Notes to Accounts of Kings Infra Ventures Ltd.

Mar 31, 2025

2.15 Provision for Liabilities and Charges, Contingent
Liabilities and Contingent Assets

The assessments undertaken in recognizing provisions
and contingencies have been made in accordance with
the applicable Ind AS.

Provisions represent liabilities to the Company for
which the amount or timing is uncertain. Provisions are
recognized when the Company has a present obligation
(legal or constructive), as a result of past events, and it is
probable that an outflow of resources, that can be reliably
estimated, will be required to settle such an obligation.
Provisions are reviewed at each reporting date and are
adjusted to reflect the current best estimate.

Provisions are measured at the best estimate of the
consideration required to settle the present obligation at
the end of the reporting period, taking into account the
risks and uncertainties surrounding the obligation.

In the normal course of business, contingent liabilities
may arise from litigations and other claims against
the Company. Where the potential liabilities have a
low probability of crystallizing or are very difficult to
quantify reliably, the Company treats them as contingent
liabilities. Such liabilities are disclosed in the notes but
are not provided for in the financial statements. Although
there can be no assurance regarding the final outcome
of the legal proceedings, Company does not expect
them to have a materially adverse impact on our financial
position or profitability. The Company does not recognize
a contingent liability but discloses its existence in the
financial statements.

Contingent assets are not recognized but disclosed in
the Financial Statements when an inflow of economic
benefits is probable.

2.16 Revenue Recognition

Revenue is measured at the fair value of the consideration
received or receivable. The Company recognises revenues
on sale of products, net of discounts, sales incentives,
rebates granted, returns, sales taxes/GST and duties
when the products are delivered to customer or when
delivered to a carrier for export sale, which is when title
and risk and rewards of ownership pass to the customer.
Export incentives are recognised as income as per the
terms of the scheme in respect of the exports made and
included as part of export turnover.

Revenue from sales is recognised when control of the
products has transferred, being when the products are
delivered to the customer, the customer has full discretion
over the channel and price to sell / consume the products,
and there is no unfulfilled obligation that could affect the
customer''s acceptance of the products. Delivery occurs
when the products have been shipped to the specific
location, the risks of obsolescence and loss have been
transferred to the customer, and either the customer
has accepted the products in accordance with the sales
contract or the acceptance provisions have lapsed.
Revenue from sale of seafood products is recognized
at a point in time when the customer obtains control
of the promised asset and the company has satisfied
its performance obligation. The amount of revenue is
measured at its transaction price.

Revenue from Construction Projects is recognized over
time, upon transfer of control of promised products
or services to customers in an amount that reflects
the consideration the Company expects to receive, in
exchange for those products or services.

Income from export incentives such as drawback and
RODTEP are recognized on accrual basis.

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

Interest income

Interest income from a financial asset is recognised when
it is probable that the economic benefits will flow to the
Company and the amount of income can be measured
reliably. Interest income is accrued on a time basis,
by reference to the principal outstanding and at the
effective interest rate applicable, which is the rate that
exactly discounts estimated future cash receipts through
the expected life of the financial asset to that asset''s net
carrying amount on initial recognition.

2.17 Employee benefits

Employee benefits consist of salaries and wages,
contribution to gratuity fund, towards medical assistance,
festival allowance and other benefits.

Contributions to defined contribution schemes such
as employees'' state insurance, labour welfare fund,
superannuation scheme, employee pension scheme
etc. are charged as an expense based on the amount of
contribution required to be made as and when services
are rendered by the employees. Company''s provident
fund contribution, in respect of certain employees, is
made to a Government administered fund and charged
as an expense to the standalone statement of profit
and loss. The above benefits are classified as Defined
Contribution Schemes as the Company has no further
defined obligations beyond the monthly contributions.
Defined benefit plans comprising of gratuity are
recognized based on the present value of defined benefit
obligations which is computed using the projected unit
credit method, with actuarial valuations being carried
out at the end of each annual reporting period. These are
accounted either as current employee cost or included in
cost of assets as permitted.

2.18 Taxation

Income tax expenses for the year comprises of current tax
and the net change in the deferred tax asset or liability
during the year. 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
not 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 income tax is recognized using the Balance
Sheet approach. Deferred income tax assets and liabilities
are recognized for deductible and taxable temporary
differences arising between the tax base of assets and
liabilities and their carrying amount, except when the
deferred income tax arises from the initial recognition of
an asset or liability in a transaction that is not a business
combination and affects neither accounting nor taxable
profit or loss at the time of the transaction.

Deferred tax assets are recognized only to the extent that
it is probable that either future taxable profits or reversal
of deferred tax liabilities will be available, against which
the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can
be utilized.

The carrying amount of a deferred tax asset shall be
reviewed at the end of each reporting date and reduced
to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the
deferred income tax asset to be utilized.

Deferred tax assets and deferred tax liabilities are offset
when there is legally enforceable right to set off deferred
tax assets against deferred tax liabilities; and the deferred
tax assets and the deferred tax liabilities relate to the
income taxes levied by the same taxation authorities.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the year when the asset
is realized or the liability is settled, based on tax rates
(and tax laws) that have been enacted or substantively
enacted at the reporting date

2.19 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. The
Company did not have any potentially dilutive security in
any of the years presented.

2.20 Segment Reporting

Operating segments are defined as components of an
enterprise for which discrete financial information is
available that is evaluated regularly 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.

The Company has identified business segments as
reportable segments. The Business segment comprise 1)
Infrastructure 2) Aquaculture

Segment revenue, segment expenses, segment assets and
segment liabilities have been identified to segments on
the basis of their relationship to the operating activities
of the segment. Revenue, expenses, assets and liabilities
which relate to the company as a whole and are not
allocable to segments on a reasonable basis have been
included under “unallocated revenue/expenses/assets/
liabilities”

2.21 Statement of Cash Flows

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. For the purpose of statement of cash flow,
Cash and cash equivalent comprise cash at banks and
cash on hand.

2.22 Leases

The Company recognises a right-of-use asset and a lease
liability at the lease commencement date. The right-of-
use asset is initially measured at cost, which comprises
the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement
date, plus any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying asset or
to restore the underlying asset or the site on which it is
located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using
the straight-line method from the commencement date
to the end of the lease term.

The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the Company''s
incremental borrowing rate. It is remeasured when there is
a change in future lease payments arising from a change
in an index or rate, if there is a change in the Company''s
estimate of the amount expected to be payable under
a residual value guarantee, or if the Company changes
its assessment of whether it will exercise a purchase,
extension or termination option. When the lease liability
is remeasured in this way, a corresponding adjustment is
made to the carrying amount of the right-of-use asset, or
is recorded in profit or loss if the carrying amount of the
right-of-use asset has been reduced to zero.

The Company has elected not to recognise right-of-use
assets and lease liabilities for short-term leases that have
a lease term of 12 months or less and leases of low-value
assets. The Company recognises the lease payments
associated with these leases as an expense over the
lease term.

2.23 Prior period adjustment

Prior period adjustments due to errors, having material
impact on the financial affairs of the Company, are
corrected retrospectively by restating the comparative
amounts for prior periods presented in which the error
occurred or if the error occurred before the earliest
period presented, by restating the opening statement of
financial position.

2.24 Recent accounting pronouncements - Standards
issued but not yet effective

Ministry of Corporate Affairs (“MCA”) notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. For the year ended 31st
March, 2025, MCA has notified amendments to Ind AS
116 - Leases, relating to sale and leaseback transactions,
which is applicable to the Company w.e.f. 1st April, 2024.
The Company has reviewed the new pronouncements and
based on its evaluation has determined that it is not likely
to have any significant impact in its financial statements.

Note - 40

Employee Benefits ( Ind As 19)

Defined Contribution Plans

The Company makes Provident Fund and Employee State Insurance Scheme contributions to defined contribution
plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage
of the payroll costs to fund the benefits. The contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.The Company recognised the below amount for Provident Fund contributions
and Employee State Insurance Scheme Fund contributions in the Statement of Profit and Loss.

Note - 42.2
Capital Management

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.

Note 42.3

Income Tax Expenses

The reconciliation of estimated income tax expense at statutory income tax rate to income tax expense reported in
statement of profit and loss is as follows:

Note 42.5

Fair Value Measurements

(i) 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

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

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 42.6

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.

Note 42.8

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 45.1

Details of Benami Property

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, 2025
and March 31, 2024.

Note 45.2
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, 2025 and March 31, 2024.

Note 45.3

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 45.4

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,
2025 and March 31, 2024.

Note 45.5

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, 2025 and March 31,
2024.

Note 45.6

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, 2025 and
March 31, 2024.

Note 45.7

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 45.8

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 45.9

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, 2025 and March 31, 2024.

Note 46.1

Figures in brackets denote negative figures.

Note 46.2

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, 2025 and remeasured its deferred tax assets/liability on the basis of the rates prescribed
in the said section.

Note 46.3

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

As per our report of even date

For Elias George & Co For and on behalf of the Board Of Directors

Chartered Accountants
FRN : 000801S

Sd/- Sd/- Sd/ -

Joy P Jacob Shaji BabyJohn Baby John Shaji

(Partner) Chairman &Managing Director Joint Managing Director

Membership No. 201678 DIN: 01018603 DIN: 03498692

Sd/ - Sd/- Sd/-

Balagopalan Veliyath Lalbert Aylisilasi Nanditha T

Whole - Time Director Chief Financial Officer Company Secretary

DIN: 05254460 Memb no. 43148

Place: Ernakulam
Date: 30/05/2025

---

Mar 31, 2024

2.15 Provision for Liabilities and Charges. Contingent Liabilities and Contingent Assets

The assessments undertaken in recognizing provisions and contingencies have been made in accordance with the applicable Ind AS.

Provisions represent liabilities to the Company for which the amount or timing is uncertain. Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation. Provisions are reviewed at each reporting date and are adjusted to reflect the current best estimate.

Provisions are measured at the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking mto account the risks and uncertainties surrounding the obligation.

In the normal course of business, contingent liabilities may arise from litigations and other claims against the Company. Where the potential liabilities have a low probability of crystallizing or are very difficult to quantify reliably, the Company treats them as contingent liabilities. Such liabilities are disclosed in the notes but are not provided for m the financial statements. Although there can be no assurance regarding the final outcome of the legal proceedings, Company does not expect them to have a materially adverse impact on our financial position or profitability. Hie Company does not recognize a contingent liability but discloses its existence m the financial statements.

Contingent assets are not recognized but disclosed in the Financial Statements when an inflow of economic benefits is probable.

2.16 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable. The Company recognises revenues on sale of products, net of discounts, sales incentives, rebates granted, returns, sales taxes/GST and duties when the products are delivered to customer or when delivered to a carrier for export sale, which is when tide and risk and rewards of ownership pass to the customer.

Export incentives are recognised as income as per the terms of the scheme in respect of the exports made and included as part of export turnover.

Revenue from sales is recognised when control of the products has transferred, being when the products are delivered to the customer, the customer has full discretion over the channel and price to sell / consume the products, and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the acceptance provisions have lapsed.

Revenue from sale of seafood products is recognized at a point m time when the customer obtains control of the promised asset and the company has satisfied its performance obligation The amount of revenue is measured at its transaction price.

Revenue from Construction Projects is recognized over time, upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive, in exchange for those products or services.

Income from export incentives such as drawback and RODTEP are recognized on accrual basis.

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

I nterest income

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

2.17 Employee benefits

Employee benefits consist of salaries and wages, contribution to gratuity fund, towards medical assistance, festival allowance and other benefits.

Defined benefit plans comprising of gratuity are recognized based on the present value of defined benefit obligations which is computed using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. These are accounted either as current employee cost or included in cost of assets as permitted.

2.18 Taxation

Income tax expenses for the year comprises of current tax and the net change in the deferred tax asset or liability during the year. 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 direcdy 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 mcome/expenses and penalties, if any related to income tax are not included in current tax expense.

Current tax assets and current tax Labilities 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 liabiUty on net basis.

Deferred Tax

Deferred income tax is recognized using the Balance Sheet approach. Deferred income tax assets and Labihties are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabiLties and their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liabiUty in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

Deferred tax assets are recognized only to the extent that it is probable that either future taxable profits or reversal of deferred tax liabiLties will be available, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utiUzed.

The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

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

Deferred tax assets and LabiLties are measured at the tax rates that are expected to apply in the year when the asset is realized or the liabiUty is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date

2.19 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. The Company did not have any potentially dilutive security in any of the years presented.

2.20 Segment Reporting

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly 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.

The Company has identified business segments as reportable segments. The Business segment comprise 1) Infrastructure 2) Aquaculture

Segment revenue, segment expenses, segment assets and segment liabiLties have been identified to segments on the basis of their relationship to the operating activities of the segment. Revenue,

expenses, assets and liabilities which relate to the company as a whole and are not allocable to segments on a reasonable basis have been included under “unallocated

revenue / expen ses /''assets / Labilities’ ’

2.21 Statement of Cash Flows

Cash flows are reported using indirect method as set out m 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. For the purpose of statement of cash flow, Cash and cash equivalent comprise cash at banks and cash on hand.

2.22 Leases

The Company recognises a nght-of-use asset and a lease liability at the lease commencement date. The nght-of-use asset is initially measured at cost, which comprises the initial amount of the lease Lability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The nght-of-use asset is subsequendy depreciated using the straight-line method from the commencement date to the end of the lease term.

The lease Labihty is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company''s incremental borrowing rate. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company''s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liabiLty is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the nght-of-use asset has been reduced to zero.

The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognises the lease payments associated with these leases as an expense over the lease term.

2.23 Prior period adjustment

Prior period adjustments due to errors, having material impact on the financial affairs of the Company, are corrected retrospectively by restating the comparative amounts for prior periods presented in which the error occurred or if the error occurred before the earLest period presented, by restating the opening statement of financial position.

2.24 Recent accounting pronouncements - Standards issued but not yet effective

Recent Accounting Developments Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards. There is no such notification which would have been appLcable fiom April 1^M, 2024.

Note 39.2

Capital Management

The Company''s objective for capital management ts to maximise share hoWer value. safeguard bushess continurtyand support the gowth 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 eqiaty, hternalfund generation and bonowed funds. The Company''s policy is to use short term and long term borrowings to meet an tic pat ed funding requirements.

Fair Value Measurements (0 Fair Value Hierarchy

FinandaJ assets and financial liabilities measured at fair value in tte statement offinanciaJ position are grouped into three levels of a fair vabe hierarchy. Tte three levels are defined based on tte observability of signi bcant inputs to the measurement as follows:

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

Level 2:The fair value offinancial instrimsnts that are not tiacted in an active market is determined using valuation techniques which maximise the u se of observable market data rely as little as possible on entity spec ific estimates.

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

Financial Risk Management Policy

Financial Risk Management Objective and Policies:

Hie Company''; principal financial liabilities comprise of loan; and borrowings, trade and other payables and advances from customers. Hie main purpose of these financial liabilities is to finance the Company''s operations, projects under implementation and to provide guarantees to support its operates. Hie 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. He Company is exposed to market risk, credit risk and liquidity risk. He Company s senior management oversees the management of these risks. He Board of Directors revivers and agrees policies for managing each of these nsks, which are summarised below.

Market Risk

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

Foreign Currency Risk

He 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 flours of an exposure trail fluctuate because of changes in foreign exchange rates. He Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities (when revenue ox expense is denominated in a foreign currency).

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

Interest Rate Risk

Interest rate risk is the risk that the fair value ox future cash flours of a financial instrument will fluctuate because of change; in market interest rates. He 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 nsk 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. He 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.

Mote-30.7

Cfedoam f\jeuantto Sutton 1M(4 C* Tha Coitparias Ad.xn3

Tha Canpany ha;not m»j© any Imrctmant cr gManany toan cr gixrartoa as cowed uretorSe-cdon 1B6 of CCntpankas Ac\2013l Mote -30A

Cfcctoara urdarMlcn>.Snalland M#im Enteeprt©; Oavefcpmar* Act XOS

QauM 22 of OeptieV cf tha Micro, Smal and Mtttun Enteodsas Cweiopmant Ad, 2 03 6, reqilr© Wkwhg addtfcnal Irfomatten Intha Anrwal Statanent cf Aaourts

(I Prttdpal amount remahhg urpaUto any ajppfcar at tha ard dm©acccundrq yaar- Nil

<$ hteroa da© thareon »aminhg utpaH toanysuppike attha end eftha aaourtlng y&ar-NI

(lOTha arreuntd tWuvZ paid afcng wlh m© amourts oftha paymant rr&j© totha applart»ycrdtha ap pentad day- N1

M Tha aitount of Intaiastacauad and remind utpaM at m©ardcfm©xccundr»gyaar-W

CvfcTha arreuntef lirmcc htecoacljeand paryaftla ©van hmesuccBedItg y©ar, untl such dal© when th© hterast dj©sasaPov©aia actually paid -Nl

Corrparr/ fas not ixcted any Irrtnrcttcn tom !ajpl«5r*3a»*>9staticurdMita Hat* Sn-al ard IteJintEntarplMsCfcveWra* Act. iXfcto met tie above notional dKloaircraojIiamartsmcard henca dtctoaias rary, r©qut«lut(tarmfialdAdhave retboan^ven.

Mote 30.0

Thar© was no dMtftnd »arrttl©d Infcrokjn curia ncy Adnj th© ywr aniadMarchil.2024 and March 31.2023.

Nixc 42.1 Detail* of Benami Property

No pcDCtnlingi h»w been ritulni apimt the Conyiny for bokh^ my brnuri property under the Beumi Transaction* (PtohAsbai) Act, 1988 (45 of 1988) end mlri made thereunder m the firunnaJ year ended fdirch 31, 2324 end March 31, 2023.

Note 42.2 Wilful Defaulter

TVe Company he* not been declared a wslfid ddeillrr by any bank or fnanaai institution or odier lender n the fmanaal year ended March 31, 2024 and fdaidi 31,

2023.

Note 42.3 Relational*)) with atrad off Companies

IV-e Company baa no transactKeia with the romp an* a strode off under mtKei 248 of the Coopanai Act, 2013 or eectoo 560 of hr Comparers Ad, 1956.

Note 42.4 Rcgiatratiou of charge* or satisfaction with Registrar of CompaiM (ROC)

AC charges or Mbtfacban are registered mlb ROC within the statutory penod for the fmanaal year ended March 31, 2024 and March 31, 2023 except for charge in favour of Paul Depots! amounting to R*.77,95,893.

Note 42.5 Cumpliaaa with number of layer* of companac*.

Hm Company haa complied wsdi the number of layer* prescribed under druse (87) of secbem 2 of the Art read with Companies (Restncbon on number of layer*. Rule., 201? for the financed year ended March 31, 2024 and March 31, 2023.

Note 42.6 Compliance with apjieovcd •chcnic(a) of arrange men!»

rbe Company haa not entered mto any Scheme of Amngement* which require* the approval of the Coexpetmt Au&ionfy in trrma of sections 230 to 23? of hr Companies Act, 2013 for the fmanaal years ended March 31, 2024 and March 31, 2023.

Note 42.7 Disclosure under Rule 11(e) of the Ccenpusuca (Audit and Aushtor*) Rulca, 2014

No funds have been advanced or loaned or invested (odier from borrowed lunda or share premram or any other sources or kind of hands) by the Cccnpany to or in any other person^) or enWy''iea)'', mduluig foregn entities {"''Intermediaries’*) with the understanding whether recorded n writing or odierwise, that the Intermediary shall lend or invest in party sdentibod by or cei behalf of die Company (Ultsnate Benehoanrs).

Ihe Company haa not weaved any hand from any partyfs) (Fundmg Party) with the ursderrtandmg that die Company shall whether, directly or indirectly lend or invest an other personi or entities iden*f>ed by or on behalf of the Company ^Ultimate Beneficiaries*) or provsde any pamtre, aecunty or the take on behalf of the IXtsnate Benehoanes.

Note 42.8 I Widsscioscd income

Ha company does not have any transaebnn whch it not mxeded in the books of accounts but haa bean vurrendered or disclosed as income ckanng the year n tax assesenent* under the Inocene Tax Art, 1961.

Note 42.9 Detail* of Crypto Currency or Virtual Currency

the Company haa not traded or inverted m Crypto currency or Virtual Currency during the fmanaal years ended March 31, 2324 and March 31, 2023.

NM4XI

Rjurw in bcsdtwt* dnoln wgrtivi fijus*».

Nm4U

Kiiino rfv>wri uaiW Trui* lUoivablM, Tr*d» Payable* aid AdvncM for Ptop.1* u» nibjed to confitmabcei end roan^umt lacondliibon, if any Note 4X3

T>»* (oofcif hea opted to «Md» the option permitted under Mction 11SBAA of the Income Tax Act, 1961 u intxoducwd by th* Tmfeoa Iavi (Anvndnmt) Act, 20l9.Accor<£ng}y, the Conpany haa no^niMd pcovsoon for Inocene Tax for the mr kvW on March 31, 2024 and ran*aaund its deferred tax uitti/Uahilfr on the bans of da ntM pceecxsbed in th* tad taction.

Mote 4X4

Pr**/Krji year*t %ini Km ban n^touptd/mriiRpd, tfamw n*c*i airy to oxifiim to currant jWi cimifiotco/dtcotu*.

A» per our report of even date

Foe Fliaa Geoejfe 6t Co For and on behalf of the Board Of Director*

Chartaevd Accountants

FRN : OCC601S

td/“ «!/- tel/-

Vaibhav .T. Vod Shaji Baby John Baby John Shaji

(Partner) Oojnran & Marking Director Joint Mar-apn£ Director

Membecahip No. 235912 DIN: 01018603 DiN: CLM98602

•d/- *1/- •

Baiafopalan Vehyalh (.albert Ayliaalaai Nandi tier T

''Xhoie - Tima Director Qnef Financial Officer Coerpany Secretary

DfN: C62S4460 Meenb no. 45148

Haoa F.matulam

Data 30/05/2024_

---

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: Corporate Information

Kings Infra Ventures Limited (referred to as “the Company”) is a Public Limited Company incorporated on 23/11/1987(CIN: L05005KL1987PLC004913) and domiciled in India with its registered office at 14B, 14th Floor, The Atria Opp Gurudwara Temple, Thevara, Ernakulam, Kerala - 682015.Its shares are listed in Bombay Stock Exchange. The Company is having interest in the field of land banking and creating infrastructure for projects in the key sectors of integrated life spaces, lifespaces, logistics,warehousing, hospitality, healthcare, education clean energy and development of Aquaculture and seafood infrastructure and to deal in whatsoever manner in the aquaculture and seafood products.

Note - 2

First Time Adoption of Ind AS

These are the Company’s first Financial Statements prepared in accordance with Ind AS.

The accounting policies set out in note 2 have been applied in preparing the Financial Statements for the year ended 31 March 2018, the comparative information presented in these Financial Statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS Balance Sheet at 1 April 2016 (the Company’s date of transition to Ind AS). An explanation of how the transition from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows is set out in the following tables and notes.

A. Ind AS Optional Exemptions

1. Deemed cost for property, plant and equipment, investment property and intangible assets

Ind AS 101 ‘First Time Adoption of Ind AS’ 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 after making necessary adjustments for de-commissioning liabilities. 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 and intangible assets at their previous GAAP carrying value.

B. Ind AS Mandatory Exemptions 1. Estimates

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

Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP.

2. Classification and measurement of financial assets and liabilities

The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 are met based on facts and circumstances existing at the date of transition.

Financial assets can be measured using effective interest method by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing at the date of transition and if it is impracticable to assess elements of modified time value of money i.e. the use of effective interest method, fair value of financial asset at the date of transition shall be the new carrying amount of that asset. The measurement exemption applies for financial liabilities as well.

Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. It is impracticable to apply the changes retrospectively if:

a) The effects of the retrospective application or retrospective restatement are not determinable;

b) The retrospective application or restatement requires assumptions about what management’s intent would have been in that period;

The retrospective application or retrospective restatement requires significant estimates of amounts and it is impossible to distinguish objectively information about those estimates that existed at that time.

3. De-recognition of financial assets and liabilities

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

The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

C. Reconciliations between previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income. The following tables represent the reconciliations from previous GAAP to Ind AS.

(v) Rights, preferences and restrictions attached to equity shares

The holders of equity shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. In the event of liquidation of the Company, the remaining assets of the Company shall be distributed to the holders of equity shares in proportion to the number of shares held to the total equity shares outstanding as on that date. All shares rank equally with regard to the Company’s residual assets.

(vii) Details of Forfeited Shares : 77,750 Equity Shares out of the Shares alloted on 12.05.1995

Details of upfront amount forfeited due to non conversion of Share warrants (25% of 15,80,000/- Share warrants) is Rs.3,950,000.00

Note 3.1 - Capital Management

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._

Note 3.2 - Income Tax Expenses

The reconciliation of estimated income tax expense at statutory income tax rate to income

Note 3.3

Fair Value Measurements (i) 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.

Risk Management

The Company has in place risk management process in line with the Company’s policy. The potential financial Impact of the risk and its likelihood of negative outcome are regularly updated._

Note 3.4

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 3.5

Ind AS 11- Construction Contracts

Revenue from Construction Contracts 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.

Note 3.6

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

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

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

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

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

(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 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 3.7

Ind AS 10-Events after the reporting period

(i)Kings Infra Ventures Limited will avail job working services for processing of aquaculture and seafood products for distribution and export from the processing plant belonging to Kings International Limited by entering a processing agreement for Job work for Aquaculture and seafood products subject to an amount of Rs. 5 Crore on annual basis.

(ii)The Company has proposed to enter into a “Business Takeover Agreement” with M/s. SBJ Holdings to acquire the business of aquaculture and allied businesses of the latter on a going concern basis, other than that stated elsewhere in Business Takeover Agreement, on the Business Takeover Date i.e on 4th May 2018 on the terms and subject to the conditions set forth in the said Agreement. Parties has proposed to accept and acknowledge that Business Takeover is on a slump sale basis and for a net consideration not exceeding Rs. 3.5 Crores (Rupees Three Crore Fifty Lakhs Only) and the Business shall vest in the Company from the Business Takeover Date i.e on 4th May 2018.

---

Mar 31, 2015

1.CORPORATE INFORMATION:

The Company was incorporated on 23rd November 1987 under the name Victory Aqua Farm Limited. During the year 2007 the company changed its name to Kings Infra Ventures Limited. The main objects of the company are to promote, develop, finance, establish, to enter into joint ventures, to establish special purpose vehicles, build, construct, equip, operate and maintain infrastructure projects and facilities.

A1 CONTINGENT LIABILITIES

Note 1

Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities - -

(ii) Commitments - -

Total - -

Note 2

In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated.

A. As per the explanations available with the company, contingent liabilities did not exist at the time of finalisation of accounts.

B. The company has not received information from creditors regarding their status under the Micro, Small and Medium Enterprises Act 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given.

C. Estimated amount of contracts to be executed on capital account and not provided for in the accounts - Nil

D. C.I.F. Value of Imports : Nil

E. Expenses incurred in Foreign currency:

(a) Initial Recognition: There is no foreign currency transaction during the year.

(b) Conversion : Not Applicable

F. Earnings in Foreign Exchange from Export Sales: Nil

G. The value of inventory of the Company (Work-in-Progress)as on 31-03-2015 is Rs.208,650,820.08

H. Previous year's figures have been regrouped or re-arranged wherever found necessary.

---

Mar 31, 2014

1. CORPORATE INFORMATION:

The Company was incorporated on 23rd November 1987 under the name Victory Aqua Farm Limited. During the year 2007 the company changed its name to Kings Infra Ventures Limited. The main objects of the company are to promote, develop, finance, establish, to enter into joint ventures, to establish special purpose vehicles, build, construct, equip, operate and maintain infrastructure projects and facilities.

2. CONTINGENT LIABILITIES

Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities - -

(ii) Commitments - -

Total - -

3. OTHER DISCLOSURES

In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated.

4 A. As per the explanations available with the company, contingent liabilities did not exist at the time of finalization of accounts.

B. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

Based on the information received by the Company, none of the suppliers have confirmed to be registered under MSMED Act, 2006. Accordingly, no disclosures relating to amounts unpaid as at the year-end together with interest paid /payable are required to be furnished.

C. Estimated amount of contracts to be executed on capital account and not provided for in the accounts - Nil

D. C.I.F. Value of Imports : Nil

E. Expenses incurred in Foreign currency : Nil

F. Earnings in Foreign Exchange from Export Sales: Nil

G. The value of inventory of the Company ( Work-in -Progress )as on 31-03-2014 is Rs.20,21,34,338.08

I. Previous years figures have been regrouped or re-arranged wherever found necessary.

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Mar 31, 2012

Note 1

In the opinion of the Board, all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which It Is stated.

1. Kings Infra Ventures Ltd was formerly known as Victory Aqua Farm Ltd. The company was operating an aqua culture farm. The farm had to be closed down on 31.03.1997 consequent upon an order of Hon. Supreme Court of India. Thus the company was not in operation for the period from 1997 to 2005. At present, the company has diversified its activities, and is pursuing land development and related activities.

2. Sundry debtors/creditors, and loans and advances, are subject to confirmation.

3. The Company had received advances for development of projects. The advances were refundable on completion of projects, with due share of profit. The advances received had been passed on to other parties for acquisition of lands for project development. The advances received by the company have since been transferred from Company's books to the books of the parties acquiring the lands.

4. The Company had taken over all assets and liabilities relating to Atria apartment Project at Cochin, from Kings Properties and Housing Ltd, for the net asset value of the project, by an agreement with Kings Properties and Housing Ltd. Based on the agreement the Company shall honour all prior apartment sale agreements entered into by Kings Properties and Housing Ltd.

5. Income from sale of flats is recognized on the basis of the agreements for sale of flats. Advances received from apartment purchases are shown as liability.

6. There are certain Income tax cases pending relating to the period when company was engaged in aqua culture business. While the management argued that aqua culture should be treated as agriculture, the I.T department has not accepted this contention. Similarly there were contradictory verdicts in Hon. High Courts in regard to the treatment of prawn ponds for the purpose of depreciation. In one verdict prawn ponds were treated as plant and machinery and in another verdict they were treated as building. The matter is now under appeal with the Hon. Supreme Court.

7. Prior Year adjustments - NIL

8. Estimated amount of contracts to be executed on capital account - Nil

9. Foreign currency loan disbursement -Nil

10. In the opinion of Directors, the current assets, loans and advances have the values at which they are stated in the Balance Sheet if realized in the ordinary course of business.

11. Provision and / or payment in respect of auditor's remuneration:

Audit fee ; Rs. 67,4167- Other Services : Rs. 38,449/- 12. Production and sales : : 9088.40 sq.ft built up area of apartments sold during the year.

12. Earnings from sales : :Rs.2,34,73,079/-

13. C.I.F. Value of Imports NIL

14. Expenditure in foreign currency : NIL

15. Inventories: Out of the 20,121.44 sq.ft of built up area of apartments in inventory as on 01/04/2011 Company has sold an area of 9088.40 sq.ft. during the current financial year and balance of 11,033.04 Sq. Ft. valued at Rs. 1,73,55,118.97 is in inventory as on 31.03.2012. The land held for project development is treated as inventory.

16. Employee benefits

Retirement benefits like gratuity superannuation etc., are not accounted during the year because the relevant statutes are not applicable to the Company .

17. Deferred Tax

The decrease in Deferred Tax Asset during the year is Rs 98,357.89 on account of timing difference in depreciation for Rs 1,33,959.89

18. The company is engaged in the business of development of Infrastructure facilities which constitutes a single business segment. So primary and secondary reporting disclosures for business/geographical segment as envisaged in AS-17 are not applicable to the company.

19. The Company has not recognised any impairment/ loss on.its assets on the balance sheet date because there is no indication of impairment.

20. During the financial year the company has written back excess provision of Rs. 18,29,187.62 provided in the books of accounts for previous years

21. Previous years figures have been regrouped / rearranged wherever found necessary

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Mar 31, 2011

1. Kings Infra Ventures Ltd was formerly known as Victory Aqua Farm Ltd. The company was operating an aqua culture farm. The farm had to be closed down on 31.03.1997 consequent upon an order of Hon. Supreme Court of India. Thus the company was not in operation for a long period from 31-3-1997 to 2005. At present, the company has diversified its activities, and is pursuing land development and related activities. Sundry debtors/creditors and loans and advances are subject to confirmation.

2. The Company has received advance for development of Projects which are refundable on completion of project with due share of profit. Confirmation has been obtained regarding such advances.

3. The Company had taken over all assets and liabilities relating to Atria Project from Kings Properties and Housing Ltd for the net asset value of the project by an agreement between Kings Properties and Housing Ltd. Based on the agreement the Company shall honour all prior sale agreement entered into by the Kings Properties and Housing Ltd without considering the price at which the agreement has entered.

4. Income from sale of flat is recognized on the basis of agreement for sale of flat in the name of customer. Advances received from customers are shown as liability.

5. There are certain Income tax cases pending for the period when company was engaged in aqua culture business. While the management argued that aqua culture farming should be treated as agriculture, the department has not accepted this contention. Similarly there were contradictory verdicts in Hon. High Courts in regard to the treatment of prawn ponds for the purpose of depreciation. In one verdict it was treated as plant and in another verdict it was treated as building. The entire matter is now under appeal with the Hon. Supreme Court.

6. Prior Year adjustments - NIL

7. Estimated amount of contracts to be executed on capital account and or not provided for in the accounts - Nil

8. Foreign currency loan disbursement –Nil

9. In the opinion of Directors, the current assets, Loans and advances have the values at which they are stated in the Balance Sheet if realized in the ordinary course of business.

10. Provision and / or payment in respect of auditor's remuneration:

11. Inventories

Out of the 33795.80 sq.ft as 01/04/2010 Company has sold an area of 13674.36 sq.ft. during the current FY and balance of 20121.44 Sq Ft valued Rs.30,286,002.91/- on 31.03.2011.The land held for project development is treated as inventories.

12. Employee benefits

Retirement benefits like gratuity and superannuation etc., are not accounted during the year because the relevant statutes are not applicable to the Company .

13. Deferred Tax

The increase in Deferred Tax Asset during the year is Rs 37098/- On Account of timing difference in depreciation of Rs 120057/-.

14. The company is engaged in the business of development of Infrastructure facilities which constitutes a single business segment. So primary and secondary reporting disclosures for business/geographical segment as envisaged in AS-17 are not applicable to the company.

15. The Company has not recognised any impairment loss on its assets on the balance sheet date because there is no indication of impairment.

16. Miscellaneous Income includes Rs.15,23,251.19 sundry creditors written back since these amounts are not yet claimed by the creditors even after a long period.

17. During the financial year the company written of Miscellaneous Expenditure for Rs.12,98,002.04/- which includes Share Issue Expenses Rs.11,01,386.04/- and Amortization of Finance Charges Rs.1,96,616/-.

18. During the financial year the company written of TDS for Rs.3,41,147.85 which are not recoverable according to the opinion of the Management.

19. Previous year figures have been regrouped / rearranged wherever found necessary

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Mar 31, 2009

1. Kings Infra Ventures Ltd was formerly known as Victory Aqua Farm Ltd. The company was operating an aqua culture farm. The farm had to be closed down on 31.03.1997 consequent upon an order of Hon. Supreme Court of India. Thus the company was not in operation for a long period from 31-3-1997 to 2005. At present, the company has diversified its activities, and is pursuing land development and related activities. It is proposed to call for claims from creditors and lodge claims on debtors with a view to settling the dues amicably. Letters have been addressed to creditors/debtors to which the company has not received any replies. The matter is being pursued and as such debtors/creditors and loans and advances are subject to confirmation.

2. During the current year and previous year the Company has received advance for development of Projects which are refundable on completion of project with due share of profit.

3. During the year the Company was engaged in developmental activities. The Administrative and general expenses incurred during the year are accumulated under pre-operative expenses for project development.

4. During the year the Company has transferred 75000 shares of Kings Hotels & Resorts Ltd for a value of Rs.750000/-

5. There are certain Income tax cases pending for the period when company was engaged in aqua culture business. While the management argued that aqua culture farming should be treated as agriculture, the department has not accepted this contention. Similarly there were contradictory verdicts in Hon. High Courts in regard to the treatment of prawn ponds for the purpose of depreciation. In one verdict it was treated as plant and in another verdict it was treated as building. The entire matter is now under appeal with the Hon. Supreme Court.

6. Prior Year adjustments - NIL

7. Estimated amount of contracts to be executed on capital account and or not provided for in the accounts -Nil

8. Foreign currency loan disbursement -Nil

9. In the opinion of Directors, the current assets, Loans and advances have the values at which they are stated in the Balance Sheet if realized in the ordinary course of business.

10. Provision and / or payment in respect of auditors remuneration:

Audit fee : Rs.195805/-

Other Services : Rs. 190647/-

11. Production and sales : NIL

12. Earnings from sales : NIL

13. C.I.F. Value of Imports NIL

14. Expenditure in foreign currency : NIL

15. Inventories

No Inventories other than land.

16. Employee benefits

Retirement benefits like gratuity and superannuation etc., are not accounted during the year because the relevant statutes are not applicable to the Company.

17. Deferred Tax

The increase in Deferred Tax Asset during the year is Rs 33531/- on account of timing difference in depreciation of Rs 98649/-.

18. The company is engaged in the business of development of Infrastructure facilities which constitutes a single business segment. So primary and secondary reporting disclosures for business/geographical segment as envisaged in AS-17 are not applicable to the company.

19. The Company has not recognised any impairment loss on its assets on the balance sheet date because there is no indication of impairment.

20. Previous year figures have been regrouped / rearranged wherever found necessary

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Mar 31, 2008

Not Available

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Mar 31, 2007

Not Available