Notes to Accounts of Martin Burn Ltd.

Mar 31, 2025

XIII. CONTINGENT LIABILITY AND PROVISIONS

Full disclosure is made in the financial statements for all known contingent liabilities. However, no provision is made
in the accounts unless it becomes probable that a present obligation exists and the outflow of resources is likely, i.e.,
the liability crystallizes.

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events,
it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be
made of the amount of the obligation.

Contingent liabilities are disclosed, unless the possibility of an outflow of resources embodying economic benefits is
remote.

1. (a) The amount of rent payable by the company to Kolkata Port Trust in respect of Kidderpore Stock Yard is

under dispute and the matter is sub-judice with the Hon''ble District Judge, Alipore Judges Court, Kolkata. The
Company had been paying rent to Kolkata Port Trust at the demanded rate without prejudice since February,
2007 by cheque, which had since been accepted by Kolkata Port Trust and duly encashed till July, 2011, when
the outstanding came down to 60,271,803.

In the month of August, 2011 Port Trust revised their demand for Rent upwardly to 765,315 per month as against
their earlier demand of 419,640 per month. The Company, thereafter, stopped paying the rent and submitted
before the Hon''ble Court for inclusion of this matter in the original petition. Hence, no further provision for rent
from August, 2011 has been made in the accounts.

(b) Similarly, the company hiked the rent and service charges on the tenants at the above premises w.e.f. August,
2011, which was disputed by the tenants. No rent / service charges from August, 2011 has been received from
the tenants and hence, has not been accounted for. The matter is under sub-judice.

2. Certain credit balances in various liabilities account lying unclaimed over a period of time have been reviewed
by the management and being satisfied about the remote possibility of their claims, have written back the same
aggregating to 3,868 in the account.

4. Year-end balance confirmation letters have been obtained from certain parties in respect of Sundry Debtors, Sundry
Creditors, Advances (debit and credit), Security Deposits, and other receivables/payables.

The Company is in the process of following up with the remaining parties to obtain the necessary balance
confirmations. The management, however, does not expect any material discrepancies in the balances as recorded
in the books of accounts.

5. Based on the information available with the Company and as certified by the management, there are no dues payable
to Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium Enterprises Development

Act, 2006 as at March 31,2025. Further, the suppliers have not intimated the Company regarding their status as MSME
registered enterprises under the said Act. Accordingly, disclosure relating to principal and interest on such dues is not
applicable.

7. The provisions of the Employees'' State Insurance Act, 1948 are applicable to the Company, and the Company is
complying with the requirements of the Act in respect of eligible employees.

8. Disclosures in accordance with IND AS-19 on "Employees Benefit" :

a. Gratuity :: The company is in the process of creating of Gratuity Fund as required under IND AS-19 of I.C.A.I.
Pending funding, adequate provision towards gratuity liabilities has been made in the accounts on the basis of
Actuarial Valuation. The actuarial certificate refers to AS 15; however, the valuation methodology is consistent
with the principles laid down in Ind AS 19 - Employee Benefits. The gratuity liability as at Reporting Date amounts
to Rs. 38.38 lakhs and has been classified under Non-Current Liabilities, as the management expects that no
payment obligation will arise within the next 12 months from the balance sheet date.

b. Provident Fund & Pension Fund :: The company makes contribution towards Employees Provident Fund to
Employees Provident Fund Authority of India (Govt. of India), on monthly basis in accordance to the government
norms.

9. The company acquired a piece of land under lease agreement for 99 years in the year 1992-1993 from M/s. The East
India Hotels Ltd., Kolkata, at a cost of 23,785,726/-.

In compliance with the IND AS issued by the ICAI, the company has annually amortized the cost of the lease over the
lease period. i.e. 99 years equally.

Hence an amount of 240,260/- has been charged to the Profit & Loss Account under Depreciation & Amortization.

10. The company has received an amount of 70,000,000/- from M/s. GSG Builders Pvt. Ltd. on account of advance
against property at Kolkata, under certain terms and conditions, mentioned in the MOU. The said M/s. GSG Builders
Pvt. Ltd. filed a suit before the Hon''ble District Court, Alipore, 24 Parganas (S), against the company, for non fulfillment
of the terms and conditions mentioned in the MOU - The matter is sub-judice.

12. Income and direct expenses in relation to segments is categorised based on items that are individually identifiable
to that segment. Certain expenses such as staff related expenses, travelling, telephones etc., which form a significant
component of total expenses, are not specifically allocable to particular segments as the underlying services are
used interchangeably. The Company believes that it is not practicable to provide segment disclosures relating to
these costs and expenses, and accordingly these expenses are separately disclosed as "unallocated” and directly
charged against total income. Similarly depreciation is not specifically allocable to particular segments.

Except for the transactions and relationships disclosed above, no other parties have been identified as related parties
as per the definition under Ind AS 24.

14. As at 31st March 2025, the amount incurred towards Capital Work-in-Progress (CWIP) stands at Rs. 1,096.43 lakhs.
The CWIP pertains to a project which involves construction and installation activities expected to take a substantial
period of time to be ready for its intended use.

The project is currently on hold, and the management is in the process of reviewing the costs incurred in light of
the initial budget and project plan. The outcome of this review will guide the company''s next steps regarding the
continuation or modification of the project.

15. Repair & Maintenance Expenditure

During the financial year, the Company has incurred an amount of Rs. 50.32 lakh towards repair and maintenance
of the building situated at 3B, Lal Bazar Street, Martin Burn House, Alexander Court Building. The nature of expenses
includes routine and general repairs, maintenance of common areas, electricals, plumbing, and interior works, which
are essential for upkeep but do not alter the structural integrity or significantly enhance the life or value of the capital
asset.

Accordingly, the Company has accounted for this expenditure as a revenue expenditure in the Statement of Profit
and Loss, in line with the principles of Ind AS 16 - Property, Plant and Equipment, which requires capitalization only
where there is a probable future economic benefit in the form of enhancement of asset performance or extension
of useful life.

Further, the Company has availed Input Tax Credit (ITC) under the Goods and Services Tax (GST) regime on the
said repair and maintenance expenses, based on the nature of services received and the usage of the premises for
business purposes. The ITC is considered eligible under Section 16(1) of the CGST Act, 2017, as the expenses relate to
routine maintenance of an asset used in the course or furtherance of business.

16. Advance for Purchase of Land

As at 31st March 2025, the balance of Other Current Assets includes Rs. 683.20 lakh, representing trade advances
given to various parties for the intended purchase of land at different locations.

During the year, the Company has reviewed its operational requirements and decided not to proceed with the
acquisition of these lands. Accordingly, the said advances are now recoverable from the respective parties.

The Company is in the process of recovering the amounts, and based on management''s assessment, confirmations
obtained from the parties, and legal enforceability of the claims, the full amount of Rs. 683.20 lakh is considered good
and recoverable as on 31st March 2025.

17. Total amount of Bank Guarantee obtained from The Federal Bank Ltd. towards Security Deposit for CESC Ltd., stood
at 3,478,513/- as on 31.03.2025.

18. Previous year''s figures have been regrouped, reclassified, and rearranged wherever necessary to conform to the
current year''s presentation. Such regrouping does not affect the previously reported profit, cash flows, or net assets
of the Company.

The description of the nature and purpose of reserves within equity is as follows :

1. Capital Reserve - Comprise of Capital subsidy received owning to Profit or Surplus of Revaluation Reserve on sale of
assets over the original cost.

2. Security Premium Reserve - Premium received on issue of equity shares credited to Security Premium Reserve, it
can be utilised as per provision of Section 52 of Companies Act, 2013.

3. Fixed Assets Revaluation Reserve - The old fixed assets of the company have been revalued by creating Revaluation
Reserve.

7 Intangible Assets under development :: No such asset is under the process of development.

8 Benami Property :: No Benami property held by the Company. Hence no proceedings have been initiated or pending
against the Company under the Benami Transactions (Prohibition) Act,1988.

9 Borrowing on the basis of security of Current Assets :: Company didn''t borrow from banks or financial institutions on
the basis of security of Current Assets.

10 Wilful Defaulter :: Company is not declared wilful defaulter by any bank or financial institution or other lender.

11 Relationship with Struck off Companies :: Company didn''t have any transaction with struck off Companies u/s 248 of
the Companies Act 2013 or u/s 560 of the Companies Act 1956

12 Registration of charges or satisfaction with ROC :: Charges or satisfaction has already been registered within stipulated
statutory period.

13 Compliance with number of layers of Company prescribed u/s 2(87) of the Act read with Companies (Restriction on
number of layers) Rules 2017 :: Company didn''t have any subsidiary.

15 Compliance with approved Scheme of Arrangements :: No scheme of arrangements has been approved by
competent authority in terms of sections 230 to 237 of the Companies Act,2013 in respect of Company.

16 Utilisation of Borrowed Funds and share premium ::

(A) Company didn''t advance, loan or invest funds to any other person or entity including foreign entity with the
understanding that the intermediary shall

(i) Directly or indirectly lend, invest in other person or entity on behalf of the Company. Or

(ii) provide any guarantee, security on behalf of the Company.

(B) Company didn''t received any fund from any person or entity including foreign entity with the understanding
that the Company shall

(i) Directly or indirectly lend, invest in other person or entity on behalf of the funding party.Company. Or

(ii) provide any guarantee, security on behalf of the Funding party.

17 Undisclosed Income :: Company didn''t have any undisclosed income during FY 2024-25

18 Corporate Social Resposibility :: Not Applicable as Company didn''t cover u/s 135 of the Companies Act.

19 Trading of Crypto Currency or Virtual Currency :: Company didn''t trade in Crypto Currency or Virtual Currency during
FY 2024-25

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Mar 31, 2024

1. (a) The amount of rent payable by the company to Kolkata Port Trust in respect of Kidderpore Stock Yard is

under dispute and the matter is sub-judice with the Hon''ble District Judge, Alipore Judges Court, Kolkata. The Company had been paying rent to Kolkata Port Trust at the demanded rate without prejudice since February, 2007 by cheque, which had since been accepted by Kolkata Port Trust and duly encashed till July, 2011, when the outstanding came down to 60,271,803.

In the month of August, 2011 Port Trust revised their demand for Rent upwardly to 765,315 per month as against their earlier demand of 419,640 per month. The Company, thereafter, stopped paying the rent and submitted before the Hon''ble Court for inclusion of this matter in the original petition. Hence, no further provision for rent from August, 2011 has been made in the accounts.

(b) Similarly, the company hiked the rent and service charges on the tenants at the above premises w.e.f August, 2011, which was disputed by the tenants. No rent / service charges from August, 2011 has been received from the tenants and hence, has not been accounted for. The matter is under sub-judice.

2. Certain credit balances in various liabilities account lying unclaimed over a period of time have been reviewed by the management and being satisfied about the remote possibility of their claims, have written back the same aggregating to 320,442 in the account.

4. Year end balance confirmation letters from some parties in respect of Sundry Debtors, Advances (both debit & credit), Sundry Creditors, Security Deposits etc. were obtained. Steps are being taken by the company for obtaining the same, from the rest of the parties.

5. None of the suppliers informed the company that they are small-scale industrial undertakings. Accordingly, particulars of indebtedness to such undertakings as on March 31,2024, are not furnished.

7. The provisions of Employees State Insurance Act, 1948 are applicable to the Company.

8. Disclosures in accordance with IND AS-19 on "Employees Benefit” ::

a. Gratuity :: The company is in the process of creating of Gratuity Fund as required under IND AS-19 of I.C.A.I. Pending funding, adequate provision towards gratuity liabilities has been made in the accounts on the basis of Actuarial Valuation.

b. Provident Fund & Pension Fund :: The company makes contribution towards Employees Provident Fund to Employees Provident Fund Authority of India (Govt. of India), on monthly basis in accordance to the government norms.

9. The company acquired a piece of land under lease agreement for 99 years in the year 1992-1993 from M/s. The East India Hotels Ltd., Kolkata, at a cost of 23,785,726/-.

In compliance with the IND AS issued by the ICAI, the company has annually amortized the cost of the lease over the lease period. i.e., 99 years equally.

Hence an amount of 240,260/- has been charged to the Profit & Loss Account under Depreciation & Amortization.

10. The company has received an amount of 70,000,000/- from M/s. GSG Builders Pvt. Ltd. on account of advance against property at Kolkata, under certain terms and conditions, mentioned in the MOU. The said M/s. GSG Builders Pvt. Ltd. filed a suit before the Hon''ble District Court, Alipore, 24 Parganas (S), against the company, for non fulfillment of the terms and conditions mentioned in the MOU - The matter is sub-judice.

12. Income and direct expenses in relation to segments is categorised based on items that are individually identifiable to that segment. Certain expenses such as staff related expenses, travelling, telephones etc., which form a significant component of total expenses, are not specifically allocable to particular segments as the underlying services are used interchangeably. The Company believes that it is not practicable to provide segment disclosures relating to these costs and expenses, and accordingly these expenses are separately disclosed as "unallocated” and directly charged against total income. Similarly depreciation is not specifically allocable to particular segments.

14. Total amount of Bank Guarantee obtained from The Federal Bank Ltd. towards Security Deposit for CESC Ltd., stood at 3,426,548/- as on 31.03.2024.

15. Previous year''s figures have been regrouped, recast and rearranged wherever necessary.

Note : 31 | ADDITIONAL REGULATORY INFORMATION_|

1 All the title deeds of Immovable Properties held in the name of the Company ''MARTIN BURN LIMITED''

2 Measurement of fair Value of Investment Properties by registered valuer as defined under rule 2 of Companies (Registered Valuers and valuation) Rule, 2017 :: Not Applicable.

3 Revaluation of Property, Plant & Equipment :: Not Applicable

4 Revaluation of Intangible Assets :: Not Applicable.

5 Disclosure regarding Loans & Advance granted to Promoters, Directors, KMPs and the Related Parties :: No loans & advances granted during the FY 2023-24

7 Intangible Assets under development :: No such asset is under the process of development.

8 Benami Property :: No Benami property held by the Company.

9 Borrowing on the basis of security of Current Assets :: Company didn''t borrow from banks or financial institutions on the basis of security of Current Assets.

10 Wilful Defaulter :: Company is not declared wilful defaulter by any bank or financial institution or other lender.

11 Relationship with Struck off Companies :: Company didn''t have any transaction with struck off Companies u/s 248 of the Companies Act 2013 or u/s 560 of the Companies Act 1956

12 Registration of charges or satisfaction with ROC :: Charges or satisfaction has already been registered within stipulated statutory period.

13 Compliance with number of layers of Company prescribed u/s 2(87) of the Act read with Companies (Restriction on number of layers) Rules 2017 :: Company didn''t have any subsidiary.

14. Ratios

16 Utilisation of Borrowed Funds and share premium :

(A) Company didn''t advance, loan or invest funds to any other person or entity including foreign entity with the understanding that the intermediary shall

(i) Directly or indirectly lend, invest in other person or entity on behalf of the Company.

Or (ii) provide any guarantee, security on behalf of the Company.

(B) Company didn''t received any fund from any person or entity including foreign entity with the understanding that the Company shall

(i) Directly or indirectly lend, invest in other person or entity on behalf of the funding party.Company.

Or (ii) provide any guarantee, security on behalf of the Funding party.

17 Undisclosed Income :: Company didn''t have any undisclosed income during FY 2023-24

18 Corporate Social Resposibility :: Not Applicable as Company didn''t cover u/s 135 of the Companies Act.

19 Trading of Crypto Currency or Virtual Currency :: Company didn''t trade in Crypto Currency or Virtual Currency during FY 2023-24

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Sep 30, 2014

1. (a) The amount of rent payable by the company to Kolkata Port Trust in respect of Kidderpore Stock Yard is under dispute and the matter is sub-judice with the Hon''ble District Judge, Alipore Judges Court, Kolkata. The Company had been paying rent to Kolkata Port Trust at the demanded rate without prejudice since February, 2007 by cheque, which had since been accepted by Kolkata Port Trust and duly encashed till July, 2011, when the outstanding came down to Rs. 60,271,802.80.

In the month of August, 2011 Port Trust revised their demand for Rent upwardly to Rs. 765,315.00 per month as against their earlier demand of Rs. 419,640.00 per month. The Company, thereafter, stopped paying the rent and submitted before the Hon''ble Court for inclusion of this matter in the original petition. Hence, no further provision for rent from August, 2011 amounting to Rs. 15,946,320/- has been made in the accounts till 30.09.2014.

(b) The company hiked the rent and service charges on the tenants at the above premises w.e.f. August, 2011, which was disputed by the tenants. No rent / service charges from August, 2011 has been received from the tenants and hence, has not been accounted for, which aggregate to Rs. 7,261,648 towards rent and Rs. 26,643,890 towards service charges till 30.09.2014.

No development in the matter has taken place during the period 30th September, 2014.

2. Certain credit balances in various liabilities account lying unclaimed over a period of time have been reviewed by the management and being satisfied about the remote possibility of their claims, have written back the same aggregating to Rs. 1,141,354 in the account.

4. Year end balance confirmation letters from some parties in respect of Sundry Debtors, Advances (both debit & credit), Sundry Creditors, Security Deposits etc. were obtained. Steps are being taken by the company for obtaining the same, from the rest of the parties.

5. None of the suppliers informed the company that they are small-scale industrial undertakings. Accordingly, particulars of indebtedness to such undertakings as on September 30, 2014, in terms of Part I of Schedule VI to the Companies Act, 1956 are not furnished.

7. The provisions of Employees State Insurance Act, 1948 are applicable to the Company.

8. The company is in the process of creating of Gratuity Fund as required under A.S.15 of I.C.A.I. Pending funding, adequate provision towards gratuity liabilities has been made in the accounts on the basis of Actuarial Valuation.

9. The company acquired a piece of land under lease agreement for 99 years in the year 1992-1993 from M/s. The East India Hotels Ltd., Kolkata, at a cost ofRs. 23,785,726/-.

In compliance with the Accounting Standard issued by the ICAI, the company has taken a policy during the current period to amortize the cost of the lease over the lease period. i.e., 99 years in equal annual installments.

Hence an amount of Rs. 240,260/- p.a. has been charged to the Profit & Loss Account under Depreciation & Amortization. An aggregate ofRs. 5,045,457/- has also been charged in the Profit & Loss Account under Exceptional Items and this has been considered while calculating the amount of Provision for Income Tax and Deferred Tax.

10. During the period ending September 30, 2014, the Company has entered into an agreement with M/s. Martin Burn Estates Pvt. Ltd. (related party) of 1, R. N. Mukherjee Road, Kolkata - 700 001, to look after the total maintenance work, repairing work, electrical line maintenance work and safety measures of the tenants of the owned buildings of the company, according to the prevalent laws of Government of West Bengal due to the inadequate infrastructure facility available at the company to attend/ control approx. 300 tenants and occupants of the buildings. Martin Burn Estates Pvt. Ltd. has been authorized to raise the bill(s) of maintenance, electricity and others to meet the running expenditure required and to create fund from the surplus to meet the Working Capital requirement and also repay the initial Working Capital (Free of Interest) provided by Martin Burn Limited, the owner of the buildings. Consequently, based on the Accounts for the 15 months period ended on 30.06.2013, expenditure ofRs. 49.5 Lac approximately without considering the share of planning & supervision charges which is not quantifiable, has reduced during the current period vis - a - vis a reduction of Rs. 59.5 Lac in Income.

11. The balance of Unsecured Loan given to a Party stood at Rs. 132,351,159/- inclusive of accrued Interest of Rs. 8,756,159/- as on 31.03.2006. Accrued Interest for the year 2006-2007 amounted to Rs. 9,634,055/- and total dues to the Company was Rs. 141,985,214/- at the end of the year.

Loanee, expired in the year 2005-2006. However, the wife of deceased Loanee took over the deceased husband''s liability. The new Loanee repaid Rs. 30,832,691/- during the period 2006-2007 to 2009-2010.

The balance of the Loanee''s account as per Company''s books stood atRs. 127,553,068/- as on 31.03.2011. Subsequently interest has not been accounted for in the books in terms of the AS9 and the revised policy of the company to account for interest in default on receipt basis. However, Loanee has confirmed a balance ofRs. 111,152,523/- as on 31.03.2014 as their dues to the company. The difference ofRs. 16,400,545/- being the interest accounted for by the company but not confirmed or paid by the Loanee, has been provided for in the account as a matter of abundant precaution although the company has been negotiating with the Loanee for realization of entire dues.

13. Income and direct expenses in relation to segments is categorised based on items that are individually identifiable to that segment. Certain expenses such as staff related expenses, travelling, telephones etc., which form a significant component of total expenses, are not specifically allocable to particular segments as the underlying services are used interchangeably. The Company believes that it is not practicable to provide segment disclosures relating to these costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and directly charged against total income. Similarly depreciation is not specifically allocable to particular segments.

15. Liabilities in respect of (a) Sales Tax Demand amounting to Rs. 5,664,240/- has been disputed and pending before the Appellant Authority and hence have not been provided for as the same are contingent in nature.

16. Total amount of Bank Guarantee obtained from The Federal Bank Ltd. towards Security Deposit for CESC Ltd., stood at Rs. 4,207,126/- as on 30.09.2014.

17. Previous year''s figures have been regrouped, recast and rearranged wherever necessary.

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Jun 30, 2013

1. (a) The amount of rent payable by the company to Kolkata Port Trust in respect of Kidderpore Stock Yard is under dispute and the matter is sub-judice with the Hon''ble District Judge, Alipore Judges Court, Kolkata. The Company had been paying rent to Kolkata Port Trust at the demanded rate without prejudice since February, 2007 by cheque, which had since been accepted by Kolkata Port Trust and duly encased till July, 2011, when the outstanding came down toRs. 60,271,802.80.

In the month of August, 2011 Port Trust has revised their demand for Rent upwardly to Rs. 765,315.00 per month as against their earlier demand of Rs. 419,640.00 per month. The Company, thereafter, stopped paying the rent and submitted before the Hon''ble Court for inclusion of this matter in the original petition. Hence, no further provision for rent from August, 2011 amounting to Rs. 96,51,720/- has been made in the accounts.

(b) The company hiked the rent and service charges on the tenants at the above premises w.e.f. August, 2011, which was disputed by the tenants. No rent / service charges from August, 2011 has been received from the tenants and hence, has not been accounted for, which aggregate to Rs. 43,95,208 towards rent and Rs. 1,61,26,565 towards service charges.

2. Certain credit balances in various liabilities account lying unclaimed over a period of time have been reviewed by the management and being satisfied about the remote possibility of their claims, have written back the same aggregating toRs. 1,848,499 in the account.

3. Year end balance confirmation letters from some parties in respect of Sundry Debtors, Advances (both debit & credit), Sundry Creditors, Security Deposits etc. were obtained. Steps are being taken by the company for obtaining the same, from the rest of the parties.

4. None of the suppliers informed the company that they are small-scale industrial undertakings. Accordingly, particulars of indebtedness to such undertakings as on June 30, 2013, in terms of Part I of Schedule VI to the Companies Act, 1956 are not furnished.

5. The provisions of Employees State Insurance Act, 1948 are applicable to the Company.

6. The company is in the process of creating of Gratuity Fund as required under A.S.15 of I.C.A.I. Pending funding, adequate provision towards gratuity liabilities has been made in the accounts on the basis of Actuarial Valuation.

7. Income and direct expenses in relation to segments is categorised based on items that are individually identifiable to that segment. Certain expenses such as staff related expenses, travelling, telephones etc., which form a significant component of total expenses, are not specifically allocable to particular segments as the underlying services are used interchangeably. The Company believes that it is not practicable to provide segment disclosures relating to these costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and directly charged against total income. Similarly depreciation is not specifically allocable to particular segments.

8. Liabilities in respect of (a) Sales Tax Demand amounting to Rs. 5,664,240 and (b) Income Tax Demand amounting to Rs. 17,292,993 are under appeal and hence have not been provided for as the same are contingent in nature.

9. Previous year''s figures have been regrouped, recast and rearranged wherever necessary.

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Mar 31, 2012

1. The amount of rent payable by the company to Kolkata Port Trust in respect of Kidderpore Stock Yard is under dispute and the matter is sub-judice with the Hon'ble District Judge, Alipore Judges Court, Kolkata. The Company had been paying rent to Kolkata Port Trust at the demanded rate without prejudice since February, 2007 by cheque, which had since been accepted by Kolkata Port Trust and duly encashed till July, 2011, when the outstanding came down to Rs. 60,271,802.80.

In the month of August, 2011 Port Trust has revised their demand for Rent upwardly to Rs. 765,315.00 per month as against their earlier demand of Rs. 419,640.00 per month. The Company, thereafter, stopped paying the rent and submitted before the Hon'ble Court for inclusion of this matter in the original petition. Hence, no provision for rent has been made in the accounts.

2. Certain credit balances in various liabilities account lying unclaimed over a period of time have been reviewed by the management and being satisfied about the remote possibility of their claims, have written back the same aggregating to Rs. 1,714,514 in the current year's account.

3. Year end balance confirmation letters from some parties in respect of Sundry Debtors, Advances (both debit & credit), Sundry Creditors, Security Deposits etc. were obtained. Steps are being taken by the company for obtaining the same, from the rest of the parties.

4. None of the suppliers informed the company that they are small-scale industrial undertakings. Accordingly, particulars of indebtedness to such undertakings as on March 31, 2012, in terms of Part I of Schedule VI to the Companies Act, 1956 are not furnished.

5. The provisions of Employees State Insurance Act, 1948 are applicable to the Company.

6. The company is in the process of creating of Gratuity Fund as required under A.S.15 of I.C.A.I. Pending funding, adequate provision towards gratuity liabilities has been made in the accounts on the basis of Actuarial Valuation.

7. The company has raised fund of Rs. 1.75 Crore during the year by way of Application Money on 10 Lac Equity Share Warrants of Rs. 10 each and a premium of Rs. 30 each as per Special Resolution, dated 23.05.2011.

8. Income and direct expenses in relation to segments is categorised based on items that are individually identifiable to that segment. Certain expenses such as staff related expenses, travelling, telephones etc., which form a significant component of total expenses, are not specifically allocable to particular segments as the underlying services are used interchangeably. The Company believes that it is not practicable to provide segment disclosures relating to these costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and directly charged against total income. Similarly depreciation is not specifically allocable to particular segments.

9. RELATED PARTY DISCLOSURES

1. OTHER RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS ETC. Key Management Personnel

Kedar Nath Fatehpuria - Chairman & Managing Director

Vijay Kumar Fatehpuria - Director

Relatives:

Sunil Fatehpuria -Son of Kedar Nath Fatehpuria

Manish Fatehpuria -Son of Kedar Nath Fatehpuria

10. Liabilities in respect of (a) Sales Tax Demand amounting to Rs. 5,664,240 and (b) Income Tax Demand amounting to Rs. 46,981,720 are under appeal and hence have not been provided for as the same are contingent in nature.

11. Previous year's figures have been regrouped, recast and rearranged wherever necessary to make them comparable with those of current year.

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Mar 31, 2010

1. In respect of Shreeram Arcade property, re-assessment of corporation tax by Kolkata Municipal Corporation for the area under companys occupation, as directed by the Honble High Court of Kolkata in its order dated 29th September, 2004, is not complete. As such the ultimate liability towards corporation tax for the said property is not ascertainable at this stage and has not been provided in the accounts. Suspense (Credit) in the accounts amounting to Rs. 5,457,240/- represents the amount collected by the Company from the Sub-Lessees of Shreeram Arcade, on account of Building Tax.

2. The amount of rent payable by the company to Kolkata Port Trust in respect of Kidderpore Stock Yard is under dispute and the matter is sub-judice. The Company has been paying rent to Kolkata Port Trust at the demanded rate without prejudice, since February, 2007 by cheque, which have since been accepted by Kolkata Port Trust and duly encashed. As per Books of A/cs. For 2008-2009 the liability to Kolkata Port Trust, A/c. Kidderpore Stock Yard was Rs. 66,624,959.80. Out of the said liability the Company has paid an amount of Rs. 3,440,693 to Kolkata Port Trust during the financial year 2009-2010 and the said payment has been accepted by the Kolkata Port Trust. With this payment the outstanding liability to Kolkata Port Trust as on 31.03.2010 comes to Rs. 63,184,266.80.

3. Certain Credit balances in various liabilities account lying unclaimed over a period of time have been reviewed by the management and being satisfied about the remote possibility of their claims, have written back the same aggregating to Rs. 197,009 in the current years account.

4. Year end balance confirmation letters from some parties could not be provided before the Auditors in respect of Sundry Debtors, Advances (both Debit & Credit), Sundry Creditors, Security Deposits etc. Steps are being taken by the Company for obtaining the same.

5. None of the suppliers informed the Company that they are small-scale industrial undertakings. Accordingly, particulars of indebtedness to such undertakings as on March 31, 2010, in terms of Part I of Schedule VI to the Companies Act, 1956, are

6. The provisions of Employees State Insurance Act, 1948, are not applicable to the Company.

7. Income and direct expenses in relation to segments is categorised based on items that are individually identifiable to that segment. Certain expenses such as staff related expenses, travelling, telephones etc., which form a significant component of total expenses, are not specifically allocable to particular segments as the underlying services are used interchangeably. The Company believes that it is not practicable to provide segment disclosures relating to these costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and directly charged against total income. Similarly, depreciation is not specifically allocable to particular segments.

8. Related Party Disclosures

(1) ENTERPRISES WHERE CONTROL EXISTS

a) Martin Burn Edutech Private Limited b) Martin Bum Energy Private Limited c) Pushpanjali Estates Private Limited d) Martin Burn Constructions Limited

(2) OTHER RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS ETC Key Management Personnel

Kedar Nath Fatehpuria - Chairman & Managing Director

Om Prakash Fatehpuria - Joint Managing Director

Kailash Nath Fatehpuria - Deputy Managing Director

Vijay Kumar Fatehpuria - Deputy Managing Director

Relatives :

Sushila Fatehpuria - Wife of Kedar Nath Fatehpuria

Bhagwati Fatehpuria - Wife of Om Prakash Fatehpuria

Laxmi Fatehpuria - Wife of Kailash Nath Fatehpuria

Manju Fatehpuria - Wife of Vijay Kumar Fatehpuria

Sunil Fatehpuria - Son of Kedar Nath Fatehpuria

Anil Fatehpuria - Son of Om Prakash Fatehpuria

Anup Fatehpuria - Son of Om Prakash Fatehpuria

Manish Fatehpuria - Son of Kedar Nath Fatehpuria

Aditya Fatehpuria - Son of Kailash Nath Fatehpuria

Vishal Fatehpuria - Son of Vijay Kumar Fatehpuria

9. Contingent Liability not provided for in respect of Sales Tax Demand amounting to Rs. 703,233.

10. Previous years figures have been re-grouped, re-cast and re-arranged wherever necessary to make them comparable with those of current year.

11. a) During the year 2009-2010 the entire investment of Rs. 43,200/- Equity Shares of Rs. 10/- each in M/s. Pushpanjali Estates Private Limited have been sold @ Rs. 100 per share, value of which has been collected during the year.