Accounting Policies of Kings Infra Ventures Ltd. Company

Mar 31, 2025

Note 2: Material Accounting Policies

2.1 Statement of Compliance

These financial statements have been prepared in
accordance with the Indian Accounting Standards
(referred to as “Ind AS”) as prescribed under Section 133
of the Companies Act, 2013 read with Companies (Indian
Accounting Standards) Rules, 2015 as amended from
time to time and other Accounting Principles generally
accepted in India.

2.2 Basis of Preparation

These Standalone Financial Statements of the company
are prepared in accordance with Indian Accounting
Standards (Ind AS), under the historical cost convention
on the accrual basis as per the provisions of the Companies
Act, 2013 (“the Act”), except for certain financial
instruments which are measured at fair values at the end
of each reporting period. Historical cost is generally based
on the fair value of the consideration given in exchange
for goods and services. Fair value is the price that would
be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the
measurement date.

Current and Non- Current Classification

The Company presents assets and liabilities in the balance
sheet based on current/non-current classification.

An asset is classified as current when it satisfies any of
the following criteria:

• It is expected to be realised in, or is intended for sale
or consumption in, the Company''s normal operating
cycle and it is held primarily for the purpose of being
traded;

• It is expected to be realised within 12 months after
the reporting date; or

• It is cash or cash equivalent unless it is restricted from
being exchanged or used to settle a liability for at
least 12 months after the reporting date.

• All other assets are classified as non-current.

A liability is classified as current when it satisfies any of
the following criteria:

• It is expected to be settled in the Company''s normal
operating cycle;

• It is held primarily for the purpose of being traded

• It is due to be settled within 12 months after the
reporting date; or the Company does not have an
unconditional right to defer settlement of the liability
for at least 12 months after the reporting date.
Terms of a liability that could, at the option of the
counterparty, result in its settlement by the issue of
equity instruments do not affect its classification.

• All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non¬
current only.

Accounting policies have been consistently applied
except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy
hitherto in use.

The Standalone Financial Statements have been
presented in Indian Rupees (INR), which is the
Company''s functional currency.

2.3 Use of Estimates and Judgements
The preparation of these Financial Statements in
conformity with the recognition and measurement
principles of Ind AS requires the management of the
Company to make estimates and assumptions that
affect the reported balances of assets and liabilities,
disclosures relating to contingent liabilities as at the date
of the Financial Statements and the reported amounts of
income and expense of the periods presented.

Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimates are
revised and future periods are affected.

Information about critical judgments in applying
accounting policies, as well as estimates and assumptions
that have the most significant effect to the carrying
amounts of assets and liabilities within the next financial
year are included in the following notes.

Useful Lives of Property, Plant and Equipment
The Company reviews the useful life of property, plant
and equipment at the end of each reporting period.
This reassessment may result in change in depreciation
expense in future period.

Valuation of Deferred Tax Liabilities/Assets

The Company reviews the carrying amount of deferred
tax liabilities/assets at the end of each reporting period.
Impairment of unquoted investments
The Company reviews its carrying value of investments
annually, or more frequently when there is indication for
impairment. If the recoverable amount is less than its
carrying amount, the impairment loss is accounted for.
Provisions and Contingent Liabilities
Provisions

A provision is recognized 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 a reliable estimate can be
made. Provisions (except retirement benefits and leave
encashments) 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 & commitments
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 not wholly within the control of the company
or a present obligation that is not recognized because it is
not probable that an outflow of resources will be required
to settle the obligation or it cannot be measured with
sufficient reliability. The Company does not recognize
a contingent liability but discloses its existence in the
financial statements.

Recoverability of advances/ receivables

The Company makes provisions for expected credit loss
based on an assessment of the recoverability of trade
and other receivables. The identification of doubtful
debts requires use of judgment and estimates. Where the
expectation is different from the original estimate, such
difference will impact the carrying value of the trade and
other receivables and expenses on account of provision
for doubtful debts in the period in which such estimate
has been changed. At each balance sheet date, based
on historical default rates observed over expected life,
the management assesses the expected credit loss on
outstanding receivables and advances.

Provision for Inventories

Management reviews the inventory ageing on a periodic
basis. This review involves comparison of the carrying
value of the aged inventory items with the respective
net realizable value. The purpose is to ascertain whether
a provision is required to be made in the financial
statements for any obsolete and slow-moving items and
that adequate provision for obsolete and slow-moving
inventories has been made in the financial statements.

2.4 Property, Plant and Equipment

The Company had applied for the one-time transition
exemption of considering the carrying cost on the
transition date i.e., 1st April 2016 as the deemed cost under
Ind AS. Hence regarded thereafter as historical cost.

The cost of property, plant and equipment comprises its
purchase price net of any trade discounts and rebates,
any import duties and other taxes (other than those
subsequently recoverable from the tax authorities), any
directly attributable expenditure on making the asset
ready for its intended use, including relevant borrowing
costs for qualifying assets and any expected costs of
decommissioning. Expenditure incurred after the property,
plant and equipment has been put into operation, such as
repairs and maintenance, are charged to the Statement of
Profit and Loss in the year in which the costs are incurred.
Major shutdown and overhaul expenditure is capitalized
as the activities undertaken improves the economic
benefits expected to arise from the asset.

It includes professional fees and, for qualifying assets,
borrowing costs capitalised in accordance with the
Company''s accounting policy based on Ind AS 23 -
Borrowing costs. Such properties are classified to the
appropriate categories of PPE when completed and
ready for intended use.

Assets in the course of construction are capitalised in the
assets under construction account. At the point when an
asset is operating at management''s intended use, the cost
of construction is transferred to the appropriate category
of property, plant and equipment and depreciation
commences. Costs associated with the commissioning
of an asset and any obligatory decommissioning costs
are capitalised where the asset is available for use but
incapable of operating at normal levels until a year of
commissioning has been completed. Revenue generated
from production during the trial period is capitalised.
Property, plant and equipment except freehold land
held for use in the production, supply or administrative
purposes, are stated in the balance sheet at cost less
accumulated depreciation and accumulated impairment
losses, if any.

Subsequent expenditure and componentisation

Parts of an item of PPE having different useful lives
and significant value and subsequent expenditure on
Property, Plant and Equipment arising on account of
capital improvement or other factors are accounted for
as separate components only when it is probable that
future economic benefits associated with the item will
flow to the Company and the cost of the item can be
measured reliably. The carrying amount of any component
accounted for as a separate asset is derecognised when
replaced. All other repairs and maintenance are charged
to profit or loss during the reporting period in which they
are incurred.

Depreciation and Useful Life

Depreciable amount for assets is the cost of an asset,
or other amount substituted for cost, less its estimated
residual value. Assets in the course of development or
construction and freehold land are not depreciated.

Other assets are stated at cost less accumulated
depreciation and any provision for impairment.
Depreciation commences when the assets are ready for
their intended use.

Depreciation is calculated on the depreciable amount,
which is cost of an asset less its residual value. Depreciation
is provided at rates calculated to write off the cost, less
estimated residual value, of each asset on a written down
value basis over its expected useful life as per the useful
life prescribed in Schedule II to the Companies Act, 2013.
When significant spare parts of an item of property,
plant and equipment have different useful lives, they are
accounted for as separate items (major components) of
property, plant and equipment.

Depreciation methods, useful lives and residual values
are reviewed at each financial year end and changes in
estimates, if any, are accounted for prospectively. Fully
depreciated assets still in use are retained in financial
statements at residual value.

Management believes that useful lives of assets are same
as prescribed in Schedule II to the Act:

The residual values, useful lives and methods of
depreciation of property, plant and equipment are
reviewed at each financial year end and adjusted
prospectively, if appropriate.

Derecognition

Gains and losses on disposal of an item of property,
plant and equipment are determined by comparing the
proceeds from disposal with the carrying amount of
property, plant and equipment, and are recognized net
within other income/other expense in Statement of Profit
and Loss.

An item of property, plant and equipment and any
significant part initially recognized is derecognized
upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or loss
arising on de-recognition of the asset (calculated as the
difference between the net disposal proceeds and the
carrying amount of the asset) is recognized in profit or
loss when the asset is derecognized.

2.5 Capital Works-in-Progress

Projects under which assets are not ready for their
intended use and other capital work-in-progress are
carried at cost, comprising direct cost and related
incidental expenses.

Depreciation commences when the assets are ready for
their intended use. Depreciable amount for assets is the
cost of an asset, or other amount substituted for cost, less
its estimated residual value. Depreciation is recognized
so as to write off the cost of assets (other than freehold
land and properties under construction) less their
residual values over their useful lives, as per the useful
life prescribed in Schedule II to the Companies Act, 2013.

The Company reviews the residual value, useful lives and
depreciation method annually and, if expectations differ
from previous estimates, the change is accounted for as
a change in accounting estimate on a prospective basis.

2.6 Intangible Assets

Software: Cost of software which is not an integral part
of the related hardware acquired for internal use is
capitalized as intangible asset.

Intangible assets acquired are measured on initial
recognition at cost. Following initial recognition,
intangible assets are carried at cost less any accumulated
amortization and accumulated impairment losses.
Intangible assets are amortized over the useful economic
life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired.
The amortization period and amortization method for an
intangible asset are reviewed at the end of each reporting
period. The amortization expense on intangible asset is
recognized in the Statement of Profit and Loss unless
such expenditure forms part of carrying value of another
asset.

Gains or losses arising from derecognition of an intangible
asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset
and are recognized in Statement of Profit and Loss when
the asset is derecognized.

2.7 Impairment of Assets

The Company assesses the impairment of assets at each
Balance Sheet date. If events or circumstances indicate
that the carrying amount of the asset exceeds the
recoverable amount, the loss on account of impairment
is accounted accordingly. The recoverable amount is the
higher of an asset''s fair value less costs of disposal &
value in use.

2.8 Inventories
Raw materials

Raw materials and stores, work in progress, traded and
finished goods are stated at the lower of cost and net
realisable value. Cost of raw materials and traded goods
comprises cost of purchases.

Work in progress and finished goods
Cost of work-in-progress and finished goods comprises
direct materials, direct labour and an appropriate
proportion of variable and fixed overhead expenditure.
Fixed overheads are allocated on the basis of normal
operating capacity. Cost of inventories also include all
other costs incurred in bringing the inventories to their
present location and condition. Costs are assigned to
the individual items in a group of inventories on the
basis of weighted average cost basis. Costs of purchased
inventory are determined after deducting rebates and

discounts. Net realisable value is the estimated selling
price in the ordinary course of business less the estimated
costs of completion and the estimated costs necessary to
make the sale.

2.9 Financial Instrument

Financial assets and financial liabilities are recognized
when the Company becomes a party to the contractual
provisions of the instruments.

Financial assets and liabilities are initially measured at fair
value. Transaction costs that are directly attributable to
the acquisition or issue of financial assets and liabilities
(other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted
from the fair value measured on initial recognition of
financial asset or financial liability. Transaction costs
directly attributable to the acquisition of financial assets
or financial liabilities at fair value through profit and
loss are recognized immediately in Statement of Profit
and Loss.

Financial Assets at Fair Value through other
Comprehensive Income (FVTOCI).

Financial assets are measured at Fair Value through
Other Comprehensive Income if these financial assets
are held within a business whose objective is achieved
by both collecting contractual cash flows that give rise
on specified dates to solely payments of principal and
interest on the principal amount outstanding and by
selling financial assets.

Financial Assets at Fair Value through Statement of
Profit and Loss (FVTPL)

Financial assets are measured at fair value through
Statement of Profit and loss unless it is measured
at amortized cost or at fair value through other
comprehensive income on initial recognition. The
transaction cost directly attributable to the acquisition
of financial assets and liabilities at fair value through
statement of profit & loss are immediately recognized in
the statement of profit and loss.

Financial Assets at Amortized Cost
Financial Assets are subsequently measured at amortized
cost if these financial assets are held within a business
whose objective is to hold these assets in order to collect
contractual cash flows and the contractual terms of the
financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the
principal amount outstanding.

2.10 Trade Receivables

The Company classifies the right to consideration in
exchange for deliverables as either a receivable or as
contract asset. A receivable is a right to consideration
that is unconditional and only the passage of time is
required before the payment of that consideration is due.

The Company assesses at each Balance Sheet date
whether a financial asset or a group of financial assets is
impaired. Ind AS 109 requires expected credit loss to be
measured through a loss allowance.

The Company recognizes lifetime expected credit loss
for all trade receivables that do not constitute a financial
transaction. Impairment loss allowance is based on a
simplified approach as permitted by Ind AS 109.

Full provision is made for all trade receivables considered
doubtful of recovery if it is probable/certain that the debt
is not recoverable.

Impairment loss allowance (or reversal) that is required
to be recognized at the reporting date is recognized as
an impairment loss or gain in the statement of profit and
loss account.

2.11 Cash and Cash Equivalents

Cash and Cash Equivalents consist of cash on hand and
balances with banks which are unrestricted for withdrawal
and usage.

2.12 Foreign Currency Transactions

Items included in the financial statements of the Company
are measured using the currency of the primary economic
environment in which the Company operates (i.e., the
“functional currency”). The financial statements are
presented in Indian Rupee, the national currency of India,
which is the functional currency of the Company.

In the Financial Statements of the Company, transactions
in currencies other than the functional currency are
translated into the functional currency at the exchange
rates ruling at the date of the transaction. Monetary
assets and liabilities denominated in other currencies
are translated into the functional currency at exchange
rates prevailing on the reporting date. Non-monetary
assets and liabilities denominated in other currencies and
measured at historical cost or fair value are translated at
the exchange rates prevailing on the dates on which such
values were determined. All exchange differences are
included in the Statement of Profit and Loss.

2.13 Contract Assets

Where the Company performs by transferring goods
or services to a customer before the customer pays
consideration or before payment is due, the Company
presents the contract as a contract asset. A contract
asset is a company''s right to consideration in exchange of
goods or services that the Company has transferred to a
customer. Contract Assets are reviewed for impairment in
accordance with Ind AS 109.

2.14 Contract Liabilities

Where the Company receives consideration, or the
Company has the right to an amount of consideration
that is unconditional (i.e., a receivable), before the
Company transfers the good or service to the customer,
the Company presents the contract as a contract liability
when the payment is made or the payment is due
(whichever is earlier). A contract liability is a company''s
obligation to transfer goods or services to a customer for
which the Company has received consideration (or an
amount of consideration is due) from the customer.

---

Mar 31, 2024

2.1 Statement of Compliance

These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time and other Accounting Principles generally accepted in India.

2.2 Basis of Preparation

These Standalone Financial Statements of the company are prepared in accordance with Indian Accounting Standards (Ind AS), under the historical cost convention on the accrual basis as per the provisions of the Companies Act, 2013 (“the Act”), except for certain financial instruments which are measured at fair values at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Current and Non - Current Classification

The Company presents assets and liabilities in the balance sheet based on current/non-current classification.

An asset is classified as current when it satisfies any of the following criteria:

0 It is expected to be realised in, or is intended for sale or consumption in, the Company’s normal operating cycle and it is held primarily for the purpose of being traded;

0 It is expected to be realised within 12 months after the reporting date; or

0 It is cash or cash equivalent unless it is restricted tom being exchanged or used to settle a liability for at least 12 months after the reporting date.

0 All other assets are classified as non-current.

A liability is classified as current when it satisfies any of the following criteria:

0 It is expected to be settled in the Company’s normal operating cycle;

0 It is held primarily for the purpose of being traded

0 It is due to be settled within 12 months after the reporting date; or the Company does not have an unconditional right to defer setdement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its setdement by the issue of equity instruments do not affect its classification.

0 AD other liabilides are classified as non-current.

Deferred tax assets and liabilides are classified as non-current only.

Accounting pohcies have been consistendy applied except where a newly issued accoundng standard is initially adopted or a revision to an existing accoundng standard requires a change in the accounting policy hitherto in use.

The Standalone Financial Statements have been presented in Indian Rupees (IXR), which is the Company’s functional currency.

2.3 Use of Estimates and Judgements

The preparadon of these Financial Statements in conformity with the recognidon and measurement principles of Ind AS requires the management of the Company to make estimates and assumpdons that affect the reported balances of assets and liabilides, disclosures relating to contingent liabiUdes as at the date of the Financial Statements and the reported amounts of income and expense of the periods presented.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised m the period in which the estimates are revised and future periods are affected.

Informadon about cndcal judgments in applying accounting policies, as well as estimates and assumpdons that have the most significant effect to the carrying amounts of assets and liabilides within the next financial year are included in the foUowmg notes.

Useful Lives of Property, Plant and Equipment

The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This reassessment may result in change in depreciation expense in future period.

Valuation of Deferred Tax Liabilities/Assets

The Company reviews the carrying amount of deferred tax liabilides/assets at the end of each reporting period.

Impairment of unquoted investments

The Company reviews its carrying value of investments annually, or more frequently when there is indicadon for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted for.

Provisions and Contingent Liabilities Provisions

A provision is recognized 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 a reliable estimate can be made. Provisions {except retirement benefits and leave encashments) 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 & commitments

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 not wholly within the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation or it cannot be measured with sufficient reliability. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Recove rabiI ity of a dvan ces/recei va b les

The Company makes provisions for expected credit loss based on an assessment of the recoverability of trade and other receivables. The identification of doubtful debts requires use of judgment and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of the trade and other receivables and expenses on account of provision for doubtful debts in the period in which such estimate has been changed. At each balance sheet date, based on historical default rates observed over expected life, the management assesses the expected credit loss on outstanding receivables and advances.

Provision for Inventories

Management reviews the inventory ageing on a periodic basis. This review involves comparison of the carrying value of the aged inventory items with the respective net realizable value. The purpose is to ascertain whether a provision is reqtured to be made in the financial statements for any obsolete and slow-moving items and that adequate provision for obsolete and slow-moving inventories has been made in the financial statements.

2.4 Property, Plant and Equipment

The Company had applied for the one-time transition exemption of considering the carrying cost on the transition date i.e., 1* April 2016 as the deemed cost under Ind AS. Hence regarded thereafter as historical cost.

The cost of property, plant and equipment comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, including relevant borrowing costs for qualifying assets and any expected costs of decommissioning. Expenditure incurred after the property, plant and equipment has been put mto operation, such as repairs and maintenance, are charged to the Statement of Profit and Loss in the year in which the costs are incurred. Major shutdown and overhaul expenditure is capitalized as the activities undertaken improves the economic benefits expected to arise from the asset.

It includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Company''s accounting policy based on Ind AS 23 - Borrowing costs. Such properties are classified to the appropriate categories of PPE when completed and ready for intended use.

Assets in the course of construction are capitalised in the assets under construction account. At the point when an asset is operating at management''s intended use, the cost of construction is transferred to the appropriate category of property, plant and equipment and depreciation commences. Costs associated with the commissioning of an asset and any obligatory decommissioning costs are capitalised where the asset is available for use but incapable of operating at normal levels until a year of commissioning has been completed. Revenue generated from production during the trial period is capitalised.

Property, plant and equipment except freehold land held for use in the production, supply or administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and accumulated impairment losses, if any.

Subsequent expenditure and componentisation

Parts of an item of PPE having different useful lives and significant value and subsequent expenditure on Property, Plant and Equipment arising on account of capital improvement or other factors are accounted for as separate components only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period m which they are incurred.

Depreciation and Useful Life

Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Assets m the course of development or construction and freehold land are not depreciated.

Other assets are stated at cost less accumulated depreciation and any provision for impairment. Depreciation commences when the assets are ready for their intended use.

Depreciation is calculated on the depreciable amount, which is cost of an asset less its residual value. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on a written down value basis over its expected useful life as per the useful life prescribed in Schedule II to the Companies Act, 2013.

When significant spare parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each financial year end and changes in estimates, if any, are accounted for prospectively. Fully depreciated assets still in use are retained in financial statements at residual value.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Derecognition

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized net within other income/other expense in Statement of Profit and Loss.

An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gam or loss arising on de-recogmtion of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognized in profit or loss when the asset is derecognized.

2.5 Capital Works -in-Proqress

Projects under which assets are not ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost and related incidental expenses.

Depreciation commences when the assets are ready for their intended use. Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation is recognized so as to write off the cost of assets (other than freehold land and properties under construction) less their residual values over their useful lives, as per the useful life prescribed in Schedule 13 to the Companies Act, 2013. The Company reviews the residual value, useful lives and depreciation method annually and, if expectations differ from previous estimates, the change is accounted for as a change m accounting estimate on a prospective basis.

2.6 Intangib le Assets

Software: Cost of software which is not an integral part of the related hardware acquired for internal use is capitalized as intangible asset.

Intangible assets acquired are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses.

Intangible assets are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. 3he amortization period and amortization method for an intangible asset are reviewed at the end of each reporting period. The amortization expense on intangible asset is recognized m the Statement of Profit and Loss unless such expenditure forms part of carrying value of another asset.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in Statement of Profit and Loss when the asset is derecognized.

2.7 Impairment of Assets

The Company assesses the impairment of assets at each Balance Sheet date. If events or circumstances indicate that the carrying amount of the asset exceeds the recoverable amount, the loss on account of impairment is accounted accordingly. The recoverable amount is the higher of an asset’s fair value less costs of disposal & value m use.

2.8 Inventories Raw materials

Raw materials and stores, work m progress, traded and finished goods are stated at the lower of cost and net realisable value. Cost of raw materials and traded goods comprises cost of purchases.

Work in progress and finished goods

Cost of work-in-progress and finished goods comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure. Fixed overheads are allocated on the basis of normal operating capacity. Cost of inventories also include all other costs incurred in bringing the inventories to their present location and condition. Costs are assigned to the individual items m a group of inventories on the basis of weighted average cost basis. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Costs of inventories are determined on weighted average basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

2.9 Financial Instrument

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.

Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and financial Labilities at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial LabiLty. Transaction costs directly attributable to the acquisition of financial assets or financial Labdities at fair value through profit and loss are recognized immediately in Statement of Profit and Loss.

Financial Assets at Fair Va lue through other Comprehensive Income (FVTOCI)

Financial assets are measured at Fair Value through Other Comprehensive Income if these financial assets are held within a business whose objective is achieved by both collecting contractual cash flows that give rise on specified dates to solely payments of principal and interest on the principal amount outstanding and by selling financial assets.

Financial Assets at Fair Value through Statement of Profit and Loss (FVTPL)

Financial assets are measured at fair value through Statement of Profit and loss unless it is measured at amortized cost or at fair value through other comprehensive income on initial recognition. The transaction cost directly attributable to the acquisition of financial assets and liabilities at fail value through statement of profit & loss are immediately recognized in the statement of profit and loss.

Financial Assets at Amortized Cost

Financial Assets are subsequently measured at amortized cost if these financial assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

2.10Trade Receivables

The Company classifies the right to consideration in exchange for deliverables as either a receivable or as contract asset. A receivable is a right to consideration that is unconditional and only the passage of time is required before the payment of that consideration is due.

The Company assesses at each Balance Sheet date whether a financial asset or a group of financial assets is impaired. Ind AS 109 requires expected credit loss to be measured through a loss allowance.

The Company recognizes lifetime expected credit loss for all trade receivables that do not constitute a financial transaction. Impairment loss allowance is based on a simplified approach as permitted by Ind AS 109.

Full provision is made for all trade receivables considered doubtful of recovery if it is probable/certain that the debt is not recoverable.

Impairment loss allowance (or reversal) that is required to be recognized at the reporting date is recognized as an impairment loss or gain in the statement of profit and loss account.

2.11 Cash and Cash Equivalents

Cash and Cash Equivalents consist of cash on hand and balances with banks which are unrestricted for withdrawal and usage.

2.12 Foreign Currency Transactions

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (Le., the “functional currency’"). The financial statements are presented in Indian Rupee, the national currency of India, which is the functional currency of the Company.

In the Financial Statements of the Company, transactions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in other currencies are translated into the functional currency at exchange rates prevailing on the reporting date. Xon-monetary assets and liabilities denominated in other currencies and measured at historical cost or fair value are translated at the exchange rates prevailing on the dates on which such values were determined. All exchange differences are included in the Statement of Profit and Loss.

2.13 Contract Assets

Where the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, the Company presents the contract as a contract asset. A contract asset is a company’s right to consideration in exchange of goods or services that the Company has transferred to a customer. Contract Assets are reviewed for impairment in accordance with Ind AS 109.

2.14 Contract Liabilities

Where the Company receives consideration, or the Company has the right to an amount of consideration that is unconditional (Le., a receivable), before the Company transfers the good or service to the customer, the Company presents the contract as a contract liability when the payment is made or the payment is due (whichever is earlier). A contract liability is a company’s obligation to transfer goods or services to a customer for which the Company has received consideration {or an amount of consideration is due) from the customer.

---

Mar 31, 2023

Rights, preferences and restrictions attached to equity shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The holders of equity shares are entitled to receive dividends as declared from time to time. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Security for the above is as follows:

1. Hypothecation of entire current assets of the party, stock of shrimp and other seafood materials in trade including shrimp feed, any other materials acceptable to the bank and also hypothecation of book debts arising out of trade(upto 90 days).

2. Stock of shrimps in various life stages under cultivation financed by the bank, stock of feed, medicine, any other accessories/ materials for shrimp culture and book debts created out of bank loan.

3. Charge on the aquafarm where the cultivation is proposed, viz, 16.16 acres of aquafarm in Vaipar Village S No 7,5,15/2,15/1,16,4/2,19,14,16 Vilathikulam Taluk, Tuticorin Dt valued at Rs. 1.61 cr by AV T Murugesan dt 21.11.16

4. Book Debts present and future arising out of genuine trade sanctions,upto a period of 90 days

15.1 Secured Borrowings referred above to the extend of:

1. Non-Convertible Debentures

Rs.25 Crore are secured by hypothecation of immovable property, 103.50 ares of land situated at Rayimel Desom, Puthuvaassery Kara,Chengumandu Village,Aluva Taluk, Ernakulam District, Re.SY.NO.247/10.Out of the 25 Crores only Rs.5.6552 Crores are issued on private placement basis.

2. Term Loan

( i )Gurantee given by Mr Shaji Baby John,Mr Baby John Shaji and Mrs Rita Baby John ( ii )Corporate Gurantee given by M/s.King Propex Ventures Ltd.

(iii) Charge over entire present and future current assets of the Company.

Gurantee coverage from National Credit Guarantee Trutee Company

(iv) Hypothecation of the vehicle Kia Carnival 8AT Limousine.

"The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet."

The Company''s objective for capital management is to maximise share holder value, safeguard business continuity and support the growth of the company. The Company determines the capital requirement based on annual operating plans and long term and other strategic investment plans. The funding requirements are met through a mixture of equity, internal fund generation and borrowed funds. The Company''s policy is to use short term and long term borrowings to meet anticipated funding requirements.

Fair Value Measurements Fair Value Hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Note:

The carrying amount of trade receivables, trade and other payables and short term loans are considered to be the same as their fair value due to their short term nature

Loans, Borrowings are at the market rates and therefore the carrying value is the fair value For amortised cost instruments, carrying value represents the best estimate of fair value.

Note - 35.5

Financial Risk Management Policy

Financial Risk Management Objective and Policies:

The Company''s principal financial liabilities comprise of loans and borrowings, trade and other payables and advances from customers. The main purpose of these financial liabilities is to finance the Company''s operations, projects under implementation and to provide guarantees to support its operations. The Company''s principal financial assets include Investment, loans and advances, trade and other receivables and cash and bank balances that derive directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

Market Risk

Market risk is the risk that the fair value of future cash flows of financial assets will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. Financial Assets affected by market risk include loans and borrowings and deposits.

Foreign Currency Risk

The Company''s functional currency is Indian Rupees. The company undertakes transactions denominated in foreign currencies, consequently,exposure to exchange rate fluctuations arise.Foreign Currency Risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities(when revenue or expense is denominated in a foreign currency).

Foreign currency risk of the company is managed through a properly documented risk management policy approved by the board.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s short term debt obligations with floating interest rates.

Credit Risk Management

Credit Risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to a credit risk from its operating activities( primarily trade receivables and advances to suppliers) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Liquidity Risk Management

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds both for short term operational needs as well as for long term capital expenditure growth projects. The Company generates sufficient cash flow for operations, which together with the available cash and cash equivalents and short term investments provide liquidity in the short-term and long-term.

Note - 35.6

Disclosures Pursuant to Section 186(4) Of The Companies Act,2013

The Company has not made any investment or given any loan or guarantee as covered under Section 186 of Companies Act,2013.

Note - 35.7

Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

Clause 22 of Chapter V of the Micro, Small and Medium Enterprises Development Act, 2006, require following additional information in the Annual Statement of Accounts

(i) Principal amount remaining unpaid to any supplier at the end of the accounting year - Nil

(ii) Interest due thereon remaining unpaid to any supplier at the end of the accounting year - Nil

(iii) The amount of interest paid along with the amounts of the payment made to the supplier beyond the appointed day - Nil

(iv) The amount of interest due and payable for the year - Nil

(v) The amount of interest accrued and remaining unpaid at the end of the accounting year - Nil

(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid - Nil

Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 to meet the above mentioned disclosure requirements the and hence disclosures if any, required under the said Act have not been given.

Note 35.8

There was no dividend remitted in foreign currency during the year ended March 31, 2023 and March 31, 2022.

No proceedings have been initiated against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder in the financial year ended March 31, 2023 and March 31, 2022.

Note 38.2 Wilful Defaulter

The Company has not been declared a wilful defaulter by any bank or financial institution or other lender in the financial year ended March 31, 2023 and March 31, 2022.

Note 38.3 Relationship with struck off Companies

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

Note 38.4 Registration of charges or satisfaction with Registrar of Companies (ROC)

All charges or satisfaction are registered with ROC within the statutory period for the financial year ended March 31, 2023 and March 31, 2022. No charges or satisfaction are yet to be registered with ROC beyond the statutory period.

Note 38.5 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 for the financial year ended March 31, 2023 and March 31, 2022.

Note 38.6 Compliance with approved scheme(s) of arrangements

The Company has not entered into any Scheme of Arrangements which requires the approval of the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 for the financial years ended March 31, 2023 and March 31, 2022.

Note 38.7 Disclosure under Rule 11(e) of the Companies (Audit and Auditors) Rules, 2014

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 38.8 Undisclosed income

The company does not have any transaction which is not recorded in the books of accounts but has been surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961.

Note 38.9 Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial years ended March 31, 2023 and March 31, 2022.

Figures in brackets denote negative figures.

Note 39.2

Balance shown under Trade Receivables, Trade Payables and Advances for Projects are subject to confirmation and consequent reconciliation, if any

Note 39.3

The company has opted to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Act, 2019.Accordingly, the Company has recognised provision for Income Tax for the year ended on March 31, 2023 and remeasured its deferred tax assets/liability on the basis of the rates prescribed in the said section.

Note 39.4

Previous year''s figures have been regrouped/rearranged, wherever necessary to confirm to current year''s classification/disclosure.

Note - 40

Ind AS 108 - Segment Reporting

Operating segments are defined as components of an enterprise for which discrete financial information is available that evaluated regularily by the Chief Operating Decision Maker, in deciding how to allocate resources and assessing performance. The Company''s chief operating decision maker is the Managing Director.

Segment information

The Company has identified business segments as its reportable segments. Business segments comprise Infrastructure Division and Aquaculture.

Infrastructure Division: Company is interested in creating infrastructure for projects in the key sectors of integrated life spaces, logistics, warehousing, hospitality, healthcare, education and clean energy.

Aquaculture Division: The division is primarily engaged in processing of seafood products that meet global food safety standards

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Property, plant and equipment that are used interchangeably amongst segments are not allocated to reportable segments.

---

Mar 31, 2018

Note 1 : Significant Accounting Policies

a) Statement of Compliance

In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as “Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015 with effect from April 1, 2017. Figures for previous periods have been restated as per Ind AS. In accordance with Ind AS 101 First-time adoption of Indian Accounting Standards, the Company has presented a reconciliation from the presentation of Financial Statements under Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (“Previous GAAP”) to Ind AS of shareholders’ equity as at 31st March 2017.

These Financial Statements have been prepared in accordance with Ind AS as notified under the Companies (Indian Accounting Standards) Rules, 2015 read with Section 133 of The Companies Act, 2013.

b) Basis of Preparation

The financial statements have been prepared on accrual and going concern basis. The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening IND AS Balance Sheet as at 1st April, 2016 being the ‘date of transition to IND AS’.

c) Use of Estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Continuous evaluation is done on the estimation and judgements based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised prospectively.

d) Revenue Recognition

Revenue from sales is recognised when all significant risks and rewards of ownership of the commodity sold are transferred to the customer.

Revenue from Construction Projects are recognised on percentage of completion method, measured with reference to the percentage of cost incurred upto the reporting date to estimated total cost for each project.

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

e) Property, Plant And Equipment

On adoption of Ind AS, the Company retained the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and used that as its deemed cost as permitted by Ind AS 101 ‘First-time Adoption of Indian Accounting Standards’.

Property, plant and equipment are stated at cost [i.e., cost of acquisition or construction inclusive of freight, erection and commissioning charges, non-refundable duties and taxes, expenditure during construction period, borrowing costs (in case of a qualifying asset) up to the date of acquisition/ installation], net of accumulated depreciation and accumulated impairment losses, if any.

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in profit or loss when the asset is derecognised.

f) Intangible Assets

For transition to Ind AS, the Company has elected to continue with the carrying value of all its intangible assets recognized as of April 1, 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.

Intangible assets acquired are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.

Intangible assets are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and amortisation method for an intangible asset are reviewed at the end of each reporting period. The amortisation expense on intangible asset is recognised in the Statement of Profit and Loss unless such expenditure forms part of carrying value of another asset.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in Statement of Profit and Loss when the asset is derecognised.

g) Cash and Cash Equivalents

Cash and Cash Equivalents consist of cash on hand and balances with banks.

h) Inventories

Construction work-in-progress related to project works is valued at lower of cost or net realizable value, where the outcome of the related project is estimated reliably. Cost includes cost of land, cost of materials, cost of borrowings and other related overheads.

i) Taxation

Income tax expenses for the year comprises of current tax and deferred tax. It is recognized in the Statement of Profit and Loss except to the extent it relates to a business combination or to an item which is recognized directly in equity or in other comprehensive income.

Current Income Tax

Current tax is the expected tax payable /receivable on the taxable income /loss for the year using applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of previous years. Interest income/expenses and penalties, if any related to income tax are included in current tax expense.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amount and there is an intention to settle the asset and liability on net basis.

Deferred Tax

Deferred tax is recognized in respect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the corresponding amount used for taxation purposes.

A deferred tax liability is recognized based on the expected manner of realization or settlement of carrying amount of assets and liabilities, using tax rates enacted, or substantially enacted, by the end of the reporting period. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the assets can be utilized. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefits will be realized

Deferred tax assets and deferred tax liabilities are offset when there is legally enforceable right to set off current tax assets against current tax liabilities ; and the deferred tax assets and the deferred tax liabilities relate to the income taxes levied by the same taxation authorities.

j) Provision for Liabilities and Charges, Contingent Liabilities and Contingent Assets

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Contingent Liabilities are not recognized but are disclosed in the notes unless the possibility of an outflow of resources embodying economic benefits is remote.

Contingent assets are not recognised but disclosed in the Financial Statements when an inflow of economic benefits is probable. Contingent liability and contingent assets are reviewed at each reporting date. k) Earnings per Share

The Company presents basic and diluted earnings per share (“EPS”) data for its equity shares. Basic EPS is calculated by dividing the profit and loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. Diluted EPS is determined by adjusting the profit and loss attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.

l) Cash Flow Statement

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

m) Financial Instrument

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.

---

Mar 31, 2016

Note 7: Details of Forfeited Shares

77,750 Equity Shares out of the Shares allotted on 12.05.1995

B) RESERVES & SURPLUS

Note 1: Break up of Reserves & Surplus

as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 28^th Annual General Meeting of the Company to be held on Saturday, September 24, 2016 at 11:00 a.m. at HIG 9, 9^th Cross Road, Panampilly Nagar, Kochi- 682036 and any adjournment

thereof in respect of such resolution as indicated in ballot paper:.

Note:

1. This form of proxy, in order to be effective, should be duly stamped, completed, signed and deposited at the registered office of the Company, not less than 48 hours before the commencement of the Annual General Meeting.

2. A proxy need not be a member of the Company.

3. It is optional to indicate your preference. If you leave the for, against or abstain column blank against any or all resolutions, your proxy will be entitled to vote in the manner as he/she may deem appropriate.

4. A person can act as proxy on behalf of members not exceeding fifty and holding in the aggregate not more than 10% of the total share capital of the company carrying voting rights. A member holding more than 10% of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as a proxy for any other person or shareholder.

5. Appointing a proxy does not prevent a member from attending the meeting in person if he/she so wishes.

6. For the resolutions, explanatory statements and notes please refer Notice of the 28^th Annual General Meeting.

I/ We hereby exercise my/ our vote in respect of the following resolution(s) as set out in the Notice of 28^th Annual General Meeting (AGM) of Company held on Saturday, September 24, 2016 at 11:00 a.m. at HIG 9, 9^th Cross Road, Panampilly Nagar, Kochi- 682036, which is proposed to be placed for consideration of members at the aforesaid Annual General Meeting of the Company, by recording my/ our assent and/ or dissent to the said Resolution(s) in the following manner:

*Please put a tick mark in appropriate column against the resolution(s) indicated above. In case the shareholder/ proxy wishes his/ her vote

---

Mar 31, 2015

1.1 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

1.2) Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

1.3) Inventories

Inventories are valued at the lower of cost and the net realisable value after providing for obsolescence and other losses, where considered necessary. Cost includes all charges in bringing the goods to the point of sale, including octroi and other levies, transit insurance and receiving charges. Work-in-progress and finished goods include appropriate proportion of overheads.

1.4) Cash flow statement

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

1.5) Depreciation and amortisation

Till the year ended March 31, 2014, Schedule XIV to the Companies Act, 1956, prescribed requirements concerning depreciation of fixed assets. From the current year, Schedule XIV has been replaced by Schedule II to the Companies Act, 2013.

1.6) Revenue Recognition

The company follows mercantile system of accounting and recognises income and expenditure on accrual basis.

1.7) Fixed Assets

Tangible Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost comprise the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which takes substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any.

Intangible assets, comprising of software are amortized on a straight line basis over a period of 4 years, which is estimated to be the useful life of the asset.

1.8) Investments

All the investments are classified as either current or long term based on managements intention at the time of purchase. Current investments are carried at the lower of cost or fair value. Long Term Investments are carried at cost less provisions made to recognise any decline other than temporary, in the carrying value of each investment.

1.9) Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/ (loss) after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

1.10) Taxes on Income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Deferred tax is recognised on timing differences,is being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.

1.11) Provisions and Contingencies A provision is recognised when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions 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.

A disclosure of a contingent liability is made when there is a possible obligation or a present obligation, when an outflow of resource is not probable or a reliable estimate cannot be made. When there is a possible obligation or a present obligation, in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

---

Mar 31, 2014

1. Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India. Indian GAAP comprises mandatory Accounting Standards as prescribed by the Companies (Accounting Standards) Rules, 2006 (as amended), the provisions of the Companies Act, 1956(to the extent applicable), the provisions of the Companies Act, 2013 (to the extent notified) and the guidelines issued by the Securities and Exchange Board of India (SEBI). The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

2. Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

3. Inventories

Inventories are valued at the lower of cost and the net realisable value after providing for obsolescence and other losses, where considered necessary. Cost includes all charges in bringing the goods to the point of sale, including octroi and other levies, transit insurance and receiving charges. Work-in-progress and finished goods include appropriate proportion of overheads.

4. Cash flow statement

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

5. Depreciation and amortisation

Depreciation has been provided on Written Down Value method as per the rates prescribed in Schedule XIV to the Companies Act, 1956.

6. Revenue Recognition

The company follows mercantile system of accounting and recognizes income and expenditure on accrual basis.

7. Fixed Assets

Fixed Asses are stated at cost less accumulated depreciation and impairment if any. Cost includes all identifiable expenditure incurred to bringing the assets to its present condition.

8. Investments

All the investments are classified as either current or long term based on management''s intention at the time of purchase. Current investments are carried at the lower of cost or fair value. Long Term Investments are carried at cost less provisions made to recognise any decline other than temporary, in the carrying value of each investment.

9. Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

10. Taxes on Income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The Company recognises MAT credit available as an asset only to the extent that there is convincing evidence that the Company will pay normal income tax during the specified period i.e the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting for credit available in respect of MAT under the Income tax Act, 1961, the said asset is created by way of credit to the statement of profit and loss and shown as "MAT credit entitlement". The Company reviews the "MAT credit entitlement" asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.

11. Cash Equivalents

Cash and cash equivalents in the cash flow statement comprise cash at bank, cash in hand and short term investments with an original maturity of three months or less. Cash equivalents are stated inclusive of interest accrued as on the reporting date.

---

Mar 31, 2011

1. Basis for preparation of Financial Statements

The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles under the historical cost convention, on the accrual basis except in the case of certain financial transactions which are measured on the basis of fair values. Accounting policies have been consistently applied except where a new accounting standard is newly adopted or a revision is made to the existing standard.

2. Revenue Recognition

The Company follows the mercantile system of accounting and recognises income & expenditure on accrual basis.

3. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting periods. Although these estimates are based upon management's knowledge of current events and actions, actual results could differ from those estimates and revisions, if any, are recognised in the current and future periods.

4. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairments if any. Cost includes all identifiable expenditure incurred to bringing the Assets to its present condition.

5. Depreciation

Depreciation is provided using the Written down Value Method, at the rates and in the manner specified in Schedule – XIV to the Companies Act, 1956.

6. Provisions and contingencies

A provision is recognised when an enterprise 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.

7. Investments

All the investments are classified as either current or long-term based on management's intention at the time of purchase. Current investments are carried at the lower of cost and fair value. Long term investments are carried at cost less provisions made to recognize any decline other than temporary, in the carrying value of each investment.

8. Impairment of assets

Impairment of assets is recognised when there is an indication of impairment. On such indication the recoverable amount of the assets is estimated and if such estimation is less than its carrying amount, the carrying cost is reduced to recoverable cost.

9. Employee Benefits

The provisions regarding Provident Fund, Employees State Insurance, and Gratuity etc mentioned in Accounting Standards 15(Employee benefits) are not applicable to the company at present.

10. Income tax

A provision is made for Income tax annually based on tax liability computed after considering tax allowances and exemptions.

11 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. 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 are adjusted for the effects of all dilutive potential equity shares.

---

Mar 31, 2009

1. Basis for preparation of Financial Statements

The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles under the historical cost convention, on the accrual basis except in the case of certain financial transactions which are measured on the basis of fair values. Accounting policies have been consistently applied except where a new accounting standard is newly adopted or a revision is made to the existing standard.

2. Revenue Recognition

The Company follows the mercantile system of accounting and recognises income & expenditure on accrual basis.

3. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting periods. Although these estimates are based upon managements knowledge of current events and actions, actual results could differ from those estimates and revisions, if any, are recognised in the current and future periods.

4. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairments if any. Cost includes all identifiable expenditure incurred to bringing the Assets to its present condition.

5. Depreciation

Depreciation is provided using the Written down Value Method, at the rates and in the manner specified in Schedule - XIV to the Companies Act, 1956.

6. Provisions and contingencies

A provision is recognised when an enterprise 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.

7. Investments

All the investments are classified as either current or long-term based on managements intention at the time of purchase. Current investments are carried at the lower of cost and fair value. Long term investments are carried at cost less provisions made to recognize any decline other than temporary, in the carrying value of each investment.

8. Impairment of assets

Impairment of assets is recognised when there is an indication of impairment. On such indication the recoverable amount of the assets is estimated and if such estimation is less than its carrying amount, the carrying cost is reduced to recoverable cost.

9. Employee Benefits

The provisions regarding Provident Fund, Employees State Insurance, and Gratuity etc mentioned in Accounting Standards 15(Employee benefits) are not applicable to the company at present.

10. Income tax

A provision is made for Income tax annually based on tax liability computed after considering tax allowances and exemptions.

11 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. 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 are adjusted for the effects of all dilutive potential equity shares.

---

Mar 31, 2008

1. Basis for preparation of Financial Statements:

The financial statements have been prepared under the historical cost convention, in accordance with Accounting Standards Issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act 1956. Ail income and expenditure having a material bearing on the financial statements are recognised on accrual basis

2. Revenue Recognition:

The Company follows the mercantile system of accounting and recognises income & expenditure on accrual basis.

3. Fixed Assets

Fixed Assets are recorded at the cost of acquisition less accumulated depreciation. Cost includes all identifiable expenditure incurred to bringing the Assets to its present condition.

4. Depreciation

Depreciation is provided using the Written down Value Method, at the rates and in the manner specified in Schedule - XIV to the Companies Act, 1956.

5. Provisions and contingencies

A provision is recognised when an enterprise 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.

6. Investments

The investments are valued at original cost.

7. Employee Benefits

The provisions regarding Provident Fund, Employees State Insurance, and Gratuity etc mentioned in Accounting Standards 15(Employee benefits) issued by the Institute of Chartered Accountants of India are recoded on a cash basis as and when they incur.

---

Mar 31, 2007

Not Available