Notes to Accounts of Crest Ventures Ltd.

Mar 31, 2023

17.1) There are no micro and small enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31 March, 2023. The above information, regarding micro and small enterprises has been determined to the extent such parties have been identified on the basis of the information available with the Company. This has been relied upon by the auditors.

17.2) Disclosure under the Micro, Small and Medium Enterprises ("MSME") Development Act, 2006 are provided as under for the year ended 31 March, 2023:

(a) Secured Term Loan from Banks:

19.1) Secured loan from bank of ''14.10 Lakh (previous year ''21.25 Lakh) is secured against hypothecation of vehicles purchased thereof. The vehicle loans are generally for a term of 5 years, to be repaid in equal monthly instalments and having interest rate of 8.70% p.a.

19.2) Secured loan from bank of ''4,170.10 Lakh (previous year ''Nil) is secured against mortgage charge on the office building situated at Andheri (W), Mumbai 400058 and hypothecation of receivables from the said property, the corporate guarantee of the co-owner of the property and personal guarantee of a Director. The Loan is to be repaid in 180 monthly instalments, since the inception of the loan i.e. July-2022 and having interest rate linked to their one year MCLR plus margin of 0.60%.

(b) Secured Term Loan from Financial Institutions:

19.3) Secured Loan of ''Nil (previous year ''3,736.25 Lakh) is secured against mortgage charge on the office building situated at Andheri (W), Mumbai 400058 and hypothecation of receivables from the said property and the personal guarantee of a Director. The Loan is to be repaid in 180 equal monthly instalments, since the inception of the loan i.e. July-2019 and having interest rate of 10.50% p.a.

19.4) Secured Loan of ''587.71 Lakh (previous year ''819.44 Lakh) is secured against the mortgage charge on office premises of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and properties located at Kalpataru Horizon, Worli, Mumbai-400018 which are owned by relative of a Director. The Loan is to be repaid in 120 equal monthly instalments, since the inception of the loan i.e. February-2016 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

19.5) Secured Loan of ''187.94 Lakh (previous year ''234.24 Lakh) is secured against the mortgage charge on office premises of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the holding company and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director. The Loan is to be repaid in 100 equal monthly instalments, since the inception of the loan i.e. January-2018 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

19.6) Secured Loan of ''694.33 Lakh (previous year ''736.87 Lakh) is secured against the mortgage charge on office premises of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the holding company and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director. The Loan is to be repaid in 120 equal monthly instalments, since the inception of the loan i.e. October-2021 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

19.7) Secured Loan of ''Nil (previous year ''10.87 Lakh) is secured against hypothecation of vehicle purchased thereof. The vehicle loan was for a term of 5 years, to be repaid in equal monthly instalments and having interest rate of 7.70% p.a.

(c) Unsecured Term Loan from Financial Institutions:

19.8) Unsecured Loan of ''116.44 Lakh (previous year ''162.24 Lakh) secured against the mortgage charge on flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the holding company. The Loan is to be repaid in equal monthly installments for the period of 120 months since the inception of the loan i.e. February-2016 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

25.5) Shares held under Employee Welfare Trust:

During the year, Crest - Employees Stock Option Plan 2022 (ESOP) has been approved by the Board of Directors of the Company at its meeting held on 23 July, 2022 and by the shareholders at their Fortieth Annual General Meeting of the Company held on 24 September, 2022. The Scheme is in line with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 “SBEB Regulations”.

ESOP is the primary arrangement under which shared plan service incentives are provided to certain specified employees of the Company, its Holding Company, Subsidiary Companies, Associate Companies and other Group Companies. For the purpose of the scheme, the Company purchases equity shares from the open market under Employee Welfare Trust (EWT). The Company treats EWT as its extension and shares held by EWT are treated as treasury shares.

25.6) Rights of equity shareholders:

The Company has only one class of equity shares having a par value of ''10 each. Each holder of equity shares is entitled to one vote per share held. In the event of liquidation of the Company, the holders of equity shares will 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.

25.7) Authorised preference capital:

The Company has 9,00,000 authorised 5% optionally convertible preference shares of ''100 each amounting to ''900 Lakh as on 31 March, 2023 (''900 Lakh in 31 March, 2022) and 12,00,000 authorised 3% Cumulative Redeemable Preference shares of ''100 each amounting to ''1,200 Lakh as on 31 March, 2023 (''1,200 Lakh in 31 March, 2022).

Nature and purpose of Reserves:

General Reserve

The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General Reserve will not be reclassified subsequently to the statement of profit and loss.

Securities Premium Reserve

Securities Premium Reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the Companies Act, 2013.

Special reserve u/s. 45-IC of the RBI Act, 1934

Special reserve u/s. 45-IC of the RBI Act, 1934 represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the “RBI Act”) and related regulations applicable to those companies. Under the RBI Act, a non-banking financial company is required to transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes specified by the RBI.

Retained Earnings

Retained earnings represents profits that the Company earned till date, less any transfers to General Reserve, Statutory Reserves, Dividends and other distributions paid to the shareholders.

Treasury Shares

Treasury shares represent 253,000 equity shares of the Company held by Employee Welfare Trust.

Other Comprehensive Income

(a) Equity Instruments Through Other Comprehensive Income

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVTOCI equity investments reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.

(b) Remeasurement of Post Employment Benefit Obligations

Remeasurement of gains and losses related to both defined benefit obligations and fair value of plan assets arising from experience adjustments and changes in actuarial assumptions are recognised in equity in Other Comprehensive Income in the period in which they arise.

f. As per the provisions of the said Section, the Company does not have an obligation to comply with the said provisions. However, the Company, on its own free will has undertaken the CSR initiatives such as “promoting healthcare including preventive healthcare, providing homes to orphans, ensuring environmental sustainability, promoting education including special education and employment enhancing vocation skills, livelihood enhancement among the neo-literate youth from challenged backgrounds and others”.

g. Above includes a contribution of ''15.00 Lakh (previous: ''2.00 Lakh) to related parties -

(i) EVE Foundation, a charitable trust registered under the Bombay Public Trusts Act, 1950. The objective of EVE Foundation includes promoting healthcare including preventive healthcare, promoting education, livelihood enhancement among the neo-literate youth from challenged backgrounds.

(ii) Art Cornerstone Foundation, registered under section 8 of the Companies Act,2013, for Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries, promotion and development of traditional arts and handicrafts.

h. The Company does not carry any provisions for CSR expenses as at 31 March, 2023 and 31 March, 2022.

37 As per the Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined in the Standard are given below :

(b) Defined benefit plan

The Company offers its employee’s defined-benefit plan in the form of a gratuity scheme. Benefits under the defined benefit plans are typically based on years of service and the employee’s compensation (immediately before retirement). The gratuity scheme covers all regular employee’s of the Company.

The Company’s liabilities under the Payment of Gratuity Act, 1972 are determined on the basis of actuarial valuation made at the end of each financial year using the projected unit credit method. Gratuity scheme is not funded however, provision as per the Indian Accounting Standard 19 has been made in the financial statements. The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. The actuarial risks associated are:

(i) Investment or Interest Risk

Since the scheme is unfunded the Company is not exposed to Investment or Interest risk.

(ii) Longevity Risk

The Company is not exposed to risk of the employees living longer as the benefit under the scheme ceases on the employee separating from the employer for any reason.

(iii) Risk of Salary Increase

The gratuity benefits under the plan are related to the employee’s last drawn salary. Consequently, any unusual rise in future salary of the employee raises the quantum of benefit payable by the Company, which results in a higher liability for the Company and is therefore a plan risk for the Company.

40 Events occuring after the reporting period:

The Board of Directors at its meeting held on 27 May, 2023 have recommended a payment of final dividend of ''1 per share (@ 10%) per equity share of face value of ''10 each for the year ended 31 March, 2023 subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.

41 Segment Reporting

As per Indian Accounting Standard 110 on "Consolidated Financial Statements", Indian Accounting Standard 28 on "Investments in Associates and Joint Ventures" and Indian Accounting Standard 31 on "Interests in Joint Ventures" the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Indian Accounting Standard 108 "Operating Segments" is included under Notes to Consolidated Financial Statements.

43 Contingent Liabilities and Commitments:
Particulars		As at	As at
		31 March, 2023	31 March, 2022
(a)	Contingent liabilities Corporate guarantee given Corporate guarantees against loan/bank guarantee outstanding of ''5,777.91 Lakh (previous year '' Nil ) to others	5,945.00	-
	Claims against the Company not acknowledged as debts1 Legal and other matters	-	6.73
(b)	Capital commitments Estimated amount of contracts remaining to be executed and not provided for (net)	6,303.64	10,370.52

(b) Measurement of fair values

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions, regardless of whether that price is directly observable or estimated using a valuation technique. The Financial Instruments are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below:

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

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as price) or indirectly (i.e. derived from prices).

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

Assumptions to above:

(i) The management assessed that fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables, and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

(ii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets.

(iii) The fair values of investments held under FVTPL have been determined under level 1 using quoted market prices of underlying instruments.

(iv) Remaining financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.

(v) There have been no transfers between Level 1 and Level 2 for the year ended 31 March, 2023 and 31 March, 2022.

(c) Derivative Financial Instruments

The Company has not entered into any derivative financial contracts during the current and previous financial year.

48 Financial Risk Management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit risk;

(ii) Liquidity risk; and

(iii) Market risk (including currency risk and interest rate risk)

The Company has a Board approved risk management framework which not only covers the market risks but also other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. This framework is driven by the Board through the Audit Committee, Risk Management Committee and the Asset Liability Management Committee. Risk Management Committee inter alia is responsible for identifying, reviewing, monitoring and taking measures for risk profile and for risk measurement system of the Company.

(a) Credit Risk

Credit Risk refers to risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, investments, other balances with banks, loans and other receivables.

Receivables

The Company extends credit to customers in normal course of business. All receivables are reviewed and assessed for default on an individual basis. Historical experience of collecting receivables of the Company is supported by low level of past default and security deposits from its customers, hence the credit risk is perceived to be low.

As per simplified approach, the Company makes provision of expected credit losses on receivables using a provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk. Credit risk arising from receivables are reviewed periodically.

Cash and Cash equivalents, bank balances and other financial assets:

The Company maintains exposure in cash and cash equivalents and deposits with banks. Cash and cash equivalents and bank deposits are held with high rated banks/financial institutions and short term in nature, therefore credit risk is perceived to be low.

Short term, highly liquid investments in mutual fund units are carried at fair value through profit and loss and the Company does not have significant concentration of credit risk.

Deposits have been considered to enjoy low credit risk as they meet the following criteria:

- they have a low risk of default, and

- the Company expects, in the longer term, that adverse changes in economic and business conditions might, but will not necessarily, reduce the ability of the counterparty to fulfill its obligations.

Financial guarantees

The Company has given corporate guarantees of ''5,945.00 Lakh (loan/bank guarantee outstanding ''5,777.91 Lakh) (previous year '' NIL) in favour of other entities.

(b) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

(c) Market Risk

Market risk is the risk that the fair value of future cash flow of financial instruments will fluctuate due to changes in the market variables such as interest rates, foreign exchange rates and equity prices. The Company do not have any exposure to foreign exchange as on balance sheet date.

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’s exposure to the risk of changes in market interest rates relates primarily to the Company’s major borrowings (other than debt securities) with floating interest rates.

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s profit before tax for the year ended 31 March, 2023 would decrease / increase by R13.27 Lakh (for the year ended 31 March, 2022 would decrease / increase by '' 27.57 Lakh). This is mainly attributable to the Company’s exposure to interest rates on its variable rate borrowings.

Equity Price Risk

Equity price risk is related to the change in market reference price of the instruments in quoted and unquoted securities. The fair value of some of the Company’s investments exposes to Company to equity price risks. In general, these securities are not held for trading purposes.

Equity Price Sensitivity analysis

The fair value of equity instruments other than investment in subsidiaries and associates as at 31 March, 2023 and 31 March, 2022''5,667.23Lakh and '' 3,578.82Lakh respectively. A 2% change in price of equity instruments held as at 31 March, 2023 and 31 March, 2022 would result in:_

49 Capital Management

The Company operates as an Investment Company and consequently is registered as a Non-Banking Financial Company - Investment and Credit Company (NBFC-ICC) with Reserve Bank of India (RBI). For the purpose of the Company’s capital management, capital includes issued capital and other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company is to maximise shareholders value, provide benefits to other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

1 Total liabilities represent total liabilities as per balance sheet less total equity.

2 Significant instrument/product is defined as a single instrument/product of group of similar instruments/ products which in aggregate amount to more than 1% of the NBFC-NDSI’s, NBFC-Ds total liabilities, as defined in RBI Circular RBI/2019-20/88 DOR.NBFC (PDCC.No.102/03.10.001/2019-20 dated 4 November, 2019 on Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies.

(f) Institutional set-up for liquidity risk management:

The Company’s risk management function is carried out by Risk Management Committee which advises on financial risks and the appropriate governance framework for the Company. The Risk Management Committee provides assurance to the Board that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified measured and managed in accordance with the Company’s policies and risk objectives.

53 Other Regulatory Disclosures - RBI:

The following additional information is disclosed in the terms of Master Direction - Non-Banking Financial Company-Systematically Important Non-Deposit Taking Company and Deposit Taking Company (Reserve Bank) Directions, 2016 issued vide Master Direction DNBR.PD.008 / 03.10.119 / 2016-17 dated 1 September, 2016 as amended:

58 Corporate governance report containing composition and category of directors, shareholding of non-executive directors, etc.

The corporate governance report containing composition and category of directors, shareholding of non-executive directors is part of the annual report for the financial year ended 31 March, 2023.

59 Breach of covenant

There were no instances of default or breaches of covenant in respect of loan availed or debt securities issued during the financial years ended 31 March, 2023 and 31 March, 2022.

60 Divergence in Asset Classification and Provisioning

The RBI has neither assessed any additional provisioning requirements in excess of 5 percent of the reported profits before tax and impairment loss on financial instruments for the financial year ended 31 March, 2023, nor identified any additional Gross NPAs in excess of 5% of the reported Gross NPAs for the said period.

62 Following are the additional disclosures required as per Schedule III to the Companies Act, 2013 vide Notification dated 24th March, 2021:

a. As per Section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.

b. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

c. During the financial year ended 31 March, 2023, other than the transactions undertaken in the normal course of business and in accordance with extant regulatory guidelines as applicable:

(i) 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 or entity, 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.

(ii) No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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.

d. The Company does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). Also, there are no previously unrecorded income and related assets that have been properly recorded in the books of account during the year.

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

f. The Company does not have any Capital Work in Progress (CWIP) and Intangible asset under development.

g. The Company has not revalued its Property, Plant and Equipment during the year as well as in previous financial year.

h. No proceedings are initiated or pending against theCompany for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) .

63 Sale of associate:

The Company held 35,68,234 equity shares constituting 46.35% of the paid up equity share capital of Classic Mall Development Company Limited (“CMDCL’), an associate of the Company. During the year the Company sold its entire stake held in CMDCL for an aggregate consideration of ''86,671 Lakh, resulting into realised profit of ''74,761.16 Lakh. Expenses incurred for the sale of said shares is ''9.45 Lakh, is included under relevant head in other expenses.

64 Previous year’s figures have been regrouped and reclassified, wherever considered necessary, to correspond with current year’s classification and disclosure.

1

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required or disclosed as contingent liabilities where applicable. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its standalone financial statements.

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Mar 31, 2018

1 corporate information

Crest Ventures Limited (“the Company”) is a public limited company domiciled and incorporated in India under the Companies Act, 1956. The registered office of the Company is located at 111, 11th Floor, Maker Chambers IV, Nariman Point, Mumbai 400 021, Maharashtra, India. The Company is a Non Banking Financial Company registered with the Reserve Bank of India and operates under three verticals i.e. real estate and related services, financial services and investment and credit.

2.1 During the year ended March 31, 2017, the Company allotted 8,684,775 equity shares of the face value of Rs.10 each at a price of Rs.50 per share (including premium of Rs.40 per share) under rights issue in the ratio of 1 equity share against 2 equity shares held by the shareholders. The said new shares rank pari-passu with the existing equity shares in all respect.

2.2 Rights of equity shareholders:

The Company has only one class of equity shares having a par value of Rs.10 each. Each holder of equity shares is entitled to one vote per share held. In the event of liquidation of the Company, the holders of equity shares will 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.

3.1 Secured term loan from banks referred above to the extent of:

- Rs.4,912,764 (previous year Rs.6,890,790) is secured against hypothecation of vehicles purchased thereof.

3.2 Secured term loan from financial institutions referred above to the extent of:

- Rs.NIL (previous year Rs.349,130,037) is secured against mortgage charge on the office building situated at Andheri (W), Mumbai 400058 and hypothetication of receivables from the said property and the guarantee of a Director as a coborrower.

- Rs.381,900,000 (previous year Rs.NIL) is secured against mortgage charge on the office building situated at Andheri (W), Mumbai 400058 and hypothetication of receivables from the said property and the personal guarantee of a Director.

- Rs.177,786,275 (previous year Rs.191,184,043) is secured against the mortgage charge on realty work-in-progress of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director.

- Rs.44,206,649 (previous year Rs.NIL) is secured against the mortgage charge on realty work-in-progress of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050, flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 and flat no. 73, Kalpataru Aura, Ghatkopar, Mumbai 400086 owned by the holding company and its subsidiary and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director.

- Rs.5,905,343 (previous year Rs.NIL) is secured against hypothecation of vehicle purchased thereof.

3.3 Unsecured term loan from financial institutions referred above to the extent of:

- Rs.35,118,285 (previous year Rs.37,764,754) secured against the mortgage charge on flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 and flat no. 73, Kalpataru Aura, Ghatkopar, Mumbai 400086 owned by the holding company and its subsidiary.

3.4 Maturity profile of long term borrowings is set out below :

4.1 There are no micro and small enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2018. The above information, regarding micro and small enterprises has been determined to the extent such parties have been identified on the basis of the information available with the Company. This has been relied upon by the auditors.

4.2 Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006:

5.1 These figures do not include any amounts due and outstanding, to be credited to Investor Education and Protection Fund.

5.2 Includes provision for expenses.

6.1 Fixed deposits aggregating to Rs.NIL (previous year Rs.9,100,000) are under lien with National Stock Exchange of India Limited and are having maturity period of more than three months.

7.1 As per Accounting Standard 15 “Employee benefits”, the disclosures as defined in the Accounting Standard are given below : Defined contibution plan

Contribution to Defined Contribution Plans, recognised as expense for the year is as under :

Defined benefit plan

The Company offers its employee''s defined-benefit plan in the form of a gratuity scheme. Benefits under the defined benefit plans are typically based on years of service and the employee''s compensation (immediately before retirement). The gratuity scheme covers all regular employee''s. Actuarial valuation is done based on "Projected Unit Credit" method. Gains and Losses of the changed actuarial assumptions are charged to the statement of profit and loss. Gratuity scheme is not funded however, provision as per Accounting Standard 15 has been made in the financial statement.

7.1 A. Corporate Social Responsibility amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company during the year is Rs.1,745,000 (previous year Rs.1,538,000).

B. Expenditure related to Corporate Social Responsibility is Rs.1,825,000 (previous year Rs.1,550,000).

8 As per Accounting Standard 21 on “Consolidated Financial Statements”, Accounting Standard 23 on “Accounting for Investments in Associates in Consolidated Financial Statements” and Accounting Standard 27 on “Financial Reporting of Interests in Joint Ventures” the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on “Segment Reporting” is included under Notes to Consolidated Financial Statements.

9 Events after the reporting period:

The Board of Directors at its meeting held on May 16, 2018 have recommended a payment of final dividend of Rs.0.50 per share (@ 5%) per equity share of face value of Rs.10 each for the year ended March 31, 2018 subject to the approval of shareholders at the ensuing Annual General Meeting.

10 Change in accounting method:

The Company has changed the method of depreciation from written down value method to straight line method, with effect from March 31, 2017 for office buildings and premises to provide for timely replacement. In compliance with the Accounting Standards (AS-10), the depreciation has been recomputed from the date of capitalisation of these assets at straight line method rates applicable to those years. Consequent to this, there has been an written back of depreciation during the previous year of Rs.556,872 which relates to the earlier years. Had there been no change in the method of depreciation, the charge for the previous year would have been higher by Rs.81,251.

11 Operating lease:

a. The Company has given properties on operating lease and lease rent amounting to Rs.21,124,741 (previous year Rs.21,644,802) has been credited to statement of profit and loss. The future minimum lease income is as under:

b. The Company has taken properties on operating lease and lease rent amounting to Rs.10,948,649 (previous year Rs.1,1698,446) has been debited to statement of profit and loss. The future minimum lease expense is as under:

12 In compliance with Accounting Standard 27 "Financial Reporting of Interest in Joint Venture" the required information is as under:

a. Trinity Ventures is a jointly controlled entity having its place of business in India. The Company is having 10% of ownership interest.

b. In respect of jointly controlled entity, the Company''s share of assets, liabilities, income and expenditure of the joint venture based on unaudited financial statements is as follows:

13 Contingent liabilities:

a. Corporate guarantees given by the Company to banks against bank guarantees issued to associates Rs.5,000,000 (previous year Rs.5,000,000).

b. Income-Tax matters in respect of which appeal is pending Rs.795,226 (previous year Rs.795,226).

14 The Company has created mortgage charge on its office building situated at Andheri (W), Mumbai 400058 and hypothecated its rental receivables in respect of loan taken of Rs.NIL (previous year Rs.400,000,000) by other entity.

15 The previous year figures have been regrouped, reworked, rearranged and reclassified, wherever considered necessary.

16 Crest Ventures Limited, is a registered Non Banking Financial Company with Reserve Bank of India bearing Certificate of Registration No. N-13.01888 dated December 14, 2007.

Notes:

1) Related parties are defined as per Accounting Standards notified by Companies (Accounting Standards) Rules, 2016.

2) In case of unquoted investments it is assumed that market value is same as book value.

3) Previous year figures are indicated in brackets.

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Mar 31, 2017

1 Secured term loans from banks referred above to the extent of:

- Rs,6,890,790 (previous year Rs,6,091,952) is secured against hypothecation of vehicles purchased thereof.

2 Secured term loans from financial institutions referred above to the extent of:

- Rs,349,130,037 (previous year Rs,353,169,811)is secured against mortgage charge on the office building situated at Sharyans Audeus, Andheri (W), Mumbai - 400058 and hypothetication of receivables from the said property and the guarantee of a Director as a co-borrower.

- Rs,191,184,043 (previous year Rs,202,500,000) is secured against the mortgage charge on realty work-in-progress of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director.

3 Unsecured term loans from financial institutions referred above to the extent of:

- Rs,37,764,754 (previous year Rs,40,000,000) secured against the mortgage charge on flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 and flat no. 73, Kalpataru Aura, Ghatkopar, Mumbai 400086 owned by the holding company and its subsidiary.

Defined benefit plan

The Company offers its employee’s defined-benefit plan in the form of a gratuity scheme. Benefits under the defined benefit plans are typically based on years of service and the employee’s compensation (immediately before retirement). The gratuity scheme covers all regular employee’s. Actuarial valuation is done based on “Projected Unit Credit” method. Gains and Losses of the changed actuarial assumptions are charged to the statement of profit and loss. Gratuity scheme is not funded however, provision as per Accounting Standard 15 has been made in the financial statement.

4 As per Accounting Standard 21 on “Consolidated Financial Statements” and Accounting Standard 23 on “Accounting for Investments in Associates in Consolidated Financial Statements” the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on “Segment Reporting” is included under Notes to Consolidated Financial Statements.

5 Scheme of amalgamation:

During the previous year, ITI Securities Limited, subsidiary of ITI Capital Holdings Private Limited amalgamated with ITI Capital Holdings Private Limited and ITI Capital Holdings Private Limited a wholly owned subsidiary of the Company amalgamated with the Company pursuant to the Composite Scheme of Amalgamation (Scheme) sanctioned by the Hon’ble High Court of Bombay vide its Order dated November 30, 2015 and filed with the Registrar of Companies on December 07, 2015 and December 08, 2015. The appointed date of the Scheme being April 01, 2014 and April 02, 2014 respectively. The amalgamation has been accounted in the previous year as per the Scheme which was ‘Pooling of Interest’ Method as referred in Accounting Standard 14 “Accounting for Amalgamation”. In accordance with the Scheme and as per the approval of Hon’ble High Court of Bombay:

a. The Scheme was effective on December 07, 2015 and December 08, 2015 with an appointed date being April 01, 2014 and April 02, 2014. As the financial statements for year ended March 31, 2015 had been already approved by the shareholders of the Company, the Scheme have been accounted for on April 01, 2015 and consequently, the deficit in the statement of profit and loss of transferor company for the period April 01, 2014 to March 31, 2015 has been transferred to the opening reserve of the Company.

b. All assets, liabilities, reserves, rights and obligation of ITI Securities Limited and ITI Capital Holdings Private Limited have been transferred to and vested with effect from the appointed date.

c. All assets, liabilities, reserves of ITI Securities Limited and ITI Capital Holdings Private Limited have been recorded at their respective book values as on the appointed date and the intercompany balances are eliminated.

d. The entire Paid up Share Capital of ITI Securities Limited and ITI Capital Holdings Private Limited stands cancelled.

e. Excess of book value of equity shares of ITI Capital Holdings Private Limited appearing in the books of the Company, as reduced by the face value of these shares appearing in the books of ITI Capital Holdings Private Limited by ''158,775,000 has been adjusted against surplus in statement of profit and loss of the Company.

f. Upon the Scheme being effective;

- The authorized share capital of the ITI Securities Limited is merged with the ITI Capital Holdings Private Limited without payment of additional fees and duties and hence the authorized share capital of the ITI Capital Holdings Private Limited stands changed to ''320,000,000 divided into 11,000,000 equity shares of ''10 each, 900,000 5% optionally convertible preference shares of ''100 each and 1,200,000 3% cumulative redeemable preference shares of ''100 each.

- The authorized share capital of the ITI Capital Holdings Private Limited is merged with the Company without payment of additional fees and duties and hence the authorized share capital of the Company upon Scheme been effective stands changed to ''495,000,000 divided into 28,500,000 equity shares of ''10 each, 900,000 5% optionally convertible preference shares of ''100 each and 1,200,000 3% cumulative redeemable preference shares of ''100 each.

g. ITI Securities Limited and ITI Capital Holdings Private Limited stands dissolved without being wound up from the effective dates.

6 Proposed dividend:

The Board of Directors has recommended a dividend of ''0.50 per share (@ 5%) for the year ended March 31, 2017 subject to the approval of shareholders at the ensuing Annual General Meeting. During the previous year, the Company had made provision for dividend proposed by the Board of Directors as per requirements of pre- revised Accounting Standard 4 (AS-4) -’’Contingencies and Events Occurring after the balance sheet date”. However as per the requirements of revised of AS-4 which is applicable w.e.f. April 01, 2016 the Company is not required to provide for dividend proposed after the balance sheet date. Consequently, no provision has been made in respect of the aforementioned dividend proposed by the Board of Directors for the year ended March 31, 2017. Had the Company continued with the creation of provision for proposed dividend, as at the balance sheet date, its surplus in the statement of profit and loss would have been lower by ''15,608,114 and short term provision would have been higher by ''15,608,114 (including dividend distribution tax of ''2,580,726).

7 Change in accounting policy:

The Company has changed the method of depreciation from written down value method to straight line method, with effect from March 31, 2017 for office buildings and premises to provide for timely replacement. In compliance with the Accounting Standards (AS-6), the depreciation has been recomputed from the date of capitalization of these assets at straight line method rates applicable to those years. Consequent to this, there has been a written back of depreciation during the year of ''556,872 which relates to the previous years. Had there been no change in the method of depreciation, the charge for the year would have been higher by ''81,251.

8 Disclosure in respect of applicability of Accounting Standard 18 “Related Party Disclosures”: (i) List of related parties and relationship:

Sr. No. Name of the Party Relationship

A. Names of related parties where control exists:

1. Fine Estates Private Limited Holding company (w.e.f. October 20, 2016) /

Entity controlled by KMP

2. Caladium Properties Private Limited Subsidiary

3. Crest Residency Private Limited Subsidiary

4. In time Spectrum Tradecom Private Limited Subsidiary [Formerly known as In time Spectrum Commodities Private Limited]

5. Crest Capital and Investment Private Limited Subsidiary (w.e.f. September 16, 2016)

6. Escort Developers Private Limited Subsidiary (w.e.f. March 31, 2017)

7. Crest Wealth Management Private Limited Subsidiary

Sr. No. Name of the Party Relationship

8. Prebon Yamane (India) Limited Subsidiary

9. ITI Securities Limited Subsidiary (Amalgamated with ITI Capital Holdings Private Limited w.e.f. December 07, 2015)

10. ITI Capital Holdings Private Limited Subsidiary (Amalgamated with the Company w.e.f. December 08, 2015)

11. Ramayana Realtors Private Limited Associate

12. Classic Mall Development Company Private Limited Associate

13. Starboard Hotels Private Limited Associate

14. Classic Housing Projects Private Limited Associate

15. Escort Developers Private Limited Associate (upto March 30, 2017)

16. Edelweiss Fund Advisors Private Limited Associate

17. Tamarind Global Services Private Limited Associate

18. Kara Property Ventures LLP Associate

19. Trinity Ventures Joint venture

B. Others with whom transactions have taken place:

1. Priyanka Finance Private Limited Fellow subsidiary (w.e.f. October 20,

2016) / Entity controlled by KMP

2. HJB Developers & Builders Private Limited Fellow subsidiary (w.e.f. October 20, 2016) / Entity controlled by KMP

3. Surbhi Investments & Trading Company Private Limited Entity controlled by KMP

4. Bridge Equities Private Limited Entity controlled by relative of KMP

5. Fine Business Facilitators Private Limited Entity controlled by relative of KMP

C. Key managerial personnel and their relatives with whom transactions have taken place:

1. Vijay Choraria - Managing Director Key managerial personnel (KMP)

2. Sunita Choraria Relative of KMP

9 In compliance with Accounting Standard 27 “Financial Reporting of Interest in Joint Venture” the required information is as under:

a. Trinity Ventures is a jointly controlled entity having its place of business in India. The Company is having 10% of ownership interest.

10 The previous year figures have been regrouped, reworked, rearranged and reclassified, wherever considered necessary.

11 Crest Ventures Limited, is a registered Non Banking Financial Company with Reserve Bank of India bearing Certificate of Registration No. N-13.01888 dated December 14, 2007.

12 Disclosure of details as required by Paragraph 18 of Non - Banking Finance Companies - Non Systematically Important Non- Deposit taking Company (Reserve Bank) Directions, 2016:

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Mar 31, 2016

All other short-term benefits for employees are recognized as an expense at the undiscounted amount in the statement of profit and loss of the year in which the related service is rendered.

1. Rights of equity shareholders:

The Company has only one class of equity shares having a par value of ''10 each. Each holder of equity shares is entitled to one vote per share held. In the event of liquidation of the Company, the holders of equity shares will 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. Secured term loans from banks referred above to the extent of:

- Rs,6,091,952 (previous year Rs,7,356,205) is secured against hypothecation of vehicles purchased thereof.

- Rs,NIL (previous year Rs,65,746,319) is secured against the mortgage charge on the finished realty stock of the Company situated at Sharyans Audeus, Andheri (W), Mumbai 400058 and the personal guarantee of a Director.

3. Secured term loans from financial institutions referred above to the extent of:

- Rs,NIL (previous year Rs,62,500,000) is secured against equitable mortgage of realty work-in-progress of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050 and 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and the personal guarantee of a Director.

- Rs,353,169,811 (previous year Rs,NIL) is secured against the mortgage charge on the finished realty stock of the Company situated at Sharyans Audeus, Andheri (W), Mumbai 400058 and hypothecation of receivables from the said property and the personal guarantee of a Director.

- Rs,202,500,000 (previous year Rs,NIL) is secured against the mortgage charge on realty work-in-progress of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director.

4. Unsecured term loan from bank of Rs,NIL (previous year Rs,34,140,020) is secured against properties located at Kalpataru Horizon,

Worli, Mumbai- 400018 which are owned by relative of a Director and the personal guarantee of the relative of a Director.

5 Unsecured term loans from financial institutions referred above to the extent of:

- Rs,NIL (previous year Rs,62,283,668) is taken jointly with subsidiary company (Caladium Properties Private Limited) and is secured against unsold inventories of the subsidiary company and hypothecation of subsidiaryRs,s present and future receivables and the personal guarantee of a Director.

- Rs,40,000,000 (previous year Rs,NIL) secured against the mortgage charge on properties located at Sharyans Corner, Bandra (W), Mumbai-400050 and at Kalpataru Aura, Ghatkopar, Mumbai 400086 owned by entities controlled by key managerial personnel.

6. Bank overdraft of Rs,NIL (previous year Rs,72,707,324) was secured against mortgage charge on the finished realty stock of the Company situated at Sharyans Audeus, Andheri (W), Mumbai 400058 and the personal guarantee of a Director.

7. There are no micro and small enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2016. The above information, regarding micro and small enterprises has been determined to the extent such parties have been identified on the basis of the information available with the Company. This has been relied upon by the auditors.

8. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006:

9. These figures do not include any amounts due and outstanding, to be credited to Investor Education and Protection Fund.

10. Fixed deposit of Rs,1,000,000 (previous year Rs,NIL) is under lien with Indian Clearing Corporation Limited, fixed deposits aggregating to Rs,7,500,000 (previous year Rs,NIL) are under lien with National Securities Clearing Corporation Limited and are having maturity period of more than twelve months.

11 Others loans and advances includes advances given related to real estate of Rs,10,140,000 (previous year Rs,10,140,000), staff advance of Rs,247,500 (previous year Rs,NIL) and service tax receivable of Rs,586,034 (previous year Rs,182,794).

Defined benefit plan

The Company offers its employee’s defined-benefit plan in the form of a gratuity scheme. Benefits under the defined benefit plans are typically based on years of service and the employee’s compensation (immediately before retirement). The gratuity scheme covers all regular employee’s. Actuarial valuation is done based on “Projected Unit Credit” method. Gains and Losses of the changed actuarial assumptions are charged to the statement of profit and loss. Gratuity scheme is not funded however, provision as per Accounting Standard 15 has been made in the financial statements.

12 Change in the name of the Company:

Pursuant to the approval of the members obtained at the Extra Ordinary General Meeting of the Company held on August

14, 2014 the name of the Company stands changed from "Sharyans Resources Limited" to "Crest Ventures Limited" w.e.f. September 01, 2014.

13 Scheme of amalgamation:

ITI Securities Limited subsidiary of ITI Capital Holdings Private Limited amalgamated with ITI Capital Holdings Private Limited and ITI Capital Holdings Private Limited a wholly owned subsidiary of the Company amalgamated with the Company pursuant to the Composite Scheme of Amalgamation (Scheme) sanctioned by the Hon''ble High Court of Bombay vide its Order''s dated November 30, 2015 and filed with the Registrar of Companies on December 07, 2015 and December 08, 2015. The appointed date of the Scheme being April 01, 2014 and April 02, 2014 respectively.

ITI Securities Limited was a registered broker on the The National Stock Exchange of India Limited, BSE Limited and Metropolitan Stock Exchange of India Limited. ITI Capital Holdings Private Limited core activity was to make investments in group companies.

The amalgamation has been accounted as per the Scheme which is ''Pooling of Interest'' Method as referred in Accounting Standard 14 "Accounting for Amalgamation".

In accordance with the Scheme and as per the approval of Hon''ble High Court of Bombay:

a. The Scheme is effective on December 07, 2015 and December 08, 2015 with an appointed date been April 01, 2014 and April 02, 2014. As the financial statements for previous year ended March 31, 2015 have been already approved by the shareholders of the Company, the previous year balances have not been restated and all the relevant accounting entries with respect to the Scheme have been accounted for on April 01, 2015 and consequently, the deficit in the statement of profit and loss of transferor company for the period April 01, 2014 to March 31, 2015 has been transferred to the opening reserve of the Company.

b. All assets, liabilities, reserves, rights and obligation of ITI Securities Limited and ITI Capital Holdings Private Limited have been transferred to and vested with effect from appointed date.

c. All assets, liabilities, reserves of ITI Securities Limited and ITI Capital Holdings Private Limited have been recorded at their respective book values as on appointed date and the intercompany balances are eliminated.

d. The entire Paid up Share Capital of ITI Securities Limited and ITI Capital Holdings Private Limited stands cancelled.

e. Excess of book value of equity shares of ITI Capital Holdings Private Limited appearing in the books of the Company, as reduced by the face value of these shares appearing in the books of ITI Capital Holdings Private Limited by ''158,775,000 has been adjusted against surplus in statement of profit and loss of the Company.

f. Upon the Scheme being effective:

- The authorized share capital of the ITI Securities Limited is merged with the ITI Capital Holdings Private Limited without payment of additional fees and duties and hence the authorized share capital of the ITI Capital Holdings Private Limited stands change to ''320,000,000 divided into 11,000,000 equity shares of ''10 each, 900,000 5% optionally convertible preference shares of ''100 each and 1,200,000 3% cumulative redeemable preference shares of ''100 each.

- The authorized share capital of the ITI Capital Holdings Private Limited is merged with the Company without payment of additional fees and duties and hence the authorized share capital of the Company upon Scheme been effective stands changed to ''495,000,000 divided into 28,500,000 equity shares of ''10 each, 900,000 5% optionally convertible preference shares of ''100 each and 1,200,000 3% cumulative redeemable preference shares of ''100 each.

g. ITI Securities Limited and ITI Capital Holdings Private Limited stands dissolved without being wound up from the effective dates.

14 As per Accounting Standard 21 on "Consolidated Financial Statements" and Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on "Segment Reporting" is included under Notes to Consolidated Financial Statements.

15 Disclosure in respect of applicability of Accounting Standard 18 "Related Party Disclosures":

(i) List of related parties and relationship:

Sr. No. Name of the Party Relationship

1. Caladium Properties Private Limited Subsidiary

2. Crest Residency Private Limited Subsidiary

3. Crest Wealth Management Private Limited Subsidiary

4. In time Spectrum Commodities Private Limited Subsidiary

5. Prebon Yamane (India) Limited Subsidiary

6. ITI Securities Limited (refer note no. 30) Subsidiary

7. ITI Capital Holdings Private Limited (refer note no. 30) Subsidiary

8. ITI Financial Services Limited (up to October 15, 2014) Subsidiary

9. ITI Investor Services Limited (up to October 15, 2014) Subsidiary

10. Tamarind Global Services Private Limited (up to September 14, 2014) Subsidiary (Formerly known as Tamarind Tours Private Limited)

11. Ramayana Realtors Private Limited Associate

12. Classic Mall Development Company Private Limited Associate

13. Starboard Hotels Private Limited Associate

14. Classic Housing Projects Private Limited Associate

15. Escort Developers Private Limited Associate

16. Edelweiss Fund Advisors Private Limited Associate

17. Tamarind Global Services Private Limited Associate

18. SAI Consulting Engineers Private Limited (upto November 04, 2014) Associate

19. Kara Property Ventures LLP Associate

20. Trinity Ventures Joint venture

21. Vijay Choraria - Managing Director Key managerial personnel (KMP)

22. Sunita Choraria Relative of KMP

23. Fine Estates Private Limited Entity controlled by KMP

24. Priyanka Finance Private Limited Entity controlled by KMP

25. Surbhi Investments & Trading Company Private Limited Entity controlled by KMP

26. Bridge Equities Private Limited Entity controlled by relative of KMP

27. Fine Business Facilitators Private Limited Entity controlled by relative of KMP

35 In compliance with Accounting Standard 27 "Financial Reporting of Interest in Joint Venture" the required information is as under:

a. Trinity Ventures is a jointly controlled entity having its place of business in India. The Company is having 10% of ownership interest.

16 Contingent liabilities:

a. Corporate guarantees given by the Company to banks against bank guarantees issued to associates Rs,5,000,000 (previous year Rs,5,000,000) and others Rs,NIL (previous year Rs,72,000,000).

b. Income-Tax matters in respect of which appeal is pending Rs,1,073,710 (previous year Rs,612,466).

17 The Company has created mortgage charge on the finished realty stock of the Company situated at Sharyans Audeus, Andheri (W), Mumbai 400058 and hypothecated its rental receivables in respect of loan taken of Rs,400,000,000 (previous year Rs,NIL) by other entity.

18 The previous year figures have been regrouped, reworked, rearranged and reclassified, wherever necessary, to be read in relation to the amounts and other disclosures relating to the current year.

19 Crest Ventures Limited, is a registered Non Banking Financial Company with Reserve Bank of India bearing Certificate of Registration No. N-13.01888 dated December 14, 2007.

Notes:

1) As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2) Provisioning norms as prescribed in Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015.

3) All Accounting Standards and guidance notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break up/ fair value/NAV in respect of unquoted investments is disclosed irrespective of whether they are classified as long-term or current in column (4) above.

4) Related parties are defined as per Accounting Standard issued by ICAI.

5) Investments in case of unquoted shares it is assumed that market value is same as book value.

6) Previous year figures are indicated in brackets.

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Mar 31, 2015

1.1 Rights of equity shareholders:

The Company has only one class of equity shares having a par value of Rs.10 each. Each holder of equity shares is entitled to one vote per share held. In the event of liquidation of the Company, the holders of equity shares will 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.

1.2 The Board of Directors at its meeting held on February 14, 2015 and the shareholders of the Company vide postal ballot process has approved the increase in Authorised Share Capital of the Company from Rs.175,000,000 divided into 17,500,000 Equity Shares of Rs.10 each to Rs.235,000,000 divided into 23,500,000 Equity Shares of Rs.10 each. Accordingly the Authorised Share Capital of the Company has been increased from Rs.175,000,000 divided into 17,500,000 Equity Shares of Rs.10 each to Rs.235,000,000 divided into 23,500,000 Equity Shares of Rs.10 each w.e.f. April 07, 2015.

2.1 Term loan from banks of Rs. 7,356,205 (previous year Rs. NIL) is secured against hypothecation of vehicles purchased thereof and Rs. 65,746,319 (previous year Rs. 95,369,381) is secured against the mortgage charge on the finished realty stock of the Company situated at Sharyans Audeus, Andheri (W), Mumbai 400058 and the personal guarantee of a director.

2.2 Term loan from others of Rs. 62,500,000 (previous year Rs. 62,500,000) is secured against equitable mortgage of realty work-in-progress of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050 and 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and the personal guarantee of a director.

2.3 Term loan from bank of Rs. 34,140,020 (previous year Rs. 51,662,116) is secured against properties located at Kalpataru Horizon, Worli, Mumbai-400018 which are owned by relative of a director and the personal guarantee of the relative of a director.

2.4 Term loan from others of Rs. NIL (previous year Rs. 65,800,000) is secured against properties located at Kiara Apartment, Union Park, Khar, Mumbai-400052 which are owned by an entity controlled by a director and the personal guarantee of a director and Rs. 62,283,668 (previous year Rs. NIL) is taken jointly with subsidiary company Caladium Properties Private Limited and is secured against unsold inventories of the subsidiary company and hypothetication of subsidiary's present and future receivables and the personal gaurantee of a director.

3.1 Bank overdraft of Rs.72,707,324 (previous year Rs.94,145,932) is secured against mortgage charge on the finished realty stock of the Company situated at Sharyans Audeus, Andheri (W), Mumbai 400058 and the personal guarantee of a director.

4.1 Pursuant to the enactment of Companies Act 2013, the Company has applied the estimated useful lives as specified in Schedule II of the Companies Act, 2013. Accordingly the unamortised carrying value is being depreciated/ amortised over the revised/ remaining useful lives. The written down value of fixed assets whose lives have expired as at 1st April 2014 of Rs. 86,788 (net of tax of Rs. 59,971) have been adjusted in the opening balance of profit and loss account as per transition provisions contained in Schedule II to the Companies Act, 2013.

5.1 Others loans and advances includes advances given related to real estate of Rs.10,140,000 (previous year Rs.30,140,000) and service tax receivable of Rs.182,794 (previous year Rs.190,655).

6.1 As per Accounting Standard 15 - "Employee benefits", the disclosures as defined in the Accounting Standard are given below: Defined Contibution Plan

Contribution to Defined Contribution Plans, recognised as expense for the year is as under :

Defined Benefit Plan

The Company offers its employees defined-benefit plan in the form of a gratuity scheme. Benefits under the defined benefit plans are typically based on years of service and the employee's compensation (immediately before retirement). The gratuity scheme covers all regular employees. Actuarial valuation is done based on "Projected Unit Credit" method. Gains and Losses of the changed actuarial assumptions are charged to the statement of profit and loss. Gratuity scheme is not funded however, provision as per Accounting Standard 15 - "Employee benefits" has been made in the financial statements.

7.1 Donation includes expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with Schedule VII of Rs.800,000.

8 Change in the name of the Company:

Pursuant to the approval of the members obtained at the Extra Ordinary General Meeting of the Company held on August 14, 2014 the name of the Company stands changed from "Sharyans Resources Limited" to "Crest Ventures Limited" w.e.f. September 01, 2014.

9 The Board of Directors' of the Company in their meeting held on February 05, 2015 has approved a Composite Scheme of Amalgamation ("Scheme") between ITI Securities Limited with ITI Capital Holdings Private Limited w.e.f. April 01, 2014 (being the appointed date) and ITI Capital Holdings Private Limited with Crest Ventures Limited w.e.f. April 02, 2014. (being the appointed date). The Company has filed an application under clause 24(f) of the Listing Agreement with the Bombay Stock Exchange Limited ("BSE"). Pending the approval of the Scheme from the BSE and subsequent approval of the Hon'ble High Court of Bombay and other Regulatory Authorities, no effect is given in these financial statements. The merger would be effective only once the order is received from Hon'ble High Court of Bombay and filed with the Registrar of Companies.

10 As per Accounting Standard 21 on "Consolidated Financial Statements" and Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on "Segment Reporting" is included under Notes to Consolidated Financial Statements.

11 Disclosure in respect of applicability of Accounting Standard 18 "Related Party Disclosures":

(i) List of related parties and relationship:

Sr. No. Name of the Party Relationship

1. ITI Securities Limited Subsidiary

2. Intime Spectrum Commodities Private Limited Subsidiary

3. Tamarind Tours Private Limited (upto September 14, 2014) Subsidiary

4. ITI Capital Holdings Private Limited Subsidiary

5. Crest Wealth Management Private Limited Subsidiary [Formerly known as ITI Wealth Management Private Limited]

6. Prebon Yamane (India) Limited Subsidiary

7. ITI Financial Services Limited (upto October 15, 2014) Subsidiary

8. ITI Investor Services Limited (upto October 15, 2014) Subsidiary

9. Crest Residency Private Limited Subsidiary

10. Caladium Properties Private Limited Subsidiary

11. Ramayana Realtors Private Limited Associate

12. Classic Mall Development Company Private Limited Associate

13. Starboard Hotels Private Limited Associate

14. Classic Housing Projects Private Limited Associate

15. Escort Developers Private Limited Associate

16 SAI Consulting Engineers Private Limited (upto November 04, 2014) Associate

17. Edelweiss Fund Advisors Private Limited Associate

18. Tamarind Tours Private Limited (w.e.f. September 15, 2014) Associate

19. Kara Property Ventures LLP Associate

20. Trinity Ventures Joint venture

21. Vijay Choraria - Managing Director Key managerial personnel (KMP)

22. Sunita Choraria Relative of KMP

23. Fine Estates Private Limited Entity controlled by KMP

24. Priyanka Finance Private Limited Entity controlled by KMP

25. Associated Luggage Company Private Limited Entity controlled by relative of KMP

26. Bridge Equities Private Limited Entity controlled by relative of KMP

27. Fine Business Facilitators Private Limited Entity controlled by relative of KMP

12 In Compliance with Accounting Standard 27 "Financial Reporting of Interest in Joint Venture" the required information is as under:

a. Trinity Ventures is a jointly controlled entity having its place of business in India. The Company is having 10% (previous year 10%) of ownership interest.

13 Contingent Liabilities:

a. Corporate guarantees given by the Company to banks against bank guarantees issued to subsidiaries Rs. NIL (previous year Rs.225,000,000), associates Rs.5,000,000 (previous year Rs. NIL) and others Rs.72,000,000 (previous year Rs. NIL).

b. Income-Tax matters in respect of which appeal is pending Rs.612,466 (previous year Rs.1,659,256).

14 The previous year figures have been regrouped, reworked, rearranged and reclassified, wherever necessary, to be read in relation to the amounts and other disclosures relating to the current year.

15 Crest Ventures Limited (Formerly known as Sharyans Resources Limited), is a registered Non Banking Financial Company with Reserve Bank of India bearing Certificate of Registration No. N-13.01888 dated December 14, 2007.

16 Disclosure of details as required by revised Para 13 of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007:

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Mar 31, 2014

1. Rights of equity shareholders:

The Company has only one class of equity shares having a par value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share held. In the event of liquidation of the Company, the holders of equity shares will 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. Term loan from bank of Rs. 95,369,381 (previous year Rs. NIL) is secured against the mortgage charge on the finished realty stock of the Company and the personal guarantee of a Director.

3. Term loan from others of Rs. 62,500,000 (previous year Rs. NIL) is secured against equitable mortgage of realty work in progress of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and the personal guarantee of a Director.

4. Term loan from bank of Rs. 51,662,116 (previous year Rs. 66,855,630) is secured against properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director and the personal guarantee of the relative of a Director.

5. Term loan from others of Rs. 65,800,000 (previous year Rs. 100,000,000) is secured against properties located at Kiara Apartment, Union Park, Khar, Mumbai- 400052 which are owned by an entity controlled by a Director and the personal guarantee of a Director.

6. Secured bank overdraft of Rs. 94,145,932 (previous year Rs. NIL) is secured against mortgage charge on the finished realty stock of the Company and the personal guarantee of a Director.

7. As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below: Defined Benefit Plan The Company offers its employee''s defined-benefit plan in the form of a gratuity scheme (a lump sum amount). Benefits under the defined benefit plans are typically based on years of service and the employee''s compensation (immediately before retirement). The gratuity scheme covers all regular employee''s. Actuarial valuation is done based on "Projected Unit Credit" method. Gains and losses of the changed actuarial assumptions are charged to the statement of profit and loss. Gratuity scheme is not funded however, provision as per Accounting Standard 15 has been made in the financial statement.

(i) Loans and advances amounting to Rs. 206,500,000 as shown above, fall under the category of "Long term loans and advances" and are repayable within 2 to 3 years.

(ii) Loans and advances amounting to Rs. 90,000,000 as shown above, fall under the category of "Short term loans and advances" and are repayable within 12 months.

(iii) Loans to employees as per Company''s policy are not considered.

8. As per Accounting Standard 21 on "Consolidated Financial Statements" and Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" as notified by Companies (Accounting Standards) Rules, 2006, the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006, is included under notes to Consolidated Financial Statements.

a. General description of lease term:

i) Lease rentals are charged on the basis of agreed terms.

ii) Asset given on lease over a period of 5 years and 9 years.

9. Contingent Liabilities:

a. Corporate guarantees issued by the Company on behalf of subsidiaries Rs. 225,000,000 (previous year Rs. 787,500,000).

b. Taxation matters in respect of which appeal is pending Rs. 1,659,256 (previous year Rs. 1,132,462).

10. The previous year figures have been regrouped, reworked, rearranged and reclassified, wherever necessary, to be read in relation to the amounts and other disclosures relating to the current year.

11. Disclosure of details as required by revised Para 13 of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, earlier Para 9BB of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

Note:

i) Companies in the same group means companies under the same management as per Section 370(1B) of the Companies Act, 1956.

ii) Investments in case of unquoted shares it is assumed that market value is same as book value.

iii) Previous year figures are indicated in brackets.

12.The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2/2011 and 3/2011 dated 8th February, 2011 and 21st February, 2011 respectively has granted a general exemption from compliance with Section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

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Mar 31, 2013

1.1 As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Defined Benefit Plan

The Company offers its employee''s defined-benefit plan in the form of a gratuity scheme (a lump sum amount). Benefits under the defined benefit plans are typically based on years of service and the employee''s compensation (immediately before retirement). The gratuity scheme covers all regular employee''s. Actuarial valuation is done based on "Projected Unit Credit" method. Gains and Losses of the changed actuarial assumptions are charged to the statement of profit and loss. Gratuity scheme is not funded however, provision as per Accounting Standard 15 has been made in the financial statement.

2 As per Accounting Standard 21 on "Consolidated Financial Statements" and Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" as notified by Companies (Accounting Standards) Rules, 2006, the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006, is included under Notes to Consolidated Financial Statements.

3 In compliance with Accounting Standard 27 "Financial Reporting of Interest in Joint Venture" the required information is as under:

a. Trinity Ventures is a jointly controlled entity having its place of business in India. The Company is having 10% (previous year 10%) of ownership interest.

b. In respect of jointly controlled entity, the Company''s share of assets, liabilities, income and expenditure of the joint venture is as follows:

4 Contingent Liabilities:

a. Corporate guarantees issued by the Company on behalf of subsidiaries Rs. 787,500,000 (previous year Rs. 795,000,000).

b. Taxation matters in respect of which appeal is pending Rs. 1,132,462 (previous year Rs. 3,356,789).

5 The previous year figures have been regrouped, reworked, rearranged and reclassified, wherever necessary, to be read in relation to the amounts and other disclosures relating to the current year.

6 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2/2011 and 3/2011 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with Section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

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Mar 31, 2012

1.1 * Term loan from bank of Rs. 80,092,659 (previous year Rs. nil) is secured against properties located at Kalpataru Horizon, Worli, Mumbai - 400018 which is owned by relative of the director.

# These figures do not include any amounts due and outstanding, to be credited to Investor Education and Protection Fund. $ These figures include TD.S. payable Rs. 776,722 (previous year Rs. 2,254,532), profession tax Rs. 2,675 (previous year Rs. 1,950) and service tax payable Rs. nil (previous year Rs. 168,075).

2.1 As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard is given below: Defined Benefit Plan

The company offers its employees defined-benefit plan in the form of a gratuity scheme (a lump sum amount). Benefits under the defined benefit plans are typically based on years of service and the employee's compensation (immediately before retirement). The gratuity scheme covers all regular employees. Actuarial valuation is done based on "Projected Unit Credit" method. Gains and losses of the changed actuarial assumptions are charged to the profit and loss account. Gratuity scheme is not funded however, provision as per Accounting Standard 15 has been made in the financials.

3 Disclosures of loans and advances in nature of loans given as per clause 32 of listing agreement comprises:

(i) Loans to subsidiary company ITI Capital Holdings Private Limited and Caladium Properties Private Limited is given in note no. 14 above.

(ii) Loans to ITI Capital Holdings Private Limited and Caladium Properties Private Limited are under the category of loans and advances in nature of loans where there is no repayment schedule or are repayable on demand.

(iii) Loans to employees as per company's policy are not considered.

4 As per Accounting Standard 21 on "Consolidated Financial Statements" and Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" as notified by Companies (Accounting Standards) Rules, 2006, the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006, is included under Notes to Consolidated Financial Statements.

5 Disclosure in respect of applicability of Accounting Standard 18 "Related Party Disclosures" as notified by Companies (Accounting Standards) Rules, 2006:

Disclosure in respect of related party transactions during the year:

1 Interest income include ITI Securities Limited Rs. 540,778 (Previous Year Rs. NIL), Classic Mall Development Company Private Limited Rs. 4,992,215 (previous year Rs. NIL).

2 Dividend income include ITI Securities Limited Rs. 3,600,000 (previous year Rs. 3,600,000), Tamarind Tours Private Limited Rs. 22,500,000 (previous year Rs. NIL ) and SAI Consulting Engineers Private Limited Rs. 841,371 (previous year Rs. 2,524,113).

3 Rent paid to Fine Estates Private Limited Rs. 165,454 (previous year Rs. NIL), Prokem Trade and Investments Private Limited Rs. NIL (previous year Rs. 200,000).

4 Interest paid to key managerial personnel Rs. 246,148 (previous year Rs. NIL).

5 Payment to key managerial personnel towards managerial remuneration Rs. 900,000 (previous year Rs. 900,000).

6 Turnover in respect of purchase and sale of shares through ITI Securities Limited Rs. NIL (previous year Rs. 3,833,499) who has acted in its capacity as registered brokers.

7 Purchase/subscription of investments include ITI Capital Holdings Private Limited Rs. 163,125,000 (previous year Rs. NIL), Ramayana Realtors Private Limited Rs. 20,466,700 (previous year Rs. NIL), Picasso Developers Private Limited Rs. 10,233,300 (previous year Rs. NIL), Crest Hospitality Services Private Limited Rs. 50,000 (previous year Rs. NIL), Caladium Properties Private Limited Rs. NIL (previous year Rs. 100,281), Intime Spectrum Commodities Private Limited Rs. NIL (previous year Rs. 1,253,167), Starboard Hotels Private Limited Rs. NIL (previous year Rs. 50,050), Classic Housing Projects Private Limited Rs. 111,200,000 (previous year Rs. NIL).

8 Sale of investments include ITI Capital Holdings Private Limited Rs. NIL (previous year Rs. 132,497,088).

9 Loan taken from key managerial personnel Rs. 65,000,000 (previous year Rs. NIL).

10 Loan given to ITI Securities Limited Rs. 40,000,000 (previous year Rs. NIL), Caladium Properties Private Limited Rs. 55,500,000 (previous year Rs. NIL).

Loan given to Classic Mall Development Company Private Limited Rs. 112,500,000 (previous year Rs. NIL).

Advances in the nature of investments in subsidiaries given to ITI Capital Holdings Private Limited Rs. 20,750,000 (previous year Rs. 170,300,000).

Advances in the nature of investments in subsidiaries returned from ITI Capital Holdings Private Limited Rs. 7,650,000 (previous year Rs. NIL).

Debenture / share application money given to Ramayana Realtors Private Limited Rs. 52,500,000 (previous year Rs. NIL), Starboard Hotels Private Limited Rs. 5,000,000 (previous year Rs. NIL), Crest Hospitality Services Private Limited Rs. 13,650,000 (previous year Rs. NIL) Escort Developers Private Limited Rs. 1,950,000 (previous year Rs. NIL), Picasso Developers Private Limited Rs. 11,500,000 (previous year Rs. NIL).

b. General description of lease term: -

i) Lease rentals are charged on the basis of agreed terms.

ii) Asset given on lease over a period of 5 years and 9 years.

31 In Compliance with AS-27 'Financial Reporting of Interest in Joint Ventures' the required information is as under:

a. Trinity Ventures is a jointly controlled entity having its place of business in India. The Company is having 10% (previous year 10%) of ownership interest.

6 Contingent Liabilities:

a. Corporate guarantees issued by the Company on behalf of subsidiaries Rs. 795,000,000 (previous year Rs. 1,046,800,000).

b. Taxation matters in respect of which appeal is pending Rs. 3,356,789 (previous year Rs. NIL).

7 The revised schedule VI notified under the Companies Act 1956 has become applicable to the Company during the current year. The previous year figures have been regrouped, reworked, rearranged and reclassified, wherever necessary, to conform to revised schedule VI classification and are to be read in relation to the amounts and other disclosures relating to the current year.

8 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2/2011 and 3/2011 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial statements.

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Mar 31, 2011

1. Gratuity

The Company is not liable for payment of gratuity to employees as per the provisions of the Gratuity Act and hence no provision for the same has been made in the books.

2. Disclosures of loans and advances in nature of loans given as per clause 32 of listing agreement comprises:

(i) Loans to subsidiary company ITI Capital Holdings Pvt. Ltd. is given in 4(i) above.

(ii) Loans to ITI Capital Holdings Pvt. Ltd. are under the category of loans and advances in nature of loans where there is no repayment schedule or are repayable on demand.

(iii) Loans to employees as per Company's policy are not considered.

3. As per Accounting Standard 21 on "Consolidated Financial Statements" and Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" as notified by Companies (Accounting Standards) Rules,2006, the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006, is included under Notes to Consolidated Financial Statements.

4 Disclosure in respect of applicability of Accounting Standard 18 "Related Party Disclosures" as notified by Companies (Accounting Standards) Rules, 2006:

(i) List of related parties and relationship

Sr.Name of the party Relationship with No. the company

1 ITI Securities Ltd. Subsidiary (Formerly known as Intime Spectrum Securities Ltd.)

2 Intime Spectrum Commodities Pvt. Ltd. Subsidiary

3 Tamarind Tours Pvt. Ltd. Subsidiary

4 ITI Capital Holdings Pvt. Ltd. Subsidiary (Formerly known as Intime Spectrum Finmart Pvt.Ltd.)

5 ITI Wealth Management Pvt. Ltd. Subsidiary (Formerly known as Sharyans Wealth Management Pvt.Ltd.)

6 Prebon Yamane ( India ) Ltd. Subsidiary

7 Collins Stewart India Ltd. Subsidiary

8 ITI Financial Services Ltd. Subsidiary

9 ITI Investor Services Ltd. Subsidiary

10 ITAI Investment Advisory Services Pvt. Ltd. Subsidiary

11 Caladium Properties Pvt. Ltd. (from 30.03.2011) Subsidiary

12 Prokem Trade & Investments Pvt. Ltd.(upto 21.04.2010) Associate

13 Ramayana Realtors Pvt. Ltd. Associate

14 Classic Mall Development Co. Pvt. Ltd. Associate

15 Starboard Hotels Pvt.Ltd. Associate (Formerly Known as Classic Software Technology Park Developers Pvt. Ltd.)

16 Classic Housing Projects Pvt. Ltd. Associate (Formerly known as Classic Leisures and Hotels Pvt. Ltd.)

17 Escort Developers Pvt. Ltd. Associate

18 SAI Consulting Engineers Pvt. Ltd. Associate

19 Edelweiss Real Estate Advisors Pvt. Ltd. Associate

20 Picasso Developers Pvt. Ltd. Associate

21 Trinity Ventures (from 21.04.2010) Joint venture

22 Sharyans Gold Beam (upto 21.04.2010) Common control exists

23 Vijay Choraria Key managerial personnel

Note: Previous year figures are indicated in brackets.

Disclosure in respect of material related party transactions during the year:

1 Rent paid to Prokem Trade & Investments Pvt. Ltd. Rs.200,000 (previous year Rs.3,790,000).

2 Payment to key management personnel towards managerial remuneration paid to Mr. Vijay Choraria Rs. 900,000 (previous year Rs. 900,000).

3 Turnover in respect of purchase and sale of shares through ITI Securities Ltd.Rs.3,833,499 (previous year Rs. 46,120,616) who has acted in its capacity as registered brokers.

4 Interest income include ITI Securities Ltd. Nil (previous year Rs. 156,581).

5 Purchase / Subscription of investments include Caladium Properties Pvt. Ltd.Rs.100,280 ( previous year Rs. Nil),Intime Spectrum Commodities Pvt. Ltd. Rs.1,253,167 (previous year Nil),Classic Mall Development Co. Pvt. Ltd. Nil (previous year Rs.36,729,147),Starboard Hotels Pvt.Ltd.Rs.50,050 ( previous year Nil).

6 Sale of investments include ITI Capital Holding Pvt. Ltd. Rs.132,497,088 (previous year Rs. Nil).

7 Loans given to ITI Securities Ltd. Nil (previous year Rs. 43,520,000).

Advances in the nature of investments in subsidiaries given to ITI Capital Holding Pvt. Ltd. Rs.170,300,000 (previous year Rs. 201,550,000).

Advances in the nature of share application money given to Classic Housing Projects Pvt. Ltd.Rs.79,200,000 (previous year Rs.Nil) , Starboard Hotels Pvt.Ltd.Rs.85,000,000 (previous year Rs.60,600,000).

Advances in the nature of share application money returned from Ramayana Realtors Pvt. Ltd.Rs.5,100,000 (previous year Nil),Picasso Developers Pvt. Ltd. Rs.1,400,000 (previous year Nil) ,Classic Mall Development Co. Pvt. Ltd.18,270,853 (previous year Rs.Nil).

8. Contigent Liabilities

(a) Corporate guarantees issued by the Company on behalf of subsidiaries and associates Rs. 1,046,800,000 (previous year Rs.1,196,800,000).

(b) Taxation matters in respect of which appeal is pending Rs. Nil (previous year Rs.1,229,229).

9. In compliance with AS - 27 ‘Financial Reporting of Interests in Joint Ventures’, the required information is as under:

a) Trinity ventures is a jointly controlled entity having its place of business in India.The company is having 10% (previous year Nil) of ownership interest.

8) Other Information

a) Gross non performing assets

i) Related Parties

ii) Other than related parties

b) Net non performing assets

i) Related parties

ii) Other than related parties

c) Assets acquired in satisfaction of debt

Note:

i) Companies in the same group means companies under the same management as per section) of the Companies Act, 1956.

ii) Investments in case of unquoted shares it is assumed that market value is same as book value.

iii) Previous year figures are indicated in brackets.

10. Figures of the previous year have been regrouped and/or rearranged wherever necessary.

11 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2/2011 and 3/2011 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial statements.

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Mar 31, 2010

1 Gratuity

The Company is not liable for payment of gratuity to employees as per the provisions of the Gratuity Act and hence no provision for the same has been made in the books.

2 Disclosures of loans and advances in nature of loans given as per clause 32 of listing agreement comprises:

(i) Loans to subsidiary company Intime Spectrum Securities Ltd. and Intime Spectrum Finmart Pvt. Ltd. as given in 4(above. )

(ii) Loans to Intime Spectrum Finmart Pvt. Ltd. are under the category of loans and advances in nature of loans where there is no repayment schedule or are repayable on demand.

(iii) Loans to employees as per Companys policy are not considered.

(iv) Investment made by Intime Spectrum Finmart Pvt. Ltd.(loanee company) in shares of subsidairy :

3 As per Accounting Standard 21 on "Consolidated Financial Statements" and Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" notified by Companies (Accounting Standards) Rules,2006, the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006, is included under Notes to Consolidated Financial Statements.

4 Disclosure in respect of applicability of Accounting Standard 18 "Related Party Disclosures" as notified by Companies (Accounting Standards) Rules, 2006: List of related parties and relationship.

Sr. No. Name of the party Relationship with the company

1 Intime Spectrum Securities Ltd . Subsidiary

2 Intime Spectrum Commodities Pvt. Ltd. Subsidiary

3 Tamarind Tours Pvt. Ltd. Subsidiary

4 Intime Spectrum Finmart Pvt. Ltd. Subsidiary

5 Sharyans Wealth Management Pvt. Ltd. Subsidiary

6 Prebon Yamane (India) Ltd. Subsidiary

7 Collins Stewart India Ltd. Subsidiary

8 ITI Financial Services Ltd. Subsidiary

9 ITI Investor Services Ltd. Subsidiary

10 ITAI Investment Advisory Services Pvt. Ltd. Subsidiary

11 Prokem Trade & Investments Pvt. Ltd. Associate

12 Oracle Securities Pvt. Ltd. Associate

13 Ramayana Realtors Pvt. Ltd. Associate

14 Classic Mall Development Co. Pvt. Ltd. Associate

15 Classic Software Technology Park Developers Pvt. Ltd. Associate

16 Classic Leisures and Hotels Pvt. Ltd Associate

17 Escort Developers Pvt. Ltd. Associate

18 SAI Consulting Engineers Pvt. Ltd. Associate

19 Edelweiss Real Estate Advisors Pvt. Ltd. Associate

20 Picasso Developers Pvt. Ltd. Associate

21 Sharyans Gold Beam Common Control Exists

22 Vijay Choraria Key Managerial Personnel

Details of related party transaction:

Expenditure:

Rent paid:

Prokem Trade & Investments Pvt. Ltd. Rs.3,790,000 (previous year Rs.3,790,000)

Managerial remuneration:

Altaf Wahedna Rs.Nil (previous year Rs.210,000)

Vijay Choraria Rs.900,000 (previous year Rs.900,000)

Turnover in respect of purchase & sale of shares through Intime Spectrum Securities Ltd.Rs.46,120,616

(previous year Rs. 12,454,884) who has acted in its capacity as registered brokers.

Demat Charges to Oracle Securities Pvt. Ltd. Rs.552 (previous year Rs.618)

Income:

Interest income:

Intime Spectrum Securities Ltd. Rs.156,581 (previous year Rs. 349,589)

Issue/Purchase of equity shares

Picasso Developers Pvt. Ltd. Rs.Nil (previous year Rs.12,000,000)

Sharyans Wealth Management Pvt. Ltd. Rs.Nil (previous year Rs. 22,250,000)

Classic Mall Development Co. Pvt. Ltd.Rs.36,729,147 (previous year Rs.Nil)

Loans given:

Intime Spectrum Securities Ltd. Rs. 43,520,000 (previous year Rs. 40,000,000)

Intime Spectrum Finmart Pvt. Ltd. Rs.201,550,000 (previous year Rs. 159,550,000)

Balance as at 31st March, 2010

Deposit given for Premises to Prokem Trade & Investments Pvt. Ltd. Rs. Nil (previous year Rs.15,000,000)

Loan given to Intime Spectrum Finmart Pvt. Ltd. Rs.201,550,000 (previous year Rs. 159,550,000)

Share application monies pending allotment:

Classic Leisures and Hotels Pvt. Ltd.Rs.800,000 (previous year Rs.800,000)

Classic Software Technology Park Developers Pvt. Ltd.Rs.91,400,000 (previous year Rs.30,800,000)

Classic Mall Development Co. Pvt. Ltd.Rs. 18,270,853 (previous year Rs.55,000,000)

Ramayana Realtors Pvt. Ltd.Rs.7,000,000 (previous year Rs.7,000,000)

Picasso Developers Pvt. Ltd. Rs.20,000,000 (previous year Rs.20,000,000)

5. Contigent liabilities

Corporate guarantees issued by the Company on behalf of subsidiaries and associates Rs. 1,196,800,000 (previous year Rs.986,800,000).

Taxation matters in respect of which appeal is pending Rs. 1,229,229 (previous year Rs.1,798,173). This is being disputed by the Company and hence not provided for.

6 Figures of the previous year have been regrouped and/or rearranged wherever necessary.