Notes to Accounts of Kemp & Company Ltd.

Mar 31, 2025

(S) Provisions, contingent liabilities and contingent assets

(i) Provisions:

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented
in the statement of profit and loss.

(ii) Contingent liabilities:

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a
present obligation that is not recognised because it is not probable that an outflow of resources will be required to

settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot
be recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but
discloses its existence in the financial statements.

(iii) Contingent Assets: Contingent Assets are disclosed, where an inflow of economic benefits is probable.

(T) Investments

Equity investments are measured at fair value, with value changes recognised in Other Comprehensive Income, except
for those mutual fund for which the Company has elected to present the fair value changes in the Statement of Profit and
Loss.

(U) Trade receivables

Trade receivables are recognised initially at their fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment.

(V) Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which
are unpaid. Trade and other payables are recognised, initially at fair value, and subsequently measured at amortised cost
using effective interest rate method.

(W) Operating Cycle

Based on the nature of products/activities of the Company and the normal time between acquisition of assets and their
realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of
classification of its assets and liabilities as current and non current.

(X) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest Rupees thousand (upto
two decimals), unless otherwise stated as per the requirement of Schedule III (Division II).

3 Recent Indian Accounting Standards (Ind AS)

The Indian Accounting Standards (Ind AS) amendments, effective from April 1, 2025, include changes to Ind AS 7, Ind
AS 12, Ind AS 21, and Ind AS 115. These amendments primarily focus on enhancing disclosures and clarifying guidance
related to foreign exchange rates, statement of cash flows, income taxes, and revenue from contracts with customers.

(i) Ind AS 7 (Statement of Cash Flows)

Requires enhanced disclosures on non-cash transactions and reconciliation of liabilities from financing activities. The
Company has evaluated the amendment and the impact of the amendment is insignificant in the standalone financial
statements.

(ii) Ind AS 12 (Income Taxes)

Reflects changes in deferred tax treatment and aligns with IFRS updates regarding the recognition of tax consequences
of dividends. The Company has evaluated the amendment and the impact of the amendment is insignificant in the
financial statements.

(iii) Ind AS 21 (The Effects of Changes in Foreign Exchange Rates)

Clarifies the treatment of deferred foreign exchange items and reduces ambiguity in cases of long-term foreign
currency monetary items. The Company has evaluated the amendment and the impact of the amendment is
insignificant in the financial statements.

(iv) Ind AS 115 (Revenue from Contracts with Customers)

Includes minor terminology changes for better alignment with IFRS 15 and focuses on contract modification
disclosures in revenue recognition. The Company has evaluated the amendment and the impact of the amendment

is insignificant in the financial statements.

(i) PF related matters

The Supreme Court in a recent judgement has held that provident fund contributions are payable on basic wage,
dearness allowances and all other monthly allowances, which are ordinarily paid to all the employees in the
establishment of the Board. There are numerous interpretative issues relating to the judgement and the matter
remains sub judice. As a matter of caution, the Company is consulting in respect of the matter and will make
provision on a prospective basis once there is a clarity. However, the impact will be immmaterial.

(ii) The Company has received notice from Securities and Exchange Board of India (SEBI) imposing penalty of
Rs.20,000 Thousand, the company has filed appeal against the same.

Note:

# The management does not expect these demands/claims to succeed. Claims, where the possibility of outflow of
resources embodying economic benefits is remote, have not been considered in contingent liability.

Notes:

1. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other
travel goods & accessories.

These segments have been identified considering the organizational structure, internal financial reporting
system, and the risk- return profiles of the business.

2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.

3. All the Company''s operations are conducted in India. The Commercial risks and returns involved on the basis
of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on
geographic segments are not considered relevant.

38 Capital Management
Risk Management

For the purpose of Company''s capital management, capital includes issued equity capital and all other equity reserves
attributable to equity holders. The primary objective of the company capital management is to maximise the shareholder
value.

The Board provides guiding principles for overall risk management, as well as policies covering specific areas such
as credit risk, liquidity risk, investment of surplus liquidity and other business risks effecting business operation. The
company''s risk management is carried out by the management as per guidelines and policies approved by the Board of
Directors.

(A) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. Credit risk encompasses the direct risk of default, risk of deterioration of creditworthiness
as well as concentration risks. The Company is exposed to credit risk from its operating activities (primarily trade
receivables), deposits with banks and loans given.

(B) Liquidity Risk

The Company''s principal sources of liquidity are “cash and cash equivalents” and cash flows that are generated
from operations. The Company has no outstanding term borrowings. The Company believes that its working capital
is sufficient to meet its current requirements. Additionally, the Company has sizeable surplus funds invested in fixed
income securities or instruments of similar profile ensuring safety of capital and availability of liquidity if and when
required. Hence the Company does not perceive any liquidity risk.

Salary escalation & attrition rate are considered as advised by the company; they appear to be in line with
the industry practice considering promotion and demand & supply of the employees.

Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death
in respective year for members as mentioned above for forseable future of next 10 years.

Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

Para 139 (a) Characteristics of defined benefit plan:

The Company has a defined benefit gratuity plan in India (unfunded). The company''s defined benefit gratuity
plan is a final salary plan for employees. Gratuity is paid from company as and when it becomes due and is
paid as per company scheme for Gratuity.

Para 139 (b) Risks associated with defined benefit plan :

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value
of the liability requiring higher provision.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future
salaries of members. As such, an increase in the salary of the members more than assumed level will
increase the plan''s liability.

Para 139 (c) Characteristics of defined benefit plans :

During the year, there were no plan amendments, curtailments and settlements.

Para 147 (a) :

Gratuity plan is unfunded.

(c) Leave encashment:

The Company has a policy on compensated absences which is applicable to its executives jointed upto a specified
period and all workers. The expected cost of accumulating compensated absences is determined by actuarial
valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on
the additional amount expected to be paid as a result of the unused entitlement that has accumulated at the Balance
Sheet date.

Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed
in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its
financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows
underneath the table.

Note for variance:

1 Due to Sale of Current Investments in the current year.

2 Due to increase in loss in the current year as compared to previous year.

3 Due to decrease in Trade Receivables during the current year.

4 Due to increase in Trade Payable during the current year.

5 Due to decrease in Working Capital during the current year.

6 Due to decrease in Dividend Income in the current year.

46 The company has taken commercial premises on lease, these lease arrangements are not covered by Ind AS 116 as
these are cancellable leases. The aggregate lease rentals of ? 455 thousand (Previous Year ? 455 thousand) are charged
as Rent and shown under the Note No. 35 “Other Expenses”.

47 No proceeding has been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

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

49 The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation
as per the schedule III of Companies Act, 2013.

As per our report of even date attached FOR AND ON BEHALF OF BOARD OF DIRECTORS

FOR M L BHUWANIA AND CO LLP
CHARTERED ACCOUNTANTS
FRN: 101484W/W100197

ASHISHKUMAR BAIRAGRA DILIP PIRAMAL SHALINI D. PIRAMAL

Partner Director Managing Director

Membership No. 109931 DIN - 00032012 DIN- 01365328

VIKRAM SOMANI KARAN GUDHKA

Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date: 12^th May, 2025 Date: 12^th May, 2025

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Mar 31, 2024

18.2 Terms/rights attached to equity shares (f in Thousand)

(A) The company has only one class of equity shares having a par value of ? 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(B) In the event of liquidation of the company, the holders of equity shares will be entitled to receive 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.

# Capital Redemption Reserve represents redemption amount of 45 11% redeemable cumulative preference shares of ? 100/- each of earstwhile Furn Plastic Industries Ltd., redeemed on 5th Dec,1991, amalgamated with the company.

## Securities Primium Reserve

The amount received innexcess of the par value of Equity shares issued have been classified as securities premium. In accordance with the provision of Section 52 of Indian Companies Act, 2013, the securities premium account can only be utilisedfor the pueposes of issue bonus shares,repurchasing the Company''s shares, redemption of preference shares and debentures, and offsetting direct issue costs and discount allowed for the issue of shares or debentures.

### General reserve relfects amount transferred from statement of profit and loss in accordance with regulations of the Companies Act, 2013.

#### Retained earnings includes the Company''s cumulative earning and losses respectively.

27	CONTINGENT LIABILITIES & COMMITMENTS
a)	CONTINGENT LIABILITIES: #
	Particulars	As at March 31, 2024	As at March 31, 2023
	Contingent Liabilities	-	-
		-	-

Note:

(i) PF related matters

The Supreme Court in a recent judgement has held that provident fund contributions are payable on basic wage, dearness allowances and all other monthly allowances, which are ordinarily paid to all the employees in the establishment of the Board. There are numerous interpretative issues relating to the judgement and the matter remains subjudice. As a matter of caution, the Company is consulting in respect of the matter and will make provision on a prospective basis once there is a clarity. However, the impact will be immaterial.

Note:

# The management does not expect these demands/claims to succeed. Claims, where the possibility of outflow of resources embodying economic benefits is remote, have not been considered in contingent liability.

b) COMMITMENTS:
Particulars	As at March 31, 2024	As at March 31, 2023
Commitments	-	-
	-	-

1. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segments have been identified considering the organizational structure, internal financial reporting system, and the risk-return profiles of the business.

2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All the Company''s operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on geographic segments are not considered relevant.

Risk Management

For the purpose of Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to equity holders. The primary objective of the company capital management is to maximise the shareholder value.

38 Financial Risk Management

The Company''s activities expose it to credit risk and liquidity risk.

This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact thereof in the financial statements.

The Board provides guiding principles for overall risk management, as well as policies covering specific areas such as credit risk, liquidity risk, investment of surplus liquidity and other business risks effecting business operation. The company''s risk management is carried out by the management as per guidelines and policies approved by the Board of Directors.

(A) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk encompasses the direct risk of default, risk of deterioration of creditworthiness as well as concentration risks. The Company is exposed to credit risk from its operating activities (primarily trade receivables), deposits with banks and loans given.

(B) Liquidity Risk

The Company''s principal sources of liquidity are “cash and cash equivalents” and cash flows that are generated from operations. The Company has no outstanding term borrowings. The Company believes that its working capital is sufficient to meet its current requirements. Additionally, the Company has sizeable surplus funds invested in fixed income securities or instruments of similar profile ensuring safety of capital and availability of liquidity if and when required. Hence the Company does not perceive any liquidity risk.

40 Employee Benefits

As per IND AS 19 "Employee Benefits", the disclosures of Employee benefits as defined in the said Accounting Standards are given below :

The Company''s defined benefit plan includes Gratuity. The liability in respect of Gratuity has been determined using Projected Unit Credit Method by an independent actuary. The company''s defined contribution plan includes Provident Fund. The related disclosure are as under:

B. Defined Benefit Plans :

(a) Gratuity:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to 15 days/26 based on one month salary last drawn for each completed year of service depending on the date of joining. The same is payable on termination of service, retirement or death, whichever is earlier. The benefit vests after 5 years of continuous service.

The plans of the Company exposes to acturial risks such as Investement Risk, Interest rate risk,salary risk and longitivity risk. Theses risks may impact the obligation of the Company.

(b) The following tables set out the funded status of the gratuity and the amounts recognised in the Company''s financial statements as at 31 March 2024 and 31 March 2023.

(xii) Notes

Gratuity is payable as per company''s scheme as detailed in the report.

Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI).

All above reported figures of OCI are gross of taxation.

Salary escalation & attrition rate are considered as advised by the company; they appear to be in line with the industry practice considering promotion and demand & supply of the employees.

Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death in respective year for members as mentioned above for forseable future of next 10 years.

Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

Para 139 (a) Characteristics of defined benefit plan:

The Company has a defined benefit gratuity plan in India (unfunded). The company''s defined benefit gratuity plan is a final salary plan for employees. Gratuity is paid from company as and when it becomes due and is paid as per company scheme for Gratuity.

Para 139 (b) Risks associated with defined benefit plan :

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability.

Para 139 (c) Characteristics of defined benefit plans :

During the year, there were no plan amendments, curtailments and settlements.

Para 147 (a) :

Gratuity plan is unfunded.

(c) Leave encashment:

The Company has a policy on compensated absences which is applicable to its executives jointed upto a specified period and all workers. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid as a result of the unused entitlement that has accumulated at the Balance Sheet date.

41 Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

Note for variance:

1 Due to loss in the current year.

2 Due to increase in Trade Receivables during the current year.

3 Due to decrease in Trade Payable during the current year.

4 Due to decrease in Working Capital during the current year.

45 The company has taken commercial premises on lease, these lease arrangements are not covered by Ind AS 116 as these are cancellable leases. The aggregate lease rentals of ? 455 thousand (Previous Year ? 440 thousand) are charged as Rent and shown under the Note No. 34 “Other Expenses”.

46 Dividends declared by the Company are based on the profit available for distribution. On May 24th, 2024, the Board of Directors of the Company have proposed a final dividend of ?Nil per share ( Previous Year ?12 thousand) in respect of the year ended March 31,2024 subject to the approval of shareholders at the Annual General Meeting.

47 No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

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

49 The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation as per the schedule III of Companies Act, 2013.

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Mar 31, 2018

1 Company Overview

The Company (“Kemp & Company Ltd” “KCL”) is an existing public limited company incorporated on 27/06/1982 under the provisions of the Indian Companies Act, 1956 and deemed to exist within the purview of the Companies Act, 2013, having its registered office at MIDC, Satpur, Nashik, Maharashtra. The Company is having retail outlet of VIP luggage in Delhi and Calcutta and also property at Mumbai. The equity shares of the Company are listed on BSE Limited (“BSE”). The financial statements are presented in Indian Rupee (?). These financial statement were approved for issue by Board of Directors on 28^th May, 2018.

Notes:

(a) The Company has elected to measure all its property, plant and equipment at the previous GAAP carrying amount i.e. April 1, 2016 as its deemed cost (Gross Block Value) on the date of transition to Ind AS i.e. April 1, 2016.

(b) The Company has availed the deemed cost exemption in relation to the property, plant and equipment on the date of transition and hence the net block carrying amount has been considered as the gross block carrying amount on that date.

Note No 2.1: Terms/rights attached to equity shares

(A) The company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(B) In the event of liquidation of the company, The equity shareholder are eligible to receive 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.

* For movement, refer statement of change in equity.

# Capital Redemption Reserve represents redemption amount of 45 11% redeemable cumulative preference shares of Rs. 100/- each of earstwhile Furn Plastic Industries Ltd., redeemed on 5^th Dec, 1991, amalgamated with the company.

## Securities Primium Reserve

The amount received in excess of the par value of Equity shares issued have been classified as securities premium. In accordance with the provision of Section 52 of the Companies Act, 2013, the securities premium account can only be utilised for the purpose of issue of bonus shares, buyback of the Company''s shares, redemption of preference shares and debentures, and off setting direct issue costs and discount allowed for the issue of shares or debentures.

### General reserve relfects amount transferred from statement of profit and loss in accordance with regulations of the Companies Act, 2013.

#### Retained earnings includes the Company''s cumulative earning and losses respectively.

Note No 3.1: The company has not received information from vendors regarding their status under the Micro,Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act,have not been given.

Notes:

1. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of Companies properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segments have been identified considering the organizational structure, internal financial reporting system, and the risk- return profiles of the business.

2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All the Company’s operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on geographic segments are not considered relevant.

4 Capital Management

The company’s objectives when managing capital are to safeguard the company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debt.

5 Financial Risk Management

The Company’s activities expose it to credit risk and liquidity risk.

This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact thereof in the financial statements.

The Board provides guiding principles for overall risk management, as well as policies covering specific areas such as credit risk, liquidity risk, investment of surplus liquidity and other business risks effecting business operation. The company’s risk management is carried out by the management as per guidelines and policies approved by the Board of Directors.

(A) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk encompasses the direct risk of default, risk of deterioration of creditworthiness as well as concentration risks. The Company is exposed to credit risk from its operating activities (primarily trade receivables), deposits with banks and loans given.

(B) Liquidity Risk

The Company’s principal sources of liquidity are “cash and cash equivalents” and cash flows that are generated from operations. The Company has no outstanding term borrowings. The Company believes that its working capital is sufficient to meet its current requirements. Additionally, the Company has sizeable surplus funds invested in fixed income securities or instruments of similar profile ensuring safety of capital and availability of liquidity if and when required. Hence the Company does not perceive any liquidity risk.

6 Employee Benefits

As per IND AS 19 “Employee Benefits”, the disclosures of Employee benefits as defined in the said Accounting Standards are given below :

The Company’s defined benefit plan includes Gratuity. The liability in respect of Gratuity has been determined using Projected Unit Credit Method by an independent actuary. The company’s defined contribution plan includes Provident Fund. The related disclosure are as under:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to 15 days/26 based on one month salary last drawn for each completed year of service depending on the date of joining. The same is payable on termination of service, retirement or death, whichever is earlier. The benefit vests after 5 years of continuous service.

The plans of the Company exposes to acturial risks such as Investement Risk, Interest rate risk,salary risk and longitivity risk. Theses risks may impact the obligation of the Company.

(b) The following tables set out the funded status of the gratuity and the amounts recognised in the Company’s financial statements as at 31 March 2018 and 31 March 2017.

(xii) Notes

Gratuity is payable as per company''s scheme as detailed in the report.

Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI).

All above reported figures of OCI are gross of taxation.

Salary escalation & attrition rate are considered as advised by the company; they appear to be in line with the industry practice considering promotion and demand & supply of the employees.

Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death in respective year for members as mentioned above for forseable future of next 10 years.

Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

Para 139 (a) Characteristics of defined benefit plan :

The Company has a defined benefit gratuity plan in India (unfunded). The company''s defined benefit gratuity plan is a final salary plan for employees. Gratuity is paid from company as and when it becomes due and is paid as per company scheme for Gratuity.

Para 139 (b) Risks associated with defined benefit plan :

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability.

Para 139 (c) Characteristics of defined benefit plans :

During the year, there were no plan amendments, curtailments and settlements.

Para 147 (a) :

Gratuity plan is unfunded.

(c) Leave encashment :

The Company has a policy on compensated absences which is applicable to its executives jointed upto a specified period and all workers. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid as a result of the unused entitlement that has accumulated at the Balance Sheet date.

7 Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

8 FIRST TIME ADOPTION OF IND AS

The Company has adopted Ind AS with effect from 1st April 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening Reserves as at 1st April 2016. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS and Schedule III.

Explanation 1 - Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

(I) Ind AS Optional exemptions

Deemed Cost - Property, Plant and Equipment, Capital work-in-progress and Intangible Assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets. Accordingly, the Company has elected to measure all of its property, plant and equipment, Capital work-in-progress and intangible assets at their previous GAAP carrying values.

(II) Ind AS mandatory exemptions

(i) Estimates

An entity’s estimates in accordance with Ind AS’ at the date of transition to Ind AS shall be consistant with the estimates made for the same date in accordance with the previous GAAP (after adjustments to reflect any difference in accounting policies) unless there is an objective evidence that those estimates were in error.

(ii) Classification and measurement of financial assets (other than equity instruments)

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exists at the date of transition to Ind AS.

(iii) De-recognition of financial assets and financial liabilities

Ind AS 101 requires a first time adopter to apply the de-recognition provisions for Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows first time adopter to apply the derecognition requirements provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past Ind AS 101 retrospectively from the date of entity’s choosing, transactions was obtained at the time of initially accounting for the transactions.

Note No.:

1 Property, Plant and Equipment and Investment Property

Under the previous GAAP, Investment Property, Land & Bulding was grouped under Property Plant and Equipment. Under Ind AS, the same is treated as Investment property under Ind AS 41 at carrying cost under previous GAAP. There is no impact on the total equity and profit.

2 Investments

Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments (other than equity instruments designated as at FVOCI) have been recognised in retained earnings as at the date of transition and subsequently in the profit or loss for the year ended 31 March 2017. This increased the retained earnings by Rs. 27,116 thousand as at 31 March 2017 (1 April 2016 - Rs. 12,016 thousand) and has a deferred tax impact on the same of Rs. 2,876 thousand for the year ended 31 March 2017 (1 April 2016 Rs. 2,289 thousand).

Fair value changes with respect to investments in equity instruments designated as at FVOCI have been recognised in FVOCI Equity investments reserve as at the date of transition and subsequently in the other comprehensive income for the year ended 31 March 2017. This increased other reserves by Rs. 6,33,425 thousand as at 31 March 2017 (1 April 2016 - Rs. 2,97,252 thousand) and has a deferred tax impact on the same of Rs. 6,268 thousand for the year ended 31 March 2017 (1 April 2016 Rs. 5,887 thousand).

3 Deferred Tax

Deferred Tax is created of Rs. 17,321 thousand as at 31 March 2017 (1 April 2016 Rs. 8,176 thousand) on account of change in the accounting under the previous GAAP vs IND AS for Investments due to such change the deferred tax liabilities was creating hence the deferred tax assets of Rs. 1,168 thousand as at 31 March 2017 (1 April 2016 Rs. 1,074 thousand) under GAAP was net with deferred tax liabilities, net result of the same was Rs. 16,154 thousand as at 31 March 2017 (1 April 2016 Rs. 7,103 thousand) of deferred tax liabilities.

4 Proposed dividend

Under the previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend (including dividend distrubution tax) of Rs. 650 thousand as at 31 March 2017 included under provisions has been reversed with corresponding adjustment to retained earnings. Consequently, the total equity increased by an equivalent amount.

5 Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of profit or loss. Under the previous GAAP, these remeasurements were forming part of the profit or loss for the year. As a result of this change, the profit for the year ended 31 March 2017 increased by Rs. 274 thousand (1 April 2016 Rs. 446 thousand). There is no impact on the total equity as at 31 March 2017 (1 April 2016) and has a deferred tax impact on the same of Rs. 70 thousand for the year ended 31 March 2017 (1 April 2016 Rs. 133 thousand).

9 Fair Value measurement-

The fair value of Financial instrument as of March 31,2018, March 31,2017 and April 1,2016 were as follows-

The management assessed that Cash and Cash equivalents, loans, other balances with Banks, trade receivables, trade payables and other current liabilities/assets approximate their carrying amounts largely due to the short-term maturities of these instruments.

10 The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation as per the schedule III of Companies Act, 2013.

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Mar 31, 2017

1. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic molded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segments have been identified considering the organizational structure, internal financial reporting system, and the risk-return profiles of the business.

2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All the Company’s operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on geographic segments are not considered relevant.

4 RELATED PARTY DISCLOSURES

Related party disclosures in accordance with Accounting Standard 18

Names of Related Parties Nature of Relationship

Vibhuti Investments Company Ltd Holding Company (Shareholder, having control)

Kiddy Plast Ltd Fellow Subsidiary

Mrs. Shalini Dilip Piramal Managing Director

VIP Industries Ltd Company where Director is interested

5 CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

6. Central Excise Demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal Rs 1,118,000/- (Previous Year Rs. 1,118,000/-)

7. Company has given a surety in favour of Sales Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

8.Purchase of Stock -in-trade includes Purchase of Luggage and Accessories.

9. The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, “Leases”, issued by the Institute of Chartered Accountants of India. Hence, the standard is not applicable.

10. Previous year’s figures have been regrouped / reclassified wherever necessary.

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Mar 31, 2015

1. Segment Information for the year ended 31st March, 2015 (i) Information about primary business segment

2. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segments have been identifed considering the organizational structure, internal financial reporting system, and the risk-return profiles of the business.

3. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

4. All the Company's operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on geographic segments are not considered relevant.

5 RELATED PARTY DISCLOSURES

Related party disclosures in accordance with Accounting Standard 18

Names of Related Parties Nature of Relationship

Vibhuti Investments Company Ltd Holding Company (Shareholder, having control)

Kiddy Plast Ltd Fellow Subsidiary

Transactions that have taken place during the year with related parties by the Company

6 CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

1. Central Excise Demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal Rs 1,118,000/- (Previous Year Rs. 1,118,000/-)

2. Company has given a surety in favour of Sales Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

7. Purchase of Stock -in-trade includes Purchase of Luggage and Accessories.

8. The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

9. The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Acountants of India. Hence, the standard is not applicable.

10. The Company will be vacating premises held on tenancy basis at Connaught Place, Delhi w.e.f. 31st July, 2015 based on the verdict received from Delhi High Court . This will have a impact on the future operations of the Company in trading business.

11. Previous year's figures have been regrouped / reclassified wherever necessary.

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Mar 31, 2014

I CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

1. Central Excise Demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal Rs 1,118,000/- (Previous Year Rs. 1,118,000/-)

2. Company has given a surety in favour of Sales Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

2 Purchase of Stock -in-trade includes Purchase of Luggage and Accessories.

3 The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

4 The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Acountants of India. Hence, the standard is not applicable.

5 Previous year''s figures have been regrouped / reclassified wherever necessary.

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Mar 31, 2012

1. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segment has been identified considering the organizational structure, internal financial reporting system, and the risk- return profiles of the business.

2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All of the Company's operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on geographic segments are not considered relevant.

4 CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

1. Central Excise Demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal Rs 1,118,000/- (Previous Year Rs 1,118,000/-).

2. Guarantee given by the Company to a financial institution for loan given to the Holding Company of Rs 12,652,278/- (Previous year Rs 68,629,150/-) together with interest and other monies due, if any.

3. Company has given a surety in favour of Sales Tax for Rs 100,0007- (Previous year Rs 100,000/-) on behalf of VIP Industries Limited.

5 The Municipal (Property) Tax assessment which was pending from the year 2000-01 due to dispute regarding rateable value, has since been completed by Brihan mumbai Mahanagarpalika and as per the assessment orders the property tax liability upto year 2010-11 has been settled by the Company. However, the case filed by Brihan mumbai Mahanagarpalika is not yet withdrawn.

6 Purchase of Finished Goods includes Purchase of Bags and Accessories.

7 The Company has provided security to Housing Development Finance Corporation Limited by creating a mortgage by deposit of title deed of its property situated at Prabhadevi, Mumbai for a loan of Rs 150,000,000/-

8 The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

9 The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Accountants of India. Hence, the standard is not applicable.

10 Based on the information and records available with the Company, there are no dues to Micro or Small Enterprise under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore disclosures under Section 22 of the said Act are not necessary.

11 The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year's figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements except for accounting for dividend on investments in subsidiaries.

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Mar 31, 2011

1. Contingent Liabilities not provided for:

1.1. Central Excise demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal: Rs. 1,118,000/-(Previous year Rs. 1,118,000/-).

2.2. Guarantee given by the Company to afinancial institution for loan given to the Holding Company of Rs. 68,629,150/- (Previous year Rs. 118,305,778/-) together with interest and other monies due, if any.

2.3. Company has given a surety in favour of Sale Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

3. The Municipal (Property) Tax assessment was pending from the year 2000-01 due to a dispute regarding rateable value. During the current year, the assessment is completed by Brihanmumbai Mahanagarpalika and as per the assessment order the property tax liability for the years upto 2009-10 is Rs 38,135,011/- and for the year 2010-11 is Rs. 29,246,799/-. Further as per the understanding with a tenant, the tenant has agreed to bear the liability of Rs. 65,488,860/-. The Company has till date recovered Rs. 10,000,000/- from the tenant and paid to the authorities. The balance of Rs. 55,488,860/- is accordingly disclosed as a receivable from the tenant and payable to the authorities. Pending the payment to the authorities, the liability of Rs. 425,202,937/- is not settled and the case filed by Brihanmumbai Mahanagarpalika is not yet withdrawn.

4. The Company has provided security to Housing Development Finance Corporation Ltd by creating a mortgage by deposit of title deed of its property situated at Prabhadevi, Mumbai for a loan of Rs. 150,000,000/- and interest due thereon given to Vibhuti Investments Company Ltd, the Holding Company.

5. Sales Includes Value Added Tax of Rs. 6,241,743/- (Previous year Rs. 5,754,936/-).

2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All of the Company's operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary-segment disclosures based on geographic segments are not considered relevant.

7. Related Party Disclosures:

a) Names of Related parties Nature of Relationship

1. Vibhuti Investments Company Ltd. Holding Company (Shareholder, having Control)

2. Kiddy Plast Ltd. Fellow Subsidiary

8. The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

11. Employees Benefits:

The Disclosures as required under the revised AS 15 are as under:

a) Defined Contribution Plan:

The Contribution to Defined contribution plan, recognized as expenses for the year is as under: Employers' Contribution to Provident Fund Rs.79,944/- (Previous year Rs. 73,826/-)

12. The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Accountants of India. Hence, the standard is not applicable.

13. Based on the information and records available with the Company, there are no dues to Micro, Small & Medium Enterprise.

Previous Year's figures are indicated within brackets.

15. Previous year's figures have been regrouped/ reclassified wherever necessary.

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Mar 31, 2010

1. Contingent Liabilities not provided for:

1.1. Central Excise demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal: Rs. 1,118,000/- (Previous year Rs. 1,118,000/-).

1.2. Guarantee given by the Company to a financial institution for loan given to the Holding Company of Rs. 118,305,778/- (Previous year Rs. 11,440,529/-) together with interest and other monies due, if any

1.3. Municipal (Property) tax demand in dispute : Rs. 425,202,937/- (Previous year Rs. 324,456,189/-)

2.1. Company has given a surety in favour of Sale Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

3. Bombay Municipal Corporation (BMC) had issued a Notification dated 16/03/2002 for revision in Rateble Value, which was challenged by the Company in a writ petition. Thereafter, the BMC withdrew the Notification on 23/10/2002 as per the order of the High Court.

The Company also filed an appeal in the Small Causes Court Mumbai against the enhanced Rateble Value fixed by the Investigation Officer. The Small Causes Court by order dated 14/3/2005 quashed the order of BMC and ordered restoration of the earlier Rateble Values, until these are revised by the BMC as per the Law.

The BMC has filed an appeal No. 142 & 151 of 2005 in the Honble High Court of Judicature, at Bombay against the order of Small Causes Court, which is pending.

In the meanwhile, the Company has been making Municipal (Property) Tax payment based on old Rateble Values and the dispute value has been shown under Contingent Liabilities.

4. The Company has provided security to Housing Development Finance Corporation Ltd by creating a mortgage by deposit of title deed of its property situated at Prabhadevi, Mumbai for a loan of Rs. 150,000,000/- and interest due thereon given to Vibhuti Investments Company Ltd, the Holding Company.

5. Sales Includes Value Added Tax of Rs. 5,754,936/- (Previous year Rs. 5,141,221/-).

NOTES

1. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segments have been identified considering the organizational structure, internal financial reporting system, and the risk-return profiles of the businesses.

2. Segment results /assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All of the Companys operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary-segment disclosures based on geographic segments are not considered relevant.

6. Related Party Disclosures:

a) Names of Related parties Nature of Relationship

1. Vibhuti Investments Company Ltd. Shareholder, having Control (Holding Company)

2. Kiddy Plast Ltd. Fellow Subsidiary

b) Transactions with related parties that have taken place during the year

Particulars Holding Co. Fellow Subsidiary

Rent & Other Charges Recovered 8,943,072

(8,943,072) (-)

Guarantees outstanding 118,305,778

(11,440,529)(-)

8. The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

9. Earnings per Share:

Profits after tax Number of Equity Shares

At the end of the year

Weighted average outstanding during the year Basic and Diluted Earning per share (before and after Extra-ordinary items) (Rs.) Nominal Value per Share (Rs.)

10. Employees Benefits:

The Disclosures as required under the revised AS 15 are as under:

a) Defined Contribution Plan:

The Contribution to Defined contribution plan, recognized as expenses for the year is as under: Employers Contribution to Provident Fund Rs.73,826/- (Previous year Rs. 63,861/-)

11. The Company.derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Accountants of India. Hence, the standard is not applicable.

12. Based on the information and records available with the Company, there are no dues to Micro, Small & Medium Enterprise.