Notes to Accounts of Risa International Ltd.

Mar 31, 2024

Rights / Preferences and restrictions attached to equity shares:

The Company has only one class of equity shares having par value of Rs. 2 per equity share. Each holder of equity shares is entitled to one vote per equity share held. All the equity shares rank pari passu in all respects including but not limited to entitlement for dividend, bonus issue and rights issue. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all liabilities in proportion to their shareholding.

Other Equity

"Nature and Purpose of Reserves

a. Retained Earnings Retained Earnings are the profits that the Company earned till date, less any transfer to General Reserve, Dividends or Other Distributions paid to shareholders.

As per the information available with the Company, none of the creditors have confirmed that they are registered under Micro, Small and Medium Enterprises Act, 2006. Hence, The Company has no dues outstanding to be payable to Companies registered under Micro, Small and Medium Enterprises Development Act, 2006. Further, there is no interest paid / payable to the Micro, Small and Medium Enterprises during the said financial year.

Note 21 : Deferred Tax Asset has not been recognised since it is not probable that taxable profit will be available in future against which the deductible temporary difference can be utilised.

Note 22 : The Company has not made any provisions with regards to Employee Benefits as specified under IndAS- 19 - Employee Benefits during year on the basis of the fact that there are no employees at the end of the year have completed eligible period for gratuity.

Note 23 : Financial Results and Financial Statements of the Company have been prepared on Standalone basis as during the year and in the last year there were no operational activity in the wholly owned subsidiary and as reported in last years financial statements by the management that they have already initiated winding up process for the subsidiary (ie. Risa Universal Limited, Hongkong).

Note 24 : In the opinion of the board, balances of Trade Receivables ; Trade Payables ; Capital Advances; Other Advances given and taken and Loans Given and Loans Taken are subject to Confirmation / Reconciliation and balances are as per management representation and such estimates are provided and relied upon by the auditors.

Note 26 : Segment Reporting

Segments have been identified in line with the Indian Accounting Standard on Segment Reporting (Ind AS-108) taking into account the organisation structure as well as the differential risks and returns of these segments.

The Company has disclosed business segment as the primary segment. Company''s Business Segment include Trading and Realty.

The revenue and results figure given above are directly identifiable to respective segments and expenditure incurred on common services are not directly identifiable to respective segments have been shown as "Other Un-allocable Income / Expenditure".

Assets and Liabilities figures given above are directly attributable to respective segments and other assets and liability which are not attributable or allocable to segment are identified as "Unallocable".

Note 28 : Financial instruments - Fair values and risk management (Amount in Lakhs)

A. Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

The carrying amounts of investments, trade receivables, cash and cash equivalents, current loans, current borrowings, other current financial liabilities and trade payables are considered to be approximately equal to the fair value.

I. Fair Value Hierarchy

The fair values of the financial assets and liabilities areincluded at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are

a. recognised and measured atfair value and;

b. measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Ind AS.

II. Valuation techniques used to determinefairvalue

Significant valuation techniques used to value financial instruments includes

- Use of quoted market price or dealer quotes for similar instruments

- Using discounted cash flow analysis

The fair values computed above for assets measured at amortised cost are based on discounted cash flows using a current borrowing rate. They are classified as level 2 fair values in the fair value hierarchy due to use of unobservable inputs.

Note 28: Financial instruments-Fair values and risk management (continued)B. Financial Risk Management

"The Company has exposure to the following risks arising from financial instruments

- Credit risk;

- Liquidity risk;

- Market risk"

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s trade and other receivables, cash and cash equivalents and other bank balances. To manage this, the Company periodically assesses financial reliability of customers, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of accounts receivable. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

(a) Trade and other receivables from customers

Credit risk in respect of trade and other receivables is managed through credit approvals, establishing credit limits and monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends.

(b) Cash and Cash Equivalents and Other Bank Balances

The Company held cash and cash equivalents and other bank balances of Rs. 0.29 lakhs at 31st March 2024 (PY. Rs. 0.09 lakhs). The cash and cash equivalents are held with bank with good credit ratings and financial institution counterparties with good market standing. Also, Company invests its short term surplus funds in bank fixed deposit, which carry no / low mark to market risks for short duration therefore does not expose the Company to credit risk.

ii) Liquidity Risks

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or anotherfinancial asset.

Liquidity risk is managed by Company through effective fund management of the Company''s short, medium and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and other borrowing facilities, by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities.

"The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted."

iii) Market Risks

Market Risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments.

a) Currency Risk

The functional currency of the Company is Indian Rupee. Currency risk is not material, as the Company does nothave any exposure in foreign currency.

b) Interest Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing Investments because of fluctuations in interest rates. Cash flow interest risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

According to the Company interest rate risk exposure is only for floating rate borrowings. Company does not have any floating rate borrowings in current year or previous year.

c) Price Risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded prices. It arises from financial assets such as investments in quoted instruments. The Company does not account for any fixed rate financial assets or financial liabilities at fair value through profit and loss. Therefore, a change in interest rate at the reporting date would not affect profit or loss. The Company does not have any variable rate instruments in financial assets orfinancial liabilities.

Note 29: Capital Management

The Company''s objective when managing capital are to- safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and- maintain an optimal capital structure to reduce the cost of capital. The capital structure of the Company is based on the management''s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. The management monitors the return on capital as well as the level of dividends to shareholders. The Company will take appropriate steps in order to maintain, or if neccessary adjust, its capital structure.

Note 30: Other Statutory Information

A. The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

B. The Company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies (''ROC'') beyond the statutory period.

C. The Company has not been declared as wilful defaulter by any bank or financial institutions or other lenders.

D. During the year, the Company has not revalued its Property, Plant and Equipments.

E. The Company have not traded or invested in Crypto Currency or Virtual Currency during the financial year

F. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a. ) 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

b. ) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries."

G. The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a.) 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

b.) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries."

H. The Company have not any such transaction which is 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.

Note 31 :

During the year, the Company has written off Rs. 1,441.26 lakhs receivable from one of the Debtor based on the Order received from Hon''ble National Company LawTribunal (NCLT), Mumbai Bench, dated 29th August, 2023, wherein the NCLT has dissloved the Debtor under section 54 of The Insolvency and Bankruptcy Code, 2016 as no assets was available for the purpose of Liquidation.

Note 32:

Figures of previous year have been regrouped, reclassified and / or rearranged wherever necessary to confirm with current year''s presentation.

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Mar 31, 2015

II. Other notes on Accounts

a. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the year ended together with interest payable as required under the said Act have not been given.

b. Investment in Subsidiaries

During the year under review, since there were no operations in the wholly owned subsidiaries i.e. Risa Universal Ltd (Hong Kong), Risa Global Ltd (UK) and Risa International F.Z.E. (UAE) therefore, results are prepared on Standalone basis only.

c. The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation.

d. In the opinion of the Board, the Current Assets, Loans and Advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet, except trade receivables and loans and advances which falls under management's policy for bad and doubtful debts as taken in previous years.

e. The Company had declared dividend on 27th August, 2014 of Rs. 0.5 per share. Management of the Company has certified that there is no balance payable in Dividend Account at the year end. The Company has transferred the amount to separate account called Dividend Account in a Scheduled Bank as required by Section 124 of Companies Act, 2013.

f. All known liabilities are provided for on the basis of available information/ estimates.

g. Company is yet to receive compensation of Rs.30,00,000 from M/s Bafna Builders and Land Developers towards cancellation of agreement entered into with the company, since it has not been received the same has not been recognized in the Statement of Profit and Loss. The same shall be recognized on receipt basis as and when the same is received by the company.

h. Segment information

The Company has identified business segments as its primary segment. Business segments are primarily Trading and Realty. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as un allocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as un allocable

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Mar 31, 2014

Note 1: Related party transactions

Description of relationship Names of related parties

Key Management Personnel (KMP) Abhinandan Jain

Arihant Jain Relatives of KMP -

Company in which KMP/Relatives of KMP can Kotsin Ore Private Limited

exercise significant influence Risa Global Limited (wholly owned Subsidiary)

Risa Universal Limited (wholly owned Subsidiary)

Note: Related parties have been identified by the Management.

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Mar 31, 2013

31st March, 2013 31st March, 2012 (Rs.) (Rs.)

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

Contingent liabilities

(a) Claims against the Company not acknowledged Not Ascertainable Not Ascertainable as debt

(b) Legal suits and claims filed against the company Not Ascertainable Not Ascertainable

2. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the year end together with interest payable as required under the said Act have not been given.

3. Details of scheme of arrangement

The Hon''ble High court of Bombay has vide its order dated 29th June, 2012 in connection with Company Scheme Petition No. 288/2012, has approved the scheme of Arrangement which provides for the following:

1: Reduction of the existing capital of the company from Rs. 5,00,05,000/- (50,00,500 Equity Shares of Rs. 10/- each fully paid up) to Rs. 50,00,500/- (5,00,050 Equity Shares of Rs. 10/- each fully paid up);

2: Allotment of 3,14,00,000 equity shares of Rs. 10/- each on preferntial basis to the allotees mentioned in the scheme;

3: Change in the management and control of the company.

4. Debit and credit balances are subject to confirmation and reconciliation

5. The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

6. In the opinion of the Board, the Current Assets, Loans and Advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet, except trade receivables and loans and advances which falls under management''s policy for bad and doubtful debts as taken in previous years.

7. All known liabilities are provided for on the basis of available information/ estimates.

8. Other advances includes Rs.10,00,00,000/- (Previous year Rs. 10,00,00,000) paid to M/s Bafna Builders and Land Developers as advance towards booking of plot in the Dist Ahemednagar. Rs. 8,00,00,000/- (Previous year Rs. 8,00,00,000) paid to M/s. Concorde Builders as advance towards booking Flat in the Village Kolshet, Thane (W) and Rs. 10,00,00,000/- (Previous year Rs. 10,00,00,000/-) paid to Triveni Infratech Private Limited as advance towards booking Flats/offices in the Dist. Rachi.

9. Rs. 2,50,00,000/- advanced to M/s Diamant Infrastructure Limited ("DIFL") is on account of purchase of property owned by DIFL at Pune vide an Memorandum of Understanding (MOU) / Agreement of Sale dated 19th July 2012, entered into by the company with DIFL. In the mean time, while the company was to make the payment of the balance amount, DIFL has been able to search another buyer for the said land for an enhanced consideration. DIFL has entered into an agreement for sale executed and registered on 28th September, 2012, with the new buyer, making the company a confirming party to the agreement. As per the agreement the company is to receive a compensation of Rs. 3,50,00,000 as a confirming party to the agreement. As per the agreement, the compensation alongwith the amount of Rs. 2,50,00,000/- advanced to DIFL is to be received by the company from the new buyer. Since the amount of compensation has not been received by the company during the financial year 2012-13, the same has not been recognised in the Statement of Profit and Loss. The same shall be recognised on receipt basis as and when the same is received by the company from the new buyer.

10. Segment Reporting:

During the year, the Company has only one segment in product wise and geographical wise, hence Segment Reporting in accordance with Accounting Standard 17 (AS-17), "Segmental reporting", issued by the Institute of Chartered Accountants of India, has not been provided.

11. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure

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Mar 31, 2012

Note Particulars 31st March, 2012 31st March, 2011 (Rs.) (Rs.)

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

Contingent liabilities

(a) Claims against the Company not acknowledged as debt Not Ascertainable Not Ascertainable

(b) Legal suits and claims filed against the company Not Ascertainable Not Ascertainable

1.2 During the year, The Company has changed its Registered office from 129-B, Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri (E), Mumbai - 400 072 to 604, Kushal Point, 4th Road, Behind Uday Cinema, Ghatkopar (W), Mumbai 400 086.

1.3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the yearend together with interest payable as required under the said Act have not been given.

1.4 Details of scheme of arrangement

The Hon'ble High court of Bombay has vide its order dated 29th June, 2012 in connection with Company Scheme Petition No. 288/2012, has approved the scheme of Arrangement which provides for the following:

1: Reduction of the existing capital of the company from Rs. 5,00,05,000/- (50,00,500 Equity Shares of Rs. 10/- each fully paid up) to Rs. 50,00,500/- (5,00,050 Equity Shares of Rs. 10/- each fully paid up);

2: Allotment of 3,14,00,000 equity shares of Rs. 10/- each on preferntial basis to the allotees mentioned in the schme;

3: Change in the management and control of the company.

In connection with clause 2 above, the Company has till 31st March 2012 received an amount of Rs. 28,40,00,000/- as application money for the proposed preferential allotment. Further, the meeting of the Board of Directors has been scheduled to be held on the 13th August, 2012 to take congnizance and necessary action to give effect to the above approval of the Hon'ble High court of Bombay.

1.5 The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliat

1.6 In the opinion of the Board, the Current Assets, Loans and Advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

1.7 All known liabilities are provided for on the basis of available information/ estimates.

1.8 Other advances includes Rs. 10,00,00,000/- (Previous year Rs. Nil/-) paid to M/s Bafna Builders and Land Developers as advance towards booking of plot in the Dist Ahemednagar, Rs. 8,00,00,000/- (Previous year Rs. Nil) paid to M/s. Concorde Builders as advance towards booking Flat in the Village Kolshet, Thane (W) and Rs. 10,00,00,000/- (Previous year Rs. Nil) paid to Triveni Infratech Private Limited as advance towards booking Flats/offices in the Dist. Rachi. Registration of the proposed plot, offices and/ or flats for the above projects are yet to be done and hence the same has been reflected under other advances.

1.9 Segment Reporting:

During the year, the Company has only one segment in product wise and geographical wise, hence Segment Reporting in accordance with Accounting Standard 17 (AS-17), "Segmental reporting", issued by the Institute of Chartered Accountants of India, has not been Provided

1.10 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure

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Mar 31, 2010

1 Sundry Creditors are subject to confirmation.

2 Provision for Interest Payable on Various Loans from Bank has not been made in the accounts. Pending application by the company to the bank for rescheduling of the same and considering negotiation with the bank.

3 Expenditure in Foreign Currency :- NIL

4 Earning in Foreign Exchange :- NIL

5 In the opinion of the Board, the current Assets, Loans & Advances are approximately of the values stated, if realized in the ordinary course of business. The provision for all known and determined liabilities are adequate and nit in excess of the amounts reasonably required.

6 Pending registration with provident fund authority. Provident fund liability has not been ascertained and provided in the accounts.

7 Related Party Information and transaction with Related Parties.

8 Previous Year's figures have been regrouped and rearranged whenever necessary.

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Mar 31, 2009

1. Sundry Creditors are subject to confirmation.

2. Provision for Interest Payable on Various Loans from Bank has not been made in the accounts. Pending application by the company to the bank for rescheduling of the same and considering negotiation with the bank.

3. Expenditure in Foreign Currency :- NIL

4. Earning in Foreign Exchange:- NIL

5. In the opinion of the Board, the current Assets, Loans & Advances are approximately of the values stated, if realized in the ordinary course of business. The provision for all known and determined liabilities are adequate and nit in excess of the amounts reasonably required.

6. Pending registration with provident fund authority. Provident fund liability has not been ascertained and provided in the accounts.

7. Related Party Information and transaction with Related Parties.

8. Previous Years figures have been regrouped and rearranged whenever necessary. Signature to the Schedule 1 to 12 forming part of the Balance Sheet & Profit & Loss Account.