Notes to Accounts of Lerthai Finance Ltd.

Mar 31, 2025

h) Provisions and Contingent Liability

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present
obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence
in the financial statements.

i) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders
(after deducting preference dividends and attributable taxes) by the weighted average number of equity shares
outstanding during the year. The weighted average number of equity shares outstanding during the year is adjusted for
events of bonus issue.

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

j) Investments

Investments that are readily realisable and intended to be held for not more than a year are classified as current
investments. All other investments are classified as long-term investments.

On initial recognition, all investments are measured at cost. The cost comprises purchase price and directly attributable
acquisition charges such as brokerage, fees and duties. If an investment is acquired, or partly acquired, by the issue of
shares or other securities, the acquisition cost is the fair value of the securities issued.

Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long-term
investments are carried at fair value through profit and loss

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or
credited to the statement of profit and loss.

k) Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year. The Company based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to
market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the
assumptions when they occur.

l) Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity . Financial assets other than equity instruments are classified into categories: financial
assets at fair value through profit or loss or at amortized cost. Financial assets that are equity instruments are classified
as fair value through profit or loss or fair value through other comprehensive income. Financial liabilities are classified
into financial liabilities at fair value through profit or loss & amortized cost.

Financial instruments are recognized on the balance sheet date when the Company becomes a party to the contractual
provisions of the instrument. Initially, a financial instrument is recognized at its fair value. Transaction costs directly
attributable to the acquisition or issue of financial instruments are recognized in determining the carrying amount, if it is
not classified as at fair value through profit or loss. Subsequently, financial instruments are measured according to the
category in which they are classified.

Financial assets at amortized cost: Financial assets having contractual terms that give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal outstanding and that are held within a business
model whose objective is to hold such assets in order to collect such contractual cash flows are classified in this category.
Subsequently, these are measured at amortized cost using the effective interest method less any impairment losses.

For B. D. Jokhakar & Co. For and on behalf of the board of Director of

Chartered Accountants Lerthai Finance Limited

Firm Registration No: 104345W

Raman Haren Jokhakar Mr. Shao Xing Max Yang Mr. Jayant Goel

Partner Chairman and Director Executive Director

Membership No: 103241 DIN 08114973 DIN 01925642

Place: Mumbai Place: Los Angeles Place: Delhi

Date: Date: Date:

Ms. Sneha Khandelwal

Company Secretary
M. No : A55597

Place: Delhi
Date:

Notes:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date,

Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the aseets or liability, either directly or indirectly,

Level 3 inputs are unobservable inputs for assets or liability.

a. There have been no transfers between the levels during the period.

b. The carrying amount of trade payables, employee related payment, loans (financial assets), trade receivable, cash and cash equivalents, security deposit, interest accrued and other financial assets and
liabilities are considered to be same as fair values, due to their short-term nature.

c. For finanacial assets & liabilities that are measured at fair value, the carrying amounts are equal to fair values.

26 Financial risk management objectives and policies

The Company''s principal financial liabilities comprises trade and other payables. The Company''s principal financial assets
include investments, loans and advances given, cash and cash equivalents and security deposits that derive directly from its
operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the
management of these risks. The Company''s financial risk management is an integral part of how to plan and execute its business
strategies. The Company''s financial risk management policy is set by the Board.

The Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are
identified, measured and managed in accordance with the Company''s policies and risk objectives.

a. Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a
financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency
exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable
to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and
loans and borrowings.

The Company''s exposure to market risk arises from investments held by the Company and classified in the balance sheet at fair
value through profit and loss. The exposure of the Company is limited to the fair value of the preference shares held by it.

b. Credit risk

Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding
accounts, loans and advances receivable. The maximum exposure to credit risk is equal to the carrying value of the financial
assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the
credit quality of the counterparties, taking into account their financial position, past trend, industry practices and business
environment in which company operates.

Financial Instrument and Cash Deposit

Credit risk from balances with banks and financial institutions is managed accordance with the Company''s board approved SOP.
Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the Company''s Board of Directors on an annual basis. The limits are set
to minimise the concentration of risks and therefore mitigate financial loss through a counterparty''s potential failure to make
payments. The Company''s maximum exposure to credit risk for the components of the statement of financial position at 31
March 2025 and 2024 is the carrying amounts.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions.
Company''s treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management
monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flow.

The table below summarises the maturity profile of the Group''s financial liabilities based on contractual undiscounted payments.

27 Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to manages its
capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders.

The capital structure of the Company is based on management''s judgement of the appropriate balance of key elements in order
to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital
structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or
adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to
shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor,
creditors and market confidence and to sustain future development and growth of its business. The Company will take
appropriate steps in order to maintain, or if necessary adjust, its capital structure.

28 Segment Reporting

The Chief Operating Decision maker reviews the operations of the company as a Investment activity, which is considered to be
the only reportable segment by the management. Hence there are no additional disclosures to be provided under IND AS 108
''Operating Segments''. Further, the Company''s operations are in India only.

29 Disclosure required under Section 186(4) of the Companies Act 2013

Loans, advances and guarantees given and securities was not provided to related parties during the financial year

The Company has not granted Loans or Advances in the nature of loan to any promoters, Directors, KMPs and the related parties (As per Companies Act,

⁽⁾ 2013), which are repayable on demand or without specifying any terms or period of repayments.

No proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act,

⁽ⁱⁱ⁾ 1988 (45 of 1988) and the rules made thereunder.

(iii) The Company do not have sanctioned facilities from banks on the basis of security of current assets.

There are no transactions with the Companies whose name are struck off under Section 248 of The Companies Act, 2013 or Section 560 of the Companies

^(iv) Act, 1956 during the year ended 31st March 2025.

(v) No scheme of arrangement has been approved by the competent authority in terms of Section 230 to 237 of the Companies Act, 2013.

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

(vi) (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 beneficiary

The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether
recorded in writing or otherwise) that the Company shall:

(vii) (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

(viii) The Company has not operated in any crypto currency or Virtual Currency transactions

During the year the Company has not disclosed or surrendered, any income other than the income recognised in the books of accounts in the tax
^{( )} assessments under Income Tax Act, 1961.

New Ind AS standards/amendments issued : The Ministry of Corporate Affairs (“MCA") notifies new standards or amendment 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
(x) and the MCA has amended Ind AS 21, "The Effects of Changes in Foreign Exchange Rates," effective for annual reporting periods beginning on or after April
1, 2025. The Company has reviewed the new pronouncements based on its evaluation and has determined that it does not have any significant impact in
its financial statements.

For B. D. Jokhakar & Co. For and on behalf of the board of Director of

Chartered Accountants Lerthai Finance Limited

Firm Registration No: 104345W

RamanHarenJokhakar Mr.ShaoXingMaxYang Mr.JayantGoel

Partner Chairman and Director Executive Director

Membership No: 103241 DIN08114973 DIN01925642

Place: Mumbai Place: Los Angeles Place: Delhi

Date:15/05/2025 Date:15/05/2025 Date:15/05/2025

Ms. Sneha Khandelwal

Company Secretary
M.No: A55597

Place: Delhi
Date:15/05/2025

---

Mar 31, 2024

Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year, the company has not proposed for any dividend payable to the share holders .

1. Capital Reserves: Amount received on reissue of forfeited shares and debentures is treated as capital reserve.

2. General Reserve: The Company had transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

3. Retained Earnings: Retained earnings are the profits/Loss that the Company has earned/Incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

22 Micro, Small and Medium Enterprises

As per the information available with the Company and as certified by the management, the dues outstanding including interest as on 31 St March, 2024 and comparative year 2023 to Small and Micro enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 stand as below:

23 Contingent Liabilities

There are no possible obligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date,

Level 2 inputs are imputs other than quoted prices included within level 1 that are observable for the aseets or liability, either directly or indirectly,

Level 3 inputs are unobservable inputs for assets or liability.

a. There have been no transfers between the levels during the period.

b. The carrying amount of trade payables, employee related payment, loans (financial assets), trade receivable, cash and cash equivalents, security deposit, interest accrued and other financial assets and liabilities are considered to be same as fair values, due to their short-term nature.

c. For finanacial assets & liabilities that are measured at fair value, the carrying amounts are equal to fair values.

The Company''s principal finan cial liabilities comprises trade and other payables. The Company''s prin cipal financial assets in clude investments, loans and advan ces given, cash and cash equivalents and security deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s finan cial risk management is an integral part of how to plan and exec ute its business strategies. The Company''s finan cial risk management poli cy is set by the Board.

The Company''s finan ial risk a tivities are governed by appropriate poli ies and pro edures and that finan ial risks are identified, measured and managed in a c cordan c e with the Company''s poli cies and risk obje ctives.

a. Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the pri ce of a finan ial instrument. The value of a finan ial instrument may hange as a result of hanges in the interest rates, foreign urren y ex hange rates, equity pri es and other market hanges that affe t market risk sensitive instruments. Market risk is attributable to all market risk sensitive finan ial instruments in luding investments and deposits, foreign urren y re eivables, payables and loans and borrowings.

The Company''s exposure to market risk arises from investments held by the Company and lassified in the balan e sheet at fair value through profit and loss. The exposure of the Company is limited to the fair value of the preferen ce shares held by it.

b. Credit risk

Credit risk arises from ash held with banks and finan ial institutions, as well as redit exposure to lients, in luding outstanding a c counts, loans and advan c es re ceivable. The maximum exposure to credit risk is equal to the carrying value of the finan cial assets. The obje ctive of managing counterparty credit risk is to prevent losses in finan cial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past trend, industry practi ces and business environment in whi c h company operates.

Financial Instrument and Cash Deposit

Credit risk from balan ces with banks and finan cial institutions is managed a c cordan ce with the Company''s board approved SOP. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to ea ch counterparty. Counterparty credit limits are reviewed by the Company''s Board of Dire ctors on an annual basis. The limits are set to minimise the on entration of risks and therefore mitigate finan ial loss through a ounterparty''s potential failure to make payments. The Company''s maximum exposure to credit risk for the components of the statement of finan cial position at 31 March 2024 and 2023 is the carrying amounts.

c. Liquidity risk

Prudent liquidity risk management implies maintaining suffi cient c ash and marketable se curities and the availability of funding through an adequate amount of committed credit fa cilities to meet obligations when due and to close out market positions. Company’s treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling fore casts of the Company''s liquidity position and cash and cash equivalents on the basis of expe cted cash flow.

For the purpose of the Company''s capital management, capital includes issued equity capital, and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders.

The capital structure of the Company is based on management''s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

28 Segment Reporting

The Chief Operating Decision maker reviews the operations of the company as a Investment activity, which is considered to be the only reportable segment by the management. Hence there are no additional disclosures to be provided under IND AS 108 ''Operating Segments''. Further, the Company''s operations are in India only.

29 Disclosure required under Section 186(4) of the Companies Act 2013

Loans, advances and guarantees given and securities was not provided to related parties during the financial year

30 New Ind AS standards / amendments issued, but not yet effective:

Ministry of Corporate Affairs (MCA), vide notification dated 31st March 2023, has made the following key amendments which are effective from 1st April, 2023:

a) Ind AS 1- Presentation of Financials Statements: This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies.

b) Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors : This amendment has introduced a definition of ''accounting estimates'' and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates.

c) Ind AS 12 - Income Taxes: This amendment clarifies how companies account for deferred tax on transactions such as leases and decommissioning obligations. These amendments narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences.

The company has evaluated the above amendments and the impact of above amendments is insignificant on its financial statements.

The Company has not granted Loans or Advances in the nature of loan to any promoters, Directors, KMPs and the related parties (As per Companies ⁽⁾ Act, 2013), which are repayable on demand or without specifying any terms or period of repayments.

No proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition)

⁽ⁱⁱ⁾ Act, 1988 (45 of 1988) and the rules made thereunder.

(iii) The Company do not have sanctioned facilities from banks on the basis of security of current assets.

M There are no transactions with the Companies whose name are struck off under Section 248 of The Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31st March 2023.

(v) No scheme of arrangement has been approved by the competent authority in terms of Section 230 to 237 of the Companies Act, 2013.

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

(vi) (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 beneficiary

The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(vii) (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

(viii) The Company has not operated in any crypto currency or Virtual Currency transactions

During the year the Company has not disclosed or surrendered, any income other than the income recognised in the books of accounts in the tax ^{( )} assessments under Income Tax Act, 1961.

---

Mar 31, 2018

1. Company Information

Marathwada Refractories Ltd (the company) is a company engaged in the activities relating to production, manufacture or trade Refractories of all kind and bricks of all types and varieties with different properties and components.

2. Basis of Preparation of Financial Statements

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015.

For all periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). These financial statements for the year ended 31 March 2017 are the first the Company has prepared in accordance with Ind AS.

These financial statements have been prepared on the historical cost basis, except for certain financial instruments which are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The financial statements are presented in INR and all values are rounded to the nearest thousands, except when otherwise indicated.

3 Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

i) Provisions and contingent liabilities

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which the reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.

Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a par value ofRs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year, the company has not proposed for any dividend payable to the share holders .

In the event of Liquidation, Equity Share holders are entitled to receive the assets of the company remaining after distribution of all preferential amount, in proportion to the number of shares held by them.

4 Micro, Small and Medium Enterprises

As per the information available with the Company and as certified by the management, the dues outstanding including interest as on 31st Mar, 2018 to Small and Micro enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 stand as below:

5 Deferred Taxes

The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority

6 Income Tax

The major components of income tax expense for the years ended March 31, 2018 and March 31, 2017 are:

7 Pending Litigations

With respect to Note 8, the company has filed legal proceedings on the Trade receivables from Shivang Ispat Private Limited amounting to Rs. 6,26,729/-. However, the proceedings are in progress and the outcome of the case is still awaited.

8 Contingent Liabilities

There are no possible obligation on the company as on the reporting date , that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.

9 Financial risk management objectives and policies

The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations to support its operations. The Company’s principal financial assets include investments, cash and cash equivalents and security deposits that derive directly from its operations.

The Company is exposed to credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Company’s senior management is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The financial risk committee provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

a. Credit risk

Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivable. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.

Financial Instrument and Cash Deposit

Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance with the Company’s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company’s Board of Directors on an annual basis, and may be updated throughout the year subject to approval of the Company’s Finance Committee. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make payments. The Company’s maximum exposure to credit risk for the components of the statement of financial position at 31 March 2018 and 2017 is the carrying amounts.

10 Capital management

For the purpose of the Company’s capital management, capital includes issued equity capital, and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to maintain strong credit rating and heathy capital ratios in order to support its business and maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, and other payables, less cash and cash equivalents.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2018 and March 31, 2017.

11 First-time adoption of Ind AS

These financial statements, for the year ended March 31, 2018, are the first the Company has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on March 31, 2018, together with the comparative period data as at and for the year ended March 31, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company’s opening balance sheet was prepared as at April 1, 2016, the Company’s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 1, 2016 and the financial statements as at and for the year ended March 31, 2017.

Exemptions applied

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

a) Ind AS 27 requires investments in subsidiaries to be recorded at cost or in accordance with Ind AS 109 in its separate financial statements. However Ind AS 101 provides an option in case the Company decides to measure such investment at cost (determined in accordance with Ind AS 27) or deemed cost (fair value or previous GAAP carrying amount) at that date. The Company can avail the above exemption and recognize the investment in subsidiaries at the previous GAAP carrying amount at the date of transition to Ind AS.

b) The Company has elected to apply exemption related to classification of financial assets. Under Ind AS 109, all financial assets are classified into three principal

Amortized cost,

Amortized cost measurement is applicable only for debt instruments. An entity may use FVTPL and FVOCI categories both for debt and equity instruments. The classification depends on the following two criteria:

The entity’s business model for managing the financial assets, and the contractual cash flow characteristics of the financial assets.

Ind AS 109 requires an entity to decide classification on initial recognition. The Company is allowed to designate a financial assets as at FVTPL on the basis of facts and circumstances existing on the date of transition to Ind AS.

c) The estimates at 1 April 2016 and 31 March 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments did not reflect any differences in accounting policies) except for the items where application of Indian GAAP did not require similar estimation. The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions at 1 April 2016 the date of transition to Ind As and as of 31 March 2017.

d) Ind AS 101 requires a first time adopters to apply the de-recognition provision of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS 101 allows a first time adopter to apply the derecognition requirements in Ind AS 109 retrospectively from the date of the entity choosing, provided that the information needed to apply Ind AS109 to financial labilities derecognised as result of past transactions was obtained at the time of initially accounting for those transactions.

e) An entity estimates in accordance with Ind AS at the date of transaction to Ind AS shall be consistent with estimate made for the same date in accordance with previous GAAP, Unless there is objective evidence that those estimates were in error.

12 Segment Reporting

The Chief Operating Decision maker reviews the operations of the company as a real estate development activity, which is considered to be the only reportable segment by the management. Hence there are no additional disclosures to be provided under IND AS 108 ‘Operating Segments’. Further, the Company’s operations are in India only.

13 Compliance with Companies Act

The Companies Act, 2013 (‘the Act’) along with notified sections, rules and schedules came into effect from September 12, 2013 and April 10, 2014. The management has initiated the steps for ensuring compliance with the provisions of the act and based on evaluation undertaken by the management (including legal advice where appropriate) is of the view that the company is in compliance with the provisions of the act

14 Disclosure required under Section 186(4) of the Companies Act 2013

For details of loans, advances and guarantees given and securities provided to related parties refer note 16.

15 Previous Year Figures

Previous year figures have been regrouped, rearranged and reclassified wherever necessary to make them comparable to the respective figures in the current year.

Footnotes for the Reconciliation of Balance Sheet as at 01st April 2016 and 31st March 2017 and Profit & Loss for the Year Ended 31st March 2017.

1. Reclassification- Other Payables, Other Equity, Other Financial liabilities ,Other current liabilities & Finance Cost , Other non-current & current assets, Cash & Cash Equivalents

The company determines classification of certain assets and liabilities as financial/ non financial assets and liabilities. Transitional adjustments made by company represents reclassification of non financial assets and liabilities to other assets and liabilities.Same way, transitional adjustment was made by the company on the reclassification of Finance Cost.

2. Borrowings

Under Indian GAAP, transaction costs incurred in connection with borrowings are amortised upfront and charged to profit or loss for the period. Under Ind AS, transaction costs are included in the initial recognition amount of financial liability and amortised to profit or loss on straight line basis in case of floating interest rate loan and subsequently inventorised.

3. Deferred Tax

Indian GAAP required deferred tax accounting using the income statement approach, which focusses on differences between taxable profits and accounting profits for the period.Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focusses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application ofInd AS 12 approach has resulted in recognition of deferred tax on new temporary differences, which was not required under Indian GAAP.

In addition, the various transitional adjustments lead to different temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.

4. Statement of cash flows

The transition from Indian GAAP to Ind AS has not had a material impact on the statement of cashflows.

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Mar 31, 2016

1. Pending Litigations j With respect to note 4.9, the company has filed legal proceedings on the Trade Receivables form Shivang Ispat Private Limited amounting to Rs. 6,26,729/-. However, the proceedings are in progress and the outcome of the case is still awaited.

2. Contingent Liabilities

There are no possible obligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.

3. Previous Year Figures

Previous year Figures have been regrouped, rearranged and recast wherever necessary to make them comparable to the respective figures in the Current year.

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Mar 31, 2015

1. Company Information

Marathwada Refractories Ltd (the company) is a company engaged in the activities relating to production, manufacture or trade Ref factories of all kind and bricks of a 11 types and varieties with different properties and components.

2. Basis of Preparation of Financial Statements

The financial statements of the company have been prepared under the historical cost convention on an accrual basis in accordance with the generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under Section133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014. The accounting policies have been consistently applied by the com pany and are consistent with those used in the previous year, The Company is not a Small and Medium Sized Company (Non SMC) as defined in the General Instructions in respect of | Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable as such

3. Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year, the company has not proposed for any dividend payable to the share holders.

In the event of Liquidation, Equity Share holders are entitled to receive the assets of the company remaining after distribution of all preferential amount, in proportion to the number of shares held by them.

All Preference shares are redeemable at the end of 7th year from the date of issue. In the event of Liquidation of the company the Preference Share holders will have priority over equity share holders in the payment of dividend and repayment of capital.

4.Related Party Disclosure

Names of Related Parties and Related Party relationships

Member & Key Managerial Personnel Sushi! Mantri

Director Malu Sanjay Tolaram

Director H S Girish Gupta

Director Aparna Goel

Director Kapil Malhotra

Company in which Member is interested Plaza Agencies Private Limited

Mantri Developers Private Limited

Mantri Hamlet Private Limited

Mantri Gardenview Homes Private Limited

Mantri Mansion Private Limited

Tarun Realtors Private Limited

Vismay Realtors Private Limited

Companies in which Directors are interested 3D Megacity Private Limited

ASL Hospitalities Private Limited

Futura Techpark Private Limited

Gaurang Advisors Private Limited

Hamara Shelters Private Limited

Inesh Realtors Private Limited

Indus Scholastic and Management Services Private Ltd., Jasmine Enterprises Private Limited

Kirthana Realtors Private Limited

Lakeview Development Corporation Private Limited

Lanco Hills technology Park Private Limited

Mantri Abodes Private Limited

Mantri Apartments Private Limited

Mantri Castles Private Limited

Mantri Homes Private Limited

Mantri Primus Lifespaces Private Limited

Mantri Property Developers Private Limited

Mantri Resi Structures Private Limited

Mantri Techzone Private Limited

Minerva Infra Tech Private Limited

North Educational Academy (India) Private Limited

Pratibha Realtors Private Limited

Propcare Holdings Private Limited

Propcare Mall Management (India) Private Limited Propcare Real Estate Management Private Limited

SGP Software Solutions private Limited

Sinew Developers Private Limited

Sugam Vanijya Holdings Private Limited

Suraj Inn Private Limited

Tirupati Buildplaza Private Limited

VanGuard Hospitality Private Limited

Vassel Warehousing Private Limited

Associate Companies Anthariksh Construction Private Limited

Avant Garde Shelters Private Limited

Brahmagiri Realtors Private Limited

Deeta Constructions Private Limited

Mantri Dwellings Private Limited

Mantri Geo Structures Private Limited

Mantri Habitats Private Limited

Mantri Infrastructure Private Limited

Mantri Sierra Structure Private Limited

Mantri Technology Constellations Private Limited

Mantri Technology Parks Private Limited

Raffles Enterprises Private Limited

Shivashakti Estates and Investments Private Limited

Smarthomes Developers (India) Private Limited

Other Related Parties [Enterprise owned or Classic Developers significantly influenced by key management Indus International personnel or significantly influenced School (Pune) Private by the Company] Limited Mantri Global Mantri Homes

Movva Outdoor Media

Projenco Software Systems Private Limited

Quadra Software Solutions Private Limited

Satko Estates

5. Capital and Other Commitments

There are no commitments of capital or other nature falling on the company except those disclosed in the notes above and | as on the reporting date, no such comm itments are due to be settled or whith requires outflow of cash or cash equivalent.

6. IT Refund written off:

With respect to note 4.8, IT Refund due for the AY 2009-10 and 2010-11 amounting to Rs. 27,130/- and Rs. 3,92,404/- has been written off to Statement of Prof it and Loss Account.

7. Legal Proceedings: With respect to Note 4.9., the company has filed legal proceedings on the Trade Receivables from Shivang Ispt Private Limited amounting to Rs. 6,26,729/- however, the proceedings are in progress and the outcome of the case is still awaited.

8. Contingent Liabiities:

There are no possible obiligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any conti ngent Liability.

9. Previous Year Figures:

Previous year Figures have been regrouped, rearranged and recast whereever necesary to make them comparable

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Mar 31, 2013

1. Company Information

Marathwada Refractories Ltd (the company) is a company engaged in the activities relating to production, manufacture or trade refractories of all kind and bricks of all types and vatieties with different properties and components.

2. Basis of Preparation of Financial Statements

The financial statements have been prepared to comply in all material respects with the notified accounting standard by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India.

The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The Company is not a small and Medium Sized Company (Non SMC) as defined in the General Instructions in respect of Accounting Standards as applicable as such.

3.1. Related Party Disclosure

Names of Related Parties and Related Party Relationships Member & Key Managerial Personnel Sushil Mantri

Director Prakash G Hegde

Director H S Girish Gupta

Director K S Vasudeva Murthy

Company in which Member is interested Plaza Agencies Private Limited

Mantri Developers Private Limited

Companies in which Directors are interested 3D Megacity Private Limited

Azure Capital Advisors Private Limited

Hamara Shelters Private Limited

Jasmine Enterprises Private Limited

Lakeview Development Corporation Private Limited

Mantri Abodes Private Limited

Mantri Apartments Private Limited

Mantri Castles Private Limited

Mantri Property Developers Private Limited

Mantri Hamlet Private Limited

Mantri Homes Private Limited

Mantri Primus Lifespaces Private Limited

Mantri Resi Structures Private Limited

Mantri Techzone Private Limited

Minerva Infra Tech Private Limited

Pratibha Realtors Private Limited

Propcare Holdings Private Limited

Propcare Mall Management (India) Private Limited

Propcare Real Estate Management Private Limited

VanGuard Hospitality Private Limited

Associate Companies Anthariksh Construction Private Limited

Avant Garde Shelters Private Limited Brahmagiri Realtors Private Limited Deeta Constructions Private Limited

Devadatta Build Tech Private Limited Mantri Developers (Singapore)

Private Limited Mantri Dwellings Private Limited Mantri Geo Structures

Private Limited Mantri Habitats Private Limited Mantri Infrastructure

Private Limited Mantri Mansion Private Limited Mantri Sierra Structure

Private Limited Mantri Technology Constellations Private Limited

3.2. Contingent Liabilties

There are no possible obligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.

3.3. Previous Year Figures

Previous year figures have been regrouped, rearranged and recast wherever necessary to make them comparable to the respective figures in the current year.

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Mar 31, 2012

1. Company Information

Marathwada Refractories Ltd (the company) is a company engaged in the activities relating to production, manufacture or trade refractories of all kind and bricks of all types and varieties with different properties and components.

2. Basis of Preparation of Financial Statements

The financial statements have been prepared to comply in all material respects with the notified accounting standard by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act 1956. The financial statements have been prepared under the historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India.

The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The Company is not a Small and Medium Sized Company (Non SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act 1956, Accordingly, the Company has complied with the Accounting Standards as applicable as such.

3.1. Share capital

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year, the company has not proposed for any dividend payable to the share holders.

In the event of Liquidation, Equity Share holders are entitled to receive the assets of the company remaining after distribution of all preferential amount, in proportion to the number of shares held by them

All Preference shares are redeemable at the end of 7th year from the date of issue. In the event of Liquidation of the company the Preference Share holders will have priority over equity share holders in the payment of dividend and repayment of capital

3.2. Related Party Disclosure

Names of Related Parties and Related Party relations Ships

Member Sushil Mantri

Director & Key Managerial Personnel Prakash G. Hegde

Director & Key Managerial Personnel H. S. Girish Gupta

Vasudev Murthy

Related Party Transactions

There are no transactions entered into by the company which requires disclosure as per Accounting Standards 18-Related Party Disclosure.

3.4. Capital and Other Commitments

There are no commitments of capital or other nature falling on the company except those disclosed in the notes above and as on the reporting date, no such commitments are due to be settled or which requires outflow of cash or cash equivalent.

3.5. Contingent Liabilities

There are no possible obligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.

3.6. Previous Year Figures

Pursuant to the adoption of Revised Schedule VI for Preparation and Presentation of Financial Statements, previous year figures are grouped and reclassified according to the requirements as per Revised Schedule VI.

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Mar 31, 2011

Not Available

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Mar 31, 2010

1. Corresponding figures of the previous year have been regrouped to confirm with this years grouping wherever necessary.

2. CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

Particulars Current Year Previous Year

Rs Rs.

Claims against the Company not acknowledged as debts - Kalpana Enterprises 50580 50580

3. Writ petitions filed by the Company in the Aurangabad bench of Hon ble Bombay High Court regarding Sal^s tax demands of the Sales tax Department & Octroi Refunds claims of the Company have been withdrawn and sales tax liability as per the Maharashtra Sales Tax Amnesty Scheme was paid by the Company in full and final settlement.

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Mar 31, 2009

Notes Annexed to and forming part of the Balance Sheet as at 31.03.2009 and Profit and Loss Account for the year ended on that date:

1. Corresponding figures of the previous year have been regrouped to confirm with this years grouping whereve necessary.

2. CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECTOF:

Particulars Current Year Previous Year Rs . Rs.

Claims against the Company not acknowledged as debts -

Kalpana Enterprises 50580 50580

3. The Company has filed a writ petition in the Aurangabad bench of Honble Bombay High Court challenging the notice dated 23.01.2009 issued by the Joint Commissioner of Sales-tax, Maharashtra State as well as order dated 16.10.2008 passed by the Additional Director of Industries, Mumbai, cancelling the eligibility certificate dated 22.03.1996. Liability arising in the matter, if any, is presently not ascertainable.