(ii) Rental income/Direct operating expenses considered in the table above is from the date of transfer from Property, Plant & Equipment to Investment Property.
(iii) The Company has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop Investment Properties as at the year end.
The best evidence of fair value is current prices in an active market for similar properties. Since investment properties leased out by the Company are cancellable and non-cancellable leases, the market rate for sale/ purchase of such premises are representative of fair values. Company's investment properties are at a location where active market is available for similar kind of properties. Hence fair value is ascertained on the basis of market rates prevailing for similar properties in those location determined by an independent registered valuer, as defined under Rule 2 of The Companies (Registered Valuers and Valuation) Rules 2017, and consequently classified as a level 2 valuation.
Note 9.1 : Based on the management assumptions and future business plans, the management has not created Deferred Tax Asset on the current year carry- forward loss. The management is certain about realization of already created Deferred Tax Asset in the coming years and hence the same is not written back in the financial statements.
Note 10.1 : Advance to vendor includes Rs. 37.39 lakhs (31st March, 2025 Rs. 37.39 lakhs) which is non recoverable since more than 5 years. However management is certain about realization of advances.
Note 10.2 : Balance from Government authorities includes GST Refund receivable of Rs. 51.11 lakhs pending since more than 5 years. GST Refund Receivable includes balance of Rs. 6.91 lakhs related to the demand created by the department for the FY 2017-18. Company has preferred an appeal against such demand considering the strong merits of the case.
Note 12.1 : Trade Receivables includes Rs. 46.13 Lakhs (P.Y. Rs. 45.78 lakhs) from related parties out of which Rs. 44.91 lakhs is pending receivable since more than 3 years (Refer Note 40)
* Refer Note 34 - Financial Instruments, fair values and risk measurement
Trade Receivables are shown as net of advance received from customers in the routine course of business.
The company has only one class of equity shares having a par value of Rs. 10 per share. Each share holder of equity shares is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion to their shareholding.
Description of nature and purpose of each reserve
General Reserve - General reserve is created from time to time by way of transfer profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.
Capital Reserve - Capital reserve is utilised in accordance with provision of the Companies Act
Equity instruments through other comprehensive income - This represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income, under an irrevocable option, net of amounts reclassified to retained earnings when such assets are disposed off.
18.1.1 Term Loan of Rs. 719.99 lakhs (P.Y. Rs. 369.09) is primarly secured by sole charge by way of Mortgage of property situated at Ground, CTS No. 10/116, Lloyds EstateSangam Nagar, Vidyalankar College Road, Mumbai. Repayable in 156 Monthly Installments starting From February, 2025. Last Installment due in February, 2038. Rate of Interest 9.50% p.a. at year end.
18.1.2 Term Loan of Rs. 370.22 lakhs (P.Y. Rs. Nil) is primarly secured by sole charge by way of Mortgage of residential property of promoter directors. Repayable in 144 Monthly Installments starting From March, 2026. Last Installment due in February, 2038. Rate of Interest 8.90% p.a. at year end. (Property is held on Director's Personal Name)
18.1.3 Borrowing from financial instution is availed from ICICI Prudential Insurance Co. Ltd. as a loan against the surrender value of Keyman Insurance Policy.
18.1.4 The Company has not defaulted in the repayment of loans and intrest in current and previous year.
* Refer Note 35 - Financial Instruments, fair values and risk measurement
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 values that would eventually be received or settled.
Types of inputs for determining fair value are as under:
Level 1: This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of investment in quoted equity shares, and mutual fund investments.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities included in level 3.
There have been no transfers between Level 1 and Level 2 during the reporting periods
iii) Transfer out of Level 3
There were no movement in level 3 in either directions during the financial year ending on 31st March 2026 and 31 March 2025.
The Company's financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company's financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.
The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors ('Board') oversee the management of these financial risks through its Risk Management Committee. The Risk Management Policy of the Company formulated by the Board, states the Company's approach to address uncertainties in its endeavor to achieve its stated and implicit objectives. It prescribes the roles and responsibilities of the Company's management, the structure for managing risks and the framework for risk management. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Company's financial performance.
The following disclosures summarize the Company's exposure to financial risks and information regarding use of derivatives employed to manage exposures to such risks. Quantitative sensitivity analysis have been provided to reflect the impact of reasonably possible changes in market rates on the financial results, cash flows and financial position of the Company.
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 risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.
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 generally utilizes fixed rate borrowings and therefore not subject to interest rate risk, since neither the carrying amount nor the future cash flows will fluctuate because of change in the market interest rates. The Company is not exposed to significant interest rate risk as at the respective reporting dates.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign exchange rates.The Company operates, in addition to domestic markets, significantly in international markets through its sales and services in overseas and purchases from overseas suppliers in US$ and is therefore exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US$.The Company does not enter into any derivative instruments for trading or speculative purposes.
The company does not enter into forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions and firm commitments.The sources of foreign exchange risk are outstanding amounts payable for imported raw materials and other supplies denominated in foreign currency. The Company is also exposed to foreign exchange risk on its exports. Most of these transactions are denominated in US dollars.
The Company is mainly exposed to changes in USD . The below table demonstrates the sensitivity to a 5% increase or decrease in the USD against INR, with all other variables held constant. The sensitivity analysis is prepared on the net unhedged exposure of the Company as at the reporting date. 5% represents management's assessment of reasonably possible change in foreign exchange rate.
Other price risk is the risk arising from investments in equity instruments recognised at FVTOCI. As at 31st March, 2026, the carrying value of such instruments recognised at FVTOCI amounts to Rs. 0.13 Lacs (Rs. 0.14 Lacs as at 31st March, 2025 ). The details of such equity instruments are given in Note 5 (A). Investments in equity instruments which is not considered to be significant.
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations resulting in a financial loss to the Company. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information. The Company considers Credit risk arises primarily from financial assets such as trade receivables, other balances with banks, loans.
Credit risk arising from other balances with banks is limited and there is no collateral held against these because the counterparties are banks and recognised financial institutions with high credit ratings assigned by the credit rating agencies.
Financial assests are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.
The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no provision considered.
Financial Assets are considered to be of good quality and there is no significant increase in credit risk.
Liquidity risk is the risk that the company will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The approach of the company to manage liquidity is to ensure , as far as possible, that will have sufficient liquidity to meet their respective liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risk damage to their reputation. The company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low.
For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholders' value.
As at 31st March, 2026, the Company has only one class of equity shares and has low debt. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Company allocates its capital for distribution as dividend or re-investment into business based on its long term financial plans.
The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary, adjust its capital structure.
Note 36 : Contingent Liabilites and Commitments
Amount (in Lakhs)
a
Contingent Liabilities
As At
31st March, 2026
31st March, 2025
Claims against the Company not acknowledged as debts:
i. Income Tax matters in dispute under appeal
36.40
Total
b
Commitments
Bonds/Undertakings given by the Company under Concessional
250.00
duty/ exemption to Customs/Excise Authorities(Net of
redemption applied for)
Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company. Further due to continuing losses there is insufficient cash flow in the Company and hence there are cases of overdue payments to MSME. However in view of the Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date. These facts have been relied upon by the auditors.
The Company's primary segment is identified as business segment based on nature of products, risks, returns and the internal business reporting system and secondary segment is identified based on the geographical location of the customers as per Indian Accounting Standard 108. The Company is principally engaged in a single business segment viz., "Digital Studio Flash Lights and Photographic Accessories".
The geographical segment has been considered for disclosure as secondary segment.
Two secondary segments have been identified based on the geographical locations of customers i.e. Domestic and Export. Information about geographical segments are as below :
Revenue from one of the customers of the Company's Digital Studio Flash Lights and Photographic Accessories business is approximately Rs. 128.99 lacs (March 2025 : Rs. 160.77 lacs) which is less than 10% each of the Company's total segment revenue for the year ended 31st March 2026.
The Payment of Gratuity Act is not applicable to the company because it employs less than 10 employees during the year; hence the company has not undertaken actuarial valuation as defined under Ind As 19 during the financial year 2025-26
The Company also has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is Rs. 3.90 lakhs (31st March, 2025 Rs. 3.83 lakhs).
Provisions of Section 135 of the Companies Act, 2013, requires every Company having a Net Worth of Rs. 500 cr. or more, or turnover of Rs. 1,000 cr. or more or a Net Profit of Rs. 5 cr. or more during the immediately preceding financial year shall spend at least 2% of the average Net Profits of the Company made during the three immediately preceding financial years on Corporate Social Responsibility (CSR). The Company does not fall in any of the above criteria, hence provisions of Section 135 of the Companies Act, 2013, is not applicable to the Company.
A. Where the company is Lessee
The Company's leasing arrangements are in respect of operating leases for premises (Office, factory etc.). These lease arrangements range for a period of 5 years. Most of the lease agreements are renewable for further period on mutually agreeable terms.
The Company has entered into operating leases on its investment properties consisting of office building & factory buildings.These leases have term of 3 years.
The title deeds of all the Immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and capital work-in progress are held in the name of the Company as at the balance sheet date.
The Company has not undertaken any revaluation of Property Plant & Equipments / Intangible assets during the year.
The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the company for holding any benami property.
Quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of accounts.
The Company is not declared wilful defaulter by any bank or financials institution or lender.
The company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956, during the current year and in the previous year
The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.
The Company has 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:
(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
ix) 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.
x) 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 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).
xi) DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
xii) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was obtained.