Coral India Finance and Housing Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2025

Forfieture of partly paid-up equity shares

Total 8,83,100 partly paid-up equity shares of the Company has been forfieted on February 27, 1999 amounting to ^ 44.16 Lakhs which now forms part of the capital reserve."

Note 15.2: Terms/rights attached to equity shares

"The Company has only one class of shares referred to as equity shares with voting rights having a par value of 2 per share. Each holder of equity shares is entitled to vote one per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

As per the Companies Act 2013, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors, at their meetings held on May 28, 2025 have recommended a payment of final dividend of ^ 0.40 (Paise 40 only) per equity share of the face value of ^ 2 each for the financial year ended 31st March, 2025, subject to approval of the shareholders at the ensuing Annual General Meeting (^ 0.40 per equity share of the face value of ^ 2 each was paid as final dividend for the previous year) (Refer to Note No. 35).

Note 15.4: In the period of five years immediately preceeding March 31, 2025 Buy-back of equity shares completed in June 2020

The Board in its meeting held on February 14, 2020 recommended Buyback of Equity Shares by the Company of up to 124.00 Laksh fully paid-up equity shares of ^ 2/- each of the Company representing up to 24.86% of the total issued and paid-up Equity Share capital of the Company at a price of ^ 17/- per Equity Share ("Buyback Price") payable in cash for an aggregate amount of up to ^ 2108 Lakhs (Rupees Two Thousand One Hundred and Eight Lakhs only) ("Buyback Size"), which is up to 20.16 % of the aggregate of the fully paid- up equity share capital and free reserves through tender offer route, subject to approval of shareholders through postal ballot.

The shareholders approved the proposal of buyback of equity shares recommended by its Board of Directors in its meeting

held on February 14, 2020 through the postal ballot that concluded on March 27, 2020.

The buyback was offered to all of the shareholders who hold Equity Shares as of the record date on a proportionate basis through the "tender offer" route. The buyback of equity shares through the tender offer route was commenced on June 01, 2020 and concluded on June 12, 2020. During the buyback period, the company had bought back and extinguished a total of 95,76,775 equity shares at a buyback price of ^ 17 per equity share comprising 19.20% of the pre-buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of ^ 1628.05 Lakhs (excluding transaction costs). The Company funded the buyback from its free reserve.

In accordance with Section 69 of the Companies Act, 2013, as at March 31, 2021 the Company had created a Capital Redemption Reserve of ^ 191.54 Lakhs equal to the nominal value of above shares bought back as an appropriation from general reserve.

The Company’s objective when managing capital is to safeguard its ability as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, issue new shares or buyback issued shares. As at March 31, 2025, the Company has only one class of equity shares and has no debt.

Description of nature and purpose of each reserve

Capital Redemption Reserve: In accordance with Section 69 of the Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from reserve.

Capital Reserve: Capital reserve of ^ 44.16 Lakhs was created on forfieture of 8,83,100 Equity shares of the Company on 27th February, 1999.

Retained earnings: Retained earnings represent the amount of accumulated earnings of the Company.

Fair Value of 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.

Note 34: Financial Instruments Fair value hierarchy

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 assets or liabilities that are not based on observable market data (unobservable inputs]

The following table presents fair value hierarchy of assets measured at fair value on a recurring basis as of 31st March 2025 and 31st March, 2024

Proposed Dividend

Dividend declared by the Company are based on the profits available for distribution. The Board of Directors in their meeting held on May 28, 2025 recommended a final dividend of ^ 0.40/- (40 Paise) per equity share of face value of ^ 2 each, for the financial year ended March 31, 2025. This payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company. The final dividend if approved by the shareholders would result in the net cash outflow of ^ 160.21 Lakhs.

Note 37: Additional Regulatory Information

a] The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition] Act, 1988 (45 of 1988] and Rules made thereunder.

b] The fair value of investment property (as measured for disclosure purposes in the financial statements] is based on the valuation by registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation] Rules, 2017 (Refer Note 1.8(c]];

c] The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets];

d] The Company has not revalued its intangible assets;

e] The Company has borrowings from banks in the form of overdraft account against fixed deposits, for which no quarterly returns or statements of current assets or summary of reconciliation are required to be filed by the Company with banks;

f] The Company has not been declared willful defaulter by any bank or financial institution or other lender or Government or any government authority;

g] 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;

h] There are no charges or satisfaction yet to be registered with ROC beyond the statutory period;

i] The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87( of the Companies Act, 2013 read with the Companies (Restriction on number of layers] Rules, 2017;

j] There are no Scheme of Arrangements initiated by the Company or has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013;

k] The Company has not advanced or loaned or invested funds that were either borrowed funds or share- premium.

l] There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey], that has not been recorded in the books of account.

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

n] Ratios: As per Schedule III of the Companies Act, 2013 following are the ratios:

Terms and conditions of transactions with related parties

1. During the year ended 31st March, 2025, the Company has granted unsecured loan to M/s Noetic Finance Private Limited (''Noetic], an entity controlled/significantly influenced by the Director/Close family member of the Director of ^ 250.00 Lakhs and same has been outstanding as on 31st March, 2025.

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Mar 31, 2024

k) Provisions and Contingent Liabilities:

Provisions are recognized, when there is a present legal or constructive obligation as a result of past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made. Where aprovision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. Where the effect is material, the provision is discounted to net present value using an appropriate current market-based pre-tax discount rate and the unwinding of the discount is included in finance costs.

Contingent liabilities are recognized only when there is a possible obligation arising from past events, due to occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Company, or where any present obligation cannot be measured in terms of future outflow of resources, or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

l) Cash & Cash Equivalents:

Cash and cash equivalents for the purpose of Cash Flow Statement comprise cash and cheques in hand, bank balances, demand deposits with banks where the original maturity is three months or less and other short term highly liquid investments net of bank overdrafts which are repayable on demand as these form an integral part of the Company’s cash management.

m) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

n) Lease

Company as a lessor: Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental Income from operating lease is recognized on a straight-line basis over the term of the lease.

o) Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.

p) Employee benefits

Short-term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia are recognised in the period in which the employee renders the related service. A liability is recognised for the amount expected to be paid when there is a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Gratuity

In accordance with Indian law, the Company operates a scheme of gratuity which is a defined benefit plan. The gratuity plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment for each completed year of service. Vesting occurs upon completion of five continuous years of service

Forfieture of partly paid-up equity shares

Total 8,83,100 partly paid-up equity shares of the Company has been forfieted on February 27, 1999 amounting to ^ 44.16 Lakhs which now forms part of the capital reserve."

Note 14.2: Terms/rights attached to equity shares

The Company has only one class of shares referred to as equity shares with voting rights having a par value of ^ 2 per share. Each holder of equity shares is entitled to vote one per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

As per the Companies Act 2013, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors, at their meetings held on May 29, 2024 have recommended a payment of final dividend of ^ 0.40/-(Paise 40 only) per equity share of the face value of ^ 2 each for the financial year ended 31st March, 2024, subject to approval of the shareholders at the ensuing Annual General Meeting (^ 0.30 per equity share of the face value of ^ 2 each was paid as final dividend for the previous year) - (Refer to Note No. 34).

Note 14.4: In the period of five years immediately preceeding March 31, 2024 Buy-back of equity shares completed in June 2020

The Board in its meeting held on February 14, 2020 recommended Buyback of Equity Shares by the Company of up to 1,24,00,000 fully paid-up equity shares of ^ 2/- each of the Company representing up to 24.86% of the total issued and paid-up Equity Share capital of the Company at a price of ^ 17/- per Equity Share ("Buyback Price") payable in cash for an aggregate amount of up to ^ 2108 Lakhs (Rupees Two Thousand One Hundred and Eight Lakhs only) ("Buyback Size"), which is up to 20.16 % of the aggregate of the fully paid- up equity share capital and free reserves through tender offer route, subject to approval of shareholders through postal ballot.

The shareholders approved the proposal of buyback of equity shares recommended by its Board of Directors in its meeting held on February 14, 2020 through the postal ballot that concluded on March 27, 2020.

The buyback was offered to all of the shareholders who hold Equity Shares as of the record date on a proportionate basis through the "tender offer" route. The buyback of equity shares through the tender offer route was commenced on June 01, 2020 and concluded on June 12, 2020. During the buyback period, the company had bought back and extinguished a total of 95,76,775 equity shares at a buyback price of ^ 17 per equity share comprising 19.20% of the pre-buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of ^ 1628.05 Lakhs (excluding transaction costs). The Company funded the buyback from its free reserve.

In accordance with Section 69 of the Companies Act, 2013, as at March 31, 2021 the Company had created a Capital Redemption Reserve of ^ 191.54 Lakhs equal to the nominal value of above shares bought back as an appropriation from general reserve.

The Company’s objective when managing capital is to safeguard its ability as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, issue new shares or buyback issued shares. As at March 31, 2024, the Company has only one class of equity shares and has no debt.

Description of nature and purpose of each reserve

Capital Redemption Reserve: In accordance with Section 69 of the Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from reserve.

Capital Reserve: Capital reserve of ^ 44.16 Lakhs was created on forfieture of 8,83,100 Equity shares of the Company on 27th February, 1999.

Retained earnings: Retained earnings represent the amount of accumulated earnings of the Company.

Fair Value of 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.

Note 33: Financial Instruments Fair value hierarchy

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 assets or liabilities that are not based on observable market data (unobservable inputs)

The following table presents fair value hierarchy of assets measured at fair value on a recurring basis as of 31st March 2024 and 31st March, 2023

Note 34: Dividend

Final dividend is recorded as a liability on the date of approval by the shareholders. The Company declares and pays dividend in Indian rupees. The Finance Act, 2020 has repealed the dividend distribution tax. Companies are required to pay/distribute dividend after deducting applicable taxes.

Proposed Dividend

Dividend declared by the Company are based on the profits available for distribution. The Board of Directors in their meeting held on May 29, 2024 recommended a final dividend of 40 Paise per equity share of face value of ^ 2/- each, for the financial year ended March 31, 2024. This payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company. The final dividend if approved by the shareholders would result in the net cash outflow of ^ 161.29 Lakhs.

Note 36: Additional Regulatory Information

a) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

b) The fair value of investment property (as measured for disclosure purposes in the financial statements) is based on the valuation by registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017 (Refer Note 1.9(c));

c) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets);

d) The Company has not revalued its intangible assets;

e) The Company has borrowings from banks in the form of overdraft account against fixed deposits, for which no quarterly returns or statements of current assets or summary of reconciliation are required to be filed by the Company with banks;

f) The Company has not been declared willful defaulter by any bank or financial institution or other lender or Government or any government authority;

g) 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;

h) There are no charges or satisfaction yet to be registered with ROC beyond the statutory period;

i) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017;

For Hasmukh Shah & Co. LLP For and on behalf of the Board of Directors of

Coral India Finance and Housing Limited

Chartered Accountants

FRN : 103592W/W100028 ^{CIN: L67190MH1995PLC084306}

Bhavesh Shah Navin Doshi Kishor Mehta

Partner Chairman & Managing Director Whole-timeDirector&CFO

M. No. 109213 DIN: 00232287 DIN: 00235120

Riya Shah

Mumbai, May 29,2024 Mumbai, May 29,2024 Company Secretary

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Mar 31, 2018

Company Overview:

Coral India Finance & Housing Limited is a public company domiciled in India and incorporated under the provisions of Companies Act applicable in India. Its shares are listed with BSE and NSE. The registered office of the company is located at Dalamal House, 4th Floor, Nariman Point, Mumbai 400021. The Company is primarily engaged in two segments:

I. Business of construction, development & maintenance of properties.

ii. Investment

1. Earnings Per Share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

Split of shares adjustment: Pursuant to the approval of members through postal ballot dated 18th July, 2017, 9975800 equity shares of face value of Rs. 10/- each were sub-divided into 49879000 equity shares of face value of 2/- each.

The earning per shares (EPS) in respect of all the reported periods has been restated considering the aforesaid sub-division of shares.

2. Cash dividends of Rs. 99,75,800/- paid during the year which were proposed in F.Y 2016-17 have already been booked in Profit and Loss a/c in F.Y 2016-17. Therefore no effects pertaining to the same is given in financial statements of F.Y 2017-18.

3. Disclosures as required by Indian Accounting standard (Ind AS) 101 First time adoption of Indian accounting standard The Company has adopted Ind AS with effect from 1stApril 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening Reserves as at 1stApril 2016 and all the periods presented have been restated accordingly.

I. Exemptions availed on first time adoption of Ind AS101:

On first time adoption of Ind AS, Ind AS 101 allows certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has availed the following exemptions:

a. Under Ind AS 109, at initial recognition of a financial asset, an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrumentation other comprehensive income. Ind AS 101 allows such designation of previously recognized financial assets, as ‘fair value through other comprehensive income’ on the basis of the facts and circumstances that existed at the date of transition to Ind AS. Accordingly, the company has designated its investments in certain equity instruments at fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS.

b. Since, there is no change in the functional currency of the Company, it has opted to continue with the carrying values measured under the previous GAAP and use that carrying value as the deemed cost for Property, Plant and Equipment and intangible assets on the date of transition.

c. Fair value measurement of financial assets or liabilities at initial recognition: The company has not applied the provision of Ind AS 109,FinancialInstruments, upon the initial recognition of the financial instruments where there is no active market.

II. Exceptions

The following mandatory exceptions have been applied in accordance with Ind AS 101 in preparing the financial statements:

a. Estimates

The estimates as at 1stApril 2016 and 31stMarch 2017 are consistent with those made for the same dates in accordance with previous GAAP ( after adjustment to reflect and differences if any, in accounting policies) apart from the following items where the application of previous GAAP did not require estimation:

(i) Investments in equity instruments carried as FVPL or FVOCI.

The estimates used by the company to present the amounts in accordance with the Ind AS refect conditions that existed at the date on transition to Ind AS.

b. Classification and movement of financial assets and liabilities

The Company has classified the financial assets and liabilities in accordance with Ind AS 109 on the basis of facts and circumstances that existed at the date on transition to Ind AS

Explanation for reconciliation Investment

Under Ind AS, investments in certain equity instruments and mutual fund are carried at fair value through OCI as compared to being carried at cost under previous GAAP The adjustment represents the difference in the fair value and the cost of investments in equity instruments and mutual funds.

Provisions

Under the previous GAAP discounting of provisions was not permitted. Under Ind AS, provisions are measured atdiscounted amounts if the effect of time value is material. As the effect of time value is not material, provisions have not been discounted.

Income tax

Current income tax

Tax component, if any on the gain/ (loss) on fair value of investment have been transferred to the OCI under Ind AS.

Other comprehensive income

Under the previous GAAP the companywas not required to present OCI. Hence, it has reconciled previousGAAP profit or loss to profit or loss as per Ind AS. Further, previous GAAP profit or loss is reconciled to total comprehensive income as per Ind AS.

Other equity

Adjustments to retained earnings and OCI have been made in accordance with Ind AS, for the above mentionedtransition items. Recognition of investment property

The company has investment in a property reported under Investments which is held either to earn rental income or for capital appreciation or for both, but not for sale in ordinary course of business. On transition to IND AS, the company has opted to continue with carrying values measured under the previous GAAP

V. Statement of cash flows

There were no significant reconciliation items between cash flows prepared under previous GAAP and those preparedunder Ind AS.

4. Financial Instruments

(A) Financial instruments by category

The carrying value and fair value of financial instruments by categories as at 31 March 2018 The carrying value and fair value of financial instruments by categories as at 31 March 2018

(B) Fair value hierarchy

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 assets or liabilities that are not based on observable market data (unobservable inputs)

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of 31st March 2018

5. Related party Disclosure

The following table provides the list of related parties and total amount of transactions that have been entered into withrelated parties for the relevant financial year:

List of Related Parties

A. Key Managerial Personnel

Mr. Navin B. Doshi, Managing Director

Mr. Sachin N. Doshi, CFO & Director (upto5thJune, 2017)

Mr. Kishor Mehta, CFO & Director (w.e.f. 5th June, 2017)

Mrs. Riya Shah, Company Secretory

B. Non-whole-time directors Mrs. Sheela R. Kamdar

Dr. Sharad R. Mehta

C. Relative of key managerial personnel

Mrs. Kundan N Doshi, w/o Managing Director Mrs. Meeta S Sheth, d/o Managing Director

D. Enterprises over which key managerial personnel are able to exercise significant influence.

Vora Trading Co.

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Mar 31, 2016

NOTE 1

Subsequent to the cancellation of the certificate of registration, granted to the company to carry business as Non-Banking Financial Institution (NBFC), has during the year surrendered the original certificate to Reserve Bank of India on 30^th July 2015.

NOTE 2 - Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

NOTE 3 - RELATED PARTY DISCLOSURE List of Related Parties

Vora Trading Co. Associate Concern

DWD Pharmaceuticals Limited Associate Company

Adore Pharmaceuticals Limited Associate Company

Coral Laboratories Limited Associate Company

Mr. Navin B. Doshi Director of the Company

Mrs. Meeta S. Sheth Daughter of Director

Mr. Sachin N. Doshi Director of Company

Ms. Ami M. Shah Director of Company

Dr. Sharad R. Mehta Director of Company

Mrs. Kundan N. Doshi Wife of Director

Mr. Chetan N. Doshi Son of Director

Transactions with Related Parties ( Rs. In lacs)

Adore Pharmaceuticals Ltd. CSR Activity 10.47

Mr. Navin B Doshi Director Remuneration 24.00

Mr. Sachin N. Doshi Directors / CFO Remuneration 30.00

Ms. Ami M. Shah Director Sitting Fees 0.12

Dr. Sharad R. Mehta Directors Sitting Fees 0.12

Mrs. Meeta Sheth Maintenance Charges Received 0.38

Mrs. Kundan N Doshi Maintenance Charges Received 0.50

. Coral Laboratories Ltd. Dividend Received 17.88

Vora Trading Co. Rent Paid 6.00

NOTE 4 - Previous year’s figures have been recast / re-stated wherever necessary.

Mrs. Ami Shah resigned from the Board on 14th September, 2015.

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Mar 31, 2015

Company Overview:

Coral India Finance & Housing Limited is a public company incorporated in India. Company is engaged in business of construction, development & maintenance of properties.

NOTE 1

Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

NOTE 2

During the year under review, the certificate of registration, granted to the company to carry business as Non-Banking Financial Institution (NBFC), has been cancelled by the Reserve Bank of India w.e.f. 26th August 2014.

NOTE 3 - Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income TaxAct, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

NOTE 4 - Previous year's figures have been recast / re-stated wherever necessary.

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Mar 31, 2014

1. Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

2. During the year under review auditor has observed that company is not full-filling eligibility criteria of NBFC

3. Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

4. Related Party Disclosure

List of Related Parties

Vora Trading Co. Associate Concern

DWD Pharmaceuticals Ltd. Associate Company

Adore Pharmaceuticals Ltd. Associate Company

Coral Laboratories Ltd. Associate Company

Mr. Navin B. Doshi Director of Company

Mrs. Kundan N. Doshi Wife of Director

Mr. Sachin N. Doshi Director of Company

Dr. Sharad R. Mehta Director of Company

Ms. Ami M. Shah Director of Company

Mr. Chetan N. Doshi Son of Director

Mrs. Meeta S. Sheth Daughter of Director

5. Previous year''s figures have been recast / re-stated wherever necessary.

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Mar 31, 2013

1. Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is possible that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

2. Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

3. The details of amounts outstanding to Micro, Small and Medium Enterprises are based on the information available with the Company.

4. Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

5. Previous year''s figures have been recast / re-stated wherever necessary.

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Mar 31, 2012

1 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is possible that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

Claims not acknowledge as debts amounting to Rs. 17,89,625/- in respect of Sales Tax / VAT Liabilities.

2. Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

3. The details of amounts outstanding to Micro, Small and Medium Enterprises are based on the information available with the company

4. Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

5. Previous year's figures have been recast / re-stated wherever necessary.

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Mar 31, 2010

1. The information pursuant to Part II of Schedule VI to the Companies Act, 1956 relating to materials consumed is not possible since the Company is engaged in the business of construction activities, Investment and finance activities.

2. Contingencies

Claims against the company not acknowledged as debts are NIL.

3. Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

4. Taxation

a) Provision of Current Income Tax is made on Taxes Payable Method after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The Company has computed the deferred tax Assets/Liability on the following basis.

During the year the company has accounted for deferred tax in accordance with the Accounting Standard-22 "Accounting for taxes on Income" by the Council of the Institute of Chartered Accountants of India. Deferred tax asset (net) for the current year amounting Rs. 2,12,901 has been recognized in the Profit & Loss Account under "Provision for Taxation". The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation.

Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

5. RELATED PARTY DISCLOSURE

A) Related parties with whom transactions have been taken place during the year;



M/s. Vora Trading Co. - Associate Concern

M/s. DWD Pharmaceuticals Ltd. - Associated Company

M/s. Adore Pharmaceuticals Ltd. - Associated Company M/s. Coral Laboratories Ltd. - Associated Company

Mr. Navin B Doshi - Director of Company

Mrs. Meeta S Sheth - Daughter of Director

Mr. S. Ramamurthy - Director of Company

Mr. Sachin N. Doshi - Director of Company

Ms. Ami M. Shah - Director of Company

Dr. Sharad R. Mehta - Director of Company

Mrs. Kundan N. Doshi - Wife of Director

Mr. Chetna N. Doshi - Son of Director