Notes to Accounts of Aris International Ltd.

Mar 31, 2024

k. Provisions, contingent liabilities and contingent assets

The Company creates a provision when there is a present obligation as a result of an obligating event that
probably requires an outflow of resources and a reliable estimate can be made of the amount of the outflow.
Provisions are not discounted to their present value and are determined based on the best estimate required
to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimate.

Contingent liabilities are disclosed unless the possibility of outflow of resources is remote.

Contingent assets are neither recognized nor disclosed in the financial statements.

l. New Accounting standards adopted by the Company:

1. Appendix C to Ind AS 12 - Uncertainty over income tax treatments

Appendix C to Ind AS 12 clarifies the accounting for uncertainties in income taxes. The interpretation is to be
applied to the determination of taxable profit (tax loss], tax bases, unused tax losses, unused tax credits and
tax rates, when there is uncertainty over income tax treatments under Ind AS 12. The adoption of Appendix C
to Ind AS 12 does not have any material impact on the standalone financial statements of the Company.

2. Amendment to Ind AS 12 - Income Taxes

The Ministry of Corporate Affairs issued amendments to Ind AS 12 - Income Taxes. The amendments clarify
that an entity shall recognize the income tax consequences of dividends on financial instruments classified as
equity, where the entity originally recognized those past transactions or events that generated distributable
profits and are recognized by the entity. The adoption of amendment to Ind AS 12 does not have any material
impact on the standalone financial statements of the Company.

3. Amendment to Ind AS 19 - Plan Amendment, Curtailment or Settlement

The Ministry of Corporate Affairs issued amendments to Ind AS 19, ‘Employee Benefits'', in connection with
accounting for plan amendments, curtailments and settlements requiring an entity to determine the current
service costs and the net interest for the period after the re-measurement using the assumptions used for the
re-measurement; and determine the net interest for the remaining period based on the remeasured net
defined benefit liability or asset. The adoption of amendment to Ind AS 19 does not have any material impact
on the standalone financial statements of the Company.

4. Transition to Ind AS 116

Ministry of Corporate Affairs ("MCA"] through Companies (Indian Accounting Standards] Amendment Rules,
2019 and Companies (Indian Accounting Standards] Second Amendment Rules, has notified Ind AS 116
Leases which replaces the existing lease standard, Ind AS 17 Leases and other interpretations. Ind AS 116 sets

out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees
and lessors. It introduces a single, on-balance sheet lease accounting model for lessees.

The Company has evaluated for adopting Ind AS 116 from effective annual reporting period beginning April 1,
2019 and found that the adoption of amendment to Ind AS 116 did not have any material impact on the
standalone financial statements of the Company.

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA
amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below.

Ind-AS 16-Property Plant and equipment-The amendment clarifies that excess of net sale proceeds of
items produced over the cost of testing, if any, shall not be recognized in the profit or loss but deducted from
the directly attributable costs considered as part of cost of an item of property, plant, and equipment. The
effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022. The
Company has evaluated the amendment and there is no impact on its consolidated financial statements.

Ind-AS 37- Provisions, Contingent Liabilities and Contingent Assets-The amendment specifies that the
''cost of fulfilling'' a contract comprises the ‘costs that relate directly to the contract''. Costs that relate directly
to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour,
materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the
allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the
contract). The effective date for adoption of this amendment is annual periods beginning on or after April 01,
2022 although early adoption is permitted. The Company has evaluated the amendment and the impact is not
expected to be material.

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Mar 31, 2015

1. Contingent assets are neither recognised nor disclosed in the financial statements.

31 March, 2015 31 March, 2014 (Rs.) (Rs.)

16.1 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt Nil Nil

(b) Guarantees Nil Nil

2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in the opinion ofthe management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected to be material.

3 The balances appearing under short term borrowings, sundry creditors, loans and advances, and banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

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

5 During the year under consideration, there is no tax effect of timing difference resulting from the recognition of items in the financial statements and in estimating its current tax provision. Hence, no provision for deferred tax is made. Further, as a matter of prudence, in the absence of virtual certainty, the company has not created deferred tax asset on accumulated losses.

6 The Bombay High Court vide its order dated 7th November,2014 has approved the scheme of reduction of capital on account of which the equity share capital of company stands reduced from 46,20,100 equity shares of Rs. 10 each aggregating Rs. 4,62,01,000/- to 4,62,010 equity shares of Rs. 10 each aggregating to Rs. 46,20,100/-. Accordingly an amount of Rs. 4,15,80,900/- has been reduced from the equity share capital by setting it off against the accumulated losses of the company.

7 Loans and advanced include Rs. 58,00,000/- (P.Y Rs. 1,10,00,000/-) advanced to Mrs. Shraddha V. Singh for development of 8.5 acres of plot no. 247/402, 404 A/1,404(B) located at Kalamgar-Mumbai-Nasik highway, Shahapur Taluka in the district of Thane.

8 Since the Company recognises gratuity and leave salary expense on payment basis no liability for the same has been ascertained and provided in the accounts. Hence, the company has not complied with the provisions of AS-15 "Accounting for Retirement Benefit".

9 Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

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Mar 31, 2014

Note - 1 Segment information

The Company has identified two business segments as its primary segment. Business segments are primarily software development and realty. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable.

Notes forming part of the financial statements Note 15 Disclosures under Accounting Standards

Related party transactions

Description of relationship Names of related parties

Key Management Personnel (KMP) Ramesh Mishra

Pawan Tibrewal

Relatives of KMP Padmini Mishra

(Sister in law of the director Mr Ramesh Mishra)

Company in which KMP/Relatives of Sumita Management Constancy Pvt Ltd

KMP can exercise significant influence (Company in which Ramesh Mishra is a Director)

Ira Aarna Securities Services Pvt Ltd (Company in which Ramesh Mishra is a Director) Redtwigs Consultancy Pvt Ltd (Company in which Ramesh Mishra is a Director) Ira Aarna Online Paintings Private Limited (Company in which Ramesh Mishra is a Director)

Note: Figures in bracket relates to the previous year

Note - 2 Additional information to the financial statements Note Particulars

31 March, 2014 31 March, 2013 (rs) (rs)

2.1 Contingent liabilities and commitments (to the extent not provided for) (i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt Nil Nil

(b) Guarantees Nil Nil

2.2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected to be material.

2.3 The balances appearing under short term borrowings, sundry creditors, loans and advances, and banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

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

2.5 During the year under consideration, there is no tax effect of timing difference resulting from the recognition of items in the financial statements and in estimating its current tax provision. Hence, no provision for deferred tax is made. Further, as a matter of prudence, in the absence of virtual certainty, the company has not created deferred tax asset on accumulated losses.

2.6 Loans and advanced include Rs. 1,10,00,000/- (P.Y Rs. 70,00,000/-) advanced to Mrs. Shraddha V. Singh for development of 8.5 acres of plot no. 247/402, 404 A/1, 404(B) located at Kalamgar-Mumbai-Nasik highway, Shahapur Taluka in the district of Thane. and Rs. 5,00,000/- (P.Y Rs. 10,00,000/-)advanced to Hemali Pujara towards agreement for use of place located at 1st floor, Modi House, 10th Bora Masjid Street, Mumbai - 400001, as Guest House to be used for the purpose of conference and stay of office staff.

Note - 3 Additional information to the financial statements

3.1 Since the Company recognises gratuity and leave salary expense on payment basis no liability for the same has been ascertained and provided in the accounts. Hence, the company has not complied with the provisions of AS–15 "Accounting for Retirement Benefit".

3.2 Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

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Mar 31, 2013

31 March, 2013 31 March, 2012 (Rs.) (Rs)

1.1 Contingent liabilities and commitments {to the extent no provided for)

(i) Contingent liabilities :

(a) Claims against the Company not acknowledged as debt Nil Nil

(b) Guarantees ¦* Nil Nil

1.2 Disclosures required under Section 22 of the Micro, SmalEnd Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section*22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such partiesfJave been identified on the basis of information available with the Company and relied upon by the auditors. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected $fbe material.

1.3 The balances appearing under short term borrowings, sundry creditors, loans and advances, and banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or] reconciliation

1.4 During the year, the company is engaged in a new line of activity viz infrastructure and realty and this being the only reportable segment, no separate segment reporting is applicable as pefr the Accounting Standard 17.

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

1.6 During the year under consideration, there is no tax effect" of timing difference resulting from the recognition of items in the financial statements and in estimating its current tax provision. Hence, no provision for deferred tax is made. Further, as a matter of prudence, in the absence of virtual certainty, theWompany has not created deferred tax asset on accumulated losses.

1.7 Loans and advanced include '' 70,00,000/- advanced to Mrs. Shraddha V. Singh for development of 8.5 acres of plot no. 247/402,404 A/1,404(B) located at Kalamgar-Mumbai-Nasik highway, Shahpur Taluka in the district of Thane, and '' 10,00,000/ advanced to Hemali Pujara towards agreement for use of place located at 1st floor, Modi House, 10th Bora Masjid Street, Mumbai - 400001, as Guest Houseto be used for the purpose of conference and stay of office staff.

1.8 Since the Company recognises gratuity and leave salary expense on payment basis no liability for the same has beer ascertained and provided in the accounts. Hence, the company has not complied with the provisions of AS-15 "Accounting fot Retirement Benefit".

1.9 The previous year accounts were audited by a firm of chartered accountants other than M/s . K M Tapuriah, Charterec Accountants.

1.10 Previous year''s figures have been regrouped/reclassifiigd wherever necessary to correspond with the current year''s classification/disclosure.

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Mar 31, 2012

1. The Company has not provided for Deferred Taxes during the year.

2. Additional information pursuant to the provision of the paragraphs 3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

3. Calls in Arrears of earlier years amounting to Rs. 1,40,76,750/- has not been received. Forfeiture procedure is awaited by the Company. Interest receivables on Allotment Money & Call Money on unpaid amount, are not accounted in this year. Such will be accounted for on receipts only.

4. The following Statutory Expenses were outstanding for more than six months while they become payable and carried forward from earlier years, viz. CST (Bhiwadi) amounting to Rs. 33,883/- and Profession Tax amounting to Rs. 5,890/-. These have been written off as "Liabilities no longer required written off" during the year.

5. Professional Tax :

No Professional Tax has been deducted from employees during the year as told to us.

6. Previous years figures have been re-grouped & re-arranged wherever felt necessary.