Notes to Accounts of Vishvas Projects Ltd.

Mar 31, 2015

1. Terms/rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs. 1 0 per share. Each sh areholder is eligible for one vote for each share held.

2. The balances standing to the debit/credit of the parties are subject to their confirmation.

3. Related Party Disclosures:-

a. Related parties with whom transactions have taken place during the year:

Description of Relationship Name of the Party

Key Management Personnel Ashok Marwah

Entities over which significant influence is Goldline International exercised by the Key Management Personnel Finvest Ltd.

*Resigned from Goldline International Finvest Limited on dated 23.06.2013

4. Provision for deferred tax liabilities has been made in pursuance of AS-22 as notified by Companies (Accounting Standard) Rules 2006. The Company is mainly engaged in infrastructure business which, in the context of Accounting Standard 17 as notified by Companies (Accounting Standard) Rules 2006., is considered the only business segment.

5. There were no Employees covered under the PF, ESI Act. Also the requirement of AS - 15 (Revised) as notified by Companies (Accounting Standard) Rules 2006 relating to the provision for Employee Benefit viz. leave encashment, Gratuity, etc. is not applicable. Hence the disclosure required has not been given.

6. The Company has no dealing with Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, no information is given as required under the Act.

7. The assets and liabilities are shown as current/ non-current as per the management decision.

8. Previous Year figures have been regrouped/rearranged wherever considered necessary.

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Mar 31, 2014

1. The balances standing to the debit/credit of the parties are subject to their confirmation.

2. Related Party Disclosures:-

3. Provision for deferred tax liabilities has been made in pursuance of AS-22 as notified by Companies (Accounting Standard) Rules 2006. The Company is mainly engaged in infrastructure business which, in the context of Accounting Standard 17 as notified by Companies (Accounting Standard) Rules 2006., is considered the only business segment.

4. There were no Employees covered under the PF, ESI Act. Also the requirement of AS - 15 (Revised) as notified by Companies (Accounting Standard) Rules 2006 relating to the provision for Employee Benefit viz. leave encashment, Gratuity, etc. is not applicable. Hence the disclosure required has not been given.

5. The Company has no dealing with Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, no information is given as required under the Act.

6. The assets and liabilities are shown as current/ non-current as per the management decision.

7. Previous Year figures have been regrouped/rearranged wherever considered necessary.

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Mar 31, 2013

1. The balances standing to the debit/credit of the parties are subject to their confirmation.

2. Provision for deferred tax liabilities has been made in pursuance of AS-22 as notified by Companies (Accounting Standard) Rules 2006. The Company is mainly engaged in infrastructure business which, in the context of Accounting Standard 17 as notified by Companies (Accounting Standard) Rules 2006., is considered the only business segment.

3. There were no Employees covered under the PF, ESI Act. Also the requirement of AS – 15 (Revised) as notified by Companies (Accounting Standard) Rules 2006 relating to the provision for Employee Benefit viz. leave encashment, Gratuity, etc. is not applicable. Hence the disclosure required has not been given.

4. The Company has no dealing with Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, no information is given as required under the Act.

5. The main income of the company is from 50% share of the alleged JV agreement with Avisha Credit Capital Limited. During the year the company has received Rs. 3,90,000 the share of profit from the said joint venture as certified by them.

6. The assets and liabilities are shown as current/ non-current as per the management decision.

7. Previous Year figures have been regrouped/rearranged wherever considered necessary.

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Mar 31, 2010

Current Year (Rs.) Previous Year (Rs.)

1. Contingent Liabilities Nil Nil

2. The balances standing to the debit/credit of the parties are subject to their confirmation.

3. The management has been advised that the company is not liable to pay Sales Tax on Hire Purchase/Finance transactions. Moreover, the additional liability, if any, under the Hire Purchase/Finance Agreement will be borne by the hirers.

4. There is no related party in term of AS-18 as notified by Companies (Accounting Standard) Rules 2006.

5. Provision for deferred tax liabilities has been made in pursuance of AS-22 as notified by Companies (Accounting Standard) Rules 2006. The Company is mainly engaged in infrastructure business which, in the context of Accounting Standard 17 as notified by Companies (Accounting Standard) Rules 2006., is considered the only business segment.

6. There were no Employees covered under the PF, ESI Act. Also the requirement of AS 15 (Revised) as notified by Companies (Accounting Standard) Rules 2006 relating to the provision for Employee Benefit viz. leave encashment, Gratuity, etc. is not applicable. Hence the disclosure required has not been given.

7. The Company has no dealing with Small & Medium Enterprises covered under the SME's Act; hence, no information is given as required under the Act.

8. Previous Year figures have been regrouped/rearranged wherever considered necessary.

Current Year Previous Year

9. Expenditure in Foreign Currency Nil Nil

10. Remittance in Foreign Currency Nil Nil

11. Earning in Foreign Currency Nil Nil

12 In the opinion of the management there is no permanent diminution in the value of Investment & hence provision for diminution is not made.

13 The company has a joint venture with Avisha Credit Capital ltd having 50% share in the joint venture. During the year the company has received Rs 2,75,000 the share of profit from the said joint venture as certified by them.

14 In the opinion of the BOD, fixed assets, loans & advances & other Current Assets have value on realization in the ordinary course of business atleast equal to the amount at which they are stated in the balance sheet & Provision for all known liabilities has been made in the Accounts which have been relied upon by us.

15 The income tax department as on assessment for A/Y 2007-2008 raised a demand of Rs. 2,44,910. The company has gone in appeal against the order & hence no provision for the same is made.

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Mar 31, 2009

Current Year (Rs.) Previous Year (Rs.)

1. Contingent Liabilities Nil Nil

2. The balances standing to the debit/credit of the parties are subject to their confirmation.

3. The management has been advised that the company is not liable to pay Sales Tax on Hire Purchase/Finance transactions. Moreover, the additional liability, if any, under the Hire Purchase/Finance Agreement will be borne by the hirers.

4. There is no related party in term of AS-18 as notified by Companies (Accounting Standard) Rules 2006.

5. Provision for deferred tax liabilities has been made in pursuance of AS-22 as notified by Companies (Accounting Standard) Rules 2006. The Company is mainly engaged in infrastructure business which, in the context of Accounting Standard 17 as notified by Companies (Accounting Standard) Rules 2006., is considered the only business segment.

6. There were no Employees covered under the PF, ESI Act. Also the requirement of AS 15 (Revised) as notified by Companies (Accounting Standard) Rules 2006 relating to the provision for Employee Benefit viz. leave encashment, Gratuity, etc. is not applicable. Hence the disclosure required has not been given.

7. The Company has no dealing with Small & Medium Enterprises covered under the SMEs Act; hence, no information is given as required under the Act.

8. Previous Year figures have been regrouped/rearranged wherever considered necessary.

Current Year Previous Year

9. Expenditure in Foreign Currency Nil Nil

10. Remittance in Foreign Currency Nil Nil

11. Earning in Foreign Currency Nil Nil

12. Other information pursuant to Paragraphs 3 & 4 of Part II of Schedule VI to the Companies Act1956 is Nil/not applicable to the Company.

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Mar 31, 2008

Current Year (Rs.) Previous Year (Rs.)

1. Contingent Liabilities Nil Nil

2. The name of the Company has been changed to Vishvas Projects Limited with approval of the ROC.

3. The balances standing to the debit/credit of the parties are subject to their confirmation.

4. The management has been advised that the company is not liable to pay Sales Tax on Hire Purchase/Finance transactions. Moreover, the additional liability, if any, under the Hire Purchase/Finance Agreement will be borne by the hirers.

5. There is no related party in term of AS-18 issued by ICAI.

6. Provision for deferred tax liabilities has been made in pursuance of AS-22 issued by ICAI. The components of deferred tax asset/ liabilities recognized in the financial statement are as follows

7. The Company is mainly engaged in infrastructure business which, in the context of Accounting Standard 17 issued by Institute of Chartered Accountants of India, is considered the only business segment.

8. There were no Employees covered under the PF, ESI Act. Also the requirement of AS 15 (Revised) issued by Institute of Chartered Accountants of India relating to the provision for Employee Benefit viz. Leave encashment, Gratuity, etc. is not applicable. Hence the disclosure required has not been given.

9. The Company has no dealing with Small & Medium Enterprises covered under the SMEsAct, hence, no information is given as required underthe Act.

10. Previous Year figures have been regrouped/rearranged wherever considered necessary.

11. Other information pursuant to Paragraphs 3 & 4 of Part II of Schedule VI to the Companies Act1956 are Nil/not applicable to the Company.