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Accounting Policies of AMJ Land Holdings Ltd. Company

Mar 31, 2018

Note 1: Summary of significant accounting policies:

a. Basis of preparation

The standalone financial statements of the Company have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015.

For all periods up to and including the year ended 31^st March, 2017, the Company prepared its financial statements in accordance with 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 or Previous GAAP). These financial statements for the year ended 31^st March, 2018 are the first the Company has prepared in accordance with Ind AS. Refer note 32 for information on how the Company adopted Ind AS.

In accordance with Ind AS 111 Joint Arrangements, the standalone financial statements also includes the Company''s share of assets, liabilities, revenues and expenses relating to its interest in a Joint operation.

The financial statements have been prepared on the historical cost basis except for a land converted into stock-in-trade as explained in note 7, and certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either, in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

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

Level 2- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;

Level 3- Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

b. Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is current when it is:

- Expected to be realised or intended to be sold or consumed in the normal operating cycle;

- Held primarily for the purpose of trading;

- Expected to be realised within the operating cycle or twelve months after the reporting period; or

- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in the normal operating cycle;

- It is held primarily for the purpose of trading;

- It is due to be settled within the operating cycle or twelve months after the reporting period; or

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The normal operating cycle in respect of operation relating to under construction real estate project depends on signing of the agreement, size of the project, phasing of the project, type of development, project complexities, approvals needed and realisation of the project into cash and cash equivalents and range from 3 to 7 years. Accordingly, project related assets and liabilities have been classified into current and non-current based on operating cycle of respective projects. All other assets and liabilities have been classified into current and noncurrent based on a period of 12 months.

c. Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government. The Company has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements as it has pricing latitude and is also exposed to inventory and credit risks.

The specific recognition criteria described below must also be met before revenue is recognised.

Sale of wind power

Revenue from the sale of wind power is recognised when earned on the basis of contractual arrangement with the customers and reflects the value of electric units supplied including an estimated value of units supplied to the customers between the date of their last meter reading and year end.

Lease of real estate

Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms.

Revenue from real estate projects

Revenue from real estate projects is recognised on the ''Percentage of Completion Method'' of accounting. As per this method, revenue from sale of properties is recognised in proportion to the actual cost incurred as against the total estimated cost of projects under execution, on transfer of significant risk and rewards to the buyer.

In accordance with the "Guidance note on accounting for real estate transaction (for entities to whom Ind AS is applicable)" such construction project revenues, measured at fair value of the consideration received or receivable (i.e. adjusted for discounts, incentive, time value of money etc.), have been recognised on percentage of completion method provided the following thresholds have been met:

- All critical approvals necessary for the commencement of the project have been obtained;

- The expenditure incurred on construction and development cost is not less than 25 percent of the total estimated construction and development costs;

- At least 25 percent of the salable project area is secured by contracts or agreements with buyers; and

- At least 10 percent of the contract consideration is realised at the reporting date in respect of such contract and it is reasonable to expect that the parties to such contract will comply with the payment terms as defined in the contracts.

Determination of revenues under the percentage of completion method necessarily involves making estimates, some of which are of technical nature. The estimates of project cost and the revenue thereon are reviewed periodically by management and the cumulative effect of any changes in estimates is recognised in the period in which such changes are determined. Where it is probable that total project expenses will exceed total revenues from a project, the expected loss is recognised immediately as an expense in the statement of profit and loss.

Interest income

Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. Interest income is included in other income in the statement of profit and loss.

Dividends

Income from dividend on investments is accrued in the year in which it is declared, whereby the Company''s right to receive is established.

d. Property, plant and equipment

Property, plant and equipment, Capital work in progress are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of the property, plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in statement of profit or loss as incurred. No decommissioning liabilities are expected to be incurred on the assets of plant and equipment.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

The Company, based on technical assessment made by technical expert and management estimate, depreciates all the assets over estimated useful life which is also the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

e. Investment properties

The Company has elected to continue with the carrying value for its investment property as recognised in its Indian GAAP financial statements as deemed cost at the transition date, viz., 1^st April, 2016. Investment properties are measured initially at cost, includings transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. Repair and maintenance costs are recognised in profit or loss as incurred.

The Company, based on technical assessment made by technical expert and management estimate, depreciates the building over estimated useful life which is also the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.

Though the Company measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual evaluation performed by the management. External valuers are involved in determination of the fair values on a need basis.

f. Inventory

Inventory comprises of stock of raw material, completed properties for sale and properties under construction. Construction work-in-progress comprises cost of land, development rights, construction and development cost, cost of material, services and other overheads related to projects under construction. Inventory is valued at cost or net realizable value whichever is lower.

Land treated as stock in trade duly revalued at fair market value on the date of treatment, is carried at that value.

Development expenses incurred thereon including overheads are clubbed with Construction work-in-progress.

g. Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds.

h. Leases

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly stated in the arrangement.

For arrangements entered into prior to 1^st April, 2016, the Company has determined whether the arrangement contain lease on the basis of facts and circumstances existing on the date of transition.

Company as a lessee

A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Company is classified as a finance lease. Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease term.

Company as a lessor

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 on a straight-line basis over the term of the relevant lease.

i. Taxes

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss of the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rate enacted or substantially enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax assets are recognised for deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that taxable profit will be available against which those can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable Company and the same taxation authority.

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively

j. Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. ''

k. 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. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement.

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.

Contingent liabilities are disclosed in the Notes. Contingent liabilities are disclosed for

i. possible obligations which will be confirmed only by future events not wholly within the control of the Company or

ii. present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

l. Employee benefits

Short-term obligations

Short-term employee benefit are expensed as the related service is provided. Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within one year after the end of the period in which the employees render the related service are the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

Other long-term employee benefit obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation. Re-measurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet.

Post-employment obligations

The Company operates the following post-employment schemes:

i. defined benefit plan - gratuity; and

ii. defined contribution plans such as provident fund and superannuation fund.

Defined benefit plans

The liability or asset recognised in the balance sheet in respect of defined benefit pension and gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.

The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss. Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet. 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.

Defined contribution plans

Retirement benefit in the form of provident fund and superannuation fund are defined contribution schemes. The Company has no obligation, other than the contribution payable to the provident fund and superannuation fund. The Company recognizes contribution payable to the provident fund and superannuation fund as an expense, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

m. Financial instruments

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value, except for investment in subsidiaries, associates, joint operation or joint venture where the Company has availed option to recognise the same at cost in separate financial statements.

The classification depends on the Company''s business model for managing the financial asset and the contractual terms of the cash flows. The Company classifies its financial assets in the following measurement categories:

i. those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss),

ii. those measured at amortised cost, and

iii. those measured at cost, in separate financial statements.

Subsequent measurement

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. All other financial assets are measured at amortised cost, using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit or loss.

Impairment of financial assets

The Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss financial assets that are not fair valued.

The Company follows ''simplified approach'' for recognition of impairment loss for trade receivables that have no significant financing component. The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized, is recognized under the head ''other expenses'' in the statement of profit and loss.

The Company does not have any purchased or originated credit-impaired (POCI) financial assets, i.e., financial assets which are credit impaired on purchase/ origination.

De-recognition of financial assets

The Company derecognizes a financial asset when -

i. the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition under IND AS 109.

ii. it retains contractual rights to receive the cash flows of the financial asset but assumes a contractual obligation to pay the cash flows to one or more recipients.

When the entity has neither transferred a financial asset nor retained substantially all risks and rewards of ownership of the financial asset, the financial asset is de-recognised if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to extent of continuing involvement in the financial asset.

Financial liabilities

Initial recognition

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification, as described below:

Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within one year after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Borrowings are de-recognised when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other gains/(losses).

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least one year after the reporting period. Where there is a breach of a material provision of a longterm loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before the approval of the financial statements for issue, not to demand payment as a consequence of the breach.

n. Earnings per share

The basic earnings per share is computed by dividing the net profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The Company does not have any potential equity share or warrant outstanding for the periods reported, hence diluted earnings per share is same as basic earnings per share of the Company.

o. Segment reporting

Where a financial report contains both consolidated financial statements and separate financial statements of the parent, segment information needs to be presented only in case of consolidated financial statements. Accordingly, segment information has been provided only in the consolidated financial statements.

p. Standards issued but not yet effective

Appendix B to Ind AS 21, Foreign currency transactions and advance consideration:

On March 28, 2018, Ministry of Corporate Affairs ("MCA") has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The amendment will come into force from April 1, 2018. The Company has evaluated the effect of this on the financial statements and the impact is not material.

Ind AS 115- Revenue from Contract with Customers:

On March 28, 2018, Ministry of Corporate Affairs ("MCA") has notified the Ind AS 115, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity''s contracts with customers. The standard permits two possible methods of transition:

1) Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors

2) Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative catch - up approach).

The effective date for adoption of Ind AS 115 is financial periods beginning on or after April 1, 2018.

The Company will adopt the standard on April 1, 2018 by using the cumulative catch-up transition method and accordingly comparatives for the year ending or ended March 31, 2018 will not be retrospectively adjusted. The Company is in process of evaluating the impact on the financial statements.

q: Critical estimates and judgements

Impairment of Trade receivables

The Company estimates the uncollectability of accounts receivable by analyzing historical payment patterns, customer concentrations, customer credit-worthiness and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required.

Income Taxes

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions. Also refer note 23.

Percentage of completion method

Defined benefit obligation

The cost of the defined benefit plans and the present value of the defined benefit obligation are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, employee turnover rate and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. Also refer note 11.

Mar 31, 2017

Notes:

- Excluding Rs. Nil lacs (Last year Rs.171.00) shown under "Current maturities of Long Term Debt" under Note No.7

- Excluding Rs.129.50 lacs (Last year Rs.172.00) shown under "Current maturities of Long Term Debt" under Note No.7

Repayable in 20 equal quarterly installments begging with 25.9.2013

- Excluding Rs. 13.50 lacs (Last year Rs.12.30 lacs) shown under "Current maturities of Long Term Debt" under Note No.7

Repayable in 36 Monthly installments beginning with 1.2.2016

Note: There has been no default in repayment of Loan & Payment of Interest in respect of any of aforesaid borrowings.

1. i) Salary, Wages, gratuity and bonus (Note ''19'') does not include a sum of Rs. 25.71 lacs(Last year Rs.

2. lacs) transferred "to stock in trade."

ii) Rates & Taxes and Professional fees Capitalized to Fixed Assets Rs. 180.80 lacs (Last year Nil).

3. a) Land admeasuring 96111.84 sqft at Thergaon,Pune costing Rs. 0.14 lac, is revalued and converted in to stock in trade on 23.10.2013 at an amount of Rs.1441.67 lacs being the Fair Market Value of the land, ascertained by the Government approved values and the resulting difference of Rs.1441.53 lacs is credited to Capital Reserve appearing under Reserves and Surplus. The Company is developing this land for constructing residential /commercial complex and expenditure of Rs. 36.92 lacs during the year and Rs. 305.03 lacs in the earlier year incurred in this regard is carried forward as a part of stock in trade.

b) Land admeasuring about 3000 Sq.Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years. The Company is entitled to TDR with an outside chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalized and executed.

c) Land & Building at Pune of the Company continues to be under first charge for the Term Loans transferred on demerger to Pudumjee Paper Products Ltd. pursuant to scheme of demerger, pending creation of securities by Pudumjee Paper Products Ltd., with bank till their release.

4. Corporate Social Responsibility expenses debited to the Profit & Loss account Rs. 35.00 lacs (Last year Rs. 40 lacs) represents amount actually spent during the year on purpose other than construction / acquisition of Assets.

5. To the best of knowledge of the company, none of the creditors are ''Small enterprise'' within its meaning under clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 & therefore principal amount, interest paid/payable or accrued is NIL.

6.Following significant accounting policies have been adopted in preparation and presentation of the financial statements:

a) Fixed Assets are valued at cost.

b) Borrowing costs comprising interest etc. relating to projects unless deferred are capitalized up to the date of its completion and other borrowing costs are charged to Profit & Loss Account in the year of their accrual.

c) Depreciation on Machinery & Building has been provided on Straight Line Method and that on the other Assets on Written Down Value method till 31-03-2014. The depreciation is provided on all the assets based on the useful lives of the assets on straight line method w.e.f. 01/04/2014, in accordance with schedule II of the Companies Act, 2013. Lease hold land is depreciated based on period of residual lease.

d) Land treated as stock in trade duly revalued at fair market value on the date of treatment, is carried at that value together with actual development expenses incurred thereon.

e) Investments are classified into current and long term investments. Current investments are stated at lower of cost or fair value. Long term investments are stated at cost, less provision for permanent diminution in value, if any.

f) (i) Contributions to defined contribution schemes, namely, Provident Fund and Superannuation

Fund is made at pre-determined rates and is charged to the Profit & Loss Account.

(ii) Contributions to the defined benefit scheme, namely, Gratuity Fund & provision for the remaining Gratuity, Pension and for Leave encashment are made on the basis of actuarial valuations made in accordance with the revised Accounting Standard (AS) 15 at the end of each Financial Year and are charged to the Profit & Loss Account of the year.

(iii) Actuarial gains & losses are recognized immediately in the Profit & Loss Account.

g) Lease arrangement where the risks and rewards to ownership an assets substantially vest with the leasor, are recognized as operating leaseres, Lease rentals under operating leases are recognized in the statement of Profit & Loss.

h) Revenue recognition is postponed to a later year only when it is not possible to estimate it with reasonable accuracy.

i) Factors giving rise to any indication of any impairment of the carrying amount of the company''s assets are appraised at each balance sheet date to determine and provide /revert an impairment loss following accounting standard AS 28 for impairment of assets.

(b) The Deferred Tax Asset in respect of carry forward of losses and tax credit has been worked out on the basis of assessment orders, returns of income filed for subsequent assessment years and estimate of the taxable income for the year ending 31^st March, 2017.

7. A dividend at the rate of Rs. 0.20 (per equity share of Rs. 2 fully paid) for the year 2016-17 aggregating to Rs. 82 lakhs has been recommended by the Board of Directors for declaration at the ensuing Annual General Meeting. A corporate tax on such dividend amounting to Rs.16.69 lakhs would become payable upon declaration of the dividend by the said Annual General Meeting and not provided in the accounts in conformity with the Accounting standard (AS 4) as revised.

8. Related party disclosures (Accounting Standard 18) :

A) Subsidiary Company

a) Pudumjee Investment & Finance Co.Ltd.

B) Associate Firms / Companies

a) M/s. Pudumjee-G : Corp Developers.

b) Pudumjee Industries Limited.

c) Pudumjee Plant Laboratories Limited.

d) Pudumjee Hygine Products Limited.

e) Pudumjee Holdings Limited.

f) Pudumjee Paper Products Limited.

g) G:Corp Township Pvt.Ltd.

i) Segment Relates to -

a) Construction Activity Development of land for residential / commercial building carried directly or through firm.

b) Power Segment relates to Power Generation Activity Wind Power Turbines.

c) Other segment relates to activities not covered by aforesaid segments.

ii) The figures in brackets relates to earlier year, regrouped wherever necessary

9. The Company had entered into lease/ leave & license agreements (including leave & license agreement pursuant to the scheme) for commercial use on terms and conditions as specified in their agreements for period ranging from 2 years to 5 years. In respect of this agreement the future minimum lease/ rental payments receivable /payable is as under :

(b) The Firm is engaged in construction and sale of residential flats. It has followed completed building method till 31^st March, 2015 However in view of newly introduced tax accounting standards the firm has instead adopted percentage completion method.

b) The Joint Venture Company will engage in development, construction and sale of commercial/ residential premises after concluding joint development agreement with a land owner.

10.The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits:

a) An amount of Rs. 34.29 lacs (Last year Rs. 34.10 lacs) has been recognized as an expense for defined contribution plans by way of Company''s contribution to Provident Funds & Super annotation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan. The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

11.Disclosure of the details of specified Bank Notes (SBN) held and transacted during the period from 8^th November, 2016 to 30^th December, 2016, required as per Notification G.S.R.308 (E) dated 30^th March 2017 issued by the Ministry of Corporate Affairs.

12.The items and figures for the previous year have been recast and regrouped wherever necessary to conform to this year''s presentation

Perquisites include housing/house rent allowance with electricity, gas, medical expenses, leave travel assistance, club fees, accident insurance, contribution to provident and Superannuation fund etc., but exclude provision for gratuity and pension.

- Severance fees, stock options and notice period are not applicable in case of Executive Directors.

- Non-Executive Directors'' are entitled to regular sitting fees and re-imbursement of expenses incurred for attending each meeting of Board or Committee thereof, further Professional fees are payable on case to case basis to M/s. Kanga & Co., Advocates , in which Ms. Preeti Gautam Mehta, (NonExecutive Independent Director of the Company) is a partner. The same may also be considered to be disclosures for all pecuniary relationship or transactions of the Non-Executive Director''s vis-a-vis the Company in the Annual Report.

- The details for shares held by Directors as on 31-03-2017 are as under:

Except Mr. Arunkumar Mahabir Prasad Jatia who holds 20,48,000 equity shares of Rs. 2/- each of the Company, none of the other Directors namely Mr. Ved Prakash Leekha, Mr. Surendra Kumar Bansal, Dr. Ashok Kumar, Mr. Gautam Khaitan, Mr. Nandan Damani, Mr. Vinod Kumar Beswal, Ms. Preeti Gautam Mehta hold any equity shares of the Company.

Mar 31, 2016

Notes:

(a) Notes: (a) Excluding N.A. (Last year Rs, 427.78 lacs) shown under "Current maturities of Long Term Debt" under Note No.8.

Repayble in 18 equal quarterly installments beginning with 04.02.2013.

(b) Excluding Rs, 171.00 (Last year Rs, 180.00 lacs) shown under "Current maturities of Long Term Debt"under Note No.8.

Repayble in 20 equal quarterly installments beginning with 21.06.2012.

Repayble in 20 equal quarterly installments beginning with 25.09.2013.

(d) Excluding N.A. (Last year Rs, 500.00 lacs) shown under "Current maturities of Long Term Debt"under Note No.8.

Repayble in 20 equal quarterly installments beginning with 16.01.2014.

(e) Excluding Rs, - (Last year Rs, 10.46 lacs) shown under "Current maturities of Long Term Debt" under Note No.8. Repayble in 60 Monthly installments beginning with 15.12.2012.

(f) Excluding Rs, 12.30 lacs (Last year Rs, 6.90 lacs ) shown under "Current maturities of Long Term Debt" under Note No.8.

Repayble in 36 Monthly installments beginning with 1.2.2016

(g) There has been no default in repayment of Loan & Payment of Interest in respect of any of aforesaid borrowings.

Security : All other secured loans are transferred to Pudumjee Paper Products Ltd.on demerger.

* Land & Building at Pune of the Company continues to be under first Charge for the Term Loans transferred to Pudumjee Paper Products Ltd.,pursuant to scheme of demerger,pending agreement with bank till their release.

Notes: (a) Excluding (i) N.A. (Last year Rs, Nil lacs) being deposits for 1 year shown under "Short Term Borrowings" under Note No 6, and (ii) Rs, Nil(Last year Rs, 1,861.14 lacs) shown under "Current maturities of Long Term Fixed Deposits"under Note No.8.

(b) Excluding N.A. (Last year Rs, 159.96 lacs) shown under "Current maturities of "Long Term Unsecured Debts" under Note No. 8.

* Repayble after 2 years and 3 years from the date of acceptance of each Deposits.

(d) Fixed Deposits and Deferred Sales Tax Liability transferred to Pudumjee Paper Products Ltd.on demerger.

1 Note on Scheme of Arrangement & Demerger

i) Pursuant to the Scheme of Arrangement (âthe Schemeâ) between the company, Pudumjee Industries Ltd (PIL), Pudumjee Hygiene Products Ltd (PHPL), Pudumjee Paper Products Ltd (PPPL) and their respective shareholders and creditors as approved by the High Court of Mumbai vide its order dated 8^th January, 2016, which became effective on 1^st February, 2016 (effective date) on filling with the Registrar of Companies, all the assets and liabilities of the Paper Manufacturing Business of the Company have been transferred to the PPPL (Transferee Company) at their respective book values on a going concern basis with effect from the appointed date (i.e 1^st April, 2014). Accordingly, the Scheme of Arrangement has been given effect to in these accounts. The details of Assets & Liabilities transferred, as on 1^st April,2014 and also corresponding reduction of Reserves & Surplus are as under :

ii) The net profit of the demerged paper manufacturing business of the company for the period from appointed date i.e. 1^st April,2014 to 31^st March,2015 of Rs, 440.74 lacs is adjusted in surplus i.e. balance in the Profit & Loss Account.

iii) As per the Scheme, each share holder of the Company, as on record date, has received 37 equity share of Rs, 1 each in the Pudumjee Paper Products Ltd, for every 20 Equity Shares of Rs, 2 each in the Company.

iv) The transactions pertaining to Paper Manufacturing business from the appointed date (i.e. 1^st April, 2014) upto the effective date (i.e. 1^st February, 2016) of the Scheme of arrangement, have been deemed to be made by Pudumjee Paper Products Ltd..

v) Consequent to the Demerger of the Paper Manufacturing business of the Company in terms of the Scheme, the Financial Statements of the Company for the year ended March 31, 2016, do not include operations of the Demerged paper manufacturing business and therefore are not comparable with the figures of the Previous Year ended March 31, 2015.

vi) The revenue and expense in respect of the ordinary activities attributable to the Discontinuing Operations:

ix Pursuant to the Scheme of Arrangement, the Secured Loans and facilities concerning the demerged business stands transferred to the Pudumjee Paper Products Ltd. along with the Security created therfor on the assets transferred. However the security, whether by way of first charge or second charge on other assets i.e. Land and Buildings at Pune which have not been transferred by the Company, continues to subsist in favour of the lenders for their loans (as per the agreements initially executed by the Company in favour of the lenders while availing the loans), till their release, until appropriate documents are executed.

x Pursuant to the Scheme, Land & Buildings at Pune , belonging to the Company have been given on Leave & License basis to Pudumjee Paper Products(PPPL), on terms for 5 years from the effective date, i.e.1^st February,2016, to enable PPPL to shifts its operations, in due course of time, to the Industrial Area of Mahad District - Raigad. 24.09 Salary, Wages, gratuity and bonus (Note Rs,21Rs, ) does not include a sum of Rs, 22.21 lacs (Last year Rs, 109.15 lacs) transferred to stock.

24.10 a) Land admeasuring 96111.84 sqft at Thergaon,Pune costing Rs, 0.14 lac, is revalued and converted and converted in to stock in trade on 23.10.2013 at an amount of Rs, 1441.67 lacs being the Fair Market Value of the land , ascertained by the Government approved values and the resulting difference of Rs, 1441.53 lacs is credited to Capital Reserve appearing under Reserves and Surplus. The Company is developing this land for constructing residential /commercial complex and expenditure of Rs, 34.11 lacs during the year and Rs, 270.92 lacs in the earlier year incurred in this regard is carried forward as a part of stock in trade.

c) Interest amounting to Rs, Nil (previous year Rs, 10.71 lacs) has been capitalized during the year to Machinery under installation.

24.12 Corporate Social Responsibility expenses debited to the Profit & Loss account Rs, 40.00 lacs (Last year Rs, 10.20 lacs) represents amount actually spent during the year on purpose other than construction / acquisition of Assets.

24.13 To the best of knowledge of the company, none of the creditors are ''Small enterprise'' within its meaning under clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 & therefore principal amount ,interest paid/payable or accrued is NIL.

24.15 Following significant accounting policies have been adopted in preparation and presentation of the financial statements:

a) Fixed Assets are valued at cost.

b) Borrowing costs comprising interest etc. relating to projects unless deferred , are capitalized up to the date of its completion and other borrowing costs are charged to Profit & Loss Account in the year of their accrual .

c) Depreciation on Machinery & Building has been provided on Straight Line Method and that on the other Assets on Written Down Value method till 31-03-2014. The depreciation is provided on all the assets based on the useful lives of the assets on straight line method w.e.f. 01/04/ 2014 , in accordance with schedule II of the Companies Act 2013. Lease hold land is depreciated based on period of residual lease.

d) Finished goods stock is valued at lower of cost or market value. Land treated as stock in trade duly revalued at fair market value on the date of treatment, is carried at that value together with actual development expenses incurred thereon.

All other inventories are valued at lower of cost on First In First Out Method or realizable value.

f) (i) Contributions to defined contribution schemes ,namely, Provident Fund and Superannuation

Fund is made at a pre-determined rates and are charged to the Profit & Loss Account.

(ii) Contributions to the defined benefit scheme ,namely, Gratuity Fund & provision for the remaining Gratuity, Pension and for Leave encashment are made on the basis of actuarial valuations made in accordance with the revised Accounting Standard (AS) 15 at the end of each Financial Year and are charged to the Profit & Loss Account of the year.

(iii) Actuarial gains & losses are recognized immediately in the Profit & Loss Account.

g) Foreign Exchange Transactions are recorded at the then prevailing rate. Closing balances of Assets & Liabilities relating to foreign currency transactions are converted into rupees at the rates prevailing on the date of the Balance Sheet.

The difference for transactions are dealt with in the Profit & Loss Account.

h) Lease arrangement where the risks and rewards to ownership an assets substantially vest with the leas or, are recognized as operating leases, Lease rentals under operating leases are recognized in the statement of Profit & Loss.

i) Revenue recognition is postponed to a later year only when it is not possible to estimate it with reasonable accuracy.

j) Factors giving rise to any indication of any impairment of the carrying amount of the company''s assets are appraised at each balance sheet date to determine and provide /revert an impairment loss following accounting standard AS 28 for impairment of assets.

and regrouped wherever necessary to conform to this year''s present

Mar 31, 2015

A) Fixed Assets are valued at cost.

b) Borrowing costs comprising interest etc. relating to projects unless deferred , are capitalised up to the date of its completion and other borrowing costs are charged to Profit & Loss Account in the year of their accrual.

c) Depreciation on Machinery & Building has been provided on Straight Line Method and that on the other Assets on Written Down Value method till 31 -03-2014. The depreciation is provided on all the assets based on the useful lives of the assets on straight line method w.e.f. 01/04/2014,in accordance with schedule II of the Companies Act 2013. Lease hold land is depreciated based on period of residual lease.

d) Finished paper stock is valued at lower of cost or market value. Land treated as stock in trade duly revalued at fair market value on the date of treatments carried at that value together with actual development expenses incurred thereon.

All other inventories are valued at lower of cost on First In First Out Method or realisable value.

e) Investments are classified into current and long term investments.Current investments are stated at lower of cost or fair value.Long term investments are stated at cost, less provision for permanent diminution in value, if any.

f) (i) Contributions to defined contribution schemes,namely,Provident Fund and Supernnuation Fund is made at a pre-determined rates and are charged to the Profit & Loss Account.

(ii) Contributions to the defined benefit scheme,namely,Gratuity Fund & provision for the remaining Gratuity,Pension and for Leave encashment are made on the basis of actuarial valuations made in accordance with the revised Accounting Standard (AS) 15 at the end of each Financial Year and are charged to the Profit & Loss Account of the year.

(iii) Actuarial gains & losses are recognized immediately in the Profit & Loss Account.

g) Foreign Exchange Transactions are recorded at the then prevailing rate.Closing balances of Assets & Liabilities relating to foreign currency transactions are converted into rupees at the rates prevailing on the date of the Balance Sheet.

The difference for transactions are dealt with in the Profit & Loss Account.

h) Revenue recognition is postponed to a later year only when it is not possible to estimate it with reasonable accuracy.

i) Factors giving rise to any indication of any impairment of the carrying amount of the company's assets are appraised at each balance sheet date to determine and provide /revert an impairment loss following accounting standard AS 28 for impairment of assets.

Mar 31, 2014

1.01 Salary, Wages, gratuity and bonus (Schedule ''K'') does not include a sum of Rs. 83.99 lacs (Last year Rs. 88.62 lacs) transferred to other accounts.

1.02 a) The company has acquired leasehold land, building and board manufacturing machine at Mahad Dist. Raigad in the earlier years, where a paper machine was being installed under an expansion programme. The leasehold land,colony and buildings are shown under Tangible Fixed Assets Schedule (Note No.10) and is appropriately amortized and depreciated for the year and Factory Building, Machinery and all other assets together with related expenditure have been shown under Capital work-in-progress. b) In view of the aforesaid expansion project having been been temporarily deferred, during the year, the borrowing and other recurring costs incurred for the year aggregating to Rs. 310.79 lacs have been treated as revenue expenditure and charged to the Profit & Loss account forthe year ended 31-03-2014 under the respective heads.Such expenditure aggregating Rs. 433.25 lacs incurred in the previous year had been capitalized to the project cost.

1.03 a) Land admeasuring 96111.84 sqft at Thergaon,Pune costing Rs. 0.14 lac, used in relation to operation of factory, is revalued and converted in to stock in trade on 23.10.2013 at an amount of Rs. 1441.67 lacs being the Fair Market Value of the land, ascertained by the Government approved valuers and the resulting difference of Rs. 1441.53 lacs is credited to Capital Reserve appearing under Reserves and Surplus. The Company is developing this land for constructing residential /commercial complex and expenditure of Rs. 164.63 lacs incurred in this regard is carried forward as a part of stock in trade.

b) Land admeasuring about 3000 Sq. Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years.The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

1.04 To the best of knowledge of the company, none of the creditors are ''Small enterprise'' within its meaning under clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 & therefore principal amount, interest paid/payable or accrued is NIL.

1.05 Details of significant lease.

The company has entered into lease agreement in terms of which it has given buildings on rent on the usual terms and conditions and such payments received for the year have been recognized in the Profit & Loss Account under other income.

Mar 31, 2013

A) Fixed Assets are valued at cost.

b) Borrowing costs comprising interest etc. relating to projects are capitalised up to the date of its completion and other borrowing costs are charged to Profit & Loss Account in the year of their accrual .

c) Depreciation on Machinery & Building has been provided on Straight Line Method and that on the other Assets on Written Down Value method in accordance with Schedule XIV of the Companies Act, 1956 as in force as on the date of Balance Sheet. Lease hold land is depreciated based on period of residual lease.

d) Finished paper stock is valued at lower of cost or market value. All other inventories are valued at lower of cost on First In First Out Method or realisable value.

e) Investments are classified into current and long term investments.Current investments are stated at lower of cost or fair value.Long term investments are stated at cost, less provision for permanent diminution in value, if any.

f) (i) Contributions to defined contribution schemes,namely,Provident Fund and Supernnuation Fund is made at a pre-determined rates and are charged to the Profit & Loss Account.

(ii) Contributions to the defined benefit scheme,namely,Gratuity Fund & provision for the remaining Gratuity and for Leave encashment are made on the basis of actuarial valuations made in accordance with the revised Accounting Standard (AS) 15 at the end of each Financial Year and are charged to the Profit & Loss Account of the year.

(iii) Actuarial gains & losses are recognized immediately in the Profit & Loss Account.

g) Foreign Exchange Transactions are recorded at the then prevailing rate. Closing balances of Assets & Liabilities relating to foreign currency transactions are converted into rupees at the rates prevailing on the date of the Balance Sheet.

The difference for transactions are dealt with in the Profit & Loss Account.

h) Revenue recognition is postponed to a later year only when it is not possible to estimate it with reasonable accuracy.

i) Factors giving rise to any indication of any impairment of the carrying amount of the company''s assets are appraised at each balance sheet date to determine and provide /revert an impairment loss following accounting standard AS 28 for impairment of assets.

Mar 31, 2012

A) Fixed Assets are valued at cost.

b) Borrowing costs comprising interest etc. relating to projects are capitalised up to the date of its completion and other borrowing costs are charged to Profit & Loss Account in the year of their accrual.

c) Depreciation on Machinery & Building has been provided on Straight Line Method and that on the other Assets on Written Down Value method in accordance with Schedule XIV of the Companies Act, 1956 as in force as on the date of Balance Sheet. Lease hold land is depreciated based on period of residual lease.

d) Finished paper stock is valued at lower of cost or market value. All other inventories are valued at lower of cost on First In First Out Method or realisable value.

e) Investments are classified into current and long term investments.Current investments are stated at lower of cost or fair value.Long term investments are stated at cost, less provision for permanent diminution in value ,if any.

f) (i) Contributions to defined contribution schemes,namely,Provident Fund and Superannuation Fund is made at a pre-determined rates and are charged to the Profit & Loss Account.

(ii) Contributions to the defined benefit scheme,namely,Gratuity Fund & provision for the remaining Gratu- ity and for Leave encashment are made on the basis of actuarial valuations made in accordance with the revised Accounting Standard (AS) 15 at the end of each Financial Year and are charged to the Profit & Loss Account of the year.

(iii) Actuarial gains & losses are recognized immediately in the Profit & Loss Account.

g) Foreign Exchange Transactions are recorded at the then prevailing rate.Closing balances of Assets & Liabilities relating to foreign currency transactions are converted into rupees at the rates prevailing on the date of the Balance Sheet.

The difference for transactions are dealt with in the Profit & Loss Account.

h) Revenue recognition is postponed to a later year only when it is not possible to estimate it with reasonable accuracy.

i) Factors giving rise to any indication of any impairment of the carrying amount of the company's assets are appraised at each balance sheet date to determine and provide /revert an impairment loss following accounting standard AS 28 for impairment of assets.

(b) The Deferred Tax Asset in respect of carry forward of losses and tax credit has been worked out on the basis of assessment orders,returns of income filed for subsequent assessment years and estimate of the taxable income for the year ending 31st March ,2012.

Mar 31, 2011

1 Miscellaneous sales have been stated net of stocks.

2 Interest,dividend and other income received includes Income tax deducted at source Rs. 59.70 lacs (Last year Rs.58.19 lacs)

3 Salary, Wages, gratuity and bonus (Schedule ÃK' ) does not include a sum of Rs. 90.41 lacs (Last year Rs.74.75 lacs) transferred to other accounts.

4 (a) The company is in the process of setting up a unit at Mahad Dist.Raigad for manufacturing Paper.

(b) The wind power plant of a capacity of 1.25 MW has commenced operations during the year and the remaining part of the project of 1.25 MW is expected to commence shortly.

(c) Borrowing cost comprising interest etc. of Rs.1.13 lacs (Last year Nil) and the expenses of Rs. 194.87 lacs (last year Nil) relating to the projects have been capatilised.

5 To the best of knowledge of the company, none of the creditors are ÃSmall enterprise' within its meaning under clause (m) of section 2 of the Micro,Small and Medium Enterprises Development Act, 2006 & therefore principal amount,interest paid/payable or accrued is NIL.

6 Estimate of contracts remaining to be executed on capital account and not provided for amounted to Rs. 2724.08 lacs (Last year Rs. 7.50 lacs).

7 Land admeasuring about 3000 Sq.Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years.The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

8 (a) The assets being paper machine No.8 and certain equipments of pulp mill amounting to Rs. 1702.49 lacs have been written down to their recoverable amount being the selling price as estimated by the management, as they are no longer in use. Consequently the estimated impairment loss of Rs. 1397.26 lacs has been charged to the profit and loss account.

(b) Company's contribution /reimbursements for the assets owned or that may be owned by Government authorities being dam, weir etc.amounting to Rs.629.36 lacs, not amortized earlier have been written off as prior period expenses in the profit and loss account.

9 Details of significant lease

The company has entered into lease agreement in terms of which it has given buildings on rent on the usual terms and conditions and such payments received for the year have been recognized in the Profit & Loss Account under other income.

Mar 31, 2010

1. Miscellaneous sales have been stated net of stocks.

2. Interest, dividend and other income received includes Income tax deducted at source Rs. 58.19 lacs (Last year Rs. 81.47 lacs)

3. Salary, Wages, gratuity and bonus (Schedule ÃLÃ) does not include a sum of Rs. 74.75 lacs (Last year Rs. 64.84 lacs) transferred to other accounts.

4. Development and Research Expenditure includes Rs. 2.02 lac (Last year Rs. 11.39 lac) for Equipments.

5. To the best of knowledge of the company, none of the creditors are Small enterpriseÃ within its meaning under clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 & therefore principal amount, interest paid/payable or accrued is NIL.

6. Estimate of contracts remaining to be executed on capital account and not provided for amounted to Rs. 7.50 lacs (Last year Rs. 14.86 lacs).

7. The expenditure for dam, weir, etc. as shown in Schedule ÃEÃ- Fixed Assets represents expenditure, contributed to Government authorities in respect of assets owned or that may be owned by them and therefore has not been subjected to depreciation in conformity with the Generally Accepted Accounting Principles.

8. Land admeasuring about 4000 Sq. Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years. The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed. A

9. The Equity Shares of the company were sub-divided from Rs. 10 each to Rs. 2 per share w.e.f. 1.4.2009 by altering the capital clause in Memorandum of Association vide Resolution Passed at EOGM of Shareholders held on 27.2.2009.

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