Notes to Accounts of Nouveau Global Ventures Ltd.

Mar 31, 2024

q) Provisions and Contingent liabilities

A provision is recognised when the Company has a present obligation as a result of past events
and it is probable that an outflow of resources will be required to settle the obligation in respect of
which a reliable estimate can be made. Provisions (excluding retirement benefits) are discounted to
their present value and are determined based on the best estimate required to settle the obligation
at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect
the current best estimates.

Contingent liabilities are disclosed in the Notes. Contingent liabilities are disclosed for

i. possible obligations which will be confirmed only by future events not wholly within the
control of the Company or

ii. present obligations arising from past events where it is not probable that an outflow of
resources will be required to settle the obligation or a reliable estimate of the amount of the
obligation cannot be made.

Contingent assets are not recognised in the Financial Statements.

r) Segment Reporting

Operating segment are reported in a manner consistent with the internal reporting provided to the
Chief Operating Decision Maker (CODM). The Managing Director of the Company is responsible for
allocating resources and assessing performance of the operating segments and accordingly is
identified as the CODM. Refer note 39 for segment information presented.

s) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are
subsequently measured at amortised cost. Any difference between the proceeds (net of transaction
costs) and the redemption amount is recognised in profit or loss over the period of the borrowings
using the effective interest method. Fees paid on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is probable that some or all of the facility will
be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is
no evidence that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period of the facility to
which it relates.

Borrowings are removed from the balance sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability
that has been extinguished or transferred to another party and the consideration paid, including
any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other
gains/(losses).

Where the terms of a financial liability are renegotiated and the entity issues equity instruments to
a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised
in profit or loss, which is measured as the difference between the carrying amount of the financial
liability and the fair value of the equity instruments issued.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting period. Where there is a breach
of a material provision of a long-term loan arrangement on or before the end of the reporting period
with the effect that the liability becomes payable on demand on the reporting date, the entity does
not classify the liability as current, if the lender agreed, after the reporting period and before the
approval of the financial statements for issue, not to demand payment as a consequence of the
breach.

t) Trade and Other Payables

These amounts represent liabilities for goods and services provided to the Company prior to the
end of financial year which are unpaid. The amounts are unsecured and are usually paid within 15
days of recognition. Trade and other payables are presented as current liabilities unless payment is
not due within 12 months after the reporting period. They are recognised initially at their fair value
and subsequently measured at amortised cost using the effective interest method.

u) Trade Receivables

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

v) Government Grants

Grants from the government are recognised at their fair value where there is a reasonable
assurance that the grant will be received, and the Company will comply with all attached
conditions.

Government grants relating to income are deferred and recognised in the profit or loss over the
period necessary to match them with the costs that they are intended to compensate and
presented within other income.

Government grants relating to the purchase of property, plant and equipment are included in non¬
current liabilities as deferred income and are credited to profit or loss on a straight-line basis over
the expected lives of the related assets and presented within other income.

w) Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no
longer at the discretion of the entity, on or before the end of the reporting period but not
distributed at the end of the reporting period.

x) Business Combinations

Business combinations involving entities or businesses under common control shall be accounted
for using the pooling of interest’s method.

The consideration for the business combination may consist of securities, cash or other assets.
Securities shall be recorded at nominal value. In determining the value of the consideration, assets
other than cash shall be considered at their fair values.

The balance of the retained earnings appearing in the financial statements of the transferor is
aggregated with the corresponding balance appearing in the financial statements of the transferee.
Alternatively, it is transferred to General Reserve, if any.

The identity of the reserves shall be preserved and shall appear in the financial statements of the
transferee in the same form in which they appeared in the financial statements of the transferor.

Note :

1 The Company had reviewed all its pending litigations and proceeding and has adequately
provided for where provisions are required and disclosed as contingent liabilities where
applicable, in the financial statements. The Company does not expect the outcomes of these
proceedings to have a materially adverse effect on its financial results.

2 It is not practicable for the Company to estimate the timing of cash outflows, if any, in
respect of the above pending resolution of the respective proceedings as it is determinable
only on receipt of judgements/decisions pending with various forums/authorities.

Note 31 : Previous year figures

Previous Year''s figures have been regrouped/reclassified, wherever ne cessary, to corr espond
with the current year''s classification / disclosures.

Following are the additional disclosures required as per Schedule III to the Companies
Note 33 : Act, 2013 vide Notification dated March 24, 2021;

a. Details of Benami Property held:

The Company does not have any benami property held in its name. No proceedings have
been initiated or pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

b. Willful Defaulter:

The Company has not been declared as willful defaulter by any Bank or Financial
Institution or other Lender or government or any government authority.

c. Relationship with Struck off Companies :

During the year, the Company does not have any transactions with the companies struck
off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

d. Compliance with number of layers of companies:

The Company does not have any subsidiary/ies and, therefore, compliance with number
of layers of companies as specified in section 2(87) of the Companies Act, 2013 is not
applicable to it.

e. Utilisation of Borrowed funds and share premium:

During the financial year ended 31st March 2023, other than the transactions
undertaken in the normal course of business and in accordance with extant regulatory
guidelines as applicable.

(i) No funds (which are material either individually or in the aggregate) 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 or
entity, including foreign entity (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) No funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

f. Undisclosed Income:

The Company does not have any transactions not recorded in the books of accounts that
has been surrendered or disclosed as income during the year in the tax assessments
under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961). Also, there are nil previously unrecorded income
and related assets.

g. Details of Crypto Currency or Virtual Currency:

The Company has not traded or invested in Crypto currency or Virtual Currency during
the financial year.

h. Capital work in progress (CWIP) and Intangible asset:

The Company does not have any CWIP and Intangible asset under
development.

i. The Company hold Property, Plant and Equipment during the year as well as in previous
year. The Company has not revalued its intangible assets during the current or previous
year.

The accompanying notes are an integral part of these financial Statement

As per out report of even date

For Ashok Shetty & Co. For and on behalf of the board of directors

Chartered Accountants Nouveau Global Ventures Limited

Firm Regn. No: 117134W

Ashok Shetty Krishan Khadaria Mohit Khadaria

Patner Managing Director Director

M.No. 102524 DIN: 00219096 DIN:05142395

Place: Mumbai Rajesh Agrawal Sunita Sharma

Date: 29th May,2024 CFO Company Secretary

UDIN: 24102524BKBMIV1Z92

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Mar 31, 2016

1. Role & Accountability

- Understanding the nature and role of Directors'' position.

- Understanding of risks associated with the business.

- Application of knowledge for rendering advice to management for resolution of business issues.

- Offer constructive challenge to management strategies and proposals.

- Active engagement with the management and attentiveness to progress of decisions taken.

2 Objectivity

- Non-partisan appraisal of issues.

- Own recommendations given professionally without tending to majority or popular views.

3 Leadership & Initiative

- Heading Board Sub-committees.

- Driving any function or identified initiative based on domain knowledge and experience.

4 Personal Attributes

- Commitment to role & fiduciary responsibilities as a Board member.

- Attendance and active participation.

- Proactive, strategic and lateral thinking.

5. REMUNERATION FOR DIRECTORS, KMP AND OTHER EMPLOYEES:

6. Key Principles for determining Remuneration:

The policy provides that the remuneration of Directors, KMP and other employees shall be based on the following key principles:

- Pay for performance: Remuneration of Executive Directors, KMP and other employees is a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the Company and its goal. The remuneration of Non-Executive Directors shall be decided by the Board based on the profits of the Company and industry benchmarks.

- Balanced rewards to create sustainable value: The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate the Directors and employees of the Company and encourage behavior that is aligned to sustainable value creation.

- Recognition: Utilize effective practices that are supported by innovative programs that reinforce our desired culture and make us a special place to work.

- Annual Performance Linked Enhancement: Enhancement that recognizes the performance of the resource keeping in view the achievement of organizational goals & Departmental goals.

- Competitive compensation: Total target compensation and benefits are comparable to peer companies in the same industry and commensurate to the qualifications and experience of the concerned individual.

7. Remuneration:

a. Remuneration to Managing/Whole-time /Executive -Director

The NRC shall ensure that the Remuneration/ Compensation/ Commission etc. to be paid to Managing Director(s), C.E.O., Whole-time Directors, Manger, if any are in accordance with the provisions of Chapter XIII (Sections 196 to 203) read with Schedule V of the Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 or any other enactment for the time being in force and on the recommendation of Committee to the Board for its approval.

b. Remuneration to Non- Executive / Independent Director:

The NRC may recommend remuneration / compensation / commission and a suitable sitting fee, to non-executive directors as may be prescribed under the Companies Act, 2013 read with the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014subject to ceiling/ limits mentioned therein or any other enactment for the time being in force and on the recommendation of Committee to the Board for its approval.

c. Remuneration to KMP:

The Committee will recommend the remuneration to be paid to the KMP to the Board for their approval as per the provisions of the Act/ Policy of the Company. The level and composition of remuneration so determined by the Committee shall be reasonable and sufficient to attract, retain and motivate Directors or KMPS of the quality required to run the Company successfully. The relationship of remuneration to performance should be clear and meet appropriate performance benchmarks. The remuneration should also involve a balance between fixed and variable pay reflecting short and long term performance objective appropriate to the working of the Company and its goals.

d. Remuneration to Senior Management Personnel:

The Committee will recommend the remuneration to be paid to the Senior Management Personnel to the Board for their approval. The level and composition of remuneration so determined by the Committee shall be reasonable and sufficient to attract, retain and motivate senior management of the quality required to run the Company successfully. The same should be reviewed periodically to make any adjustment based on the market. The remuneration of such persons shall be in accordance with performance criteria defined for the role through performance management system to achieve the company''s goal. The remuneration should be a balance of fixed and incentive pay which will be determined by fixed pay components and executive incentives scheme applicable to their level as and when in place.

8. FAMILIARIZATION PROGRAM

The Management will familiarize the Independent Directors on the following

9. Company''s History, Structure and the Business Model;

10. Memorandum & Articles of Association of the Company;

11. Past 3 (three) years accounts and any important factors in the accounts of the Company;

12. Interaction with other Directors on the Board and with the Senior Executives of the Company.

13. REVIEW AND AMENDMENT:

- The Nomination & Remuneration Committee or the Board may review the Policy as and when it deems necessary.

- The Nomination & Remuneration Committee may issue the guidelines, procedures, formats, reporting mechanism and manual in supplement and better implementation to this Policy, if it thinks necessary.

- This Policy may be amended or substituted by the Nomination & Remuneration Committee or by the Board as and when required and also by the Compliance Officer where there is any statutory changes necessitating the change in the policy.

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Mar 31, 2014

1. Earnings Per Share (EPS)

Note:

i. The Company does not have any dilutive potential equity shares.

ii. Consequently the basic and diluted earning per share of the company remain the same.

2. Related Party Disclosures

As required under Accounting Standard 18 "Related Party Disclosure", following are the details of transactions during the year with the related parties of the Company as defined in AS 18:

a) Key Management Personnel

Mr. Krishan Khadaria Managing Director

Mr. Mohit Khadaria Director

b) Subsidiary Company

Nouveau Shares and Securities Limited

Nouveau Global Ventures FZE

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise

Attribute Shares & Securities Private Limited

Forever Flourishing Finance and Investment Private Limited

Global Enterprises Golden Medwos Export Private Limited

Hilton Vyaper Private Limited

K.K. Khadaria & Co.

Kashish Multitrade Private limited

Laxmiramuna Investments Private Limited

Mitesh Polypack Private Limited

Navyug Telefilm Private Limited

Nouveau Share & Securities Ltd.

Noveau Global Ventures FZE

ONA Farms Private Limited

Pearl Agriculture Ltd.

Pearl Electronics Ltd.

Pearl Arcade Amusement Private Limited

Pearl Arcade Canteens and Caterers Private Limited

Pearl Arcade Consultants Pvt. Ltd.

Pearl Arcade Property Developers Private Limited

Pranjal Trading Company Pvt. Ltd.

Rajat Commercial Enterprises Pvt. Ltd.

Suman multitrade Private Limited

Thai Malai Golf Resort & SPA Private Limited

Vibhuti Properties Private Limited

3. Segment Reporting:

There are mainly four reporting segment of the Company namely:

i) Multimedia

ii) Financial & Consultancy

iii) Dealing in Shares & Securities

iv) Trading in Textile

In the Previous year there were six reportable segment namely:

i) Multimedia

ii) Financial & Consultancy

iii) Dealing in Shares & Securities

iv) Trading in Electronic Division

v) Trading in Agriculture Division

vi) Infrastructure Division

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Mar 31, 2012

1.1 31250000( Previous year NIL) Equity shares out of issued, subscribed and paid up share capital were alloted on exercise of warrants.

2 MONEY RECEIVED AGAINST SHARE WARRENTS

During the Previous year, the Company has (prior to the sub division of the face value of equity shares) made a preferential issue of 31,25,000 Convertible Warrant at cash price of Rs. 80/- in accordance with SEBI guidelines. The Company has received Rs. 625 Lacs as 25% upfront money against allotment of convertible warrents. The Company has utilized the amount raised from the above issue for meeting the working capital requirement and for general corporate purposes.

During the year, the company has alloted 3,12,50,000 shares at a price of Rs. 8/- each against such warrant on 30th September, 2011.

2.1 Security

i) Equitable mortgage of 3 flats held by an associate concern as a collateral Security.

ii) Personal Gurantee of Managing Director, Director and Relative of the director.

iii) Corporate Guarantee of M/s Laxmiramuna Investments Private Limited.

3.1 The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable under the said Act have not been made.

4.1 In the Opinion of the Board, the Current assets,loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.

4.2 Commitments and Contingent Liabilities:

a) Income Tax demand disputed in Appeals A.Y 2006-07 NIL 1.76 Lacs

b) Guarantees given by bank to Bombay Stock Exchange 4.63 Lacs 4.63 Lacs

c) Estimated amount of contracts remaining to be executed

on capital account not provided (Net of advances). 170.10 Lacs 530.05 Lacs

4.3 Disclosure relating to amount outstanding at year end and maximum outstanding during the year of Loans and advances , in the nature of loan, required as per clause 32 of the Listing Agreement are given below

4.4 Employees Defined Benefits:

Defined Benefit Plans - As per Actuarial Valuation on 31st March 2012.

4.5 Related Party Disclosures

As required under Accounting Standard 18 "Related Party Disclosure", following are the details of transactions during the year with the related parties of the Company as defined in AS 18 :

a) Key Management Personnel

Mr. Krishan Khadaria Managing Director

b) Subsidiary Company

Nouveau Shares and Securities Limited

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise with whom the Company has entered into transactions during the year.

Aastha Broad Casting Network Limited

Ambit Multitrade Private Limited

Ashadeep Multitrade Private Limited

Attribute Shares & Securities Private Limited

Automagical Software Private Limited

Basic Real Estate Private Limited

Betterhomes Buildcon Private Limited

Coronation Polymers Limited

Forever Flourishing Finance and Investment Private Limited

Golden Medwos Export Private Limited

Hilton Vyaper Private Limited

Kashish Multitrade Private limited

Kasturi Overseas Private Limited

Laxmiramuna Investments Private Limited

Mitesh Polypack Private Limited

Mumbadevi Finance & Investment Company Private Limited

Navyug Telefilm Private Limited

Omni Strategic Managements Consaltants Private Limited

ONA Farms Private Limited

Pearl Acreade Consultant Private Limited

Pearl Agriculture Limited

Pearl Arcade Amusement Private Limited

Pearl Arcade Canteens and Caterers Private Limited

Pearl Arcade Property Developers Private Limited

Pearl Arcade Trading Private Limited

Pearl Electronics Limited

Perfect Square Multimedia Private Limited

Safal Investment Limited

Spectrum Venture Private Limited

Subhkam Multimedia Private Limited

Sukaniya Properties Private Limited

Suman multitrade Private Limited

Thai Malai Golf Resort & SPA Private Limited

Vibhuti Properties Private Limited

Global Enterprises

4.5 Segment Reporting :

There are mainly six reporting segment of the Company namely :

i) Multimedia

ii) Financial & Consultancy

iii) Dealing in Shares & Securities

iv) Trading in Electronic Division

v) Trading in Agriculture Division

vi) Infrastructure Division

4.6 In View of the revision to the schedule VI as per notification issued by the Central Government, the financial statements for the year ended 31st March, 2012 have been prepared as per the requirements of the Revised Schedule VI to the Companies Act, 1956. The Previous year's figures have been accordingly regrouped/reclassified to confirm to the current year's classification.

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Mar 31, 2011

1. In the opinion of the Board the Current Assets, Loans & Advances are approximately of the value stated and are realisable in the ordinary course of business except for those which are considered doubtful and provided for. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

2. The Balances and classification of Sundry Debtors, Loans and advances, Sundry Creditors and other liabilities shown in the Financial Statements are as per the ledger and are subject to confirmation and consequent reconciliation and adjustment.

3. There are no dues to the Micro, Small and Medium Enterprises which are outstanding as at the Balance Sheet Date. This information regarding Micro Small and Medium Enterprises has been determined on the basis of information available with the Company.

4. Loans and Advances include Rs. 43.68 Lacs due from the subsidiary company (P.Y. Rs. 43.68 lacs) and maximum amount outstanding during the year Rs. 43.68 lacs (P. Y. Rs. 43.68 Lacs). The above loan is interest-free and without stipulation regarding the repayment of the same.

5. The Company has an investment of Rs. 150 Lacs in its wholly owned subsidiary company, Nouveau Shares & Securities Limited (NSSL), and an amount of Rs. 43.68 Lacs due from NSSL on account of advances made to it. NSSL has accumulated losses amounting more than 50% of its paid-up capital and free reserves. No provision has been made for any possible diminution in the value of the above investments in view of the strategic nature of the Company's interest in NSSL. The management is of the opinion that the intrinsic value of these is higher in value at which they are stated in Balance Sheet and hence no diminution in value is required in the current year.

6. The Overdraft facility amounting to Rs. 72.70 lacs (P.Y. Rs. 200.01 Lacs) from Axis Bank Limited is secured against equitable mortgage of 3 flats held by an associate concern, Laxmiramuna Investments Private Limited and against personal guarantee of relatives of directors of the Company and also personal guarantees of the Managing Director of the Company and a director of the Company.

7. Contingent Liabilities not provided for :

a) Income Tax demand disputed in Appeals Rs. 1.76 lacs (P.Y. Rs. 1.76 lacs) for Assessment Year 2006-07.

b) Guarantees given by bank to Bombay Stock Exchange of Rs. 4.63 lacs (P.Y. Rs. 4.63 lacs) on behalf of the company.

c) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 530.05 lacs. (Net of advances).

8. Taxation

a) Provision for taxation for the year has been made in accordance with the provisions of the Income Tax Act, 1961.

b) In terms of Accounting Standard 22 on "Accounting for Taxes on Income", the Company has recognised Deferred Tax Assets amounting to Rs. 3.17 lacs (P.Y. Deferred Tax Liabilities amounting to Rs. 1.35 lacs ) for the year ended 31st March, 2011 in the Profit & Loss Account.

9. Employees Defined Benefits:

Defined Benefit Plans - As per Actuarial Valuation on 31st March 2011

10. Related Party Disclosures

As required under Accounting Standard 18 "Related Party Disclosure", following are the details of transactions during the year with the related parties of the Company as defined in AS 18 :

For the year ended on 31st March 2011 :

a) Key Management Personnel

Mr. Krishan Khadaria Managing Director

b) Subsidiary Company

- Nouveau Shares and Securities Limited

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise with whom the Company has entered into transactions during the year.

- Attribute Shares & Securities Private Limited

- Kashish Multitrade Private limited

- Safal Investment Limited

- Sukaniya Properties Private Limited

- Seth Shree Moolchand Khadaria Charitable Trust

For the year ended 31st March 2011 :

a) Key Management Personnel

Mr. Krishan Khadaria Managing Director

b) Subsidiary Company

- Nouveau Shares and Securities Limited

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise with whom the Company has entered into transactions during the year.

- Attribute Shares & Securities Private Limited

- Better Home Buildcon Private Limited

- Golden Meadows Export Private Limited

- Hilton Vyapar Private Limited

- Kashish Multitrade Private limited

- Kenex Builders Private Limited

- Laxmiramuna Investment Private Limited

- Orient Industrial Resources Limited

- Safal Investment Limited

- Sukaniya Properties Private Limited

- Vibhuti Properties private Limited

11. Total Remuneration paid to managing director of the Company for the year is Rs. 7.80 lacs (PY Rs. 6.00 lacs)

12. Segment Reporting :

There are mainly six reporting segment of the Company namely :

i. Multimedia

ii. Financial & Consultancy

iii. Dealing in Shares & Securities

iv. Trading in Software & Hardware

v. Trading in Electronic Goods

vi. Trading in Agriculture Products

13. During the year the Company has changed its name from Nouveau Multimedia Limited to Nouveau Global Ventures Limited and fresh certificate of incorporation dated 26th March, 2011 has been received by the Company from Registrar of Companies, Maharashtra. However the approval from the Bombay Stock Exchange is yet pending to be received.

14. The Company has, during the year (Prior to the sub division of the face value of equity shares) made a preferential issue of 31,25,000 Convertible Warrants at cash price of Rs. 80/-, in accordance with SEBI guidelines. The Company has received Rs. 625 lacs as 25% upfront money against allotment of convertible warrants. The Company has utilized the amount raised from the above issue for meeting the working capital requirement and for general corporate purposes.

15. The Company had been registered as a Non- Banking Financial Company (NBFC) since several years, but on 1st April, 2011 it has applied for de- registration from NBFC to Reserve Bank of India (RBI) which is pending approval.

16. During the year, the Company has started a new business activity of Real Estate. The Company has converted its capital assets being office premises into stock in trade on 1st January, 2011 at a book value of Rs. 166.99 lacs. The fair market value of the said premises as on that date is Rs. 436 lacs.

17. The Equity Shares of the Company has been sub-divided from the face value of Rs. 10/- each into face value of Re. 1/- each from the equity share of Rs. 10/- each, vide resolution passed in extra ordinary general meeting of the Company held on 11th March, 2011. The record date to effect the same fixed as 8th April 2011 by the board of directors vide resolution passed in their meeting held

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Mar 31, 2010

1. Costs payable to producers for terrestrial rights is recognized on basis of realization from debtors. However, at the year end, provision is made for the costs payable in respect of all films telecast but not realized during the accounting period.

2. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated in the accounts. The provision for depreciation and for all known liabilities is adequate and not in excess of account reasonably necessary.

3. The balances and classification of Unsecured Loans, Sundry Debtors, Loans and Advances, Sundry Creditors and other liabilities shown in the Financial Statements are as per the ledger and are subject to confirmation and consequent reconciliation and adjustment.

4. As on 31st March, 2010, the Company does not owe any amount to any Micro, Small and Medium enterprises defined under "The Micro Small and Medium Enterprises Development Act, 2006". The above information has been compiled in respect of the parties to the extent to which they could be identified as Micro, Small and Medium enterprises on the basis of the information available with the Company.

5. Loans and Advances include Rs. 43.68 Lacs due from the subsidiary company (P. Y. Rs. 43.68 lacs) and maximum amount outstanding during the year Rs.43.68 lacs (P. Y. Rs. 43.68 Lacs). The above loan is interest-free and without stipulation regarding the repayment of the same.

6. The Company has an investment of Rs. 150 Lacs in its wholly owned subsidiary company, Nouveau Shares & Securities Limited (NSSL), and an amount of Rs. 43.68 Lacs due from NSSL on account of advances made to it. NSSL has accumulated losses amounting more than 50% of its paid-up capital and free reserves. No provision has been made for any possible diminution in the value of the above investments in view of the strategic nature of the Companys interest in NSSL. The management is of the opinion that the intrinsic value of these is higher in value at which they are stated in Balance Sheet and hence no diminution in value is required in the current year.

7. The total remuneration paid to the Managing Director of the Company for the year Rs. 6,00,000/ - (P.Y. 6,00,000/-).

8. The Company has availed a overdraft facility of Rs. 200.45 lacs (P.Y. Rs. Nil) from Axis Bank Ltd. during the year against equitable mortgage of 3 flats held by an associate concern, Laxmiramuna Investments Private Limited and its corporate guarantee and also personal guarantees of the Managing Director of the company and his wife.

9. Contingent Liabilities not provided for :

i. Income Tax demand disputed in Appeals Rs. 176,381/- (P.Y. Rs. 176,381/-) for Assessment Year 2006-07 and Rs. 93,447/- (P.Y. Rs. Nil) for Assessment Year 2007-08.

ii. Guarantees given by bank to Bombay Stock Exchange of Rs. 462,840/- on behalf of the company.

11. Provision for Taxation for the year has been made in accordance with the provisions of the Income Tax Act, 1961.

In terms of Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the company has recognized Deferred Tax Liabilities amounting to Rs. 135,199/- (P.Y. Rs.251,793/-) for the year ended 31st March, 2010 in the Profit & Loss Account

10. Related Party Disclosures:

a) Key Management Personnel

Mr. Krishan Khadaria Managing Director

b) Name of the enterprises having same Key Management Personnel and / or their relatives as the reporting enterprise with whom transactions have been entered into during the year.

Name

Attribute Shares & Securities Private Limited

Better Home Buildcon Private Limited

Golden Meadows Export Private Limited

Hilton Vyapar Private Limited.

Kashish Multitrade Pvt Ltd

Kenex Builders Pvt. Ltd.

Laxmiramuna Investment Pvt. Ltd.

Oriental Industrial Resources Limited

Safal Investment Ltd.

Sukaniya Properties Pvt Ltd.

Vlbhuti Properties Pvt.Ltd.

11. Depreciation on computers is charged only on additions during the year and also in the financial years 2006-07, 2007-08 and 2008-09. No depreciation has been charged on Computers brought forward from financial year 2005-06 as depreciation could not be charged beyond 95% of the acquisition cost as per the provisions of Companies Act, 1956.

12. During the year the company has changed the accounting policy in respect of gratuity liability from cash to accrual basis of accounting, to comply with the requirements of AS-15(Revised) as notified by Company Accounting (Rules), 2006. Due to change in accounting policy, the profit for the year is lower by Rs. 472,565/-.

13. The Company has raised Rs. 925.68 lacs through the right issue of equity shares during the current year and the said amount has been utilized to finance the expenditure for the production of films and right issue expenses being the object stated in the letter of offer of the said rights issue.

14. The Company had been registered as a Non-Banking Financial Company (NBFC) since several years. Though the Company has ceased to carry on activities related to Non-Banking Financial Companies, the Company has not made any formal application for de-registration from NBFC to the Reserve Bank of India (RBI).

15. Previous years figures have been regrouped, re-arranged, wherever necessary, so as to make them comparable with current years figures.

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Mar 31, 2009

1. Liabilities in respect of gratuity & leave encashment are accounted for on cash basis which is not in conformity with Accounting Standard (AS) 15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountants of India which requires that Gratuity and Leave Encashment Liabilities be accounted for on accrual basis.

2. Costs payable to producers for terrestrial rights is recognized on basis of realization from debtors. However, at the year end, provision is made for the costs payable in respect of all films telecast but not realized during the accounting period.

3. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated in the accounts. The provision for depreciation and for alt known liabilities is adequate and not in excess of account reasonably necessary.

4. The balances and classification of Unsecured Loans, Sundry Debtors, Loans and Advances, Sundry Creditors and other liabilities shown in the Financial Statements are as per the ledger and are subject to confirmation and consequent reconciliation and adjustment.

5. As on 31st March, 2009, the Company does not owe any amount to any Micro, Small and Medium enterprises defined under "The Micro Small and Medium Enterprises Development Act, 2006". The above information has been compiled in respect of the parties to the extent to which they could be identified as Micro, Small and Medium enterprises on the basis of the information available with the Company.

6. Loans and Advances includes :

i) Rs. 43.68 Lacs due from the subsidiary company (P. Y. Rs. 43.68 Lacs) and maximum amount outstanding during the year Rs.43.68 Lacs (P. Y. Rs. 45.18 Lacs).

The above loan is interest-free and without stipulation regarding the repayment of the same.

7. The Company has an investment of Rs. 150 Lacs in its wholly owned subsidiary company, Nouveau Shares & Securities Limited (NSSL), and an amount of Rs. 43.68 Lacs due from NSSL on account of advances made to it. NSSL has accumulated losses amounting more than 50% of its paid-up capital and free reserves. No provision has been made for any possible diminution in the value of the above investments in view of the strategic nature of the Companys interest in NSSL. The management is of the opinion that the intrinsic value of these is higher in value at which they are stated in Balance Sheet and hence no diminution in value is required in the current year.

8. The total remuneration paid to the Managing Director of the Company for the year Rs. 6,00,000/ - (P.Y. 6,00,000/-).

9. Unsecured Loans includes Rs. Nil (P.Y. Rs. 58.50 Lacs) due to companies in whin directors are interested.

10. Balances with scheduled banks in current accounts includes Rs. 9,663/- (P.Y. Rs. Nil) towards overdraft facility which has a debit balance as on 31st March, 2009.

The Company has availed the overdraft facility of Rs. 200 lacs from Axis Bank Ltd. during the year against equitable mortgage of 3 flats held by an associate concern, Laxmiramuna Investments Private Limited and its corporate guarantee and also personal guarantees of the Managing Director of the company and his wife.

11. Contingent Liabilities not provided for :

i) Income Tax demand disputed in Appeals (Rs. 1,76,381/- (P.Y. Rs. Nil) for Assessment Year 2006-07.

ii) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 349.84 Lacs (net of advances) (P.Y. Rs. 174.56 Lacs).

12. Provision for Taxation for the year has been made in accordance with the provisions of the Income Tax Act, 1961.

In terms of Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the company has recognized Deferred Tax Liabilities amounting to Rs. 2,51,793/- for the year ended 31st March, 2009 in the Profit & Loss Account.

13. Related Party Disclosures:

a) Key Management Personnel

Mr. Krishan Khadaria Managing Director

Mr. Shyam Malpani Director (upto 31.03.08)

b) Name of the enterprises having same Key Management Personnel and / or their relatives as the reporting enterprise with whom transactions have been entered into during the year.

Name

Attribute Shares & Securities Private Limited

Kashish Multitrade Private Limited

Kenex Builders Private Limited

Laxmiramuna Investment Private Limited

Mumbadevi Finance & Investment Co. Private Limited

Navyug Telefilms Private Limited

Progressive Share Brokers Private Limited

Vibhuti Properties Private Limited

Safal Investment Limited

c) Subsidiary Company:

Nouveau Shares & Securities Limited

14. Segment Reporting :

These are mainly three reporting segment of the Company namely :

i. Multimedia

ii. Financial & Consultancy

iii. Dealing in Shares & Securities

15. Depreciation on computers is charged only on additions during the year and also in the financial years 2006-07 and 2007-08. No depreciation has been charged on Computers brought forward from financial year 2005-06 as depreciation could not be charged beyond 95% of the acquisition cost as per the provisions of Companies Act, 1956.

16. The Company had been registered as a Non-Banking Financial Company (NBFC) since several years. Though the Company has ceased to carry on activities related to Non-Banking Financial Companies, the Company has not made any formal application for de-registration from NBFC to the Reserve Bank Of India (RBI).

17. During the year, the Company has altered the main Object Clause of the Memorandum of Association by inserting a new clause to carry out activities of dealing in films, music, entertainment and other allied activities and necessary approval of the shareholders has been obtained through postal ballot on June 03, 2008 pursuant to Section 192A of the Companies Act, 1956 read with the Companies (Passing of the resolution by Postal Ballot) Rules, 2001.

18. Previous years figures have been regrouped, re-arranged, wherever necessary, so as to make them comparable with current years figures.