Notes to Accounts of G G Dandekar Properties Ltd.

Mar 31, 2025

6.11. Provisions, Contingent Liabilities and Contingent Assets-

i. Provisions are recognised only when the Company has:-

(a) a present obligation (legal or constructive) as a result of past event

(b) a probable outflow of resources embodying economic benefits will be required to settle the obligation; and

(d) Provision is measured using cash flows estimated to settle the present obligation. The carrying amount of
provision is the present value of those cash flows.

ii. Contingent liabilities are disclosed in case of:-

(a) a present obligation arising from past events, when it is not probable that an outflow of resources
embodying economic benefits will be required to settle the obligation,

(b) a present obligation arising from past events, and the amount of obligation cannot be measured with
sufficient reliability,

(c) a possible obligation arising from past events, whose existence would be confirmed by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

iii. Possible obligations arising from past events where likelihood of actual outflow of resources is remote are not
considered as contingent liabilities.

iv. Contingent assets are neither recognised, nor disclosed.

v. Provisions and Contingent Liabilities are reviewed at each Balance Sheet date.

6.12. Revenue Recognition-

i. Revenue from contracts with Customers:

Revenue from contracts with customers is recognised when a performance obligation is satisfied by transfer of
promised goods or services to a customer. In case of multiple performance obligations, the revenue is recognised to
the extent of transaction price allocated to the performance obligation that is satisfied.

The Company recognises revenue over a period of time, if one of the following criteria is met:

(a) the customer simultaneously consumes the benefit of the Companyâs performance or;

(b) the customer controls the asset as it is being created/enhanced by the Companyâs performance or;

(c) There is no alternative use of the asset and the Company has either explicit or implicit right of payment
considering legal precedents.

(d) In all other cases, performance obligation is considered as satisfied at a point in time.

Transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring
goods or services to a customer excluding amounts collected on behalf of a third party. Variable consideration is estimated
using the expected value method or most likely amount as appropriate in a given circumstance. Payment terms agreed with
a customer are as per contractual terms or business practice, as the case may be. Revenue is recognised only to the extent
that it is highly probable that the economic benefits will flow to the Company and the revenue and costs, if applicable, can be
reliably measured.

Revenue from the sale of goods

Revenue from the sale of goods is recognised when substantial control of the goods has been transferred to the customer.
The performance obligation in case of sale of goods is satisfied at a point in time i.e., when the material is dispatched to the
customer or on delivery to the customer, as may be specified in the contract.

Revenue from services

Revenue from erection and commissioning services is recognised on completion of contractual obligations.

(ii) Other Revenue:

Interest income is recognised on time proportion basis determined by the amount outstanding and the rate
applicable using the effective interest rate method provided there is no uncertainty over its ultimate realisation.

Dividend income is recognised when the Companyâs right to receive the same is established.

Any other incomes are accounted for on accrual basis

6.13. Income Tax -

i. Income Tax Expense comprises of Current Tax and Deferred Tax.

ii. Current Tax expense is determined on the basis of taxable income for the current accounting period computed in
accordance with the provisions of the Income Tax Act, 1961 and based on the history of allowances and
disallowances in the earlier years. The tax rates and tax laws used to compute the amount are those that are
enacted or substantially enacted, at the reporting date. Current tax relating to items recognised outside the
statement of profit and loss is recognised, either in OCI or in equity. Current tax items are recognised in correlation to
the underlying transaction either in OCI or directly in equity.

iii. Provision for Deferred Tax is recognised using balance sheet method for all taxable temporary differences between
carrying amounts of assets and liabilities in the Companyâs financial statements and the corresponding tax bases
used in computation of taxable profits. Deferred tax is measured using tax rates and laws enacted or substantially
enacted as on the reporting date. Deferred tax asset is recognised and carried forward only to the extent that it is
probable that taxable profits will be available against with those deductible temporary differences can be utilised in
the future.

6.14. Leases-

i. The Company assesses and designates a contract as a lease contract, at inception of a contract. The determination
of whether an arrangement is a lease is based on the substance of the arrangement. The arrangement is a lease if
fulfilment of the arrangement is dependent on the use of an identified asset or assets and the arrangement conveys
a right to control the use of the identified asset or assets for a period of time in exchange for a consideration, even if
that right is not explicitly specified in an arrangement.

ii. Accounting as lessor:

The Company classifies its lease contracts either as operating leases or finance leases at the inception of the lease.
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are
classified as operating leases. Rental income from operating lease is recognised over the term of the relevant lease.
Initial direct costs, which are material, incurred in negotiating and arranging an operating lease are added to the
carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Initial
direct costs incurred in negotiating and arranging an operating lease that are not material in nature are charged to
the statement of Profit and Loss as and when incurred Contingent rents are recognised as revenue in the period in
which they are earned.

iii. Accounting as lessee-

In case of contracts of material value where the Company is a Lessee, it recognises a right of use asset (ROU asset)
and a lease liability on the commencement date of the contract.

A ROU asset is valued using cost model. At the commencement of the lease ROU asset is recognised at cost which
comprises of - total lease payments to be made over the lease term valued at its present value using Companyâs
incremental borrowing rate, initial direct costs and costs of restoration; net of lease incentives received. ROU asset
is depreciated over the lease term on straight line basis over the shorter of the lease term and useful life of the
underlying asset.

The Company determines the lease term as the non-cancellable period of a lease, together with periods covered by
an option to extend the lease, where the Company is reasonably certain to exercise that option.

A lease liability is recognised at present value of total lease payments to be made over the lease term using
Companyâs incremental borrowing rate. Lease liability is increased to reflect interest on the lease liability and
reduced to reflect payments made to the lessor. The carrying value of lease liability is reassessed when there is
change in lease term.

The Company has availed recognition exemption and chosen not to apply the above accounting treatment for shortÂ¬
term leases and leases for low-value underlying assets where lease payments associated with those leases are
recognised as an expense as and when incurred on systematic basis.

6.15. Employee Benefits-

i. Short Term Employee Benefits

All employee benefits payable wholly within the twelve months of rendering the service are classified as short-term
employee benefits. Benefits such as salaries, wages, short-term compensated absences, expected cost of bonus,
ex-gratia and performance-linked rewards are considered as short-term employee benefits and are expensed in the
period in which the employee renders the related service.

ii. Post-Employment Benefits:

(a) Defined Contribution Plans

The State governed Employee Provident Fund and Pension Scheme, Employees State Insurance Scheme
are the defined contribution plans. The liability on account of the Companyâs contributions paid or payable
under these schemes is recognised during the period in which the employee renders the related service and
is charged to the Statement of Profit and Loss. The Company has no further obligation beyond these
contributions towards employees.

(b) Defined Benefit Plans

The employeesâ gratuity fund scheme is the Companyâs defined benefit plan. The present value of the
obligation under the said defined benefit plan is determined on the basis of actuarial valuation from an
independent actuary using the Projected Unit Credit Method.

Remeasurements, comprising of actuarial gains are recognised immediately in the balance sheet with a
corresponding debit or credit to Other Comprehensive Income (OCI) in the period in which they occur.
Remeasurements are not reclassified to Statement of Profit or Loss in subsequent periods.

In the case of funded plans, the fair value of the planâs assets is reduced from the gross obligation under the
defined benefit plans, to recognise the obligation on net basis.

Changes in the present value of the defined benefit obligation resulting from plan amendments or
curtailments are recognised immediately in profit or loss as past service cost.

Net interest is calculated by applying the discount rate to the net defined benefit liability or the fair value of
the plan asset. The cost is included in employee benefits expense in the Statement of Profit and Loss.

iii. Other Long Term Employee Benefits:

The employees of the Company are entitled to compensated absences. The Company records an obligation for
such compensated absences as per the rules of the Company and is measured on the basis of actuarial valuation
from an independent actuary. Actuarial gains and losses are immediately recognised in the Statement of Profit and
Loss in the period in which they occur.

6.16. Segment Reporting:

Operating segments are those components of the business whose operating results are regularly reviewed by the
chief operating decision maker (CODM) in the Company to make decisions for performance assessment and
resource allocation. Operating segments are reported in a manner consistent with the internal reporting provided to
the CODM. The CODM regularly monitors and reviews the operating result of the Company through identified
segments. The CODM has been identified as the Chairman and Managing Director who makes strategic decisions.

The reporting of segment information is the same as provided to the Management for the purpose of the
performance assessment and resource allocation to the segments. The Accounting Policies adopted for segment
reporting are in line with the Accounting Policies of the Company.

6.17. Earnings Per Share (EPS)-

Basic EPS amount is calculated by dividing the net profit for the year attributable to equity holders of the Company
by the weighted average number of Equity shares outstanding during the year. The weighted average number of
equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus
shares, other than the conversion of potential equity shares, that have changed the number of equity shares
outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of
all dilutive potential equity shares.

6.18. Cash Flow-

The Cash Flow Statement is prepared by the Indirect Method set out in Ind AS-7 ''Cash Flow Statement'' and
presents cash flow by operating, investing and financing activities of the Company.

7. Recent Accounting Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,2025,
MCA has notified Ind AS-117 Insurance Contracts and amendments to Ind AS 116-Leases, relating to sale and
leaseback transactions, applicable to the Company w.e.f. April 1, 2024. The Company has reviewed the new
pronouncements and based on its evaluation has determined that it does not have any significant impact on its
financial statements.

18.5 Capital Management

Equity share capital and other equity are considered for the purpose of Company''s Capital Management. The Company maintains
sufficient capital taking into account its business needs, both strategic and routine, need to maintain confidence of other
stakeholders including shareholders, creditors and customers. The Company takes appropriate steps to adjust its capital structure,
if and when required.

âDisputed liabilities in respect of Income Tax : include the liability of Rs. 33.68 lakh and Rs. 69.77 lakh (Previous Year Rs.
10.04 lakh and Rs. 34.06) pertaining to AY 2011-12 and AY 2013-14 respectively.

The Company had received show cause and demand notices from the Income Tax Department pertaining to the AY 2011-12 and
AY 2013-14 for Rs.57.75 lakh and Rs.247.75 lakh respectively. Due to Covid-19 pandemic, subsequent operational disruption
and closure of manufacturing operations at Nagpur, frequent changes in key managerial personnel during the period from 2021
to 2022 and website/ domain issues, hearing and demand notices served by the Income Tax Department were not responded to.
Once the management became aware of the existence of such notices, it took steps, after consultation with legal experts, to file
appeals against the orders with the Income Tax Appellate Tribunal (ITAT) with a request for condonation of delay in filing such
appeals. However, especially considering the delays in filing the appeals, as an abandoned caution the Company had made an
aggregate provision of Rs. 305.50 Lakhs in the books of account for the year ended on 31 March 2024, in respect of the AY2011-
12 and 2013-14.

During the Financial Year, 2024-25, the Company filed a rectification application against the order pertaining to AY 2013-14 in
January 2025. The Income Tax department rectified the order calculating the tax liability for the year at Rs. 95.06 Lakhs which
has been already been paid in the past years. The Company has, therefore, written back the excess provision of Rs. 152.68
lakhs in the books during the Financial Year 2024-25. However, to mitigate further financial risks of interest and/or penalty
proceedings, the company has made an application under Vivaad se Vishwas Scheme (DTVSV) in January 2025.

During the Financial Year 2024-25, the Company also filed a rectification application against the order pertaining to AY 2011-12
in January 2025 which was rejected. To mitigate further financial risks of interest and/or penalty proceedings relating to AY 2011Â¬
12, the Company has filed an application under Vivaad se Vishwas Scheme (DTVSV) in January 2025. Once the application
under DTVSV Scheme is accepted, the Company will withdraw the appeal filed.

(ii) Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timings of cash
outflows, if any, in respect of the above as it is determinable only on receipt of judgement/decisions pending with various
forums/authorities.

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

(iv) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(i) After the reporting period, the Board of Directors of the Company resolved to sale a certain parcel of freehold land
admeasuring 3601 Sq. Mtrs. situated Bhiwandi. The Company has assessed the fair value of the land. The
Company has entered into an understanding with a prospective buyer who has paid an aggregate amount of
advance of'' 401.00 Lakhs towards the sale of said land. The Company is in the process of finalisation of the sale
deed. It is expected that the sale will be completed before the end of first quarter of the Financial Year 2025-26.

This event is treated as a non-adjusting event occurring after the reporting period.

(ii) After the reporting period, the Board of Directors of the Company has decided to convert 14,989 Compulsorily
Convertible Preference Shares (CCPS) of its Associate Company -Navasasyam Dandekar Private Limited (NDPL)
held by the Company into Equity Shares in the ratio 1:1 pursuant to the terms of issue of CCPS and has
communicated the same to the NDPL. Required formalities in this respect are in process. This event is treated as a
non-adjusting event occurring after the reporting period.

45.1. Defined contribution plans: Contributions of Provident Fund and Employees State Insurance

Amount of ? 1.84 Lakh (F.Y. 2023-24 ? 1.97 Lakh) is recognized as an expenses during the year.

45.2. Defined benefit plans: Gratuity Plan

The Company has established a gratuity plan wherein every employee is entitled to the benefit equivalent to thirty days'' salary for each
completed year of service with a cap of '' 20 Lakh. The same is payable on termination of service or retirement whichever is earlier. The
benefit vests after five years of continuous service. In case of death of an employee, the gratuity is paid as normal retirement benefit,
irrespective of the number of years of service of the employee.

The Gratuity Plan is a funded plan and the Company makes contributions to the fund managed by LIC of India. Contributions are made as
per the working of LIC of India. A detailed break-up of composition of investments made by LlC in various securities is not, at present,
available to the Company.

45.4. The employee benefit plans of the Company typically expose the Company to actuarial risks such as: Investment risk, Interest Rate
Risk and Longevity Risk, etc. which are explained below:

(i) Investment Risk

The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.

(ii) Interest Risk

The plan exposes the Company to the risk of fall in Interest rates on plan assets. A fall in interest rates will result in an
increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

(iii) Longevity Risk

The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan
participants both during and after employment. An increase in the life expectancy of the plan participants will increase the
plan''s liability.

46. Disclosure pursuant to Ind AS 20 âAccounting for Government Grants and Disclosure of Government Assistanceâ

During the year, the Company was not eligible/ has not received any grant, subsidy or any other government assistance.

54.1. Financial Risk Management

The activities of the Company expose it to a variety of financial risks. The Company''s risk management policies are
focused to identify the unpredictability of financial risks, establish required controls and monitor and minimize potential
adverse effects on its financial performance. The risk management policies and systems are reviewed periodically to
reflect changes in market conditions and Company''s activities. The Board of Directors have overall responsibility for the
setup and oversight of Company''s risk management function.

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

(i) Credit risk; (ii) Liquidity risk & (iii) Market risk.

(i) Credit Risk

Credit risk refers to the risk of default on its obligation by the customer or counterparty in meeting its contractual
obligations, resulting into a financial loss to the Company. The maximum exposure to the credit risk is primarily from
Company''s Fixed Deposits placed with various banks and trade and other receivables.

(a) Trade Receivables

Receivables are reviewed, managed and controlled for each customer separately. Credit risk is managed through credit
approvals process by establishing credit limits and continuously monitoring the creditworthiness of customers to whom
credit is extended in the normal course of business. Considering a limited number of customers, an impairment analysis
is performed at each reporting date on an individual basis for major customers. Company has a practice to provide for
doubtful debts on a case-to-case basis after considering inter-alia customer''s credibility etc. Management believes that
the unimpaired amounts which are past due (if any) are fully recoverable / receivable.

In accordance with Ind-AS 109, the Company applies Expected Credit Loss (ECL) model for measurement and
recognition of impairment loss on trade receivables and other advances. The allowance for Expected Credit Loss on
customer balances for the year ended 31 March, 2025 and 31 March, 2024 is ?6.73 Lakhs and there is no movement in
the same during the year.

(b) Other Bank Balances and Other Financial Assets

There is no significant credit risk on Other Bank Balances and deposits with bank as the Company generally invests in
deposits with banks and financial institutions with good credit ratings assigned by the renowned agencies.

There is no significant credit risk on other receivables, which mainly comprise of security deposits and loans and
advances given to employees.

There is no significant credit risk on Cash and Cash Equivalents as the Company generally keeps its funds with banks
and financial institutions with good credit ratings assigned by the renowned agencies.

(d) Investments

There is no significant risk in the investment in the a group Company which has strong financials and creditworthiness.

(ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Companyâs approach to managing liquidity is
to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed conditions, without incurring unacceptable losses or affecting Companyâs reputation. The Company is
holding its surplus funds in Time/ Fixed Deposits with the bank, which can be liquidared when required.

(iii) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuatec due to changes in
market prices and will affect the Companyâs income or the value of its holdings of financial instruments. Market risk is
attributable to all market risk sensitive financial instruments including long term debt.

Market risk mainly comprises of -

(a) Currency risk (b) Interest Rate Risk (c) Other price risk such as equity/debt securities price risk

(a) Currency Risk

Currency risk refers to the risk that arises when future commercial transactions and recognized assets and liabilities are
denominated in a currency that is not the Company''s functional currency. Currency risk is the risk that the value of a
financial instrument will fluctuate due to changes in foreign exchange rates.

The Company operates in Indian domestic market and the Company does not have any foreign

currency payables/ receivable as at the year-end hence, the Company does not have any currency risk at present.

(b) Interest Rate Risk

Interest rate risk refers to the risk that fair value or future cash flows of financial instrument will fluctuate because of
changes in market interest rates. The Company''s borrowing is linked to repo rate and therefore, to that extent the
Company is currently exposed to such risk.

Exposure to interest rate risk

Companyâs interest rate risk arises from borrowings. The interest rate profile of the Companyâs interest-bearing financial
instruments as reported to the management of the Company is as follows.

(c) Equity Price risk

Price risk refers to the risk of fluctuations in the value of assets and liabilities as a result of change in market prices of
Investments. The Company does not have any major items of assets or liabilities whose value can change due to change
in market prices hence the Company is not exposed to equity price risk.

(iv) Fair value of financial assets and financial liabilities measured at amortised cost

The carrying amounts of trade and other receivables, cash and cash equivalents, other bank balances, trade and
other payables, etc. are considered to be the same as their fair values due to their nature. The carrying amounts of
loans given, borrowings taken on floating rate of interest are considered to be close to the fair value.

55. Disclosures pursuant to Ind AS 108 "Operating Segmentsâ

(i) Basis of identifying Operating segments:

Operating segments are identified as those components of the Company (a) that engage in business activities to
earn revenues and incur expenses (including transactions with any of the Companyâs other components); (b) whose
operating results are regularly reviewed by the Companyâs executive management to make decisions about resource
allocation and performance assessment; and (c) for which discrete financial information is available.

(ii) Basis of identifying reportable segments:

An operating segment is classified as reportable segment if reported revenue (including inter-segment revenue) or
absolute amount of result or assets exceed 10% or more of the combined total of all the operating segments.

(iii) Based on the above criteria, the Company operates in only one operating segment i.e. ''Renting / Leasing of
Immovable Properties'' in a single geographical location being the state of Maharashtra. Therefore, the
management of the Company is of the view that there is only one reportable segment. Accordingly, no separate
disclosure of segment information has been made in these financial statements.

(ii) Particulars of Performance obligations relating to Revenue from Contract with Customers, contract Costs
and Balances, reconciliation of contract price with revenue during the year, etc - Manufacturing Activity

Upto certain part of the financial year 2023-24, the Company was engaged in the business of manufacturing of
Machinery for Rice Milling. The said activity has been discontinued by the Company since then. Therefore, the
required particulars under this heading in respect of this activity have not been disclosed.

The Company is engaged in Real Estate Leasing Activity. As a part of this activity, the Company is responsible for
providing allied certain services such as upkeep and maintenance of the property, security, housekeeping, etc for
which the Company charges maintenance fees separately. Revenue from Property Maintenance Services is
charged to the customers at monthly intervals at the end of each month. The revenue is recognised over a period of
time. As at March,31 2025 , the Company has recognised Contract Assets of '' 2.00 Lakh in this respect,
representing revenue accrued but not yet billed to the customer which is a reconciliation item between the Contract
Price and bills raised on the customers.

(ii) Where Company is a lessee

Leasing contracts of the Company, where the Company is a Lessee are generally in the nature of cancellable
operating leases. The Companyâs leases generally comprise of land, office premises and office equipment.
These arrangements can usually be terminated / renewed by mutual consent on agreed terms. These Lease
rentals are charged to the Statement of Profit and Loss on straight-line or other appropriate basis.

Where the non-cancellable period of lease exceeds 12 months, the Company has created a right-of-use assets
and a lease liability towards the remaining lease period and lease liability respectively.

The Company has availed exemptions for not to consider the lease arrangements which have non-cancellable
period (Lock in period) or lease period of 12 months or less as on initial application date under as Leases. The
Company has elected not to classify low value items lease under Leases as permitted by Para 5 of Ind AS 116. The
expenses relating to the payments not included in the measurement of lease liability and excognised as expense
in the statement of Profit and Loss are as follows-

59. Additional information pursuant to Schedule III to the Companies Act, 2013 not specifically provided anywhere
else in these financial statements:

Contingent Liabilities not provided for in respect of:

(i) Benami Property

No proceedings have been initiated or pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder in the financial years ended
31 March, 2025 and 31 March, 2024.

(ii) Borrowings of Specific Purpose

The Company has utilised the funds raised from banks and financial institutions for the specific purpose for which
they were borrowed.

(iii) Borrowings against security of Current Assets

The Company has not availed any Working Capital limits in excess of five crore rupees, in aggregate, from banks
on the basis of security of current assets.

(iv) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual currency during the financial years ended
31, March, 2025 and 31 March, 2024.

(v) Willful Defaulter

The Company has not been declared as a willful defaulter by any bank or financial institution or other lender in the
financial years ended 31 March, 2025 and 31 March, 2024.

(vi) Undisclosed Income

The Company does not have any such transaction which is not recorded in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
including search or survey or any other proceedings under the provisions of the Income Tax Act, 1961.

(vii) Registration of charges or satisfaction with the Registrar of Companies (ROC)

All charges of registration or satisfaction are registered with the ROC within the statutory period during the financial
years ended 31 March, 2025 and 31 March, 2024.

(viii) Struck off companies

Based on the record and information available, the Company has not entered into any transaction with the
companies struck off as per Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

(ix) Title deeds of the properties not in the name of company

Title deeds of all the properties owned by the Company are in the name of the Company. However, in case of the
units situated on 5th floor of the investment property of the Company, the Property Tax records are still in the name
of its previous owner. The required formalities for updating the name of the Company in the Property Tax records is
in process. The relevant details of the property are tabulated below-

(x) The Company has not granted any loans or advances in the nature of loans granted to promoters, directors, KMPs
and the related parties during the financial years ended 31 March, 2025 and 31 March, 2024.

(xi) The Company has not revalued any Property, Plant and Equipment or Intangible Asset during the financial years
ended 31 March, 2025 and 31 March, 2024.

(xii) The Company has not advanced or loaned or invested funds to any other person / persons or entity / entities,
including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(xiii) The Company has not received any funds from any person / persons or entity / entities, including foreign entities
(funding party) with the understanding (whether recorded in writing or otherwise) that the company shall:

(a) 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

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries,

(xiv) During the year company has not entered into any scheme of arrangement.

As per our report of even date attached For and on behalf of the Board of Directors

For C N K J B M S & ASSOCIATES
CHARTERED ACCOUNTANTS
[F.R. No. 139786-W]

Sd/- Sd/- Sd/- Sd/- Sd/-

Swanand S. Kulkarni ^Pranav D^eshp^ande Sanket Deshpande Pankaj Parkhi Ashwini Paranjape

Partner Ex^ecuti^ve Dir^ector Independent Director Chief Financial Officer Company Secretary

M.No. 144182 DIN 06467549 DIN 03383916 M. No. A42898

Place : Pune Place : Pune

Date : 28.05.2025 Date : 28.05.2025

Mar 31, 2024

6.13. Provisions, Contingent Liabilities and Contingent Assets-

a. Provisions are recognised only when the Company has:-

i. a present obligation (legal or constructive) as a result of past event

ii. a probable outflow of resources embodying economic benefits will be required to settle the obligation; and

iii. The amount of obligation can be reliably estimated.

Provision is measured using cash flows estimated to settle the present obligation. The carrying amount of provision is the present value of those cash flows.

b. Contingent liabilities are disclosed in case of:-

i. a present obligation arising from past events, when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation,

ii. a present obligation arising from past events, and the amount of obligation cannot be measured with sufficient reliability,

iii. a possible obligation arising from past events, whose existence would be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

c. Possible obligations arising from past events where likelihood of actual outflow of resources is remote are not considered as contingent liabilities.

d. Contingent assets are neither recognised, nor disclosed.

e. Provisions and Contingent Liabilities are reviewed at each Balance Sheet date.

6.14. Revenue Recognition-

a. Revenue from contracts with Customers:

Revenue from contracts with customers is recognised when a performance obligation is satisfied by transfer of promised goods or services to a customer. In case of multiple performance obligations, the revenue is recognised to the extent of transaction price allocated to the performance obligation that is satisfied

The Company recognises revenue over a period of time, if one of the following criteria is met:

i. The customer simultaneously consumes the benefit of the Company''s performance or;

ii. The customer controls the asset as it is being created/enhanced by the Company''s performance or;

iii. There is no alternative use of the asset and the Company has either explicit or implicit right of payment considering legal precedents.

In all other cases, performance obligation is considered as satisfied at a point in time.

Transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer excluding amounts collected on behalf of a third party. Variable consideration is estimated using the expected value method or most likely amount as appropriate in a given circumstance. Payment terms agreed with a customer are as per contractual terms or business practice, as the case may be. Revenue is recognised only to the extent that it is highly probable that the economic benefits will flow to the Company and the revenue and costs, if applicable, can be reliably measured.

Revenue from the sale of goods

Revenue from the sale of goods is recognised when substantial control of the goods has been transferred to the customer. The performance obligation in case of sale of goods is satisfied at a point in time i.e., when the material is dispatched to the customer or on delivery to the customer, as may be specified in the contract.

Revenue from services

Revenue from erection and commissioning services is recognised on completion of contractual obligations.

a. Other Revenue:

Interest income is recognised on time proportion basis determined by the amount outstanding and the rate applicable using the effective interest rate method provided there is no uncertainty over its ultimate realisation.

Dividend income is recognised when the Company''s right to receive the same is established.

Any other incomes are accounted for on accrual basis.

6.15. Warranty expenses-

The estimated liability for product warranties is recorded at the end of financial year. These estimates are established using historical information on the nature, frequency and average cost of warranty claims and management estimates regarding possible future incidence based on corrective actions on product failures.

The timing of outflows will vary as and when warranty claim will arise - being typically up to 2 to 3 years.

6.16. Income Tax -

a. Income Tax Expense comprises of Current Tax and Deferred Tax.

b. Current Tax expense is determined on the basis of taxable income for the current accounting period computed in accordance with the provisions of the Income Tax Act, 1961 and based on the history of allowances and disallowances in the earlier years.

The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted, at the reporting date.

Current tax relating to items recognised outside the statement of profit and loss is recognised, either in OCI or in equity. Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.

c. Provision for Deferred Tax is recognised using balance sheet method for all taxable temporary differences between carrying amounts of assets and liabilities in the Company''s financial statements and the corresponding tax bases used in computation of taxable profits. Deferred tax is measured using tax rates and laws enacted or substantially enacted as on the reporting date. Deferred tax asset is recognised and carried forward only to the extent that it is probable that taxable profits will be available against with those deductible temporary differences can be utilised in the future.

6.17. Leases-

a. The Company assesses and designates a contract as a lease contract, at inception of a contract. The determination of whether an arrangement is a lease is based on the substance of the arrangement. The arrangement is a lease if fulfilment of the arrangement is dependent on the use of an identified asset or assets and the arrangement conveys a right to control the use of the identified asset or assets for a period of time in exchange for a consideration, even if that right is not explicitly specified in an arrangement.

b. Accounting as lessor:

The Company classifies its lease contracts either as operating leases or finance leases at the inception of the lease. Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognised over the term of the relevant lease. Initial direct costs, which are material, incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Initial direct costs incurred in negotiating and arranging an operating lease that are not material in nature are charged to the statement of Profit and Loss as and when incurred Contingent rents are recognised as revenue in the period in which they are earned.

c. Accounting as lessee-

In case of contracts of material value where the Company is a Lessee, it recognises a right of use asset (ROU asset) and a lease liability on the commencement date of the contract.

A ROU asset is valued using cost model. At the commencement of the lease ROU asset is recognised at cost which comprises of - total lease payments to be made over the lease term valued at its present value using Company''s incremental borrowing rate, initial direct costs and costs of restoration; net of lease incentives received. ROU asset is depreciated over the lease term on straight line basis over the shorter of the lease term and useful life of the underlying asset.

The Company determines the lease term as the non-cancellable period of a lease, together with periods covered by an option to extend the lease, where the Company is reasonably certain to exercise that option.

A lease liability is recognised at present value of total lease payments to be made over the lease term using Company''s incremental borrowing rate. Lease liability is increased to reflect interest on the lease liability and reduced to reflect payments made to the lessor. The carrying value of lease liability is reassessed when there is change in lease term.

The Company has availed recognition exemption and chosen not to apply the above accounting treatment for shortterm leases and leases for low-value underlying assets where lease payments associated with those leases are recognised as an expense as and when incurred on systematic basic

6.18. Employee Benefits-

a. Short Term Employee Benefits

All employee benefits payable wholly within the twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, wages, short-term compensated absences, expected cost of bonus, ex-gratia and performance-linked rewards are considered as short-term employee benefits and are expensed in the period in which the employee renders the related service.

b. Post-Employment Benefits:

i. Defined Contribution Plans

The State governed Employee Provident Fund and Pension Scheme, Employees State Insurance Scheme are the defined contribution plans. The liability on account of the Company''s contributions paid or payable under these schemes is recognised during the period in which the employee renders the related service and is charged to the Statement of Profit and Loss. The Company has no further obligation beyond these contributions towards employees.

ii. Defined Benefit Plans

The employees'' gratuity fund scheme is the Company''s defined benefit plan. The present value of the obligation under the said defined benefit plan is determined on the basis of actuarial valuation from an independent actuary using the Projected Unit Credit Method.

Remeasurements, comprising of actuarial gains are recognised immediately in the balance sheet with a corresponding debit or credit to Other Comprehensive Income (OCI) in the period in which they occur. Remeasurements are not reclassified to Statement of Profit or Loss in subsequent periods.

In the case of funded plans, the fair value of the plan''s assets is reduced from the gross obligation under the defined benefit plans, to recognise the obligation on net basis.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.

Net interest is calculated by applying the discount rate to the net defined benefit liability or the fair value of the plan asset. The cost is included in employee benefits expense in the Statement of Profit and Loss.

c. Other Long Term Employee Benefits:

The employees of the Company are entitled to compensated absences. The Company records an obligation for such compensated absences as per the rules of the Company and is measured on the basis of actuarial valuation from an independent actuary. Actuarial gains and losses are immediately recognised in the Statement of Profit and Loss in the period in which they occur.

5.12 Segment Reporting:

Operating segments are those components of the business whose operating results are regularly reviewed by the chief operating decision maker (CODM) in the Company to make decisions for performance assessment and resource allocation. Operating segments are reported in a manner consistent with the internal reporting provided to the CODM. The CODM regularly monitors and reviews the operating result of the Company through identified segments. The CODM has been identified as the Chairman and Managing Director who makes strategic decisions.

The reporting of segment information is the same as provided to the Management for the purpose of the performance assessment and resource allocation to the segments. The Accounting Policies adopted for segment reporting are in line with the Accounting Policies of the Company.

6.19. Earnings Per Share (EPS)-

Basic EPS amount is calculated by dividing the net profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

6.20. Cash Flow-

The Cash Flow Statement is prepared by the Indirect Method set out in Ind AS-7 ''Cash Flow Statement'' and presents cash flow by operating, investing and financing activities of the Company.

7. Recent Accounting Pronouncements

Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended 31 March, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

c. The employee benefit plans of the Company typically expose the Company to actuarial risks such as: Investment risk, Interest Rate Risk and Longevity Risk, etc. which are explained below:

i. Investment Risk

The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.

ii. Interest Risk

The plan exposes the Company to the risk of fall in Interest rates on plan assets. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

iii. Longevity Risk

The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

43. a. Disclosure pursuant to Ind AS 107 -Financial risk management

The activities of the Company expose it to a variety of financial risks. The Company''s risk management policies are focused to identify the unpredictability of financial markets, put required controls, monitor and minimize potential adverse effects on its financial performance. The risk management policies and systems are reviewed periodically to reflect changes in market conditions and company''s activities. Board of Directors has overall responsibility for the setup and oversight of company''s risk management framework.

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

(A) Credit risk; (B)Liquidity risk and (C)Market risk.

(A) Credit risk:

Credit risk refers to the risk of default on its obligation by the customer or counterparty in meeting its contractual obligations, resulting into a financial loss to the company. The maximum exposure to the credit risk is primarily from company''s trade and other receivables amounting to as at 31 March, 2024 t1,032.74 Lakhs and as at 31 March, 2023 t 838.32 Lakhs. Details of receivables and other current assets are as per the table below:

Receivables are reviewed, managed and controlled for each customer separately. Credit risk is managed through credit approvals process by establishing credit limits and continuously monitoring the creditworthiness of customers to whom credit is extended in the normal course of business. An impairment analysis is performed at each reporting date on an individual basis for major customers. Company has a practice to provide for doubtful debts on a case-to-case basis after considering inter-alia customer''s credibility etc.

The allowance for Expected Credit Loss on customer balances for the year ended 31 March, 2024and 31 March, 2023was ?6.73 Lakhs.

There is no significant credit risk on cash and cash equivalents as the Company generally invest in deposits with banks with good credit ratings.

There is no significant credit risk on other receivables, which mainly comprise of security deposits.

(B) Liquidity risk

Liquidity risk refers to the risk that the Company may encounter in meeting its obligations associated with its financial liabilities on time or at a reasonable price. The Company''s Accounts and Finance department is responsible for liquidity and fund flow management. In addition to that, processes and policies related to such risks are overseen by the Senior Management. Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

(C) Market risk:

Market risk refers to the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices. It comprises of below mentioned three types of risks:

i) Currency risk

ii) Interest rate risk

iii) Other price risk such as equity/debt securities price risk

i) Currency risk

Currency risk refers to the risk that arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the Company''s functional currency. Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.

The Company mainly operates in Indian domestic market. The maximum exposure to the currency risk is primarily from trade payables on account of goods imported into the country. The Company does not have any foreign currency payables as at the year-end hence, the Company does not have any currency risk at present.

ii) Interest rate risk

Interest rate risk refers to the risk that fair value or future cash flows of financial instrument will fluctuate because of changes in market interest rates. The Company''s borrowing is linked to repo rate and therefore, to that extent the Company is currently exposed to such risk.

b. Reportable segments:

An operating segment is classified as reportable segment if reported revenue (including inter-segment revenue) or absolute amount of result or assets exceed 10% or more of the combined total of all the operating segments.

The Company has only one reportable segment viz. renting and/or leasing immovable properties. During the financial year 2023-24, the company was engaged in leasing of commercial properties. The Company is not reliant of any one customer.

In the previous financial year, the Company had two reportable segments i.e. (i) Manufacturing Division and (ii) Real Estate Leasing Division. The nature of business of these segments were different and were managed. The Board of Directors in their meeting held on 20 February 2023 decided to discontinue the manufacturing activities.

Disclosure pursuant to the Indian Accounting Standard -108 on âSegment Reportingâ is as below.

47. Disclosure pursuant to Ind AS- 116 ''Leasesâ

Where the Company is a lessee-

The Companyâs leasing arrangements as a lessee are generally in the nature of cancellable operating leases. The Companyâs leases mainly comprise of leasehold land and office premises and office equipment. These arrangements can usually be terminated / renewed by mutual consent on agreed terms. These Lease rentals are charged to the Statement of Profit and Loss on straight-line basis.

Company has taken exemptions for not to consider the leases under Ind AS 116 - Leases which have non-cancellable period (Lock in period) or lease period of 12 months or less as on initial application date.

The Company has elected not to classify low value items lease under Leases as permitted by Para 5 of Ind AS 116. Accordingly, During the year, the Company paid lease rent aggregating to ? 4.37 Lakhs (Previous Year: ? 3.38 Lakhs)

48. During the previous yearie. FY 2022-23, the Company sold certain investments being equity shares of listed companies, for ?2149.26 Lakhs. The sale resulted in a Profit of ?2,017.95 Lakhs which was transferred to Retained Earnings with corresponding adjustment in the ''Other Comprehensive Income'' under Other Equity.

49. Additional Disclosures pursuant to Schedule III to the Companies Act, 2013

a. Benami property

No proceedings have been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder in the financial years ended 31 March, 2024 and 31 March, 2023.

b. Borrowings of Specific Purpose

The Company has utilised the funds raised from bank for the specific purpose for which they were borrowed. The Company has not borrowed or raised any additional borrowings or funds raised from banks and financial

institutions duringcurrentfinancial year.

c. Borrowings against security of Current Assets

The Company has not borrowed or raised any borrowings or funds raised from banks and financial institutions against security of current assets.

d. Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual currency during the financial years ended 31 March, 2024 and 31March, 2023.

e. Willful Defaulter

The Company has not been declared as a willful defaulter by any bank or financial institution or other lender in the financial years ended 31 March, 2024 and 31 March, 2023.

f. Undisclosed Income

The Company does not have any such transaction which is not recorded in the books of account 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)

g. Registration of charges or satisfaction with Registrar of Companies (ROC)

All charges or satisfaction are registered with ROC within the statutory period for the financial years ended 31 March, 2024 and 31 March, 2023. No charges or satisfactions are yet to be registered with ROC beyond the statutory period.

h. Struck off companies

The Company has not entered into any transaction with the companies struck off as per Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

56. Previous yearâs figures have been regrouped/rearranged wherever necessary, to conform to the current yearâs presentation.

As per our report of even date attached For and on behalf of the Board of Directors

For C N K J B M S & ASSOCIATES CHARTERED ACCOUNTANTS [F.R. No. 139786-W]

Sd/- Sd/- Sd/- Sd/- Sd/-

Bageshri Khadilkar Pranav Deshpande Sanket Deshpade Pankaj Parkhi Ashwini Paranjape

Partner Executive Director Independent Director Chief Financial Officer Company Secretary

M.No. 139656 DIN 06467549 DIN 03383916 M. No. A42898

Place : Pune Date : 30.05.2024

Mar 31, 2023

6.13. Provisions, Contingent Liabilities and Contingent Assets-

a. Provisions are recognised only when the Company has:-

i. a present obligation (legal or constructive) as a result of past event

ii. a probable outflow of resources embodying economic benefits will be required to settle the obligation; and

iii. The amount of obligation can be reliably estimated.

Provision is measured using cash flows estimated to settle the present obligation. The carrying amount of provision is the present value of those cash flows.

b. Contingent liabilities are disclosed in case of:

i. a present obligation arising from past events, when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation,

ii. a present obligation arising from past events, and the amount of obligation cannot be measured with sufficient reliability,

iii. a possible obligation arising from past events, whose existence would be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company.

c. Possible obligations arising from past events where likelihood of actual outflow of resources is remote are not considered as contingent liabilities.

d. Contingent assets are neither recognised, nor disclosed.

e. Provisions and Contingent Liabilities are reviewed at each Balance Sheet date.

6.14. Revenue Recognition-

a. Revenue from contracts with Customers:

Revenue from contracts with customers is recognised when a performance obligation is satisfied by transfer of promised goods or services to a customer. In case of multiple performance obligations, the revenue is recognised to the extent of transaction price allocated to the performance obligation that is satisfied.

The Company recognises revenueover a period of time, if one of the following criteria is met:

i. the customer simultaneously consumes the benefit of the Company''s performanceor;

ii. the customer controls the asset as it is being created/enhanced by the Company''s performance or;

iii. There is no alternative use of the asset and the Company has either explicit or implicit right of payment considering legal precedents.

In all other cases, performance obligation is considered as satisfied at a point in time.

Transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer excluding amounts collected on behalf of a third party.Variable consideration is estimated using the expected value method or most likely amount as appropriate in a given circumstance. Payment terms agreed with a customer are as per contractual terms or business practice, as the case may be. Revenue is recognised only to the extent that it is highly probable that the economic benefits will flow to the Company and the revenue and costs, if applicable, can be reliably measured.

Revenue from the sale of goods

Revenue from the sale of goods is recognised when substantial control of the goods has been transferred to the customer. The performance obligation in case of sale of goods is satisfied at a point in time i.e., when the material is dispatched to the customer or on delivery to the customer, as may be specified in the contract.

Revenue from services

Revenue from erection and commissioning services is recognised on completion of contractual obligations.

b. Other Revenue:

Interest income is recognised on time proportion basis determined by the amount outstanding and the rate applicable using the effective interest rate method provided there is no uncertainty over its ultimate realisation.

Dividend income is recognised when the Company''s right to receive the same is established.

Any other incomes are accounted for on accrual basis.

6.15. Warranty expenses-

6.16. Income Tax -

a. Income Tax Expense comprises of Current Tax and Deferred Tax.

The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted, at the reporting date.

6.17. Leases-

b. Accounting as lessor:

The Company classifies its lease contracts either as operating leases or finance leases at the inception of the lease.

Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognised over the term of the relevant lease. Initial direct costs,which are material,incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Initial direct costs incurred in negotiating and arranging an operating lease that are not material in nature are charged to the statement of Profit and Loss as and when incurredContingent rents are recognised as revenue in the period in which they are earned.

c. Accounting as lessee-

In case of contracts of material value where the Company is a Lessee, it recognises a right of use asset (ROU asset) and a lease liability on the commencement date of the contract.

A ROU asset is valued using cost model. At the commencement of the lease ROU asset is recognised at cost which comprises of - total lease payments to be made over the lease term valued at its present value using Company''s incremental borrowing rate, initial direct costs and costs of restoration; net of lease incentives received. ROU asset is depreciated over the lease term on straight line basis over the shorter of the lease term and useful life of the underlying asset.

The Company determines the lease term as the non-cancellable period of a lease, together with periods covered by an option to extend the lease, where the Company is reasonably certain to exercise that option.

6.18. Employee Benefits-

a. Short Term Employee Benefits

All employee benefits payable wholly within the twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, wages, short-term compensated absences, expected cost of bonus, ex-gratia and performance-linked rewards are considered as short-term employee benefits and are expensed in the period in which the employee renders the related service.

b. Post-Employment Benefits:

i. Defined Contribution Plans

ii. Defined Benefit Plans

Remeasurements, comprising of actuarial gains are recognised immediately in the balance sheet with a corresponding debit or credit to Other Comprehensive Income (OCI) in the period in which they occur. Remeasurements are not reclassified to Statement of Profit or Loss in subsequent periods.

In the case of funded plans, the fair value of the plan''s assets is reduced from the gross obligation under the defined benefit plans, to recognise the obligation on net basis.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.

Net interest is calculated by applying the discount rate to the net defined benefit liability or the fair value of the plan asset. The cost is included in employee benefits expense in the Statement of Profit and Loss.

c. Other Long Term Employee Benefits:

The employees of the Company are entitled to compensated absences. The Company records an obligation for such compensated absences as per the rules of the Company and is measured on the basis of actuarial valuation from an independent actuary. Actuarial gains and losses are immediately recognised in the Statement of Profit and Loss in the period in which they occur.

5.12 Segment Reporting:

Operating segments are those components of the business whose operating results are regularly reviewed by the chief operating decision maker (CODM) in the Company to make decisions for performance assessment and resource allocation.Operating segments are reported in a manner consistent with the internal reporting provided to the CODM. The CODM regularly monitors and reviews the operating result of the Company through identified segments. The CODM has been identified as the Chairman and Managing Director who makes strategic decisions.

The reporting of segment information is the same as provided to the Management for the purpose of the performance assessment and resource allocation to the segments. The Accounting Policies adopted for segment reporting are in line with the Accounting Policies of the Company.

6.19. Earnings Per Share (EPS)-

Basic EPS amount is calculated by dividing the net profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

6.20. Cash Flow-

The Cash Flow Statement is prepared by the Indirect Method set out in Ind AS-7 ''Cash Flow Statement'' and presents cash flow by operating, investing and financing activities of the Company.

7. Recent Accounting Pronouncements

On 31 March, 2023, the Ministry of Corporate Affairs (MCA) notified Companies (Indian Accounting Standards) Amendment Rules, 2023. This notification has resulted in following amendments in the existing Indian Accounting Standards which are applicable from April 1,2023.

i. Ind AS 101 - First-time adoption of Ind AS - modification relating to recognition of deferred tax asset by a firsttime adopter associated with (a) right to use assets and related liabilities and (b) decommissioning, restoration and similar liabilities and corresponding amounts recognised as cost of the related assets.

ii. Ind AS 102 - Share-based Payment - modification relating to adjustment after vesting date to the fair value of equity instruments granted.

iii. Ind AS 103 - Business Combination - modification relating to disclosures to be made in the first financial statements following a business combination.

iv. Ind AS 107 - Financial Instruments Disclosures - modification relating to disclosure of material accounting policies including information about basis of measurement of financial instruments.

v. Ind AS 109 - Financial Instruments - modification relating to reassessment of embedded derivatives.

vi. Ind AS 1 - Presentation of Financials Statements - modification relating to disclosure of ''material accounting policy information'' in place of ''significant accounting policies''.

vii. Ind AS 8 - Accounting Policies, Change in Accounting Estimates and Errors - modification of definition of ''accounting estimate'' and application of changes in accounting estimates.

viii. Ind AS 12 - Income Taxes - modification relating to recognition of deferred tax liabilities and deferred tax assets.

ix. Ind AS 34 - Interim Financial Reporting - modification in interim financial reporting relating to disclosure of ''material accounting policy information'' in place of ''significant accounting policies''.

The Company is evaluating the amendments and the expected impact, if any, on the Company''s financial statements on application of the amendments for annual reporting periods beginning on or after 1 April 2023.

(A) Credit risk:

Credit risk refers to the risk of default on its obligation by the customer or counter party in meeting its contractual obligations, resulting into a financial loss to the company. The maximum exposure to the credit risk is primarily from company''s trade and other receivables amounting to as at 31 March, 2023 ^838.32 Lakhs and as at 31 March, 2022 ^4,425.22 Lakhs. Details of receivables and other current assets are as per the table below:

Receivables are reviewed, managed and controlled for each customer separately. Credit risk is managed through credit approvals process by establishing credit limits and continuously monitoring the creditworthiness of customers to whom credit is extended in the normal course of business. An impairment analysis is performed at each reporting date on an individual basis for major customers. Company has a practice to provide for doubtful debts on a case-to-case basis after considering inter-alia customer''s credibility etc.

The allowance for Expected Credit Loss on customer balances for the year ended 31 March, 2023 and 31 March, 2022 was ?6.73 Lakhs.

There is no significant credit risk on cash and cash equivalents as the Company generally invest in deposits with banks with good credit ratings.

There is no significant credit risk on other receivables, which mainly comprise of security deposits.

(B) Liquidity risk

Market risk refers to the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices. It comprises of below mentioned three types of risks:

i) Currency risk

ii) Interest rate risk

iii) Other price risk such as equity/debt securities price risk i) Currency risk

Currency risk refers to the risk that arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the Company''s functional currency. Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.

b. Particulars of Performance obligations relating to Revenue from Contract with Customers-Manufacturing Activities

The Company is manufacturer of Machinery for Rice Milling. The performance obligations of the company for these activities are generally satisfied as and when goods are delivered and/or erected as the case may be depending upon terms of respective contracts. Payments are received in advance and/or as per pre-decided milestones depending on the terms of the respective contracts.

c. As the entire revenue is recognized ''at point in time'' there are no contract assets and contract liabilities for the Company

d. The Company has opted for practical expedient as all the performance obligations have an original expected duration of one year or less. Hence, disclosure regarding ''transaction price allocated to the remaining performance obligations'' is not required

45. Disclosure pursuant to Ind AS- 116 ''Leases''

The Company''s leases mainly comprise of leasehold land and office premises and office equipment.

Company has taken exemptions for not to consider the leases under Ind AS 116 - Leases which have non-cancellable period(Lock in period) or lease period of 12 months or less as on initial application date.

46. During the year, the Company sold certain investments being equity shares of listed companies, for ^2149.26 Lakhs. The sale resulted in a Profit of ^2,017.95 Lakhs which has been transferred to Retained Earnings with corresponding adjustment in the ''Other Comprehensive Income'' under Other Equity.

47. Additional Disclosures pursuant to Schedule III to the Companies Act, 2013

a. Benami property

b. Borrowings of Specific Purpose

The Company has utilised the funds raised during the year from bank for the specific purpose for which they were borrowed. The Company has not borrowed or raised any borrowings or funds raised from banks and financial institutions during preceding financial year.

c. Borrowings against security of Current Assets

The Company has not borrowed or raised any borrowings or funds raised from banks and financial institutions against security of current assets.

d. Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual currency during the financial years ended 31 March, 2023 and 31March, 2022.

e. Willful Defaulter

The Company has not been declared as a willful defaulter by any bank or financial institution or other lender in the financial years ended 31 March, 2023 and 31 March, 2022.

f. Undisclosed Income

The Company does not have any such transaction which is not recorded in the books of account 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)

g. Registration of charges or satisfaction with Registrar of Companies (ROC)

All charges or satisfaction are registered with ROC within the statutory period for the financial years ended 31 March, 2023 and 31 March, 2022. No charges or satisfactions are yet to be registered with ROC beyond the statutory period.

h. Struck off companies

The Company has not entered into any transaction with the companies struck off as per Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

51. Impairment of Non-Current Assets :

The Company reviews the carrying value of its assets as per Ind AS 36 - âImpairment of Assetsâ for ascertaining indication of impairment, if any, at each Balance Sheet date. As there is an indication of reduction in value in use of factory and non-factory building as compared to its book values, as a result of operational difficulties and as a result closure of operations at Nagpur, the Company has ascertained value in use of factory and non-factory building as per the valuation report obtained from an expert. Based on the said valuation report, the value in use of factory and nonfactory building is estimated at Rs. 214.09 lakhs and Rs. 137.60 lakhs respectively as on 31st March, 2023. Consequently, the Company has recognized the impairment loss of Rs. 211.57 Lakhs in the statement of Profit & Loss for the year ended on 31 March 2023. The Company had recognised impairment in the value in use of plant & machinery, factory and non-factory building of Rs. 43.64 lakhs, Rs. 21.82 lakhs and Rs. 43.64 lakhs respectively in FY 2018-19.

52. The Company owes amounts to suppliers under The Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act). The disclosure pursuant to the said Act are as under:

53. Previous year''s figures have been regrouped/rearranged wherever necessary, to conform to the current year''s presentation. As required by Indian Accounting Standard (Ind AS) 105 âAsset Held for Sale and Discontinued Operationsâ, the Statement of Profit and Loss for the year ended March 31,2022, has been restated to make it comparable.

As per our report of even date attached For and on behalf of the Board of Directors

For C N K J B M S& Associates,

Chartered Accountants,

[F. R. No. 139786-W]

Sd/- Sd/- Sd/- Sd/- Sd/-

Bageshri Khadilkar Pranav Deshpande Pawan Rathi Pankaj Parkhi Ashwini Paranjape

Partner Executive Director Independent Director Chief Financial Officer Company Secretary

M.No. 139656 DIN 06467549 DIN 06669485

Place : Pune Date : 30.05.2023

Mar 31, 2018

1. Company Overview:

G. G. Dandekar Machine Works Limited (''the Company'') is a Public Limited Company domiciled in India, incorporated under the provisions of the Companies Act applicable in India and listed on BSE. The Registered Office of the Company is situated at 211/A, MIDC Butibori Industrial Area, Kinhi Village, Tah. Hingna, Dist. Nagpur441122.

The Company is engaged in the manufacturing of âFood Processing Machineriesâ.

These standalone financial statements were approved for issue by the Board of Directors on 19^th May, 2018.

2. Basis of Preparation and Presentation:

These financial statements of the Company have been prepared to comply, in all material respects, with the Indian Accounting Standards (''Ind AS'') specified under Section 133 of the Companies Act 2013 (''Act''), read together with the Companies (Indian Accounting Standards) Rules, 2015, as amended (''Rules'') and other relevant provisions of the Act.

For all periods upto and including the year ended 31 March, 2017, the Company prepared its financial statements in accordance with Generally Accepted Accounting Principles in India in force from time to time(Indian GAAP), including the Accounting Standards notified under section 133 of the Companies Act, 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014(previous GAAP) and Companies (Accounting Standards) Rules, 2006.

These financial statements are the first the Company has prepared in accordance with Ind AS. An explanation of how the transition from previous GAAP to Ind AS has affected the reported Balance Sheet, Profit or Loss and Cash Flows of the Company is provided in Note No.6 herein below.

All assets and liabilities have been classified as Current or Non-Current as per the Company''s normal operating cycle and other criteria set out in the Schedule III to the Act. Based on the nature of the activities and the time between acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of Current / Non-Current classification of assets and liabilities.

These financial statements are presented in Indian Rupees (?), unless otherwise stated.

3. Basis of Measurement:

These financial statements have been prepared on accrual basis and under historical cost convention, except for certain financial assets and financial liabilities that have been measured at fair value as stated in note number 5.6 herein below.

4. Use of Estimates:

The preparation of Financial Statements in conformity with Ind - AS requires the management to make judgements, estimates and assumptions that may affect the reported amounts in the Balance Sheet, Statement of Profit and Loss and related disclosures of the contingent liabilities and others at the end of each reported period.

The estimates are based on the management''s best knowledge of current events and actions. However, due to uncertainties relating to these judgments, assumptions and estimates, the actual amounts may differ. Estimates and underlying assumptions are reviewed on ongoing basis on each reporting date and may change from period to period. Appropriate changes in estimates are made prospectively, when the management becomes aware of changes in circumstances surrounding the estimates and the differences, if any, between the actual results and estimates are recognized in the period in which the results are known or materialized and, if material, their effects are disclosed in the notes to the Financial Statements.

5. Rights, preferences and restrictions attached to equity shares :

The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law, in particular the Companies Act, 2013.

6. During the year, the Company has completely repaid the balance standing to the credit of Cash Credit Account and closed the CC Account. Cash Credit facility was secured by hypothecation of inventory and book debts and collaterally secured by mortgage of land and building of the company at Nagpur. Process of satisfaction of charges with ROC is in process.

** Apart from this certain parties have either filed cases against the company or the Company has been made a party in respect of certain transactions relating to sale of land. The Company has been legally advised that it is in a position to defend its stand and as such does not expect any material financial liability.

v. The funds are managed by LIC who have made investments as per their policy; and a detailed break-up of composition of investments made by LIC in various securities is not, at present, available.

vi. Amount recognized in statement of other Comprehensive Income.

x. General descriptions of defined benefit plans: Gratuity Plan:

The Company has established a gratuity plan wherein every employee is entitled to the benefit equivalent to thirty days'' salary for each completed year of service. The same is payable on termination of service or retirement whichever is earlier. The benefit vests after five years of continuous service.

b. Leave Encashment:

Net (asset) / liability recognized in the Balance Sheet:

7. Disclosure pursuant to Ind AS - 37 ''Provisions, Contingent Liabilities and Contingent Assets''

Details of Warranty provision and its movement during the year

8. Disclosure pursuant to Ind AS 107 -Financial risk management

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

(A) Credit risk; (B) Liquidity risk and (C) Market risk.

(A) Credit risk:

Receivables are reviewed, managed and controlled for each customer separately. Credit risk is managed through credit approvals process by establishing credit limits and continuously monitoring the creditworthiness of customers to whom credit is extended in the normal course of business. An impairment analysis is performed at each reporting date on an individual basis for major customers. Company has a practice to provide for doubtful debts on a case to case basis after considering inter-alia customer''s credibility etc.

The allowance for ECL on customer balances for the year ended March 31, 2018 and March 31, 2017 was Rs. 2,440,851/and Rs. 7,728,105/- respectively.

There is no significant credit risk on cash and cash equivalents as the Company generally invest in deposits with banks and financial institutions with good credit ratings assigned by the renowned agencies.

There is no significant credit risk on other receivables, which mainly comprise of security deposits and amounts with statutory authorities.

(B) Liquidity risk

The Company has no outstanding term borrowings as on 31 March 2018.

Market risk refers to the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices. It comprises of below mentioned three types of risks:

I) Currency risk

ii) Interest rate risk

iii) Other price risk such as equity/debt securities price risk I) Currency risk

Currency risk refers to the risk that arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Company''s functional currency. Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.

The Company majority operates in Indian domestic market. The maximum exposure to the currency risk is primarily from trade payables on account of goods imported into the country. The Company does not have any foreign currency payables as at the year end hence, the Company does not have any currency risk at present.

ii) Interest rate risk

Interest rate risk refers to the risk that fair value or future cash flows of financial instrument will fluctuate because of changes in market interest rates. The Company does not have any long term or short-term borrowings as on year end date hence, the Company does not have any interest risk at present.

iii) Equity Price risk

Price risk refers to the risk of fluctuations in the value of assets and liabilities as a result of change in market prices of Investments.

The fair value of Company''s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company''s investment in quoted equity securities as at March 31, 2018; March 31, 2017 and April 1, 2016 was Rs. 275,638,288/-, Rs. 279,896,751/- and Rs. 201,686,893/- respectively.

9. Disclosure pursuant to Ind AS 12 ''Income Taxes'':

(a) The major components of income tax expense for the year ended March 31, 2018 and March 31, 2017 are:

10. In cases where letters of confirmation have been received from parties, book balance have been generally reconciled and adjusted, if required. In other cases, balance in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of account.

11. During the quarter ended 30th June 2017, the Company had made a provision of Rs. 8,287,634/- against ''receivable against sale of land''. This amount was receivable for last few years from one of the parties to whom the company had sold a portion of its land in an earlier year. This amount was receivable on discharging certain contractual obligations. The management of the company has come to a conclusion that it is very difficult to discharge the contractual obligations and therefore, decided to write off this receivable as on 31st March 2018. Hence, Other Expenses for the year ended 31st March 2018 include this write off of Rs. 8,287,634/-.

12. During the year ended 31st March 2018, the Company sold certain investments being equity shares of listed companies, for Rs. 72,290,156/-. The sale resulted in a Profit of Rs. 64,639,858/- which has been transferred to Retained earnings with corresponding adjustment in the ''Other Comprehensive Income'' under Other Equity.

13. The Company owes amounts to suppliers under The Micro, Small and Medium Enterprises Development Act, 2006 [MSMED Act]. The disclosure pursuant to the said Act are as under

14. Previous year''s figures have been regrouped and /or rearranged wherever necessary

Mar 31, 2017

1. The Company has single product, namely "Food Processing Machinery". Consequently, there are no Reportable Segments of the Company as per the Accounting Standard (AS) 17- "Segment Reporting" as prescribed by Companies'' (Accounting Standards) Amendment Rules, 2007.

2. Related parties, as defined under clause 3 of Accounting Standard (AS 18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

a) Key Management Personnel:

i. Mangesh S. Joshi - Executive Director Relatives of Key Management Personnel:

Wife: Ruchira M. Joshi

Son: Mayank M. Joshi Daughter: Mihika M. Joshi

ii. Sanket S. Gunjikar- Chief Financial Officer Relatives of Key Management Personnel:

Wife: Pooja S. Gunjikar

Son: Aaditya S. Gunjikar

iii. Saurabh S. Somani - Company Secretary Relatives of Key Management Personnel:

Wife: Bhagyashree S. Somani

b) Enterprise in which Directors are interested:

i. DoYourCompliance Solutions Pvt. Ltd. (previously known as Vasudha IT Solutions Private Limited)

ii. Kloudq Technologies Ltd. (previously known as Kloudworks Consulting Services Limited)

3. Provision for ''receivable against sale of land'' made during the year Rs. Nil (previous year ? 2,400,000).

4. In cases where letters of confirmation have been received from parties, book balance have been generally reconciled and adjusted, if required. In other cases, balance in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of account.

Mar 31, 2015

1. SHARE CAPITAL:

1.1 Reconciliation of shares :

The Company has neither issued nor bought back any shares in the capital of the company during the year.

1.2 Rights, preferences and restrictions attached to equity shares :

The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law, in particular the Companies Act, 2013.

2. Out of the Term Loans From Banks :

a) Company has paid off entire outstanding term loan before balance sheet date (Previous Year Rs. 42,468,676/-) which was secured by hypothecation of Plant & Machinery as well as factory building at Nagpur and collaterally secured by mortgage of land and building of the company at Bhiwandi. Procedure for removal of the charge of Bank is under process.

b) Term loan amounting to Rs. 2,33,704/- (Current as well as Non-Current Liability) (Previous Year Rs. 3,98,477/-) is secured by vehicle purchased out of the said term loan.

3. Cash Credit amounting to Rs.1,98,39,476/- (Previous Year Rs. 1,92,93,826/-) is secured by hypothecation of inventory and book debts and collaterally secured by mortgage of land and building of the company at Nagpur.

NOTES FORMING PART OF ACCOUNTS: (PART C)

1. Contingent Liabilities not provided for:

(Amount of Rs.)

Sr. Particuiars As at As at No 31-03-2015 31-03-2014

A. Disputed Liabilities in respect of 10,59,33,120 43,408,683/- Income Tax

B. Disputed Liabilities in respect of 3,85,19,845 292,633/- Sales Tax

C. Disputed Liabilities in respect of 1,102,612 Nil Wealth Tax

D. Liabilities on account of Pending 2,68,76,887 2,11,98,896 receipt of "C" Forms under Sales Tax

E. Liability in respect of sale of land 1,06,87,634 1,09,87,634 in previous years**

** Apart from this certain parties have either filed cases against the company or the Company has been made a party in respect of certain transactions relating to sale of land. The Company has been legally advised that it is in a position to defend its stand and does not expect any material financial liability.

2. The Company has single product, namely "Food Processing Machinery". Consequently, there are no Reportable Segments of the Company as per the Accounting Standard (AS) 17- "Segment Reporting" as prescribed by Companies' (Accounting Standards) Amendment Rules, 2007.

3. Related parties, as defined under clause 3 of Accounting Standard (AS 18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

a) Key Managerial Personnel :

i. Pranav V. Deshpande- Executive Director Relatives of Key Management Personnel: Wife : Vaidehi P Deshpande Daughter: Ovee P Deshpande

ii. Pankaj A. Parkhi - Chief Finance Officer Relatives of Key Management Personnel: Wife: Manik P Parkhi

iii. Saurabh S. Somani - Company Secretary Relatives of Key Management Personnel: Wife: Bhagyashree S. Somani

b) Enterprise in which Directors are interested: Vasudha IT Solutions Private Limited

c) Subsidiary Company: N.A.

4. As required by 'Accounting Standard 22 Accounting for Taxes on income' issued by The Institute of Chartered Accountants of India, which is mandatory in nature, the company has recognized deferred tax liability of Rs.18,924/-, which results from timing differences between book profits and tax profits for the year.

5. The Company is in communication with its suppliers to ascertain the applicability of the provisions of "The Micro, Small and medium Enterprises Development Act, 2006". As on the date of this Balance Sheet, the Company has not received any communication from any of its suppliers regarding filling of necessary memorandum with the appointed authority. In view of this, information as required u/s 22 of the said Act is not given.

6. For synergy of operations and from point of view of administrative convenience, the Company has decided vide resolution passed at its Board of Directors meeting on 02nd May, 2014 to shift the factory operations which were carried out at Bhiwandi lock, stock and barrel to Nagpur with effect from 02nd May, 2014.

During the course of shifting of operations, few of the contract workers protested and interrupted the process & with the help of Labour Union, approached to the Industrial Court.

The Industrial Court heard both the parties and passed the orders that the company will not remove any machinery from Bhiwandi premises and no office bearers or members of the labour union will prevent the free movement of men, vehicles and material ingress and outgress of the company till next date of hearing i.e. 06th Aug.2014. The said order was valid up to 22nd Sept.2014.The labour union has again approached to the Industrial Court and applied for extension of the same order. The application is rejected by the Industrial Court on 7th Oct. 2014.

The shifting process was completed in the quarter ended on 31st December 2014. This has temporarily affected the production capacity of the company and which in turn has affected the topline for the year ended on 31st March 2015. Hence sales figures for the corresponding period are not comparable.

7. As per section 205C (2) of the Companies Act, 1956 unpaid dividend for 7 years is required to be transferred to Investor Education and Protection Fund (IEPF). The Company could not transfer such dividend to IEPF since a dispute was going on with the banker relating to the balance in the unpaid dividend account maintained with them. During the year the company and the banker have reconciled the balances and an amount of Rs. 5,43,867/- was transferred to IEPF on 9th March, 2015 for the financial year 2004-05 and 2005-06.

8. In cases where letters of confirmation have been received from parties, book balance have been generally reconciled and adjusted, if required. In other cases, balance in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of account.

9. Previous year's figures have been regrouped and /or rearranged wherever necessary.

Mar 31, 2014

1. Contingent Liabilities not provided for : (Amount in Rs.)

Sr. Particulars As at As at No. 31.03.2014 31.03.2013

A. Disputed Liabilities in respect of Income Tax 43,408,683/- 39,434,222/-

B. Disputed Liabilities in respect of Sales Tax 292,633/- 178,345/-

C. The company had sold a part of its land in the financial year 2006 - 07. A dispute has arisen regarding some portion of the land sold. The matter is in litigation pending before the Civil Judge Sr. Division, Thane. If the outcome of the decision is not favorable to the company, the sale stands cancelled and the company needs to indemnify the purchaser for the cost and other consequential damages. The amount thereof is not ascertainable. The company has been legally advised that the ultimate decision of the dispute is likely to be favorable.

2. The Company has single product, namely "Food Processing Machinery". Consequently, there are no Reportable Segments of the Company as per the Accounting Standard (AS) 17- "Segment Reporting" as prescribed by Companies'' (Accounting Standards) Amendment Rules, 2007.

3. Related parties, as defined under clause 3 of Accounting Standard (AS 18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India:

1. Key Management Personnel : Pranav V Deshpande - Executive Director Relatives of Key Management Personnel: Wife: Vaidehi P. Deshpande Daughter: Ovee P. Deshpande

2. Enterprise in which Directors are interested: N.A.

3. Subsidiary Company: N.A.

4. Earnings Per Share (EPS) :

Earnings Per Share (EPS) calculated in accordance with Accounting Standards 20 issued by the Institute of Chartered Accountants of India.

5. The Company is in communication with its suppliers to ascertain the applicability of the provisions of "The Micro, Small and medium Enterprises Development Act, 2006". As on the date of this Balance Sheet, the Company has not received any communication from any of its suppliers regarding filling of necessary memorandum with the appointed authority. In view of this, information as required u/s 22 of the said Act is not given.

6. During the year the Company has paid Rs. 18,40,000/- as compounding charges for contraventions of provisions of the Foreign Exchange Management Act, 1999 (FEMA) relating to non-reporting of Investment/acquisitions made abroad, non- obtention of ''Unique Identification Number (UIN)'' and delay in filing of Annual Performance Reports (APR).

7. Inventory write off of exceptional nature - Rs. Nil (Previous Year - Rs 2,75,38,921/-).

8. During the financial year 2011-12, the company had announced Voluntary Retirement Scheme (VRS) for its employees. In the same year the company had settled all the liabilities, including gratuity, of those who opted for the VRS. Later on, some of the workers objected to the amount of gratuity paid by the company and contended that there was a shortfall in the payment. They also approached the Assistant Labour Commissioner. After discussing the matter with the workers and the Assistant labour commissioner, the company agreed for the settlement of these liabilities. Accordingly, in April 2014 the company has entered in to a ''Memorandum of Settlement'' with the concerned persons and agreed to pay an aggregate amount of Rs.18,65,871/- as final settlement of the liability. This amount is provided in the books and disclosed as exceptional item.

9. For synergy of operations and from point of view of administrative convenience, the Board of Directors in its meeting held on 02nd May, 2014 decided to shift the factory operations at Bhiwandi lock, stock and barrel to Nagpur with effect from 02nd May, 2014. However, the company faced protests from workers. The workers have approached the Industrial Court, Thane seeking restraining orders for the movement of machinery, material etc. The court has issued orders directing the company, not to move any machinery till further orders. The company has been legally advised that the ultimate outcome of the dispute is likely to be in its favour.

10. As per section 205C (2) of the Companies Act, 1956, dividend remaining unpaid for a period of seven years is required to be transferred to Investor Education and Protection Fund (IEPF). Such unpaid dividend amounting to Rs.58,795/- and Rs.2,61,813/- for the financial years 2004-05 and 2005-06 respectively, is yet to be so transferred due to a dispute with the bank, with which the company has maintained Dividend Accounts for the relevant financial year, regarding the balance in those accounts. Recently the bank has confirmed the balance in these accounts. The company will transfer the amounts to the IEPF as soon as the bank releases these amounts.

11. In cases where letters of confirmation have been received from parties, book balances have been generally reconciled and adjusted, wherever necessary. In other cases, balances in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of account and are subject to reconciliation.

12. Previous year''s figures have been regrouped and /or rearranged wherever necessary.

Mar 31, 2013

1. Note regarding sale of Subsidiary company:

On 26th March, 2013 the Company sold its entire stake in G.G. Dandekar Investments Pte Ltd (GGDIPL). GGDIPL therefore ceased to be a subsidiary of the company. The stake was sold to Casper Trading Ltd. for Euro 1,027,000 equivalent to Rs. 71,277,476/.. The amount was receivable as on 31st March 2013 and has been shown under Other Current Assets''. The amount was received and credited in the company''s bank account immediately after the balance sheet date. The exchange loss of Rs. 4,670,107/. arising on the sale of shares has been shown as exceptional item. It may also be noted that the company has agreed to waive an amount of Rs.1,511,440/.receivable from GGDIPL and is in the process of obtaining the requisite approval. Pending approval, a provision has been made for this amount and disclosed as an exceptional item.

2. Contingent Liabilities not provided for:

(Amount in Rs.)

As at As at Sr. No. Particulars 31.03.2013 31.03.2012

A. Disputed Income Tax Liability 39,434,222/- 39,434,222/-

(A.Y.2005.2006)

Disputed Sales Tax Liability

B. 178,345/- 178,345/- ( F.Y. 2007.2008)

The Company had sold some of its Land in 2006 Â 07. Out of the said property, there is dispute regarding Plot No. 62.

The decision is pending from the Special Suit before the Civil Judge Sr. Division, Thane. If the outcome of the decision is C. against the Vendor, the sale stands cancelled and company stands to indemnify the vendor for the cost, loss and damages, except taxes, if any. The amount in respect thereof is not ascertainable.

3. The Company is in communication with its suppliers to ascertain the applicability of the provisions of The Micro, Small and medium Enterprises Development Act, 2006 . As on the date of this Balance Sheet, the Company has not received any communication from any of its suppliers regarding filling of necessary memorandum with the appointed authority. In view of this, information as required u/s 22 of the said Act is not given.

4. The Company has single product, namely Food Processing Machinery . Consequently, there are no Reportable Segments of the Company as per the Accounting Standard (AS) 17. Segment Reporting as prescribed by Companies'' (Accounting Standards) Amend. ment Rules, 2007.

5. In cases where letters of confirmation have been received from parties, book balance have been generally reconciled and adjusted, if required. In other cases, balance in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of account.

6. During the financial year 2012.13, the company has entered into an agreement to sale'' for a portion of its land at Bhiwandi. As per the terms of the agreement the company is to sell 1.56 acres of its land for a consideration of Rs. 50,000,000/.. The company has received an advance of Rs. 30,100,000/. during the financial year and the transaction is likely to be completed by the end of July 2013.

7. As required by Accounting Standard (AS 22) "Taxes on income issued by The Institute of Chartered Accountants of India, which is mandatory in nature, the company has recognized deferred taxes, which result from timing differences between book profits and tax profits for the year aggregating Rs. 18,861,187/. has been charged in the Profit and Loss Account, the details of which are as under:

8. Related parties, as defined under clause 3 of Accounting Standard (AS 18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

1) Key Management Personnel:

A. Jeetendra M Shende . Executive Director (Till 08.01.2013)

Relatives of Key Management Personnel: Wife. Nilima J. Shende Son. Shantanu J. Shende

B. Pranav V Deshpande . Executive Director (From 08.01.2013 till date)

Relatives of Key Management Personnel: Wife. Vaidehi P. Deshpande Daughter. Ovee P. Deshpande

2) Enterprise in which Directors are interested: N.A.

3) Subsidiary Company. G. G. Dandekar Investments Pte. Ltd. (till 26th March, 2013)

9. Writing off inventory:

The company has certain inventory of imported raw materials (components) and machines. Machines have been held for the purpose of trading. It was observed that performance of the machines was not satisfactory and the company experienced rejection from the customers. Performance of raw material items was also not satisfactory. In view of this, the company carried out a detailed technical analysis of these items in the last quarter of the year. The technical analysis revealed that due to technological obsolescence, perform. ance of the machines was significantly affected and hence they were not in a usable condition. Due to technological obsolescence, lack of salability and continuous negative feedback from customers, it was decided to discontinue sale of the machines/ components. Conse. quently, the machines/components have been brought to their realizable value by writing off an amount of Rs 27,538,921/. (Rs.24,233,433/. for machines and Rs.3,305,288/. for components). The amount has been shown as an exceptional item.

10. Borrowing Cost:

The total amount of borrowing cost capitalized during the year is Rs.16,588,390/..

11. Previous year''s figures have been regrouped and /or rearranged wherever necessary.

Mar 31, 2012

A-1 SHARE CAPITAL

A-1.1 Reconciliation of shares :

The Company has neither issued nor bought back any shares in the capital of the company during the year.

A-1.2 Rights, preferences and restrictions attached to equity shares:

The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law, in particular the Companies Act, 1956.

A-2.1 Out of the Term Loans From Banks:

a) Term loan amounting to Rs. 64,211,025/- (Previous Year Rs. 69,015,061/-) is secured by hypothecation of Plant & Machinery as well as factory building at Nagpur and collaterally secured by mortgage of land and building of the Company at Bhiwandi.

b) Term loans amounting to Rs. 677,475/- (Previous Year Rs. 818,346/-) is secured by vehicles purchased out of the said term loan.

A-3 SHORT TERM BORROWINGS

A-3.1 Cash Credit amounting to Rs. 11,584,042/- (Previous Year Rs. 21,130,248/-) is secured by hypothecation of inventory and book debts and collaterally secured by mortgage of land and building of the Company at Bhiwandi.

B-1 Details of Subsidiary company

G. G. Dandekar Investments Pte Ltd (GGDIPL) is the wholly owned subsidiary of the company. GGDIPL is an investment company. It has invested its funds in a Swedish company named Rund Stahl Bau Holdings AB, Sweden. Swedish company has further invested the funds in Rund Stahl Bau, GmbH, Austria (Austrian company). So, the value of investments held by Swedish company has ultimate bearing on the valuation of investments of the company in GGDIPL. Due to the general recessionary trends prevailing world over and especially in Europe, the management of the company decided to review its investments in GGDIPL and ultimately decided to take steps to dispose off the invest- ments. This fact was clearly disclosed in the publication of the unaudited results of the quarter ended 31st March, 2012. The accounts of GGDIPL are consolidated with the company. The audited accounts of GGDIPL for the year ended 31st March, 2012 have been received, in which the auditors of GGDIPL have disclaimed an opinion i.e. they have expressed inability to express an opinion since they could not verify the documents relating to the ownership of GGDIPL investments in the Swedish Company at the time of issue of the Audit Report dated 05 June 2012. Subsequently, the document was received and handed over to them. On receipt of the document, the auditors considered and agreed to the request to reissue the audit report. At present they are in the process of reissue of the Audit Report.

In the meantime, the management has taken steps to dispose off its investments in GGDIPL and is negotiating with a prospective buyer.

Considering this fact, management is of the view that no provision for the diminution in the value of investments is necessary.

B-2. Contingent Liabilities not provided for:

Sl. Particulars (Amount in Rs.) No. FY 2011-12 FY 2010-11

a. Disputed Income Tax Liability 39,434,222/- 39,434,222/- (A.Y.2005-2006)

b. Disputes Sales Tax Liability 178,345/- 178,345/- (F.Y. 2007-2008)

The Company has sold its partial land in FY 2006-2007. Out of this sold land dispute has arisen about the ownership of certain piece of land viz. plot No. 62. The decision is pending with the appropriate authorities. If the decision goes against

c. the Company, this sale would stand cancelled and Company would require to pay to the purchaser agreed value of the land plus damages if any except for the taxes. The Company has not provided against this contingent liability and will meet the liability, as and when it arises.

B-3. The Company is in communication with its suppliers to ascertain the applicability of the provisions of "The Micro, Small & Medium Enterprises Development Act, 2006". As on the date of this Balance Sheet, the Company has not received any communication from any of its suppliers regarding filing of necessary memorandum with the appropriate authority. In view of this, information as required u/s 22 of the said Act is not given.

B-4. The Company has single product, namely "Food Processing Machinery". Consequently, there are no Reportable Segments of the Company as per the Accounting Standard (AS) 17- "Segment Reporting" as prescribed by Companies" (Accounting Standards) Amendment Rules, 2007.

B-5. In cases where letters of confirmation have been received from parties, book balance have been generally reconciled and adjusted, if required. In other cases, balance in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of account.

B-6. Estimated amount of contracts remaining to be executed on Capital Accounts and not provided for Rs. 11,464,000/- (Previous Year- Rs. 115,452,000/-).

B-7. At the request of the workers, the Company declared Voluntary Retirement Scheme (VRS) for them. All the workers opted for the VRS with effect from 30th April, 2011. As per the scheme, the Company has agreed and paid aggregate compensation of Rs. 68,881,404/- to the workers.

B-8. The Company has entered into an 'agreement to sale' a portion of its land at Bhiwandi. As per the terms of the agreement the Company would sell 2.32 acres of its land for a consideration of Rs. 100,000,000/-. As per the terms of the agreement, the Company has received an advance of Rs. 70,000,000/- during the Financial Year (Previous Year - NIL) and the transaction would be completed by the end of September 2012.

B-9. Related parties, as defined under clause 3 of Accounting Standard (AS) 18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

1. Key Management Personnel:

Jeetendra M. Shende - Executive Director

Relatives of Key Management Personnel:

Wife - Nilima J. Shende

Son - Shaantanu J. Shende

2. Enterprise in which Directors are interested: Kirloskar Consultants Limited (till 30th September, 2011)

3. Subsidiary Company: G.G. Dandekar Investments Pte. Ltd.

Mar 31, 2010

1. Contingent Liabilities not provided for: (Amount in Rs ) Sr. No. Particulars Current Year Previous Year

A Disputed Income Tax Liability (Assessment Year 2005-2006) 39,434,222 39,434,222

B. Disputed Sales Tax Liability (Financial Year 2007-2008) 178,345 Nil

C. The Company had sold some of its Land in 2006 - 07. Out of the said property, there is dispute regarding Plot No. 62. The decision is pending from the Special Suit before the Civil Judge Sr. Division, Thane. If the outcome of the decision is against the Vendor, the sale stands cancelled and Company stands to indemnify the vendor for the cost, loss and damages, except taxes, if any. The Company has not provided against this contingent liability and will meet the liability, as and when it arises.

2. Out of the secured loans:

a) Loans and Advances on Cash Credit Account of Rs.1.32 Crores (Previous year Nil) from banks are secured by hypothecation of inventory and book debts.

b) Term Loan from Bank amounting to Rs. 4.09 Lacs (Previous year Nil) is secured by hypothecation of vehicles purchased out of the said term loan.

c) Out of the total Secured Term Loans, an amount payable within next twelve months is Rs. 1,71,360/- ( Previous year Nil)

3. During the Current year, Company has entered into a Memorandum of Understanding (MOU) for sale of land (Plot No. 125). Total consideration for the said contract is Rs.2 Crores.The Company has already received from parties Rs.5.51 Lacsas Advance for Sale of Land. As per the terms, the Company has recognized Rs. 10 Lacs as income for the Current year, as the purchaser have not executed the sale deed for the said plot within stipulated period as mentioned in MOU.

4. The Company is in communication with its suppliers to ascertain the applicability of the provisions of "The Micro, Small and medium Enterprises Development Act, 2006". As on the date of this Balance Sheet, the Company has not received any communication from any of its suppliers regarding filling of necessary memorandum with the appointed authority. In view of this, information as required under Section 22 of the said Act is not given.

5. The Company has single product, namely "Food Processing Machinery". Consequently, there are no Reportable Segments of the Company as per the Accounting Standard (AS) 17- "Segment Reporting" as prescribed by Companies (Accounting Standards) Amendment Rules, 2007.

6. In cases where letters of confirmation have been received from parties, book balance have been generally reconciled and adjusted, if required. In other cases, balance in accounts of sundry debtors, sundry creditors and advances or deposits have been taken as per books of accounts.

7. Estimated amount of contracts remaining to be executed on Capital Accounts and not provided for (net of advances Rs.0.90 Crores) - Rs.4.74 Crores. (Previous year Nil).

8. Related parties, as defined under clause 3 of Accounting Standard (AS 18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

1) Key Management Personnel: Jeetendra M Shende- Executive Director Relatives of Key Management Personnel : Wife - Nilima J. Shende Son - Shantanu J. Shende

2) Enterprise in which Directors are interested: Kirioskar Consultants Limited

3) Subsidiary Company : G.G. Dandekar Investments Pte. Ltd.

9. Previous years figures have been regrouped and /or rearranged wherever necessary.

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Notes to Accounts of G G Dandekar Properties Ltd.

6.11. Provisions, Contingent Liabilities and Contingent Assets-

i. Provisions are recognised only when the Company has:-

ii. Contingent liabilities are disclosed in case of:-

6.12. Revenue Recognition-

i. Revenue from contracts with Customers:

Revenue from the sale of goods

Revenue from services

(ii) Other Revenue:

6.13. Income Tax -

6.14. Leases-

ii. Accounting as lessor:

iii. Accounting as lessee-

6.15. Employee Benefits-

i. Short Term Employee Benefits

ii. Post-Employment Benefits:

(a) Defined Contribution Plans

(b) Defined Benefit Plans

iii. Other Long Term Employee Benefits:

6.16. Segment Reporting:

6.17. Earnings Per Share (EPS)-

6.18. Cash Flow-

7. Recent Accounting Pronouncements

54.1. Financial Risk Management

(i) Credit Risk

(a) Trade Receivables

(ii) Liquidity Risk

(iii) Market Risk

(a) Currency Risk

(b) Interest Rate Risk

(c) Equity Price risk

(ii) Particulars of Performance obligations relating to Revenue from Contract with Customers, contract Costsand Balances, reconciliation of contract price with revenue during the year, etc - Manufacturing Activity

(ii) Where Company is a lessee

59. Additional information pursuant to Schedule III to the Companies Act, 2013 not specifically provided anywhereelse in these financial statements:

(ix) Title deeds of the properties not in the name of company

6.13. Provisions, Contingent Liabilities and Contingent Assets-

a. Provisions are recognised only when the Company has:-

b. Contingent liabilities are disclosed in case of:-

6.14. Revenue Recognition-

a. Revenue from contracts with Customers:

Revenue from the sale of goods

Revenue from services

a. Other Revenue:

6.15. Warranty expenses-

6.16. Income Tax -

6.17. Leases-

b. Accounting as lessor:

c. Accounting as lessee-

6.18. Employee Benefits-

a. Short Term Employee Benefits

b. Post-Employment Benefits:

i. Defined Contribution Plans

ii. Defined Benefit Plans

c. Other Long Term Employee Benefits:

5.12 Segment Reporting:

6.19. Earnings Per Share (EPS)-

6.20. Cash Flow-

7. Recent Accounting Pronouncements

i. Investment Risk

ii. Interest Risk

iii. Longevity Risk

43. a. Disclosure pursuant to Ind AS 107 -Financial risk management

(A) Credit risk:

(B) Liquidity risk

(C) Market risk:

i) Currency risk

ii) Interest rate risk

b. Reportable segments:

47. Disclosure pursuant to Ind AS- 116 ''Leasesâ

Where the Company is a lessee-

49. Additional Disclosures pursuant to Schedule III to the Companies Act, 2013

a. Benami property

b. Borrowings of Specific Purpose

c. Borrowings against security of Current Assets

d. Details of Crypto Currency or Virtual Currency

e. Willful Defaulter

f. Undisclosed Income

g. Registration of charges or satisfaction with Registrar of Companies (ROC)

h. Struck off companies

6.13. Provisions, Contingent Liabilities and Contingent Assets-

(ii) Particulars of Performance obligations relating to Revenue from Contract with Customers, contract Costs
and Balances, reconciliation of contract price with revenue during the year, etc - Manufacturing Activity

59. Additional information pursuant to Schedule III to the Companies Act, 2013 not specifically provided anywhere
else in these financial statements:

47. Disclosure pursuant to Ind AS- 116 ''Leasesâ