Notes to Accounts of Best Agrolife Ltd.

Mar 31, 2023

Nature and purpose of reserve Capital reserve

Capital reserve was created on account of loss on business combinations.

Securities premium

Securities premium comprises of the premium on issue of shares. The reserve is utilised in accordance with the specific provision of the Companies Act, 2013.

Retained earnings

Retained earnings refer to the net profit/(loss) retained by the Company for its core business activities. It also includes the gain/(loss) on remeasurement of defined employee benefit obligations.

Revaluation reserve

This represents the cumulative gains and losses arising on the revaluation of land and building. It is not available for distribution as dividend.

a. Cash credit facilities have been obtained from banks which has been secured by first pari passu charge on present and future current assets and movable property, plant and equipment except vehicles. The facilities taken from banks are secured by personal guarantee of promoter Mr. Vimal Kumar, Mrs Vandana Alawadhi and Mr Kamal Kumar and director Mr. Shuvendu Satpathy. These loans carry interest rate of 7.60% to 10.50% per annum (previous year: 7.60% to 11.70% per annum).

b. Working capital loan facility was obtained from banks and financial institution during the year which has been secured by first pari passu charge on present and future current assets and movable property, plant and equipment except vehicles. The facilities taken from banks and financial institution are secured by personal guarantee of promoter Mr. Vimal Kumar and Mrs Vandana Alawadhi and director M. Shuvendu Satpathy on behalf of the Company. These loan carry interest rate of 6.75% to 9.10% per annum (previous year: 6.75% to 8.80% per annum). Further, working capital facility have been obtained from one bank which has been secured against assigned trade receivables. This facility carry interest rate of 9% per annum (previous year: Nil).

c. Refer note 43 for disclosure of fair values in respect of financial liabilities measured at fair value and amortised cost.

Performance obligation

Information about the Company''s performance obligations are summarised below:

Traded goods

The performance obligation is satisfied once the goods are dispatched to the customer.

* The significant increase in contract balances in FY 2022-2023 is mainly due to increase in advance from customers is on account of additional advances against sales to be made during the subsequent period. The year end balances are on account of advances received in the normal course of business.

a In respect of Assessment Year 2012-2013, demand was raised due to disallowance of certain expenses under section 14A of the Income Tax Act and also certain other disallowances. The amount involved is ? 14.42 lakhs (March 31,2022: ? 14.42 lakhs).

b In respect of Assessment Year 2017-2018, demand was raised due to addition of income under section 56(2)(viib) of the Income Tax Act and also certain other additions. The amount involved is ? 35.47 lakhs (March 31, 2022: ? 35.47 lakhs).

c The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its Standalone Financial Statements. The Company also believes that the above issues, when finally settled, are not likely to have any significant impact on the financial position of the Company. The Company does not expect any reimbursements in respect of the above contingent liabilities.

38. Employee benefit obligations

a. Defined contribution plan

An amount of ? 61.64 lakhs [March 31, 2022: ? 35.18 lakhs] for the year has been recognised as an expense in respect of the Company''s contributions towards Provident Fund and an amount of ? 1.24 lakhs [March 31, 2021: ? 1.28 lakhs] for the year has been recognised as an expense in respect of Company''s contributions towards Employee State Insurance which are deposited with the government authorities and have been included under employee benefit expenses in the Statement of Profit and Loss.

A. Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. The Company has a defined benefit gratuity plan. Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on departure at 15 days of last drawn salary for each completed year of service or part thereof in excess of six months subject to a maximum of ? 20.00 lakhs. The scheme is unfunded.

These assumptions were developed by management with the assistance of independent actuarial appraisers. Discount factors are determined close to each year end by reference to government bonds of relevant economic markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on management''s historical experience.

The Expected contribution to the defined benefit plan in future year i.e March 31, 2024 is ? 21.05 lakhs.

The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

The above defined benefit plan exposes the Company to following risks:

Interest rate risk:

The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary inflation risk:

Expected increases in salary will increase the defined benefit obligation.

Demographic risk:

This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

40. 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 maximise the shareholder value.

The Company seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company measures underlying net debt as total liabilities, comprising interest bearing loans and borrowings, excluding any dues to subsidiaries or group companies less cash and cash equivalents. For the purpose of capital management, total capital includes issued equity capital, share premium and all other reserves attributable to the equity holders of the Company, as applicable.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2023 and March 31, 2022.

41. Financial Instruments: Financial risk management objectives and policies

The Company''s principal financial liabilities, comprises of loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include investments in equity shares, loans to related party, trade and other receivables, security deposits, cash and short-term deposits that are derived directly from its operations.

The Company is exposed to credit risk, liquidity risk and market risk. The Company''s senior management oversees the management of these risks and advises on financial risks and the appropriate financial risk governance framework for the Company. The board provides assurance to the shareholders 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. The Board of Directors'' reviews and agrees policies for managing each of these risks, which are summarised below.

(i) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is not exposed to any significant credit risk from its operating activities (except trade receivables), including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

The carrying amounts of financial assets represent the maximum credit risk exposure.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, and bank loans. The Company''s approach to managing liquidity to ensure, as far as possible, that it will have sufficient liquidity to meet its liability when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation. The Company closely monitors its liquidity position and deploys a robust cash management system. The Company manages liquidity risk by maintaining adequate reserves, borrowing liabilities, by continuously monitoring forecast and actual cash flows, profile of financial assets and liabilities. It maintain adequate sources of financing including loans from banks at an optimised cost. The table below provides the details regarding contractual maturities of financial liabilities.

(iii) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: interest rate risk, foreign currency rate risk and other price risk.

(a) Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s debt obligations with variable interest rates.

(b) Foreign currency rate risk:

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in exchange rates of any currency. The Company''s exposure to the risks of changes in foreign exchange rates relates primarily to the Company''s trade payables and trade receivables in the foreign countries.

(c) Other price risk

The Company''s investments are susceptible to market price risk arising from uncertainties about future values of the investment securities. The investment in unlisted equity securities (other than investment in subsidiaries) is not significant.

Commodity Price Risk

Commodity price risk arises due to fluctuation in prices of agro chemical products. The Company has risk management framework aimed at prudently managing the risk arising from volatility in the commodity prices. The Company''s commodity risk is managed centrally through well established control processes. Further the selling price of finished goods fluctuates due to fluctuation in price of agro chemical products and the Company expects that the net impact of such fluctuation would not be material.

Total cash outflow for short term-leases and leases of low value for the year ended March 31, 2023 was ? 111.78 lakhs (March 31,2022: ? 90.55 lakhs).

The Company has leases for office premises, residential properties and storage facilities. With the exception of short-term leases and low value leases, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Company classifies its right-of-use assets to its property, plant and equipment.

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Note:

The aggregate amortisation on ROU assets has been included under depreciation and amortisation expense in the Statement of Profit and Loss.

The following assumptions/methods were used to estimate the fair values:

i) The fair values of loan, trade receivables, cash and cash equivalents, other financial assets, trade payables, borrowings, lease liabilities and other financial liabilities are considered to be same as their carrying values due to their short term nature.

ii) The carrying amount of other items carried at amortized cost are reasonable approximation of their fair value.

iii) The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

45. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Company''s Managing Director assesses the financial performance and position of the Company and makes strategic decision and has been identified as the chief operating decision maker. The Company''s primary business segment is reflected based on principal business activities carried on by the Company. As per Indian Accounting Standard 108, Operating Segments, as notified under the Companies (Indian Accounting Standards) Rules, 2015, the Company operates in one reportable business segment i.e., trading of agro based products. The geographical information analyses the Company''s revenue and trade receivables from such revenue in India and other countries. The Company primarily sells its products in India.

(i) Details of investments made are given in note 7.

(ii) Details of corporate guarantees issued for the loan taken by the subsidiary companies and outstanding in accordance with Section 186 of the Act read with rules issued thereunder are given in note 40.

50. During the previous year, the Company has acquired 100% controlling interest in Best Crop Science Private Limited on October 13, 2021 through issue of equity shares. Pursuant to approval of shareholders in the annual general meeting held on September 28, 2021, the Company had allotted 16,12,674 fully paid-up equity shares of ? 10 each on a preferential allotment basis at an issue price of ? 630 per share which includes a premium of ? 620 per share for an aggregate consideration of ? 10,159.85 lakhs.

The aforementioned transaction is a non-cash transactions which has been entered with 1 of its director and persons connected with its director during the previous year and hence was covered under the provisions of section 192 of the Act. The Company has complied with the provisions of aforesaid section of the Act, by way of obtaining prior approval of shareholders in the general meeting of the Company.

51. During the previous year, the Company had acquired the business of Agrico Chemicals on February 15, 2022 pursuant to approval of board in the board meeting held on January 25, 2022 to expand the agro chemical business. The purchase consideration amounted to ? 1,777.94 lakhs was to be settled in cash. ? 808.06 lakhs is outstanding as at March 31, 2023 (previous year: ? 1,777.94 lakhs).

a) Business combination

The above transaction qualified as a business combination as per Ind AS 103 - "Business Combinations" and had been accounted by applying the acquisition method wherein identifiable assets acquired and liabilities assumed are fair valued against the fair value of the consideration transferred.

52. Other statutory information

(a) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(b) The Company do not have any transactions with struck off companies.

(c) The Company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.

(d) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(e) The Company have 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:

(i) 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

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

(f) 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:

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

(h) The Company is not declared wilful defaulter by any bank or financial institution or government or any government authority.

53. The Board of Directors'' of the Company have recommended a dividend of ? 3 (30%) per equity share of ? 10 each for the financial year ended March 31, 2023 subject to the approval of shareholders. The Board of Directors'' of the Company had recommended a dividend of ? 2 (20%) per equity share of ? 10 each for the financial year ended March 31, 2022 which was subsequently approved by the shareholders in the Annual General Meeting held on September 28, 2022 and paid thereof.

54. The Standalone Financial Statements were approved for issue by the Board of Directors'' of the Company on May 29, 2023.

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Mar 31, 2018

1. CORPORATE INFORMATION

Sahyog Multibase Limited (‘the Parent Company’) is a public limited company domiciled in India and is incorporated under the provisions of the companies Act applicable in India. Its shares are listed on NSE and BSE stock exchanges in India. The Parent company is engaged in trading activities of PVC granules, Resins and other miscellaneous products. The Parent company caters primarily to domestic market. The registered office of the Parent company is located at House No. 9, Road No.13, East Punjabi Bagh, New Delhi-110026. The Parent company has taken over one of its group company “ATHENA MULTITRADE PRIVATE LIMITED” as per merger scheme approved by NCLT, Delhi dated 13.04.2018. The merger scheme is effective from 01.04.2016.

The financial statements were approved for issue in accordance with a resolution of the board of directors on May 30, 2018.

2. BASIS OF PREPARATION

For all periods up to and including the year ended 31 march 2017, the company prepared its financial statements in accordance with accounting standards notified under section133 of the companies Act 2013, read together with paragraph 7of the companies (Accounts) rules, 2014 (Indian GAAP).These financial statement for the year ended 31^st march 2018 are the first the company has prepared in accordance with Indian accounting standards (“Ind AS”).

These financial statements of the Company for the year ended 31, March 2018 have been prepared in accordance with accounting principles generally accepted in India, including the Ind AS specified under section 133 of the act read with the companies (Indian accounting standards)rules, 2015, as amended.

The financial statement has been prepared on a historical cost basis, except for certain assets and liabilities which have been measured at fair values.

Exemptions and exceptions applied

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

1) The company has elected to measure all property, plant and equipment and intangible assets at their GAAP carrying value as on date of transition. The written down value as per the previous GAAP as on April 1 , 2016 has been considered as the gross block under Ind AS for respective classes of assets in accordance with Ind AS101- first time adoption of Indian accounting standards.

In addition, decommissioning liability measured in accordance with Ind AS 37- provisions, contingent liabilities and contingent assets at the date of transition has been included in the above deemed cost as per Ind AS101- first - time adoption of Indian accounting standards.

2) The company has elected its investment in subsidiaries and joint ventures at their previous GAAP carrying value in accordance with Ind AS101 - first- time adoption of Indian accounting standards.

3) The estimates at 1 April , 2016 and at 31 march ,2017 are consistent with those made for the same date in accordance with Indian GAAP (after adjustments to reflect any difference in accounting policies)

4) These estimates used by company to present these amounts in accordance with Ind AS reflect conditions at 1 April 2016(i.e. the date of transition to Ind AS) and as of 31 march 2017.

5) Ind AS 101 requires an entry to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS 101- first- time adoption of Indian accounting standards.

* Proposed Investment :

On September 15, 2017, the Company entered to acquire the share of J C Industries Pte Ltd, a US-based creative and consumer insights agency for consideration amounting to Rs. 7.15 Crore , subject to regulatory approvals and fulfillment of closing conditions

Terms and rights attached to equity shares

The Company has only one class of equity shares with 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.

In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding.

Note 3 - Dues to micro, small & medium enterprises

Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small & Medium Enterprises at the balance sheet date. The above disclosure has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

Note 4 - Segment information

The Company is primarily engaged in the business of dealing in Plastic related products & raw materials which is considered to be the only reportable business segment.

The Company is domiciled in India and all its non-current assets are located in India.

The amount of Company’s revenue from external customers based on geographical area and nature of the products/ services are shown below:

Note 5 - Related party transactions

(A) List of key management personnel

(a) Directors

Mr. Ghanshyam Prashad Gupta Mr. Naresh Kumar Singhal Mrs. Meetu Aggarwal Mr. Vishesh Gupta

Mr. Umesh Gulhar (appointment as on 16.06.2017)

Mr. Deepak Bansal

(b) Executive Officers

Mr. Chandan Kumar (Chief Financial Officer)

Mr. Sharwan Prasad Group Head-Accounts Department

( c) Company Secretary

Ms. Neha Garg

(B) List of subsidaries

Tavares Tradelink Private Limited (Indian Subsidary)

(C )List of other related parties influence :

Stepping Stone Construction Private Limited (Naresh Kumar Singhal Common Director)

Jha Gunjan & Associates (relative of Chief Financial Officer of the Company)

Value Industries Asia Pte Ltd (Foreign Company)*

* The Company is holding more than 20% of M/s Value Industries Asia Pte Ltd (201713309W) but Company doesnot exerise siginificant influance on the foreign intity and hance not classified as an Associate for the purpose of Ind AS 28.

(D) Terms & conditions:

The outstanding balances at the year-end are unsecured and interest free. The Company has not recorded any impairment of receivables relating to amounts owned by related parties for the year ended 31 March 2018 and 31 March 2017.

( E) The amount of transactions/ balances disclosed above are without giving effect to the Ind AS adjustments on account of fair valuation / amortisation.

Note 6 - Capital management

For the purpose of capital management, capital includes total equity of the Company. The primary objective of the capital management is to maximize 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. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company prefers a low gearing ratio. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the lender to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

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

The Company is not subject to any externally imposed capital requirements.

Note 7 - Financial risk management

The Company’s financial liabilities generally comprises of interest bearing borrowing, trade payables and other payables represented by advances received from dealers and other employee benefits. The main purpose of these financial liabilities is to raise finances for the company. The financial assets held by the company consist of trade receivables, balance with banks, investments and plan assets.

The company is mainly exposed to credit risk, liquidity risk and market risk. The board of directors reviews and agrees policies for managing each of these risks which are summarized below:

(i) Credit Risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company. Currently the Company is not exposed to any significant credit risk from its operating activities.

(ii) Liquidity risk

The Company uses liquidity forecast tools to manage its liquidity. The Company is able to substantially fund its working capital from cash and cash equivalents, cash credit facilities and cash flow that is generated from operation. The Company believes that the working capital is sufficient to meet its current requirements.

(iii) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise two types of risk: currency rate risk and interest rate risk.

(a) Interest rate risk:

The company’s interest rate risk arises due to restricted deposit with bank. The exposure to interest risk in relation to restricted deposits is between 6% to 9%. Restriction on such deposits is realized on the expiry of terms of respective arrangements.

(b) Foreign currency risk:

Foreign Currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in exchange rates of any currency. The Company’s exposure to the risks of changes in foreign exchange rates relates primarily to the Company’s investments in foreign companies.

Note 8 - First time adoption of Ind AS Transition to Ind AS

These are the Company’s first financial statements prepared in accordance with Ind AS.

The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (the transition date). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provision of the Act (previous GAAP or Indian GAAP). Further, in view of the classification of current and non-current items adopted in accordance with the criteria specified in Ind AS 1 Presentation of Financial Statements the corresponding figures of the previous years have been appropriately reclassified wheresoever necessary. An explanation of how the transition from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows is set out in the following tables and notes.

A. Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A.1 Ind AS optional exemptions Deemed cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets.

Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.

A.2 Ind AS mandatory exceptions A.2.1 Estimates

An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in confirmity with previous GAAP (after adjustments to reflect any difference in accounting policies) apart from certain new estimates that were not required under previous GAAP.

A.2.2 De-recognition of financial assets and liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.

The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

A.2.3 Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets (debt instruments) in terms of whether they meet the amortised cost criteria or the FVTOCI criteria based on the facts and circumstances that existed as of the transition date and the Company has followed the same.

A.2.4 Impairment of financial assets

The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable informationthat is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further, the Company has not undertaken an exhaustive search for information when determining, at the date of transition to Ind ASs, whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101.

Note 9 Fair Value Hierarchy

The table shown below analyses financial instruments carried at fair value.The different levels have been defined below:-

Level 1: Quoted Prices (unadjusted) in active markets for identical assets or liabilities

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

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)

a) Financial assets and liabilities measured at fair value through profit and loss (OCI) at 31 March 2018

b) Financial instruments at amortized cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the value that would eventually be received or settled.

c) During the year there has been no transfer from one level to another

Note 10 - Recent Accounting pronouncements

The Ministry of Corporate Affairs (MCA) vide notification dated 17 March 2017 has issued the Companies (Indian Accounting Standards) Amendment Rules, 2017 and has amended Ind AS 7 Statement of Cash Flows. The amendments to Ind AS 7 requires an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. On initial application of the amendment, entities are not required to provide comparative information for preceding periods. These amendments are effective for annual periods beginning on or after 1 April 2017. Application of this amendments will not have any recognition and measurement impact. However, it will require additional disclosure in the financial statements.

Note 11 - Approval of standalone financial statements

The standalone financial statements were approved for issue by the Board of Directors of the Company on 30 May 2018 subject to approval of shareholders.

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Mar 31, 2015

1. Disclosures of related party transactions (as identified & certified by the management):

As per Accounting Standard 18 - 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India, the names of the related parties are given below :

List of Related Parties with whom the Company has transacted during the year:- a)

Key management Personnel Mr. Sachin Dewan (Director) (Resigned)

Mr. Naresh Kumar singhal (Director) (Resigned)

Mr. Vikas Garg (Director)

Enterprises owned or significantly influenced by Good life Impex Private Limited (Common Director - Mr. Sachin

Key Management Personnel Dewan and Mr. Naresh Singhal)

Pride Buildtech Pvt Ltd ( Common Director - Vikas Garg)

Vikas Polymer land Pvt Ltd ( Common Director - Vikas Garg)

2. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated in accounts, if realized in ordinary course of business, unless otherwise stated. The provision of all known liabilities is adequate.

3. Historically, the company's investment in unquoted shares has been done with a view to hold them for long term and thereby earn capital gains, since dividend payout on such investments has generally been irregular. The aforesaid policy has been taken into.

4. As per information available with the Company there are no amounts payable or paid during the period which are required to be disclosed as per Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006.

5. As the number of employee is less than 10, and as such no employee benefits are payable under any statute or otherwise and as such the disclosure requirements under AS -15 (revised) is not applicable.

6. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/ disclosure

7. Figures in the bracket relate to previous year.

8. Figures have been rounded off to nearest rupee.

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Mar 31, 2014

1.1 Equity Shares

The Company has only one class of equity shares having a face value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share held with a right to receive per share dividend declared by the Company. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after payment of all preferential amounts, in proportion to their shareholding.

1.2 During the current year and in the previous year, there has been no movement in the issued, subscribed and paid up share capital of the company.

1.3 Disclosures of related party transactions (as identified & certified by the management)-

As per Accounts Standard 18 - 'Related Party Disclosures' issued by the institute 5 Chartered Accountants of List of Related Parties with whom the Company has transacted during the year- Key management Personnel Mr. Sachin Dewan (Director)

Mr. Naresh Kumar singhal (Director)

2. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated ,n accounts, if realized in ordinary course of business, unless otherwise stated. The provision of all known liabilities is adequate.

3. Historically, the company's investment in unquoted shares has been done with a view to hold them for long term and thereby earn capital gains, since dividend payout on such investments has generally been irregular The aforesaid policy has been taken into.

As per information available with the Company there are no amounts payable or paid during the period which are required to be disclosed as per Section 22 of the Micro, Small and Medium Enterprises Development Act 2006

4. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure

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Mar 31, 2012

1. The Company has no Sub-Standard, Doubtful or loss Assets, Therefore provision's required as per Regulation 7 and 8 of NBFC Prudential Norms (reserve Bank) Directions, 1998 are not applicable to the Company.

2. In our opinion the Board and to the best of their knowledge, the value of the current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet.

3.Segment reporting

In the opinion of the management, there is only one reportable business segment (Loan Financing) as Envisaged By AS 17 'Segment Reporting', prescribed by the Companies (Accounting Standards) Rules, 2006. Accordingly, no separate disclosure for segment reporting is required to be made in the financial statements of the Company

Secondary segmentation based on geography has not been presented as the Company operates primarily in India and the Company perceives that there is no significant difference in its risk and returns in operating from different geographic areas within India

4.Previous year figures have been re-grouped or re-arranged, wherever found necessary to make them Comparable with current year figures and are rounded off the nearest rupee.

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Mar 31, 2011

Notes Forming Part of the Accounts:

1. As per Regulation 6 of NBFC Prudential Norms (Reserve Bank) Directors 1998 regarding accounting for investment.

2. (a) The Company values its current investment in unquoted equity shares at cost or breakup value whichever is less.

b) The Company values its long-term investments in unquoted equity shares Vestments in unquoted equity shares in accountancy of India has issued Accounting Standard AS -13 Pertaining to Accounting for investments

3. As per Regulation 7 & 8 of NBFC Prudential Norms (Reserve Bank) Directions, 1998 ^REGARDING Assets classifications Provisioning requirements the Company is required to gasify its loans and advances and other current assets as (i) Standard Assets (ii) Sub- provided in the RBI s directions against sub-standard, doubtful and loss assets.

4. In our opinion the Board and to the best of their knowledge, the value of the Current Assets reconciliation, if any. In the Aduanrpe Management, the value of current assets including Sundry Debtors and advances are good for recovery to the extent stated in account and subject to subsequent clearing of cheques to be received later on.

5. As certified by the management, there was no contingent liability during the year.

⁶ . The Current Tax has been determined as the amount of Tax Payable in respect of Taxable Income for the paned based on applicable Tax Rates and Tax Laws under the I. T Act, 1961.

7. In terms of AS-22 Accounting for taxes of income The Deferred tax is recognized on all timing differences subject to consideration of prudence in respect of Deferred Tax Assets being the different between the taxable income and the Accounting income which originates in one period and capable of reversal in subsequent year,(s)

8. The Deferred Tax Assets and liabilities are attributable to following items and the calculation has been done accordingly

9. The Schedules 1 to 10 form an integral part of the Balance Sheet and the Previous Re-arranged wherever found necessary to make them comparable with current year figures and are rounded off to the nearest Rupee