Notes to Accounts of Trio Mercantile & Trading Ltd.

Mar 31, 2018

Note : No amounts are receivable from directors or other officers of the company either severally or jointly with any other person or from by the firms or private companies in which any director is a partner or a director or a member.

i) Terms/ right attached to Equity Shares

The Company has Only one Class of equity shares having par value of Rs. 10 per Shares. Each holder of Equity Shares is Entitled to one vote per share. In the event of liquidation of the company, the holders of equity share will be entitled to receive remaning assets of the Company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

In assessing the realizability of deferred income tax assets, management considers whether some portion or all of deferred income tax assets will not be reliazed. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. The amount of the deferred income tax assets considered realizable, however could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.

“*Disclosure in relation to Micro and Small enterprises ‘Suppliers’ as defined in the Micro, Small and Medium Enterprises Development Act, 2006 (‘Act’).

The Ministry of Micro, Small and Medium Enterprises has issued an Office Memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with their customers the Entrepreneurs Memorandum Number as allocated after filing of the said Memorandum. Accordingly, the disclosures above in respect of the amounts payable to such enterprises as at the period end has been made based on information received and available with the Company.

As explained by management there is no outstanding balance related to Micro and Small enterprises ‘Suppliers’ as defined in the Micro, Small and Medium Enterprises Development Act, 2006 (‘Act’) as at year end.”

Note No : 1 Earnings per share (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the company by the weighted average number of Equity shares outstanding during the year.”Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the company by the weighted average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares. The following data reflects the inputs to calculation of basic and diluted EPS

Note No. 2 - Related party transactions

a) Related party and nature of the related party relationship with whom transactions have taken place during the year

b) Key Management Personnel

Mr. Deepak Mehta - Executive Director Mr. Bhadresh Shah - Director Mr. Hiren Kothari - Executive Director Mr. Pallavi Kothari - Women Director Ms. Megha Trivedi - Company Secretary Ms. Jigna Dani - CFO

NOTE No. 3 Exemptions applied

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

Since there is no change in the functional currency, the company has elected to continue with the carrying value measured under the previous GAAP and use that carrying values as the deemed cost for property, plant and equipment on the transition date.

A previous GAAP revaluation for an item of plant, property and equipment may be used as deemed cost, provided that at the date of revaluation, the revaluation was broadly comparable to fair value, or cost or depreciated cost in accordance with Ind AS.

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of its propety, plant and equipment as recognised in the financial statements aas at the date of transition to Iind AS, measured as per previous GAAP and use that as its deemed cost as at the date of transition. Accordingly, the Group has elected to measure all of property, plant and equipment at the previuos GAAP carrying value.

Note 4 : Some of the balances of current loans, current trade receivables, current trade payables are subject to confirmation and reconciliation of any.

Note 5 : Contingent Liabilities and Commitments (to the extended not provided for): NIL (P.Y NIL)

Note 6 : In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non-current assets (other than Fixed assets) are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

Note 7 : Details of dues to micro and small enterprises as defined under the Micro and Small Enterprise Development (MSMED) Act, 2006*

* Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management.

The above Statement of changes in equity should be read in conjunction with accomplying notes. This is the Statement of changes in equity referred to our report of even date.

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Mar 31, 2015

1. Contingent Liabilities and Commitments (to the extended not provided for) : NIL (P.Y NIL)

2. Related Parties Disclosure

i) Subsidiaries : Nil

ii) Key Managerial Personnel:

A. Executive Director

1) Mr. Hiren S. Kothari (MD)

2) Mr. S. S. Merchant

B. Non Executive Director

1) Mr. Jayesh Gandhi

2) Mr. Chandraprakash Chaturvedi

3) Mrs. Palalvi Hiren Kothari

4) Mr. Dilip Parekh

3. In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non-current assets (other than Fixed assets) are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

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Mar 31, 2014

1. Contingent Liabilities and Commitments (to the extended not provided for) : NIL (P.Y NIL)

2. Related Parties Disclosure

i) Subsidiaries: Nil

ii) Key Managerial Personnel:

A. Executive Director

1) Mr. Hiren S. Kothari(MD)

2) Mr. S.S.Merchant

B. Non Executive Director

1) Mr. Jayesh Gandhi

2) Mr. Chandraprakash Chaturvedi

iii) Entities having significant influence over the company

Other Related Parties

2013-14 2012-13

Transactions:

Remuneration 688200 688200

Rent -- 280500

Reimburse of Expenses 27500 280500

Amount due to / from Related parties

Outstanding loans and advances given -- 349405

3. In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non-current assets (other than Fixed assets) are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

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Mar 31, 2013

1. Contingent Liabilities and Commitments (to the extended not provided for) : NIL (P.Y NIL)

2. Related Parties Disclosure

i) Subsidiaries: Nil

ii) Key Managerial Personnel:

A. Executive Director

1) Mr. Hiren S. Kothari(MD)

2) Mr. S.S.Merchant

B. Non Executive Director

1) Mr. Jayesh Gandhi

2) Mr. Umesh Khese

iii) Entities having significant influence over the company

1. Tricom Fruits Products Ltd.

2. Tricom India Ltd.

2. In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non-current assets (other than Fixed assets) are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.