Notes to Accounts of Amrapali Industries Ltd.

Mar 31, 2024

34. Corporate Social Responsibility (CSR)

During the year, the Company has spent Rs. 4.50 Lakhs towards various CSR initiatives as required by Section 135 read with Schedule VII of the Companies Act 2013. CSR spend has been charged to the statement of profit and loss under “Other expenses” in line with ICAI guidance note issued in May 2015.

35. Notes forming part of accounts in relation to Micro and small enterprise

1. Based on information available with the company, on the status of the suppliers being Micro or small enterprises, on which the auditors have relied, the disclosure requirements of Schedule III to the Companies Act, 2013 with regard to the payments made/due to Micro and small Enterprises are given below :

The company has initiated the process of obtaining the confirmation from suppliers who have registered themselves under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) but has not received the same in totality. The above information is compiled based on the extent of responses received by the company from its suppliers.

36. Title deeds of immovable Property

Tittle deeds of immovable property have not been held in the name of promoter, director, or relative of promoter/ director or employee of promoters / director of the company, hence same are held in the name of the company.

37. Revaluation of Property, Plant and Equipment and Intangible Assets:-

The company has not done revaluation of Property, Plant and Equipment and Intangible Assets.

38. Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties:-

No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person.

39. Capital Work In Progress (CWIP):-

There is no Capital Work In Progress (CWIP) for the current year

40. Intangible assets under development:-

There is no Intangible assets under development in the current year.

41. Details of Benami Property held:-

The company does not have any benami property, where any proceeding has been initiated or pending against the company for holding any benami property under the Benami Transaction (prohibition) act, 1988 and rules made there under.

42. Borrowings from bank or financial institution on the basis of current assets:-

There is no Borrowings from Bank or Financial Institution by the Company. Hence, There is no requirement of filing Quarterly returns or statements of current assets with banks or financial institutions.

43. Willful Defaulter:-

The Company has not been declared a willful defaulter by any bank or financial institution or government or government authority.

44. Relationship with Struck off Companies:-

The company does not have such transaction with Struck off Companies.

45. Registration of charges or satisfaction with Registrar of Companies:-

The company does not have any charges or satisfaction, which is yet to be registered with Registrar of Companies beyond the statutory period.

46. Compliance with approved Scheme(s) of Arrangements

The Company does not have made any arrangements in terms of section 230 to 237 of companies act 2013, and hence there is no deviation to be disclosed.

47. Utilization of Borrowed funds and share premium:-

As on March 31, 2024 there is no unutilized amount in respect of any issue of securities and long term borrowings from bank and financial institutions. The borrowed funds have been utilized for the specific purpose for which the funds were raised.

48. Details of crypto currency or virtual currency:-

The company has not traded or invested in crypto currency or virtual currency during the financial year.

49. The Company has not advanced or loaned to or invested in funds to any other person(s)or entity (is), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a) directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

50. The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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Mar 31, 2023

(K) Provisions and Contingencies Provisions:

Provisions are ecognized when there is a present obligation (legal or constructive) as a result of a past eve t, it i probable that an outflow of resources embodying economic benefits will be required to settle the obligation an there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the ex )endit required to settle the present obligation at the Balance sheet date and are discounted to its present ''alue appropriate .

Contingent Liabilities:

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existe ce of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events n( whol within the control of the company or a present obligation that arises from past events where it is either no prob that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, s term as a contingent liabilit y.

The companydoes have a statutory obligatioof income tax whiclis underdispute. The company is went for furt h r proceedings before the Hon’ble settlement commission has got abated as per Section 245HA of the I.T Act, 1961 in

pursuance of settlement commission order u/s 245D (4) of the Act dated 3IQ5/2CB and pending search c se assessment u/s B3A of the I.T Act, B61 for A.Y 2CCB and 2C2 -13 and regular assessment u/s 43(3) of the I Act, B61 for A.Y 2CB -4; currently matter have been pending in Supreme Court, also stay order has been grai ted.

(L) Revenue recognition

Revenue is measured at fair value of the consideration received or receivable. Revenue is recognized when (oi as) tl Company satisfies a performance obligation by transferring a promised good or sdradciei (asset) to a customer. Ai asset is transferred when (or as) the customer obtains control of that asset.

When (or as) a performance obligation is satisfied, the Company recognizes as revenue the amount of the tr;nsacti price (excluding estimates of variable consideration) that is allocated to that performance obligation.

The Company applies the fivstep approach for recognition of revenue:

i. Identification of contract(s) with customers;

ii. Identification of the separate performance obligations in the contract;

iii. Determination of transaction price;

iii. Allocation of transaction price to the separate performance obligations; and

iv. Recognition of revenue when (or as) each performance obligation is satisfied.

(M) Other income:

Interest: Interest income is calculated on effective interest ratEedbgnized on a time proportion basis taking inti account the amount outstanding and the rate applicable.

Dividend: Dividend income isrecognized when the right to receive dividend is established.

(N) Finance Cost

Borrowing costs that are directly attributable to the acquisition or construction of qualifying asapitalizied as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to ge read its intended useBased on borrowings incurred specifically for financing the asset or the weighted average rate of all other borrowings, if no specific borrowings have been incurred for the asset.

Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifyin assets is deducted from the borrowing costs eligiblec afpoirt alization.

Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regard as an adjustment to the interest cost.

All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are i: rnrrei

(O) Earnings per share (EPS):

Basic EPS is calculated by dividing the net profit or loss for the period attributable to equity shareholde s by weighted average number of equity shares outstanding during the period. For the purpose of calculating dilut d EP; the net profit or loss for the period attributable to equity shareholders and the weighted average number of addition equity shares that would have been outstanding are considered assuming the conversion of all dilutive potential equity shares. Earnings considered in ascertaining the EPS is the net profit for the period and any attributable tax theret the period.

(P) Fair Value Measurement:

The Company measures financial instruments such as investmequsted equity sharescertain other investments et . at fairvalue at each Balance Sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability at the measuremen t date assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value mea uremi as a whole .

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

Level 2 - Valuation techniques for which the lowest level input that is significant to the fail value measurement is directly or indirectly observable.

Level 3 - Valuation techniques for which the lowest level input that is significant to the lifem va measurement is unobservable.

(Q) Financial Instruments:

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

Financial assets:

Initial recognition

Financial assets arnecognized when the Company becomes a party to the contractual provisions of the instrui ents. Financial assets other than trade receivables and other specific assets are inicagliized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried a value through profit or loss are initiatlyognized at fair value, and transaction costs are expensed in the Statement of Profit and Loss.

Subsequent measurement

Financial assets, other than equity instruments, are subsequently measramdrtiized cost, fair value througl other comprehensive income or fair value through profit or loss on the basis of both:

i. The entity’s business model for managing the financial assets and

ii. The contractual cash flow characteristics of the financial asset.

De-recognition

The Companyderecognizes a financial asset when the contractual rights to the cash flows from the financi l asse expire, or it transfers rights to receive cash flows from an asset, it evaluates if and to what extent it has etaine risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks rewards of the asset, nor transferred control of the asset, the Company con1riandgnitze the transferred asset o the extent of the Company’s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the ights obligations that the Company has retained.

Financial Liabilities:

Initial Recognition and Subsequent Measurement

All financial liabilities angecognized initially at fair value and in case of borrowings and payables, net of dir ctly attributable cost. Financial liabilities are subsequently carried at amortized cost using the effective interes met! For trade and other payables maturing within one year from the Balance Sheet date, the carrying moun approximate fair value due to the short maturity of these instruments. ChangernoT ttihedvalue of liability are recorded as finance cos t.

De-recognition

A financial liability is deecognized when the obligation under the liability is discharged or cancelled or expi es. When an existing financial liability is replaced by another from the same lender on substantially different terms, the terms of an existing liability are substantially modified, such an exchange or modification is treated as th derecognition of the original liability and the recognition of a new liability. The difference in the respective arryii amounts isrecognized in the statement of profit or loss.

28. The previous year’s figures have been reworked, regrouped, and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current annual financial statements ar l are '' read in relation to the amounts and other disclosures relating to the current financial year.

29. Credit and Debit balances of unsecured loans, sundry creditors, sundry Debtors, loans and Advances are su ject t confirmation and therefore the effect of the same on profit could not be ascertained.

30. Foreign Currency Transactions: -Expenditure in Foreign Currency: - Nil Earnings in Foreign Currency: - Nil

31. Related Parties Disclosure: -

34. Corporate Social Responsibility (CSR)

During the year, the Company hapent Rs. 5.91 in Lakhstowards various CSR initiatives as required by Section 35 read with Schedule VII of the Companies Act 20B. CSR spend has been charged to the statement of profit nd los under “Other expenses” in line with ICAI guidance note issued in May 2015.

35. Notes forming part of accounts in relation to Micro and small enterprise

1 Based on information available with the company, on the status of the suppliers being Micro or small enterpr which the auditors have relied, the disclosure requirements of Schedule III to the Companies Act,20B with regar payments made/due to Micro and small Enterprises are given below :

The company hasinitiated the process of obtaining the confirmation from suppliers who have registered themselves u: ier th Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2005) but has not received the same in ¦ rtality The above information is compiled based on the extent of responses received by the company from its suppliers.

36. Title deeds of immovable Property

Tittle deeds of immovable property has not been held in the name of proidiitector, or relative of promoter/ direc or or employee of promoters / director of the company, hence same are held in the name of the company.

37. Revaluation of Property, Plant and Equipment and Intangible Assets:-

The company has not done revaluation of Property, Plant and Equipment and Intangible As sets.

38. Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties: -

No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties as de: under Companies Act, 20B,) either severally gointly with any other person.

39. Capital Work In Progress (CWIP):-

There is no Capital Work In Progress (CWIP) for the current year

40. Intangible assets under development:-

There is no Intangible assets under development in the current year.

41. Details of Benami Property held:-

The company does not have any benami property, where any proceeding has been initiated or pending agains the company for holding any benami property under the Benami Transaction (prohibition) act, 1988 and rules made here under.

42. Borrowings from bank or financial institution on the basis of current assets: -

Quarterly returns or statements of current assets filed by the Company with banks or financial institut ons a agreement with the books of accounts.

43. Willful Defaulter:-

The Company has not been declaredwillful defaulter by any bank or financial institution or government or govern ment authority

44. Relationship with Struck off Companies:-

The company does not have such transaction with StrucC ompanies.

45. Registration of charges or satisfaction with Registrar of Companies:-

The company does not have any charges or satisfaction, which is yet to be registered with RegiCtompaofes beyond the statutory period.

46. Compliance with approved Scheme(s) of Arrangements

The Company does not have made any arrangements in terms of section 230 to 237 of companies act 20B, and 1 nce there is no deviation to be disclose d.

47. Utilization of Borrowed funds and share premium:-

As on March 3} 2022 there is no unutilized amount in respect of any issue of securities and long term borrowin s fro: bank and financial institutions. The borrowed funds have been utilized for the specific purpose for which the fu ds we raised.

48. Details of crypto currency or virtual currency:-

The company has not traded or invested in crypto currency or virtual currency during the financial year.

49. The Company has not advanced or loaned to or invested in funds to any other person(s)or entity (is), including foreig entities (Intermediaries) with the understanding that the Intermediary shall:

a) directly or indirectly lend to or invest in other persons or entities identatfipdniannner whatsoever by or o: behalf of the company (Ultimate Beneficiaries ) or

b) Provide any guarantee, security or the like to or on behalf of the U Bmnafeciaries .

50. The Company has not received any fund from any person(s) or entity(is), incfudirign entities (Funding Party) wi h the understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend to or invest in other persons or entities identafiedrianner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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Mar 31, 2015

I. COMPANY'S OVERVIEW

Amrapali Industries Limited („The Company') was incorporated on 10-05-1988 vide Certificate of Incorporation No. L91110GJ1988PLC010674 under the Companies Act, 1956. The Company is engaged in the business of different types of activities like entertainment activities, bullion trading, share trading, etc.

II. OTHER NOTES FORMING PART OF THE ACCOUNTS

1. RELATED PARTY TRANSACTIONS

As per accounting Standard 18, the disclosures of transactions with the related parties are given below:-

2. EARNINGS PER SHARE

The Company reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 prescribed under The Companies (Accounting Standards) Rules, 2006 (as amended). The Basic EPS has been computed by dividing the income available to equity shareholders by the weighted average number of equity shares outstanding during the accounting year. The Diluted EPS has been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding at the end of the year.

3. Reporting under Micro, Small and Medium Enterprise Development Act, 2006

The Company has not received information from vendors regarding their status under the Micro, Small & Medium Enterprise Development Act, 2006 and hence disclosure relating to the amount unpaid at the year-end together with the interest paid / payable under this Act has not been given.

4. Estimated amount of contracts remaining to be executed on capital account and not provided for : - NIL

5. The search proceedings u/s.132 of the Income-tax Act, 1961 has been carried out by the Income-tax Authority at the business premises of the company AmrapaliIndustries Ltd. on 26/10/2012. In pursuance of the search proceedings, the company has filed application before the Hon'ble Settlement Commission, Mumbai. Wherein the company has disclosed net additional income of Rs. 11,58,98,063/- for the F.Y.2006- 07 to 2013-14 relevant to A.Y.2007-08 to 2014-15. During the year the Hon'ble Settlement Commission has passed an Order u/s.245D(1) of the Act dated 21/11/2014 admitting the application of the company and the Hon'ble Settlement Commission has also passed an Order u/s.245D(2C) of the Act dated 9/1/2015 considering the application of the company as valid. The company has paid Income-tax with interest on the net additional income offered before the Hon'ble Settlement Commission for an amount of Rs.6,81,25,000/-. The necessary accounting entries have been passed in the books of accounts. The net additional income offered before the Hon'ble Settlement Commission has been shown under the head "Reserves & Surplus" for an amount of Rs. 11,58,98,063/-. The taxes with interest paid Rs. 6,81,25,000/- on net additional income offered before the Hon'ble Settlement Commission, has been shown under the head "Long Term Loan & Advances". The final hearing and order of the company of Hon'ble Settlement Commission u/s.245D(4) of the Income-tax Act, 1961 is pending.

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Mar 31, 2014

A. it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

b. a reliable estimate of the amount of the obligation cannot be made.

Notes:

(i) Balances with banks - Other earmarked accounts include Rs. 126,903,187/- As at 31 March, 2013 and (Rs. 91,771,895/- As at 31 March, 2013) which have restriction on repatriation.

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Mar 31, 2013

1. CONT1GNET LIABILITIES:

The company recognizes contingent liability for disclosure in notes to accounts, if any of the following conditions are fulfilled:

i) a possible obligation that arises from past events and 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 enterprise; or

ii) a present obligation that arises from past events but is not recognized because:

a. it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

b. a reliable estimate of the amount of the obligation cannot be made.

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Mar 31, 2010

1. The Figures of previous year have been reworked / rearranged and regrouped wherever necessary.

2. The outstanding balance of Unsecured Loans, Debtors, Creditors and Loans and Advances are subject to Confirmations.

3. The Company has made provision for Income Tax liability Rs. 5,20,000/-. Further, in the absence of timing difference and uncertainty of recovery of loss, no deferred tax asset / liability has been recognized in the financial statements.

4. The company has disclosed business segment. Segment have been identified taking into account the nature of activities, the differing risks and returns, the organization structure and internal reporting system.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

5. Amalgamation :

Pursuant to the scheme of amalgamation of Amrapali Developers India Limited and Korwett Capital and Investment Private Limited (ADIL or KCIPL or transferor Cos.), with the company approved by the share holders convey meeting held on 27th December, 2008 and subsequently sanctioned by the Honble High Court of Gujarat on September, 29th, 2009, the assets and liability of ADIL and KCIPL transferred to and vested in the company with retrospective effects from April, 1st 2008.

The scheme of amalgamation incorporated in these accounts has been accounted for under the ‘pulling of interest” method as prescribed by the Accounting Standard 14 – “Accounting for Amalgamation” issued by the Institute of Chartered Accountants of India. Accordingly the assets, liabilities and reserves of ADIL and KCIPL as of 1st April, 2009 have taken over by the company at their book values, subject to adjustment made for the difference in accounting policies between the two companies.

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Mar 31, 2009

A. Other Notes

1. The Figures of previous year have been reworked / rearranged and regrouped wherever necessary.

2. The company has made provision for Income Tax liability and Fringe Benefit Tax of Rs. 8.45lacs

3. Related party transactions

Related parties during the year ended March 31, 2009 are detailed below:

i) Associate Companies: - Amrapali Developers (India) Limited

ii) Key Management Personnel: - Rashmikant A. Thakkar, Yashwant A. Thakkar

4. Contingent Liability: NIL

5. The company has disclosed business segment. Segment have been identified taking into account the nature of activities, the differing risks and returns, the organization structure and internal reporting system.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

SEGNENT INFORMATION FOR THE YEAR ENDED MARCH 31, 2009

6. STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT,1956, RELATING TO SUBSIDIARY COMPANY

7. Additional information pursuant to the provisions of paragraphs 3 and 4 of part II of Schedule VI to the Companies Act, 1956.

8 The outstanding balance of Unsecured Loans, Debtors, Creditors and Loans and Advances are subject to Confirmations.

9. Remuneration to Directors: Rs. 96000

10. Auditors remuneration include Auditors Remuneration:

11. Earning Per Share