ix) Provisions and Contingent Liabilities

Provisions are recognised when there is 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 there is a reliable estimate of the amount of the obligation. When a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the
present value of those cash flows (when the effect of the time value of money is material).

Contingent liabilities are disclosed when there is a possible obligation arising from past events, 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 where it is either not probable that an outflow of resources will be required to settle the obligation
or a reliable estimate of the amount cannot be made.

x) Cash and Cash Equivalents

In the cash flow statement, cash and cash equivalents includes cash on hand and demand deposits with
banks.

xi) Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the
contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from
the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair
value through profit or loss are recognised immediately in profit or loss.

All financial assets and liabilities are carried at amortised cost except Investments mentioned in note no
4(a) which are measured at Fair Value.

The management consider that the carrying amounts of financial assets and liabilities except
Investments recognized in the financial statements approximate their fair value as per the laetst financials
available for the investee companies.

Impairment of financial assets

The Company applies the expected credit loss model for recognising impairment loss on Financial assets
measured at amortised cost and trade receivables.

For trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 18, the Company always measures the loss allowance at
an amount equal to lifetime expected credit losses.

Further, for the purpose of measuring lifetime expected credit loss ("ECL") allowance for trade
receivables, the Company has used a practical expedient as permitted under Ind AS 109. This expected
credit loss allowance is computed based on a provision matrix which takes into account historical credit
loss experience and adjusted for forward-looking information.

Further, for the purpose of measuring lifetime expected credit loss ("ECL") allowance for trade
receivables, the Company has used a practical expedient as permitted under Ind AS 109. This expected
credit loss allowance is computed based on a provision matrix which takes into account historical credit
loss experience and adjusted for forward-looking information.

2b.Critical accounting judgements and key sources of estimation uncertainties

The preparation of the financial statements in conformity with Ind AS requires the Management to make
estimates and assumptions considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the year. The Management believes
that the estimates used in preparation of the financial statements are prudent and reasonable. Future
results could differ due to these estimates and the differences between the actual results and the
estimates are recognised in the periods in which the results are known / materialise.

Methodology

Debtors’ turnover ratio = Net Credit Sales / Average Trade receivables.

Inventory Turnover Ratio = Revenue from operations / Average Inventory
Interest Coverage Ratio = EBITDA / Debt Service Cost.

Current Ratio = Current assets / (Current liabilities - Current maturities of long-term borrowings).

Debt / Equity Ratio = Total Borrowing / Total Equity.

Operating Profit Margin % = Operating Profit / Revenue from Operations.

Net Profit Margin % = NPAT / Net Sales.

Return on Net worth % = NPAT / Average Net worth.

Return on Equity %= NPAT/Total Equity

Return on Investment%=NPAT/Investment

Return on Capital Employed%=PBIT/Capital Employed

21.Other Notes

1. Figures ...

a) Figures are rounded off to the nearest Rupee.

b) Figures in brackets pertain to the previous year.

c) Figures pertaining to the previous year have been regrouped or reclassified wherever found necessary
to make them comparable with the figures of the Current Year.

2. In the opinion of Board of Directors, the current assets, all loans and advances are approximately of the
value stated, if realized in the ordinary course of business. The provisions for all known liabilities are
adequate and it is not in excess of amount payable.

3. The balances appearing to the debit and credit of various parties are subject to confirmation by parties
and review by the company.

4. The company has not received any representation from its suppliers whether any of them constitute small
scale industrial undertaking or SME and therefore, the amount due to such suppliers could not been
identified by management.

5. There was penalty being levied on the Company for Non-appointment of Company Secretary, Late
submission of Annual Report, Non or Late Submission of Quarterly Results, Freeze of Promoters Demat
Account, etc. by Bombay Stock Exchanges as per rules framed by the SEBI amounting to Rs.10,05,360/- in
FY2019-20 out of which Rs7,05,640/- is still outstanding as it is under dispute. Also in FY2020-21, penalty
for non compliance amounting to Rs.6,96,200/- has been levied by Bombay Stock Exchanges as per rules
framed by the SEBI and the same is outstanding as it is under dispute.

6. The office of the company secretary has been vacant since January 2020. The company is in process of
appointing a full time company secretary as per section 203 of the

7. According to the information and explanations given to us, the company is required to be registered
under section 45-IA of the Reserve Bank of India Act 1934, however the company has not obtained such
registration because as per management such a situation has arisen due to no new project is undertaken
by the company. Further, management is of the opinion that such a position is temporary in nature and in
foreseeable future company will commence with a new project soon.

8. Empress Developers and Empress Adishakti have not given interest for FY19-20 to FY2022-23 due to
financial stress of those companies .

9. i) Additional Regulatory Information Required by Schedule III

a. No proceeding has been initiated or pending against the company for holding any Benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

b. The Company has not been declared willful defaulter (in accordance with the guidelines on willful
defaulters issued by the Reserve Bank of India) by any bank or financial Institution or other lender.

c. The Company does not have any transactions with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.

d. The Company has not traded or invested in crypto currency or virtual currency during the year.

e. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium
or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding (whether recorded in writing or otherwise) 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 does not have any transaction 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 and there is no previously unrecorded income and related assets that are required to be
recorded in the books of account during the year.

g. There are no charges or satisfaction yet to be registered with ROC beyond the statutory year.

h. Other information with regards to other matters specified in Schedule III to the Act, is either Nil or not
applicable to the Company.

Signature to note 1 to 21 of financial statements.

For Vinod S Mehta & Co

Firm Registration Number: 111524W

Chartered Accountants

Parag Mehta Kirti Doshi Naresh Vaghani

Patner

Membership No. 036867

Place : Mumbai Place : Mumbai

Date: 30-05-2024 Date: 30-05-2024