Notes to Accounts of Supreme Holdings & Hospitality (India) Ltd.

Mar 31, 2025

(p) Provisions, contingent liabilities and contingent assets

(i) Provisions are recognised when the Company''s 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 the amount can be reliably estimated.
Provisions are not recognised for future operating losses. Provisions are measured at the present value of management''s best
estimate of the expenditure required to settle the present obligation at the end of the reporting period.

Provisions (excluding retirement benefits) are discounted using pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised
as interest expense

(ii) A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events beyond the control of the Group. The Group does not recognize a
contingent liability but discloses its existence in the financial statements.

(iii) Contingent assets are not recognized, but disclosed in the financial statements where an inflow of economic benefit is
probable.

(q) Leases

The Company has adopted Ind AS 116-Leases effective 01 April, 2019, using the modified retrospective method. The Group has
applied the standard to its leases with the cumulative impact recognised on the date of initial application (1st April, 2019).
Accordingly, previous period information has not been restated.

The Company''s lease asset classes primarily consist of leases for buildings. The Company assesses whether a contract is or
contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether:(I) the contract involves the use of an identified asset (ii) the Company has
substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to
direct the use of the asset.

At the date of commencement of the lease, the Company recognises a right-of-use asset (“ROU") and a corresponding lease liability
for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short term leases) and
leases of low value assets. For these short term and leases of low value assets, the Group recognises the lease payments as an
operating expense on a straight line basis over the term of the lease.

3. Significant accounting judgements, estimates and assumptions

The preparation of the Company''s financial statements in conformity with Ind AS requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Estimates and judgements are continuously evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable. Uncertainty about
these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

a) Classification of property

The Company determines whether a property is classified as investment property or inventory:

Investment property comprises land and buildings that are not occupied substantially for use by, or in the operations of, the
Company, nor for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation.
These buildings are substantially rented to tenants and not intended to be sold in the ordinary course of business.

Inventory comprises property that is held for sale in the ordinary course of business. Principally, the Company develops and
intends to sell before or on completion of construction.

b) Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted
prices in active markets, their fair value is measured using appropriate valuation techniques. The inputs to these models are taken

from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair
values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about
these factors could affect the reported fair value of financial instruments.

c) Evaluation of performance obligation over time

Determination of revenues over time necessarily involves making estimates, some of which are of a technical nature, concerning,
where relevant, costs to completion, the expected revenues from the project or activity and the foreseeable losses to completion.
Estimates of project income, as well as project costs, are reviewed periodically. The effect of changes, if any, to the estimates is
recognised in the financial statements for the period in which such are determined.

d) Taxes

The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to scrutiny based on
latest information available. For matters where it is probable that an adjustment will be made, the Company records its best
estimates of the tax liability in the current tax provision. The Management believes that they have adequately provided for the
probable outcome of these matters.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against
which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets
that can be recognised, based upon the likely timing and the level of future taxable profits.

e) Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions
include discount rate, trends in salary escalation and attrition rate. The discount rate is determined by reference to market yields
at the end of the reporting period on government securities.

Measurement of fair values

Fair value hierarchy

The fair value of investment property has been determined by independent external Government registered property valuers,
having appropriate recognised professional qualifications and recent experience in the location and category of the property
being valued.

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area,
location, demand, restrictive entry to the complex, age of building. This valuation is based on valuations performed by an
accredited independent valuer. The main inputs used by them are the prevalent market rate.

iii) Valuation technique

Valuation of the subject property has been done by Sales Comparison Method under Market Approach at each balance sheet date.
A comparison is made for the purpose of valuation with similar properties that have recently been sold in the market and thus have
a transaction price. The sales comparison approach is the preferred approach when sales data are available. Comparable
properties are selected for similarity to the subject property considering attributes like age, size, shape, quality of construction,
building features, condition, design, gentry, etc. Their sale prices are then adjusted for their difference from the subject property.
Finally a market value for the subject property is estimated from the adjusted sales price of the comparable properties.

(ii) On October 29, 2024 Board of Directors, approved the allotment of 14,70,000 fully paid equity shares of ^ 10 each at a price of ^ 62 per
equity share, including a premium of ^ 52 per share, on preferencial basis, for an aggregate consideration of ^ 911.40 lakhs to Non¬
Promoters category.

(iii) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of ^ 10 per share. Each holder of equity shares is entitled to one vote
per share. The Company declares and pays dividend in Indian rupees. The final dividend when proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.

Note - 33 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial
liabilities is to finance and support Company''s operations. The Company''s principal financial assets include loans given, trade and
other receivables, cash and cash equivalents, other bank balances and refundable deposits that are derived directly from its
operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of
these risks. The Company''s senior management ensures that the Company''s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and
risk objectives. The Board of Directors review and agree policies for managing each of these risks.

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

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

(i) Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value or future cash flows
of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial
instruments affected by market risk include borrowings, loans given, fixed deposits and refundable deposits.

a. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Group is not exposed to the risk of changes in market interest rates as the funds borrowed by the
Company is at fixed interest rate.

b. Foreign currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant
exposure in foreign currency.

(ii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to
a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities including security deposits, advance to employees/suppliers and other financial instruments.

b) Financial instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash and cash
equivalents, investments, loans to related parties and other parties, other receivables and deposits, the Company''s exposure to
credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The Group
limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not
expect any counter party to fail in meeting its obligations.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its
risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments
and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of the treasury team. The objective is to
optimize the efficiency and effectiveness of the management of the Company''s capital resources. The Company’s objective is to
maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate
reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of
financial assets and liabilities.

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to
maximise the shareholders'' value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of
the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

Note-35 Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments could be exchanged in a current

transaction between willing parties other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities,
approximate their carrying amounts largely due to the short-term maturities of these instruments.

(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as
interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account
for the expected losses of these receivables.

Note-36 Employee benefits

Defined benefit plans:

Gratuity

The Companyis exposed to various risks in providing the gratuity benefit which are as follows:

Interest rate risk:

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost
of providing the above benefit and will thus result in an increase in the value of the liability.

Liquidity risk:

This is the risk that the Company will not able to meet the short-term gratuity payouts. This may arise due to non availabilty of
enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary escalation risk:

The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in
future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine
the present value of obligation will have a bearing on the plan''s liabilty.

Demographic risk:

The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk
of actual experience turning out to be worse compared to the assumption.

Note-38 Segmentinformation

Disclosure under Ind AS 108 - ''Operating Segments'' is not given as, in the opinion of the management, the entire business activity falls
under one segment, viz., Real estate development. The Company conducts its business in only one geographical segment, viz., India.

Note - 45

Pursuant to the notification issued by the Ministry of Corporate Affairs (MCA), effective April 1, 2023, it is mandatory for every
company maintaining its books of accounts using accounting software to ensure that the software includes an audit trail (edit log)
feature. This feature must record each and every transaction, log all changes made (including the date of such changes), and must not
allow the audit trail functionality to be disabled.

The Company is in compliance with the aforementioned requirement and currently uses Tally Edit Log, an accounting software
solution that fully supports audit trail functionalities. This software automatically records an edit log for every transaction, including
modifications, along with timestamps. Furthermore, the audit trail feature in Tally Edit Log cannot be disabled, ensuring the integrity
and traceability of the accounting data.

In addition to the use of compliant software, and to mitigate risks associated with unauthorized direct changes at the database level,
the Company has established and implemented appropriate alternate mitigating controls. These controls are designed to detect,
prevent, and address any potential deviations from standard accounting practices, thereby ensuring comprehensive compliance with
the MCA guidelines.

Note - 46 Debit and Credit balances are subject to confirmation and reconciliation if any.

Note - 47 Previous year figures have been rearranged / recompanyed, wherever necessary in terms of current year''s
companying.

For and on behalf of the Board

For Mittal Agarwal & Company Deepesh Mittal Vidip Jatia Namita Jatia

Chartered Accountants Partner Managing Director & CFO Executive Director

Registration No. 131025W M. No. 539486 DIN: 06720329 DIN: 07660840

Date : 30th May, 2025 Place : Pune

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Mar 31, 2024

Note - 4.1

The Company has revalued its one class of Property, plant and equipment i.e. ''''Land'''' as on March 31, 2023. Management has obtained valuation report from the Government approved valuer "3P Consulting Engineers LLP'' and other valuer named as "Cushman and Wakefield”. Further the Company has followed the procedure laid down in Ind AS - 16 "Property, Plant and Equipment" and accounted for the revaluation as per the accounting treatment suggested.

Measurement of fair values

Fair value hierarchy

The fair value of investment property has been determined by independent external Government registered property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued.

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, restrictive entry to the complex, age of building. This valuation is based on valuations performed by an accredited independent valuer. The main inputs used by them are the prevalent market rate.

iii) Valuation technique

Valuation of the subject property has been done by Sales Comparison Method under Market Approach at each balance sheet date. A comparison is made for the purpose ofvaluation with similar properties that have recently been sold in the market and thus have a transaction price. The sales comparison approach is the preferred approach when sales data are available. Comparable properties are selected for similarity to the subject property considering attributes like age, size, shape, quality of construction, building features, condition, design, gentry, etc. Their sale prices are then adjusted for their difference from the subject property. Finally a market value for the subject property is estimated from the adjusted sales price of the comparable properties.

(ii) Board of Directors of the Company on March 29, 2022 approved the issuance of upto 17,00,000 Equity Warrants at a price of ^ 23/- per warrant, to Vinod Kumar Jatia H.U.F, member of promoter group of the Company, with a right to apply for and get allotted, within a period of 18 (Eighteen) months from the date of allotment of Warrants, 1 (one) Equity Share of face value of ^ 10/- (Rupee Ten Only) each for each Warrant, for cash. The issue was approved by the shareholders of the Company at the Extra Ordinary General Meeting held on April 22, 2022.

An amount of ^ 97.75 lakhs equivalent to 25% of the Warrant price was paid by the H.U.F at the time of subscription and the balance 75% of the Warrant Price was payable by the warrant holder against each warrant at the time of allotment of Equity Shares pursuant to exercise of the options.

During the year ended March 31, 2024, on exercise of options by Vinod Kumar Jatia H.U.F and on receipt of balance subscription money of ^ 293.25 lakhs, the Company has fully converted 17,00,000 convertible warrants into equity shares.

The Company has fully utilised the amount of ^ 391/- lakhs towards capital resources and operations.

(iii) Terms/rights attached to equity shares

The Group has only one class of equity shares having a par value of ^ 10 per share. Each holder of equity shares is entitled to one vote per share. The Group declares and pays dividend in Indian rupees. The final dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Group, the holders of equity shares will be entitled to receive remaining assets of the Group, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Description of the nature and purpose of other equity

Capital reserve : The company had recognised surplus on re-issue of forfeited shares under capital reserve in earlier years. Securities premium : Securities premium is created on issue of shares at a premium.

General reserve: General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes.

Revaluation reserve : Revaluation reserve is created on account of revaluation of property, plant and equipments of the Company. Retained earnings : Retained earnings represents cumulative profits of the Company and effects of remeasurement of defined benefit obligations. Retained earnings can be utilised in accordance with the provisions of the Companies Act, 2013.

Note - 33 Financial risk management objectives and policies

TheCompany''sprincipalfinancianiabilitiescompriseborrowings,tradeandotherpayables.Themainpurposeofthesefinancialliabilitiesi stofinanceandsupportCompany''soperations.TheCompany''sprincipalfinancialassetsincludeloansgiven,tradeandotherreceivables,ca shand cash equivalents, other bank balances and refundable deposits that are derived directly from its operations.

TheCompanyisexposedtomarketrisk,creditriskandliquidityrisk.TheCompany''sseniormanagementoverseesthemanagementoftheser isks.TheCompany''sseniormanagementensuresthattheCompany''sfinancialriskactivitiesaregovernedbyappropriatepoliciesandproce duresandthatfinancialrisksareidentified,measuredandmanagedinaccordancewiththeCompany''spoliciesandriskobjectives.TheBoar d of Directors review and agree policies for managing each of these risks.

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

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

(i) Market risk

Market risk arises from the Group''s use of interest bearing financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial instruments affected by market risk include borrowings, loans given, fixed deposits and refundable deposits.

a. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is not exposed to the risk of changes in market interest rates as the funds borrowed by the Group is at fixed interest rate.

b. Foreign currency risk

Currency risk is not material, as the Group''s primary business activities are within India and does not have significant exposure in foreign currency.

(ii) Creditrisk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including security deposits, advance to employees and other financial instruments. a. Trade Receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Company has entered into contracts for sale of residantial units. The payment terms are specified in the contracts. The Company is exposed to credit risk in respect of the amount due. However, in case of sale, the legal ownership is transferred to the buyer only after the entire amount is recovered. In addition, the amount due is monitored on an ongoing basis with the result that the Company''s exposure to bad debts is not significant.

b) Financial instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Group, which comprise bank balances, cash and cash equivalents, investments, loans to related parties and other parties, other receivables and deposits, the Group''s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Group''s treasury in accordance with the Group''s policy. The Group limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of company is monitored under the control of the treasury team. The objective is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The Company’s objective is to maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations.

Capital management

For the purpose of the Group’s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Group. The primary objective of the Group''s capital management is to maximise the shareholders'' value.

The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

Note-35 Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments could be exchanged in a current

transaction between willing parties other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments.

(b) Financial instruments with fixed and variable interest rates are evaluated by the Group based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.

b) Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

The following tables provides the fair value measurement hierarchy of the Group''s assets and liabilities:

Note-36 Employee benefits

Defined benefit plans:

Gratuity

The Company is exposed to various risks in providing the gratuity benefit which are as follows:

Interest rate risk:

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

Liquidity risk:

This is the risk that the Company will not able to meet the short-term gratuity payouts. This may arise due to non availabilty of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary escalation risk:

The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liabilty.

Demographic risk:

The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

The above sensitivity analysis is based on a change in assumption while holding all other assumptions constant. In practice this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the consolidated balance sheet.

Note - 37

Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the year ended March 31, 2024 is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

Note-38 Segmentinformation

Disclosure under Ind AS 108 - ''Operating Segments'' is not given as, in the opinion of the management, the entire business activity falls under one segment, viz., Real estate development. The Group conducts its business in only one geographical segment, viz., India.

Note - 41 Leases

As a lessee

The company has taken office premises under operating lease or leave and license agreements. These are cancellable by the Company, having a term between 11 months and three years and have no specific obligation for real. Payments are recognised in the Consolidated Statement of Profit and Loss under ''Rent'' in Note no 29

Note -

1 Improvement in current ratio is due to increase in current assets.

2 The ratio was adversely impacted due to decrease in net profit after tax and increase in shareholder equity.

3 The ratio is adversely impacted due to increase in debtors which was because of sale of units in the last month of the financial year.

4 Decrease in ratio due to decrease in net profit as compared to previous year.

5 The ratio was adversely impacted due to decrease in net profit after tax and increase in shareholder equity.

Note - 43 Disclosure of transactions with struck off companies

The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

Note - 44 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(c) Registration of Charges or Satisfaction with Registrar of Companies

(d) Relating to Borrowed funds:

i. Wilful Defaulter

ii. Utilisation of Borrowed Funds & Share Premium

iii. Borrowings obtained on the basis of Security of Current Assets

iv. Discrepancy in Utilisation of Borrowing

Note - 45

The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software. Further no instance of audit trail feature being tampered with was noted in respect of software.

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Mar 31, 2023

Note - 4.1

The Company has revalued its one class of Property, plant and equipment i.e. ''''Land'''' as on March 31, 2023. Management has obtained valuation report from the Government approved valuer ”3P Consulting Engineers LLP'' and other valuer named as "Cushman and Wakefield”. Further the Company has followed the procedure laid down in Ind AS - 16 ''Property, Plant and Equipment” and accounted for the revaluation as per the accounting treatment suggested.

Measurement of fair values

Fair value hierarchy

The fair value of investment property has been determined by independent external Government registered property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued.The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, restrictive entry to the complex, age of building. This valuation is based on valuations performed by an accredited independent valuer. The main inputs used by them are the prevalent market rate.

(iii) Valuation technique

Valuation of the subject property has been done by Sales Comparison Method under Market Approach at each balance sheet date. A comparison is made for the purpose of valuation with similar properties that have recently been sold in the market and thus have a transaction price. The sales comparison approach is the preferred approach when sales data are available. Comparable properties are selected for similarity to the subject property considering attributes like age, size, shape, quality of construction, building features, condition, design, gentry, etc. Their sale prices are then adjusted for their difference from the subject property. Finally a market value for the subject property is estimated from the adjusted sales price of the comparable properties.

(ii) During the year, the Company has allotted 17,00,000 warrants, each convertible into one equity share, on preferential basis at an issue price of ^ 23/- each, upon receipt of 25% of the issue price (i.e ^ 5.75/- per warrant) as warrant subscription money. Balance 75% of the issue price (i.e ^ 17.25/- per warrant) shall be payable within 18 months from the allotment date, at the time of exercising the option to apply for fully paid-up equity share of ^ 10/- each of the Company, against each warrant held by the warrant holder.

The respective allottees have not yet exercised their option for conversion/exchange the warrants into/for equity shares and accordingly, balance 75% money towards such warrants is yet to be received. The last day for exercising the option for conversion/exchange the warrants into/for equity shares of the Company is November 17, 2023, being 18 months from the date of allotment of warrants i.e May 18, 2022.

(iii) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of ^ 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The final dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Description of the nature and purpose of other equity

Capital reserve : The company had recognised surplus on re-issue of forfeited shares under capital reserve in earlier years. Securities premium : Securities premium is created on issue of shares at a premium.

General reserve : General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes.

Revaluation reserve : Revaluation reserve is created on account of revaluation of property, plant and equipments of the Company.

Retained earnings : Retained earnings represents cumulative profits of the Company and effects of remeasurement of defined benefit obligations. Retained earnings can be utilised in accordance with the provisions of the Companies Act, 2013.

Contract assets are initially recognised for revenue earned on account of contracts where revenue is recognised over the period of time as receipt of consideration is conditional on successful completion of performance obligations as per contract. Once the performance obligation is fulfilled and milestones for invoicing are achieved, contract assets are classified to trade receivables. Contract liabilities include amount received from customers as per the installments stipulated in the buyer agreement to deliver properties once the properties are completed and control is transferred to customers.

Notes

(i) Reimbursement of expenses incurred on behalf of the Company or by the Company and reimbursable to/from related parties have not been considered as related party transactions.

(ii) Note: As the liability for gratuity is provided on an actuarial basis for the Company as a whole, the amount pertaining to the Key Management Personnel is not ascertained separately, and therefore, not included above.

(iii) Disclosure as per clause 34 (3) of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 in respect of Loans and Advances in the nature of Loans given to subsidiaries and associates:

Note - 31 Contingent liabilities and commitments (to the extent not provided for)
	Particulars	As at 31 March, 2023	As at 31 March, 2022
I.	Commitments Estimated amount of contracts remaining to be executed not provided for	1,187.55	577.08
ii.	Disputed income-tax demand in appeal before appellate authorities	9,631.20	9,631.20
iv.	The Company has given bank guarantee for ^ 10.00 lakhs to Maharashtra Pollution Control Board for environmental clearance. ( As at 31 March, 2022, ^ 10.00 lakhs).
Note - 32 Earnings per share (EPS) i) Profit after tax p in lakhs) ii) Profit available for distribution to equity shareholders p in lakhs) iii) Weighted average number of equity shares outstanding (No.) (basic) iv) Weighted average number of equity shares outstanding (No.) (diluted) v) Face value of equity shares p) vi) Basic earnings per share (ii / iii) p) vii) Diluted earnings per share (ii / iv) P)		Year ended 31 March, 2023 1.188.24 1.188.24 35.476.853 37.176.853 10.00 3.35 3.33	Year ended 31 March, 2022 1.283.70 1.283.70 35.476.853 35.476.853 10.00 3.62 3.62

Note - 33 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include loans given, trade and other receivables, cash and cash equivalents, other bank balances and refundable deposits that are derived directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s senior management ensures that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The Board of Directors review and agree policies for managing each of these risks.

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

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

(i) Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial instruments affected by market risk include borrowings, loans given, fixed deposits and refundable deposits.

a. Interest rate risk

Interest rate risk is not material, as the Company does not have any borrowed funds.

b. Foreign currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant exposure in foreign currency.

(ii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including security deposits, advance to employees and other financial instruments.

a. Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Company has entered into contracts for sale of residantial units. The payment terms are specified in the contracts. The Company is exposed to credit risk in respect of the amount due. However, in case of sale, the legal ownership is transferred to the buyer only after the entire amount is recovered. In addition, the amount due is monitored on an ongoing basis with the result that the Company''s exposure to bad debts is not significant.

b. Financial instruments and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash and cash equivalents, loans to related parties and other parties, other receivables and deposits, the Company''s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of company is monitored under the control of the treasury team. The objective is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The Company''s objective is to maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations:

The table below summarises the maturity profile of the Company''s financial liabilities based on contractual discounted payments:

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholders'' value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

Note-35

Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments could be exchanged in a current

transaction between willing parties other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments

(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.

B) Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

Note-36 Employee benefits Defined benefit plans:

Gratuity

The Company is exposed to various risks in providing the gratuity benefit which are as follows:

Interest rate risk:

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

Liquidity risk:

This is the risk that the Company will not able to meet the short-term gratuity payouts. This may arise due to non availabilty of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary escalation risk:

The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liabilty.

Demographic risk:

The Company has used certain mortality and attrition assumptions in valuation of the liability.The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

The above sensitivity analysis is based on a change in assumption while holding all other assumptions constant. In practice this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet.

Note-38 Segmentinformation

Disclosure under Ind AS 108 - ''Operating Segments'' is not given as, in the opinion of the management, the entire business activity falls under one segment, viz., Real estate development. The Company conducts its business in only one Geographical Segment, viz., India.

Note -

1 Increase in Trade receivable turnover ratio due to increase in receivables as compared to decrease in turnover.

2 Reduction in Trade payable ratio is on account of increase in Project execution expenses

3 Return on investment decreased due lower income from investment as compared to previous year.

Note - 42 Disclosure of transactions with struck off companies

The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

Note - 43 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended

a. Crypto Currency or Virtual Currency

b. Benami Property held under Prohibition of Benami

c. Registration of Charges or Satisfaction with

d. Relating to Borrowed funds:

i. Wilful Defaulter

ii. Utilisation of Borrowed Funds & Share Premium

iii. Borrowings obtained on the basis of Security of Current Assets

iv. Discrepancy in Utilisation of Borrowings

Note - 44 Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with current year classification.

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Mar 31, 2018

Nature of securities and terms of repayments for long - term borrowings

a) Loan from other party

Rs. 2,200.00 lakhs is secured by way first ranking exclusive mortgage by the Mortgagor in favour of the Security Trustee over the Mortgage Properties, first ranking exclusive pledge over the pledged properties in favour of the security trustee and personal guarantees issued by the personal guarantors in favour of the security trustee. The loan carries fixed interest @ 16.5% p.a. and is repayable in quarterly installments starting from quarter ended 31 December 2019 and ending in quarter ended 30 September 2022.

Note - 31 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include loans given, trade and other receivables, cash and cash equivalents, other bank balances and refundable deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s senior management ensures that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks.

Financial risk management

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

(i) Market risk, (ii) Credit risk and (iii) Liquidity risk

i. Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial instruments affected by market risk include borrowings, loan givens, fixed deposits and refundable deposits.

a Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to the risk of changes in market interest rates as the funds borrowed by the Company is at fixed interest rate. b Foreign currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant exposure in foreign currency.

ii. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including security deposits, loans to employees and other financial instruments.

a) Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Company has entered into contracts for sale of residential units. The payment terms are specified in the contracts. The Company is exposed to credit risk in respect of the amount due. However, in case of sale, the legal ownership is transferred to the buyer only after the entire amount is recovered. In addition, the amount due is monitored on an ongoing basis with the result that the Company''s exposure to bad debts is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions industries and operate in largely independent markets.

b) Financial Instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash, loans to related parties and other parties, other receivables and deposits, the Company''s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets. Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

iii. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations. The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The objective is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The Company''s objective is to maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations.

The table below summarizes the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments:

Note - 33 Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments

(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such

as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.

b) Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

Note - 34 First time adoption of Ind AS

A) First Ind AS financial statement

These financial statements, for the year ended 31 March 2018, are the first, the Company has prepared in accordance with Ind AS. For the period up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with the accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (previous GAAP).

Accordingly, the Company has prepared its financial statements to comply with Ind AS for the year ended 31 March 2018, together with comparative data as at and for the year ended 31 March, 2017, as described in the summary of significant accounting policies. In preparing there financial statements, the Company’s opening balance sheet was prepared as at 01 April 2016, the Company’s date of transition. There notes explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 01 April 2016 and the financial statements as at and for the year ended 31 March 2017.

I Optional exemptions availed

Ind AS 101 allows first-time adopters certain optional exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

i) Deemed cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption is also applicable for intangible assets and investment property covered under Ind AS 38 and Ind AS 40respectively. Accordingly, the Company has elected to measure all of its property, plant and equipment, intangible assets and investment property at their previous GAAP carrying value.

ii) Investment in subsidiaries, associates and joint ventures

"Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its investment in subsidiaries, associates and joint ventures as recognized in the financial statements at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition.

Accordingly, the Company has elected to measure all of its investments in subsidiaries, associates and joint ventures at their previous GAAP carrying value."

II Mandatory exceptions applied:

The following are the mandatory exceptions that have been applied in accordance with Ind AS 101 in preparing these financial statements: i) Estimates

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

Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP except where Ind AS required a different basis for estimates as compared to the previous GAAP.

ii) Derecognition of financial assets and financial liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-t

time adopter to apply the derecognition requirements in Ind AS 109 retrospectively from a date of the entity''s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognized as a result of past transactions was obtained at the time of initially accounting for those transactions.

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

iii) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

B) Reconciliation of equity and total comprehensive income

C) Impact of Ind AS adoption on the statement of cash flows for the year ended 31 March 2017 -

All the adjustments on account of Ind AS are non - cash in nature and hence, there is no material impact on the statement of cash flows.

Note -1. Segment information

Disclosure under Ind AS 108 - ’Operating Segments’ is not given as, in the opinion of the management, the entire business activity falls under one segment, viz., Real estate development. The Company conducts its business in only one Geographical Segment, viz., India.

Note - 2.

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note - 3.

Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with current year classification.

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Mar 31, 2016

(ii) Aggregate number of equity shares issued for consideration other then cash during the period of five year immediately preceding the year in which balance sheet was prepared :

Pursuant to amalgamation of Jatia Hotels & Resorts Private Limited and Royalways Trading & Investment Service Private Limited with the company, the company has allotted 2,66,82,553 Equity Share of Rs.10 Each during the year 2011-12 to the share holders of Jatia Hotels & Resorts Private Limited and Royalways Trading & Investment Services Private Limited.

(iii) Term/ right attached to equity:

The company has only one class of share capital namely Ordinary Shares having par value of Rs. 10/- per share. Each holder of Ordinary Shares is entitled to one vote per share. In the event of liquidation of the company, the holders of Ordinary Shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Ordinary Shares held by the shareholder.

Terms of Borrowings:

The Company has been sanction term loan of Rs. 85.00 Crores from a Bank The terms and condition of the term loan are as under

1 Interest Rate: 2.75% (Bank''s spread) over Base Rate

2 Moratorium Period: Moratorium period of 2 years

3 Repayment: 9 unequal quarterly installments

4 “Security: The term loan is secured by exclusive charge byway of Equitable Mortgage of project land, superstructure, material at site & work in progress and hypothecation of movable assets, receivables and other assets. The term loan is further secured by personal guarantee of Vinod Jatia, Prateek Jatia and Vidip Jatia.”

Notes

(i) Loan & Advances to related parties includes advance to its subsidiary Helmet Traders Ltd of Rs.75,83,300/-(P.Y.Rs.77,83,300/-)

ii) The Company has given Bank Guarantee for Rs. 5,00,000/- (P.Y. 500,000/-)

iii) The Company has mortgaged its part Land at Panvel of Rs.232.26 Lacs to a Bank towards the Credit Facilities sanctioned to a Body Corporate.

During the year the Company has provided gratuity (Defined Benefit Scheme) on the basis of actuarial valuation done . The current year is being first year of actuarial valuation, the previous year comparative information has not been furnished.

Note 5

The name of the Micro, Small and Medium Enterprises suppliers defined under “The Micro Small Enterprises Development Act,2006” could not be identified, as the necessary evidence is not in the possession of the Company.

Note 6

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 7

Till the financial year 2013-14, the Company has charged depreciation as per rates provided under schedule XIV of Companies Act, 1956.

With effective from 01st April, 2014, the Company has charged depreciation on its assets based on the useful life as stipulated under schedule II of Companies Act, 2013. Based on the transitional provision as provided in Note 7(b) of the Schedule II, Rs. 1,20,843/- (Net of Tax) has been adjusted against opening balance of retained earnings in the financial year 2014-15.

Note 8

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year''s figures.

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Mar 31, 2015

Note 1A Corporate Information

The Supreme Holdings & Hospitality (India) Limited (the company) is a public limited company domiciled in India and incorporated under the provisions of Companies Act 1956. The company is engaged in hospitality and constructions of commercial and residential complex activities.

(ii) Term/ right attached to equity:

The company has only one class of share capital namely Ordinary Shares having par value of Rs. 10/- per share. Each holder of Ordinary Shares is entitled to one vote per share. In the event of liquidation of the company, the holders of Ordinary Shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Ordinary Shares held by the shareholder.

Terms of Borrowings:

During the year the Company has been sanction term loan of Rs. 85.00 Crores from a Bank The terms and condition of the term loan are as under

1 Interest Rate: 2.75% (Bank's spread) over Base Rate

2 Moratorium Period: Moratorium period of 2 years

3 Repayment: 9 unequal quarterly instalments

4 Security: The term loan is secured by exclusive charge by way of Equitable Mortgage of project land, superstructure, material at site & work in progress and hypothecation of movable assets, receivables and other assets. The term loan is further secured by personal guarantee of Vinod Jatia, Prateek Jatia and Vidip Jatia."

Notes

i) Expenses payable to Related Parties includes dues to a firm in which Directors are partners Rs. NIL (P.Y. Rs. 9,000/-)

Note 2

The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small Enterprises Development Act,2006" could not be identified, as the necessary evidence is not in the possession of the Company.

Note 3

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 4 Related Party Disclosures A Subsidiary Company

1 Helmet Traders Limited

B Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

4 Vidip Jatia

C Entities Controlled by Key Management Personnel or their relatives

5 Subhkaran & Sons

6 Makalu Trading Ltd

Note 5

Till the financial year 2013-14, the Company has charged depreciation as per rates provided under schedule XIV of Companies Act, 1956.

With effective from 01st April, 2014, the Company has charged depreciation on its assets based on the useful life as stipulated under schedule II of Companies Act, 2013. Based on the transitional provision as provided in Note 7(b) of the Schedule II, Rs. 1,20,843/- (Net of Tax) has been adjusted against opening balance of retained earnings.

Note 6

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year's figures.

Note 7

Disclosure as per clause 32 of the Listing Agreement in the respect of Loans and Advances in the nature of Loans given to Subsidiaries and Associates

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Mar 31, 2014

I) Estimated amount of contracts remaining to be executed

Particulars 31.03.2014 31.03.2013

Commitments

Estimated amount of contracts remaining to 13837514 13630000 be executed on capital account and not provided for 13837514 13630000

ii) The Company has given Bank Guarantee for Rs. 5,00,000/- (P.Y. Nil)

iii) The Company has mortgaged its part Land at Panvel of Rs.231.34 Lacs to a Bank towards the Credit Facilities sanctioned to Associate Concern.

The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small Enterprises Development Act,2006" could not be identified, as the necessary evidence is not in the possession of the Company.

Note 2

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 3 Related Party Disclosures

List of related parties with whom transaction have been taken place and relationship A Subsidiary Company

1 Helmet Traders Limited

B Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

4 Vidip Jatia

C Entities Controlled by Key Management Personnel or their relatives

5 Subhkaran & Sons

6 Grandeour Hotels Pvt Ltd

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year''s figures.

Note 4

Disclosure of Loans/Advances and Investments in its own shares by the listed companies, their Subsidiaries, Associates etc, pursuant to Circular CRD/GEN/2003/1 Dated February 6, 2003 of The Stock Exchange, Mumbai.

Note : In respect of Loans & Advances to Subsidiary there is no repayment schedule and no interest is charged on above loan.

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Mar 31, 2013

Note 1A Corporate Information

The Supreme Holdings & Hospitality (India) Limited (the company) is a public limited company domiciled in India and incorporated under the provisions of Companies Act 1956. The company is engaged in hospitality and constructions of commercial and residential complex activities.

Board of Directors of the Company at their meeting held on 16th March, 2013 have approved to develop a residential and commercial complex at Pune land in lieu of hospitality project and accordingly the land at Pune and other expenses related thereto have been converted from Fixed Assets and CWIP to inventory.

Note 2

The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small Enterprises Development Act,2006" could not be identified, as the necessary evidence is not in the possession of the Company.

Note 3

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 4 Related Party Disclosures

List of related parties with whom transaction have been taken place and relationship

A Subsidiary Company

1 Helmet Traders Limited

B Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

C Entities Controlled by Key Management Personnel or their relatives

4 Subhkaran & Sons

5 Grandeour Hotels Pvt Ltd

Note 5

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year''s figures.

Note 6

Disclosure of Loans/Advances and Investments in its own shares by the listed companies, their Subsidiaries, Associates etc, pursuant to Circular CRD/GEN/2003/1 Dated February 6, 2003 of The Stock Exchange, Mumbai.

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Mar 31, 2012

(i) Agreegate number of equity shares issued for consideration other then cash during the period of five year immediately preceding the year in which balance sheet Prepared :

Pursuant to amalgmation of Jatia Hotels & Resorts Private Limited and Royalways Trading & Investment Service Private Limited with the company, the company has allotted 2,66,82,553 Eauity Share of Rs. 10 Each during the year 2011-12 to the share holders of Jatia Hotels & Resorts Private Limited and Royalways Trading & Investment Services Private Limited.

Note 1 Contingent Liabilities and Commitments (to the extent not provided for)

i) Estimated amount of contracts remaining to be executed

Particulars 31.03.2012 31.03.2011

Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for 980,323,995 991,007,000

980,323,995 991,007,000

ii) The Company has mortgaged its part Land at Panvel of Rs. 218.42 Lacs to a Bank towards the Credit Facilities sanctioned to Associate Concern.

Note 2

The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small Enterprises Development Act,2006" could not be identified, as the necessary evidence is not in the possession of the Company.

Note 3

Balances of Loans and Advances and Sundry Creditors are subject to confirmations.

Note 4

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 5

Cenvat Credit Receivable of Rs. 1,53,08,860/- includes Rs. 1,37,28,580/- which is not eligible for Cenvat Credit in terms of "Cenvat Credit (Amendment) Rules 2011". However, the management believes that such taxes would be available as Cenvat Credit in the future and therefore the entire amount is shown as Cenvat Credit Receivable.

Note 6 Related Party Disclosures

List of related parties with whom transaction have been taken place and relationship

A Subsidiary Company

1 Helmet Traders Limited

B Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

C Entities Controlled by Key Management Personnel or their relatives

4 Subhkaran & Sons

5 Dilshad Trading Co Pvt Ltd

Note 7

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year's figures.

Note : In respect of Loans & Advances to Subsidiary there is no repayment schedule and no interest is charged on above loan.

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Mar 31, 2011

1. Contingent Liabilities not provided for and Estimated amount of contract remaining to be executed:

i) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 9,910.07 Lacs (net of advances)( Previous YearRs. 110 Lacs)

ii) The Company has mortgaged its part Land at Panvel of Rs.218.42 lacs to a Bank towards the credit facilities sanctioned to associate concern.

2. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provisions of all known liabilities are adequate.

3. Balances of Loans and Advances and Sundry Creditors are subject to confirmations

4. Cash in hand includes dollars in hand Rs 34,353.71/- (PY. Rs. 34,730.72/-).

5. The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small and Medium Enterprises Development Act, 2006" could not be identified, as the necessary evidence is not in the possession of the Company.

6. Loans and Advances include Rs. 89.91 Lac (P.Y Rs. 95.06 Lac) amount due from Helmet Traders Limited a subsidiary of the Company and Rs.Nil (P.YRs. 130.96 Lac) due from an assosiate concern Makalu Trading Ltd. Maximum Balance outstanding during the year is 1124.02 Lac (P.Y 741.36 Lac)

7. The Hon'ble Bombay High Court has by its order dated 29th July. 2011 sanctioned the scheme of amalgamation of Jatia Hotels & Resorts Private Limited ("First Transferor Company") and Royalways Trading & Investment Private Limited ("Second Transferor Company") with the company we.f from 1st April 2010 being the appointed date. ,

As per the Scheme of Amalgamation the company has to issue 2,66,82,553 fully paid up Equity Shares of Rs. 10/- each to the shareholders of Jatia Hotels & Resorts Private Limited (35 shares for every 2 Equity Shares of Rs. 10/-each held) and 1668 fully paid up Equity Shares of Rs. 10/- each to the shareholders of Royalways Trading & Investment Private Limited (1 Share for every 6 equity shares of Rs. 10/- each held). As the allotment of shares is pending, the corresponding amount of Rs.2,668.26 Lac has been stated as "Share Capital Pending allotment" as at 31st March, 2011. All the assets and liabilities of Transferor Companies have been transferred and vested in the Company.

The difference of Rs.3265.29 lacs arised on adjustment of aggregate value of the assets of transferor companies reduced by the aggregate value of the liabilities, including the profit and loss account and reserves over the aggregate value of the new equity shares to be issued and allotted by the company to the shareholders of Transferor Companies pursuant to the scheme of amalgamation has been reduced from security premium account.

The accounting treatment and recognition of the above is done in accordance with the Scheme of Amalgamation.

The assets vested with the company pursuant to scheme of Amalgamation, are under process of being transferred in name of the Company.

8. Previous year figures pertains only results of the company and current year figures include results of the transferor companies under the scheme of amalgamation, hence current year figures are not comparable.

9. During the year company has retrospectively changed its method of providing depreciation on fixed assets from the Written Down Value ('WDV') method at the rates prescribed in Schedule XIV to the Companies Act, 1956 to Straight Line Method ('SLM') at the Schedule XIV rates. The change has effected into reversal of depreciation charged earlier of Rs 7,83,183/-. Of the said amount Rs 3,47,150/- has been adjusted in Profit and Loss Account and Rs 4,36,033/- has been adjusted in incidental expenses pertaining to Capital WIP. Had the company continued to use the earlier basis of providing depreciation, the charge to Profit and Loss Account after taxation for the current year would have been higher by Rs 14,318/- and the net block of fixed assets and reserve and surplus would have been lower by Rs 14,318/- and Capital WIP would have been lower by 4,36,033/-.

10. Related Party Disclosures :

List of related parties with whom transaction have taken place and relationship;

A. Subsidiary Company

1 Helmet Traders Limited

B. Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

4 Rudrapattana Gunduramiah Narayana Swamy

C. Entities controlled by Key Management Personnel or their relatives

5 Subhkaran & Sons

6 Makalu Trading Ltd.

7 Ogardhani Exports Pvt.Ltd.

8 Dilshad Trading Co.Pvt.Ltd.

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

12. The Company is constructing a Hotel Project at Pune. The expenditure incurred during the construction period are classified as "Incidental Expenses during Construction"'pending Capitalisation and the same is included in Capital Work in Progress, which will be apportioned to the fixed assets on the completion of the said Project. Necessary details as per Part II of Schedule VI of the Companies Act, 1956 have been disclosed in Annexure "A".

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Mar 31, 2010

1. Contingent Liabilities not provided for:

i) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 110 Lacs (net of advances)( Previous Year Rs. 110 Lacs)

2. In the opinion of the Management, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provisions of all known liabilities are adequate.

3. The Balances and classification of some of the Loans and Advances, Sundry Creditors and other liabilities shown in the Financial Statements are as per the ledgers and are subject to confirmation and consequent reconciliation and adjustment.

4. Loans and Advances include Rs. 95, 06,300/- (P.Y Rs. 94, 71,300/-) amount due from Helmet Traders Limited a subsidiary of the Company. Maximum Balance outstanding during the year is 95, 06,300/- (P.Y. 95, 51,300/-)

5. During the earlier years the company had purchased Land at Panvel for a total consideration of Rs. 418.40 Lacs (P.Y. Rs. 418.40 Lacs) but the same is still not registered in the name of the Company.

6. The company does not have any employees on its payroll as at 31st March, 2010 hence provision for gratuity has not been made.

7. During the year the Company has transferred its employees to the associate concern hence gratuity liability of Rs. 40,000/- (P.Y. 3,22,472/-) due to them have been written back.

8. Deferred Tax Liability for the current year amounting to Rs.9,55,615/- (Previous year Rs. 12,06,218/-) has been recognized in the Profit & Loss Account.

10. The names of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small and Medium Enterprises Development Act, 2006" could not be identified, as the necessary evidence is not in the possession of the Company.

13. Related Party Disclosures :

List of related parties with whom transaction have taken place and relationship;

Sl. No. Name of Related Party Relationship

1 Helmet Traders Limited Subsidiary Company

2 Vinod Kumar Jatia Key Management Personnel

3 Prateek Jatia Key Management Personnel

4 Makalu Trading Ltd.

5 Subhkaran & Sons

6 Royalways Trading & Investment Service Pvt. Ltd.

7 Jat a Hotels & Resorts Pvt. Ltd. Entities controlled by Key Management Personnel or their relatives.

14. The Company has entered into MOU with two associate concerns for purchase of Land at Panvel for its new business activity of development & running of Hotels & Resorts. An amount of Rs. 6,90,00,000/- Lacs (PY Rs. 6,90,00,000/) has been paid as advance for purchase of the said land up to year-end. The Land will be capitalized in the year in which agreement will be executed.

15. The Company has paid Rs. 1,74,20,000/- (P.Y. 40,20,000/-) towards Share Application money to an associate concern, Jatia Hotels & Resorts Private Limited, the allotment of shares thereof pending up to 31st March, 2010

16. Other Income Includes Rs. 80,00,000/- (P.Y. Rs. Nil) from assignment of Key Man Insurance Policy in favor of director.

17. Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current years figures.

19. The Company has transferred the balance of Rs. Nil (P.Y. Rs. 80, 06, 095/-) appearing in the Reserve Fund in terms of Section - 45 IC(1)of Reserve Bank of India Act, 1934 to General Reserve as the Company has deregistered itself as a NBFC and the balance of the said Reserve Fund is no more required.

20. Previous years figures have been audited by other than Churiwala & Co.