Notes to Accounts of Jhaveri Credits & Capital Ltd.

Mar 31, 2024

(M) Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized when the company has a present obligation as a result of a past event and it is probable that an outflow of resources would be required to settle the obligation and in respect of which a reliable estimate can be made. The expenses relating to provision is presented in the statement of profit and loss account.

A disclosure of the contingent liability, if determinable, is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. But where there is a possible obligation but the likelihood of outflow of resources is remote, no provision / disclosure are made.

Contingent asset is disclosed in the financial statements where an inflow of economic benefits is probable and are assessed continually.

(N) Employee Benefits

a) Short Term Employee Benefits

Employee Benefits payable wholly within twelve months of receiving employee services are classified as short term employee benefits. These benefits include salaries and wages, bonus and performance incentive. The amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render the services.

Leave Encashment is due and recognized as expense immediately after the end of each calendar year in which the employees renders the related employee services.

b) Post-Employment Benefits

Retirement benefits in the form of provident fund (where contributed to the Regional PF Commissioner) are a defined contribution scheme. The Company has no obligation, other than the contribution payable to the provident fund contribution scheme. The Company recognizes contribution payable to the provident fund scheme as expenditure, when an employee renders the related service.

(O) Leases

Finance leases including rights of use in leased land, which effectively transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at inception of the lease term at the lower of the fair value of the land and present value of the minimum lease payments and disclosed as leased assets. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised as finance cost in the statement of profit and loss.

A leased asset is depreciated / amortised on a straight line basis over the useful life of the asset. However, if there is no reasonable certainty that the Company will obtain the ownership by the end of the lease term, the capitalized leased assets is depreciated /amortised on a straight line basis over the shorter of the estimated useful life of the asset or the lease term.

Leases, wherein the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the statement of profit and loss on a straightline basis over the lease term.

(P) Extraordinary Item:

The extraordinary items are that arising from events or transactions that are clearly distinct from the ordinary activities of the enterprise and therefore, are not expected to recur frequently or regularly.

The nature and amount of each extraordinary item are identified and disclosed in the Statement of Profit and Loss in a manner that its impact on current profit or loss can be perceived.

(Q) Earnings Per Share:

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for the events, other than conversion of potential equity share, that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating, diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

Note 31 Micro, Small and Medium Emterprises Development Act, 2006.

During the financial year, the company has not identified the micro, small and medium enterprises as required by Micro, Small and Medium Enterprises Development Act, 2006. Hence the information in respect of outstanding to such enterprises are not available for disclosure.

Note 32 Disclosure in Accordance with IND AS-19 on "Employee Benefits"

The Company has not recognized any amounts in the Statement of Profits and Loss for the year relating to Employee Benefit Expenses the same is shown as liability and paid off within the due date

Note 33 Disclosure in Accordance with IND AS-17 on "Leases"

Operating Lease

The Company has recognized the following amounts in the Statement of Profits and Loss for the year as Obligations on long term, non cancellable operating leases:

The operating lease arrangements, are renewable on a periodic basis and extend upto a maximum of 11 months from their respective dates of inception and relates to rented premises. Some of these lease agreements have price escalation clauses.

Note 34 Disclosure in Accordance with IND AS- 108 on Segment Reporting

The Company'' operations predominantly relate to sale of securities is the only for the year along with sale of solar roof top related products as operating segment of the Company. The management reviews the operations of the Company as one operating segment. Hence, there is no separate segment information has been furnished herewith. The Company operates in one geographical segment namely within India and hence no separate information for geographic segment wise disclosure is required.

C Title deeds of immovable property not held in the name of the Company

The Company has not held any immovable property the title deeds of which are not held in the name of the Company.

D Revaluation of property, plant and equipment

The Company has not revalued any of the property, plant and equipment during the year.

E Loans or advances - Additional disclosures

The Company has not granted any loan or advance in nature of loan to promoters, directors, key managerial personnel and related parties as defined under the Companies Act, 2013 either severally or jointly with any other person that is (a) repayable on demand; or (b) without specifying any terms or period of repayment as shown in the below table:

F Capital work-in-progress (CWIP)

The Company is not having any capital work-in-progress during the year or previous year.

G Intangible assets under development

The Company is not having any intangible asset under development during the year or previous year.

H Details of Benami Property held

No proceedings have been initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) and the rules made thereunder as amended from time to time.

I Security of current assets against borrowings

The Company has no borrowings from banks or financial institutions on the basis of security of current assets during the year except for a Car Loan which is secured by hypothecation of vehicles.

J Wilful defaulter

The Company has borrowings from bank for a Car Loan. However, the Company has not been declared a wilful defaulter at any time during the year or after the end of reporting period, but before the date when financial statements are approved or in an earlier period and the default has continued for the whole or part of the current year by any financial institution.

K Relationship with Struck off companies

The Company has no transaction during the year with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

L Registration of charges or satisfaction with Registrar of Companies

The Company is not required to register any charge to be registered with the Registrar of Companies (ROC) within the time limit.

M Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017. Hence, requirements of disclosing the name and CIN of the companies beyond the specified layers and the relationship / extent of holding of the company in such downstream companies are not applicable.

O Compliance with approved Scheme(s) of Arrangements

No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the year. Hence, the requirements of disclosure of effect of such Scheme of Arrangements in the books of account in accordance with the Scheme and in accordance with accounting standards are not applicable.

P Utilisation of Borrowed funds and share premium

(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(ies), including foreign entities (Intermediaries) during the year 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.

(B) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) during the year 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 to or on behalf of the Ultimate Beneficiaries.

Q Undisclosed Income

The Company has recorded all the transactions carried out during the said financial year in the books of accounts and hence, there is no undisclosed income during the year in tax assessments.

R CSR Expenditure

The Company is not covered under Section 135 of the Companies Act , 2013 and hence, is not required to comply with the CSR Provisions S Details of Crypto Currency

The Company has not carried out any transactions from Crypto Curreny during the said financial year.

Level I - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level II - Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level III - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

Note 39 Financial risk management objectives and policies Financial Risk Factors

1. The company is exposed with various financial risks so to mitigate such risks the quantitative, data of trading / movement in valuation is put up before monthly meeting and quarterly result evaluation meeting of the board.

2. The Velocity of market viz.a viz. effect in return is within knowledge of management.

3. Any sudden fall or rise in market movement, any change or deviation in Government policies or international events are watched carefully by key personnel and management.

Market risk

1. Market risk is the risk that the fair value or cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk reflects interest rate risk, currency risk and other price risks.

2. The Company has limited criteria of dealing in trading of financial instruments. A close watch on market and index movement in stock exchange is observed.

3. The Velocity of market viz.a viz. effect in return is within knowledge of KMPs.

Interest rate risk

1. As on the reporting date, the company does not have any borrowing in the Financial Statements so that there is no Interest rate risk. Foreign currency risk

1. As on the reporting date, the company does not have exposure in foreign currency, therefore it is not exposed to currency risk.

Credit risk

1. Credit risk is the risk that one party to a financial instrument will cause a loss for the other party by failing to pay for its obligation.

2. The company''s investments are mainly in liquid form, does not pass any risk to creditors & the Company''s obligations on any contingences of honouring any obligation of risk coverage.

Trade receivable

1. The company has major receivables from exchange only which are unsecured in nature but there is no historical loss incurred in respect

of such receivables

Loans

1. The company do not have any loans against Margin Trading facilities so exposure regarding such credit default risk is not associated. Liquidity risk

1. Liquidity risk is the risk that an entity will have difficulties in paying its financial liabilities. As the company has investments are mainly in liquid form so such risk is majorly mitigated but still KMPs are regularly closely monitoring such liquidity risks.

The table below summarises the maturity profile of the Company financial liabilities based on contractual undiscounted payments

In the opinion of the Board of the Directors of the Company, the current assets, loans and advances 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 Balance Sheet and provision for all known liabilities have been made in the accounts except as stated otherwise.

Note 41

We draw attention vide this note of the financial statements in respect to scheme of Amalgamation between the Company (Transferee Company) and U R Energy (India) Private Limited (Transferor Company) from the appointed date of April 1, 2024, as the amlagamation scheme is with National Company Law Tribunal for approval of the merger by absorption and dissolution of the Transferor Company without winding up and consequent issuance of the New Equity Shares in accordance with the Share Exchange Ratio to the Eligible Members only.

Note 42

Previous Years figures have been regrouped, reclassified and rearranged wherever necessary to confirm with that of the current year

FOR M A R K S & Co FOR & ON BEHALF OF THE BOARD OF DIRECTORS OF

Chartered Accountants JHAVERI CREDITS AND CAPITAL LIMITED

Firm Reg. No.: 139476W

Rohan D. Mehta VISHNUKUMAR V PATEL BIJAL KIRAN PARIKH

Partner Managing Director Director

Membership No. : 142372 DIN : 02011649 DIN : 07027983

BHUSHAN PITHE NEVIL SHETH

Chief Financial Officer Company Secretary

UDIN : 24142372BKCQPP2333

Place : Ahmedabad Place : Ahmedabad Place : Ahmedabad

Date : 30-05-2024 Date : 30-05-2024 Date : 30-05-2024

---

Mar 31, 2015

1 Corporate Information

The Company is incorporated in the year of 1993 under The Companies Act, 1956. The Company is listed with Bombay Stock Exchange. The Company provides broking platform on various exchanges to the clients for dealing in various commodities traded on those exchanges in present, spot and future dealings. The Company is a broking member of Commodity Exchange viz. 'National Commodity And Derivatives Exchange Limited' (NCDEX), 'Multi Commodity Exchange Of India Limited' (MCX) and 'National Spot Exchange Limited' (NSEL).

2. Rights, preferences and restrictions:

i The Company has only one class of shares referred to as equity shares having par value of ' 10. Each holder of equity shares is entitled to one vote per share.

ii. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. Contingent Liabilities and Commitments:

Contingent Liabilities:

As at As at Particulars March 31, 2015 March 31, 2014

I. Bank Guarantees with 2,82,50,000/- 3,32,50,000/- Stock Exchange

II. Outstanding Demand from IT Department

A.Y. 2005-06 38,169 NIL

A.Y. 2009-10 1,85,570 NIL

Total 2,84,73,739/- 3,32,50,000/-

4. Commitments:

I. Related to Contracts: Nil

II. Other Commitments: Interest on vehicle loan of Rs. 24,404/-

5. Related Party Disclosures

As per Accounting Standard 18, disclosures of transactions with the related parties as defined in Accounting Standard are given below:

(A) Relationships:

(a) Associates:

Jhaveri Hightech Agro Limited. Maulik Kruti Resources Limited

(b) Key Management Personnel

Mr. Rajesh J. Jhaveri - Managing Director Mr. Kamlesh J. Jhaveri - Whole-time Director Mr. Vatsal Desai - Chief Financial Officer (From 27/03/2015) Mr. Chintan Vakil - Company Secretary (From 01/11/2014) Mr. Rahul S. Mandlik - Chief Financial Officer (From 01/11/2014 to 07/02/2015) Mrs. Richa Prashar - Company Secretary (from 06/09/2008 to 01/07/2014)

(c) Relatives of key management personnel and their enterprise where transactions have taken place

Name Relationship

J. B. Jhaveri HUF Karta is a Director of the Company Mrs. S. J. Jhaveri Relative of Director K. J. Jhaveri HUF Karta is a Director of the Company Parth Jhaveri Relative of Director Jeet B. Jhaveri Relative of Director Yash B. Jhaveri Relative of Director Kruti .R.Jhaveri Relative of Director Maulik .R. Jhaveri Relative of Director Bela Jhaveri Relative of Director Karan Jhaveri Relative of Director Jhaveri Dairy Farm Partner is a Director of the Company Jhaveri Organic Farm Partner is a Director of the Company

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

6. The outstanding balances of Debtors, Creditors, Deposits and Loans & Advances are subject to confirmation.

7. To fall in line with Schedule II of the amended Companies Act, 2013 on Depreciation of Fixed Assets, the Company has written off the Fixed Assets whose useful life has been completed.

8. In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

b. All known liabilities have been provided for and there is no liability, contingent or otherwise, is stated in the accounts.

9. The Previous year's figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosers relating to the current year.

---

Mar 31, 2014

NOTE: 1 Corporate Information

The Company is incorporated in the year of 1993 under The Companies Act, 1956. The company is listed with Bombay Stock Exchange. The Company provides broking platform on various exchanges to the clients for dealing in various commodities traded on those exchanges in present, spot and future dealings. The Company is a broking member of Commodity Exchange viz. ''National Commodity And Derivatives Exchange Limited'' (NCDEX), ''Multi Commodity Exchange Of India Limited (MCX) and ''National Spot Exchange Limited'' (NSEL). The Company is able to its brand name in the eyes of the clients and exchanges.

NOTE 2 Rights, prefrences and restrictions:

i. The Company has only one class of shares referred to as equity shares having par value of 10. Each holder of equity shares is entitled to one vote per share.

ii. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

NOTE 3 Contingent Liabilities and Commitments:

3.1 Contingent Liabilities:

Particulars As at March As at March 31,2014 31,2013

l. Matters under disputes / appeals:

a. Income Tax [Amount deposited Rs. 1,00,000/-] NIL 3,95,960/-

II. Bank Guarantees 3,32,50,000/- 5,00,00,000/-

Total 3,32,50,000/- 5,03,95,960/-

3.2 Commitments:

I. Related to Contracts: Nil

II. Other Commitments: Interest on vehicle loan of Rs. 42,094/-

NOTE 4 Related Party Disclosures

As per Accounting Standard 18, disclosures of transactions with the related parties as defined in Accounting Standard are given below:

(A) Relationships:

(a) Associates:

JhaveriHightech Agro Limited. Jhaveri Securities Limited. ConnoisseurTechno Solutions Private Limited

(b) Key Management Personnel

Mr. Rajesh J. Jhaveri Mr. Kamlesh J. Jhaveri

(c) Relatives of key management personnel and their enterprise where transactions have taken place:

Name Relationship

J. B. Jhaveri HUF Karta is a Director of the Company

S. J. Jhaveri Relative of Director

K. J. Jhaveri HUF Karta is a Director of the Company

ParthJhaveri Relative of Director

Jeet B. Jhaveri Relative of Director

Yash B. Jhaveri Relative of Director

Kruti .R.Jhaveri Relative of Director

Maulik .R. Jhaveri Relative of Director

BelaJhaveri Relative of Director

Karan Jhaveri Relative of Director

Jhaveri Dairy Farm Partner is a Director of the Company

Jhaveri Organic Farm Partner is a Director of the Company

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

NOTE 5 The outstanding balances of Debtors, Creditors, Deposits an Loans & Advances are subject to confirmation.

NOTE 6 In compliance of AS 28 on Impairment of Assets issued by Institute of Chartered Accountants of India the Company has carried out impairment review of its assets. Loss on impairment of assets charged to the P & L. A/c is Rs: NIL (previous year Rs. Nil)

NOTE 7

In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

B. All known liabilities have been provided for and there is no liability, contingent or otherwise, is stated in the accounts.

NOTE 8

The Previous year''s figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosers relating to the current year.

---

Mar 31, 2013

NOTE:- 1 Corporate Information

The Company is incorporated in the year of 1993 under The Companies Act, 1956. The company is listed with Bombay Stock Exchange. The Company provides broking platform on various exchanges to the clients for dealing in various commodities traded on those exchanges in present, spot and future dealings. The Company is a broking member of Commodity Exchange viz. ''National Commodity And Derivatives Exchange Limited'' (NCDEX), ''Multi Commodity Exchange Of India Limited'' (MCX) and ''National Spot Exchange Limited'' (NSEL). The Company is able to its brand name in the eyes of the clients and exchanges.

NOTE 2 Contingent Liabilities and Commitments:

2.1 Contingent Liabilities:

Particulars As at March 31,2013 As at March 31,2012

I. Matters under disputes / appeals:

3,95,960 3,95,960

a. Income Tax [Amount deposited Rs. 1,00,000/

II. Bank Guarantees 5,00,00,000 6,65,00,000

Total 5,03,95,960 6,68,95,960

* In the case of the company, assessment proceedings u/s 143(3) has been completed for the A.Y. 2009-10 wherein tax demand of Rs. 3,95,960/- is raised. The company has paid Rs. 1,00,000/- against the same and has filed an appeal with the Hon''ble CIT (A), Baroda against the order u/s 143(3). Considering the decisions of Hon''ble courts, tribunals and related provisions of the Income Tax Act, the company has been legally advised that the demand will either be deleted or will be reduced by the substantial amount. Hence no provision is made for the balance outstanding of Rs. 2,95,960/- which is of contingent nature in view of the company.

2.2 Commitments:

I. Related to Contracts: Nil

II. Other Commitments: Nil

NOTE 3 Related Party Disclosures

As per Accounting Standard 18, disclosures of transactions with the related parties as defined in Accounting Standard are given below:

(A) Relationships:

(a) Associates:

Maulik Kruti Resources Limited.

Jhaveri Hightech Agro Limited.

Jhaveri Securities Limited.

Connoisseur Techno Solutions Private Limited Jhaveri Infrastructure Private Limited

(b) Key Management Personnel Mr. Rajesh J. Jhaveri

Mr. Kamlesh J. Jhaveri

(c) Relatives of key management personnel and their enterprise where transactions have taken place:

Name Relation

J. B. Jhaveri HUF Karta is a Director of the Company

Mrs. S. J. Jhaveri Relative of Director

R. J. Jhaveri HUF Karta is a Director of the Company

K. J. Jhaveri HUF Karta is a Director of the Company

Parth Jhaveri Relative of Director

Jeet B. Jhaveri Relative of Director

Yash B. Jhaveri Relative of Director

Kruti .R.Jhaveri Relative of Director

Maulik .R. Jhaveri Relative of Director

Jhaveri Dairy Farm Partner is a Director of the Company

Jhaveri Organic Farm Partner is a Director of the Company

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

NOTE 4

The outstanding balances of Debtors, Creditors, Deposits and Loans & Advances are subject to confirmation.

NOTE 5

In compliance of AS 28 on Impairment of Assets issued by Institute of Chartered Accountants of India the Company has carried out impairment review of its assets. Loss on impairment of assets charged to the P & L. A/c is Rs: NIL (previous year Rs. Nil)

NOTE 6

There are no registered small scale undertaking in the list of creditors, hence no information is given with reference to the notification no GSR 129 (E) dated 22.02.99 issued by the Department of company Affairs, Ministry of Law, Justice and Company Affairs.

NOTE 7

In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

b. All known liabilities have been provided for and there is no liability, contingent or otherwise, is stated in the accounts.

NOTE 8

The Previous year''s figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosers relating to the current year.

---

Mar 31, 2011

1. The Previous year's figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disc losers relating to the current year.

2. The outstanding balances of Debtors, Creditor Deposits and Loans & Advances are subject to confirmation.

3. In compliance of AS 28 on Impairment of Assets issued by Institute of Chartered Accountants of India the Company has carried out Impairment review of its assets. Loss on impairment of assets charged to the P & L. A/c is Rs: NIL (previous year Rs. Nil)

4. Related Party Disclosures:

As per Accounting Standard 18, disclosures of transactions with the related parties as defined In Accounting Standard are given below:

(A) Relationships:

(a) Associates:

Maulik Kruti Resources Ltd,

Jhaveri Hightech Agra Ltd.

Jhaveri Fiscal Services Pvt. Ltd.

Jhaveri Infrastructure Pvt, Ltd.

Jhaveil Security Ltd.

Karan Jeet Resources Pvt. Ltd.

(b) Key Management Personnel

Mr, Rajesh J. Jhaveri

Mr. Kamlesh J. Jhaveri

(c) Relatives or' key management personnel and their enterprise where transactions have taken place:

Name Relationship

J, B. Jhaveri HUF Karta is a Director of the Company

Mrs. S. J. Jhaveri Relative of Director

R. J. Jhaveri HUF Karta is a Director of the Company

K. J, Jhaveri HUF Karta is a Director of the Company

Parth Jhaveri Relative of Director

Jeet B. Jhaveri Relative of Director

Yash B. Jhaveri Relative of Director

Knuti ,RJhaveri Relative of Director

Maulik ,R. Jhaveri Relative of Director

Nate: Related party relationship is as identified by the company and relied upon by the Auditors.

5. The Company Is not a Manufacturing Company and hence information under Items 4C & 40 of Part 11 of Schedule VI OF the Companies Act, 1956 is not applicable.

6. There are no registered small scale undertaking in the list of creditors, hence no information Is given with reference to the notification no GSR 129 (E) dated 22.02.99 issued by the Department of company Affairs, Ministry of Law, Justice and Company Affairs.

7. In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

b. All known liabilities have been provided for and there is no liability, contingent or otherwise, Is stated In the accounts.

---

Mar 31, 2010

1. The Previous years figures have been regrouped, reworked, rearranged, and reclassified whenever necessary. Amounts and other disclosures for the preceding year are included an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosers relating to the current year.

2. The outstanding balances of Debtors, Creditors, Deposits and Loans & Advances are subject to confirmation.

3. In compliance of AS 28 on Impairment of Assets issued by Institute of Chartered Accountants of India the Company has carried out impairment review of its assets. Loss on impairment of assets charged to the P & L. A/c is Rs: NIL (previous year Rs. Nil )

4. Related Party Disclosures:

As per Accounting Standard 18, disclosures of transactions with the related parties as defined in Accounting Standard are given below:

(A) Relationships:

(a) Associates:

Maulik Kruti Resources Ltd. Jhaveri Hightech Agro Ltd. Jhaveri Fiscal Services Pvt. Ltd. Jhaveri Infrastructure Pvt. Ltd. Jhaveri Security Ltd. Karan Jeet Ressources Pvt. Ltd.

(b) Key Management Personnel

Mr. Rajesh J. Jhaveri Mr. Kamlesh J. Jhaveri

(c) Relatives of key management personnel and their enterprise where transactions have taken place:

Name Relationship

M/s J. B. Jhaveri Directors Proprietorship Concern

J. B. Jhaveri HUF Directors HUF

Mrs. S. J. Jhaveri Relative of Director

Mrs. B. R. Jhaveri Relative of director

Mrs. S. B. Jhaveri Relative of director

R. J. Jhaveri HUF Directors HUF

Parth Jhaveri Relative of Director

Karan Jhaveri Relative of Director

Jeet B. Jhaveri Relative of Director

Yash B. Jhaveri Relative of Director

Kruti .R.Jhaveri Relative of Director

Maulik .R. Jhaveri Relative of Director

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

5. The Company is not a Manufacturing Company and hence information under items 4C & 4D of Part II of Schedule VI the Companies Act, 1956 is not applicable.

6. There are no registered small scale undertaking in the list of creditors, hence no information is give with reference to the notification no GSR 129 (E) dated 22.02.99 issued by the Department of company Affairs, Ministry of Law, Justice and Company Affairs.

7. In the opinion of the Board:

a. All current assets, loans and advances have value at least equal to the amount at which they are stated in the accounts.

b. All known liabilities have been provided for and there is no liability, contingent or otherwise, is stated in the accounts.

---

Mar 31, 2009

1. Related Party Disclosures

Disclosures of relationship and transactions with the related parties as required by Accounting Standard 18 issued by the institute of Chartered Accountants of India are given below.

1) Relationships:

(a) Subsidiary of the Company. Maulik Kruti Resources Ltd. Jhaveri Hightech Agra Ltd.

(b) Associate:

Jhaveri Fiscal Services Pvt. Ltd. Jhaveri infrastructure Pvt. Ltd. Jhaveri Security Pvt. Ltd. Karan Jeet Resources Pvt. Ltd.

(c) Related parties where control exists: Jhaveri Credits & Capital Limited

(d) Key Management Personnel: Mr. R. J. Jhaveri

(e) Relatives of key management personnel and their enterprise where transactions have taken place:

Name Relationship

S. K. Jhaveri Relative of Director

S. B. Jhaveri Relative of Director

S. J. Jhaveri Relative of Director

M/s J. B. Jhaveri Directors Proprietorship Concern R. J. Jhaveri HUF Directors HUF

Parth Jhaveri Relative of Director

J. B. Jhaveri HUF Directors HUF

B. R. Jhaveri Relative of director

Note: Related party relationship is as identified by the company and reiied upon by the Auditors.

2. The Company is not a Manufacturing Company and hence information under items 4C & 4D of Part II of Schedule V! the Companies Act, 1956 is not applicable.

3. PreviousO years figures have been regrouped and rearranged, wherever necessary.