National Standard (India) Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2025

5 Provisions and Contingencies

The Company recognizes provisions when a present obligation (legal or constructive) as a result of a past event exists
and it is probable that an outflow of resources embodying economic benefits will be required to settle such obligation and
the amount of such obligation can be reliably estimated.

If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage
of time is recognized as a finance cost.

A disclosure of contingent liability is also made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where there is possible obligation or a present obligation in respect of
which the likelihood of outflow of resources is remote, no provision or disclosure is made.

6 Impairment of Non-Financial Assets (excluding Inventories and Deferred Tax Assets)

Non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their
carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the
higher of value in use and fair value less costs to sell), the asset is written down accordingly.

Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out
on the smallest Group of assets to which it belongs for which there are separately identifiable cash flows; its cash
generating units (''CGUs'').

7 Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.

Financial Assets

Initial recognition and measurement

The Company classifies its financial assets in the following measurement categories.

• those to be measured subsequently at fair value (either through OCI, or through profit or loss)

• those measured at amortised cost

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value
through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

i) Debt instruments at amortised cost

ii) Debt instruments at fair value through other comprehensive income (FVTOCI)

iii) Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)

iv) Equity instruments measured at fair value through other comprehensive income (FVTOCI)

Debt instruments at amortised cost

A ‘debt instrument'' is measured at the amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows,
and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest
rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit
or loss. The losses arising from impairment if any, are recognised in the Statement of Profit and Loss.

Debt instruments at FVTOCI

A ‘debt instrument'' is classified as at the FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial
assets, and

b) The asset''s contractual cash flows represent solely payments of principal and interest.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair
value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company does not
have any debt instruments which meets the criteria for measuring the debt instrument at FVTOCI.

Debt instrument at FVTPL

Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified
as at FVTPL.

In addition, the Company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI
criteria, at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition
inconsistency (referred to as ''Accounting Mismatch''). The Company has not designated any debt instrument at FVTPL.

Debt instruments included within the FVTPL category are measured at fair value with all changes in fair value recognized
in the Statement of Profit and Loss.

Equity investments

All equity investments, except investments in subsidiaries and associates are measured at FVTPL. The Company may
make an irrevocable election on initial recognition to present in OCI any subsequent changes in the fair value. The
Company makes such election on an instrument-by-instrument basis.

Derecognition of Financial Assets

A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is
primarily derecognised (i.e. removed from the Company''s Balance Sheet) when:

i) The rights to receive cash flows from the asset have expired, or

ii) The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to a third party under a ''pass-through'' arrangement; and either
(a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset,
the Company continues to recognise the transferred asset to the extent of the Company''s continuing involvement. In
that case, the Company also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Company could be required to
repay.

Impairment of Financial Assets

The Company assess on a forward looking basis the expected credit losses associated with its financial assets carried
at amortised cost and FVTOCI debts instruments. The impairment methodology applied depends on whether there has
been significant increase in credit risk. For trade receivables, the Company is not exposed to any credit risk as the
possession of residential and commercial units is handed over to the buyer only after all the instalments are recovered.

For financial assets carried at amortised cost, the carrying amount is reduced and the amount of the loss is recognised in
the Statement of profit and loss. Interest income on such financial assets continues to be accrued on the reduced carrying
amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the
impairment loss. The interest income is recorded as part of finance income. Financial asset together with the associated
allowance are written off when there is no realistic prospect of future recovery and all collateral has been realised or has
been transferred to the Company. If, in a subsequent year, the amount of the estimated impairment loss increases or
decreases because of an event occurring after the impairment was recognised, the previously recognised impairment
loss is increased or decreased. If a write-off is later recovered, the recovery is credited to finance costs.

Financial Liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and borrowings, or payables,
as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of financial liability not recorded at fair value
through Profit or Loss, net of directly attributable transaction costs.

The Company''s financial liabilities include trade and other payables and loans and borrowings.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities measured at FVTPL include financial liabilities held for trading and financial liabilities designated upon
initial recognition as at fair value through profit or loss. Separated embedded derivatives are also classified as held for
trading unless they are designated as effective hedging instruments.

Gains or losses on liabilities held for trading are recognised in the Statement of profit and loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the
initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value
gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not subsequently
transferred to Statement of Profit and loss. However, the Company may transfer the cumulative gain or loss within equity.
All other changes in fair value of such liability are recognised in the statement of profit or loss. The Company has not
designated any financial liability as at fair value through profit and loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the
EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the
EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.

Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse
the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the

terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for
transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at
the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the amount
recognised less cumulative amortisation.

Derecognition of Financial Liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the
original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in
the Statement of Profit and Loss.

Reclassification of Financial Assets and Financial Liabilities

The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition,
no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets
which are debt instruments, a reclassification is made only if there is a change in the business model for managing those
assets. Changes to the business model are expected to be infrequent. The Company''s management determines change
in the business model as a result of external or internal changes which are significant to the Company''s operations. Such
changes are evident to external parties. A change in the business model occurs when the Company either begins or
ceases to perform an activity that is significant to its operations. If the Company reclassifies financial assets, it applies
the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting
period following the change in business model. The Company does not restate any previously recognised gains, losses
(including impairment gains or losses) or interest.

Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Ind AS Balance Sheet if there is
a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to
realise the assets and settle the liabilities simultaneously.

8 Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption that the
transaction to sell the asset or transfer the liability takes place either:

i) In the principal market for the asset or liability, or-

ii) In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset
in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable
inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:

i) Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

ii) Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable

iii) Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest
level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

9 Cash and Cash Equivalents

Cash and cash equivalent in the Balance Sheet comprise cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject to an insignificant risk of changes in value.

10 Revenue Recognition

The Company has applied five step model as set out in Ind AS 115 to recognise revenue in this Financial Statements. The
Company satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:

a. The customer simultaneously receives and consumes the benefits provided by the Company''s performance as the
Company performs; or

b. The Company''s performance creates or enhances an asset that the customer controls as the asset is created or
enhanced; or

c. The Company''s performance does not create an asset with an alternative use to the Company and the entity has an
enforceable right to payment for performance completed to date.

For performance obligations where one of the above conditions are not met, revenue is recognised at the point in time at
which the performance obligation is satisfied.

Revenue is recognised either at point of time and over a period of time based on the conditions in the contracts with
customers.

The specific revenue recognition criteria are described below:

(I) Income from Property Development

The Company has determined that the existing terms of the contract with customers does not meet the criteria to
recognise revenue over a period of time. Revenue is recognized at point in time with respect to contracts for sale
of residential and commercial units as and when the control is passed on to the customers which is linked to the
application and receipt of occupancy certificate.

The Company provides rebates to the customers. Rebates are adjusted against customer dues and the revenue to
be recognized. To estimate the variable consideration for the expected future rebates the company uses the “most-
likely amount” method or “expected value method”.

(II) Contract Balances
Contract Assets

The Company is entitled to invoice customers for construction of residential and commercial properties based on
achieving a series of construction-linked milestones. A contract asset is the right to consideration in exchange for goods
or services transferred to the customer. If the company performs by transferring goods or services to a customer before
the payment is due, a contract asset is recognized for the earned consideration that is conditional. Any receivable
which represents the Company''s right to the consideration that is unconditional is treated as a trade receivable.”

Contract Liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration from the customer. If a customer pays consideration before the Company transfers goods or services
to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as
revenue when the Company performs under the contract.”

ii) Interest Income

For all debt instruments measured at amortised cost. Interest income is recorded using the effective interest rate
(EIR).

iii) Rental Income

Rental income arising from operating leases is accounted over the lease terms.

11 Current Income Tax

Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to
the taxation authorities based on the taxable profit for the period. The tax rates and tax laws used to compute the amount
are those that are enacted by the reporting date and applicable for the period.

Deferred Tax

Deferred tax is recognized using the balance sheet approach. Deferred tax assets and liabilities are recognized for all
deductible and taxable temporary differences arising between the tax bases of assets and liabilities and their carrying
amount in financial statements, except when the deferred tax arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and affects neither accounting nor taxable profits or loss at the
time of transaction.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset
is realized or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting
date.

Deferred tax asset in respect of carry forward of unused tax credits and unused tax losses are recognized to the extent
that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized.

Presentation of Current and Deferred Tax:

Current and deferred tax are recognized as income or an expense in the Statement of Profit and Loss, except when they
relate to items that are recognized in OCI, in which case, the current and deferred tax income/ expense are recognized in
OCI. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off
the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability
simultaneously. In case of deferred tax assets and deferred tax liabilities, the same are offset if the Company has a legally
enforceable right to set off corresponding current tax assets against current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same tax authority on the Company.

12 Borrowing Costs

Borrowing costs that are directly attributable to long term project development activities are inventorised / capitalized as
part of project cost.

All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other
costs that the Company incurs in connection with the borrowing of funds.

13 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable equity share holders to
by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted
earnings per share, the net profit or loss for the year and the weighted average number of equity shares outstanding
during the year are adjusted for the effects of all dilutive potential equity shares.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable equity share
holders and the weighted average number of equity shares outstanding during the year are adjusted for the effects of all
dilutive potential equity shares.

14 Leases

Company as a Lessor

In arrangements where the Company is the lessor, it determines at lease inception whether the lease is a finance lease or
an operating lease. Leases that transfer substantially all of the risk and rewards incidental to ownership of the underlying
asset to the counterparty (the lessee) are accounted for as finance leases. Leases that do not transfer substantially all
of the risks and rewards of ownership are accounted for as operating leases. Lease payments received under operating
leases are recognized as income in the statement of profit and loss on a straight-line basis over the lease term or another
systematic basis. The Company applies another systematic basis if that basis is more representative of the pattern in
which benefit from the use of the underlying asset is diminished.

26 Significant Accounting Judgements, Estimates and Assumptions

The preparation of the Company''s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying
disclosures and the disclosure of contingent liabilities. Estimates and judgements are continuously evaluated and are
based on historical experience and other factors, including expectations of future events that are believed to be reasonable.
Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future periods. Revisions to accounting estimates are recognised in the
period in which the estimate is revised and in any future period affected.

Judgements, Estimates And Assumptions

The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ
from these judgements, estimates and assumptions. The estimates and assumptions that have significant risk of causing
material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

(i) Useful Life Of Property, Plant And Equipments

The Company determines the estimated useful life of its Property, Plant and Equipments and Investment Property for
calculating depreciation. The estimate is determined after considering the expected usage of the assets or physical
wear and tear. The company periodically review the estimated useful life and the depreciation method to ensure
that the method and period of depreciation are consistent with the expected pattern of economic benefits from these
assets.

(ii) Impairment of Non-Financial Assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal
calculation is based on available data from binding sales transactions conducted at arm''s length, for similar assets
or observable market prices less incremental costs for disposing of the asset. An assessment is carried to determine
whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication
exists, the asset''s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount
of an asset exceeds its recoverable amount.

(iii) Income Taxes

Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining
the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iv) Valuation of Inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions,
current prices and expected date of commencement and completion of the project, the estimated future selling price,
cost to complete projects and selling cost.

The Contingent Liabilities exclude undeterminable outcome of pending litigations.

The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be
required to settle the obligation.

28 Related party transactions

Information on Related Party Transactions as required by Ind AS 24 - ‘Related Party Disclosures''

A. List of related parties:

(As identified by the management)

I Person having Control or joint control or significant influence

Abhishek Lodha

C. Terms and conditions of outstanding balances with related parties

a) Payable to Related Parties

The payables to related parties arise mainly from purchase transactions and services received and are paid as
per agreed terms ranging from 90-180 days.

b) Loans to Related Parties

The loans to related parties are unsecured bearing interest rate upto 7% p.a.. Loans are utilised for general
business purpose and repayable within 12 months.

29 Segment information

For management purposes, the Company has only one reportable segments namely, Development of real estate property.
The Board of Directors of the Company acts as the Chief Operating Decision Maker (“CODM”). The CODM evaluates the
Company''s performance and allocates resources based on an analysis of various performance indicators.

30 Financial Instrument measured at Amortised Cost

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.

31 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise mainly of trade and other payables. The main purpose of these
financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans and
advances, trade and other receivables, cash and cash equivalents and Bank Balances other than Cash and Cash
Equivalents and Other Balances with Bank.

The Company is exposed through its operations to the following financial risks:

- Market risk

- Credit risk, and

- Liquidity risk.

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize
potential adverse effects on the company''s financial performance. There have been no substantive changes in the
company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the
methods used to measure them from previous periods unless otherwise stated herein.

(a) Market risk

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. There is no interest rate risk as the company does not have
any interest bearing loan from any bank, financial institution or any other party. There is no currency risk on account
of absence of foreign currency exposure.

(b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign
exchange transactions and other financial instruments.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the Company''s customer base, including the default risk of the industry and country, in which
customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis.
The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments
due. However, the legal ownership of residential and commercial units are transferred to the buyer only after all the
installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the
Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect
to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the
year end.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated
with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from
an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk
management framework for managing its short term, medium term and long term funding and liquidity management
requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial
assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash
equivalents.

The table below summarises the maturity profile of the Company''s financial liabilities based on contractual
undiscounted payments.

39 Other Information

(i) The Company does have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

(ii) The Company does not have any transactions with companies struck off.

(iii) The Company does not have any secured borrowings, hence registration of charges or satisfaction is not
applicable.

(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the period/year.

(v) The Company have 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.

(vi) The Company have 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.

(vii) The Company have not 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.

(viii) Submission of quarterly return or statement is not applicable as the company does not have borrowings from Banks
or financial institutions.

Ratios which are not applicable to the company as there are no such transaction/balances : 1. Debt-Equity Ratio , 2. Debt
Service Coverage Ratio 3. Return on Investment 4. Net Capital Turnover Ratio 5. Return on Equity Ratio 6. Net Profit
Ratio and 7. Return on Capital Employed

41 Subsequent Events

There are no subsequent events which require disclosure or adjustment subsequent to the Balance Sheet date.

42 The Board of the Company at its meeting held on 30-July-2024, has subject to necessary approvals, considered and
approved Scheme of merger by absorption of the Company with Macrotech Developers Limited (“Holding Company”) and
their respective shareholders (“Scheme”) under scetion 232 read with section 230 of The Companies Act, 2013.

43 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to
make them comparable with current years classification.

As per our attached Report of even date For and on behalf of the Board of Directors of

National Standard (India) Limited

For MSKA & Associates

Chartered Accountants Ravi Dodhia Smita Ghag

Firm Registration Number: 105047W Director Director

DIN:09194577 DIN:02447362

Mayank Vijay Jain

Partner Rameshchandra Chechani Darshan Multani

Membership No. 512495 Chief Financial Officer Chief Executive Officer

Place : Mumbai Hitesh Marthak

Date : 17-April-2025 Company Secretary, Membership No: A18203

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Mar 31, 2024

C) Terms/ rights attached to Equity Shares

The company has only one class of equity shares having par value of ''10 per share.

Each Shareholder is entitled for one vote per share. The Shareholders have the right to receive interim dividends declared by the Board of Directors and final dividend proposed by the Board of Directors and approved by the Shareholders.

In the event of liquidation, the shareholders will be entitled in proportion to the number of equity shares held by them to receive remaining assets of the Company, after distribution of all preferential amounts.

25 Significant Accounting Judgements, Estimates and Assumptions Judgements, Estimates And Assumptions

The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ from these judgements, estimates and assumptions. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

(i) Useful Life Of Property, Plant And Equipments

The Company determines the estimated useful life of its Property, Plant and Equipments and Investment Property for calculating depreciation. The estimate is determined after considering the expected usage of the assets or physical wear and tear. The company periodically review the estimated useful life and the depreciation method to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from these assets.

(ii) Impairment of Non-Financial Assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication exists, the asset''s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.

(iii) Income Taxes

Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iv) Valuation of Inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects and selling cost.

26 Commitments and Contingencies a. Contingent LiabilitiesClaims against the Company not acknowledge as debts

	31-March-24	31-March-23
	'' in Lakhs	'' in Lakhs
Disputed Taxation Matters	297.32	391.20
Disputed Other Legal Cases	126.19	-
	423.51	391.20

The Contingent Liabilities exclude undeterminable outcome of pending litigations.

The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation.

C. Terms and conditions of outstanding balances with related partiesa) Payable to Related Parties

The payables to related parties arise mainly from purchase transactions and services received, which are unsecured and are paid as per agreed terms.

b) Loans to Related Parties

The loans to related parties are unsecured bearing interest rate upto 7% p.a.. Loans are utilised for general business purpose and repayable within 12 months.

28 Segment information

For management purposes, the Company has only one reportable segments namely, Development of real estate property. The Board of Directors of the Company acts as the Chief Operating Decision Maker (“CODM”). The CODM evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators.

29 Financial Instrument measured at Amortised Cost

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.

(i) Fair Value Measurement

The following table provides the fair value measurement hierarchy of the Company''s financial assets and financial liabilities.

The Company''s principal financial liabilities comprise mainly of trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans and advances, trade and other receivables, cash and cash equivalents and Bank Balances other than Cash and Cash Equivalents and Other Balances with Bank.

“The Company is exposed through its operations to the following financial risks:

- Market risk

- Credit risk, and

- Liquidity risk.

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse effects on the company''s financial performance. There have been no substantive changes in the company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated herein.”

(a) Market risk

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. There is no interest rate risk as the company does not have any interest bearing loan from any bank, financial institution or any other party. There is no currency risk on account of absence of foreign currency exposure.

(b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company''s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the legal ownership of residential and commercial units are transferred to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents.

For the purpose of the Company''s capital management, capital includes issued equity share capital and other equity reserves attributable to Shareholders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions.

34 During the earlier year, the Company received a LBT (Local Body Taxes) demand of '' 37.79 Lakhs and equal amount of penalty under Rule 40 of the Local Body Tax Rules. The Company had deposited the LBT demand of '' 37.79 Lakhs with the relevant authorities. An appeal has also been filed by the Company with the Thane Municipal Corporation against the demand order. No provision has been made for the penalty, as the management is confident that the outcome would be favourable and no further liability is likely to occur.

37 Other Information

(i) The Company does have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company does not have any transactions with companies struck off.

(iii) The Company does not have any secured borrowings, hence registration of charges or satisfaction is not applicable.

(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the period/year.

(v) The Company have 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.

(vi) The Company have 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.

(vii) The Company have not 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.

(viii) Submission of quarterly return or statement is not applicable as the company does not have borrowings from Banks or financial institutions.

Ratios which are not applicable to the company as there are no such transaction/balances : 1. Debt-Equity Ratio , 2. Debt Service Coverage Ratio and 3. Return on Investment.

*The percentage of change is less than 25% and therefore reason for change is not given

39 (i) Recent Development

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended 31-March-2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

(ii) Subsequent Events

There are no subsequent events which require disclosure or adjustment subsequent to the Balance Sheet date.

40 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current years classification.

---

Mar 31, 2022

Significant Accounting Judgements, Estimates and Assumptions Judgements, Estimates And Assumptions

The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ from these judgements, estimates and assumptions. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

(i) Useful Life Of Property, Plant And Equipments

The Company determines the estimated useful life of its Property, Plant and Equipments and Investment Property for calculating depreciation. The estimate is determined after considering the expected usage of the assets or physical wear and tear. The company periodically review the estimated useful life and the depreciation method to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from these assets.

(ii) Impairment of Non-Financial Assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication exists, the asset''s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.

(iii) Income Taxes

Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iv) Estimation uncertainty due to coronavirus (COVID-19) pandemic

The Company has assessed the possible impact of COVID-19 pandemic on its financial statements based on internal and external information available up to the date of approval of these financial statments and has concluded that no adjustment is required in these financial statements. The eventual outcome of impact of the pandemic on the future operations may differ from the estimates as at the date of approval of these financial statements. The Company continues to monitor the future economic conditions.

(v) Valuation of Inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects and selling cost.

30 Commitments and Contingenciesa. LeasesOperating lease commitments — Company as lessor

The Company had entered into non-cancellable operating leases on its commercial premises. These leases had terms of five years. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. During the year these commercial premises have been sold.

The Company has received f21.41 lakhs (31- March-21: f133.54 lakhs) during the year towards minimum lease payment in respect of non - cancellable operating lease.

Future minimum rentals receivable under non-cancellable operating leases are, as follows:

	31-March-22	31-March-21
	f in Lakhs	f in Lakhs
Within one year	-	47.47
After one year but not more than five years	-	68.78
	-	116.25
b. Contingent liabilities
Claims against the company not acknowledged as debts	31-March-22	31-March-21
	f in lakhs	f in lakhs
Disputed Taxation Matters	391.20	221.43
Disputed Demand of customers excluding Amounts not ascertainable	-	18.48
Claims not acknowledge as debts- Others	-	126.19
	391.20	366.10

The Contingent Liabilities exclude undeterminable outcome of pending litigations.

The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation.

a) Payable to Related Parties

The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed terms.

b) Loans to Related Parties

The loans to related parties are unsecured and receivable on demand bearing effective interest rate.

32 Segment information

For management purposes, the Company has only one reportable segments namely, Development of real estate property. The Board of Directors of the Company acts as the Chief Operating Decision Maker (“CODM”). The CODM evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators.

33 Financial Instrument measured at Amortised Cost

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.

34 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise mainly of trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans and advances, trade and other receivables, cash and cash equivalents and Bank Balances other than Cash and Cash Equivalents and Other Balances with Bank.

The Company is exposed through its operations to the following financial risks:

- Market risk

- Credit risk, and

- Liquidity risk.

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse effects on the company''s financial performance. There have been no substantive changes in the company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated herein.

(a) Market risk

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. There is no interest rate risk as the company does not have any interest bearing loan from any bank, financial institution or any other party. There is no currency risk on account of absence of foreign currency exposure.

(b) Credit risk

Significant Accounting Judgements, Estimates and Assumptions Judgements, Estimates And Assumptions

The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ from these judgements, estimates and assumptions. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

(i) Useful Life Of Property, Plant And Equipments

The Company determines the estimated useful life of its Property, Plant and Equipments and Investment Property for calculating depreciation. The estimate is determined after considering the expected usage of the assets or physical wear and tear. The company periodically review the estimated useful life and the depreciation method to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from these assets.

(ii) Impairment of Non-Financial Assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication exists, the asset''s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.

(iii) Income Taxes

Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iv) Estimation uncertainty due to coronavirus (COVID-19) pandemic

The Company has assessed the possible impact of COVID-19 pandemic on its financial statements based on internal and external information available up to the date of approval of these financial statments and has concluded that no adjustment is required in these financial statements. The eventual outcome of impact of the pandemic on the future operations may differ from the estimates as at the date of approval of these financial statements. The Company continues to monitor the future economic conditions.

(v) Valuation of Inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects and selling cost.

30 Commitments and Contingenciesa. LeasesOperating lease commitments — Company as lessor

The Company had entered into non-cancellable operating leases on its commercial premises. These leases had terms of five years. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. During the year these commercial premises have been sold.

The Company has received f21.41 lakhs (31- March-21: f133.54 lakhs) during the year towards minimum lease payment in respect of non - cancellable operating lease.

Future minimum rentals receivable under non-cancellable operating leases are, as follows:

	31-March-22	31-March-21
	f in Lakhs	f in Lakhs
Within one year	-	47.47
After one year but not more than five years	-	68.78
	-	116.25
b. Contingent liabilities
Claims against the company not acknowledged as debts	31-March-22	31-March-21
	f in lakhs	f in lakhs
Disputed Taxation Matters	391.20	221.43
Disputed Demand of customers excluding Amounts not ascertainable	-	18.48
Claims not acknowledge as debts- Others	-	126.19
	391.20	366.10

The Contingent Liabilities exclude undeterminable outcome of pending litigations.

The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation.

a) Payable to Related Parties

The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed terms.

b) Loans to Related Parties

The loans to related parties are unsecured and receivable on demand bearing effective interest rate.

32 Segment information

For management purposes, the Company has only one reportable segments namely, Development of real estate property. The Board of Directors of the Company acts as the Chief Operating Decision Maker (“CODM”). The CODM evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators.

33 Financial Instrument measured at Amortised Cost

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.

34 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise mainly of trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans and advances, trade and other receivables, cash and cash equivalents and Bank Balances other than Cash and Cash Equivalents and Other Balances with Bank.

The Company is exposed through its operations to the following financial risks:

- Market risk

- Credit risk, and

- Liquidity risk.

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse effects on the company''s financial performance. There have been no substantive changes in the company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated herein.

(a) Market risk

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. There is no interest rate risk as the company does not have any interest bearing loan from any bank, financial institution or any other party. There is no currency risk on account of absence of foreign currency exposure.

(b) Credit risk

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company''s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the legal ownership of residential and commercial units are transferred to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents.

35 Capital management

For the purpose of the Company''s capital management, capital includes issued equity share capital and other equity reserves attributable to Shareholders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company''s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the legal ownership of residential and commercial units are transferred to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents.

35 Capital management

For the purpose of the Company''s capital management, capital includes issued equity share capital and other equity reserves attributable to Shareholders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

39 During the earlier year, the Company received a LBT (Local Body Taxes) demand of ? 37.79 Lakhs and equal amount of penalty under Rule 40 of the Local Body Tax Rules. The Company had deposited the LBT demand of ? 37.79 Lakhs with the relevant authorities. An appeal has also been filed by the Company with the Thane Municipal Corporation against the demand order. No provision has been made for the penalty, as the management is confident that the outcome would be favourable and no further liability is likely to occur.

42 The Company has applied to the BSE Ltd and Calcutta Stock Exchange Ltd (where its shares are listed), for approving a Scheme of merger by absorption of the Company with Macrotech Developers Limited, the holding company, pursuant to approval granted by Board of Directors of the Company, at its meeting held on 25-Jan-22.

43 Other Information

(i) The Company does have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company does not have any transactions with companies struck off.

(iii) The Company does not have any secured borrowings, hence registration of charges or satisfaction is not applicable.

(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the period/year.

(v) The Company have 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.

(vi) The Company have 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.

(vii) The Company have not 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.

(viii) Submission of quarterly return or statement is not applicable as the company does not have borrowings from Banks or financial institutions.

Ratios which are not applicable to the company as there are no such transaction/balances : 1. Debt-Equity Ratio , 2. Debt Service Coverage Ratio and 3. Return on Investment.

45 (i) Recent Development

On March 23, 2022, Ministry of Corporate Affairs amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below which are effective for the annual periods beginning on or after April 1, 2022. Ind AS 16 - Property Plant and equipment - The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant, and equipment. The Company has evaluated the amendment and there is no impact on its financial statements.

Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets - The amendment specifies that the ''cost of fulfilling'' a contract comprises the ''costs that relate directly to the contract''. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The Company has evaluated the amendment and the impact is not expected to be material.

Ind AS 109 - Financial Instruments - The amendment requires derecognition of a financial liability and recognition of a new financial liability when there is an exchange between an existing borrower and the lender of debt instruments with substantially different terms (including a substantial modification of the terms of an existing financial liability or part of it). The terms are substantially different if the discounted present value of the remaining cash flows under the new terms are at least10%different fromthediscountedpresentvalueoftheremainingcashflowsoftheoriginalfinancial liability(''10%''test). The amendment in the Rules clarifies the nature of fees that an entity could include when it applies the ''10%'' test in assessing whether to derecognise a financial liability. It states that an entity shall include only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other''s behalf. The Company has evaluated the amendment and the impact is not expected to be material.

(ii) Subsequent Events

There are no subsequent events which require disclosure or adjustment subsequent to the Balance Sheet date.

46 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current years classification.

---

Mar 31, 2021

29 Significant Accounting Judgements, Estimates and Assumptions Judgements, Estimates And Assumptions

The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ from these judgements, estimates and assumptions. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

(i) Useful Life Of Property, Plant And Equipments

The Company determines the estimated useful life of its Property, Plant and Equipments and Investment Property for calculating depreciation. The estimate is determined after considering the expected usage of the assets or physical wear and tear. The company periodically review the estimated useful life and the depreciation method to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from these assets.

(ii) Impairment of Non-Financial Assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication exists, the asset''s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.

(iii) Income Taxes

Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iv) Estimation uncertainty due to coronavirus (COVID-19) pandemic

The Company''s operations were impacted by the Covid-19 pandemic. In preparation of these financial statements, the Company has taken into account internal and external sources of information to assess possible impacts of the pandemic, including but not limited to assessment of liquidity and going concern, recoverable values of its financial and non-financial assets and the impact on revenues. Based on current indicators of future economic conditions, the Company has sufficient liquidity and expects to fully recover the carrying amount of its assets. Considering the evolving nature of the pandemic, its actual impact in future remain uncertain and could be different from that estimated as at the date of approval of these financial statements. The Company will continue to monitor any material changes to future economic conditions.

(v) Valuation of Inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects and selling cost.

30 Commitments and Contingencies

a. Leases

Operating lease commitments — Company as lessor

The Company has entered into non-cancellable operating leases on its commercial premises. These leases have terms of five years. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions.

The Company has received ''133.54 lakhs (31- March-20: ''321.46 lakhs) during the year towards minimum lease payment in respect of non - cancellable operating lease.

The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation.

31 Related party transactions

Information on Related Party Transactions as required by Ind AS 24 - ''Related Party Disclosures''

A. List of other related parties:

(As identified by the management)

I Person having Control or joint control or significant influence

1 Mangal Prabhat Lodha (upto 24-July-2020)

2 Abhishek Lodha

II Close family members of person having Control *

1 Mangal Prabhat Lodha (w.e.f. 24-July-2020)

2 Manjula Lodha

3 Vinti Lodha

* Pursuant to an arrangement

III Ultimate Holding Company

Sambhavnath Infrabuild and Farms Pvt. Ltd.

IV Holding Company

1 Macrotech Developers Ltd. (Holding Company of ACFPL)

2 Anantnath Constructions and Farms Pvt. Ltd. (ACFPL)

V Subsidiaries of Holding Company (with whom the Company had transactions)

Cowtown Infotech Services Pvt. Ltd.

Palava Dwellers Pvt. Ltd.

VI Entities controlled by person having control or joint control (Others) (with whom the Company had transactions)

Sitaben Shah Memorial Trust

C. Terms and conditions of outstanding balances with related partiesa) Receivables from Related parties

The trade receivables from related parties arise mainly from sale transactions and services rendered and are received as per agreed terms. The receivables are unsecured in nature. No provisions are held against receivables from related parties.

b) Payable to Related Parties

The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed terms.

c) Loans to Related Parties

The loans to related parties are unsecured and receivable on demand bearing effective interest rate.

32 Segment information

For management purposes, the Company has only one reportable segments namely, Development of real estate property. The Board of Directors of the Company acts as the Chief Operating Decision Maker (“CODM”). The CODM evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators.

33 Financial Instrument measured at Amortised Cost

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.

34 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise mainly of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans and advances, trade and other receivables, cash and cash equivalents and Bank Balances other than Cash and Cash Equivalents and Other Balances with Bank.

The Company is exposed through its operations to the following financial risks:

- Market risk

- Credit risk, and

- Liquidity risk.

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse effects on the company''s financial performance. There have been no substantive changes in the company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated herein.”

(a) Market risk

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.

(b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company''s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the legal ownership of residential and commercial units are transferred to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents.

35 Capital management

For the purpose of the Company''s capital management, capital includes issued equity share capital and other equity reserves attributable to Shareholders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants.

40 The Company is evaluating Business Options which will ensure utilization of the unutilised input tax credit of '' 239.53 Lakhs as on 31-March-21. Further, the Company has assessed that there is no time limit prescribe for utilization/ recoverability of Indirect Tax Credit under the law. Accordingly no Provision / write off of part or full balance of input tax credit is considered necessary by the Company.

41 The Company has temporarily deployed its project surplus which has resulted in it being classified as Non-Banking Finance Company (NBFC) during the year ended 31-March-20 in terms of the criteria laid down by the Reserve Bank of India (RBI). The RBI had advised the Company to take necessary steps to reduce its financial assets to avoid being classified as NBFC. During the year 31-March-21, the Company did not meet the Principle Business Criteria that requires it to be classified as NBFC and the same will be informed to RBI.

42 During the previous year, the Company received a LBT (Local Body Taxes) demand of '' 37.79 Lakhs and equal amount of penalty under Rule 40 of the Local Body Tax Rules. The Company has deposited the LBT demand of '' 37.79 Lakhs with the relevant authorities. An appeal has also been filed by the Company with the Thane Municipal Corporation against the demand order. No provision has been made for the penalty, as the management is confident that the outcome would be favourable and no further liability is likely to occur.

43 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current years classification.

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Mar 31, 2018

1. A Company''s Background

National Standard (India) Limited (the Company) is a public limited company domiciled and incorporated in India under the Companies Act, 1956 vide CIN - L27109MH1962PLC265959. The Company''s registered office is located at 412 , Floor- 4, 17 G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai - 400001. The Company is primarily engaged in the business of real estate development.

B) Terms/ rights attached to Equity Shares

The company has only one class of equity shares having par value of Rs.10 per share.

Each Shareholder is entitled for one vote per share. The Shareholders have the right to receive interim dividends declared by the Board of Directors and final dividend proposed by the Board of Directors and approved by the Shareholders.

In the event of liquidation, the shareholders will be entitled in proportion to the number of equity shares held by them to receive remaining assets of the Company, after distribution of all preferential amounts.

2. Significant Accounting Judgements, Estimates and Assumptions

The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.

Judgements, Estimates And Assumptions

The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ from these judgements, estimates and assumptions. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

(i) Useful Life Of Property, Plant And Equipments

The Company determines the estimated useful life of its Property, Plant and Equipments for calculating depreciation. The estimate is determined after considering the expected usage of the assets or physical wear and tear. The company periodically review the estimated useful life and the depreciation method to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from these assets.

(ii) Impairment of Non-Financial Assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication exists, the asset''s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.

(iii) Income Taxes

Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iv) Revenue Recognition

Determination of revenue under the percentage of completion method necessarily involves making estimates by the Company, some of which are technical in nature, concerning, where relevant, the percentage of completion, costs to completion, the expected revenues from the project and the foreseeable losses to completion. Provision for foreseeable losses, determination of profit from real estate projects and valuation of construction work in progress is based on such estimates.

The Contingent Liabilities exclude undeterminable outcome of pending litigations.

The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation.

i) Terms and conditions of outstanding balances with related parties

a) Receivables from Related parties

The receivables from related parties arise mainly from sale transactions and services and are received as per agreed terms. No provisions are held against receivables from related parties. The receivables are unsecured in nature and interest is charged on overdue payables.

b) Payable to Related Parties

The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed terms.

c) Loans to Related Parties

The loans to related parties are unsecured and receivable on demand bearing effective interest rate.

ii) Terms and conditions of transaction with related parties

The management is of the opinion that the transactions with related parties are done at arm''s length.

3. Segment information

For management purposes, the Company is into one reportable segment ie Real Estate development.

The Managing Director is the Chief Operating Decision Maker of the Company who monitors the operating results of its company for the purpose of making decisions about resource allocation and performance assessment. Company''s performance as single segment is evaluated and measured consistently with profit or loss in the financial statements. Also, the Company''s financing (including finance costs and finance income) and income taxes are managed on a Company basis.

4. Financial Instrument measured at Amortised Cost

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.

5. Financial risk management objectives and policies

The Company''s principal financial liabilities comprise mainly of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans and advances, trade and other receivables, cash and cash equivalents and Bank Balances other than Cash and Cash Equivalents and Other Balances with Bank.

The Company is exposed through its operations to the following financial risks:

- Market risk

- Credit risk, and

- Liquidity risk.

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse effects on the company''s financial performance. There have been no substantive changes in the company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated herein.

(a) Market risk

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

The Company is exposed to cash flow interest rate risk from long-term borrowings at variable rate. Currently the company has external borrowings (excluding short-term overdraft facilities) which are floating rate borrowings. The Company achieves the optimum interest rate profile by refinancing when the interest rates go down. However this does not protect Company entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow risk associated with variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks.

(b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company''s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the legal ownership of residential and commercial units are transferred to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

Credit risk from balances with banks and financial institutions is managed by Company''s treasury in accordance with the company''s policy. The company limits its exposure to credit risk by only placing balances with local banks and international banks of good repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents. The Company also has adequate credit facilities agreed with banks to ensure that there is sufficient cash to meet all its normal operating commitments in a timely and cost-effective manner.

6. Capital management

For the purpose of the Company''s capital management, capital includes issued equity share capital and other equity reserves attributable to the owners of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings less Cash and Cash equivalents and bank balances other than Cash and Cash Equivalents.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the year ended 31-March-18 and 31-March-17.

7. Details of CSR Expenditure

The gross amount required to be spent for CSR activity by the company during the year was Rs.152.99 Lakhs (31-March-17 Rs. 136 Lakhs). Amount spent during the year was Nil ( 31-March-17 Rs.136.00 lakhs).

8. The board of directors have pursuant to their resolutions dated February 14, 2018 and shareholders resolution dated March 17, 2018 have approved voluntary delisting of the equity shares of the Company from BSE Limited and Calcutta Stock Exchange Limited.

9. Standard issued but not yet effective

On March 28, 2018, the Ministry of Corporate Affairs (MCA) has notified Ind AS 115, Revenue from Contracts with Customers, to be applicable from financial years beginning on or after 01-April-2018.

This Standard specifies the accounting for an individual contract with a customer. This involves identifying a contract & performance obligation and measuring progress towards complete satisfaction of a performance obligation. The Standard requires an entity to disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.

Ind AS 115 supersedes the current revenue recognition guidance available under Ind AS with respect to revenue recognition i.e. Ind AS 18 on “Revenue” and Ind AS 11 on “Construction Contracts. Currently company recognizes revenue on percentage of completion method as prescribed in the ''Guidance Note on Accounting for Real Estate Transactions'' issued by ICAI.

Company will adopt the new standard effective 01-April-2018. Management is evaluating the requirements of the Standard and the effect if any, on the financial statements.

10. Previous Year figures are regrouped/rearranged wherever considered necessary.

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Mar 31, 2014

Note : 1

Other Notes on accounts

1 Contingent Liabilities not provided for in respect of : (Rs. in Lakhs)

Particulars 2013-2014 2012-2013

Disputed Central Excise Duty 11.22 11.22

Disputed Income Tax Liability 1,281.38 1,224.12

Outstanding Bank Guarantees 54.31 54.31

Disputed demands of few Customers for higher compensation for fats 650.00 Amount cancelled unascertainable

2 The Supreme Court (Larger Bench) has upheld the constitutional validity of levy of MVAT on sale of under construction fats / units and sent the matters (including levy of interest) back to the Regular Bench for final disposal. By virtue of the "Agreement for Sale" with the purchasers of the Unit / Flat, the purchaser is liable to bear MVAT and interest thereon and hence, no provision for interest on delays in payments has been considered necessary.

3 Disclosure of details of security, terms of repayments and rate of interest of borrowings :

Secured Term Loans from Financial Institution :

Secured by mortgage of its land situated at Thane, construction thereon of its realty project, exclusive charge on the Scheduled receivables, proceeds from Insurance both present and future and personal guarantee of two promoters.

Exclusive charge on the scheduled receivables under the documents entered with the customers of the funded project and all insurance proceeds, both present and future. Scheduled receivables includes receivables/cash flows/revenues including booking amount arising out of or in connection with or related to the project. 25% is transfered to Loan account from customer collection.

Repayable in monthly instalment of Rs. 25 crore each from October 2015 onwards.

Rate of Interest: (HDFC CPLR minus 300 bps, Currently 13.85%; Previous Year: 14.25%).

4 In the opinion of the management, the assets other than fixed assets have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

5 As the Company has only one segment, segment reporting in terms of Accounting Standard 17 is not applicable.

6 Balances in certain accounts of Trade Payables are subject to reconciliation / confirmation.

7 The information as required by Accounting Standard 18 relating to ''Related Party Disclosures'' is given below: A. List of related parties:

(As identified by the management)

a) Individual Controlling the Company and his relatives:

Mr. Mangalprabhat Lodha, Controlling Shareholder Mr. Abhishek Lodha, Relative Mr. Abhinandan Lodha, Relative

b) Ultimate Holding Company:

Sambhavnath Infrabuild and Farms Pvt. Ltd. (Holding company of LDPL w.e.f. 17-July-2013)

c) Entities as at 1st April, 2013 i) Holding Companies:

Lodha Developers Pvt. Ltd. (LDPL) (Holding company of ACFPL) Anantnath Constructions and Farms Pvt. Ltd. (ACFPL)

ii) Fellow Subsidiary Companies:

Aasthavinayak Estate Company Pvt. Ltd.

Aasthavinayak Real Estate Pvt. Ltd.

Adinath Builders Pvt. Ltd.

Ajitnath Hi–Tech Builders Pvt. Ltd.

Arihant Premises Pvt. Ltd.

Cowtown Land Development Pvt. Ltd.

Dalhousie Leasing & Financial Services Pvt. Ltd.

Galaxy Premises Pvt. Ltd.

Gandhar Builders Pvt. Ltd.

Hi–Class Buildcon Pvt. Ltd.

Hotel Rahat Palace Pvt. Ltd.

International Airport Builders & Management Services Pvt. Ltd.

Jawala Real Estate Pvt. Ltd.

Kidderpore Holdings Ltd.

Krona Realties Pvt. Ltd.

Lodha Attentive Developers and Farms Pvt. Ltd.

Lodha Buildcon Pvt. Ltd.

Lodha Building and Construction Pvt. Ltd.

Lodha Crown Buildmart Pvt. Ltd.

Lodha Designer Construction Pvt. Ltd.

Lodha Developers UK Ltd.

Lodha Elevation Buildcon Pvt. Ltd.

Lodha Estate Pvt. Ltd.

Lodha Glowing Construction Pvt. Ltd.

Lodha Hi–Rise Builders Pvt. Ltd.

Lodha Home Developers Pvt. Ltd.

Lodha Home Styles Pvt. Ltd.

Lodha Impression Real Estate Pvt. Ltd.

Lodha Land Developers Pvt. Ltd.

Lodha Pinnacle Buildtech and Farms Pvt. Ltd.

Lodha Prime Buildfarms Pvt. Ltd.

Macrotech Constructions Pvt. Ltd.

Mahavir Build Estate Pvt. Ltd.

Mahavir Premises Pvt. Ltd.

Manan Finserve Pvt. Ltd.

Microtec Constructions Pvt. Ltd.

Nabhiraja Software Design Pvt. Ltd.

Naminath Builders and Farms Pvt. Ltd.

Odeon Theatres and Properties Pvt. Ltd.

Palava Dwellers Pvt. Ltd. (Formerly known as Lodha Dwellers Pvt. Ltd.)

Palava Utilities Pvt. Ltd.

Profcient Buildwell Pvt. Ltd.

Sahajanand Hi–Tech Constructions Pvt. Ltd.

Sai Ishwer Finvest Pvt. Ltd.

Samvara Buildtech Pvt. Ltd.

Sanathnagar Enterprises Ltd.

Sarvavasa Buildtech and Farms Pvt. Ltd.

Shantinath Designer Construction Pvt. Ltd.

Shreeniwas Abode and House Pvt. Ltd.

Shreeniwas Cotton Mills Ltd.

Shri Kailash Properties and Agrofarms Pvt. Ltd.

Shri Nakoda Bhirav Realtors Pvt. Ltd.

Shri Vardhvinayak Builders Pvt. Ltd.

Siddhnath Residential Paradise Pvt. Ltd.

Simtools Pvt. Ltd.

Sitaldas Estate Pvt. Ltd.

Suryakrupa Constructions Pvt. Ltd. (Formerly known as Suryakrupa Farms and Constructions Pvt. Ltd.)

iii) Limited Liability Partnerships :

Ajeethnath Hi – Tech Buildtech LLP

Lodha Dwellerz LLP

Lodha Fincorp Distribution Services LLP

iv) Partnership Firms Under Control:

Lodha Construction (Dombivli) Lodha Palazzo Mahavir Associates Vivek Enterprises

d) Entities added during the year

Fellow Subsidiaries From

Kundan Realtors Pvt. Ltd. 29-May-2013

Roselabs Finance Ltd. 10-June-2013

Lodha Buildtech Pvt. Ltd. 01-July-2013

Lodha Pranik Landmark Developers Pvt. Ltd. 01-July-2013

Lodha Aviation Pvt. Ltd. 21-August-2013

Palava City Management Association (Section 25 Company) 06-November-2013

Lodha Developers International (Mauritius) Ltd. 25-November-2013

Shree Sainath Enterprises Construction and Developers Pvt. Ltd. * 28-November-2013

Lodha Developers International (Jersey) Ltd. 05-December-2013

Ishwer Realty and Technologies Pvt. Ltd. 26-December-2013

Lodha Strategic Development Pvt. Ltd. 31-December-2013

Sambhavnath Reality and Farms Pvt. Ltd. 31-December-2013

Lodha Developers International (Jersey) II Ltd. 29-January-2014

Lodha Properties Development Pvt. Ltd. 17-July-2013

Lodha Developers International (Netherlands) B. V. 03-March-2014

Lodha Developers International (Jersey) I Holdings Ltd. 05-March-2014

e) Entities ceased / Struck off during the year Upto Fellow Subsidiaries

Lodha Home Finance Ltd. (Applied for strike off) 24-March-2014

Partnership Firms under control

Shree Sainath Enterprises * 27-November-2013

f) Key Managerial Personnel:

Martin Godard

* converted into Private Limited Company under the provisions of Part IX of the Companies Act, 1956.

8 (a) Previous year fgures have been regrouped / rearranged wherever necessary.

(b) Figures in brackets are related to previous year.

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Mar 31, 2013

1. Contingent liabilities not provided for in respect of:

(Rs. in Lakhs)

Particulars As at As at 31s1 March, 13 31St March, 12

(i) Disputed Central Excise Duty 11.22 11.22

(ii) Disputed Income Tax Liability 1,224.12 38.90

(iii) Outstanding Bank Guarantees 54.31 54.31

(iv) Disputed demands of few Customers asking for higher Amount unascertainable Amount compensation for flats cancelled. unascertainable

2. The constitutional validity of levy of MVAT on sale of under construction flats / units and service tax on Commercial or Industrial Construction Service or Construction of Residential Complexes Service in respect of ''under construction property'' is pending before the Hon''ble Supreme Court. By virtue of the "Agreement for Sale" entered into by the Company with the purchasers of the Unit / Flat in commercial or residential complex under construction, the purchaser is liable to bear MVAT / Service tax and interest thereon and hence, no provision for interest for delays in payments has been considered necessary.

3. In the opinion of the management, the assets other than fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. As the Company has only one segment, segment reporting in terms of Accounting Standard 17 as notified under the Companies (Accounting Standards) Rules, 2006, is not applicable.

5. Balances in certain accounts of Trade Payables are subject to reconciliation / confirmation.

6. Disclosure in respect of related parties pursuant to Accounting Standards 18:

A. List of related parties:

(As identified by the management)

i) Individual Controlling the Company and his relatives:

Mr. Mangalprabhat Lodha, Controlling Shareholder Mr. Abhishek Lodha, Relative Mr. Abhinandan Lodha, Relative

ii) Entities as at 1st April, 2012 Ultimate Holding Company:

Lodha Developers Pvt. Ltd. (Formerly known as Lodha Developers Ltd.)

Holding Company:

Anantnath Constructions and Farms Pvt. Ltd., Holding Company Fellow Subsidiaries:

Aasthavinayak Estate Company Pvt. Ltd.

Aasthavinayak Real Estate Pvt. Ltd.

Adinath Builders Pvt. Ltd.

Ajitnath Hi - Tech Builders Pvt. Ltd.

Arihant Premises Pvt. Ltd.

Chetna Infracon Pvt. Ltd.

Cowtown Land Development Pvt. Ltd.

Galaxy Premises Pvt. Ltd.

Gandhar Builders Pvt. Ltd.

Hotel Rahat Palace Pvt. Ltd.

Hi-Class Buildcon Private Limited

International Airport Builders & Management Services Pvt. Ltd.

Kidderpore Holdings Ltd.

Lodha Attentive Developers & Farms Pvt. Ltd.

Lodha Buildcon Pvt. Ltd.

Lodha Building and Construction Pvt. Ltd.

Lodha Crown Buildmart Pvt. Ltd.

Lodha Designer Construction Pvt. Ltd.

Lodha Developers UK Ltd.

Lodha Dwellers Pvt. Ltd.

Lodha Elevation Buildcon Pvt. Ltd.

Lodha Estate Pvt. Ltd.

Lodha Glowing Construction Pvt. Ltd.

Lodha Hi-Rise Builders Pvt. Ltd.

Lodha Home Developers Pvt. Ltd.

Lodha Home Finance Ltd.

Lodha Home Styles Pvt. Ltd.

Lodha Impression Real Estate Pvt. Ltd.

Lodha Land Developers Pvt. Ltd.

Lodha Novel Buildfarms Pvt. Ltd.

Lodha Pinnacle Buildtech and Farms Pvt. Ltd.

Lodha Prime Buildfarms Pvt. Ltd.

Macrotech Constructions Pvt. Ltd.

Mahavir Build Estate Pvt. Ltd.

Mahavir Premises Pvt. Ltd.

Microtec Constructions Pvt. Ltd.

Nabhiraja Software Design Pvt. Ltd. (Formerly known as Ma Padmavati Software Design Pvt. Ltd.)

Naminath Builders and Farms Pvt. Ltd.

Odeon Theatres and Properties Pvt. Ltd.

Palava Utilities Pvt. Ltd.

Sahajanand Hi-Tech Constructions Pvt. Ltd.

Sai Ishwer Finvest Pvt. Ltd.

Samvara Buildtech Pvt. Ltd. (Formerly known as Maa Padmavati Buildtech Pvt. Ltd.)

Sanathnagar Enterprises Ltd.

Sarvavasa Buildtech & Farms Pvt. Ltd. (Formerly known as Padmavati Buildtech & Farms Pvt. Ltd.) Shantinath Designer Construction Pvt. Ltd.

Shreeniwas Cotton Mills Ltd.

Shri Kailash Properties and Agrofarms Pvt. Ltd.

Shri Nakoda Bhirav Realtors Pvt. Ltd.

Shri Vardhvinayak Builders Pvt. Ltd.

Siddhnath Residential Paradise Pvt. Ltd. Simtools Pvt. Ltd.

Sitaldas Estate Pvt. Ltd.

Suryakrupa Farms and Constructions Pvt. Ltd. Limited Liability Partnerships under control: Ajeethnath Hi - Tech Buildtech LLP Lodha Dwellerz LLP

Lodha Fincorp Distribution Services LLP Partnership Firms under control:

Lodha Construction (Dombivli)

Lodha Palazzo Mahavir Associates Shree Sainath Enterprises Vivek Enterprises

7. (i) Figures in bracket are related to previous year.

(ii) Previous year figures have been rearranged / regrouped wherever necessary.

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Mar 31, 2012

(A) Rights and preferences attached to Equity Shares

Each Shareholder is entitled for one vote per share. The shareholders have the right to receive interim dividends declared by the Board of Directors and final dividend proposed by the Board of directors and approved by the shareholders.

In the event of liquidation, the shareholders will be entitled, in proportion to the number of equity shares held by them, to receive remaining assets of the Company, after distribution of all preferential amounts._

Note : 1

Other Notes on Accounts

1.Contingent liabilities not provided for in respect of:

(Amount in Rs.)

As at As at

Particulars 31-March-12 31-March-11

(i) Disputed Central Excise Duty 1,122,092 1,122,092

(ii) Disputed Income Tax Liability 3,889,974 3,889,974

(iii) Outstanding Bank Guarantees 5,430,855 5,430,855

2. The Hon'ble Bombay High Court has vide its Order dated January 19/20,2012 dismissed the writ petition of the Maharashtra Chamber of Housing Industry (MCHI) challenging the constitutional validity of ievy of Service tax on any commercial or industrial construction or construction of residential complexes under construction. Subsequently, the Hon'ble Supreme Court of India has admitted Special Leave Petition (SLR) of the MCHI on March 30, 2012 challenging the said Order and the same is pending before the Apex court.

By virtue of the “Agreement for sale' entered into by the Company with the purchasers of the unit in commercial or residential complex under construction, the purchaser is liable to bear Service tax that may be leviable on the aforesaid transactions.

Interest payable for delayed payment of Service Tax will be provided for as and when the Apex court upholds the levy of Service Tax.

Meanwhile, amounts wherever received from customers in respect of the above are being deposited with authorities under protest.

3. The Hon'ble Bombay High Court has vide its Order dated April 10, 2012 dismissed the writ petition of The Maharashtra Chamber of Housing Industry (MCHI) challenging the constitutional validity of levy of MVAT on property under construction. The Company has been informed that MCHI is taking steps to file Special Leave Petition (SLP) in Hon'ble Supreme Court of India challenging the said Order.

By virtue of the “Agreement for sale' entered into by the Company with the purchasers of the unit in commercial or residential complex urder construction, the purchaser is liable to bear MVAT that may be leviable on said transactions and interest thereon, or which purchaser has created lien bank deposit or has given bank guarantee / registered undertakings / adequately covered in the agreement and / or indemnified the Company and hence, no provision for the MVAT liability and interest thereon has been made in the books.

Meanwhile, amounts wherever received from customers in respect of the above are being deposited with authorities under protest.

4. In the previous year, the Income Tax Authorities conducted (i) a search and seizure under Section 132 of the Income Tax Act, 1961 on the Company and Promoter Directors of the Ultimate Holding Company, and (ii) a survey under Section 133A of the Income Tax Act, 1961 on the Company and Promoter Directors of the Ultimate Holding Company. The Company does not expect any Income Tax liability in the matter.

5. In the opinion of the management, the assets other than fixed assets have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

6. In view of a Rehabilitation Scheme sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) vide Order dated 1st June, 2006, which inter alia, provided for the diversification into real estate activity, the Leasehold Land of Rs. 281,535 situated at Thane, Mumbai, was transferred to Current Assets from Fixed Assets at its book value as at 1st April, 2010.

7. As the Company has only one segment reporting in terms of Accounting Standard 17 as notified under the Companies (Accounting Standards) Rules, 2006, is not applicable.

8. Balances in Trade Payables, Advances received from Customers, Trade receivables and Advances to Suppliers and Contractors are subject to reconciliation / confirmation. In the opinion of the management, the difference as may be noticed on such reconciliation will not be material.

9. Disclosure in respect of related parties pursuant to Accounting Standards 18:

A. List of related parties (From 19/05/11, unless otherwise stated):

(As identified by the management)

I. Enterprises I Individual controlling the company:

Avaya Holdings and Trading Pvt. Ltd., Holding Company (Upto 18/05/11)

Mr. Mangalprabhat Lodha, controlling Shareholder Lodha Developers Ltd, Ultimate Holding Company Anantnath Constructions and Farms Pvt. Ltd., Holding Company

II. Parties where control exist:

a. Other Fellow Subsidiary Companies Aasthavinayak Estate Company Pvt. Ltd.

Aasthavinayak Real Estate Pvt. Ltd.

Adinath Builders Pvt. Ltd.

Ajitnath Hi - Tech Builders Pvt. Ltd.

Arihant Premises Pvt. Ltd. '

Bahubali Real Estate and Precast Pvt. Ltd. (Formerly known as Bahubali Real Estate and Farms Management Pvt. Ltd.) (From 03/11/11)

Chetna Infracon Pvt. Ltd. (From 31/03/12)

Cowtown Land Development Pvt. Ltd.

Galaxy Premises Pvt. Ltd.

Gandhar Builders Pvt. Ltd.

Hi-class Buildcon Pvt. Ltd.

Hi-class Developers Pvt. Ltd.*

Hotel Rahat Palace Pvt. Ltd.

International Airport Builders & Management Services Pvt. Ltd. (Formerly known as Lodha Quality Buildmart Pvt. Ltd.)

Kidderpore Holdings Ltd.

Kundan Realtors Pvt. Ltd. (From 31/03/12)

Lodha Attentive Developers and Farms Pvt. Ltd.

Lodha Buildcon Pvt. Ltd.

Lodha Building and Construction Pvt. Ltd.

Lodha Crown Buildmart Pvt. Ltd.

Lodha Designer Construction Pvt. Ltd.

Lodha Developers UK Ltd.

Lodha Dwellers Pvt. Ltd.

Lodha Elevation Buildcon Pvt. Ltd. *

Lodha Estate Pvt. Ltd.

Lodha Glowing Construction Pvt. Ltd.

Lodha Healthy Constructions and Developers Pvt. Ltd. (Upto 30/03/12)

Lodha Hi - Rise Builders Pvt. Ltd.

Lodha Home Developers Pvt. Ltd.

Lodha Home Finance Ltd. (From 01/03/12)

Lodha Home Styles Pvt. Ltd.

Lodha Impression Real Estate Pvt. Ltd.

Lodha Land Developers Pvt. Ltd.

Lodha Novel Buildfarms Pvt. Ltd.

Lodha Pinnacle Buildtech and Farms Pvt. Ltd.

Lodha Pranik Landmark Developers Pvt. Ltd. (From 17/06/11)

Lodha Prime Buildfarms Pvt. Ltd.

Lodha Properties Development Pvt. Ltd. (Upto 30/03/12)

Lodha Ultimate Buildtech and Farms Pvt. Ltd.*

Ma Padmavati Software Design Pvt. Ltd.

Maa Padmavati Buildtech Pvt. Ltd.

Macrotech Constructions Pvt. Ltd.

Mahavir Build Estate Pvt. Ltd.

Mahavir Premises Pvt. Ltd.

Microtec Constructions Pvt. Ltd.

Naminath Builders and Farms Pvt. Ltd.

Odeon Theatres and Properties Pvt. Ltd. (Formerly known as Odeon Theatres Pvt. Ltd.)

Padmavati Buildtech and Farms Pvt. Ltd.

Palava Utilities Pvt. Ltd. (Formerly known as Lodha Structure Developers Pvt. Ltd.)

Sahajanand Hi-Tech Constructions Pvt. Ltd. (Formerly known as Parasnath Hi-Tech Constructions Pvt. Ltd.)

Sai Ishwer Finvest Pvt. Ltd. (Formerly known as Shree Adinath Builders Pvt. Ltd.)

Sanathnagar Enterprises Ltd.

Shantinath Designer Construction Pvt. Ltd.

Shreeniwas Cotton Mills Ltd.

Shri Kailash Properties and Agrofarms Pvt. Ltd.

Shri Nakoda Bhirav Realtors Pvt. Ltd.

Shri Vardhvinayak Builders Pvt. Ltd.

Shripal Realty Pvt. Ltd.

Siddhnath Residential Paradise Pvt. Ltd. (Formerly known as Paraswanath Residential Paradise Pvt. Ltd.) Simtools Pvt. Ltd.

Sitaldas Estate Pvt. Ltd.

Suryakrupa Farms and Constructions Pvt. Ltd.

* These companies have applied for striking off their names from the records of Registrar of Companies and the same is under process.

b. Limited Liability Partnerships under control:

Ajeethnath Hi - Tech Buildtech LLP (From 05/10/11)

Lodha Dwellerz LLP (From 03/10/11)

Lodha Fincorp Distribution Services LLP (Formerly known as Lodha Skyscrapers LLP) (From 18/11/11)

c. Partnership Firms under control:

Lodha Construction (Dombivli)

Lodha Palazzo

Lodha Pranik Landmark Developers (Formerly known as Pranik Landmark Associates) (UDto 16/06/11)

Shree Sainath Enterprises Vivek Enterprises

III. Others (Enterprises owned by controlling shareholder or their relatives with whom the company has transactions upto 18/05/11):

Bakelite Properties Ltd.

National Standard Tyre Moulds (India) Ltd.

IV. Key Management Personnel:

Mr. Pinkesh Shah

Mr. A. L. Ananthnarayanan, the Managing Director (upto 10/05/2010)

10. (i) Figures in brackets are related to previous year.

(ii) The revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Accordingly, the company has reclassified the previous year figures to this year classification. The adoption of revised Schedule VI does not impact revenue recognition and measurement principles followed for preparation of Financial Statements.

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Mar 31, 2011

1. A Rehabilitation Scheme was sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) vide Order dated 1st June, 2006 in view of an application made by Company, providing for, inter-alia, the Scheme of Arrangement involving de- merger of the Tyre Mould Business of the Company upon complying with certain conditions stipulated therein with all the respective related / specified assets and liabilities of the business along with share of common liabilities being transferred at book value to the National Standard Tyre Moulds (India) Limited the resulting Company as specified in the Scheme.

The appointed date of the Scheme is 1st September' 2008 and effective date is T December' 2008. The Scheme had been given effect to in the financial statements for the period ended 31st March, 2009.

The title deeds, licenses, agreements etc. are in the process of being transferred in the name of resulting company.

2. Contingent liabilities not provided for in respect of:

For the year ended For the year ended 31st March, 2011 31st March, 2010

i) Disputed Central Excise Duty 11,22,092 11,22,092

ii) Disputed Income Tax liability 38,89,974 38,89,974 iii) Counter guarantees given by the Company to the Bank in respect 54,30,855 54,30,855 of guarantees given by the later on behalf of the Company._

3. a) Based on an expert opinion taken, the Company has been advised that VAT on sale of immovable property is payable at the time of registration and consequently, VAT is not being charged from the customers till such time. There will be no liability on this account as the same is going to be collected from the customers.

b) The Finance Bill, 2010, has amended the provisions of Finance Act, 1994 with effect from 1st July, 2010 (as per Notification No. 24/2010 dated 22nd June, 2010) by adding explanation to Section 65(105) (zzq) and (zzzh) to introduce the Service Tax concept of "deemed service" for any commercial or industrial construction or construction of residential complexes done prior to obtaining a completion certificate.

The Constitutional validity of the above amendment has been challenged in the Hon'ble Mumbai High Court and interim orders with regard to non collection/payment have been passed.

By virtue of the Premises Ownership Agreement to be entered into by the Company with the purchasers of the unit in residential complex under construction, the purchaser is liable to pay and the Company is entitled to recover Service Tax that may be livable on the said transactions.

In view of the aforesaid and pending the disposal of the Writ Petition challenging the validity of above amendment, no liability has been provided for Service Tax on sale of units in Residential complex under construction. Meanwhile, amounts wherever received from customers separately in respect of the above are being deposited with respective authorities under protest.

4. The accumulated losses of the Company have far exceeded its entire net worth. The accounts have, however, been prepared by the management on a going concern basis considering inter alia, the current line of business activity namely real estate development and accordingly, the Company has already launched a project on its land at Thane, Mumbai.

5. In the opinion of the Board, the Current Assets, Loans and advances have a value on realisation in the ordinary course of the business at least equal to the amount at which they are carried in the books and provision for all known and determined liabilities (except otherwise stated) are adequate and not in the excess of the amount reasonably stated.

6. Consequent to public announcement made by Anantnath Constructions and Farms Private Limited ('the Acquirer') to acquire 4,000,000 equity shares (20%) of the Company on 29th January, 2011, the Acquirer made an open offer to the shareholders of the Company for acquisition of 20% stake of the Company. The Offer which opened on 21st April, 2011 closed on 10th May, 2011. Accordingly, the Company has become subsidiary of Anantnath Constructions and Farms Private Limited w.e.f. 19th May, 2011.

7. The Company has appointed a Company Secretary w.e.f July 8, 2011 as required to be appointed under section 383Aof the Companies Act, 1956.

8. The Company has appointed a Managerial Person w.e.f from August 27,2011 to comply with the requirements of section 269 of the Companies Act, 1956.

9. In view of a Rehabilitation Scheme sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) vide Order dated 1st June, 2006, which inter alia, provided for the diversification into real estate activity, the Company had discontinued the erstwhile business activities in an earlier year. The Leasehold Land of Rs. 281,535 situated at Thane, Mumbai, was transferred to Current Assets from Fixed Assets at its book value as at 1st April, 2010. The Company had also altered its Object Clause so as to include carrying on of real estate and allied activities in an earlier year. A Residential Project on certain portion of its land at Thane, Mumbai was launched on 1st May, 2010.

10. The Company has only single reportable business segment i.e. real estate development in terms of requirements of AS 17.

11. Balances of unsecured loans, sundry creditors and loans and advances given are subject to confirmation, reconciliation and subsequent adjustments. However, in the opinion of the Board, there will not be any significant impact on the financial results or statements on receipt of direct, indirect confirmations and reconciliation. all erstwhile group companies, for a sum of Rs. 5,620,000 on May 10,2010. Consequently, the balance sum of Rs. 52,998,616 had been written off during the year and shown as an Exceptional Item.

12. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year-end together with interest paid/payable as required under the said Act have not been given.

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Mar 31, 2010

1. SCHEME OF ARRANGEMENT

A Rehabilitation Scheme was sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) vide Order dated 01.06.2006 in view of an application made by Company, providing for, inter-alia, the Scheme of Arrangement involving de-merger of the Tyre Mould Business of the Company upon complying with certain conditions stipulated therein with all the respective related / specified assets and liabilities of the business along with share of common liabilities being transferred at book value to the National Standard Tyre Moulds (India) Limited - the resulting Company as specified in the Scheme.

The said transfer and vesting of the business and its assets were deemed to be on a going concern basis.

The appointed date of the Scheme was 1st September, 2008 and effective date was 3rd December, 2008. The business of the resulting company was deemed to be carried out by the Company in trust upto the effective date.

Accordingly, the Scheme had been given effect to in the financial statements of an earlier period in terms of which the following Assets and Liabilities were transferred at book values and the difference had been adjusted / written off against the General Reserve as provided for in the Scheme.

The title deeds, licenses, agreements etc. are in the process of bring transferred in the name of resulting company.

2. Contingent liabilities not provided for in respect of:

For the year 15 months period ended 31st ended 31st March, 2010 March, 2009 Rupees Rupees

I) Disputed Central Excise Duty 11,22,092 11,22,092

ii) Disputed Income Tax liability 38,89,974 38,89,974

iii) Counter guarantees given by the Company to the Bank in respect 54,30,855 4,54,83,955 of guarantees given by the later on behalf of the Company.

3. In accordance with the Scheme of De-merger, the Tyre Mould Division had been transferred to resulting company i.e., National Standard Tyre Moulds (India) Limited. During the year, fixed assets relating to the bead wire division has been sold / written off as re-commencement of manufacturing of bead wire is not viable due to obsolete technology.

4. In view of the Order passed by BIFR dated 7th Juiy 2008 w.e.f. 4th July, 2008, the Company ceased to be a Sick Industrial Undertaking within the meaning of Section 3(1 )(0) of tne SICA Act as the Companys net worth turned positive.

5. The Company is in the process of obtaining / compiling information regarding the status required under Micro, Small and Medium Enterprises Act, 2006 and hence the disclosure, if any, relating to amounts unpaid at the year end together with interest paid / payable as required under the Act could not be furnished.

6. In the opinion of the Board, the Current Assets, Loans and advances have a value on realisation in the ordinary course of the business at least equal to the amount at which they are carried in the books and provision for all known and determined liabilities (except otherwise stated) are adequate and not in the excess of the amount reasonably stated.

7. Various statutory records / procedures are required to be maintained / complied with under various sections of the Companies Act, 1956 and allied fiscal laws are in the process of completion / compliance. This, however, does not have any financial impact on the Company.

8. The Company is in the process of appointing a Company Secretary as required under the provisions of Section 383A of the Companies Act, 1956.

9. A sum of Rs. 63,199 on account of unclaimed dividend has not been deposited in the Investor Education and Protection Fund as required under Section 205C of the Companies Act, 1956. However, the process for the remittance of the same is going to be initiated shortly.

10. The Company had altered its Object Clause so as to include carrying on of real estate and allied activities in an earlier year. The Company launched a Residential Project on certain portion of its land at Thane, Mumbai on 1s,May, 2010.

11. The Accounting Standard 17 on "Segment Reporting" requires that the financial statements should disclose the segment results, segment assets and liabilities separately for each o? the reportable segment. In view of divestment of all industrial businesses of the Company, the Company is no longer an industrial Company. Also in view of what is stated in para 12 above, no segment information has been furnished.

12. Balances of unsecured loans, sundry creditors and loans and advances given are subject to confirmation, reconciliation and subsequent adjustments. However, in the opinion of the Board, there will not be any significant impact on the financial results or statements on receipt of direct, indirect confirmations and reconciliation.

13. In accordance with the practice followed by the Company, no provision has been made in respect of estimated total liability for future payment of Gratuity and Leave Encashment and the same is being accounted for as and when paid which is not in accordance with the accounting method prescribed in Accounting Standard 15 - "Employee Benefits" issued by the Institute of Chartered Accountants of India. However, in the opinion of management, it will not have any material financial impact on the results of the Company.

14. The Company had made an application to Central Government for approval for payment of managerial remuneration to a Whole-time Director in an earlier year and the same is yet to be received.

15. Exceptional Item represents Voluntary Retirement Scheme Charges written off during the year Rs.1,11,69,969 (Previous Period Rs. 55,84,981).

16. The Company has changed the accounting policy relating to write off of Miscellaneous Expenditure not beyond 31st March, 2010 in view of amendment made in AS 15, hitherto written off over a period of 36 months. Had the Company continued the earlier policy of write off, the loss for the year and accumulated losses would have been lower by Rs. 55,84,988 and Miscellaneous Expenditure would have been Rs. 55,84,988.

17. Earnings per share:

18. Managerial Remuneration to Managing Director (from 1stOctober2009 onwards)/Whole-time Director(Upto 31.08.2008)

19. Disclosure in respect of related parties pursuant to Accounting Standards 18: (A) List of related parties:

I. Parties where control exists - Nil

II. Other parties with whom the company entered into transactions during the year or there are outstanding balances due to / from them.

Associates:

Avaya Holdings & Trading Private Limited

Bakelite Properties Private Limited

Sanathnagar Enterprises Limited (formerly Bakelite Hylam Limited)

National Standard Tyre Moulds (India) Limited

EZRA Trading and Finance Company Limited

Mystic Woods Holdings and Trading Private Limited

Bakelite Coatings & Paints Private Limited

Bakelite Resins and Foams Limited

Panel Boards and Laminates Limited

Mountain Dew Properties Limited

Bakelite Hylam Laminates (India) Limited

Mountain Holdings & Trading Private Limited

Blitzkrieg Trading Private Limited

III. a) Key Management Personnel:

Shri N.P.S.Shinh, the Chairman

Shri A.L.Ananthnarayanan, the Managing Director

b) Enterprises / Entities having common Key Management Personnel:

NIL

Notes:

1. Related parties are as identified by the Management and relied upon by the auditors.

2. No amount pertaining to related parties has been provided for as doubtful debts nor written off during the year.

20. Figures of the previous period have been regrouped / rearranged wherever necessary to conform to the current years presentation. Figures of current year are not comparable with those of previous period as the previous periods financials comprise of 15 months.