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நிறுவன பெயரின் முதல் சில எழுத்துக்களை நிரப்பி 'கோ' பட்டனை கிளிக் செய்யவும்

Poddar Housing and Development Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2023

The Company had advanced aggregate amount of INR 3,030 lakhs (Prev. Yr. INR 3,030 lakhs) to the Joint Venture company for procurement of land, mainly in the year 2012-13. The said joint venture company in turn had advanced INR 3,000 lakhs to other entities of joint venture partner towards procurement of land and development rights. The Company has entered into a supplementary memorandum of understanding with the concerned parties to transfer the land directly to the Company, on the selection and jointly earmarking the area of the land. The joint venture company has also obtained the confirmation of such advances. On the completion of the transfer of the land in the name of the Company, the shares held by the Company will be transferred to the other partner / nominee.

In addition to above, the Company has to recover an amount aggregating to INR 240.18 lakhs (prev. Yr. INR 240.18 lakhs) from the joint venture company which would also be appropriated towards the consideration of land as mentioned above and accordingly, the same is also considered good and recoverable.

# Advance to Jointly controlled entities and subsdiaries.

The Company had advanced as partners current account an amount aggregating to 6447.08 lakhs INR (Prev. Yr. INR 5092.40 lakhs) to the jointly controlled entities and subsdiaries. During the year company has 959.26 lakhs INR (Prev. Yr. NIL) provided towards Provision for Diminution of Investment in LLP ** Andheri Project

The Company has made an understanding with the other company to jointly develop a slum rehabilitation project at Andheri (E) and paid refundable earnest money deposit of INR 1,700.00 lakhs (Prev. Yr.INR 1,700.00 lakhs). Company has filed recovery suit & the matter is pending at High Court.

** Advances and other incidentals for various project include

In addition to above project, the company had given few advances to the parties for purchase of land and is in the process of preliminary evaluation of certain redevelopment projects / purchase of land in and around MMRDA region.

Land and development rights include

i. INR 1896.90 lakhs (Prev. Yr INR 2205.01 lakhs) including incidental expenses for procurement / development of Land at Badlapur (Chamtoli and Dahivali) for which conveyance has been done and the land has been transferred in the name of the Company.

ii. INR 271.65 lakhs (Prev. Yr. INR 271.65 lakhs) including incidental expenses for procurement / development of Land at Mohili for which necessary permission from various authorities are awaited.

Trade receivables include INR 102.47 lacs (Prev. Yr. INR 84.63 lacs) towards maintenance charges recoverable from the customers after handing over the possession in respect of Bhivpuri Project which have been disputed by them. The matter is under negotiation and recovery thereof would depend on final outcome in the matter. However as per prudent policy, the management has made a provision of Rs.88.18 lacs (Prev. Yr. INR 70.77 lacs) in the accounts.

ii. Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having at par value of INR 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Nature and purpose of other reserve

i) Security premium : Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act.

ii) General reserve : General reserve has been created and used for the general purposes.

iii) Debenture redemption reserve (DRR) : DRR is to be used for redemption of debentures issued by the Company.

* Prepaid loan processing and other charges of INR 219.31 lacs (Prev. Yr. 305.90 ) adjusted against borrowings

* The company''s loan with Indiabulls Housing Finance Limited has been categorised as NPA by the NBFC as on 31st March 2023 and the amount outstanding as on 31st March 2023 (principal Interest) is Rs. 58.,42 crores

Loan from NBFCs

A. Term LoanSecurities -

I. Term Loan From STCI Finance Limited (STCI)For Chembur :

(a) Term loan from STCI is secured by exclusive charge by way of mortgage on the project development rights along with structures being building thereon (present and future) and TDR (if any) of the project located at CTS No. 828(part) & 1504/A(part) Subhash Nagar Road, Sanjay Nagar, Chembur (W), Mumbai - 400071.

(b) Exclusive charge on all movable and current assets (both present and future) including project receivables/ future receipts pertaining to the project along with escrow of the same

(c) Irrevocable and unconditional personal gurantee of Mr. Dipak Poddar - Executive Chairman and Mr. Rohitashwa Poddar - Managing Director in full.

For Mharal:

(a) Term loan from STCI is secured by exclusive charge by way of mortgage on the project development rights along with structures being building thereon (present and future) and TDR (if any) of the project located at Survey No. 9/1B, 9/2, 9/3, 10, 11/1 & 11/2 Village Mharal, Tal. Kalyan, District Thane -

(b) Exclusive charge on all movable and current assets (both present and future) including project receivables/ future receipts pertaining to the project along with escrow of the same

(c) Irrevocable and unconditional personal gurantee of Mr. Dipak Poddar - Executive Chairman and Mr. Rohitashwa Poddar - Managing Director in full.

Additional Security:

First exclusive charge by way of martgage of land situated at Survey No. 78 Hiss No. 2 and Hissa No. 4, Survey No. 9 Hissa No. 2 at village Champtoli and Survey No. 29, Hissa No. A/11 at village Dahivali Taluka Ambarnath Dist Thane admeasuring in area aggregate to 141.84 acres.

II. Term loan from HDFC Limited (HDFCL) secured by

a) First charge by way of mortgage on land bearing survey no. 28, 29/2A, 29/2B, 30/2, 30/3A, 30/4A, 30/4B, 30/8B, 30/8C, 31/11,29/1,30/1,30/3B, 30/3C and 30/3D at Joveli village in Ambarnath taluka of Thane district admeasuring in aggregate 23 acre.

b) First charge by way of hypothication of receivables arising from the project on the above mentioned land.

c) Irrevocable and unconditional personal gurantee of Mr. Rohitashwa Poddar - Managing Director Additional Security:

All those Land Parcel situated at Survey no 40 Hissa No 2, Survey No 40 Hissa No 3 and Survey No 40 Hissa No 4 total admeasuring 12930 sq mt. at Village Mohili, Taluka Kalyan, Dist Thane.

All that piece and parcel of land bearing Gat No. 1 admeasuring 10,190 square meters or thereabouts situate in Village Surekhar, Taluka Alibaug, District Raigad within the limits of Raigad Zilla Parishad and Group Grampan-chayat Awas, of Registration District Raigad, Sub-Registration Alibaug alongwith an old house constructed prior to 1986 admeasuring 4745 square feet equivalent to 441 square meters bearing Awas Grampanchayat No. 767

land bearing Survey No. 52 Hissa No (part), Survey No.45A Hissa No, 3 (part), CTS No. 62, 62 (1 to 18), CTS No. 63, 63 (1 to 277) and, CTS No. 64, 64 (7 to 72) admeasuring an area about 6,748.1 sq mtrs situated at Village Akurli Taluka Borivali, Mumbai Suburban District, Mumbai 400 101

All those pieces and parcels of land bearing Survey No.13/3 admeasuring 248 square meters, Survey No. 3 and Hissa No. 4 admeasuring 2660 square meters, and Survey No. 34 and Hissa No. 6 admeasuring 3000 square meters, Survey No.5 and Hissa No. 3 admeasuring to 2960 square meters , Survey No. 5 and Hissa No. 5 admeasuring to 2580 square meters, Survey No. 34 and Hissa No. 3 admeasuring to 5690 situate lying and being at Village Dahivali, Taluka Ambarnath, District Thane

All those pieces and parcels of land bearing Survey No.9/5 admeasuring 1060 square meters, Survey No. 82 and Hissa No. 1 admeasuring 3720 square meters, and Survey No. 78 and Hissa No. 1 admeasuring 114 square meters, Survey No. 5 and Hissa No. 2 admeasuring to 2020 square meters , Survey No. 5 and Hissa No. 7 admeasuring to 1300 square meters, Survey No. 78 and Hissa No. 6 admeasuring to 4450 square meters and Survey No. 78 and Hissa No. 8 admeasuring to 2430 square meters situate lying and being at Village Chamtoli, Taluka Ambarnath, District Thane

Survey No. 31 and Hissa No. 9 admeasuring to 860 square meters situate lying and being at Village joveli, Taluka Ambarnath, District Thane

III. Term loan from Indiabulls Limited (IBL) secured by

a) First charge by way of mortgage on land bearing CTS no. 538, 1 to 11, 539(part), at Village Pahadi Goregaon, Mumbai admeasuring in aggregate 14981 Sq. Mtrs.

b) First charge by way of hypothication of receivables arising from the project on the above mentioned land.

c) Irrevocable and unconditional personal gurantee of Mr. Rohitashwa Poddar - Managing Director Additional Security:

First exclusive charge by way of martgage of land situated at Survey No. 70, Village Ghrpoli, Taluka Karjat Dist Raigad inventory in total 18 shops.

First exclusive charge by way of martgage of land situated at Survey No. 76/1, Village Ghrpoli, Taluka Karjat Dist Raigad ad measuring area 3460 sq. mtrs.

IV. Term Loan I from Aditya Birla Finance Limited (ABFL) is secured by of mortgage of unit 4 owned by the Company and unit no. 03,05 & 06 owned by the realated parties Poddar Amalgmated Holdings Private Limited, Janpriya Traders Limited and Brite Merchants Limited respectively, at Mathuradas Mill Compound, Lower Parel, Mumbai. These related parties have secured the loan by acting as co-borrower.

V. Term Loan II from Aditya Birla Finance Limited is secured by

(a) First and exclusive charge by way of registered mortgage are Land with present and proposed construction there on of the project "Poddar Samruddhi Evergreen" situated at Gut no. 4(part), Gut no.7 in village Badlapur, Ambarnath Taluka, Maharashtra- 421503.

(b) First and exclusive charge by way of hypothecation on all present and future receivable from the project mantioned in case above.

Terms of repayment and interest -

I. STCI loan is repayable in 12 equal monthly installment starting from March, 2023. The last installment is due in February, 2024. Rate of interest is 12% and is payable monthly.

II. HDFCL loan is repayable in 7 equal instalment starting from April 2024. Last instalment is due in October 2024. Rate of interest is linked with lenders CFPLR

IV. Term loan I from Aditya Birla Finance Limited is repayable in 60 equal monthly installment including interest on the same. The rate of interest is linked with lenders Long Term Reference Rate Starting from December, 2021 and the last installment will be due in November 2026.

V. Term loan II from Aditya Birla Finance Limited is repayable in 6 equal quaterly instalment stating from September, 2023 and the last installment will be also in December 2024. The interest rate is linked to lenders Term Reference Rate and is payable monthly.

Vehicle loan Securities -

Vehicle loan is secured by hypothecation of specific vehicles Terms of repayment and interest -

Repayable in upto 60 equal instalments. Last instalment is due in April 2026. Rate of interest is in the range of 7 to 12% per annum. Interest is payable on monthly basis.

9 % Redeemable non convertible debentures

Securities for I and II :

(a) Secured by first charge by way of mortgage over land

(i) bearing survey no 28, 29/2A, 29/2B, 30/2, 30/3A, 30/4A, 30/4B, 30/8B, 30/8C, 31/11, 29/1, 30/1, 30/3B, 30/3C and 30/3D at Joveli village in Ambarnath taluka of Thane district admeasuring in aggregate 23 acres.

During the year following additional securities are given:

(a) 9 % Redeemable non convertible debentures are secured by first charge by way of mortgage over land

i. bearing survey no 9/1B, 9/2, 9/3, 10, 11/1 & 2 at Mharal village in Kalyan taluka of Thane district admeasuring in aggregate 17 acres

ii. bearing survey no. 40 hissa no. 2, 3 and 4 at village Mohili, Taluka Kalyan, District Thane admeasuring in aggregate to 129.3 ares

(b) Secured by second charge by way of mortgage over land

(i) bearing survey no 28, 29/2A, 29/2B, 30/2, 30/3A, 30/4A, 30/4B, 30/8B, 30/8C, 31/11,29/1,30/1,30/3B, 30/3C and 30/3D at Joveli village in Ambarnath taluka of Thane district admeasuring in aggregate 23 acres.

(ii) Second charge on land bearing CTS no. 62, 62/1 to 18, 63, 63/1 to 217, 64 and 64/1 to 12 of village Akurli Road, Kandivali East, Mumbai admeasuring in aggregate to 67.46 ares.

(c) First and second charge by way of hypothecation of receivables arising from the projects on the Mharal, Dhayari, Mohili and Joveli and kandivali land respectively.

(d) Irrevocable and unconditional personal guarantee of Mr. Rohitashwa Poddar - Managing Director Terms of repayment and interest for I :

Repayable in 3 equal half yearly instalments starting from March 2023. Last instalment is due in March 2024. The internal rate of return (IRR) will be 17.50% per annum plus 1% one time additional interest to the debenture holders. Interest will accrue from the date of issue however servicing coupon payment have been started from September 2019 on quarterly basis however after moratorium, new coupon interest payment will start from June 2021 on quarterly basis.

Terms of repayment and interest for II:

Repayable in 3 equal half yearly instalments starting from February 2024. Last instalment is due in February 2025. The internal rate of return (IRR) will be 17.50% per annum plus 1% one time additional interest to the debenture holder. Interest will accrue from the date of issue however servicing coupon payment have been started from February 2020 on quarterly basis however after moratorium, new coupon interest payment will start from June 2021 on quarterly basis.

Unsecured loan from related parties

Terms of repayment and interest:

The loan is repayable on demand.

** During the year NCD principal of Rs. 33.33 Cr plus corresponding redemption premium were due. Same have not been paid by the company during the year.

Inter Corporate Deposits from Venktesh Investment and Trading Company Private Limited is secured by way first ranking charge by Mortgage on land , building and structures on CTS no. 62, 62/1 to 18, 63, 63/1 to 217, 64 and 64/1 to 12 of village Akruli at Kandivali East, Mumbai including related rights like FSI, development rights etc. It is also secured by unconditional and Recoverable personal guarantee of Mr. Rohitashwa Poddar- Managing Director.

Terms of repayment and interest- Repayment in single bullet payment dues in June, 2024. Rate of Interest is 17% per annuam and payable on quaterly basis.

Note 33 - Contingent liabilities and commitments

a. Pending litigations

(i) In case of Bhivpuri project, certain occupants and four societies out of 12 societies of the said project have filed criminal complaint against the Company in the matter of occupation certificate issued by the Gram panchayat in 2014, erroneously, claiming it should have been issued by the Collector. The Company has made necessary applications for re approval of the OC as required and also contesting the matter suitably in the concerned court.

(ii) During the year, some vendors have issued notice under section 138 of Negotiable Instruments Act, 1881. The management has appropriately responded to the notices and is in discussion with the vendors to withdraw the notices, wherever pending.

Note 34 - Micro, Small and Medium Enterprises

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

Note 35 - Corporate social

As per the provisions of Section 135 of the Companies Act 2013, the Company was required to contribute an amount of INR Nil lakhs towards CSR activities.

Note 36 - Segment reporting

The Company operates only in ''construction, development and sale of real estate'' segment and operates only in India accordingly segment related information is as reflected in the financial statements

Note 37 - Other Notes

(i) During the year CEO & CFO of the Company resigned on 22nd Nov. 2022 due to health and personal reasons. One of the Independent Director also resigned on 14th Feb. 2023 due to health and personal reasons. New Independent Director was appointed on 23rd May 2023 to fulfill the vacancy caused by the resignation of one of the Independent Director. New CFO was appointed by the Company on 23rd May 2023 subsequently resigned from the post of CFO for better opportunity in overseas Company. During the period some of the senior employees in the Accounts and Finance Department including the CFO & CEO resigned for their better prospects. This impacted considerably closure of Financials results and accounts for the year ended 31st Mar. 2023. The Company requested the Stock exchanges to allow one month time to complete the financials. Considering the difficulties faced in completing the finalisation of accounts, the Company further requested stock exchanges to allow time till 31st Oct. 2023. On 23rd Aug. 2023 CS and CO of the Company resigned for better career opportunity. On 4th Sept. 2023, new CFO, CS and CO of the Company was appointed and the same was intimated to the Stock Exchanges. Changes in KMP and resignation of employees have resulted in considerable delay in completion of Finalisation of accounts. Considering the above, the Company applied to ROC for extention of time limit to hold AGM of the Company for FY 2022-23 till 31st Dec. 2023.

(ii) The company''s loan with India Bulls have turned NPA as on 31st March 2023 and the amount outstanding as on 31 st March 2023 (principal Interest) is Rs. 58,41,97,013.

(iii) The Management of the Company has assessed its financial position, including expected realization of assets and payment of liabilities including borrowings, and believes that sufficient funds will be available to pay-off the liabilities through availability of land bank and projects under work in progress to meet its financial obligations in atleast 12 months from the reporting date.

Note 39 - Employee benefit obligations

Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments.

Note 40 - Financial risk management

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, receivables, payables and loans and borrowings.

A. Market Risk- Price Risk

(i) Exposure

The Company''s exposure to equity and units of mutual funds price risk arises from investments held by the Company and classified in the balance sheet at fair value through OCI/P&L. To manage its price risk arising from investments, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

(ii) Sensitivity

The table below summarizes the impact of increases/(decreases) of the BSE index on the Company''s equity and Gain/ (Loss) for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company''s equity instruments moved in line with the index.

B. Market Risk- Interest rate risk

(i) Exposure

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

(ii) Sensitivity

According to the Company''s interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

C. Credit risk management

For banks and financial institutions, only good rated banks/institutions are accepted.

For other financial assets, credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

Actual or expected significant adverse changes in business,

Actual or expected significant changes in the operating results of the counter-party,

Financial or economic conditions that are expected to cause a significant change to the counter-party''s ability to meet its obligations,

Significant increase in credit risk on other financial instruments of the same counter-party,

Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables, loans and advances from individual counterparty based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends.

Based on the analysis the Company has already provided for trade and other receivables and same has been disclosed in financial statements.

D. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company''s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

Note 41 Capital risk management

(a) Risk management

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders.

The capital structure of the Company is based on management''s judgment of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

Note 1:

Determination of revenue whether over time (Percentage Completion Method) or at a point in time (Project Completion Method) necessarily involves making judgment as to when the performance obligation under the contracts with customers is satisfied. Based on the management assessment, the Company is recognising revenue for its projects - Poddar Riviera, Kalyan and Poddar Wondercity, Badlapur in phased manner as per point in time i.e. project completion method and with respect to old ongoing projects - Poddar Spraha Diamond, Chembur and Poddar Samruddhi Evergreens, Badlapur as per over time i.e. percentage completion method.

Note 45 - Debenture redemption reserve

During the year the company has created debenture redemption reserve of INR Nil (previous year INR Nil lakhs)

Note

Previous year figures are regrouped/re-arranged wherever necessary

Mar 31, 2018

a) Company Overview

Poddar Housing and Development Limited ("the Company") is engaged primarily in the business of real estate construction, development and other related activities. The Company is a public limited Company incorporated and domiciled in India having its registered office at Unit 3-5 Neeru Silk Mills Mathuradas Mill Compound 126 NM Joshi Marg Lower Parel (W), Mumbai 400 013. The Company is listed on BSE Limited (BSE) and The National Stock Exchange of India Limited (NSE).

Advances to Joint Venture

Advances and other incidentals for Mohili Project include

Payment of INR 120 lakhs (Prev. Yr. INR 120 lakhs) as advances for supply of construction materials at the time of commencement of construction at terms and conditions to be mutually agreed upon. The said advances have been ratified by the Board. However there is no further progress in the matter as the company is in process of obtaining necessary approvals of the project.

Advances and other incidentals for Tisgaon Project include

Pursuant to the joint development agreement dt.27-Oct-2010 and supplementary agreement dt.11-Feb-2016, the Company has agreed to allot 30,080 sqft. saleable area to the landowners out of the total constructed area and paid aggregate adjustable advances of INR 155 lakhs (Prev. Yr. INR 155 lakhs) In addition to the above, the Company has also agreed to pay a sum of INR 1 lac per month to the landowners w.e.f. 01-Mar-2016 till the completion of the project and INR 25 lakhs (Prev. Yr. INR 13 lakhs) has been paid towards the same till date. The same shall be appropriated out of the sale proceeds of the allotted area.

Further, the Company had also entered into Joint Development Agreement with other parties in respect of other land parcels and paid advance of INR 35.20 lakhs (Prev. Yr. INR 35.20 lakhs) with an understanding that certain portion of constructed area would be given to them as compensation towards cost of land and the above amount would be adjusted against the sale proceeds of their rights. The company is in the process of obtaining relevant approvals.

Advances and other incidentals for Bhivpuri Extension

The Company had entered into a Joint Venture agreement for construction of residential complex and paid an advance of INR 33.30 lakhs (Prev. Yr. INR 33.30 lakhs) to be appropriated against the sale of area allotted to him under Joint Venture agreement. The Company is in the process of obtaining revised approvals for the said project.

Advances and other incidentals for SRA project include Goregaon Project

The Company has advances aggregating to INR 220.19 lakhs (Prev. Yr. INR 158.29 lakhs) given to different parties for obtaining development rights and project management consultancy. The said expenses are recoverable / appropriated towards constructed area to be allotted against the said services on approval of projects or otherwise.

Proposed project at Kandivali East - Akurli

The Company has entered into joint development agreement with M/s Navkar Constructions for redevelopment of slum located at Kandivali East. As per terms and conditions of the said joint development agreement. M/s Navkar Construction shall be entitled for 15 % of gross receipts of the said SRA redevelopment project. As on the Balance Sheet date the Company has advanced INR 797.60 lakhs (Prev. Yr. INR 208.09 lakhs) to M/s Navkar Constructions. The said advance will be adjusted against the gross receipts payable to M/s navkar Constructions.

Proposed project at Kandivali East- Bandongri

The Company has entered into an agreement with Bandongri Co-Op. Hsg. Society Ltd.(Proposed), to develop two parcel of land admeasuring 30690.90 sq. mtrs.and 4592 sq. mtrs of the land under SRA Scheme, jointly with M/s.VTO Sweet Homes Pvt. Ltd., as Co-developers. The Company has given an advance of INR 768.20 lakhs (Prev.Yr. INR 28.20 lakhs) to the said co-developer, and amount of INR 181.02 lakhs (Prev. Yr. INR 56 lakhs) towards purchase of land and INR 141.71 lakhs (Prev. Yr. INR 51.20 lakhs) towards rendering various services for the project. The said advance is recoverable / adjustable against the receivable from the share of the said Co-Developers on the said project.

Andheri Project

The Company has made an understanding with the other company to jointly develop a slum rehabilitation project at Andheri (E) and paid an amount of INR 1700 lakhs (Prev. Yr.INR 500 lakhs) as an refundable earnest money deposit. Due diligence and title search work are in progress.

In addition to above project, the company is in the process of preliminary evaluation of certain redevelopment projects / purchase of land in and around MMRDA region.

Land and development rights include

i. INR 1,346.14 lakhs (Prev. Yr. INR 1,288.67 lakhs) including incidental expenses for procurement / development of Land at Badlapur extension-2 for which conveyance has been done and the land has been transferred in the name of the Company.

ii. INR 601.63 lakhs (Prev. Yr. INR Nil lakhs) including incidental expenses for procurement / development of Land at Badlapur extension-3. The Company has bought 6.47 acres of land.

iii. INR 271.65 lakhs (Prev. Yr. INR 260.24 lakhs) including incidental expenses for procurement / development of Land at Mohili for which necessary permission from various authorities are awaited.

iv. INR 903.74 (Prev. Yr. INR 903.74) including incidental expenses for procurement / development of Land and Structures at Goregaon East. The Company had purchased 14983.10 Sq. Mtrs. Along with the structures mostly occupied by the tenants / occupant and slum notified area for purpose of redevelopment in Goregaon East) Mumbai. The slum owners had formed the society and the said society has appointed M/s. Shiv Shakti Developers, a firm in which the Company and its subsidiary are partners, as the developers. The said firm has applied for necessary permissions under SRA Rules with the appropriate authorities, of which some permissions are still pending. In addition to above, the Company has started to enter into agreement with various tenants / occupants. In addition to that, the company has applied for Annexure II and bio metric government survey is already done.

ii. Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Term loan Securities -

(a) Term loan from bank is secured by exclusive charge by way of mortgage on the project development rights along with structures being building thereon (present and future) and TDR (if any) of the project located at Subhash Nagar Road, Sanjay Nagar, Chembur (W), Mumbai - 400071.

(b) Exclusive charge on all movable and current assets (both present and future) including project receivables/ future receipts pertaining to the project along with escrow of the same"

Terms of repayment and interest -

Repayable in 8 equal quarterly instalments starting from April 2019. Last instalment is due in January 2021. Rate of interest is linked with bank''s MCLR and interest is payable on monthly basis."

Vehicle loan Securities -

Vehicle loan is secured by hypothecation of specific vehicles"

Terms of repayment and interest -

Repayable in upto 60 equal instalments. Last instalment is due in December 2022. Rate of interest is in the range of 8 to 12% per annum. Interest is payable on monthly basis."

6 % Redeemable non convertible debentures

Securities -

(a) 6 % Redeemable non convertible debentures are secured by first and exclusive charge by way of mortgage over land bearing survey no 9, 10 and 11 at Mharal village in Kalyan taluka of Thane district admeasuring in aggregate 7 hectares 2 ares and land bearing survey no 28, 29, 30 and 31 at Joveli village in Ambarnath taluka of Thane district admeasuring in aggregate 942 ares.

(b) First and exclusive charge by way of hypothecation of receivables arising from the projects on the above mentioned land.

Terms of repayment and interest -

Repayable in 3 equal half yearly instalments starting from March 2022. Last instalment is due in March 2023. The internal rate of return (IRR) will be 17.5% per annum to the debenture holder. Interest will accrue from the date of issue however payment of same will start from September 2019.

Note 1 - Contingent liabilities and commitments

a. Bank guarantees

Guarantees given by a bank on behalf of the Company amounting to INR 121.95 lakhs (Prev. Yr. INR 63.50 lakhs) against lien of term deposits.

b. Pending litigations

(ii) The Company had received demand for additional payments of stamp duty in respect of land at Goregaon against Registrar document No.10117 dated 21-Dec-2013 of INR 19.70 lakhs. The Company has received additional letter dated 31-Oct-2017 demanding a penalty of INR 18.91 lakhs which is disputed by the Company.

(iii) The Company had received a fresh demand dt. 10-Mar-2017 towards open land tax in respect of Tisgaon land raised by the Kalyan Dombivali Municipal Corporation of INR 138.56 lakhs after adjusting the payment (under protest) made in the earlier years.

(iv) The Company had received an order dated 06-Nov-2017 demanding INR 155.34 lakhs towards royalty including panal charges from Land Revenue Autorities - Tahsildar of Ambarnath, Maharahstra for excavation of soil and stone from the land at Badlapur.

Note 2 - Employee benefit obligations Gratuity

The amounts recognised in the balance sheet and the movements in the net defined benefit obligation over the year are as follows:

Note 3 - Financial risk management

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.

A. Market Risk- Price Risk

(i) Exposure

The Company''s exposure to equity and units of mutual funds price risk arises from investments held by the Company and classified in the balance sheet at fair value through OCI. To manage its price risk arising from investments, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

(ii) Sensitivity

B. Market Risk- Interest rate risk

(i) Exposure

(ii) Sensitivity

C. Credit risk management

For banks and financial institutions, only good rated banks/institutions are accepted.

Actual or expected significant adverse changes in business,

Actual or expected significant changes in the operating results of the counter-party,

Financial or economic conditions that are expected to cause a significant change to the counter-party''s ability to meet its obligations, Significant increase in credit risk on other financial instruments of the same counter-party,

Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Based on the analysis the Company has already provided for trade and other receivables and same has been disclosed in financial statements.

D. Liquidity risk

Note 4 Capital risk management

(a) Risk management

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders.

Note 5 - Micro, Small and Medium Enterprises

Note 6 - Corporate social

As per the provisions of Section 135 of the Companies Act 2013, the Company was required to contribute an amount of INR 55.56 lacs towards CSR activities, whereas, during the year the Company has contributed an amount of INR 55.50 lacs. The balance amount shall be utilised towards the said CSR activities in the forthcoming year.

Note 46 - Segment reporting

The Company is operates only in ''construction, development and sale of real estate'' segment and operates only in India accordingly segment related information is as reflected in the financial statements

Note 7 - Scheme of Amalgamation

The Board of Directors at their meeting held on March 28, 2018 approved a Scheme of Amalgamation of Poddar Housing Private Limited with the Company (the Scheme) with an appointment date of April 01, 2018 under section 230 to 232 of Companies Act 2013 and rules made there under and other applicable provisions.

The Company has intimated this to NSE (National Stock Exchange of India Limited) and BSE (BSE Limited) on March 28, 2018.

Note 8 - First-time adoption of Ind AS

These are the Company''s first consolidated financial statements prepared in accordance with Ind AS.

The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet at April 01, 2016 (the Company''s date of transition). In preparing its opening Ind AS balance sheet, the Group has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP). An explanation of how the transition from previous GAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows is set out in the following tables and notes.

(a) Fair valuation of investments

Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments, being designated as at FVOCI, have been recognised in other comprehensive income.

(b) Proposed dividend

Under the previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend included under provisions has been reversed with corresponding adjustment to retained earnings.

Deferred tax have been recognised on the adjustments made on transition to Ind AS and as per the guidance under Ind AS.

(d) Acturial loss/ (gain) in post-employment benefit obligations

Under Ind AS actuarial (gains) and losses and the return on plan assets are recognised in other comprehensive income instead of profit or loss. Under the previous GAAP, these remeasurements were forming part of the profit or loss for the year. There is no impact on the total equity as at March 31, 2017.

(e) Other comprehensive income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the statement of profit and loss as ''other comprehensive income'' includes remeasurements (acturial gains and losses) of defined benefit plans, fair value gains or (losses) on FVOCI investments and tax on same. The concept of other comprehensive income did not exist under previous GAAP.

(f) Cash and cash equivalent

Adjustment is due to classification of portion of balance as other bank balances and joint operations.

Mar 31, 2017

* Represents Land (Freehold) at Badlapur which has been given on long term lease of 30 years to Poddar Shikshan Sanstha, a related party, pursuant to the agreement dt.25.09.2014

** 2 Shares are held on behalf of the company by nominees.

*** The Company has sold the shares during the year pursuant to Board Resolution dated 14th February 2017 which are in process of transfer on compliance of certain statutory requirements and realization of the proceeds thereafter.

**** In absence of the availability of the financial statements and there being no business activity since long, it is thought prudent to provide the significant amount of investment after adjusting foreign currency translation reserve.

List of Investments in Partnership Firms (Associates):

Note 1Long-term loans and advances (contd.)

2. Loans & advances to Subsidiary represent

Loan of Rs.114.30 lacs (Prev. Yr. Rs.501.32 lacs) carrying interest @ 12% p.a. given as quasi-capital for development of the project and the same is being recovered as and when the said subsidiary generates surplus money. However, the interest is recovered annually.

3. Loans & advances to Joint Venture

4. The Company had advanced aggregate amount of Rs.3030 lacs (Prev. Yr. Rs.3030 lacs) to the Joint Venture company for procurement of land, mainly in the year 2012-13. The said Joint Venture company in turn had advanced Rs.3000 lacs to other entities of joint venture partner towards procurement of land and development rights. The Company has entered into a supplementary agreement dated 22-Apr-2017 with the concerned parties to transfer the land directly to the Company within a stipulated time, on the selection and jointly earmarking the area of the land which is expected to be completed soon. The Joint venture Company has also obtained the confirmation of such advances. In view of that the Board is of the opinion that the above advances are good and recoverable. On the completion of the transfer of the land in the name of the Company, the shares held by the Company will be transferred to the other partner / nominee.

5. In addition to above, the Company has to recover an amount aggregating to Rs.240.18 lacs (prev. Yr. Rs.240.18 lacs) from the Joint Venture company which would also be appropriated towards the land as mentioned above and accordingly, the same is also considered good and recoverable.

6. Advances and Other Incidentals for Mohili Project include Payment of Rs.120 lacs (Prev. Yr. Rs.120 lacs) as advances for supply of construction materials at the time of commencement of construction at terms and conditions to be mutually agreed upon. The said advances have been ratified by the Board. However there is no further progress in the matter as the necessary approvals of the project are yet to be received.

7. Advances and Other Incidentals for Tisgaon Project include

8. Pursuant to the joint development agreement dt.27-Oct-2010 and supplementary agreement dt.11-Feb-2016, the Company has agreed to allot 30080 sqft. saleable area to the landowners out of the total constructed area and paid aggregate adjustable advances of Rs.155 lacs. In addition to the above, the Company has also agreed to pay a sum of Rs.1 lac per month to the landowners w.e.f. 01-Mar-2016 till the completion of the project and Rs.13 lacs (Prev. Yr. Rs.1 lacs) has been paid towards the same till date. The same shall be appropriated out of the sale proceeds of the allotted area.

9. Further, the Company had also entered into Joint Development Agreement with other parties in respect of other land parcels and paid advance of Rs.35.20 lacs (Rs.37.20 lacs) with an understanding that certain portion of constructed area would be given to them as compensation towards cost of land and the above amount would be adjusted against the sale proceeds of their rights.

10. The Company has submitted revised plan for approval to the authorities in view of expiry of period of validity in commencement of construction on account of injunction given by the Bombay High Court which has now been removed. However as per the revised plan, which has been submitted as per new rules, the Company has been entitled for extra FSI. The Company expects that revised plan would be approved shortly.

11. The Company has also given advances of Rs.20.28 lacs (Prev. yr. Rs.20.28 lacs) towards charges for aggregation of land at Tisgaon Dombivali Maharashtra. The same would be debited to cost of project as and when the Company commences the development of the project and any amount, if payable, would also debited to the same as and when settled.

12. Advances and Other Incidentals for Bhivpuri Extension

The Company has entered into a Joint Venture agreement for construction of residential complex with one of the employees and paid an advance of Rs.33.30 lacs (Prev. Yr. Rs.33.30 lacs) to be appropriated against the sale of area allotted to him under Joint Venture agreement. The Company has received necessary approvals in the matter and also commenced construction in slow manner in view of unfavorable market conditions.

13. Advances and Other Incidentals for Mharal Project represent

The payment of administrative and security expenses of Rs.283.93 lacs. The Company is in process of obtaining the necessary approvals and the above cost shall be charged to the cost of construction once the project is commenced.

14. Advances and Other Incidentals for Badlapur Ext.3 project

15. The Company is aggregating land at Badlapur Extension-3 for launching future project in that area and 8.454 acres have been procured for a total consideration of Rs.643.26 lacs against which an advance of Rs.274.45 lacs has been given as on 31-Mar-2017 pending execution of final conveyance.

16. The Company has given advances for acquisition of additional land to the land owner directly / through its employee amounting to Rs.24.03 lacs which will be registered in favour of the Company in due course of time.

17. Advances and Other Incidentals for SRA project include

18. Goregaon Project

Represent various advances aggregating to Rs.158.29 lacs (Prev. Yr. Rs.114.76 lacs) given to different parties for rendering liaison and other services to be appropriated towards constructed area to be allotted against the said services on approval of projects or otherwise.

19. Vidhyavihar Project

Represent the payment of expenses of Rs.34.63 lacs (Prev. Yr. Rs.34.63 lacs) and advances of Rs.71.67 lacs (Prev. Yr. Rs.71.25 lacs) towards the proposed joint redevelopment project at Vidhyavihar including incidentals, pending documentation. Moreover there are certain litigations, which will be resolved in due course of time. The recovery of the advances would only be feasible on positive development in the matter.

20. Chembur Project

The Company has entered into a joint development agreement with M/s Satre Infrastructure Pvt. Ltd. for redevelopment of land under SRA on the land belonging to Maharashtra government and MHADA with 157 hutments under the SRA scheme on 15% revenue sharing basis and advanced Rs.579.80 lacs there against which will be appropriated against the same on completion of the project. The Company''s name has been included as joint developer and also received the approval of commencement of construction of SRA building as well as part approval for commencement of construction of the saleable area from the said authority and construction is under progress.

21. Kandivali (Akurli) Project

22. Pursuant to the deed of conveyance dated 27.01.2017 the Company has acquired 5937 Sq. mtrs. of land comprising of 282 slum dwellers for an aggregate consideration of Rs.2500 lacs from M/s. Navkar Construction, Mumbai. The said vendor had also entered into the re-development agreement with the Co-op. Society of those slum dwellers and had obtained letter of intent from the competent authority. The Company has also entered into tri-party joint development agreement with the said vendor and the society of slum dwellers. As per terms and conditions agreed between the Company and the vendor, they shall be entitled for 15 % of gross receipts of the project against which Rs.208.09 lacs has been paid as an advance as on 31st March 2017. All the development and construction expenses of the project shall be borne by the Company. The Company is taking necessary steps to register as joint developer with Slum Rehabitation Authority.

23. In addition to above, the Company has paid Rs.78.17 lacs towards facilitation and shifting cost which would be charged to cost of project on receipt of commencement certificate from the slum authorities.

24. Kandivali (Vadhvan) Project

The Company has entered into an agreement with Bandongri Co-Op. Hsg. Society Ltd.(Proposed), having 1200 slum dwellers to develop the 32779.264 sq. mtrs.of the land under SRA Scheme, jointly with M/s.VTO Sweet Homes Pvt. Ltd., as Co-developers. Further the Company has planned to acquire the land from various owners of the said slum dwellers in due course of time. On completion of various formalities, regarding the registration of above society and on declaration of the said land as a slum under SRA scheme by the authorities, the Company jointly with the Co-developers would enter into Joint Development Agreement with the aforesaid society. In the meantime the Company has given an advance of Rs.28.20 lacs to the said co-developer, and amount of Rs.56 lacs towards purchase of land and H51.20 lacs towards rendering various services for the project which have been debited as advance against the said project.

25 Lower Parel Project

The Company has entered into a MOU with Thought Waves, being a facilitator, who would assist in negotiating the purchase of 10330 sq. feet of SRA land to be developed situated at Lower Parel (West) against which the Company has paid advance of Rs.54 lacs as on 31-Mar-2017. The said advances are part consideration against the share of revenue from the project if finalized within a stipulated period or otherwise to be refunded.

26 Andheri Project

The Company has made an understanding with the other company to jointly develop a slum rehabilitation project at Andheri (E) and paid an amount of Rs.500 lacs as an earnest money. Due diligence and title search work are in progress. Necessary agreements as well as other documents are being executed and confirmation has been obtained from the other party. The Board ratifies the same.

27. Land Development Rights include

28 Rs.1288.67 lacs (Pr. Yr. Rs.1123.26 lacs) including incidental expenses for procurement / development of Land at Badlapur extension for which necessary permission from various authorities are awaited.

29. Rs.260.24 lacs (Prev. Yr. Rs.260.24 lacs) including incidental expenses for procurement / development of Land at Mohili for which necessary permission from various authorities are awaited.

30. The Company has given a piece and parcel of land, admeasuring 2800 Sq. Mtrs. out of the survey No.29/2A, included in Badlapur extension project above, to MSEDCL for long term lease of 99 years at a token premium of H99 for entire period to construct and establish sub-station for supplying electricity to all our Badlapur projects including others.

31. Land & Structures thereon at Goregaon

The Company had purchased 14983.10 Sq. Mtrs. along with the structures mostly occupied by the tenants / occupant and slum notified area for purpose of redevelopment in Goregaon (East) Mumbai. The slum owners had formed the society and the said society has appointed M/s. Shiv Shakti Developers, a firm in which the Company and its subsidiary are partners, as the developers. The said firm has applied for necessary permissions under SRA Rules with the appropriate authorities which is pending. In addition to above, the Company is also planning to redevelop other areas along with various tenants / occupants for which necessary steps will be taken in due course of time.

32. Land at Mharal

33. Land at Mharal represents the cost of Rs.1901 lacs (Prev. Yr. Rs.1901 lacs) land, including stamp duty, land development cost, other administrative and security cost, acquired as per agreement dated on 24-Sept-2015 on ''As and Where'' basis. Certain portion of the said land has been un-authorized occupied by other persons. The Company is taking necessary steps to get the said land vacated from such unauthorized occupants. However, the land has already been conveyed in favour of the Company.

34. In addition to above during the year Company has paid Rs.892.35 lacs as compensation (including stamp duty, brokerage and other incidentals) to other parties to remove their name from the propety card in order to convey the title of the said land in the favour of the Company.

35. SRA Land at Kandivali (Akurli)

The Company has acquired freehold land measuring 5937 sq mtrs with 282 hutments from M/s Navkar Construction for the purpose of redevelopment jointly with the said firm.

36. Guarantee given by a bank on behalf of the Company amounting to Rs.63.50 lacs against lien of term deposits.

37. Capital contracts remaining to be executed not provided for Rs.15 lacs (net off advances).

38. Claim against Company not acknowledged as debt. Rs.104.95 lacs

39 Pending Litigations against the Company

40. In Case of Bhivpuri project, certain occupants and four societies out of 12 societies of the said project have filed criminal complaint against the Company in the matter of occupation certificate issued by the Gram panchayat in 2014, erroneously, claiming it should have been issued by the Collector. The Company states that these litigants are residents and societies from a large group of residents which have not paid huge past dues for maintenance to the Company and hence this is an unwarranted compliant. However to maintain its image and put the matter finally to rest, the Company has made necessary applications for re approval of the OC as required and also contesting the matter suitably in the concerned court. Further the Company is voluntarily providing certain additional facilities to the residents to pacify them in the matter. The total cost of the same is estimated at Rs.100 lacs.

41. The Company had received demand for additional payments of stamp duty in respect of Goregaon Land against Registrar document No.10117 dated 21-Dec-2013 of Rs.19.70 lacs (Prev. Yr. Rs.19.70 lacs) which is disputed by the Company. The same will be accounted for as and when the matter is settled .

42. The Company has received a fresh demand dt.10 -Mar - 2017 towards open land tax in respect of Tisgaon land raised by the Kalyan Dombivali Municipal Corporation of Rs.138.56 lacs after adjusting the payment (under protest) made in the earlier years. The balance amount will be accounted for as and when the matter is settled.

In addition to above, and as per the information available with the Company, there are no litigations pending against the Company which could have significant financial impact on the Company, except in the normal course of business.

43. As per the provisions of Section 135 of the Companies Act 2013, the Company was required to contribute an amount of Rs.44.34 lacs towards CSR activities, whereas, during the year the Company has contributed an amount of Rs.25 lacs. The balance amount shall be utilized towards the said CSR activities in the forthcoming year.

44.The Company is dealing in only real estate segment. Hence, AS-17 on ''Segment Reporting'' is not applicable to the Company.

45.The figures in the bracket represent the figures of the previous year.

46.Previous year figures are regrouped/re-arranged wherever necessary.

Mar 31, 2016

b) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of H10 per share. Each shareholder is entitled to one vote per share held. In the event of liquidation of the Company, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts, in the proportion to their shareholding.

* Represents Land (Freehold) at Badlapur which has been given on long term lease of 30 years to Poddar Shikshan Sanstha, a related

party, pursuant to the agreement dt.25.09.2014

** 2 Shares are held on behalf of the company by nominees.

*** 10 Shares of subsidiary are in process of transfer.

**** In absence of the availability of the financial statements and there being no business activity since long, it is thought prudent to provide in each year for 1/5th of the investment in the said LLC as diminution in the value till it commences new activity . Moreover no effect shall be given in the accounts in respect of exchange gain.

a) Loans & advances to Subsidiaries represent

1 Loan of RS,501.32 lacs carrying interest @ 12% p.a. given as quasi-capital for development of the project and the same will be recovered as and when the said subsidiary generates surplus money. However, the interest is recovered annually.

2 Interest free Loan and advances of RS,40.49 lacs given to a foreign subsidiary which will be recovered on realization of certain assets in due course of time.

b) Loans & advances to Joint Venture

1 The Company had advanced an aggregate amount of RS,3030 lacs (Prev. Yr. RS,3030 lacs) to the joint venture company for procurement of land, mainly in the year 2012-13. The said joint venture company, in-turn had advanced RS,3000 lacs to the other entities of the joint venture partner towards procurement of Land / Development rights. The Management is of the opinion that a part of the land would be transferred to the said joint venture company / directly to the Company by such other entities in due course of time on receipt of the various statutory approvals. In the opinion of the Board, the above advances are good and recoverable.

2 In addition to above, the Company is entitled to receive 27250 sq. feet (built up), duly constructed on lock and key basis, on approval of the project as compensation towards receivables and other advances aggregating to Rs.240.18 lacs.(Prev. Yr.Rs.240.18 lacs)

c) Advances and Other Incidentals for Badlapur Project

i) The Company has given advances for acquisition of additional land to the land owner directly / through its employee amounting to RS,25.24 lacs (Prev. Yr.RS,24.74 lacs) which will be registered in favour of the Company in due course of time.

ii) In addition to the above, the Company had also given an advance of RS,100 lacs towards development of the land, pursuant to contract dt. 14-0ct-2014 where no significant work was carried out. Accordingly, the Company has terminated the contract and asked the party to refund the said advances. However, there is no progress in the matter. In the opinion of the Board, although the recovery of the aforesaid advance would take time in view of dispute, the same is good and recoverable

d) Advances and Other Incidentals for Mohili Project include Payment of RS,120.00 lacs as advances for supply of construction materials at the time of commencement of construction at terms and conditions to be mutually agreed upon. The said advances have been ratified by the Board.

e) Advances and Other Incidentals for Tisgaon Project include

1a) Pursuant to the joint development agreement dt.27-0ct-2010 and supplementary agreement dt. 11 -Feb-201 6, the Company has agreed to allot 30080 sqft. saleable area to the landowners out of the total constructed area. Further, the Company has also agreed to pay an aggregate advance of RS,155 lacs out of whist, H105 lacs (Prev.Yr. RS,55 lacs) has been paid up to 31-Mar-2016. In addition to the above, the Company has also agreed to pay a sum of H1 lac per month to the landowners w.e.f. 01-Mar-2016 till the completion of the project and Rs.1 lac has been paid towards the same as on 31-Mar-2016. The above advances shall be appropriated out of the sale proceeds of the allotted area.

b) Further, the Company had also entered into Joint Development Agreement with other parties in respect of other land parcels and paid advance of Rs.37.20 lacs with an understanding that certain portion of constructed area would be given to them as compensation towards cost of land and the above amount would be adjusted against the sale proceeds of their rights.

2 The Company is awaiting final approval for commencement of construction, which was delayed in view of injunction given by the Bombay High Court in respect of all projects / developers covered under the jurisdiction of KDMC. However, the Company had filed intervener application in the Bombay High Court which has since been decided in favour of the Company and the KDMC would process the pending applications accordingly.

3 The Company has also given advances of RS,20.28 lacs (Prev. yr.RS,20.28 lacs) towards charges for aggregation of land at Tisgaon Dombivali Maharashtra. The same would be debited to cost of project as and when the Company commences the development of the project and any amount, if payable, would also debited to the same as and when settled .

f) Advances and Other Incidentals for Goregaon Project include various advances aggregating to Rs.100.92 lacs given to different parties for rendering liaison and other services to be appropriated towards constructed area to be allotted against the said services on approval of projects or otherwise.

g) Advances and Other Incidentals for Vidhyavihar Project represent the payment of expenses of RS,34.63 lacs (Prev. Yr.RS,32.13 lacs) and advances of RS,71.25 lacs (Prev. Yr.RS,70.25 lacs) towards the proposed joint redevelopment project at Vidhyavihar including incidentals, pending documentation. Moreover there are certain litigation matters, relating to the above, which will be resolved in due course of time.

h) Advances and Other Incidentals for Bhivpuri Extension

The Company has entered into a Joint Venture agreement for construction of residential complex with one of the employees and paid an advance of RS,33.30 lacs to be appropriated against the sale of area allotted to him under Joint Venture agreement. The Company has applied for necessary approvals which are expected to be received in a short time and the construction would commence thereafter.

i) Advances recoverable in cash or kind include RS,3.07 lacs which had been misappropriated by one of the employees in the earlier year against which the Company had lodged an FIR and the matter is still under investigation. However, the same has been provided for.

a) Land Development Rights include

i) RS,1123.26 lacs (Pr. Yr. RS, 728.05 lacs) including incidental expenses for procurement / development of Land at Badlapur extension for which necessary permission from various authorities are awaited.

ii) RS,260.24 lacs including incidental expenses for procurement / development of Land at Mohili for which necessary permission from various authorities are awaited.

iii) The Company has given a piece and parcel of land, admeasuring 2800 Sq. Mtrs. out of the survey No.29/2A, included in Badlapur extension project above, to MSEDCL for long term lease of 99 years at a token premium of H99 for entire period to construct and establish sub-station for supplying electricity to all our Badlapur projects including others.

b) Land & Structures thereon at Goregaon

The Company had purchased 14983.10 Sq. Mtrs. along with the structures mostly occupied by the tenants / occupant and slum notified area for purpose of redevelopment in Goregaon (East) Mumbai. The slum owners had formed the society and the said society has appointed M/s. Shiv Shakti Developers, a firm in which the Company and one of its subsidiaries are partner, as the developers. The said firm has applied for necessary permissions under SRA Rules from the appropriate authority. In addition to above, the Company is also planning to redevelop other areas along with various tenants / occupants for which necessary steps will be taken in due course of time.

c) Land at Mharal

Land at Mharal represents the cost of RS,1901 lacs land, including stamp duty, land development cost, other administrative and security cost, acquired as per agreement dated on 24-Sept-2015 on ''As and Where'' basis. Certain portion of the said land has been un-authorized occupied by other persons. The Company is taking necessary steps to get the said land vacated from such unauthorized occupants. The land would be conveyed in the favour of the Company once necessary permissions are obtained from various authorities to make the land available for construction.

Trade receivables include RS,69.63 lacs (Prev. Yr. RS,63.38 lacs) towards maintenance charges recoverable from the customers after handing over the possession in respect of Bhivpuri Project which have been disputed by them. The matter is under negotiation and recovery thereof would depend on final outcome in the matter. However as per prudent policy, the management has made a provision of Rs.56.16 lacs in the accounts.

Note 1.

a) The Company had received demand notice of RS,349.05 lacs (Prev.Yr. RS,349.05 lacs) towards royalty including penal charges from Land revenue authorities (Tahsildar) Government of Maharashtra for excavation of Land and Stone in respect of land at Badlapur against which the Company had preferred an appeal before the higher authorities. The said authorities have set aside the demand and referred the matter back to the land revenue authorities with an instruction to re-compute the liability. Accordingly, there is no demand pending against the Company as on date. However liability if any arises on recompilation, the same will be charged to the cost of construction of Phase IV of Badlapur project.

b) The Company has received demand for additional payments of stamp duty in respect of Goregaon Land against Registrar document No.10117 dated 21-Dec-2013 of RS,19.70 lacs which is disputed by the Company. The same will be accounted for as and when the matter is settled .

c) The Company has received a demand dt.06-Feb-2016 for RS,82.03 lacs towards open land tax in respect of Tisgaon land raised by the Kalyan Dombivali Municipal Corporation against which the Company has paid RS,25 lacs under protest. The balance amount will be accounted for as and when the matter is settled.

Note 2.

As per the provisions of Section 135 of the Companies Act 2013, the Company has contributed RS,56.65 lacs, including the amount required to be paid for previous year, to various charitable trusts and other funds which would utilize the amount for CSR activity as defined under the said section and rules made there under.

Note 3.

The Company is dealing in only real estate segment. Hence, AS-17 on ''Segment Reporting'' is not applicable to the Company. Note 38

The figures in the bracket represent the figures of the previous year.

Note 4.

Previous year figures are regrouped/re-arranged wherever necessary.

Mar 31, 2014

Note 1 Contingent liabilities and Commitments (not provided for):

a) Claims against the Company not acknowledged as debt Rs.14.85 lacs. The matter was decided in favour of company. However, the bank has preferred an appeal against the order which is pending before the Debt Recovery Tribunal. The Company had deposited Rs.1.00 lacs as earnest money.

b) Guarantee given by a bank on behalf of the Company amounting to Rs.56.48 lacs against which 100 % fixed deposit margin given by the Company.

c) Guarantee given by the Company to a bank on behalf of one of the subsidiaries amounting to Rs.2200 lacs

a) In absence of adequate building-wise consumption records of materials, the aggregate consumption has been arrived at on the basis of closing stock of the materials as physically verifed by the management after deducting the same from the opening stock & total purchases made during the year and the same has been allocated to the respective buildings on the basis of consumption certifcate issued by the architect.

*Certain expenses have been apportioned to the respective project and debited to cost of construction in Note "A3" & "A4" **Post possession maintenance represents rectifcation of defects repair work carried out after the handing over possession of the fat to the customers.

* The estimate of future salary increases considered in actuarial valuation takes into account infation,seniority, promotion and relevent factors.

Note 2 The Company has not received any intimation from its suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, disclosures, if any, relating to the amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

Note 3 Related Party Disclosures

1 Related party disclosures, as required by AS-18, "Related Party Disclosures" are given below:

i List of Subsidiaries

Poddar Natural Resources & Ores Ltd Poddar Infrastructure Pvt. Ltd Poddar Habitat Pvt. Ltd Poddar Leisure Infrastructure Pvt. Ltd Wearology Ltd - FZC

ii List of Joint Venture

Viva Poddar Housing Pvt. Ltd

iii List of Partnership Firms (Associates): Organically Grown Group LLC Nav Nirman Agro Shiv Shakti Developers

iv Enterprises over which Key Management personnel/Relatives have significant infuence:

Poddar Bhumi Holdings Ltd (formerly known as Suvijay Exports Ltd) Brite Merchants Ltd

Poddar Heaven Homes Ltd (formerly known as Knitrite Apparelco Ltd) Poddar Amalgamated Holdings Pvt. Ltd Poddar Foundation

v Key Managerial Person:

Shri Dipak Kumar Poddar Â Executive Chairman Shri Rohitashwa Poddar - Managing Director

Note 4 The Company has received demand notice of Rs.349.05 lacs towards royalty including penal charges from Land revenue authorities (Tahsildar) Government of Maharashtra for excavation of Land and Stone in respect of land at Badlapur. The Company had preferred an appeal before the higher authority which has confirmed the same with certain concession. The Company has fled a writ petition against the Order in the Bombay High Court, hearing of which is pending. Similar levy had been raised on other land owners and they have obtained the stay from the Bombay High Court. In view of the same, and as per expert opinion, the management is of the view that the above demand is not tenable.

In view of the above and opinion of the board, no provision is considered necessary till the matter is finally decided. Moreover, in exceptional circumstances, if the matter is not decided in favour of the Company, the same would be debited to the cost of project of other phases to be constructed on the same land. Note 37 The Company is dealing in only real estate segment. Hence, AS-17 on ''Segment Reporting'' is not applicable to the Company.

Note 5 The figure in the bracket represents the figures of the previous year.

Mar 31, 2012

1 Rs.2025000/-(Prev Yr Rs.1000000/-)paid during the year for SR A project at Kurla for which confirmation is awaited.

a) Loans and Advances to others include Rs.2785930/- (Prev. Yr. Nil) which is considered doubtful of recovery for which no provision has been made in the accounts as the management is hopeful to recover the same in due course of time.

b) Loans and Advances to Related parties include Rs.44750000/- (Prev. Yr. Nil) given to Ami Varsha Land Developers P.Ltd towards Joint development agreement at Borivali which is now being cancelled and advances alongwith compensation would be recovered in due course of the time.

Note 1 - Contingent liabilities and Commitments (not provided fort:

a) Claims against the Company not acknowledged as debt Rs. 14.85 lacs .The matter was decided in favour of company. However, the bank has preferred an appeal against the order which is pending before the Debt Recovery Tribunal. The Company had deposited Rs.1.00 lac as earnest money.

a) In absence of adequate building-wise consumption records of materials, the aggregate consumption has been arrived at on the basis of closing stock of the materials as physically verified by the management after deducting the same from the opening stock & total purchases made during the year and the same has been allocated to the respective buildings on the basis of consumption certificate issued by the architect.

Note 2

Income Tax

a) In respect of A.Y. 1993-94, the CIT (Appeals) had decided the matter in favour of the Company and directed Income Tax Officer to give necessary effects of the said order which would result in significant reduction in the demand. However, the Company had made a provision of Rs,4 lacs against which Rs.3 lacs has already been paid. The balance payment if any will be made as and when final demand is received from the Department.

b) Income tax order for the A.Y. 1995-96 were set aside by the appellant tribunal and fresh orders were passed raising aggregating demand of Rs.455770/-, net of refund, has been provided in accounts.

c) In respect of A.Y.2001-02 Income tax authorities have raised the demand forRs. 155424/- against which company has requested to the income tax authorities to appropriate the refund ofRs. 138350/- in respect of TDS relating to A.Y.2004-05 and balance amount will be paid after necessary adjustment. However, the necessary provision has been made in the accounts.

Note 3

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

Note 4 Related Party Disclosures

1 Related party disclosures, as required by AS-18, "Related Party Disclosures" are given below:

i List of Subsidiaries

Poddar Natural Resources & Ores Ltd

Poddar Infrastructure Pvt. Ltd

Poddar Habitat Pvt. Ltd

Poddar Leisure Infrastructure Pvt. Ltd

Wearology Ltd - FZC

Ami Varsha Land Developers P.Ltd

ii List of Partnership Firms (Associates)

Organically Grown Group LLC

Nav Nirman Agro

iii Enterprises over which Key Management Personnel/Relatives have significant influence Suvijay Exports Ltd

Brite Merchants Ltd Knitrite Apparelco Ltd Poddar Amalgamated Holdings Pvt. Ltd Wearology Ltd - LLC

iv Key Managerial Person:

Shri Dipak Kumar Poddar - Executive Chairman Shri Rohitashwa Poddar - Managing Director

Note 5

The Company is dealing in only real estate segment. Hence, AS-17 on 'Segment Reporting' is not applicable to the Company. Note 38

The figure in the bracket represents the figures of the previous year.

Note 6

Previous year figures are regrouped/re-arranged wherever necessary.

Mar 31, 2011

1. Contingent liabilities not provided for:

a) Company has provided a Guarantee by way of a Stand by Letter of Credit from Citibank N A , Mumbai on behalf of is subsidiary Ã Wearology FZC towards Working Capital Limits. The out standing balance as at 31st March 2011 was AED 7,65,762 i.e. approx Rs. 91.59 lacs .

b) Claims against the Company not acknowledged as debt Rs. 14.85 lacs .The matter was decided in favour of company . However, the bank has preferred an appeal against the order which is pending before the Debt Recovery Tribunal . The Company had deposited Rs. 1.00 lac as earnest money .

2. Sundry Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation.

3. Capital commitments

Estimated amount of contract remaining to be executed on capital account (net of advances) and not provided for Rs. 8.42 lacs.

4. The Company has not considered the effect of impairment loss on the fixed assets as required under AS Ã 28 on ÃImpairment of assets' issued by the Institute of Chartered Accountants of India. However , in the opinion of the management, there would not be significant effect of the impairment as the major assets of the Company comprises of Building in addition to vehicles which have been procured in last two to three years.

5. Income Tax

a) In respect of A.Y. 1993-94, the CIT (Appeals) had decided the matter in favour of the Company and directed Income Tax Officer to give necessary effects of the said order which would result in significant reduction in the demand. However, the Company had made a provision of Rs. 4 lacs against which Rs. 3 lacs has already been paid . The balance payment if any will be made as and when final demand is received from the Department.

b) Income tax order for the A.Y.1995-96 were set aside by the appellant tribunal and fresh orders were passed raising aggregate demand of Rs. 455770 / - . This amount net of refund has been provided in accounts.

c) In respect of A.Y.2001-02 Income tax authorities have raised the demand for Rs. 155424/- against which company has requested to the income tax authorities to appropriate the refund of Rs. 138350/- in respect of TDS relating to A.Y.2004- 05 and balance amount will be paid after necessary adjustment. However, the necessary provision has been made in the accounts.

d) In respect demand for the A.Y. 2007-08 Rs. 7,97,955/- & A.Y.2008-09 Rs. 4,07,537/- aggregating to Rs. 12,05,492/-, the company has requested to the income tax authorities to adjust the same against refund due for the A.Y.2009-10 of Rs. 13,12,268/- however the same have been provided for in the accounts.

6. a) Loans and Advances include Rs. 23.98 lacs (Prev . Yr . Rs. 23.98 lacs) which is considered doubtful of recovery for which no provision has been made in the accounts as the management is hopeful to recover the same in due course of time.

b) The Company proposes to enter into an arrangement for re-development of building at Colaba along with another company & has given Rs. 36 lacs as initial startup / predevelopment cost for the said project. The said amount will not be recoverable in case the said proposal does not go through. The Company has also paid the legal charges of Rs. 5.63 lacs towards the same. The above amount aggregating to Rs. 41.63 lacs debited to Advance recoverable in cash or kind or for value to be received and considered good. However the recovery thereof would depend upon the future progress of the said project.

c) The Company had given advance of Rs. 40.02 lacs towards purchase of additional Land, includes certain Land are not useable for the purpose of construction , being in a hilly area . The Company is making necessary attempt to sell / recover the advances. The final recovery thereof would depend on final disposal of the same.

7. In absence of adequate building-wise consumption records of materials, the aggregate consumption has been arrived at on the basis of closing stock of the materials as physically verified by the management after deducting the same from the opening stock & total purchases made during the year and the same has been allocated to the respective buildings on the basis of consumption certificate issued by the architect.

8. b) The Company has not provided for employee benefit such as, Leave Encashment and other retirement benefits as per AS-15 on ÃEmployee benefitsÃ ( revised 2005 ) strictly . However , the Company has provided for accrued privileged leave on the basis as if all employees will retire at the end of the year . The overall liability in respect of employees' retirement benefit has been fully provided for in the accounts.

9. The Liability pertaining to service tax has not been provided in view of the stay granted by the Mumbai High Court. However, the relevant amount has been collected from the customers and shown under Current Liability , if the final liability arises the same would be paid to the government out of the above referred amount and would not have any imp act on the profitability of the company .

10. Segment Information

a) Business Segment

For Management reporting purposes, the Company is organized into two operating divisions Ã Garments and Realties. The divisions are on the basis of which the Company reports its primary segment information. The above segments have been identified taking into account the organization structure as well as the differing risk and returns of these segments.

i. Garments segment comprises of Export of the goods and trading in textiles and also providing services to its subsidiaries towards merchandising and documentations .

ii. Realty segment comprises of Land bank and Land development Rights and construction of Low-Cost housing project.

iii. Others segment mainly comprises of income from investments of surplus funds.

b) Geographical Segment

The Company caters to Indian as well as to export markets. The separate geographical segment information has already been given herein above.

11. Badlapur Project -

a) In the previous year the Company had entered into agreements for purchase of Development rights on agricultural land at Badlapur site for aggregate consideration of Rs. 1075.25 lacs including incident a l expenses Further the Company has also acquired Land Development Rights amounting to Rs. 357.29 lacs including incidental during the year . The aggregate amount of Rs. 1432.54 lacs are shown under the head Inventories. The Company has obtained necessary permission for construction of Housing project & would commence the construction shortly .

b) The Company has also given advances/token of Rs. 78.77 lacs (Prev . Yr . Rs. 24.55 lacs) towards purchase of additional land, which is under process of registration in favour of the Company .

12. Mohili Project Ã

The Company has entered in to agreements for purchase of Development Rights / agriculture Land at Mohili Ã Kalyan & paid advances of Rs. 490.17 lacs including incidental expenses which is subject to approval / permission of various government authorities . The above amount is shown under the head Loans & Advances.

13. Tisgaon Project -

a) Advances recoverable in cash/kind or for value to be received include advances aggregating to Rs. 20.28 lacs (Previous year Rs.20.28 lacs) paid to aggregator for procurement and aggregation of land at Tisgaon-Dombivali, Maharashtra. The recovery thereof would depend upon the further development of the project & market conditions.

b) During the year the Company has entered into Joint Development agreement with Land owners and given deposit of Rs. 88.57 lacs with the understanding that certain portion of constructed area would be given to them as a compensation towards the cost of Land and deposit amount would be appropriated against the sales proceeds of their rights.

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

15. Related Party Disclosures

1. Related party disclosures, as required by AS-18, ÃRelated Party DisclosuresÃ are given below:

(i) List of Subsidiaries

Poddar Natural Resources & Ores Ltd.

Poddar Infrastructure Pvt. Ltd.

Poddar Habit at Pvt. Ltd.

Poddar Leisure Infrastructure Pvt. Ltd.

Wearology Ltd. - FZC

(ii) List of Partnership Firms (Associates)

Organically Grown Group LLC

Nav Nirman Agro

(iii) Enterprises over which Key Management personnel / Relatives have significant influence

Suvijay Exports Ltd.

Brite Merchants Ltd.

Knitrite Apparelco Ltd.

Poddar Amalgamated Holdings Pvt. Ltd.

Sivik Constructions P. Ltd.

Wearology Ltd. - LLC

(iv ) Key Managerial Person:

Shri Dipak Kumar Poddar Ã Executive Chairman

Shri Rohitashwa Poddar - Managing Director

Shri Kalyankumar Dey - President

h) Quantitative details in respect of construction activity has not been given as required by paragraph 3 (ii) (a),(b) and paragraph 4c of part II of schedule VI to the Companies Act, 1956 as the same is not applicable for the said activities.

16. The Company has not received bank statement from certain banks (out side Maharashtra) where there are either no transactions or very few transactions. Such bank accounts are mainly open for getting the credit of duty drawback in the past . The Company has already forwarded the written request to send the bank statement as well as balance confirmation as on 31st March 2011. Necessary effect if any will be given in the accounts as and when the same are received. In the opinion of the management imp act of such transactions would not be material.

17. Profit on sale of Raw material & Accessories remains adjusted in consumption

18. The figure in the bracket represents the figures of the previous year.

19. Previous year figures are regrouped/re-arranged wherever necessary.

20. Other provisions of the said Part II of the Schedule VI of the Companies Act, 1956 are Either NIL or NOT APPLICABLE.

Mar 31, 2010

1. Contingent liabilities not provided for:

a) Claims against the Company not acknowledged as debt Rs. 14.85 lacs .The matter was decided in favour of company. However, the bank has preferred an appeal against the order which is pending before the Debt Recovery Tribunal. The Company had deposited Rs. 1.00 lac as earnest money.

b) Capital contract remaining to be executed not provided for net of advance of Rs. 27.50 lacs.

2. Sundry Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation.

3. Income Tax

a) in respect of A.Y. 1993-94, the CIT (Appeals) had decided the matter in favour of the Company and directed income Tax Officer to give necessary effects of the said order which would result in significant reduction in the demand. However, the Company had made a provision of Rs. 4 lacs against which Rs. 3 lacs has already been paid. The balance payment if any will be made as and when final demand is received from the Department.

b) Income tax order for the A.Y. 1995-96 were set aside by the appellant tribunal and fresh orders were passed raising aggregating demand of Rs. 455770/- net of refund, has been provided in accounts.

c) In respect of A.Y. 2001-02 Income tax authorities have raised the demand for Rs. 155424/- against which company has requested to the income tax authorities to appropriate the refund of Rs. 138350/- in respect of TDS relating to A.Y. 2004-05 and balance amount will be paid after necessary adjustment. However, the necessary provision has been made in the accounts.

4. The Company has not considered the effect of impairment loss on the fixed assets as required under AS - 28 on Impairment of assets issued by the Institute of Chartered Accountants of India. However, in the opinion of the management, there would not be significant effect of the impairment as the major assets of the Company comprises of Building in addition to vehicles which have been procured in last two to three years.

5. Loans and Advances include Rs. 25 lacs (Prev. Yr. 25 lacs) which is considered doubtful of recovery for which no provision has been made in the accounts.

6. The Company has not provided for employee benefit such as Gratuity, Leave Encashment and other retirement benefits as per AS-15 on "Employee benefits" (revised 2005). However, the Company has taken group gratuity policy from the LIC of India and contributed full premium up to 31s1 March 2010. The net amount of contribution, after adjusting provision for gratuity upto previous year, of Rs. 2,64,984/-, exclusive of Rs. 58,690/- that has been debited to construction expenses as shown in Schedule K, has been charged to profit & loss account. Moreover, the Company has provided for accrued privileged leave on the basis as if all employees will retire at the end of the year. The overall liability in respect of employees retirement benefit has been fully provided for in the accounts.

a) Business Segment

For Management reporting purposes, the Company is organized into two operating divisions - Garments and Realties. The divisions are on the basis of which the Company reports its primary segment information. The above segments have bei;n identified taking into account the organization structure as well as the differing risk and returns of these segments.

i. Garments segment comprises of Export of the goods and trading in textiles and also providing services to its subsidiaries towards merchandising and documentations.

ii. Realty segment comprises of Land bank and Land development Rights and construction of Low-Cost housing project.

iii. Others segment mainly comprises of income from investments of surplus funds.

b) Geographical Segment

The Company caters to Indian as well as to export markets. The separate geographical segment information has already been given herein above.

7. Advances recoverable in cash/kind or for value to be received include advances aggregating to Rs. 26,87,759/- given in the earlier year for procurement of land at Tisgaon-Dombivali, Maharashtra. In addition to above the Company has also given further advance of Rs. 1,45,000/- during the year. There is no significant development on such procurements during the year. The recovery thereof would depend upon further development of the project and market conditions.

8. Bhivpuri Project -

a) The Company has acquired 8.83 acres of Land at Bhivpuri for construction of low-cost housing project in a phased manner. The necessary approvals for construction from various authorities have been obtained and the Company has commenced the construction of the first phase of 1193.55 Sq mtrs. All the expenses up to 31.03.2010 related thereto have been shown at cost under Work-in-Progress in Schedule F and K.

b) The Company has also commenced the booking of flat under Construction and received advance towards booking which have been shown as Advance against sale of flat under the head Current Liabilities in Schedule G.

c) The Company has also given advances/token of Rs. 20.61 lacs towards purchase of additional land, which is under process of registration in favour of the Company.

d) The Company has also given advances of Rs. 25.27 lacs towards purchase of Land, which is not prima facie suitable for the construction and necessary steps are being taken to recover/realize the same. The necessary effect, if any, on account of non/short realization will be given in the accounts as and when the matter is resolved.

9. Badlapur Project -

a) The Company has entered into agreements for purchase of Development rights on agricultural land at Badlapur site for aggregate consideration of Rs. 945.07 lacs which is subject to approvals/permission of various government authorities. The total amount including stamp duty and other expenses amounting to Rs. 1075.25 lacs has been shown as Land Development Rights under the head Inventories.

b) The above purchases have been made at prevailing market price as approved by the Board of Directors in the Board Meeting held on 28.10.2009. The Company has also obtained a valuation report from an independent valuer to verify the prices paid as it is significantly higher than valuation price as reckoned by stamp authorities.

c) The Company has also given advances/token of Rs. 24.55 lacs towards purchase of additional land, which is under process of registration in favour of the Company.

10. a) Total Outstanding Dues of Small Scale Industrial Undertaking Rs. 12,55,277/- (Pr. Yr. Rs. 1414/-). The name of the Small Scale Industrial Undertaking, to whom the Company owes a sum, outstanding for more than 30 days are Industrial Box Co. and Ridham Texport P. Ltd.. The information regarding the small scale industrial undertakings have been determined to the extent such parties have been identified on the basis of information available with the Company and the Auditors have relied tiiereon.

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

11. Related Party Disclosures

1. Related party disclosures, as required by AS-18, "Related Party Disclosures" are given below:

(i) List of Subsidiaries

Makara Real Estate Ltd.

Poddar Infrastructure Pvt. Ltd.

Poddar Habitat Pvt. Ltd.

Poddar Leisure Infrastructure Pvt. Ltd.

Wearology Ltd. - LLC

Wearology Ltd. - F2C

(ii) List of Partnership Firms (Associates) Organically Grown Group LLC Nav Nirman Agro

(iii) Enterprises over which Key Management personnel/Relatives have significant influence Suvijay Exports Ltd. Tiara Trading & Investment Pvt. Ltd. Gleam Trading & Investment Pvt. Ltd. Sapphire Advisors Pvt. Ltd. Brite Merchants Ltd. Citron Finlease Pvt. Ltd. Knitrite Apparelco Ltd. Santosh Trading & Investment Pvt. Ltd. Kamdhenu Technologies Pvt. Ltd.

(iv) Key Managerial Person:

Shri Dipak Kumar Poddar - Executive Chairman Shri Rohitashwa Poddar - Managing Director

12. Consumption of Raw materials has been arrived at after deducting the sales proceeds of stock of unusable Raw materials of Fents/Regs etc.

13. The Company has not received bank statement from certain banks (outside Maharashtra) where there are either no transactions or very few transactions. Such bank accounts are mainly open for getting the credit of duty drawback in the past. The Company has already forwarded the written request to send the bank statement as well as balance confirmation as on 31s March 2010. Necessary effect if any will be given in the accounts as and when the same are received. In the opinion of the management impact of such transactions would not be material.

14. Profit on sale of Raw material & Accessories remains adjusted in consumption.

15. The figure in the bracket represents thefigures of the previous year.

16. Previous year figures are regrouped/re-arranged wherever necessary.

17. Other provisions of the said Part II of the Schedule VI of the Companies Act, 1956 are Either NIL or NOT APPLICABLE.

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