Notes to Accounts of Classic Electricals Ltd.

Mar 31, 2025

(h) Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is
probable that there will be an out flow of resources. Provisions are not recognised for future operating losses.

Contingent liabilities are disclosed 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 a present obligation that arises from past events
where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

Contingent Assets are disclosed , where an inflow of economic benefits is probable.

(i) Tax Expense

The tax expense for the period comprises current and deferred tax. Current and deferred tax is recognized in the Statement of Profit and Loss except to the
extent it relates to items recognized directly in equity or other comprehensive income, in which case it is recognized in equity or other comprehensive income
respectively.

Current Tax:

Current tax charge is based on taxable profit for the year. The tax rates and tax laws used to compute the amount are those that are enacted or
substantially enacted , at the reporting date where the Company operates and generates taxable income. Management periodically evaluates positions
taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation . It establishes provisions where appropriate on
the basis of amounts expected to be paid to the tax authorities.

Current tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and Company
intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred Tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit.

Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the period when the asset is realised or the liability is
settled , based on tax rates and tax laws that have been enacted or substantively enacted by the end of reporting period. The carrying amount of deferred
tax assets is reviewed at each reporting date.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set offcurrent tax assets against current tax liabilities and the
deferred taxes relate to the same taxable entity and the same taxation authority.

(j) Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company
operates (the functional currency) . The financial statements are presented in Indian rupee (?) , which is Company''s functional and presentation currency.

(k) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/(loss) before exceptional items and 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.

C. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINITIES

The preparation of the Company''s financial statements requires management to make judgment, estimates and assumptions that affect the reported amount of
revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and judgments are continually evaluated. The areas involving critical estimates and judgments are:

(i) Property, plant and equipment and useful life of property, plant and equipment

Property, plant and equipment / intangible assets are depreciated / amortised over their estimated useful lives, after taking into account estimated
residual value. Management reviews the estimated useful lives and residual values of the assets annually in order to determine the amount of depreciation
/ amortisation to be recorded during any reporting period. The useful lives and residual values are based on the Company''s historical experience with
similar assets and take into account anticipated technological changes. The depreciation / amortisation for future periods is revised if there are significant
changes from previous estimates.

(ii) Recognition of deferred tax assets and current tax.

The calculation of the Company''s tax charge necessarily involves a degree of estimation and judgment in respect of certain items whose tax treatment
cannot be finally determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal process. The final
resolution of some of these items may give rise to material profits/losses and/or cash flows. Significant judgments are involved in determining the provision
for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iii) Impairment of Non-Financial Assets - Property, Plant and equipment and Intangible Assets

The Company assesses at each reporting date as to whether there is any indication that any Property, Plant and Equipment and Intangible Assets or group
of Assets, called Cash Generating Units (CGU) may be impaired. If any such indication exists, the recoverable amount of an asset or CGU is estimated to
determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the
recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset''s
carrying amount exceeds its recoverable amount. The recoverable amount is higher of an asset''s fair value less cost of disposal and value in use. Value in
use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of
the time value of money and risk specific to the assets. The impairment loss recognised in prior accounting period is reversed if there has been a change in
the estimate of recoverable amount.

(iv) Estimation of fair values of Provisions

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
judgment to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and
revised to take account of changing facts and circumstances.

NOTE-26: As the Company does not fulfill the criteria specified in section 135 of the companies Act read with rule 3 of the Companies (Corporate Social
Responsibility Policy) Rule,2014 (''CSR Rules'')for three consecutive Financial Years, CSR Provisions is not applicable to the company.

NOTE-27: Balances in respect of Trade receivables, Loans & advances and Liabilities in most of the cases are subject to confirmations, reconciliations and
adjustments, if any.

NOTE-28: Leases

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.

Company as a lessee

The Company has elected not to apply the requirements of Ind AS 116 as there is no any contract in writing, further pending litigation with the lessor the
company has treated the transactions as short-term leases for which the underlying asset is of low value. The lease payments associated with these leases
are recognized as an expense in the profit & loss account.

Company as a lessor

At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance lease. The Company recognises lease
payments received under operating leases as income on a straight-line basis over the lease term. In case of a finance lease, finance income is recognized
over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor''s net investment in the lease. When the Company is an
intermediate lessor it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with
reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short term lease to which the
Company applies the exemption described above, then it classifies the sub-lease as an operating lease.

Note-(i) Current Assets to Current liabilities Ratio decreased due to increase in current liabilities on account of borrowings during the reporting year as
compared to previous year.

Note-(ii) Debt to Equity Ratio increased due to increase in current liabilities on account of borrowings during the reporting year as compared to previous
year.

Note-(iii) Debt Service Coverage Ratio decreased due to decrease in net profit after tax and increase in interest cost and borrowings during the reporting
year as compared to previous year.

Note-(iv) Return on equity Ratio decreased due to lower net profit for the year as compared to previous year.

Note-(v) Return on capital employed equity Ratio decreased due to lower profit before tax and finance cost as compared to previous year.

b) The Company has not advanced any loans or advances in the nature of loans to specified persons viz. promoters, directors, KMPs, related parties and
hence reporting requirement with respect to repayment of loan is not applicable.

c) The Company has not borrowed any funds from banks and financial institutions and according, reporting requirement for utilisation of the same is not
applicable.

d) The Company has not been declared as a willful defaulter by any lender who has powers to declare a company as a willful defaulter at any time during
the financial year or after the end of reporting period but before the date when financial statements are approved.

e) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) 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 :

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

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

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

g) The Company does not have any transactions with struck-off companies.

h) The Company does not have any transaction which is not recorded in the books of accounts but 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).

i) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

j) The Company does not have any subsidiary company/ies and hence reporting requirement with respect to compliance with the number of layers
prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017. is not applicable.

k) The Company does not have any charges or satisfaction which is required to be registered with the Registrar of Companies (ROC) and hence reporting
requirement for satisfaction of charge beyond the statutory period is not applicable.

l) The company does not have any Immovable property ofwhich title deeds are not held in the name ofthe company. Hence reporting requirement ofTitle
deeds of Immovable Property not held in name of the Company is not applicable.

m) The company has not revalued its Property, Plant and Equipment, during the year.

n) The company does not have any capital work in progress for tangible assets or Intangible Assets under development. Further there are no any projects
which is temporarily suspended.

o) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami

p) The company has not applied for any Scheme of Arrangements to be approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013, hence the reporting requirement for disclosure of the same is not applicable.

NOTE-30: Financial Risk Management

The company''s activities expose it to variety of financial risks: market risk, credit risk, interest rate risk and liquidity risk. Within the boundaries of approved
Risk Management Policy framework, the Company uses derivative instruments to manage the volatility of financial markets and minimize the adverse
impact on its financial performance.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk.

Liquidity Risk

Liquidity risk arises from the Company''s inability to meet its cash flow commitments on the due date. The company maintains sufficient stock of cash,
marketable securities and committed credit facilities. The company accesses local financial markets to meet its liquidity requirements. It uses a range of
products to ensure efficient funding from across well-diversified markets. Treasury monitors rolling forecasts of the company''s cash flow position and
ensures that the company is able to meet its financial obligation at all times including contingencies.

NOTE-31: Capital Management

The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of
the business. Management monitors the return on capital. The Company adheres to a disciplined Capital Management framework in order to maintain a
strong balance sheet. The main objectives are as follows:

NOTE-32: "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions
of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act ,1993. As on the date of this Balance sheet there was no any balance
payable to the suppliers/creditors and hence the provisions of the this Act is not applicable to the company for year. This has been relied upon by the
Auditors.

NOTE-33: The previous year''s figures have been regrouped & recast wherever necessary to make them comparable.

As per our report of even date

For ADV & Associates For and on behalf of the Board of Directors

Chartered Accountants

Firm''s registration number: 128045W

Rajesh H. Shah Julie M. Shah

Managing Director Director

Din No: 00475776 Din No: 03500721

Pratik Kabra

Partner

M.No: 611401 Sunil H. Shah Rupali Dhiman

UDIN: 25611401BMHWOU4551 Director & CFO Company Secretary

Place :Mumbai DIN No: 02775683 M.No: 54968

Dated: 20th May 2025

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Mar 31, 2024

(g) Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an out flow of resources. Provisions
are not recognised for future operating losses.

Contigent liabilities are disclosed whenthereis 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 a present obbligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the
amount cannot be made.

Contingent Assets are disclosed , where an inflow of economic benfits is probable.

(h) Tax Expense

The tax expense forthe period comprises current and deferred tax. Current and deferred tax is recognized in the Statement of Profit and Loss except to the extent it relatesto items recognized directlyin equity orother
comprehensive income, inwhich case it is recognized in equity or other comprehensive income respectively.

Current Tax:

Current tax charge is based on taxable profit for the year. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted , at the reporting date where the Company
operates and generates taxble income. Management periodically evaluates positions taken in tax returns with respect to situations in whcih applicable tax regulation is subject to interpretation . It establishes
provisions where appropriate on the bais of amounts expected to be paid to the tax authorities.

Current tax assetsand liabilities are offset when there is a legallyenforceable right to set off current tax assets against current tax liabilites and Company intends either to settle on a net basis, or to realize the asset
and settle the liability simutaneaously.

Deferred Tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the period whenthe asset is realised or the liabilty is settled , based on tax rates and tax laws that have been
enacted or substantively enacted by the end of reporting period. The carrying amount of deferred tax assets is reviewed at each reporting date.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxble entity and the
same taxation authority.

(i) Functional and presentation currency

Items included inthefinancial statements ofthe Companyare measured usingthe currencyofthe primaryeconomic environment in whichthe Company operates (the functional currency). The financial statements are
presented in Indian rupee (?) , which is Company''s functional and presentation currency.

C. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTIES

The preparation of the Company''s financial statements requires management to make judgement, estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the
accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and judgements are continually evaluated. The areas involving critical estimates and judgemenst are:

(i) Property, plant and equipment and useful life of property, plant and equipment

Property, plant and equipment / intangible assets are depreciated / amortised over their estimated useful lives, after taking into account estimated residual value. Management reviews the estimated useful lives
and residual values of the assets annually in order to determine the amount of depreciation / amortisation to be recorded during any reporting period. The useful lives and residual values are based on the
Company''s historical experience with similar assets and take into account anticipated technological changes. The depreciation / amortisation for future periods is revised if there are significant changes from
previous estimates.

(ii) Recognition of deferred tax assets and current tax.

The calculation of the Company''s tax charge necessarily involves a degree of estimation and judgement in respect of certain items whose tax treatment cannot be finally determined until resolution has been
reached withthe relevant tax authority or, asappropriate, through aformal legal process. The final resolution of some ofthese items may give rise to material profits/losses and/orcash flows. Significant judgments
are involved in determining theprovision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iii) Impairment of Non-Financial Assets - Property, Plant and equipment and Intangible Assets

The Company assesses at each reporting date as to whether there is any indication that any Property, Plant and Equipment and Intangible Assets or group of Assets, called Cash Generating Units (CGU) may be
impaired. If any such indication exists, the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an
individual asset,the Company estimates the recoverable amountof the CGU to which the asset belongs. An impairment loss is recognised inthe Statement of Profit and Loss to the extent, asset''s carrying amount
exceeds its recoverable amount. The recoverable amount is higher ofan asset''s fair value less cost of disposal and value in use.Value in use is based on the estimated future cash flows, discounted to their present
value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets. The impairment loss recognised in prior accounting period is reversed ifthere
has been a change in the estimate of recoverable amount.

(iv) Estimation of fair values of Provisions

Provisions and liabilities are recognized inthe period when it becomes probable that there will bea future outflow of funds resulting from past operationsor eventsand theamount of cash outflow can be reliably
estimated.The timingof recognition and quantification ofthe liability requires the application of judgement to existingfacts and circumstances, which can be subject to change. The carryingamounts of provisions
and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

NOTE 28 As the Company does not fulfill the criteria specified in section 135 of the companies Act read with rule 3 of the Companies (Corporate Social Responsibility Policy) Rule,2014 (''CSR Rules'')for three consecutive

Financial Years, CSR Provisions is not applicable to the company.

NOTE 29 Balances in respect of Trade receivables, Loans & advances and Liabilities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

NOTE 30 Leases

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.

Company as a lessee

TheCompany haselected not toapplythe requirements ofInd AS 116asthere is noany contract in writting, further pending litigation withthe lessor the company has treatedthe transactions as short-term leases
for which the underlying asset is of low value. The lease payments associated with these leases are recognized as an expense in the profit & loss account.

Company as a lessor

At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance lease. The Company recognises lease payments received under operating leases as income on a
straight-line basis over the lease term. In case of a finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor''s net investment in
the lease.When the Company is an intermediate lessor it accounts for its interests inthe head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use
asset arising from the head lease, notwith reference to the underlying asset. If a head lease is a short term lease to which the Company applies the exemption described above, then it classifies the sub-lease as an
operating lease.

d) TheCompany has not been declared as a wilful defaulter byany lender who has powers to declarea company as a wilful defaulterat anytime duringthe financialyear or after the end of reporting period but
before the date when financial statements are approved.

e) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)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 :

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

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

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

g) The Company does not have any transactions with struck-off companies.

h) TheCompany does not have any transaction which is not recorded in the books of accounts but 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).

i) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

j) The Company does not hav any subsidiary company/ies and hence reporting requirement with respect to compliancewith the number of layers prescribed under clause (87) of section 2 ofthe Companies Act,
2013 read with Companies (Restriction on number of Layers) Rules, 2017. is not applicable.

k) TheCompanydoes not have anycharges or satisfaction which is required to be registered with the Registrar ofCompanies(ROC)andhencereporting requirement for satisfaction of charge beyond the statutory
period is not applicable.

l) The company does not have any Immovable property of which title deeds are not held in the name of the company. Hence reporting requirement of Title deeds of Immovable Property not held in name ofthe
Company is not applicable.

m) The company has not revalued its Property, Plant and Equipment, during the year.

n) The company does not have any capital work in progress for tangible assets or Intangible Assets under development. Further there are no any projects which is temporarily suspended.

o) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

p) The company has not applied for any Scheme of Arrangements to be approved by the Competent Authority in terms of sections 230 to 237 ofthe Companies Act, 2013, hence the reporting requirement for
disclosure of the same is not applicable.

32 Financial Risk Management

The company''s activities expose it to variety of financial risks: market risk, credit risk, interest rate risk and liquidity risk. Within the boundaries of approved Risk Management Policy framework, the Company uses
derivative instruments to manage the volatility of financial markets and minimize the adverse impact on its financial performance.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and
other price risk, such as equity price risk and commodity risk.

Liquidity Risk

Liquidity risk arises from the Company''s inability to meet its cash flow commitments on the due date. The company maintains sufficient stock of cash, marketable securities and committed credit facilities. The
company accesses local financial markets to meet its liquidity requirements. It uses a range of products to ensure efficient funding from across well-diversified markets. Treasury monitors rolling forecasts of the
company''s cash flow position and ensures that the company is able to meet its financial obligation at all times including contingencies.

33 Capital Management

The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital.
The Company adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main objectives are as follows:

NOTE 34 "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary

Industrial UndertakingAct ,1993.As onthedateofthis Balance sheetthere wasno any balance payable to the suppliers/creditors and hence theprovisions ofthe thisAct is not applicableto thecompany foryear.
This has been relied upon by the Auditors.

NOTE 35 The previous year''s figures have been regrouped & recast wherever necessary to make them comparable.

As per our report of even date

For ADV & Associates For and on behalf of the Board of Directors

Chartered Accountants

Firm''s registration number: 128045W

Rajesh H. Shah Dhanesh B. Parikh

Managing Director Director

Din No: 00475776 Din No: 00676930

Pratik Kabra

Partner

M.No: 611401 Sunil H. Shah Rupali Dhiman

UDIN: 24611401BKCKWX1105 Director & CFO Company Secretary

Place :Mumbai DIN No: 02775683 M.No: 54968

Dated: 30th May 2024

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Mar 31, 2014

1. Share Capital

Terms/Rights attached to Equity Shares

The Company has only one class of Equity shares having par value of Rs. 10/- per shares. Each shareholders of equity shares is entitled to one vote per share.

In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amount, in proportion to their share holding.

2. Deferred Tax Assets/(Liability) (Net)

Deferred Tax Assets arisen on account of Carried forward Short Term Capital Loss is not accounted in view of uncertainty as to utilisation of Deferred Tax Assets in near future.

3. Fixed Assets

Notes:

1) Pursuant to accounting standard 28 "Impairment of Assets", the company has made an assessment as at end of the year for any indication of impairment in the carrying amount of the company''s assets and determine that the carrying value of the assets is less than its realizable value and hence, no provision for any impairment of assets is made in the books of accounts.

2) Please Refer Note No. 23 for Adjustment in Gross Block and Depreciation in respect of Freehold land and Shed Building.

4. Contingent Liabilities:

a. The disputed Income-tax demand of 244.95 lacs as under:

Assessment Year Tax Demand (In Lacs) Tax Paid under protest/refund adjusted (in lacs)

1989-90 2.65 Nil

1990-91 54.90 54.90

1991-92 155.83 155.83

1992-93 31.57 31.57

Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced and hence no provision is made in the books of accounts.

5. In the opinion of the management, Loans St Advances and trade receivables have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the books of accounts.

6. The Loss on sale of Assets of Rs. 21,39,976/- Represent portion of the land and building at Hubli like basement storage and others having on saleable value and hence Written off in the Books of Accounts.

7. The Company is not engaged in any operational Business and Hence Segment reporting is not applicable to the company.

8. Related Party Transactions

Related party disclosure in accordance with the Accounting Standard 18-issued by the Institute of chartered Accountants of India is as under:

1) During the year there are no any transactions were carried out with KMP or their relatives in the ordinary course of business.

2) related party relationship is as identified by the company and relied upon by the auditor.

9. Balances in respect of Trade receivables, Loans & advances and Liabilities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

10. "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act , 1993. The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

11. The previous year''s figures have been regrouped & recast wherever necessary to make them comparable.

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Mar 31, 2013

Companies Overview:

Classic Electricals Limited (the company) is a public limited company incorporated under the provisions of the companies Act, 1956 vide CIN: L25209MH1985PLC036049.

1.1 Contingent Liabilities:

a. The disputed Income-tax demand of Rs. 244.95 lacs as under:

Tax Paid under protest/refund Assessment Year Tax Demand (In Lacs) adjusted (in lacs)

1989-90 2.65 Nil

1990-91 54.90 54.90

1991-92 155.83 155.83

1992-93 31.57 31.57

Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced and hence no provision is made in the books of accounts.

1.2 Provision for accruing of liabilities for gratuity in terms of Accounting Standard 15 [AS-15 (revised 2005)] "Accounting for Employee Benefits" issued by The Institute of Chartered Accounts of India has not been made in the accounts. The figure of which is not ascertainable.

1.3 In the opinion of the management, Loans & Advances and trade receivables have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the books of accounts.

1.4 The Company is not engaged in any operational Business and Hence Segment reporting is not applicable to the company.

1.5 Balances in respect of Trade receivables, Loans & advances and Liabilities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

1.6 "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act ,1993.The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

1.7 The previous year''s figures have been regrouped & recast wherever necessary to make them comparable.

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Mar 31, 2012

Companies Overview:

Classic Electricals Limited (the company) is a public limited company incorporated under the provisions of the companies Act, 1956 vide CIN: L25209MH1985PLC036049.

Pursuant to accounting standard 28 Impairment of Assets, the company has made an assessment as at 31st March, 2012 for any indication of impairment in the carrying amount of the company's assets and determine that the carrying value of the assets is less than its realizable value and hence, no provision for any impairment of assets is made in the books of accounts.

1.1 Contingent Liabilities:

a. The disputed Income-tax demand of Rs. 244.95 lacs as under:

Assessment Year Tax Demand Tax Paid under protest/refund adjusted (in lacs)

(in lacs)

1989-90 2.65 Nil

1990-91 54.90 Nil

1991-92 155.83 155.83

1992-93 31.57 31.57

Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced and hence no provision is made in the books of accounts.

1.2 Provision for accruing of liabilities for gratuity in terms of Accounting Standard 15 [AS-15 (revised 2005)] "Accounting for Employee Benefits" issued by The Institute of Chartered Accounts of India has not been made in the accounts. The figure of which is not ascertainable.

1.3 In the opinion of the management, Loans at Advances and trade receibales have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the books of accounts.

1.4 The Company is not engaged in any operational Business and Hence Segment reporting is not applicable to the company.

1.5 Balances in respect of Trade receivables, Loans & advances and Liabilibities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

1.6 "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act ,1993.The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

1) During the year there are no any transactions were carried out with KMP or their relatives in the ordinary course of business.

2) related party relationship is as identified by the company and relied upon by the auditor.

1.7 The previous year's figures have been regrouped & recast wherever necessary to make them comparable.

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Mar 31, 2010

1. Contingent Liabilities:

a. The Income tax assessments of the company have been completed up to assessment year 2007-08.

b. The disputed Income-tax demand of Rs. 244.95 lacs as under:

Assessment Tax Demand Tax Paid under

Year (in lacs) protest/ refund adjusted (inlacs)

1989-90 2,65 Nil

1990-91 54.90 Nil

1991-92 155.83 155.83

1992-93 31.57 31.57

#

Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced.

2. Additional information pursuant to the provision of paragraphs 3 and 4 of part II of schedule VI to the Companies Act, 1956;

i) Capacity:

The Company is not required to obtain any industrial license. ii) Quantitative information in respect of Opening stock, Purchases, Production, Sales and Closing stock for each class of goods dealt with by the company as per

Annexure -I.

3. Provision for accruing of liabilities for gratuity in terms of Accounting Standard 15 [AS- 15 (revised 2005)] "Accounting for Employee Benefits" issued by The Institute of Chartered Accounts of India has not been made in the accounts. The figure of which is not ascertainable.

4. Computation of net profit in accordance with Companies Act, 1956 has not been given as commission by way of percentage of profits is not payable for the year to any of the Directors of the Company.

5. Pursuant to accounting standard 28 "Impairment of Assets", the company has made an assessment as at 31st March, 2010 for any indication of impairment in the carrying amount of the companys assets and determine that the carrying value of the assets is less than its realizable value and hence, no provision for any impairment of assets is made in the books of accounts.

6. C.I F. value of import: Nil (Previous year Nil)

7. Expenditure in Foreign currency: Nil (previous year Nil)

8. Remittance in Foreign currency: for dividend: Nil (previous year Nil)

9. FOB value of goods exported : Nil (previous year Nil)

10. Balances in respect of sundry debtors, creditors, advances and deposits in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

11. Related party disclosure in accordance with the Accounting Standard 18-issued by the Institute of chartered Accountants of India and effective from April 1st, 2001.

Relationships:

1) Subsidiary Companies:

NIL

2) Associate Parties:

NIL

3) Key Managerial Personnels:

Shri Jadavji L. Shah : Director

Shri Sanjay D. Shah : Director

Shri Mehul J. Shah : Director

4) Relatives:

Relative of key managerial personnels and their enterprises where transaction have been taken place.

Note: related party relationship is as identified by the company and relied upon by the auditor.

During the year there are no any transactions were carried out with the related parties in the ordinary course of business.

12. "The Micro, Small and Medium Enterprises Development Act, 2006" has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act ,1993.

The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

13. Segment reporting policies

Disclosures pursuant to the requirements of accounting standards:

a. Disclosures as per AS 17 "Segment reporting" issued by Institute of Chartered Accountants of India.

Segment information:

Primary Segment Reporting - By Business Segment

Business Segments:

- Manufacturing Activity

- Leasing & Finance Activity

b. Inter segment transfer pricing:

Inter segment prices are normally negotiated amongst the segment with reference to the cost, market prices and business risks, within an overall optimisation objective.

c. Basis for allocating revenues and expenses to the segments.

Revenue and expenses have been accounted for based on the basis of their relationship to the operating activities of the segment. Revenue and expenses, which relates to the enterprise as a whole and are not allocable to segment on the reasonable basis, have been included under "Unallocable Expenses" and or "Unallocalbe Income".

14- In the opinion of the management, Current Assets, Loans & Advances have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated and provision for all non liability has been made.

15. The previous years figures have been regrouped & recast wherever necessary to make them comparable.