Notes to Accounts of Suvidha Infraestate Corporation Ltd.

Mar 31, 2024

1.17.PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measurement are recognized when there is
a present obligation as a result of past events, it is probable that there will be an outflow of
resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. Provisions are measured at the best estimate
of the expenditure required to settle the present obligation at the Balance Sheet date. If the
effect of the time value of money is material, provisions are discounted to reflect its present value

using a current pre-tax rate that reflects the current market assessments of the time value of
money and the risks specific to the obligation.

Contingent liabilities are disclosed when there is a possible obligation arising from past event, the
existence of which will be confirmed only by occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the company or a present obligation that
arise from past event where it is either not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount cannot be made.

1.18. EARNINGS PER SHARE:

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable
to equity shareholders by the weighted average number of equity shares outstanding during the
period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of shares outstanding during
the period are adjusted for the effects of all potential dilutive equity shares.

In the case of partly paid shares, the total amount paid divided by the face value of share is treated
as fully paidup shares and is included in total number of shares.

1.19. CASH AND CASH EQUIVALENTS:

Cash and Cash Equivalents:

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short term
deposits with an original maturity of three months or less, which are subject to an insignificant risk
of changes in value.

For the statement of cash flows, cash and cash equivalents consist of cash and short term deposits,
as defined above, net of outstanding bank overdrafts as they are considered an integral part of the
Company’s cash management.

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the
effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating
cash receipts or payment and item of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and financing activities of the company are
segregated.

1.20. GOING CONCERN BASIS OF ACCOUNTS:

The slow-moving inventories and negative net-worth of company may cast a doubtful on-going
concern basis of accounts. However, management and promoters of the company are fully committed
to the company.

The Company’s activities expose it to market risk, liquidity risk, and credit risk.TheCompany’s board
of directors has overall responsibility for the establishment and oversight ofthe Company’s risk management
framework. The board of directors along with the top management is responsible for developing and
monitoring the Company’s risk management policies.

The Company’s risk management policies are established to identify and analyse the risks faced by the
Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and
the Company’s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand
their roles and obligations.

The Company’s audit committee oversees how management monitors compliance with the Company’s
risk management policies and procedures, and reviews the adequacy of the risk management framework
in relation to the risks faced by the Company.

In order to minimize any adverse effects on the financial performance of the company, derivative
financial instruments, such as foreign exchange forward contracts, foreign currency option contracts
are entered to hedge certain foreign currency risk exposures and interest rate swaps to hedge variable
interest rate exposures. Derivatives are used exclusively for hedging purposes and not as trading or
speculative instruments.

This note explains the sources of risk which the entity is exposed to and how the entity manages
the risk and the impact of hedge accounting in the financial statements

Credit Risk Management

Credit risk is managed on a company basis. For banks and financial institutions, only high rated
banks/institutions are accepted.

For other financial assets, the company assesses and manages credit risk based on internal credit
rating system. The finance function consists of a separate team who assess and maintain an internal
credit rating system. Internal credit rating is performed on a company basis for each class of
financial instruments with different characteristics.

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and
the availability of funding through an adequate amount of committed credit facilities to meet
obligations when due and to close out market positions. Due to the dynamic nature of the underlying
businesses, company treasury maintains flexibility in funding by maintaining availability under committed
credit lines.

Management monitors rolling forecasts of the company’s liquidity position and cash and cash
equivalents on the basis of expected cash flows. This is generally carried out at local level in the
operating companies of the company in accordance with practice and limits set by the company.
These limits vary by location to take into account the liquidity of the market in which the entity
operates. In addition, the company’s liquidity management policy involves projecting cash flows in
major currencies and considering the level of liquid assets necessary to meet these, monitoring
balance sheet liquidity ratios against internal and external regulatory requirements and maintaining
debt financing plans.

Market risk is the risk of loss of future earnings or fair values or future cash flows that may
result from a change in the price of a financial instrument. The value of a financial instrument
may change as a result of changes in the interest rates, foreign exchange rates and other
market changes that affect market risk sensitive instruments. Market risk is attributable to all
market risk sensitive financial instruments including foreign currency receivables and payables.
The Company is not exposed to market risk primarily related to foreign exchange rate risk
(currency risk). It however is exposed to interest rate risk. Thus the Company’s exposure to
market risk is just a function of borrowing activities as it does not have any transactions in
foreign currency which leads to currency risk.

NOTE-24. Capital Management:

The Company’s objectives when managing capital are to

A. safeguard their ability to continue as a going concern, so that they can continue to
provide returns to shareholders and benefits to other stakeholders, and

B. Maintain an optimal capital structure to reduce the cost of capital.

NOTE-25. Segment information:

In line with Ind AS 108 operating segments and basis of the review of operations being done by the
senior management , the operations of the group falls under real estate business which is considered
to be the only reportable segment by the management.

1. Information about Products and Services:

NOTE-29 Impairment Of Assets:-

The auditor has carefully evaluated impairment of inventory of company in the form of stock of land.
The company is not able to sale its inventory for a number of years, the market value of land in the
nearby areas have increased substantially. Hence, the auditors are of the opinion that no impairment
loss is required to be booked for inventory.

There are no proceedings initiated or pending against the Company for holding any Benami Property
Transactions (Prohibitions) Act, 1988.

NOTE-34

The Company has not entered into any High Value Transactions with struct off Companies under section
248 or 560 of the Companies Act.

NOTE-35

There are no transactions which are not recorded in the books of accounts but disclosed as income
during the income tax assessment or survey which have now been recovered in the books of accounts
during the year.

NOTE-36

The Company is not covered under section 135 of the Company’s Act and hence no disclosure has been
made regarding CSR activities.

NOTE-37

During the year Company has not traded or invested in Crypto Currency.

NOTE-38

No funds have been advanced or loaned or invested or provided any guarantee or security or any such
similar things by the company to any other person(s) or entity(ies) either directly or indirectly.

At the end of the year the company had received funds from the director of Rs. 356.89 lakh but which
were used for its own purposes and not directly or indirectly lent, invested or used for providing
guarantees, security or such similar thing to any ultimate beneficiaries.

NOTE-40 Standard issued but not yet effective:

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended
March 31, 2024, MCA has not notified any new standards or amendments to the existing standards
applicable to the Company.

As per our report of even date attached for and on behalf of the Board of Directors of
for J M PARIKH & ASSOCIATES SUVIDHA INFRAESTATE CORPORATION LIMITED

Chartered Accountants ^CIN : ^{L70102GJ1992PLC016978}

ICAI FRN_: 118007W Kishore K Goswami Ashokkumar Goswami

i_{ATIN PARIKH} Managing Director & Chairman Whole Time Director

^JAnn-^N ,^pA DIN: 00289644 DIN: 00289515

PARTNER

MEMBERSHIP NO.: 033811 ^AnuP ^{K Goswami Kruna}> ^{T Thakkar}

UDIN_:- 24033811BKCTDE7850 Whole Time Director & CFO Company Secretary

^{Place: Ahmedabad} Place: Ahmedabad

^Date: 10/05/2024 Date: 10/05/2024

---

Mar 31, 2014

SHARE CAPITAL

NOTE:

1. The reconciliation of number of shares at the beginning of the year and at the close of the year is not given as there is no change in the paid up capital.

2. The Statement of Shareholders Holding More than 5% Equity Shares of The Company:- (As certified by management)

Rights, Preferences and Restrictions attached to Shares:

The Company has one class of equity shares having a par value of Rs. 10/- each. Each shareholder is eligible for one vote per share held. The Dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of Liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholdings.

3. Corresponding figures of previous year have been regrouped wherever necessary.

4. Balances of Long term & Short Term Borrowings, Trade Payables, Other Current Liabilities, Trade Receivables and Loans & Advances are subject to confirmation.

5. In the opinion of the board all the current assets have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated.

6. Since the company has only one segment, there is no separate reportable segment as required by in AS-17 issued by The Institute of Chartered Accountants of India.

7. The information required as per para (5) (viii) (a) & (c) of part II of schedule VI of the Companies Act, 1956 regarding information about the value of imports calculated on CIF basis,total value of imported raw materials,spare parts & Components consumed and total value of indigenous raw materials, spare parts & components consumed and percentage of each of the total consumption are Rs. NIL.

8. The information required as per para 5 (viii) (b), (d) & (e) of part II of Schedule VI of Companies Act, 1956 regarding expenditure in foreign currency, the Dividend remitted in foreign currency and earning in foreign exchange are Rs. NIL.

9. The information required as per para 5 (ii) & (iii) of part II of schedule VI of the Companies Act, 1956 regarding the purchases, sales, the opening and Closing stock is as follows:

10. Information required under AS-18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India.

Identified related parties:

RELATIVE:

1. MR. VISHAL GOSWAMI

2. MR. ABHIJEET BHAI GOSWAMI

3. MR. ABHISHEK GOSWAMI

4. MR. N.K. GOSWAMI

5. MR. DUSHYANT GOSWAMI

6. MRS. DOLLYBEN GOSWAMI

7. MRS. URMIBEN GOSWAMI

ASSOCIATE COMPANIES:

1. LAKE-END INVESTMENT & FINANCE PVT. LTD.

2. SUVIDHA ENTERPRISE PVT. LTD.

3. OASIS INVESTMENT PVT. LTD.

4. SAHYADRI FINSTOCK PVT. LTD.

5. VISHAL CAPITAL TRUST PVT. LTD.

6. CHILL BEVERAGES CO. PVT. LTD.

7. ENVY CAPITAL TRUST PVT. LTD.

8. SUVIDHA RASAYAN GUJARAT PVT. LTD.

9. SUVIDHA PROJECTS PVT. LTD.

ASSOCIATE CONCERNS:

1. AD POINT

2. SUVIDHA BUILDERS

3. SHRI SATYADEV OWNERS ASSOCIATION

4. GOSWAMI OIL CO.

5. SUVIDHA CONSTRUCTION - Partnership Firm

6. ANUPBHAI GOSWAMI HUF

7. ASHOKBHAI GOSWAMI HUF

8. KISHORBHAI GOSWAMI HUF

KEY MANAGERIAL PERSONNEL

1. SHRI ASHOK KUMAR GOSWAMI

2. SHRI KISHOR KUMAR GOSWAMI

3. SHRI ANUP KUMAR GOSWAMI

4. SHRI KAMAL K. GAJJAR

5. SHRI RAKESHSINH RAGHUVANSINH

6. SHRI MUKUNDRAI P. VADHER

11. Based on the information available with the Company, there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31st 2014. Hence, the information as required under the Micro, Small and Medium Enterprises Development Act, 2006 is not disclosed and relied upon by the auditor.

---

Mar 31, 2013

1 Corresponding figures of previous year have been regrouped wherever necessary.

2 Balances of Long term & Short Term Borrowings, Trade Payables, Other Current Liabilities, Trade Receivables and Loans & Advances are subject to confirmation.

3 In the opinion of the board all the current assets have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated.

4 Deferred Tax Till last year the company was not making any provision for Deferred Tax Asset because in the opinion of Auditor there was no virtual certainty that company shall make profit in near future.

Since starting from this year, the company has started making profit the auditors have now decided to provide for deferred tax asset. The calculation of deferred tax asset have been made taking into consideration the accumulated losses and depreciation, the difference in written down value of Fixed Asset as per books and as per Income Tax. The Computation of Deferred tax is given in Note – 10.

5 Since the company has only one segment, there is no separate reportable segment as required by in AS-17 issued by The Institute of Chartered Accountants of India.

6 The information required as per para (5) (viii) (a) & (c) of part II of schedule VI of the Companies Act, 1956 regarding information about the value of imports calculated on CIF basis,total value of imported raw materials,spare parts & Components consumed and total value of indigenous raw materials, spare parts & components consumed and percentage of each of the total consumption are Rs. NIL.

7 The information required as per para 5 (viii) (b), (d) & (e) of part II of Schedule VI of Companies Act, 1956 regarding expenditure in foreign currency, the Dividend remitted in foreign currency and earning in foreign exchange are Rs. NIL.

8 The information required as per para 5 (ii) & (iii) of part II of schedule VI of the Companies Act, 1956 regarding the purchases, sales, the opening and Closing stock is as follows:

9 Information required under AS-18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India.

Identified related parties:

RELATIVE:

1. MR. VISHAL GOSWAMI

2. MR. ABHIJEETBHAI GOSWAMI

3. MR. ABHISHEK GOSWAMI

4. MR. N.K. GOSWAMI

5. MR. DUSHYANT GOSWAMI

6. MRS. DOLLYBEN GOSWAMI

7. MRS. URMIBEN GOSWAMI

ASSOCIATE COMPANIES:

1. LAKE –END INVESTMENT & FINANCE PVT. LTD.

2. SUVIDHA ENTERPRISE PVT. LTD.

3. OASIS INVESTMENT PVT. LTD.

4. SAHYADRI FINSTOCK PVT. LTD.

5. VISHAL CAPITAL TRUST PVT. LTD.

6. CHILL BEVERAGES CO. PVT. LTD.

7. ENVY CAPITAL TRUST PVT. LTD.

8. SUVIDHA RASAYAN GUJARAT PVT. LTD.

9. SUVIDHA PROJECTS PVT. LTD.

ASSOCIATE CONCERNS:

1. AD POINT

2. SUVIDHA BUILDERS

3. SHRI SATYADEV OWNERS ASSOCIATION

4. GOSWAMI OIL CO.

5. SUVIDHA CONSTRUCTION – Partnership Firm

6. ANUPBHAI GOSWAMI HUF

7. ASHOKBHAI GOSWAMI HUF

8. KISHOREBHAI GOSWAMI HUF

KEY MANAGERIAL PERSONNEL

1. SHRI ASHOKKUMAR GOSWAMI

2. SHRI KISHOREKUMAR GOSWAMI

3. SHRI ANUPKUMAR GOSWAMI

4. SHRI KAMAL K. GAJJAR

5. SHRI RAKESH SINGH RAGHUVAN SINGH

6. SHRI MUKUNDRAI P. VADHER

Nature of transactions with related parties and aggregate amount of such transactions for each class of related party:

(Related Party relationship is as identified by the Company and relied upon by the auditors.)

10. The company has obtained Professional Tax number from respective authority. The company has deducted the Professional tax from the salary of employees and the same is not deposited with respective authority.

11. In the accounting year 2007-08, the company had written off unsecured loans taken from four parties after arriving at an understanding with them.

Since the financial position of the company has improved it was decided to pay these loans. Hence during the current year the said loans were written back in the books of the company. After they were written back they were repaid by an account payee cheque and their accounts are squared-off.

12. In the accounting year 2006-07, the company had written off a sum of Rs. 2,44,200/- given to a group of company as Bad debts. Now, the said group company has shown its willingness to repay this loan. Hence during this year, the said loan has been brought back in the accounts of the company.

13. During the year, the company has made a profit. However, no provision is made for Income Tax on account of past carry forward losses. No provision is made for MAT as the Company is not required to pay any MAT as per section 115JB.

---

Mar 31, 2012

1 Corresponding figures of previous year have been regrouped wherever necessary.

2 Balances of Long term & Short Term Borrowings, Trade Payables, Other Current Liabilities and Loans & Advances are subject to confirmation.

3 In the opinion of the board all the current assets have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated except doubtful debts amounting to Rs. 1.66 lacks for which no provision is made in the books.

4 Deferred Tax

The company is passing through bad times and has huge accumulated losses. Atpresent the company is not carrying on any gainful economic activities. Hence, thereis no virtual certainty that the losses will be recouped in foreseeable future. So the deferred tax is not recognised in the books of accounts.

5 At present the company is not undertaking any activity. Hence, the segmental reporting as required by the AS- 17 is not presented.

6 The information required as per para 5 (viii) (a) & (c) of part II of schedule VI of the Companies Act, 1956 regarding information about the value of imports calculated on CIF basis, total value of imported raw materials, spare parts &components consumed and total value of indigenous raw-materials, spare parts & components consumed and percentage of each of the total consumption are Rs. NIL

7 The information required as per para 5 (viii) (b), (d) & (e) of part II of schedule VI of the Companies Act, 1956 regarding expenditure in foreign currency, the dividend remitted in foreign currency and earning in foreign exchange are Rs. NIL.

8 The information required as per para 5 (ii) & (iii) of part II of schedule VI of the Companies Act, 1956 regarding the purchases, sales, the opening and closing stock is as follows:

9 Information required under AS-18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India. Identified related parties:

RELATIVE:

1. MR. VISHAL GOSWAMI

2. MR. ABHIJITBHAI GOSWAMI

3. MR. ABHISHEK GOSWAMI

4. MR. N.K. GOSWAMI

ASSOCIATE COMPANIES:

1. LAKE -END INVESTMENT & FINANCE PVT. LTD.

2. SUVIDHA ENTERPRISE PVT. LTD.

3. OASIS INVESTMENT PVT. LTD. A. SAHYADRI FiNSTOCK PVT. LTD.

5. VISHAL CAPITAL TRUST PVT. LTD.

6. CHILL BEVERAGES CO. PVT. LTD.

7. ENVY CAPITAL TRUST PVT. LTD.

8. SUVIDHA RASAYAN GUJARAT PVT. LTD.

ASSOCIATE CONCERNS:

1. AD POINT

2. SUVIDHA BUILDERS

3. SHRI SATYADEV OWNERS ASSOCIATION

4. GOSWAMI OIL CO.

5. SUVIDHA CONSTRUCTION

6. ANUPBHAI GOSWAMI HUF

7. ASHOKBHAI GOSWAMI HUF

8. KISHORBHAI GOSWAMI HUF KEY MANAGERIAL PERSONNEL

1. SHRI ASHOKKUMAR GOSWAMI

2. SHRI KISHORKUMAR GOSWAMI

3. SHRI ANUPKUMAR GOSWAMI

4. SHRI KAMAL K. GAJJAR

5. SHRI RAKESHSINH RAGHUVANSINH

6. SHRI MUKUNDRAI P. VADHER

None of the relatives of Directors/ Promoters are having any position in the company or are dealing with the company. Hence, their names are not mentioned.

Nature of transactions with related parties and aggregate amount of such transactions for each class of related party:

(Related Party relationship is as identified by the Company and relied upon by the auditors.)

10 The amount of Rs. 1.66 lacs shown as Debtors are doubtful of recovery and should have been written off as bad debts. However, the company has filed a suit against the party and therefore the management has decided to wait till the judgment of the court comes.

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

---

Mar 31, 2011

1. Corresponding figures of previous year have been regrouped wherever necessary.

2. Balances of Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

3. In the opinion of the board all the current assets have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated except doubtful debts amounting to Rs. 1.66 lacks for which no provision is made in the books.

4. As per the explanations & information provided to us, the company has written off Tax Deducted at Source Payable of Rs.1,44,945/-.

5. Based on the information available with the Company, there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at 31st March 2011. Hence, the information as required under the Micro, Small and Medium Enterprises Development Act, 2006 is not disclosed.

Note: No directors are taking any remuneration based on commission. Hence, the calculation U/S 349 & 350 of the Companies Act, 1956 is not given.

6. Deferred Tax

The company is passing through bad times and has huge accumulated losses. At present the company is not carrying on any gainful economic activities. Hence, there is no virtual certainty that the losses will be recouped in foreseeable future. So the deferred tax is not recognised in the books of accounts.

7. At present the company is not undertaking any activity. Hence, the segmental reporting as required by the AS-17 is not presented.

8. The information required as per Paragraph 4 D of part II of schedule VI of the Companies Act 1956, regarding earnings in foreign

---

Mar 31, 2010

KEY MANAGERIAL PERSONNEL

None of the relatives of Directors/ Promoters are having any position in the company or are dealing with the company. Hence, their names are not mentioned.

Nature of transactions with related parties and aggregate amount of such transactions for each class of related party:

1. As per Accounting Standard – 24, the company is required to give certain details every year which are as follows:

Presentation and Disclosure

a. a description of the discontinuing operations(s):

The company had got composite milk processing plant with a capacity of processing 2 lacs liters of milk per day. The plant could process milk in pouches, Ghee, and Butter. The company was also setting up a plant for milk powder. The said plant was shown in the accounts as capital work in process.

The company has sold its plant & machinery and electrification. The company has also sold its milk processing plant which was earlier shown as work in progress.

b. The business or geographical segment (s) in which it is reported as per Accounting Standard 17, Segment Reporting:

The geographical segment of the company is only one. It has only one plant situated in Gujarat and all its product were sold in India only. The business segment is also considered as one although the company had several different products. All the products are subject to the same risks and returns.

c. The date and nature of the initial disclosure event:

The company had terminated its plant thorough abandonment five years ago.

d. The date or period in which the discontinuance is expected to be completed if known or determinable:

The company is searching for a buyer. Since, the buyer is not available the period in which discontinuance is expected to be completed cannot be determined

e. The carrying amounts as of the balance sheet date, of the total assets to be disposed of and the total liabilities to be settled:

The company plans to dispose of only its fixed assets. The written down book value of the assets is Rs. 104.77 lacs on the date of the balance sheet. Since, the company is not planning to settle its liabilities the said amount is not given.

f. The amounts of revenue and expenses in respect of the ordinary activities attributable to the discontinuing operation during the current financial reporting period:

During the current financial period there is income of Rs. 7.45 lacs from the discontinuing operations. The expenses are Rs 11.43 lacs out of which Rs 8.69 lacs are towards depreciation.

g. The amount of pre-tax profit or loss from ordinary activities attributable to the discontinuing operation during the current financial reporting period, and the income tax expenses related thereto:

The loss from ordinary activities attributable to the discontinuing operation during the current financial period is 4.65 Lacs. Since, there was loss income tax is not applicable.

h. The amounts of net cash flows attributable to the operating, investing, and financing activities of the discontinuing operation during the current financial reporting period. The amount of net cash flows attributable to the discounting operation during the current financial reporting period is the same cash flow as statement given in the accounts.

2. The amount of Rs. 166172/- shown as Debtors are doubtful of recovery and should have been written off as bad debts. However, the company has filed a suit against the party and therefore the management has decided to wait till the judgment of the court comes.

---

Mar 31, 2009

1. Corresponding figures of previous year have been regrouped wherever neces- sary.

2. Balances of Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

3. In the opinion of the board all the current assets have a value on realization, in the ordinary course of business at least equal to the amount at which they are stated except do.ubtful debts amounting to Rs. 1.66 lacks for which no provision is made in the books.

4. Based on.the information available with the Company, there are no suppliers who are registered under the Micro, Small and Medium Enterprises Develop- ment Act, 2006 as at 31st March 2009. Hence, the information as required under the Micro, Small and Medium Enterprises Development Act, 2006 is not dis- closed.

5. Company was a listed company. The listing of theequity shares of the company was suspended. As the company had not adhered to the listing requirements of declaration of results .After the compliance of requirement of stock exchange the shares are listed for trading on BSE with effect from 18-11-2008.

6. Deferred Tax

The company is passing through bad times and has huge accumulated losses. At present the company is not carrying on any gainful economic activities. Hence, there is no virtual certainty that the losses will be recouped in foreseeable future. So the deferred tax is not recognised in the books of accounts.

7. At present the company is not undertaking any activity. Hence, the segmental reporting as required by the AS-17 is not presented.

8. The information required as per Paragraph 4 D of part II of schedule VI of the Companies Act 1956, regarding earnings in foreign currency and amount spent in foreign currency are NIL.

9. The information required as per Paragraph 4 C of part II of schedule VI of the Companies Act 1956 regarding licensed capacity, installed capacity and actual production is not applicable as the company has already sold its machinery and not carrying any manufacturing activities.

10. The information required ,as per Paragraph 3 of part II of schedule VI of the Companies Act 1956, regarding quantitative information about the purchase made, the opening and closing stock, raw material consumed are nil.

11. Information required under AS-18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India.

Identified related parties :

DIRECTORS :

1. SHRI ASHOKKUMAR GOSWAMI

2. SHRI KISHORKUMAR GOSWAMI

3. SHRI ANUPKUMAR GOSWAMI

4. SHRI KAMAL K. GAJJAR

5. SHRI RAKESHSINH RAGHUVANSINH

6. SHRI MUKUNDRAI P. VADHER

RELATIVE:

1. MR. VISHAL GOSWAMI

2. MR. ABHDITBHAI GOSWAMI

3. MR. ABHISHEK GOSWAMI

4. MR. N.K. GOSWAMI

ASSOCIATE COMPANIES :

1. LAKE -END INVESTMENT & FINANCE PVT. LTD.

2. SUVIDHA ENTERPRISE PVT. LTD.

3. OASIS INVESTMENT PVT. LTD.

4. SAHYADRI FINSTOCK PVT. LTD.

5. VISHAL CAPITAL TRUST PVT. LTD.

6. CHILL BEVERAGES CO. PVT. LTD.

ASSOCIATE CONCERNS :

1. AD POINT

2. SUVIDHA BUILDERS

3. SHRI SATYADEV OWNERS ASSOCIATION

4. GOSWAMI OIL CO.

5. SUVIDHA CONSTRUCTION

6. ANUPBHAI GOSWAMI HUF

7. ASHOKBHAI GOSWAMI HUF

8. KISHORBHAI GOSWAMI HUF

KEY MANAGERIAL PERSONNEL

1. None of the relatives of Directors/ Promoters are having any position in the company or are dealing with the company. Hence, their names are not mentioned.

12. As per Accounting Standard - 24, the company is required to give certain details every year which are as follows:

Presentation and Disclosure

a. a description of the discontinuing operations(s):

The company had got composite milk processing plant with a capacity of processing 2 lacs liters of milk per day. The plant could process milk in pouches, Ghee, and Butter. The company was also setting up a plant for milk powder. The said plant was shown in the accounts as capital work in process.

The company has sold its plant & machinery and electrification. The com- pany has also sold its milk processing plant which was earlier shown as work in progress.

b. The business or geographical segment (s) in which it is reported as per Accounting Standard 17, Segment Reporting:

The geographical segment of the company is only one. It has only one plant situated in Gujarat and all its product were sold in India only. The business segment is also considered as one although the company had several different products. All the products are subject to the same risks and returns.

c. The date and nature of the initial disclosure event:

The company had terminated its plant thorough abandonment five years ago.

d. The date or period in which the discontinuance is expected to be com- pleted if known or determinable :

The company is searching for a buyer. Since, the buyer is not available the period in which discontinuance is expected to be completed cannot be determined

a. The carrying amounts as of the balance sheet date, of the total assets to be disposed of and the total liabilities to be settled:

The company plans to dispose of only its fixed assets. The written down book value of the assets is Rs. 113.51 lacs on the date of the balance sheet. Since, the company is not planning to settle its liabilities the said amount is not given.

b. The amounts of revenue and expenses in respect of the ordinary activities attributable to the discontinuing operation during the current financial reporting period:

During the current financial period there is income of Rs. 10.02 lacs from the discontinuing operations. The expenses are Rs 18.00 lacs out of which Rs 8.69 lacs are towards depreciation.

c. The amount of pre-tax profit or loss from ordinary activities attributable to the discontinuing operation during the current financial reporting period, and the income tax expenses related thereto:

The loss from ordinary activities attributable to the discontinuing operation during the current financial period is, 7.98 Lacs. Since, there was loss income tax is not applicable.

d. The amounts of net cash flows attributable to the operating, investing, and financing activities of the discontinuing operation during the current financial reporting period.

The amount of net cash flows attributable to the discounting operation during the current financial reporting period is the same cash flow as statement given in the accounts.

13. During the year the company has written off VAT payable Rs. 188462/- on sale of Plant & Machinery as informed by the management the said amount is payable by purchaser.

14. The amount of Rs. 166172/- shown as Debtors are doubtful of recovery and should have been written off as bad debts. However, the company has filed a suit against the party and therefore the management has decided to wait till the judgment of the court copies.

---

Mar 31, 2008

1. Corresponding figures of previous year have been regrouped wherever necessary.

2. Balances of Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

3. In the opinion of the board all the current assets have a value on realisation, in the ordinary course of business at least equal to the amount at which they are stated except doubtful debts amounting to Rs. 1.66 lacks for which no provision is made in the books.

4. Based on the information available with the Company, there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at 31st March 2008. Hence, the information as required under the Micro, Small and Medium Enterprises Development Act, 2006 is not disclosed/

5. Fixed Assets include Rs. 81,29,013/- being work in progress for setting up of milk powder plant. No depreciation is provided for on the same as the said powder plant is incomplete and also not put to use. The same has been sold of during the year.

6. Company is a listed company. However, the listing of the equity shares of the company has been suspended. Also, the company has not adhered to the listing requirements of declaration of results and has defaulted on that account.

7. Deferred Tax

The company is passing through bad times and has huge accumulated losses. At present the company is not carrying on any gainful economic activities. Hence, there is no virtual certainty that the losses will be recouped in foreseeable future. So the deferred tax is not recognised in the books of accounts.

8. At present the company is not undertaking any activity. Hence, the segmental reporting as required by the AS-17 is not presented.

9. The information required as per Paragraph 4 D of part II of schedule VI of the Companies Act 1956, regarding earnings in foreign currency and amount spent in foreign currency are NIL.

10. As per Accounting Standard - 24, the company is required to give certain details every year which are as follows:

Presentation and Disclosure

a. a description of the discontinuing operations(s):

The company had got composite milk processing plant with a capacity of processing 2 lacs liters of milk per day. The plant could process milk in pouches, Ghee, and Butter. The company was also setting up a plant for milk powder. The said plant was shown in the accounts as capital work in process.

During the year the company has sold its plant & machinery and electrification. The company has also sold its milk processing plant which was earlier shown as work in progress.

b. The business or geographical segment (s) in which it is reported as per Accounting Standard 17, Segment Reporting:

The geographical segment of the company is only one. It has only one plant situated in Gujarat and all its product were sold in India only. The business segment is also considered as one although the company had several different products. All the products are subject to the same risks and returns.

c. The date and nature of the initial disclosure event:

The company had terminated its plant thorough abandonment four years ago.

d. The date or period in which the discontinuance is expected to be completed if known or determinable:

The company is searching for a buyer. Since, the buyer is not available the period in which discontinuance is expected to be completed cannot be determined

e. The carrying amounts as of the balance sheet date, of the total assets to be disposed of and the total liabilities to be settled:

The company plans to dispose of only its fixed assets. The written down book value of the assets is Rs. 122.45 lacs on the date of the balance sheet. Since, the company is not planning to settle its liabilities the said amount is not given.

f. The amounts of revenue and expenses in respect of the ordinary activities attributable to the discontinuing operation during the current financial reporting period:

During the current financial period there is income of Rs. 157.09 lacs from the discontinuing operations. The expenses are Rs 185.04 lacs out of which Rs 19.95 lacs are towards depreciation.

g. The amount of pre-tax profit or loss from ordinary activities attributable to the discontinuing operation during the current financial reporting period, and the income tax expenses related thereto:

The loss from ordinary activities attributable to the discontinuing operation during the current financial period is, 18.50 Lacs. Since, there was loss income tax is not applicable.

h. The amounts of net cash flows attributable to the operating, investing, and financing activities of the discontinuing operation during the current financial reporting period.

The amount of net cash flows attributable to the discounting operation during the current financial reporting period is the same cash flow as statement given in the accounts.

---

Mar 31, 2007

1. Corresponding figures of previous year have been regrouped wherever necessary. 2. Balances of Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

3. In the opinion of the board all the current assets have a value on realisation, in the ordinary course of business at least equal to the amount at which they are stated except doubtful debts amounting to Rs. 1.66 lacks for which no provision is made in the books.

4. Based on the information available from the company, there are no outstanding dues to small scale industrial undertaking as at the year end.

5. Fixed Assets include Rs. 81,29,013/- being work in progress for setting up of milk powder plant. No depreciation is provided for on the same as the said powder plant is incomplete and also not put to use.

6. Company is a listed company. However, the listing of the equity shares of the company has been suspended. Also, the company has not adhered to the listing requirements of declaration of results and has defaulted on that account.

7. Deferred Tax

The company is passing through bad times and has huge accumulated losses. At present the company is not carrying on any gainful economic activities. Hence, there is no virtual certainty that the losses will be recouped in foreseeable future. So the deferred tax is not recognised in the books of accounts.

8. At present the company is not undertaking any activity. Hence, the segmental reporting as required by the AS-17 is not presented.

9. The information required as per Paragraph 4 D of part II of schedule VI of the Companies Act 1956, regarding earnings in foreign currency and amount spent in foreign currency are NIL.

10. As per Accounting Standard - 24, the company is required to give certain details every year which are as follows:

Presentation and Disclosure

a. a description of the discontinuing operations(s):

The company has got composite milk processing plant with a capacity of processing 2 lacs liters of milk per day. The plant can process milk in pouches, Ghee, and Butter. The company is also setting up a plant for milk powder. The said plant is shown in the accounts as capital work in process.

b. The business or geographical segment (s) in which it is reported as per Accounting Standard 17, Segment Reporting;

The geographical segment of the company is only one. It has only one plant situated in Gujarat and all its product were sold in India only. The business segment is also considered as one although the company had several different products. All the products are subject to the same risks and returns.

c. The date and nature of the initial disclosure event:

The company had terminated its plant thorough abandonment four years ago.

d. The date or period in which the discontinuance is expected to be completed if known or determinable:

The company is searching for a buyer. Since, the buyer is not available the period in which discontinuance Is expected to be completed cannot be determined

e. The carrying amounts as of the balance sheet date, of the total assets to be disposed of and the total liabilities to be settled;

The company plans to dispose of only Its fixed assets. The written down book value of the assets Is Rs. 355.43 lacs on the date of the balance sheet. Since, the company Is not planning to settle its liabilities the said amount is not given.

f. The amounts of revenue and expenses In respect of the ordinary activities attributable to the discontinuing operation during the current financial reporting period:

During the current financial period there Is Income of Rs. 35,67 lacs from the discontinuing operations. The expenses are RS. 35.86 lacs Out of which RS. 23.11 lacs are towards depreciation.

g. The amount of pre-tax profit or loss from ordinary activities attributable to the discontinuing operation during the current financial reporting period, and the income tax expenses related thereto:

The loss from ordinary activities attributable to the discontinuing operation during the current financial period is, Rs.0.18 Lacs. Since, there was loss income tax is not applicable.

h. The amounts of net cash flows attributable to the operating, investing, and financing activities of the discontinuing operation during the current financial reporting period.

The amount of net cash flows attributable to the discounting operation during the current financial reporting period is the same cash flow as statement given in the accounts.

---

Mar 31, 2006

1. Corresponding figures of previous year have been regrouped wherever necessary, 2. Balances of Secured and Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation.

3. In the opinion of the board all the current assets have a value on realisation, in the ordinary course of business at least equal to the amount at which they are stated except doubtful debts amounting to Rs. 1.66 lacks for which no provision is made in the books.

4. Based on the information available from the company, there are no outstanding dues to small scale industrial undertaking as at the year end.

5. The company has not provided for the following expenses.

a. The company had not provided for the provident fund, pension fund and other related expenses for earlier years and also for the current year.

b. The company has not provided for the gratuity and leave encashment for the earlier years and also for the current year of its employees. However, the management has explained to the auditors that no employees had completed the service for five years and hence, no employee was authorized to accept the gratuity payments. Similarly the company encourages its employees to take their quota of leaves and no leave encashment is payable.

c. The company has obtained a vehicle loan form 20t:h Century Finance. The said company is closed. Hence, further repayment of loan is not possible. Under the circumstances the company has not provided for any interest on the loan amount outstanding.

d. The shares of the company were listed on four stock exchanges. The listing fees have not been paid by the company and have not been provided for in the books of accounts.

6. The value of closing stock is taken as valued and certified by the Management.

7. Fixed Assets include Rs. 81,29,013/- being work in progress for setting up of milk powder plant. No depreciation is provided for on the same as the said powder plant is incomplete and also not put to use.

8. Company is a listed company. However, the listing of the equity shares of the company has been suspended. Also, the company has not adhered to the listing requirements of declaration of results and has defaulted on that account.

9. Deferred Tax

The company is passing through bad times and has huge accumulated losses. At present the company is not carrying on any gainful economic activities. Hence, there is no virtual certainty that the losses will be recouped in foreseeable future. So we are not recognizing the deferred tax assets in the books.

10. At present the company is not undertaking any activity, Hence, the segmental reporting as required by the AS-17 is not presented.

11. The information required as per Paragraph 4 D of part [I of schedule VI of the Companies Act 1956, regarding earnings in foreign currency and amount spent in foreign currency are NIL.

12. The information required as per Paragraph 4 C of part II of schedule VI of the Companies Act 1956 regarding licensed capacity, installed capacity and actual production are given below : (as compiled and certified by the management)

13. Information required under AS-18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India.

Identified related parties:

DIRECTORS:

1. MR. N.K. GOSWAMI 2. MR. ASHOK K. GOSWAMI 3. MR. K.K. GOSWAMI 4. MR. ANUP K. GOSWAMI

RELATIVE:

1. MR. VISHAL GOSWAMI 2. MR. ABHIJIT GOSWAMI 3. MR. ABHISHEK GOSWAMI

ASSOCIATE COMPANIES:

1. LAKE -END INSTRUMENT & FINANCE PVT. LTD. 2. SUVIDHA ENTERPRISE PVT. LTD. 3. OASIS INVESTMENT PVT. LTD. 4. SAHYADRI FINSTOCK PVT. LTD. 5. VISHAL CAPITAL TRUST PVT. LTD. 6. CHILL BEVERAGES CO. PVT. LTD.

ASSOCIATE CONCERNS:

1. AD POINT 2. SUVIDHA BUILDERS 3. SHRI SATYADEV OWNERS ASSOCIATION 4. GOSWAMI OIL CO. 5. SUVIDHA CONSTRUCTION 6. ANUPKUMAR GOSWAMI HUF 7. ASHOKKUMAR GOSWAMI HUF 8. KISHORKUMAR GOSWAMI HUF

KEY MANAGERIAL PERSONNEL

1. None of the relatives of Directors/ Promoters are having any position in the company or are dealing with the company. Hence, their names are not mentioned.

Nature of transactions with related parties and aggregate amount of such transactions for each class of related party :

14. The company has stopped its operations for quite some time. As per Accounting standard 24, discontinuing operations, it is required to make certain initial disclosures. The necessary details are as follows.

INITIAL DISCLOSURE EVENT

A. Identification of the major Assets to be disposed off:

The company has discontinued its commercial operations since, last four years. The company is planning to sale either its entire assets or to enter into a collaboration with another party.

B. The expected method of disposal,

No method for disposal is decided. The board of the company is open to any reasonable suggestions. However, since no buyer is located the company has not finalised the method of disposal.

C. The period expected to be required for completion of the disposal,

Since, no buyer is located the period for completion of the disposal cannot be ascertained.

D. The principal locations affected,

The company is having its plan at only one location in the state of Gujarat If the buyer is available the plant shall be sold.

E. The location function and approximate number of employees who will be compensated for terminating their services,

At present the company has one employee. Hence, one employee should be affected if the plant is disposal off.

F. The estimated proceeds or salvage to be realized by disposal,

In the absence of the buyers the estimated selling price cannot be ascertained.

15. As per Accounting Standard - 24, the company is required to give certain details every which are as follows:

Presentation and Disclosure

a. a description of the discontinuing operations(s):

The company has got composite milk processing plant with a capacity of processing 2 lacs liters of milk per day. The plant can process milk in pouches, Ghee, and Butter. The company is also selling up a plant for milk powder. The said plant is shown in the accounts as capital work in process

b. The business or geographical segment (s) in which it is reported as per Accounting Standard 17, Segment Reporting:

The geographical segment of the company is only one. It has only one plant situated in Gujarat and all its product were sold in India only. The business segment is also considered as one although the company had several different products. All the products are subject to the same risks and returns.

c. The date and nature of the initial disclosure event:

The company had terminated its plant thorough abandonment four years ago.

d. The date or period in which the discontinuance is expected to be completed if known or determinable:

The company is searching for a buyer. Since, the buyer is not available the period in which discontinuance is expected to be completed cannot be determined

e. The carrying amounts as of the balance sheet date, of the total assets to be disposed of and the total liabilities to be settled:

The company plans to dispose of only its fixed assets. The written down book value of the assets is Rs. 378.54 lacs on the date of the balance sheet. Since, the company is not planning to settle its liabilities the said amount is not given.

f. The amounts of revenue and expenses in respect of the ordinary activities attributable to the discontinuing operation during the current financial reporting period:

During the current financial period there is income of Rs. 450.66 lacs from the discontinuing operations. The expenses are RS. 267.80 lacs Out of which RS.24.51 lacs are towards depreciation.

g. The amount of pre-tax profit or loss from ordinary activities attributable to the discontinuing operation during the current financial reporting period, and the income tax expenses related thereto:

The profit before tax attributable to the discontinuing operation during the current financial period is RS.182.86 lacs. There is no Income Tax on this. The profit aftertax is Rs. 182.79 lacs.

h. The amounts of net cash flows attributable to the operating, investing, and financing activities of the discontinuing operation during the current financial reporting period.

The amount of net cash flows attributable to the discounting operation during the current financial reporting period is the same cash flow which is given after schedule - 13.

16. During the year four directors were appointed as additional directors of the company. Certain company Law formalities pertaining to their appointment have not been completed by the company.

---

Mar 31, 1999

1. Balances of Sundry Creditors, Sundry Debtors and Loans and Advances are subject to confirmation. The company has been advised to obtain confirmation from debtors and creditors.

2. Figures have been rounded off to the nearest rupee.

3. In the opinion of the Board of Directors balances of Current Assets and loans & Advances are approximately of the value stated if realised in the ordinary course of business.

4. The company had changed the method of providing depreciation from Written Down value Method (WDV) to Straight line Method during the financial year 1996-97. In compliance with the Accounting standards (As-6) issued by the Institute of Chartered Accountants of India, depreciation has been recomputed from the date of commissioning of the plant or the assets first put to use at SLM rates applicable to those years.

5. Loans and Advances figures include loans and advances to companies, Firms and Parties amounting to Rs. 169,03,111 in which directors are interested.

6. Fixed assests include Work in progress amounting to Rs. 40,65,353 incurred on setting up Powder plant on which progress could not be made in the current year. The management is taking steps to complete the same in the coming years.

7. Break up of Remuneration to Auditors is as follows : 1998-99 1997-98

a. As Audit Fees 37,500 37,500

b. For Tax Audit 10,000 10,000

Total 47,500 47,500

8. Figures of the previous year are regrouped and rearranged wherever necessary to make them comparable with current year figures.

9. In absence of taxable income no provision has been made for taxation in the books of accounts.

---

Mar 31, 1997

1. As the Company has been in existence for less than five years no liability for gratuity arises as on 31st March, 1997. No liability on future payments of gratuity has been ascertained and provided for in the accounts.

2. The Company has changed the method of providing depreciation from Written Down Value Method (WDV) to Straight Line Method. In compliance with the Accounting Standards (AS-6) issued by the Institute of Chartered Accountants of India, depreciation has been recomputed from the date of commissioning of the plant or the assets first put to use at SLM rates applicable to those years.

Had there been no change in method of providing depreciation the loss for the year would have been higher by Rs. 31,12,420/-.

3. Balances of Sundry Creditors, Sundry Debtors and Loans and Advances are subject to confirmation.

4. Figures have been rounded off to the nearest rupee.

5. In the opinion of the Board of Directors balances of Current Assets and Loans & Advances are approximately of the value stated if realised in the ordinary course of business.

---

Mar 31, 1996

1. As the Company has been in existence for less than five years no liability for gratuity arises as on 31st March, 1996. No liability on future payments of gratuity has been ascertained and provided for in the accounts.

2. Balances of Sundry Creditors, Sundry Debtors and Loans and Advances are subject to confirmation.

3. Figures have been rounded off to the nearest rupee.

4. In the opinion of the Board of Directors balances of Current Assets and Loans & Advances are approximately of the value stated if realised in the ordinary course of business.

5. In absence of taxable income no provision has been made for taxation in the books of accounts.

6. Corresponding figures in the Profit and Loss Account for the previous year are not given as the company has started commercial production during the year under review and hence no Profit and Loss Account was prepared for the previous year.

7. Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956 is given as follows:

---

Mar 31, 1993

The Income Tax Department has commenced proceedings under section 276B of the Income Tax Act, 1961 against the company and its directors Letter was received from M/s.Apjesh Impex P Ltd, to whom the company has advanced monery, requesting for waiver of interest receivable by the company from M/s.Apjesh P Ltdfor the accounting year ended 31st March, 1993 amounting to Rs.668780/-. As a prudent accounting policy the company has waived charging of interest amounting to Rs.6,68,780/- on loans advanced to M/s Apjesh Impex P Ltd for the year ended 31st March 1993. Commissioner of Income Tax, Central, bombay vide his order under Section 263 of the Income Tax Act, 1961 dated 26th March 1993 has set aside the assessment orders for A.Y. 1988-89 and A.Y. 1989-90 with a direction to make fresh assessments, following the provisions of explanation to Section 73 of the Income Tax Act, 1961.

---

Mar 31, 1992

Subsequent to the adoption of acconts of the company for the year ended 31st March 1991 a letter was received from Apjesh Impex P Ltd requesting for waiver of Interest receivable from them by the company for the year ended 31st March 1991. As a prudent conservative accounting policy, the company has written off interest receivable of Rs4,04,971 for the year ended 31st March 1991 from the said company. However for the year ended 31st March 1992 interest of rs.6,30,700/- receivable from the said company has been accounted for.