Notes to Accounts of Manraj Housing Finance Ltd.

Mar 31, 2024

23.17 Provision, contingent liabilities and contingent assets :

A provision is recognized when the Group has apresent obligation as a result of pastevent and it
isprobable that an outflow of resources will be required to settle the obligation, in respect of which
reliableestlmate can be made. If the effect of the time valueof money is material, provisions are
discounted usmga current pre-tax rate that reflects, when appropriate,the risks specific to the liability.
When discountingis used, the increase in the provision due to thepassage of time is recognized as a
finance cost.Contingent liabilities are disclosed in note no. 24.Contingent liabilities are disclosed for:

(1) possible obligations which will be confirmedonly by future events not wholly within thecontrol of the
Group or

(2) present obligations arising from past eventswhere it is not probable that an outflowof resources will
be required to settle theobligation or a reliable estimate of the amountof the obligation cannot be
made.Conbngent assets are not recognized in theconsdidated financial statements. Contingent liabilities
in respect of show cause notices are considered only when converted into demands.

23.18 Gratuity :

No provision for gratuity payable is made as there is no eligible employee entitled to gratuity. There are
no other dues payable to employees for which provision / payment has been made in books of accounts
including leave encashment dues etc.

23.19 Current Tax :

The Company uses estimates and judgements based on the relevant rulings in the areas of allocation of
revenue, costs, allowances and disallowances which is exercised while determining the provision for
Income tax,

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the
tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognized and carried forward only to the extent there is a reasonable certainty that
the assets wifi be realized in future.

24) OTHER NOTES i

24.1) Unclaimed Dividend and Transfer of
Dividend to Investor Protection Fund :

Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/-)

24.2) Amount due to micro & small enterprises:

The Company has not received information from vendors regarding their status under the Micro,
Small and Medium Enterprises Development Art, 2006 and, hence, disclosures relating to amounts
unpaid as at the year end together with Interest paid/payable under this Act has not been given.

24.3) Contingent Liability :

Capital and Other Contingencies

Estimated amount of contracts remaining to be executed on capital account and not provided
for (net of advances) Rs. NIL/-. (P.Y. Rs. NIL).

24.4) Segment Reporting :

The company''s operations predominantly consist of construction activities. Hence there are no
reportable segments under Accounting Standard - 17.

24.5)

No provision for gratuity payable is made as there is no eligible employee entitled to gratuity. There
are no other dues payable to employees far which provision / payment has been made in books of
accounts including leave encashment dues etc.

24,10) Pending litigations :

The company is in litigation against one of its borrowers. The decision of the second Joint Civil Judge
-Senior division Jalgaon has ruled in favour of the company. Accordingly a sum of Rs, l,05,000 is
recoverable alongwith interest awarded at 20 % p.a. this amount is yet to be realized and the
borrower is in further appeal, hence the same is not recognized being contingent on the outcome of
the appeal.

Also the company was not in a position to repay the installments of ioan taken from The Jaigaon
Peoples Co-operative Bank Ltd, in earlier and current year also and therefore the said loan account
has become MPA, As the account has become MPA, thebankhas not communicated any details
regarding interest / other charges payable if any with respect to said loan amount. The said
bank has issued a notice of demand U/s. 13(2) of 5ARFAE5I Act, 2002, for the recovery of
overdue amount with interest, It has also transferred the account to Asset Reconstruction
Company, The Asset Reconstruction company has approved a one trme settlement scheme of the said
loan under a group settlement scheme vide its letter Dt 03-02.2021. In terms of the settlement
scheme, Lite 0T5 amount of Rs, 43 Crores has to be paid by a total of 13 concerns, with Rs, 2.50
Cnores to be paid immediately and batance in 7 instalments upto 01.02,2023, Since the QTS
approved by the ARC is for the group as a whole, of which the company is one of the beneficiaries,
the share of the amount payable under GTS would be paid by the company in subsequent years, in
accordance with mutual understanding. It may be noted that the payments due as per the schedule
of QT5 have duly not been made by other members covered by the OT5_r the GTS is therefore is not
In force Therefore on balance sheet date no adjustments are made to the carrying
amount of the borrowings.

24.11) Tenancy Rights:

The tenancy rights in property at Mumbai being held for more than 12 months and classified as stock
in trade upto 31.03.2017, and as it has remained unsold till date and also being not likely to be
saleable in the near future,is treated as non-current asset.

24.12) Other Non-CurrentAdvance:

An advance of Rs. 10-29 Crores is given to a related party for purchase of immovable property at
Mumbai, to be held as stock in trade, has become sticky due to resistance from tenants and
bottlenecks in re-construction of the said property and therefore no furtherance of the contract with
the said party Is likefy to take in near future and hence the same is treated as interest free Non-
Currentadvances.

AS PER OUR REPORT OF EVEN DATE

For Ratan Chandak ft Co, FOR AND ON BEHALF OF BOARD OF DIRECTORS OF

Chartered Accountants MAN RAJ H OUS1NG FINANC E LIM IT ED

{ Kaushal K. Mmidada ) ISHWARLAL JAIN PRAMODKU MAR MEHTA

Partner CHAIRMAN ft MANAGING DIRECTOR DIRECTOR

Membership No, 122492 (DIN: 00386348) (DIN: 00386505)

Firm Registration No. : 10B69GW
UDIN No, ; 24123492BKCUPC7065

Place: Jalgaon.

Date: 27/05/2024-

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Mar 31, 2015

1. CORPORATE INFORMATION

Manraj Housing Finance Limited is a listed Company incorporated in India under the provi- sions of the Companies Act, 1956. Earlier it was engaged in the business of providing finance for housing. This activity of late has been discontinued and since last few years the company has started construction activity and is otherwise dealing in real estate business.

2. OTHER NOTES

3. Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund

Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/- )

4. Provision for Current and Deferred Tax. (AS-22)

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is ac- counted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

5. Current assets, loans and advances

In the opinion of the board, the current assets, loans and advances , have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance sheet.

6. Amount due to micro & small enterprises:

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

7. Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. N I L /-. (P.Y. Rs. NIL).

8. Segment Reporting

The company's operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard - 17. During the year under report substantial part of the company's business has been carried out in the state of Maharashtra. The conditions prevailing in Maharashtra being uniform, no separate geo- graphical disclosures are considered necessary.

9. Employee Benefits

No provision for gratuity payable is made as there is no eligible employee entitled to gratuity. There are no other dues payable to employees for which provision / payment has been made in books of accounts including leave encashment dues etc.

10. Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(Having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

3 Shri Pramod N. Mehta Director

4 Shri Suganchand K. Raka Director

5 Shri Ramvilas K. Rathi Director

6 Shri Prashant J. Agrawal Director

7 Shri Purushottam T. Wani Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Ishwarlal Jain)

2 Mrs Pushpadevi Jain (wife of Shri Ishwarlal Jain)

3 Mrs. Neetika Jain (wife of Shri Manish Jain)

Enterprises having common Key Management Personnel (Associates)

Name of the Related Party Relationship

Arya Automobiles Proprietary Concern of Shri. I.S.Jain Rajmal Lakhichand (Jalgaon)

Rajmal Lakhichand & Sons

Arya Impex

Manraj Travels

Manraj Construction

Manraj Green Gold

Rajmal Lakhichand Jewellers (Pune)

R.L.Commodities Pvt. Ltd. Shri Ishwarlal S. Jain / Manish I. Jain and their relatives Manraj Jewellers Pvt. Ltd. are partners / directors / share- holders in these firms / RLJewels Pvt Ltd companies.

Ajanta Health Resort Pvt. Ltd.

R.L. Gold Pvt. Ltd.

Rajmal Lakhichand Jewellers Pvt. Ltd.

Manraj Motors Pvt. Ltd.

Manavi Holdings Pvt. Ltd.

Chatrapati Real Estate and Projects Pvt. Ltd.

Precious Hallmarking Pvt, Ltd.

11. Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.

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Mar 31, 2014

1) CORPORATE INFORMATION

Manraj Housing Finance Limited is a listed Company incorporated in India under the provisions of the Companies Act, 1956. Earlier it was engaged in the business of providing finance for housing. This activity of late has been discontinued and since last few years the company has started construction activity and is otherwise dealing in real estate business.

2) OTHER NOTES

2.1) Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/- )

2.2) Loans and Advances

The company has granted loans aggregating to Rs. 13,32,01,708 during the financial year 2012- 13 to certain parties and an advance of Rs. 70,00,000 to a relative of a director only on the basis of an agreement to furnish documents to create security to repay on demand. However, no security was created for the said loans and the entire loans were recovered / adjusted before 31/03/2014.

2.3) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

2.4) Current assets, loans and advances

In the opinion of the board, the current assets ,loans and advances , have a value on realization in the ordinary course of business at least equal to the amount at which they are stated,in the Balance sheet.

2.5) Amount due to micro & small enterprises:

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

2.6) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. N I L /-. (P.Y. Rs. NIL).

2.7) Segment Reporting

The company''s operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard - 17. During the year under report substantial part of the company''s business has been carried out in the state of Maharashtra. The Conditions prevailing in Maharashtra being uniform, no separate geographical disclosures are considered necessary.

2.8) Employee Benefits

No provision for gratuity payable is made as there is no eligible employee entitled to gratuity. There are no other dues payable to employees for which provision / payment has been made in books of accounts including leave encashment dues etc.

2.9) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties (As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(Having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

3 Shri Pramod N. Mehta Director

4 Shri Suganchand K. Raka Director

5 Shri Ramvilas K. Rathi Director

6 Shri Prashant J. Agrawal Director

7 Shri Purushottam T. Wani Director

2.10) Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.

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Mar 31, 2013

1) CORPORATE INFORMATION

Manraj Housing Finance Limited is a listed Company incorporated in India under the provisions of the Companies Act, 1956. Earlier it was engaged in the business of providing finance for housing. This activity of late has been discontinued and since last few years the company has started construction activity and is otherwise dealing in real estate business.

2) Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund

Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/-)

3) The Company has granted loans aggregating to Rs. 13,32,01,708 during the year (balance as on 31-03-2013 Rs.14,42,61,132) to certain parties and an advance of Rs. 70,00,000 (balance as on 31/03/2013 Rs. 74,54,512) to a relative of a director only on the basis of an agreement to furnish documents to create security to repay the same on demand. However, no security is created till this date.

4) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

5) Current assets, loans and advances

In the opinion of the board, the current assets Joans and advances , have a value on realization in the ordinary course of business at least equal to the amount at which they are stated,in the Balance sheet.

6) Amount due to micro & small enterprises:

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

7) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. NIL/-. (P.Y. Rs. NIL).

8) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(Having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Iswarlal Jain)

2 Mrs Pushpadevi Jain (wife of Shri Iswarlal Jain)

3 Mrs. Nitika Jain (wife of Shri Manish Jain)

9) Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.

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Mar 31, 2012

1) CORPORATE INFORMATION

Manraj Housing Finance Limited is a listed Company incorporated in India under the provisions of the Companies Act, 1956. Earlier it was engaged in the business of providing finance for housing. This activity of late has been discontinued and since last few years the company has started construction activity and is otherwise dealing in real estate business.

2) PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS.

For the year ended 31st March, 2012 the revised Schedule VI notified under the companies Act, 1956, has become applicable to the company, for the preparation and presentation of Financial statement. The adoption or Sctredute Vt does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosure made in financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

3) Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/-)

4) As certified by the management loans granted by the Company are secured by -

- Simple / equitable mortgage of the property and/or

- Assignment of Life Insurance Policy and/or

- Personal Guarantees and/or

- Undertaking to create a security and/or

- Promissory Note.

and are considered good except in the cases where the provisions have been made.

The Company has granted loans to certain parties during the year under review aggregating to Rs. 3,00,00,000 and in earlier years aggregating to Rs. 3,81,74,000/- only on the basis of an agreement to create security as and when required. However no such security is created till date.

5) Borrowing Costs

There are no borrowing costs that are attributable to the acquisition or construction of qualifying asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

6) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

7) Bad Debts .

Company has written off Housing loans without enforcing security on the ground that recovery steps would not be commercially viable.

8) Current assets, loans and advances

In the opinion of the board, the current assets Joans and advances , subject to the provision, have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

9) Amount due to micro & small enterprises:

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

10) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. NIL/- (P.Y. Rs. NIL).

11) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties -

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(Having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Ishwarlal Jain)

2 Mrs. Pushpadevi Jain (wife of Shri Ishwarlal Jain)

3 Mrs. Nitika Jain (wife of Shri Manish Jain)

12) Where changes in presentation are made, comparative figures for the previous year are re- grouped accordingly.

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Mar 31, 2011

1) Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund Unclaimed Dividend of Rs. NIL (P. Y. Rs. NIL/-)

2) As certified by the management loans granted by the Company are secured by -

- Simple / equitable mortgage of the property and/or

- Assignment of Life Insurance Policy and/or

- Personal Guarantees and/or

- Undertaking to create a security and/or

- Promissory Note.

And are considered good except in the cases where the provisions have been made.

3) Borrowing Costs

There are no borrowing costs that are attributable to the acquisition or construction of qualifying assets. A Qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

4) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

5) Transfer to Special Reserve

The company has transferred Rs.50,00,000 /-(P.Y. Rs.50,00,000) to Special Reserve Account during the current year.

6) Bad Debts

Company has written off certain Housing loans without enforcing security on the ground that recovery steps would not be commercially viable.

7) Current assets, loans and advances

In the opinion of the board, the current assets, loans and advances, subject to the provision, have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

8) Amount due to micro & small enterprises:

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

9) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. NIL /-. (P.Y. Rs. NIL).

10) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(having common Key Management Personnel or their relatives )

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Iswarlal Jain)

2 Mrs Pushpadevi Jain (wife of Shri Iswarlal Jain)

3 Mrs. Nitika Jain (wife of Shri Manish Jain)

11) Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.

Figures for the Previous Year have been regrouped and reclassified wherever necessary to conform to the classification of current year This is the Cash Flow Statement referred to in our report of even date

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Mar 31, 2010

1) The company has complied with the provisions of Non-Banking Financial Companies and Miscellaneous Non-Banking Companies (Advertisement) Rules 1977.

2) Unclaimed Dividend and Transfer of

Dividend to Investor Protection Fund

Unclaimed Dividend of Rs. NIL (P.Y. Rs. NIL/-)

3) As certified by the management loans granted by the Company are secured by -

- Simple / equitable mortgage of the property and/or

- Assignment of Life Insurance Policy and/or

- Personal Guarantees and/or

- Undertaking to create a security and/or

- Promissory Note.

And are considered good except in the cases where the provisions have been made.

4) Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A Qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

5) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is ac- counted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

6) Transfer to Special Reserve

The company has transferred Rs. 50,00,000 /-(P.Y. Rs.2,00,000) to Special Reserve Account during the current year.

7) Amount due to micro & small enterprises:

There are no micro & small enterprises to which the company owes dues, which are outstanding for more than 45 days as on 31st March 2010.

8) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. NIL/-. (P.Y. Rs. NIL).

9) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Iswarlal Jain)

2 Mrs Pushpadevi Jain (wife of Shri Iswarlal Jain)

3 Mrs. Nitika Jain (wife of Shri Jain)

10) Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.