Notes to Accounts of Asia Pack Ltd.

Mar 31, 2024

2B.10 Provision for liabilities and charges, Contingent liabilities and Contingent Assets

The assessments undertaken in recognising provisions and contingencies have been made in accordance with the
applicable Ind AS.

Provisions represent liabilities to the Company for which the amount or timing is uncertain.

Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past
events, and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such
an obligation. If the effect of the time value of money is material, provisions are determined by discounting the
expected future cash flows to net present value using an appropriate pre-tax discount rate that reflects current
market assessments of the time value of money and, where appropriate, the risks specific to the liability. Unwinding
of the discount is recognized in the statement of profit and loss as a finance cost. Provisions are reviewed at each
reporting date and are adjusted to reflect the current best estimate.

In the normal course of business, contingent liabilities may arise from litigation and other claims against the
Company. Guarantees are also provided in the normal course of business. There are certain obligations which
management has concluded, based on all available facts and circumstances, are not probable of payment or are very
difficult to quantify reliably, and such obligations are treated as contingent liabilities and disclosed in the notes but
are not reflected as liabilities in the financial statements. Although there can be no assurance regarding the final
outcome of the legal proceedings in which the Company involved, it is not expected that such contingencies will
have a material effect on its financial position or profitability.

Contingent assets are not recognized but disclosed in the financial statements when an inflow of economic benefits
is probable.

2B.11 Earning Per Share

In arriving at the EPS, the Company''s net profit/ loss after tax before adjustment of Other comprehensive income,
computed in terms of the Ind AS, is divided by the weighted average number of equity shares outstanding on the
last day of the reporting period. The EPS thus arrived at is known as ''Basic EPS''. There are no potential equity shares
in existence during the current and previous period therefore Basic & Diluted EPS are similar.

2B.12 Cash Flow Statement

Cash flows are reported using indirect method as set out in Ind AS -7 "Statement of Cash Flows", whereby profit /
(loss) before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company
are segregated based on the available information.

2B.13 Investment Property:

Properties that are held for long-term rental yields and/or for capital appreciation are classified as investment
properties. Investment properties are stated at cost of acquisition or construction less accumulated depreciation
and impairment, if any. Depreciation is recognised using the straight line method so as to amortise the cost of
investment properties over their useful lives as specified in Schedule II of the Companies Act, 2013. An item of
investment property is derecognised upon disposal or when no future economic benefits are expected to arise from
the continued use of asset. Any gain or loss arising on the disposal or retirement of an item of investment property
is determined as the difference between the sales proceeds and the carrying amount of the property and is
recognised in the Statement of Profit and Loss. Income received from investment property is recognised in the
Statement of Profit and Loss.

Signatures to Note 1 which form an integral part of the Financial Statements

As per our report of even date

For Rakesh Ajmera & Associates For and on behalf of the Board of Directors of Asia Pack Limited

Chartered Accountants

FRN: 013433C Sd/- Sd/-

Prakash Chandra Purohit Pushpendra Jain

Sd/- Director Director and Chief Financial Officer

Rakesh Ajmera DIN: 01383197 DIN: 03228950

Partner

Membership No. : 406062 Sd/- Sd/-

UDIN: 24406062BKCRIC4373 Jitendra Purohit Lakshit Samar

Place: Nathdwara Chief Executive Officer Company Secretary

Date: 30^th May, 2024 M. No.: A64788

11.1. Terms and rights attached to equity shares:

(i) The Company has one class of equity shares having a par value of Rupees 10 per share. Each shareholder is eligible
for one vote per share held.

(ii) In the event of liquidation of the Company the holder of equity shares will be entitled to receive remaining assets
of the Company. The distribution will be in proportion to the number of equity shares held by the shareholder."

Nature and Purpose of Reserves:

(a) Capital Reserves: This reserve represents the remission/waiver in the principal term loan amount due to the Bank
of India amounting Rs. 1085.32 Lakhs and remission/waiver of the promoters contributions amounting Rs. 63.50 Lakhs,
at the time of one time settlement of dues of Bank of India.

(b) Securities Premium: This reserve represents the premium on issue of shares and can be utilised in accordance with
the provisions of the Companies Act, 2013.

(c) General Reserve: This reserve is created by transfer of Cash Subsidy Reserve (Central Investment Subsidy) since
having become a part of shareholders'' funds upon fulfilment of condition of terms of settlement scheme.

(d) Equity Instruments through Other Comprehensive Income

Change in fair value of equity instruments through other comprehensive income.

(e) Retained Earnings

Retained earnings represents the cumulative undistributed profits of the Company and can be utilised in accordance
with the provisions of the Companies Act, 2013.

I. The company has substantial revenue from Rental of Properties and Interest income during the reporting period.

II. Dues to Small scale, micro and medium enterprises:

Government of India has promulgated an Act namely The Micro, Small and Medium Enterprise Development Act,
2006 which comes into force with effect from October 02, 2006. As per the act, the Company is required to identify
the Micro, Small and Medium Suppliers and pay them interest on overdue beyond the specified period irrespective
of terms agreed with the suppliers. The Company has sent the confirmation letters to its suppliers at the year end,
to identify the supplier registered with the Act. As per the information available with the Company, none of the
supplier has confirmed that they have registered with the Act. In view of this, the liability of interest has neither
been provided nor is required disclosure done.

VIII. Value of imports calculated on CIF basis: There is Nil import of capital items and other material during the current
and previous reporting period.

IX. Income and Expenditure in foreign currency: No Foreign income earned and expensed during the current and
previous reporting period.

X. Recognition of Financial Instruments as per IND AS 109 on Fair Value at Comprehensive Income: The Financial
instruments has been recognised at Fair value and Income in this respect has been recognised at below the line
item in Statement of Profit & Loss amounting to (Rs. in hundred) 18,17,031.17/- Less income tax on OCI of (Rs in
hundred) 3,61,929.00/- in this respect the Calculation has been done in Notes 22A and Sub Note 2B.4 of Note 1
of Financial Statements for Summary of Significant Accounting Policies.

XI. In the opinion of management all the assets and Liabilities have been adequately identified and are approximately
of the value as stated by the management and such assets or liabilities have been grouped & presented in the
financial statement as per the management estimation in respect to their nature and term, If realized in the

ordinary course of business, unless otherwise stated. In the opinion of management, the provisions for all liabilities
have been materially identified and are adequately provided and not in excess / shortage of the amount reasonably
necessary.

XII. Contingent Liability regarding Bank Guarantee:

Asia Pack Limited has provided a corporate guarantee to Saraswat Co-operative Bank Limited for a loan obtained
by Miraj Entertainment Limited.

*During the year under review the Company has extended / continue to provide existing Corporate Guarantee(s)
amounting to Rs. 714 Lakhs to Saraswat Co-operative Bank Limited ("the Bank") for securing the additional credit
facilities availed by Miraj Entertainment Limited during the year.

Accounting Treatment:

Under IND AS 109 (Financial Instruments), financial guarantees are generally required to be recognized and
measured at fair value at the inception of the guarantee. However, the Company has not recognized the financial
guarantee as a financial instrument under IND AS 109 for the following reasons:

1. No Benefit of Interest Rate to Borrower: The guarantee provided does not result in any benefit or favorable
interest rate to the borrower (the group company). As such, there is no economic benefit or incentive
associated with the guarantee that would necessitate recognition as a financial guarantee under IND AS 109.

2. Measurement and Recognition: According to IND AS 109, a financial guarantee is recognized at fair value only
if it provides an economic benefit such as a reduced interest rate to the guaranteed party. In this case, since
the guarantee does not impact the interest rate or other financial terms of the underlying transaction, the
criteria for recognizing the financial guarantee at fair value have not been met.

3. Disclosure Requirements: The Company has disclosed the existence of the bank guarantee in these financial
statements to provide a clear understanding of its contingent liabilities. The guarantee represents a contingent
obligation and does not meet the threshold for recognition as a financial instrument under IND AS 109.

Contingent Liability:

In accordance with IND AS 37 (Provisions, Contingent Liabilities and Contingent Assets), the bank guarantee is
classified as a contingent liability. It is not recognized in the financial statements but is disclosed to provide
information about potential future cash flows that could arise from the guarantee.

Conclusion:

The issuance of the bank guarantee does not involve an economic benefit to the borrower company that would
affect its financial terms. Therefore, the guarantee has not been accounted for under IND AS 109. However, its
existence and potential impact have been appropriately disclosed in these financial statements as a contingent

i. The company does not have any immovable property whose title deeds are not held in the name of company
and also does not have any immovable property jointly held with others.

ii. The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during
the year.

iii. The company has not provided loans or advances in the nature of loans to promoters, directors, KMPs and
related parties (as defined under the Companies Act, 2013) (held severally or jointly with any other person)
that are repayable on demand or without specifying any terms or period of repayment.

iv. The company does not have Capital work-in-progress at the end of current year.

v. The company does not have capital work-in-progress whose completion is overdue or as exceeded its cost
compared to its original plan."

vi. The company does not have intangible assets under development at the end of the current and previous
financial years.

vii. The Company does not have any Benami property and no proceeding has been initiated or pending against
the Company for holding any Benami property under the Prohibition of Benami Property Transactions Act,
1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules
made thereunder.

viii. The Company has not been sanctioned working capital limits from banks on the basis of security of current
assets.

ix. The Company is not declared as wilful defaulter by any bank or financial institution (as defined under the
Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on wilful
defaulters issued by the Reserve Bank of India.

x. The Company does not have any transaction with such companies whose name has been struck off under
Section 248 of The Companies Act''2013 or 560 The Companies Act'' 1956.

xi. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

xii. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the
Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

xiii. The Company have not entered into any scheme of arrangement which has an accounting impact on the
current or previous financial year.

xiv. The Company does not have any scheme of arrangement during the financial year.

xv. A. the Company has not advanced or loaned or invested funds (either borrowed funds or share premium or
any other sources or kind of 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 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.

xvi. B. The Company has not received any fund from any person(s) or entity(s), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: (a) directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

xvii. The Company does not have any transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

xviii. Corporate Social Responsibility: Section 135 of the Companies Act 2013 (the act), as well as the provisions of
the Companies (Corporate Social Responsibility Policy) Rules, 2014 (CSR Rules) are not applicable on the
company.

Signatures to Note 23 which form an integral part of the Financial Statements

As per our report of even date

For Rakesh Ajmera & Associates For and on behalf of the Board of Directors of Asia Pack Limited

Chartered Accountants

FRN: 013433C Sd/- Sd/-

Prakash Chandra Purohit Pushpendra Jain

Sd/- Director Director and Chief Financial Officer

Rakesh Ajmera DIN: 01383197 DIN: 03228950

Partner

Membership No. : 406062 Sd/- Sd/-

UDIN: 24406062BKCRIC4373 Jitendra Purohit Lakshit Samar

Place: Nathdwara Chief Executive Officer Company Secretary

Date: 30^th May, 2024 M. No.: A64788

---

Mar 31, 2014

Share Capital

1.1 Shareholders holding more than 5% of Share

1) Out of the above Equity shares-

(A) 3,36,600 Equity Shares issued as fully paid up bonus shares on 30/09/1992 by capitalisation out of Profit and Loss A/c aggregating to Rupees 33,66,000/-.

(B). 6,41,520 Equity Shares alloted as fully paid Bonus shares on 30/07/1994 aggregating to Rupees 64,15,200/- by capitalization of Rupees 15,66,080/- out of profit and loss a/c and Rupees 38,49,120/- out of revaluation reserve and Rupees 10,00,000/- out of general reserve.

2) Amount originally paid up on Forfeited Equity shares is added in the Subscribed & Fully Paid Up Equity Shares capital amount.

---

Mar 31, 2013

I Prior period adjustment represents short/excess provisioning of revenue and expenses in earlier years due to errors and omissions, which are now booked or reversed.

II The Company has entered into Partnership under the name of "M/s. Miraj Developers"(Formally known as Umbrella Developers) through Partnership Deed dated 05.03.2007:

III a.The Company had acquired 100% voting power of the Homework Crafts (India)Private Limited (Subsidiary Company- HWCIPL) and control of Composition of Board of directors in February 2007, since then the struc ture of Capital holding and management control were remained the same however during the current year, The company has sold its 100% investments in equity shares in M/s Homework craft (india) pvt ltd. therefore the company has no more control as holding company over the Homework Crafts (India)Private Limited (earlier wholly owned Subsidiary Company)

IV Due to Small scale, micro and medium enterprises

Based on the information available with the company, there is no dues payable to micro, small and medium enterprises as defined in The Micro, Small & Medium Enterprises Development Act, 2006. This information has been relied upon by the statutory auditor of the company.

V Segment Reporting: -

a.Primary Segment (by business Segment)

Segments have been identified in line with the Accounting Standard on Segment Reporting (AS 17), taking into account the organizational structure as well as the differential risk and returns of these segments. De tails of Products and services included in each of the segment are as under: -

b. Secondary Segment (by geographical locations)

The company caters only to the domestic market and hence here are no reportable geographical segments. Segment Revenue ; Segment results ; Segment Assets ; Segment Liabilities include the respective amounts identifiable to each Segment as also amounts allocable on a reasonable basis. Income and expenses which are not directly attributable to any business segment are shown as unallocated corporate income/ expense. Assets and Liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

VI Figures of loans, advances, sundry creditors, sundry debtors, featuring in the Balance Sheet include certain balances, which are subject to confirmations and adjustment if any upon reconciliation.

VII Capital work in Progress

In the earlier years when the company was engaged into business activity of manufacturing PE Tarpaulin and PP/HDPE woven sacks, it also embarked upon setting up a weaving unit incurring substantial cost for its implementation which later in the interim stages had to be suspended due to constraints of financing of weaving unit and subsequently abandoned in view of disposal of entire assets relating to PE Tarpaulin/PP/HDPE woven sac k manufacturing.

With the aforesaid background of events, the company could neither liquidate its investment into the un commissioned weaving division nor could proceed further to complete setting up of the said un commissioned weaving division since by then the entire projections and industry economics had undergone substantial change. After the change of management in FY 2005-06, the new management also explored possibility for a best possible commercial realization of the value of cost featuring as Capital work in Progress in respect of the un commissioned weaving division but failed in view of the changed industry requirements, technology up gradation and resultant cost economics.

Consequent to all the aforesaid, in F.Y. 2006-07, the manage ment had taken a conscious decision to finally abandon the said un-commissioned weaving division and realize whatever salvages value it can fetch for all such un commissioned equipments. Value of Capital work in Progress has therefore been represented net of provision for estimated losses provided in financial year 2005-06 and actual write off of unrealized value of capital work in progress totaling Rs. 1,02,62,218/- during financial year 2007-08 against such provision of impairment losses . The company is looking for potential buyer of the weaving unit and planning to sell-off the same in totality.

VIII Investments: Investments in quoted and unquoted companies though made on long term basis as per information available neither they are being traded on the stock exchange nor their financial statements have been available. Management has accordingly termed the "quoted shares" or "unquoted shares" and provided for diminution in their value on estimate basis.

IX The figures of previous year have been regrouped /reclassified, where necessary, to Confirm with the current year''s classification.

---

Mar 31, 2012

A Other Additional Information

I In addition to the activities in the field of business support services and consultancy services, the company has further forayed into

real estate construction and development activities and in pursuance to which the company has entered into a partnershi p with various group of individuals and has made investment through a hundred percent subsidiary company.

II Prior period adjustment represents short/excess provisioning of revenue and expenses in earlier years due to errors an d omissions, which are now booked or reversed.

IV a.The Company had acquired 100% voting power of the Homework Crafts (India)Private Limited (Subsidiary Company- HWCIPL) and control of Composition of Board of directors in February 2007, since then the structure of Capital holding and management control remains the same.

b.The Company had advanced to HWCIP a sum of Rs. 20441696/- for the investment in land for a real estate development project of commercial complex.

VI Due to Small scale, micro and medium enterprises

Based on the information available with the company, there is no dues payable to micro, small and medium enterprises as defined in The Micro, Small & Medium Enterprises Development Act, 2006. This information has been relied upon by the statutory auditor of the company.

b. Secondary Segment (by geographical locations)

The company caters only to the domestic market and hence here are no reportable geographical segments. Segment Revenue ;

Segment results ; Segment Assets ; Segment Liabilities include the respective amounts identifiable to each Segment as also amounts allocable on a reasonable basis. Income and expenses which are not directly attributable to any business segment are shown as unallocated corporate income/ expense. Assets and Liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

V Capital work in Progress

In the earlier years when the company was engaged into business activity of manufacturing PE Tarpaulin and PP/HDPE woven sacks, it also embarked upon setting up a weaving unit incurring substantial cost for its implementation which later in the interim stages had to be suspended due to constraints of financing of weaving unit and subsequently abandoned in view of disposal of entire assets relating to PE Tarpaulin/PP/HDPE woven sack manufacturing.

With the aforesaid background of events, the company could neither liquidate its investment into the un commissioned weaving division nor could proceed further to complete setting up of the said un commissioned weaving division since by then the entire projections and industry economics had undergone substantial change. After the change of management in FY 2005-06, the new management also explored possibility for a best possible commercial realization of the value of cost featuring as Capital work in Progress in respect of the un commissioned weaving division but failed in view of the changed industry requirements, technology up gradation and resultant cost economics.

Consequent to all the aforesaid, in F.Y. 2006-07, the manage ment had taken a conscious decision to finally abandon the said un- commissioned weaving division and realize whatever salvages value it can fetch for all such un commissioned equipments. Value of Capital work in Progress has therefore been represented net of provision for estimated losses provided in financial year 2005-06 and actual write off of unrealized value of capital work in progress totaling Rs. 1,02,62,218/- during financial year 2007-08 against such provision of impairment losses. The company is looking for potential buyer of the weaving unit and planning to sell-off the same in totality.

VI Investments: Investments in quoted and unquoted companies though made on long term basis as per information available neither they are being traded on the stock exchange nor their financial statements have been available. Management has accordingly termed the "quoted shares" or "unquoted shares" and provided for diminution in their value on estimate basis.

VII During the year the company has made expenses of Rs. 12.83 as consultancy and listing fess for listing the Equity Shares of the company at Bombay Stock Exchange. The Equity shares of the company has been listed with effect from 16 th January 2012.

VIII The Central Government vide notification SO. 447 (E) dated February 28, 2011, has revised the Schedule VI under the Companies Act, 1956 and the same has become applicable for the Financial Statements to be prepared for the financial year commencing on or after April 1, 2011. Accordingly, the company has reclassified the previous year figures to conform to this year's classification. The adoption of the revised Schedule VI does not impact the recognition and measurement principles followed for the presentation of the Financial Statements.

XV The figures of previous year have beenregrouped /r eclassified, where necessary, to Confirm with the current year's classification.

1) Principles of Consolidation :

i. The consolidated financial statements relates to Asia Pack Ltd. and its subsidiary company as at 31st March, 2012. Same have been prepared using uniform accounting policies for like transactions and other events in similar circumstances and are presented in the same manner as the company's separate financial statements.

ii.The financial statements of the subsidiary company have been consolidated on a line to line basis by adding together the book values of like items of assets, liabilities, incomes and expenses, after fully eliminating intra group balances / transactions.

iii. Investments in Associate Companies have been accounted for under the equity method as per Accounting Standard 23 "Accounting for Investments in Associates in Consolidated Financial Statements "issued by ICAI.

iv.The details of Subsidiary company whose financial statements are consolidated is as under:

2) The accounting policies of the parent company are presented in note 1 forming part of its standalone financial statement. Difference in accounting policies followed by the subsidiary companies consolidated have been reviewed and no adjustments have been made, since there are no material differences.

3) The other notes/additional information to these consolidated financial statements are disclosed to the extent necessary for presenting a true and fair view of the consolidated financial statements.

4) Investments: Investments in quoted and unquoted companies though made on long term basis as per information available neither they are being traded on the stock exchange nor their financial statements have been available. Management has accordingly termed the "quoted shares" or "unquoted shares" and provided for diminution in their value on estimate basis.

5) Prior period adjustment represents short/excess provisioning of revenue and expenses in earlier years due to errors and omissions, which are now booked/reversed.

6) The Central Government vide notification SO. 447 (E) dated February 28, 2011, has revised the Schedule VI under the Companies Act, 1956 and the same has become applicable for the Financial Statements to be prepared for the financial year commencing on or after April 1, 2011. Accordingly, the Company has reclassified the previous year figures to conform to this year's classification. The adoption of the revised Schedule VI does not impact the recognition and measurement principles followed for the presentation of the Financial Statements.

Deferred tax assets has not been recognized because there is less reasonable certainty that the assets can be realized in the future, and in case of unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets has not been recognized due to non availability of supporting convincing evidence for recognition of such assets showing its virtual certainty, . The above assumption for Deferred tax assets should be reassessed for the its recognition at each balance sheet date.

7) a. The Company had acquired 100% voting power of the Homework Crafts (India)Private Limited (Subsidiary Company- HWCIPL) and control of Composition of Board of directors in February 2007, since then the structure of Capital holding and management control remains the same. b.The Company had advanced to HWCIP a sum of Rs. 20 441696/- for the investment in land for a real estate development project of commercial complex.

b. Secondary Segment (by geographical locations)

The company caters only to the domestic market and hence here are no reportable geographical segments. Segment Revenue; Segment results; Segment Assets; Segment Liabilities include the respective amounts identifiable to each Segment as also amounts allocable on a reasonable basis. Income and expenses which are not directly attributable to any business segment are shown as unallocated corporate income/ expense. Assets and Liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

8) During the year the company has made expenses of Rs. 12.83 as consultancy and listing fess for listing the Equity Shares of the company at Bombay Stock Exchange. The Equity shares of the company has been listed with effect from 16th January 2012.

9) Figures pertaining to the subsidiary companies have been reclassified wherever necessary to green them in line with the group's financial statement.

---

Mar 31, 2011

1. In addition to the activities in the field of business support services and consultancy services, the company has further forayed into real estate construction and development activities and in pursuance to which the company has entered into a partnership with various group of individuals and has made investment through a hundred percent subsidiary company.

2. Capital work in Progress

In the earlier years when the company was engaged into business activity of manufacturing PE Tarpaulin and PP/HDPE woven sacks, it also embarked upon setting up a weaving unit incurring substantial cost for its implementation which later in the interim stages had to be suspended due to constraints of financing of weaving unit and subsequently abandoned in view of disposal of entire assets relating to PE Tarpaulin/PP/HDPE woven sack manufacturing.

With the aforesaid background of events, the company could neither liquidate its investment into the un commissioned weaving division nor could proceed further to complete setting up of the said un commissioned weaving division since by then the entire projections and industry economics had undergone substantial change . After the change of management in FY 2005- 06, the new management also explored possibility for a best possible commercial realization of the value of cost featuring as Capital work in Progress in respect of the un commissioned weaving division but failed in view of the changed industry requirements, technology up gradation and resultant cost economics.

Consequent to all the aforesaid, in F.Y. 2006-07, the management had taken a conscious decision to finally abandon the said un-commissioned weaving division and realize whatever salvages value it can fetch for all such un commissioned equipments. Value of Capital work in Progress has therefore been represented net of provision for estimated losses provided in financial year 2005-06 and actual write off of unrealized value of capital work in progress totaling Rs. 1,02,62,218/- during financial year 2007-08 against such provision of impairment losses. The company is still searching for potential buyer of the weaving unit and planning to sell-off the same in totality.

3. Contingent Liability not provided for: NIL

4. Prior period adjustment represents short/excess provisioning of revenue and expenses in earlier years due to errors and omissions, which are now booked or reversed.

During the Year under consideration, the Company has accounted for a loss of Rs. 3,85,638/ (Rupees Three Lacs Eighty Five Thousand Six Hundred Thirty Eighty only) from the partnership Firm. This loss has been derived from M/s Miraj Developer's unaudited financial statements.

5. a The Company had acquired 100% voting power of the Homework Crafts (India) Private Limited (Subsidiary Company- HWCIPL) and control of Composition of Board of directors in February 2007, since then the structure of Capital holding and management control remains the same.

b. The Company had advanced to HWCIPL a sum of Rs. 20441696/- for the investment in land for a real estate development project of commercial complex.

6. Due to Small scale, micro and medium enterprises

Based on the information available with the company, there is no dues payable to micro, small and medium enterprises as defined in The Micro, Small & Medium Enterprises Development Act, 2006. This information has been relied upon by the statutory auditor of the company.

b. Secondary Segment (by geographical locations)

The company caters only to the domestic market and hence here are no reportable geographical segments.

Segment Revenue ; Segment results ; Segment Assets ; Segment Liabilities include the respective amounts identifiable to each Segment as also amounts allocable on a reasonable basis.

Income and expenses which are not directly attributable to any business segment are shown as unallocated corporate income/ expense.

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

7. The figures of previous year have been regrouped /reclassified, where necessary, to Confirm with the current year's classification.

---

Mar 31, 2010

1. In addition to the activities in the field of business support services and consultancy services, the company has further forayed into real estate construction and development activities and in pursuance to which the company has entered into a partnership with various group of individuals and has made investment through a hundred percent subsidiary company.

2. Capital work in Progress

In the earlier years when the company was engaged into business activity of manufacturing PE Tarpaulin and PP/HDPE woven sacks, it also embarked upon setting up a weaving unit incurring substantial cost for its implementation which later in the interim stages had to be suspended due to constraints of financing of weaving unit and subsequently abandoned in view of disposal of entire assets relating to PE Tarpaulin/PP/HDPE woven sack manufacturing.

With the aforesaid background of events, the company could neither liquidate its investment into the un commissioned weaving division nor could proceed further to complete setting up of the said un commissioned weaving division since by then the entire projections and industry economics had undergone substantial change . After the change of management in FY 2005-06, the new management also explored possibility for a best possible commercial realization of the value of cost featuring as Capital work in Progress in respect of the un commissioned weaving division but failed in view of the changed industry requirements, technology up gradation and resultant cost economics- Consequent to all the aforesaid, in F.Y. 2006-07, the management had taken a conscious decision to finally abandon the said un-commissioned weaving division and realize whatever salvages value it can fetch for all such un commissioned equipments. Value of Capital work in Progress has therefore been represented net of provision for estimated losses provided in financial year 2005-06 and actual write off of unrealized value of capital work in progress totaling Rs. 1,02,62,218/- during financial year 2007-08 against such provision of impairment losses. The company is looking for potential buyer of the weaving unit and planning to sell-off the same in totality.

3. Contingent Liability not provided for: NIL

4. Prior period adjustment represents short/excess provisioning of revenue and expenses in earlieryears due to errors and omissions, which are now booked or reversed.

5. Income tax:

(a.) Current tax:

Tax liability under the regular provisions of the IT Act, has been provided for.

(b) Deferred Tax:

Disclosure required pursuant to Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India is as under:

6. Tour & Travel and Traveling expenses include Directors Traveling amounting to Rs. 39,931 /- (net of recovery from clients) (Previous Year Rs 1,64,852/-).

7. Particulars of Investments in Capital of Partnership Firm M/s. Miraj Developers (Formally known as Umbrella Developers) through partnership deed dated 5-3-2007

During the Year under consideration, the Company has accounted for a loss of Rs. 203580 (Rupees Two lacs Three Thousand Five Hundred Eighty Only) form the partnership firm. This loss has been derived from M/s Miraj Developers.

8. a The Company had acquired 100% voting power of the Homework Crafts (India) Private Limited (Subsidiary Company- HWCIPL) and control of Composition of Board of directors in February 2007, since then the structure of Capital holding and management control remains the same.

b. The Company had advanced to HWCIPL a sum of Rs. 20186425/- for the investment in land for a real estate development project of commercial complex in February, 2007.

Notes:

I. Items traded in assorted varying units and hence quantity in units not furnished.

II. Information has been furnished to the extent possible.

9. Due to Small scale, micro and medium enterprises

Based on the information available with the company, there is no dues payable to micro, small and medium enterprises as defined in The Micro, Small & Medium Enterprises Development Act, 2006. This information has been relied upon by the statutory auditor of the company.

10. Segment Reporting: -

b. Secondary Segment (by geographical locations)

The company caters only to the domestic market and hence here are no reportable geographical segments.

Segment Revenue ; Segment results ; Segment Assets ; Segment Liabilities include the respective amounts identifiable to each Segment as also amounts allocable on a reasonable basis.

Income and expenses which are not directly attributable to any business segment are shown as unallocated corporate income/ expense.

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

11. Related Party Disclosures:-

a. Relationship:

S. No. Particulars

(a) Subsidiary Companies: Homework Crafts (India) Pvt. Ltd.

(b) Other related parties 1. Miraj Products Pvt. Ltd. where Control exists: 2. Bhagyadeep Enterprises Pvt. Ltd.

3. Gajanan Hotels Pvt. Ltd.

4. Mahima Multicolour Pvt. Ltd.

5. Deepshri Building Developers Pvt. Ltd.

6. Asmita Enterprises Pvt. Ltd.

7. Anushthan Plastics Pvt Ltd

8. Miraj Developers

9. Miraj Developers Private Limited

10. Aacharan Enterprises Pvt. Ltd.

11. Miraj Engineering Limited

12. Miraj Entertainment Limited

I3. Miraj Projects Limited

14. Red Ribbon Entertainment Private Limited

15. I-View Motion Pictures Private Limited.

16. Modest Builders Limited

17. Unique Affordable Homes Pvt Ltd



(c) Key Management 1. Shri Deepak Kumar Parihar

Personnel: 2. Shri Prakash Chandra Purohit

3. Shri Revant Purbia

(d) Relatives of key Not Applicable Management Personnel and their enterprises where transactions have taken place:

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

12. Figures of loans, advances, sundry creditors, sundry debtors, featuring in the Balance Sheet include certain balances, which are subject to confirmations and adjustment if any upon reconciliation.

13. The figures of previous year have been regrouped /reclassified, where necessary, to Confirm with the current years classification.