified on the basis of information available with the company.

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