Notes to Accounts of Darjeeling Ropeway Company Ltd.

Mar 31, 2025

j Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an
outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions
(excluding retirement benefits and compensated absences) are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements.
A contingent asset is neither recognised nor disclosed in the financial statements.

k Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash
that are subject to an insignificant risk of change in value and having original maturities of three months or less from the
date of purchase, to be cash equivalents.

For, Darjeeling Ropeway Co Ltd For K M Chauhan & Associates

Chartered Accountants
FRN -125924W

Sd/- Sd/-

Mr. Ashok Jain Ms. Viha Jain

Managing Director Director CA Bhavdip P Poriya

DIN - 03013476 DIN - 10818292 Partner

M. No-154536
Place: Rajkot

Sd/- Sd/- Date : 15/05/2025

Mr. Sahil Gujral Priyanka Bakhtyarpuri UDIN - 25154536BMLFFI1481

CFO Company Secretary

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Mar 31, 2024

l Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an
outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions
(excluding retirement benefits and compensated absences) are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements.
A contingent asset is neither recognised nor disclosed in the financial statements.

m Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash
that are subject to an insignificant risk of change in value and having original maturities of three months or less from the
date of purchase, to be cash equivalents.

For, Darjeeling Ropeway Co Ltd For K M Chauhan & Associates

Chartered Accountants
FRN -125924W

Surinderpal Singh

Managing Director, DIN - 10379416

Bhavdip P Poriya
Partner
M. No-154536
Place: Rajkot

Megha Sahil Gujral Sahil Gujral Date : 13/05/2024

Director, DIN - 09687697 CFO, PAN - APYPG0639J UDIN -24154536BKBNFB8782

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Mar 31, 2018

Note 1: Notes forming part of the financial statements

Corporate Overview

Darjeeling Ropeway Co Limited, incorporated on 16/10/1936, having its registered office at Office no. GF17, Ground floor, HDIL Harmony Mall, 1A/58, New Link Road, Goregaon-west, Mumbai- 400104.

Note: 2 Explanation of Transition to Ind AS

The transition as at April 1, 2017 to Ind AS was carried out from the previous GAAP. The exemptions and exceptions applied by the Company in accordance with Ind AS 101 - First Time Adoption of Indian Accounting Standards.

Financial Instruments

(a) Financial Assets

Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, a financial asset is recognised at fair value. In case of Financial assets which are recognised at fair value through profit and loss (FVTPL), its transaction cost are recognised in the statement of profit and loss. In other cases, the transaction cost are attributed to the acquisition value of the financial asset. Financial assets are subsequently classified and measured at

- amortised cost

- fair value through profit and loss (FVTPL)

- fair value through other comprehensive income (FVOCI).

Financial assets are not reclassified subsequent to their recognition, except if and in the period the Company changes its business model for managing financial assets.

(b) Financial Liabilities

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Explanation to treatment of Change in Fair Value of Investments

As per previously applied GAAP, the Quoted securities were valued as Cost or Net Realisable Value whichever is lower.

As per Ind AS, the Investments can be valued as per Fair Value through Profit & Loss (FVTPL) or Fair Value through Other Comprehensive Income (FVTOCI) or Ammortised Cost.

We have treated the investments at FVTPL, so both the realized/ unrealized profit/ loss will be shown in the profit & loss account. It is to note that the current tax implication will only be on the realized Profit/ Loss and not on unrealized Profit/Loss whereas deferred tax will be created for the unrealized portion.

The other income of the current year includes Rs 651,486/- on account of unrealized profit due to the change in Fair Value of Investments. Deferred Tax adjustment against the same is done.

Alternatively, the investments could be passed through OCI, where the unrealized profit/loss would have been reflected as below the line item and the realized profit/loss as above the line item.

The PBT as per FVTPL is Rs. 68,92,011/- whereas if the investment would have been considered though OCI the PBT would have been Rs. 62,76,525/- The difference is Rs. 651,486/- which is on account of Change in Fair value of Investment, due to unrealized profit on account of change in fair value of investment passed though Profit and Loss Account. The PAT remains same under both the methods.

The reconciliation of equity and total comprehensive income in accordance with Previous GAAP to Ind AS are explained below.

Reconciliation between Previous GAAP and Ind AS

iii. Reconciliation of Statement of Cash Flow

There are no material adjustments to Statement of Cash Flows as reported under the Previous GAAP.

Note: "Previous Year''s figure have been regrouped rearranged wherever considered necessary".

(ii) Rights, preferences and restrictions attached to Shares

The Company has only one class of equity shares having a par value of Rs 10 each. Each shareholder is eligible for one vote per share held.

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Mar 31, 2015

Not available

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Mar 31, 2013

RELATED PARTY DISCLOSURES

I Related parties

A Key Managerial Personnel

1 R.N.Chirimar- Director

Rajeev Chirimar- Director

Manju Devi Chirimar - Director

B Relatives of Key Managerial Personnel

Keshav Chirimar

Raghav Chirimar

Raj Kumar Chirimar

Sangita chirimar

Sajoy Kumar Kanoria

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Mar 31, 2012

1. During the year the Company has accounted for Deferred Tax in accordance with the Accounting Standard-22 issued by the Institute of Chartered Accountants of India.

2. In pursuance of Accounting Standard - 28 on impairment of Assets (AS-28) issued by the Institute of Chartered Accountants of India, the management has reviewed its carrying cost of assets with value in use (determined based on future earnings)/ net selling price (determined based on a valuation). Based on such review, the Management is of the view that in the current financial year no provision in respect of impairment of assets is considered necessary.

3. (a) Stock of Shares, Debentures etc. have been valued at lower of cost or market value.

(b) Investments have been valued at cost.

4. As the company is dealing in share & Securities the question of Micro, Small and Medium Enterprises Development Act, 2006 does not apply.

5. The Equity Shares of the Company are not traded on the Kolkata Stock Exchange. The Company has sought delisting as listing fees are disputed and has not been paid and provided for since 2002-2003.

6. Figures for the previous year have been re-arranged wherever found necessary.

Related parties

A Key Managerial Personnel

1 R.N. Chirimar- Director

Rajeev Chirimar - Director

Manju Devi Chirimar - Director

B Relatives of Key Managerial Personnel

Keshav Chirimar Raghav Chirimar Raj Kumar Chirimar Sangita chirimar Sujoy Kumar Kanoria

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Mar 31, 2011

1. During the year the Company has accounted for Deferred Tax in accordance with the Accounting Standard-22 issued by the Institute of Chartered Accountants of India.

2. In pursuance of Accounting Standard - 28 on impairment of Assets (AS-28) issued by the Institute of Chartered Accountants of India, the management has reviewed its carrying cost of assets with value in use (determined based on future earnings)/ net selling price (determined based on a valuation). Based on such review, the Management is of the view that in the current financial year no provision in respect of impairment of assets is considered necessary.

3. (a) Stock of Shares, Debentures etc. have been valued at lower of cost or market value.

(b) Investments have been valued at cost.

4. As the company is dealing in share & Securities the question of Micro, Small and Medium Enterprises Development Act, 2006 does not apply.

5. The Equity Shares of the Company are not traded on the Kolkata Stock Exchange. The Company has sought delisting as listing fees are disputed and has not been paid and provided for since 2002-2003.

6. Figures for the previous year have been re-arranged wherever found necessary.