i. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

i. Provisions

Provisions are determined by discounting the expected future cash flows (representing the best estimate of the
expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The unwinding of
the discount is recognized as finance cost.

ii. Contingent Liabilities

Contingent liability are disclosed when there is a possible obligation arising from past events and the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Company or a present obligation that arises from past events but is not
recognized because it is not possible that an outflow of resources embodying economic benefit will be required
to settle the obligations or reliable estimate of the amount of the obligations cannot be made. The Company
discloses the existence of contingent liabilities in Other Notes to Financial Statements.

4 SIGNIFICANT JUDGEMENTS AND KEY SOURCES OF ESTIMATION IN APPLYING ACCOUNTING POLICIES

Estimates and judgements are continually evaluated. They are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the Company and that are believed to
be reasonable under the circumstances. Information about Significant judgements and Key sources of estimation
made in applying accounting policies that have the most significant effects on the amounts recognized in the
financial statements is included in the following notes:

> Recognition of Deferred Tax Assets: The extent to which deferred tax assets can be recognized is based
on an assessment of probability of the Company's future taxable income against which the deferred tax
assets can be utilized. In addition, significant judgement is required in assessing the impact of any legal or
economic limits.

> Useful lives of depreciable/amortisable assets (tangible and intangible): Management reviews its
estimate of the useful lives of depreciable/amortisable assets at each reporting date, based on the expected
utility of the assets. Uncertainties in these estimates relate to actual normal wear and tear that may change
the utility of plant and equipment.

> Provisions and Contingencies: The assessments undertaken in recognizing provisions and contingencies
have been made in accordance with Indian Accounting Standards (Ind AS) 37, 'Provisions, Contingent
Liabilities and Contingent Assets'. The evaluation of the likelihood of the contingent events is applied best
judgement by management regarding the probability of exposure to potential loss.

> Impairment of Financial Assets: The Company reviews its carrying value of investments carried at
amortized cost annually, or more frequently when there is indication of impairment. If recoverable amount
is less than its carrying amount, the impairment loss is accounted for.

Notes :

i) Land includes Rs. 355.26 thousands (P.Y. Rs. 355.26 thousands), Building Rs. 1,397.20 thousands (P.Y. Rs. 1,430.03
thousands), Plant and Equipment Rs. 443.30 thousands (P.Y.Rs. 443.30 thousands) and Roads and bridges Rs. 3.19
thousands (P.Y. Rs. 3.19 thousands) relating to Rubberwood Factory situated in the state of Kerala which is not in
operation for nearly 26 years pursuant to notice received from the Deputy Conservator of Forests (Protection),
Trivandrum. Out of these fixed assets mentioned above, building was impaired in earlier years considering the
net realisable value of the same.

ii) The Company has not revalued its property, plant and equipment during the year ended March 31, 2024 and
March 31, 2023

iii) Freehold land with a carrying amount of Rs. 1,929.10 thousands (P.Y. Rs. 1,929.10 thousands) have been pledged
to secure borrowings of the Company (Refer Note 13.1).

11.4 Reconciliation of the number of shares at the beginning and at the end of the year

There has been no change/ movements in number of shares outstanding at the beginning and at the end of the
year.

11.5 Terms/ Rights attached to Equity Shares :

The Company has only one class of issued shares i.e. Equity Shares having par value of '10/- per share. Each
holder of Equity Shares is entitled to one vote per share and equal right for dividend. The dividend proposed
by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. 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.

11.6 Shareholding Pattern with respect of Holding or Ultimate Holding Company

The Company does not have any Holding Company or Ultimate Holding Company.

11.7 Details of Equity Shareholders holding more than 5% shares in the Company

23 Loans or advances (repayable on demand or without specifying any terms or period of repayment) to
specified persons

During the year ended March 31, 2024 the Company did not provide any Loans or advances which remains
outstanding (repayable on demand or without specifying any terms or period of repayment) to specified persons
(Nil as on March 31, 2023)

24 Benami Property held

The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company, during the year ended March 31, 2024 and March 31,2023 for holding any Benami property.

25 Undisclosed Income

The Company does not have any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year ended March 31, 2024 and March 31, 2023 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)

26 Wilful Defaulter

The Company is not a declared wilful defaulter by any bank or financial institution or other lender during the year
ended March 31,2024 and also for the year ended March 31, 2023.

27 Applicability of Corporate Social Responsibility

The Company is not getting covered under section 135 of the Companies Act, 2013 and as such the provisions of
CSR are not applicable on the Company.

28 Relationship with Struck off Companies

The Company did not have any transaction with companies struck off during the year ended March 31,2024 and
also for the year ended March 31, 2023.

30 Utilisation of Borrowed funds and share premium

The Company has 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: (a) directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the ultimate
beneficiaries. The Company has not advanced or lent or invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the understanding that the Intermediary shall: (a) directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

37.2 The management assessed that the fair values of cash and cash equivalents, borrowings and trade payables
approximates their carrying amounts largely due to the short-term maturities of these instruments.

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

The fair values for loans, were calculated based on cash flows discounted using a current lending rate. They are
classified as Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including
counterparty credit risks, which has been assessed to be insignificant.

38 Financial Risk Management

Financial management of the Company has been receiving attention of the top management of the Company.
Various kinds of financial risks and their mitigation plans are as follows:

38.1 Liquidity Risk

The Company determines its liquidity requirement in the short, medium and long term. This is done by drawings
up cash forecast for short term and long term needs.

The Company manage its liquidity risk in a manner so as to meet its normal financial obligations without any
significant delay or stress. Such risk is managed through ensuring operational cash flow while at the same time
maintaining adequate cash and cash equivalent position. The management has arranged for diversified funding
sources and adopted a policy of managing assets with liquidity monitoring future cash flow and liquidity on a
regular basis.

38.2 Foreign Exchange Risk

Foreign Exchange Risk is the exposure of the Company to the potential impact of movements in foreign exchange
rates. There is no exposure of foreign currency and hence the management has assessed that there is no foreign
currency risk during the year (Previous Year: Rs. Nil)

38.3 Interest Rate Risk

The Company has borrowings which carries fixed rate of interest. The management has assessed that exposure
of the Company in interest rate risk at the end of the year is Rs. Nil (Previous Year: Rs. Nil)

39 Capital Management

The Company objective to manage its capital is to ensure continuity of business while at the same time provide
reasonable returns to its various stakeholders but keep associated costs under control. Sourcing of capital is
done through judicious combination of equity/internal accruals and borrowings. Net debt (total borrowings less
investments and cash and cash equivalents) to equity ratio is used to monitor capital.

* As the Company is having negative networth as on 31st March, 2024 & 31st March, 2023, debt equity ratio
cannot be computed.

40 In an earlier year the Company had received entire sale consideration in respect of sale of Kinalur Estate. The
process of registration of Land in the name of few buyers are in the process of completion.

41 The Company has not recognized deferred tax assets during the year in absence of reasonable certainity of
future taxable income.

42 The Networth of the Company has been fully eroded. During the year, the Company has forayed into new
business of assiting clients in developing their business in respect of which commission income of Rs. 114.01
lakhs has been received. Further, the Company is developing its land assets in Goa. Hence, going concern status
of the Company is maintained.

43 The previous year figures have been regrouped / rearranged wherever considered necessary.

As per our Report annexed For and on behalf of Board of Directors

For and on behalf of

J K V S & CO

Chartered Accountants Hemant Bangur C.P. Sharma

Firm Regn. No. 318086E (DIN : 00040903) (DIN :00258646)

Non Executive Director Wholetime Director

Utsav Saraf

Partner Arun Kumar Ruia M. Kandoi

Membership No. 306932 Chief Financial Officer Company Secretary

Place: Kolkata

Dated : 21st May, 2024