Notes to Accounts of Alfred Herbert (India) Ltd.

Mar 31, 2025

3.11 Provisions, Contingent Liabilities and Contingent
Assets

Provisions involving substantial degree of estimation in
measurement are recognized when there is a legal or
constructive obligation as a result of past events and it
is probable that there will be an outflow of resources
and a reliable estimate can be made of the amount
of obligation. Provisions are not recognised for future
operating losses. The amount recognized as a provision
is the best estimate of the consideration required to
settle the present obligation at the end of the reporting
period, taking into account the risks and uncertainties
surrounding the obligation.

Contingent liabilities are not recognized and are disclosed
by way of notes to the standalone financial statements
when there is a possible obligation arising from past
events, the existence of which will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of
the Company or when there is a present obligation that
arises from past events where it is either not probable
that an outflow of resources will be required to settle the

same or a reliable estimate of the amount in this respect
cannot be made.

Contingent assets are not recognised but disclosed in
the Standalone Financial Statements by way of notes
to accounts when an inflow of economic benefits is
probable.

3.12 Employee Benefits

Employee benefits are accrued in the year in which
services are rendered by the employees. Short term
employee benefits are recognized as an expense in the
statement of profit and loss for the year in which the
related service is rendered.

(i) Gratuity (Defined Benefit Plan) : The Company
has a Gratuity Fund administered by the Trustees,
which is independent of the Company''s finance. The
liability in respect of Gratuity has been determined
by actuarial valuation following Projected Unit Credit
Method.

(ii) Leave Encashment : According to the prevailing
practice of the Company, the employees are allowed to
enjoy the leave within the year. No encashment of leave
is allowed.

iii) Provident Fund (Defined Contribution Scheme) :
Accounted for on accrual basis based on the monthly
contribution made to the appropriate authorities.

3.13 Recognition of Dividend and Interest Income

"Revenue is recognised to the extent it is probable
that the economic benefits will flow to the
Company and the revenue can be reliably measured.
Dividend Income is recognised when the Company''s
right to receive the payment is established.
Under Ind AS 109, interest income is recorded using
the Effective Interest Rate (EIR) method for all financial
instruments measured at amortised cost. The EIR is
the rate that exactly discounts estimated future cash
receipts through the expected life of the financial
instrument or, when appropriate, a shorter period,
to the net carrying amount of the financial asset.
The EIR (and therefore the amortised cost of the asset)
is calculated by taking into account any discount or
premium on acquisition, fees and costs that are an
integral part of the EIR."

3.14 Leases
As a lessee

"A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
The Company''s lease asset class primarily consist of leases
for Land. At the inception of the contract, Company
assess whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a
period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) Company has substantially all of the economic benefits
from the use of the asset through the period of the lease and

(iii) Company has the right to direct the use of the asset.

At the date of commencement of the lease, Company
recognizes a right-of-use asset (""ROU"") and a
corresponding lease liability for all lease arrangements
in which it is a lessee, except for leases with a term of
twelve months or less (short-term leases) and low-value
leases. For these short-term or low-value leases, the
Company recognizes the lease payments as an operating
expense on a straight-line basis over the term of the lease.
The right-of-use assets are initially recognized at
cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made
at or before the commencement date of the lease
plus any initial direct cost less any lease incentives.
They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Certain lease arrangements includes the options to extend
or terminate the lease before the end of the lease term.
ROU assets and lease liabilities include these options
when it is reasonably certain that they will be exercised.
The lease liability is initially measured at amortized
cost at the present value of the future lease payments.
The lease payments are discounted using the
interest rate implicit in the lease or, if not readily
determinable, using the incremental borrowing rates.
Lease liabilities are remeasured with a corresponding
adjustment to the related right of use asset if the
Company changes its assessment if whether it
will exercise an extension or a termination option.
On the Balance Sheet, ROU assets have been included in
property, plant and equipment and lease liabilities have
been presented separately."

3.15 Taxes on Income

Income tax expense representing the sum of current
tax expense and the net charge of the deferred taxes is
recognized in the income statement except to the extent
that it relates to items recognized directly in equity or
other comprehensive income.

Current tax is provided on the taxable income and
recognized at the amount expected to be paid to or
recovered from the tax authorities, using the tax rates

and tax laws that have been enacted or substantively
enacted by the end of the reporting period.

Deferred tax is recognized on temporary differences
between the carrying amounts of assets and liabilities
in the Standalone Financial Statements and the
corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally
recognized for all taxable temporary differences. Deferred
tax assets are generally recognized for all deductible
temporary differences to the extent that it is probable
that taxable profits will be available against which those
deductible temporary differences can be utilized.

Deferred tax liabilities and assets are measured at the
tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based
on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.

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

3.16 Earnings Per Share

Basic earnings per share are computed by dividing
the net profit attributable to the equity shareholders
of the company by the weighted average number of
equity shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit
attributable to the equity shareholders of the company
by the weighted average number of equity shares
considered for deriving basic earnings per share and
also the weighted average number of equity shares that
could have been issued upon conversion of all dilutive
potential equity shares.

[ Critical accounting judgments, assumptions and key
sources of estimation and uncertainty

The preparation of the standalone financial statements
in conformity with the measurement principle of Ind AS
requires management to make estimates, judgments
and assumptions. These estimates, judgments and
assumptions affect the application of accounting policies
and the reported amounts of assets and liabilities,
the disclosures of contingent assets and liabilities at
the date of the standalone financial statements and
reported amounts of revenues and expenses during
the period. Accounting estimates could change from
period to period. Actual results could differ from
those estimates. Appropriate changes in estimates are
made as management becomes aware of changes in
circumstances surrounding the estimates. Differences

between the actual results and estimates are recognized
in the year in which the results are known / materialized
and, if material, their effects are disclosed in the notes to
the financial statements.

Application of accounting policies that require significant
areas of estimation, uncertainty and critical judgments
and the use of assumptions in the financial statements
have been disclosed below. The key assumptions
concerning the future and other key sources of
estimation uncertainty at the balance sheet date, that
have a significant risk of causing a material adjustment
to the carrying amount of assets and liabilities within the
next financial year are discussed below:

4.1 Depreciation and impairment on property, plant
and equipment and investment property

Property, plant and equipment are depreciated on
straight-line basis over the estimated useful lives in
accordance with Schedule II of the Companies Act,
2013, taking into account the estimated residual value,
wherever applicable.

The company reviews its carrying value of its Tangible
Assets and Investment Property whenever there is
objective evidence that the assets are impaired. In
such situation Asset''s recoverable amount is estimated
which is higher of asset''s or cash generating units (CGU)
fair value less cost of disposal and its value in use. In
assessing value in use the estimated future cash flows
are discounted using pre-tax discount rate which reflect
the current assessment of time value of money. In
determining fair value less cost of disposal, recent market
realisations are considered or otherwise in absence of
such transactions appropriate valuations are adopted.
The Company reviews the estimated useful lives of the
assets regularly in order to determine the amount of
depreciation and amount of impairment expense to be
recorded during any reporting period. This reassessment
may result in change estimated in future periods.

4.2 Current Tax and Deferred Tax

"Significant judgment is required in determination of

taxability of certain income and deductibility of certain
expenses during the estimation of the provision for
income taxes.

Deferred tax assets are recognised for unused losses
(carry forward of prior years'' losses) and unused tax
credit to the extent that it is probable that taxable profit
would be available against which the losses could be
utilised. Significant management judgment is required
to determine the amount of deferred tax assets that
can be recognised, based upon the likely timing and the
level of future taxable profits together with future tax
planning strategies."

4.3 Defined Benefit Obligations (DBO)

Critical estimate of DBO involves a number of critical
underlying assumptions such as standard rates of
inflation, mortality, discount rate, anticipation of future
salary increases, etc as estimated by Independent Actuary
appointed for this purpose by the Management. Variation
in these assumptions may significantly impact the DBO
amount and the annual defined benefit expenses.

4.4 Provisions and Contingencies

"Provisions and liabilities are recognized in the period
when it becomes probable that there will be a future
outflow of funds resulting from past operations or
events and the amount of cash outflow can be reliably
estimated. The timing of recognition and quantification
of the liability requires the application of judgement to
existing facts and circumstances, which can be subject to
change.

Management judgment is required for estimating
the possible outflow of resources, if any, in respect of
contingencies/claim/litigations/ against the Company
as it is not possible to predict the outcome of pending
matters with accuracy.

The carrying amounts of provisions and liabilities and
estimation for contingencies are reviewed regularly
and revised to take account of changing facts and
circumstances."

e) The Company has elected an irrevocable option to designate its investment in equity instruments (other than investment in
subsidiary companies) through FVTOCI, as these investments are not held for trading and the Company continues to invest
in these securities on long-term basis. This includes investments made in equity of the companies which are leaders in their
respective sectors and the Company believes that these investments have potential to remain accretive over the long-term.

f) The Company''s investments in unquoted equity shares have been valued based on latest available audited financial
statements.

g) Out of the total dividend recognised during the year from investment in equity instruments designated at FVTOCI, Nil
(March 31,2024- Nil) is relating to investments derecognised during the period and ? 39.70 Lakhs (March 31, 2024- ? 35.13
Lakhs) pertains to investments held at the end of the reporting period (Also refer note no. 22).

h) During the year, pursuant to issue of bonus shares in the ratio of 1:1, the Company has received 1,18,667 equity shares of
Rs. 10 each of Reliance Industries Limited, taking the total shareholding of the Company to 2,37,334 equity shares of Rs.
10 each as on March 31,2025.

i) During the year, pursuant to demerger of the hotels business of ITC Limited, the Company has been allotted, in the ratio
of 1:10, 9,000 equity shares of Re. 1 each of ITC Hotels Limited for 90,000 fully paid-up equity shares of Re. 1 each held by
the Company in ITC Limited.

j) The other disclosures regarding fair value and risk arising from financial instruments are explained in note no. 42 & 43.

20.1 Refer Standalone Statement of Changes in Equity for movement in balances of reserves

Nature and purpose of reserves:

20.2 Capital Reserve

Capital reserve is a reserve which is not free for distribution. The balance in this reserve represents the amount of share
forfeited by the Company.

20.3 Capital Revaluation Reserve

This represents revaluation of Land at Kolkata and Bangalore and Building at Bangalore.

20.4 Statutory Reserve

Statutory reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (hereinafter referred to as
"the RBI Act") and related regulations applicable to those companies. Under the RBI Act, a Non Banking Financial Company
is required to transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend.
Appropriation from this reserve fund is permitted only for the purposes specified by the Reserve Bank of India.

20.5 General Reserve

The general reserve is created from time to time by appropriating profits from retained earnings. The general reserve is
created by a transfer from one component of equity to another. Accordingly, it is not reclassified to the statement of profit
and loss.

34. Contingent Liabilities and Commitments (to the extent not provided for)

(a) Contingent Liabilities
As at March 31, 2025

In respect of an ongoing litigation concerning the Company''s tenancy for one of the premises at Ballard Estate, Mumbai,
pending final decision on the matter and determination of the amount, the interim compensation as directed by the
Bombay High Court pursuant a petition filed by the Company, amounting to ? 80.68 Lakhs pertaining to the period from
the date of impugned decree till March 31, 2025 and ? 2.31 Lakhs per month thereafter has since been deposited by the
Company.

The contentions made by the Landlord in the matter not being based on facts and circumstantial evidences, as advised
legally, are not valid and an appeal has therefore been filed before the Small Causes [Appellate] Court, Mumbai. Pending
this, considering the merit involved, amount of the rent for the said premises as applied consistently has been continued
to be recognized in the books of accounts and no further provision in this respect has been considered necessary.

As at March 31, 2024

The Company has since received a demand towards increase in rent (including applicable duties and taxes) aggregating to
? 49.47 Lakhs from Syama Prasad Mookerjee Port Kolkata- Estate Division in respect of one of its premises taken on lease
from them. The liability towards rent as invoiced as per the lease agreement has been recognised and paid by the Company.
The matter has been taken up with the Port Trust Authorities and pending final resolution of the matter, no further liability
in this respect is expected to materialise.

(b) Commitments

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance)- Nil
(March 31,2024- Nil)

(ii) Other commitments- Nil (March 31,2024- Nil)

35. Disclosures as required by Indian Accounting Standard 37 "Provisions, Contingent liabilities and Contingent
assets"

Contingent asset

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. During
the normal course of business, unresolved claims remain outstanding. The inflow of economic benefits, in respect of such
claims cannot be measured due to uncertainties that surround the related events and circumstances.

38 Segment reporting

(a) The Company operates mainly in one business segment, viz., investing in immovable properties, fixed deposits,
securities including equity, bonds, mutual funds, and carrying out other non-banking financial activities, and as such
there are no other reportable segments as identified by the Chief Operating Decision Maker of the Company in terms
of requirements under Ind AS 108 "Operating Segments".

(b) Geographical information

The Company operates entirely within India and as such, separate geographical information has not been
disclosed.

39. Disclosures for leasing arrangements- Company as a Lessee

(i) Nature of lease:

The Company''s significant leasing arrangements are in respect of the following assets:

Premises obtained on lease for administrative offices.

(ii) Amount recognised in the Standalone Statement of Profit and Loss in respect of lease of low value assets have been
disclosed in note no. 31.1.

(ii) Risks related to defined benefit plans:

The major risks to which the Company is exposed in relation to defined benefit plans are:

(a) Interest rate risk

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the
ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

(b) Salary risk

Higher than expected increases in salary will increase the defined benefit obligation.

Footnote:

Figures in brackets pertain to previous year
(B) Fair value hierarchy

The fair value of the financial assets and financial liabilities are included at an amount at which the instrument could be

exchanged in an orderly transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

(i) Fair value of cash and cash equivalents, other bank balances, other financial assets and other financial liabilities
approximate their carrying amounts due to the short-term maturities of these instruments.

(ii) Investments (other than investments in subsidiary companies) which are quoted in active market are fair valued at
the reporting date based on the prevailing quote. Investment in unquoted equity shares have been valued based on
the latest available audited financial statements. Investment in mutual fund are measured using NAV at the reporting
date.

The Company uses the following fair value hierarchy for determining and disclosing the fair value of financial

instruments:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly

or indirectly.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

43 Financial risk management- objectives and policies

The Company''s principal financial liabilities includes lease liabilities and other financial liabilities and principal financial
assets include investments, cash and cash equivalents, other bank balances and other financial assets.

The Company is exposed to credit risk, liquidity risk and market risk. The Company''s senior management under the
supervision of Board of Directors oversees the management of these risks. The Company''s financial risks are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company''s policies and risk objectives.

(a) Market risk

Market risk is the risk or uncertainty arising from possible market fluctuations resulting in variation in the fair value
or future cash flows of a financial instrument. The major components of market risks are currency risk, interest rate
risk and other price risk. Financial instruments affected by market risk includes investments, other receivables and
payables.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company does not have any foreign currency and accordingly, is not subjected to such
risk.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Since the Company does not have any financial assets or financial liabilities bearing
floating interest rates, any change in the interest rates at the reporting date would not have any significant impact on
the standalone financial statements of the Company.

(iii) Other price risk

The Company is exposed to equity price risk arising from investments held by the Company and classified in the
Balance Sheet at fair value through other comprehensive income.

To manage its price risk arising from investment in equity securities, the Company diversifies its portfolio. Diversification
of the portfolio is done in accordance with the limits set by the Company.

The majority of the Company''s equity investments are listed on the Bombay Stock Exchange (BSE) or the National
Stock Exchange (NSE) in India.

Sensitivity analysis- equity price risk

The table below summarises the impact of increase/ decrease of the index on the Company''s equity and total
comprehensive income for the year. The analysis is based on the assumption that the equity/ index had increased by
2% or decreased by 2% with all other variables held constant, and that all the Company''s equity investments moved
in line with the index.

Other components of equity would increase/ decrease as a result of gain/ losses on equity securities classified as fair
value through other comprehensive income.

The Company''s exposure in subsidiary companies are carried at cost and these are subject to impairment testing as
per the policy followed in this respect.

(b) Credit Risk

Credit risk is the risk that a customer or counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities
(primarily loans). The management has a credit policy in place and the exposure to credit risk is monitored on an
ongoing basis. The Company periodically assesses the financial reliability of amounts outstanding, taking into account
the financial conditions, current economic trends.

The carrying amount of respective financial assets recognised in the standalone financial statements represents the
Company''s maximum exposure to credit risk.

The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of
doubtful loans. Receivables are reviewed/ evaluated periodically by the management and appropriate provisions are
made to the extent recovery there against has been considered to be remote.

The credit risk on cash and cash equivalents are insignificant as counterparties are banks with high credit ratings.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
a reasonable price. The Company''s objective is to maintain optimum level of liquidity to meet its cash and collateral
requirements at all times. The Company relies on internal accruals to meet its fund requirement.

Liquidity Risk Tables

The following tables detail the Company''s remaining contractual maturity for its non-derivative financial liabilities
with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest
and principal cash flows as at balance sheet date:

The Company has financial assets which will be realised in ordinary course of business. Further it has significant
retained surplus lying invested in realisable securities and the Company ensures that it has sufficient cash on demand
to meet expected operational expenses and obligations.

4 Capital Management
(a) Risk management

The primary objective of the Company''s capital management is to ensure that it maintains a healthy capital ratio in
order to support its business and maximise shareholder value. The Company''s objective when managing capital is to
safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and
benefits for other stake holders. The Company is focused on keeping strong total equity base to ensure independence,
security, as well as a high financial flexibility for potential future borrowings.

Footnote:

The value of investments as disclosed hereinabove is without considering the impact of impairment allowance

49A.The Company, neither had any transactions during the years ended March 31, 2025 and March 31,2024 with companies,
which have been struck off by the Registrar of Companies nor any balance is outstanding from such companies as at the
end of respective reporting period.

49B. No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly,
lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received
any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly

lend or invest in other persons or entities identified by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

50A. I n respect of the year ended March 31, 2025, the Board of Directors has proposed a final dividend of ? 5 (50%) per share to
be paid on fully paid equity shares. The said dividend is subject to approval by shareholders at the Annual General Meeting
and accordingly, has not been included as a liability in these standalone financial statements. The proposed equity dividend
is payable to all holders of fully paid equity shares.

50B. The Company''s land at Whitefield, Bengaluru has since been sold pursuant to the deed of conveyance executed on May
8, 2025 for an agreed consideration of ? 48,590.00 Lakhs. The transaction being entered into subsequent to the balance
sheet date, necessary adjustment in this respect will be given effect to in the subsequent period.

51. The standalone financial statements have been approved by the Board of Directors of the Company on May 23, 2025 for
issue to the shareholders for their adoption.

As per our report of even date attached

For A L P S & CO. For and on behalf of the Board of Directors

Chartered Accountants

Firm''s Registration No.: 313132E

A. K. Khetawat H. V. Lodha

Partner Director

Membership No. 052751 DIN- 00394094

Partha Pratim Das P. K. Madappa

Place: Kolkata Chief Executive Officer Director

Date: May 23, 2025 PAN- ADEPD0664L DIN- 00058822

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Mar 31, 2024

3.11 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive obligation as a result of past events and it is probable that there will be an outflow of resources and a reliable estimate can be made of the amount of obligation. Provisions are not recognised for future operating losses. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Contingent liabilities are not recognized and are disclosed by way of notes to the standalone financial statements when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or when there is a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the

same or a reliable estimate of the amount in this respect cannot be made.

Contingent assets are not recognised but disclosed in the Standalone Financial Statements by way of notes to accounts when an inflow of economic benefits is probable.

3.12 Employee Benefits

Employee benefits are accrued in the year in which services are rendered by the employees. Short term employee benefits are recognized as an expense in the statement of profit and loss for the year in which the related service is rendered.

(i) Gratuity (Defined Benefit Plan) : The Company has a Gratuity Fund administered by the Trustees, which is independent of the Company''s finance. The liability in respect of Gratuity has been determined by actuarial valuation following Projected Unit Credit Method.

(ii) Leave Encashment : According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.

iii) Provident Fund (Defined Contribution Scheme) : Accounted for on accrual basis based on the monthly contribution made to the appropriate authorities.

3.13 Recognition of Dividend and Interest Income

"Revenue is recognised to the extent it is probable that the economic benefits will low to the Company and the revenue can be reliably measured. Dividend Income is recognised when the Company''s right to receive the payment is established. Under Ind AS 109, interest income is recorded using the Effective Interest Rate (EIR) method for all financial instruments measured at amortised cost. The EIR is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset. The EIR (and therefore the amortised cost of the asset) is calculated by taking into account any discount or premium on acquisition, fees and costs that are an integral part of the EIR."

3.14 Leases As a lessee

"A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company''s lease asset class primarily consist of leases

for Land. At the inception of the contract, Company assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) Company has substantially all of the economic benefits from the use of the asset through the period of the lease and

(iii) Company has the right to direct the use of the asset.

At the date of commencement of the lease, Company recognizes a right-of-use asset (""ROU"") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low-value leases. For these short-term or low-value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date of the lease plus any initial direct cost less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses. Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include these options when it is reasonably certain that they will be exercised. The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. On the Balance Sheet, ROU assets have been included in property, plant and equipment and lease liabilities have been presented separately."

3.15 Taxes on Income

Income tax expense representing the sum of current tax expense and the net charge of the deferred taxes is recognized in the income statement except to the extent that it relates to items recognized directly in equity or other comprehensive income.

Current tax is provided on the taxable income and recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates

and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Standalone Financial Statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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

3.16 Earnings Per Share

Basic earnings per share are computed by dividing the net profit attributable to the equity shareholders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit attributable to the equity shareholders of the company by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

4 Critical accounting judgments, assumptions and key sources of estimation and uncertainty

The preparation of the standalone financial statements in conformity with the measurement principle of Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the standalone financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are

made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of assumptions in the financial statements have been disclosed below. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:

4.1 Depreciation and impairment on property, plant and equipment and investment property

Property, plant and equipment are depreciated on straight-line basis over the estimated useful lives in accordance with Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable.

The company reviews its carrying value of its Tangible Assets and Investment Property whenever there is objective evidence that the assets are impaired. In such situation Asset''s recoverable amount is estimated which is higher of asset''s or cash generating units (CGU) fair value less cost of disposal and its value in use. In assessing value in use the estimated future cash lows are discounted using pre-tax discount rate which reflect the current assessment of time value of money. In determining fair value less cost of disposal, recent market realisations are considered or otherwise in absence of such transactions appropriate valuations are adopted. The Company reviews the estimated useful lives of the assets regularly in order to determine the amount of depreciation and amount of impairment expense to be recorded during any reporting period. This reassessment may result in change estimated in future periods.

4.2 Current Tax and Deferred Tax

"Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation of the provision for income taxes.

Deferred tax assets are recognised for unused losses (carry forward of prior years'' losses) and unused tax credit to the extent that it is probable that taxable profit would be available against which the losses could be utilised. Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies."

4.3 Defined Benefit Obligations (DBO)

Critical estimate of DBO involves a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate, anticipation of future salary increases, etc as estimated by Independent Actuary appointed for this purpose by the Management. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

4.4 Provisions and Contingencies

"Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change.

Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations/ against the Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take account of changing facts and circumstances."

7.3 Loans given to wholly owned subsidiary, Alfred Herbert Limited, had been considered as a loss asset as per the prudential guidelines issued by the Reserve Bank of India ("the Guidelines") and accordingly written off during the previous year. The equivalent amount of provision for doubtful assets made in this respect in earlier years had been written back and disclosed under the head "Other income (note no. 24) in the standalone financial statements. Further, no interest has been accrued against the said loan considering the above Guidelines.

During the current year, the Company has given further loan of ? 0.55 Lakhs to the said subsidiary company which, as per the above Guidelines, has been written off during the year and disclosed under "Impairment on financial instruments (note no. 26)" in the standalone financial statements.

e) The Company has elected an irrevocable option to designate its investment in equity instruments (other than investment in subsidiary companies) through FVTOCI, as these investments are not held for trading and the Company continues to invest in these securities on long-term basis. This includes investments made in equity of the companies which are leaders in their respective sectors and the Company believes that these investments have potential to remain accretive over the long-term.

f) The Company''s investments in unquoted equity shares have been valued based on latest available audited financial statements.

g) Out of the total dividend recognised during the year from investment in equity instruments designated at FVTOCI, Nil (March 31, 2023- Nil) is relating to investments derecognised during the period and ? 35.13 Lakhs (March 31, 2023- ? 35.39 Lakhs) pertains to investments held at the end of the reporting period (Also refer note no. 22).

h) During the year, equity shares of Nestle India Limited have been split in the ratio of 1:10 resulting in increase in number of shareholding in the said company from 540 equity shares of ? 10 each in the previous year to 5,400 equity shares of ? 1 each as on March 31,2024.

32. Contingent Liabilities and Commitments (to the extent not provided for)

(a) Contingent Liabilities

The Company has since received a demand towards increase in rent (including applicable duties and taxes) aggregating to ? 49.47 Lakhs from Syama Prasad Mookerjee Port Kolkata- Estate Division in respect of one of its premises taken on lease from them. The liability towards rent as invoiced as per the lease agreement has been recognised and paid by the Company. The matter has been taken up with the Port Trust Authorities and pending final resolution of the matter, no further liability in this respect is expected to materialise.

The Company did not have any pending litigations as on March 31, 2023.

(b) Commitments

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance)- Nil (March 31,2023- Nil)

33. Disclosures as required by Indian Accounting Standard 37 "Provisions, Contingent liabilities and Contingent assets" Contingent Asset

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. During the normal course of business, unresolved claims remain outstanding. The inflow of economic benefits, in respect of such claims cannot be measured due to uncertainties that surround the related events and circumstances.

(ii) Risks related to defined benefit plans:

The major risks to which the Company is exposed in relation to defined benefit plans are:

(a) Interest rate risk

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

(b) Salary risk

Higher than expected increases in salary will increase the defined benefit obligation.

40. Financial instruments- Accounting, Classification and Fair value measurements

(B) Fair value hierarchy

The fair value of the financial assets and financial liabilities are included at an amount at which the instrument could be exchanged in an orderly transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

(i) Fair value of cash and cash equivalents, other bank balances, other financial assets and other financial liabilities approximate their carrying amounts due to the short-term maturities of these instruments.

(ii) Investments (other than investments in subsidiary companies) which are quoted in active market are fair valued at the reporting date based on the prevailing quote. Investment in unquoted equity shares have been valued based on the latest available audited financial statements. Investment in mutual fund are measured using NAV at the reporting date.

The Company uses the following fair value hierarchy for determining and disclosing the fair value of financial instruments: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The following table provides the fair value hierarchy of the Company''s assets and liabilities measured at fair value on a recurring basis:

Financial assets measured at fair value on a recurring basis

41 Financial risk management- objectives and policies

The Company''s principal financial liabilities includes lease liabilities and other financial liabilities and principal financial assets include investments, cash and cash equivalents, other bank balances and other financial assets.

The Company is exposed to credit risk, liquidity risk and market risk. The Company''s senior management under the supervision of Board of Directors oversees the management of these risks. The Company''s financial risks are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

(a) Market risk

Market risk is the risk or uncertainty arising from possible market fluctuations resulting in variation in the fair value or future cash lows of a financial instrument. The major components of market risks are currency risk, interest rate risk and other price risk. Financial instruments affected by market risk includes investments, other receivables and payables.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash lows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not have any foreign currency and accordingly, is not subjected to such risk.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash lows of a financial instrument will fluctuate because of changes in market interest rates. Since the Company does not have any financial assets or financial liabilities bearing floating interest rates, any change in the interest rates at the reporting date would not have any significant impact on the standalone financial statements of the Company.

(iii) Other price risk

The Company is exposed to equity price risk arising from investments held by the Company and classified in the Balance Sheet at fair value through other comprehensive income.

To manage its price risk arising from investment in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

The majority of the Company''s equity investments are listed on the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE) in India.

Sensitivity analysis- equity price risk

The table below summarises the impact of increase/ decrease of the index on the Company''s equity and total comprehensive income for the year. The analysis is based on the assumption that the equity/ index had increased by 2% or decreased by 2% with all other variables held constant, and that all the Company''s equity investments moved in line with the index.

Other components of equity would increase/ decrease as a result of gain/ losses on equity securities classified as fair value through other comprehensive income.

The Company''s exposure in subsidiary companies are carried at cost and these are subject to impairment testing as per the policy followed in this respect.

(b) Credit Risk

Credit risk is the risk that a customer or counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily loans). The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The Company periodically assesses the financial reliability of amounts outstanding, taking into account the financial conditions, current economic trends.

The carrying amount of respective financial assets recognised in the standalone financial statements represents the Company''s maximum exposure to credit risk.

The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of doubtful loans. Receivables are reviewed/ evaluated periodically by the management and appropriate provisions are made to the extent recovery there against has been considered to be remote.

The credit risk on cash and cash equivalents are insignificant as counterparties are banks with high credit ratings.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s objective is to maintain optimum level of liquidity to meet its cash and collateral requirements at all times. The Company relies on internal accruals to meet its fund requirement.

Liquidity Risk Tables

The following tables detail the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash lows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash lows as at balance sheet date:

42 Capital management (a) Risk management

The primary objective of the Company''s capital management is to ensure that it maintains a healthy capital ratio in order to support its business and maximise shareholder value. The Company''s objective when managing capital is to safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stake holders. The Company is focused on keeping strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings.

47. The Company, neither had any transactions during the years ended March 31, 2024 and March 31,2023 with companies, which have been struck off by the Registrar of Companies nor any balance is outstanding from such companies as at the end of respective reporting period.

48. No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

49. In respect of the year ended March 31,2024, the Board of Directors has proposed a final dividend of ? 4 (40%) per share to be paid on fully paid equity shares. The said dividend is subject to approval by shareholders at the Annual General Meeting and accordingly, has not been included as a liability in these standalone financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares.

50. The standalone financial statements have been approved by the Board of Directors of the Company on May 24, 2024 for issue to the shareholders for their adoption.

As per our report of even date attached

For A L P S & CO. For and on behalf of the Board of Directors

Chartered Accountants

Firm''s Registration No.: 313132E

A. K. Khetawat V. Matta A. V. Lodha

Partner Chief Executive Officer Chairman

Membership No. 052751 PAN- ADMPM4399R DIN- 00036158

Shobhana Sethi P. K. Madappa

Place: Kolkata Company Secretary & Chief Financial Officer Director

Date: May 24, 2024 PAN- DLBPS7691G DIN- 00058822

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Mar 31, 2019

1.1.1. There has been no change / movement in the number of outstanding shares as at the beginning and at the end of our reporting period.

1.1.2 The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company is subject to the approval of the shareholders in the ensuing Annual General Meeting. in the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of equity shares held by Equity Shareholders.

1.1.3 EQUITY SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% EQUITY SHARES

2. Contingent Liabilities and Commitments

a) Contingent Liability not provided for in respect of Corporate Guarantee for Rs.27,500,000/- (2017-18 Rs. 27,500,000/-)

b) Contingent Liability not provided for in respect of Bank Guarantee for obtaining Way Bill from West Bengal Commercial Tax Department for Rs.1,340,000/- (2017-18 Rs.1,340,000/-)

c) Estimated amount of contracts (net of advance) remaining to be executed on Capital Account and not provided for -Rs.35,279,394/- (2017-18 Rs.Nil)

3. Land at Bangalore

In response to the Company’s Writ petition against the order of the Assistant Commissioner of forest, Karnataka for vacating the Company’s property in Whitefield which had been acquired from KIADB the single bench of Hon’ble High Court at Karnataka upheld the Company’s contention and held that the land did not belong to the forest department. A review petition has been filed by the forest department with Hon’ble High Court at Karnataka (involving several industries including the Company situated in the same vicinity) and the same is currently pending before the said court.

4. Loans and Advances given to wholly owned subsidiary, Alfred Herbert Limited became Non-performing Assets (NpA), as per prudential guidelines issued by Reserve Bank of India (the guidelines) and provision of Rs. 42 lakhs was made in the previous year in terms of the said guidelines. Even through the performance of the said subsidiary has improved during the year, the said loan remained classified as NpA and provision of Rs. 42 lakhs made in the previous year has been continued in this year.

Further, no interest as a matter of support to the subsidiary and also considering the guidelines has been accrued against the said loan.

5. Disclosure of Employee Benefit Expenses in accordance with the requirements of AS-15 (Revised) :

Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity fund scheme is administered and controlled by a trust. The projected Unit Credit (pUC) actuarial method has been used to assess the plan’s Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity plan as required under As 15 (Revised).

Reconciliation of Defined Benefit Obligation and fair Value of Assets over the year ended 31st March 2019.

6. Leave Encashment

According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.

7. There are no reported Micro Enterprises and small Enterprises as defined in the Micro, small and Medium Enterprises Development Act 2006, to whom Company owes dues.

8. In accordance with Accounting standard 22 “Accounting for taxes on Income” (As-22) the company has accounted for deferred taxes during the year.

9. The Company operates mainly in one business segment viz. non-banking financial activities and therefore the Segment Reporting as per the Accounting Standard (AS-17) is not applicable to the Company.

10. Previous year’s figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.

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Mar 31, 2018

3. Contingent Liabilities and Commitments

a) Contingent Liability not provided for in respect of Corporate Guarantee for Rs.27,500,000/- (2016-17 Rs.27,500,000/)

b) Contingent Liability not provided for in respect of Bank Guarantee for obtaining Way Bill from West Bengal Commercial Tax Department for Rs.1,340,000/- (2016-17 Rs.1,340,000/-)

c) Estimated amount of contracts remaining to be executed on Capital Account and not provided for -Rs.Nil (2016-17 Rs.1,280,000/-)

4. Land at Bangalore

In response to the Company''s Writ Petition against the order of the Assistant Commissioner of Forest, Karnataka for vacating the Company''s property in Whitefield which had been acquired from KIADB. The single bench of Hon''ble High Court at Karnataka upheld the Company''s contention and held that the land did not belong to the forest department. A review petition has been filed by the forest department with Hon''ble High Court at Karnataka (involving several industries including the Company situated in the same vicinity) and the same is currently pending before the said court.

5. Loans and Advances given to 100% subsidiary, Alfred Herbert Limited include Rs.30 lakhs which has become Non-Performing Asset (NPA) during the year in terms of Prudential Norms issued by the Reserve Bank of India. Pending outcome of the steps for recovery taken by the Company, the entire amount of loan of Rs.420 lakhs given to the said subsidiary has been considered to be NPA and has been so classified in these Accounts. Provision of Rs.42 lakhs required in terms of the guidelines issued by Reserve Bank of India has been made in these Accounts. Further, no interest as a matter of support to the subsidiary and also considering the prudential guidelines by the Reserve Bank of India has been accrued against the said loan.

6. Disclosure of Employee Benefit Expenses in accordance with the requirements of AS-15 (Revised) : Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plan''s Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity Plan as required under AS 15 (Revised).

Reconciliation of Defined Benefit Obligation and Fair Value of Assets over the year ended 31st March 2018.

Notes to the Balance sheet and statement of Profit and Loss (Contd.)

7. Leave Encashment

According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.

8. There are no reported Micro Enterprises and small Enterprises as defined in the Micro, small and Medium Enterprises Development Act 2006, to whom Company owes dues.

9. The Company operates mainly in one business segment viz. non-banking financial activities and therefore the segment Reporting as per the Accounting standard (As-17) is not applicable to the Company.

10. In accordance with Accounting standard 22 "Accounting for taxes on Income" (As-22) the company has accounted for deferred taxes during the year.

11. Related party disclosure to the extent identified by the management in accordance with the requirements of Accounting standard 18 on "Related Party Transactions" are as follows :-Related Parties

Name Relationship

Alfred Herbert Limited subsidiary Company

Herbert Holdings Limited subsidiary Company

Jain Industrial & Commercial services Pvt. Ltd. Company where significant influence exist

(Upto 31st December, 2017)

La Creme De La Creme services LLP LLP where certain Directors are Partners

(w.e.f. 1st January, 2018)

Key Management Personnel

R. Radhakrishnan Chief Executive Officer & Company secretary

(Resigned w.e.f. 2nd November, 2017)

V. Matta Chief Financial Officer

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Mar 31, 2017

1. Contingent Liabilities and Commitments

2. Contingent Liability not provided for in respect of income Tax demand amounting to Rs. Nil (2015-16 Rs.15,230/-)

3. Contingent Liability not provided for in respect of Corporate Guarantee for Rs.27,500,000/- (2015-16 Rs.27,500,000/)

4. Contingent Liability not provided for in respect of Bank Guarantee for obtaining Way Bill from West Bengal Commercial Tax Department for Rs.1,340,000/- (2015-16 Rs. Nil)

5. Estimated amount of contracts remaining to be executed on Capital Account and not provided for - Rs.1,280,000/-(2015-16 Rs. Nil)

6. The Board of Directors recommend the payment of Dividend of Rs.2/- per share (20%) amounting to Rs.1,542,858/- for the year ended 31st March, 2017 pending approval of shareholders.

7. Land at Bangalore

8. in response to the Company''s Writ Petition against the order of the Assistant Commissioner of Forest, Karnataka for vacating the Company''s property in Whitefield which had been acquired from KIADB. The single bench of Hon''ble High Court at Karnataka upheld the Company''s contention and held that the land did not belong to the forest department. A review petition has been filed by the forest department with Hon''ble High Court at Karnataka (involving several industries including the Company situated in the same vicinity) and the same is currently pending before the said court.

9. A portion of land at Bangalore along with structure thereon has been acquired by Karnataka industrial Area Development Board (KIADB) for the purpose of Metro Rail Project under taken by the Government and compensation of Rs.209,132,210/- has been received against the said acquisition. Profit arising in this respect has been disclosed as Exceptional items in the Statement of Profit and Loss.

10. Considering the current financial performance of its 100% subsidiary, Alfred Herbert Limited, it has been decided to waive the interest on loan currently amounting to Rs.18,000,000/- given to the subsidiary. interest of Rs.565,820/- accrued till 31st March 2016 has been written off as a measure of support and no further interest against the said loan recognized also keeping in view the Prudential Guidelines issued by the Reserve Bank of India.

11. Disclosure of Employee Benefit Expenses in accordance with the requirements of AS-15 (Revised) :

Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plan''s Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity Plan as required under AS 15 (Revised).

Reconciliation of Defined Benefit Obligation and Fair Value of Assets over the year ended 31st March 2017.

12. Leave Encashment

According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.

13. There are no reported Micro Enterprises and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom Company owes dues.

14. The Company operates mainly in one business segment viz. non-banking financial activities and therefore the Segment Reporting as per the Accounting Standard (AS-17) is not applicable to the Company.

15. In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS-22) the company has accounted for deferred taxes during the year.

16. Previous year''s figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.

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Mar 31, 2016

1. Contingent Liabilities and Commitments

i) a) Contingent Liability not provided for in respect of Income Tax demand amounting to Rs.15,230/- (2014-15 Rs.19,720/)

b) Contingent Liability not provided for in respect of Corporate Guarantee for Rs.27,500,000/- (2014-15 Rs.nil)

ii) Estimated amount of contracts remaining to be executed on capital account and not provided for - Rs. Nil (2014-15 -Rs.9,309,604/-).

2. Land at Bangalore - In response to the Company''s Writ Petition against the order of the Assistant Commissioner of Forest, Karnataka for vacating the Company''s property in Whitefield which had been acquired from KIADB. The single bench of Hon''ble High Court at Karnataka upheld the Company''s contention and held that the land did not belong to the forest department. A review petition has been filed by the forest department (involving several industries including the Company situated in the same vicinity) and the same is currently pending before the said court. The Company received a notice from KIADB (Metro Rail Project) for acquisition of 2008 sq. mtrs. of land from Survey No. 81 for housing proposed Metro Rail Station.

3. Disclosure of Employee Benefit Expenses in accordance with the requirements of AS-15 (Revised):

Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plan''s Liabilities, including those related to death-in-service and incapacity benefits.

4. Leave Encashment

According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.

5. There are no reported Micro Enterprises and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom Company owes dues.

6. The Company operates mainly in one business segment and therefore the Segment Reporting as per the Accounting Standard (AS-17) is not applicable to the Company.

7. In accordance with Accounting Standard 22 “Accounting for taxes on Income" (AS-22) the company has accounted for deferred taxes during the year.

The following are the major components of deferred tax (assets) / liabilities.

8. Related party disclosure to the extent identified by the management in accordance with the requirements of Accounting Standard 18on “Related Party Transactions" are as follows :-Related Parties

Name Relationship

Alfred Herbert Limited Subsidiary Company

Herbert Holdings Limited Subsidiary Company

Jain Industrial & Commercial Services Pvt. Ltd. Associate Company

Chief Executive Officer Key Management Personnel

Chief Financial Officer Key Management Personnel

Note: Figures in bracket represent previous year''s figure.

9. Diminution in value of investment in Reliance Communications Limited is due to market fluctuations and the same is treated as Long Term Investment at cost.

10. Previous year''s figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.

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Mar 31, 2015

1. There has been no change / movement in the number of outstanding shares as at the beginning and at the end of our reporting period.

2. The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of equity shares held by Equity Shareholders.

3. Contingent Liabilities and Commitments

i) Contingent Liability not provided for in respect of income Tax demand amounting to Rs.19,720/- (2013-14 Rs.501,285/-)

ii) Estimated amount of contracts remaining to be executed on capital account and not provided for - Rs.9,309,604/- (2013-14 - Rs.36,151,192/-).

4. Factory Land - in response to the Company''s Writ Petition against the order of the Assistant Commissioner of Forest, Karnataka for vacating the Company''s property in Whitefield which had been acquired from KIADB. The single bench of Hon''ble High Court at Karnataka upheld the Company''s contention and held that the land did not belong to the forest department. A review petition has been filed by the forest department (involving several industries including the Company situated in the same vicinity) and the same is currently pending before the said court.

5. Effective from April 1, 2014, the Company has charged Depreciation based on the revised remaining useful life of the assets as per the requirement of Schedule ii of the Companies Act, 2013. Due to the above depreciation charge for the year ended March 31, 2015 is lower by Rs.21,548/-. Further, based on transitional provision provided in Note 7(b) of Schedule ii, Depreciation of Rs.213,612/- and Deferred Tax of Rs.66,006/- thereon have been adjusted to General Reserve.

6. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plan''s Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity Plan as required under AS 15 (Revised).

Reconciliation of Defined Benefit Obligation and Fair Value of Assets over the year ended 31st March 2015.

7. Leave Encashment

According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.

8. There are no reported Micro Enterprises and small Enterprises as defined in the Micro, small and Medium Enterprises Development act 2006, to whom Company owes dues.

9. the Company operates mainly in one business segment and therefore the segment Reporting as per the Accounting standard (As-17) is not applicable to the Company.

10. in accordance with Accounting standard 22 "accounting for taxes on income" (As-22) the company has accounted for deferred taxes during the year.

11. Related parly disclosure as identified by the management in accordance with the Accounting Standard 18 on "Related Party Transactions" are as follows Related Parties

Name Relationship

Alfred Herbert Limited Subsidiary Company

Herbert Holdings Limited Subsidiary Company

Jain industrial & Commercial Services Pvt. Ltd. Associate Company

Chief Executive Officer Key Management Personnel

Chief Financial Officer Key Management Personnel

12. previous year’s figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.

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Mar 31, 2013

1. Building Plan Sanction Fees Rs.7,135,678/- (2012 – Rs.7,135,678/-) paid for construction of building has been carried forward as Capital-Work-in-Progress to be allocated/adjusted on completion of construction.

2. Depreciation for the year as per Fixed Assets Schedule (Note 2.7) includes Rs.181,400/- (2012 – Rs.185,008/-) being depreciation on the increased value of Building due to the effect of revaluation and accordingly the same has been adjusted from Capital Revaluation Reserve.

3. Interest on loans except to the extent there is uncertainty as to the realisation has been accounted for on accrual basis.

4. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plan''s Liabilities, including those related to death-in-service and incapacity benefits.

5. There are no reported micro, small and medium enterprises as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom Company owes dues.

6. The Company operates mainly in one business segment and thereby the segment reporting as required by AS-17 is not applicable.

7. In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS-22) the company has accounted for deferred taxes during the year.

8. Previous year''s figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.

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Mar 31, 2012

1. The Company has only one class of equity share having a par value of Rs, 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company is subject to the approval of the shareholders in the ensuing Annual General Meeting, In the event of liquidation of the Company, the holOers of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of equity shares held by Equity Shareholders.

2. Building Plan Sanction Fees Rs. 7,135,678/- paid for construcion of building has been carried forward as Capital-work-in-Prograss to be allocated/adjusted on completion of construction.

3. Interest on loans except to the extent there is uncertainty as to the realistion has been accounted for an accural basis.

4. Loans and advances include Rs. 20,000,000/- which are overdue for payment. Pending outcome of steps for recovery taken by the Comapny, full provision for these non-performing assets amountiong to Rs. 20,000,000/- has been made in the previous years in accordance with Non-Banking Financial Companies Prudential Norms of Reserve Bank of India.

5. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected unit Credit (PUC) actuarial method has been used to assess the plan's Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity Plan as required under AS 15 (Revised).

Reconciliation of Defined Benefit Obligation and Fair Value of Assets over the year ended 31 st March 2012.

6. There are no reported micro, small and medium enterprises as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom Company owes dues.

7. The Company operates mainly in one business segment and hereby the segment reporting as required by AS- 17 is not applicable.

8. In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS-22) the company has accounted for deferred taxes during the year.

9. Previous year's figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.

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Mar 31, 2011

A. Interest on loans except to the extent there is uncertainty as to the realisation has been accounted for on accrual basis.

b. Loans and advances include Rs.200 lacs, which are overdue for payments Pending outcome of steps for recovery taken by the Company, full provision for these non-performing assets amounting to Rs.200 lacs has been made in the previous years in accordance with Non-Banking Financial Companies Prudential Norms of Reserve Bank of India.

c. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Scheme is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plans Liabilities, including those related to death-in-service and incapacity benefits.

The following tables set out the status of the Gratuity Plan as required under AS 15 (Revised). Reconciliation of Defined Benefit Obligation and Fair Value of Assets over the year ended 31st March 2011.

d. There are no reported micro, small and medium enterprises as defined in the Micro, Small and Medium Enterprises Development Act 2006, to whom Company owes dues.

e. In accordance with Accounting Standard 22 "Accounting tor taxes on Income" (AS22) issued by the ICAI, the company has accounted for deferred taxes during the year.

f. Related party disclosure as identified by the management in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India ("ICAI") are as follows:-

Name of the related parties where control exists - Subsidiary Companies:

i) Alfred Herbert Limited

ii) Herbert Holdings Limited.

Disclosure of transaction between the Group and Related Parties and status of outstanding balances as on 31st March 2011.

g. Previous years figures have been regrouped / rearranged / reclassified wherever necessary, to make it comparable with current year figures.

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Mar 31, 2010

A. Interest on loans except to the extent there is uncertainty as to the realisation has been accounted for on accrual basis.

b. Loans and advances include Rs.200 lacs, which are overdue for payment. Pending outcome of steps for recovery taken by the Company, full provision for these nonperforming assets amounting to Rs.200 lacs has been made in the previous years in accordance with Non-Banking Financial Companies Prudential Norms of Reserve Bank of India.

c. Gratuity Plan

The company provides for gratuity, a defined benefit plan covering eligible employees. Gratuity Fund Schei r ie is administered and controlled by a trust. The Projected Unit Credit (PUC) actuarial method has been used to assess the plans Liabilities, including those related to death-in-service and incapacity benefits,

d, Previous years figures have been regrouped / rearranged/registered wherever necessary, to make it comparable with current year figures.