Notes to Accounts of Thakker's Developers Ltd.

Mar 31, 2024

13. Employee Benefit Plans

The company operates one defined plan of gratuity for its employees. Under the gratuity plan, every employee who has completed at least five year of service. The Gratuity benefit is funded through a defined benefit plan.

The following table’s summaries the components of net benefit expense recognized in the Statement of profit and loss and the funded status and amounts recognized in the balance sheet for the gratuity plan.

The estimates of Future salary increases, considered in actuarial valuation is based on inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The sensitivity analysis below have been determine based on reasonably possible change of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

@# Including Investment in subsidiaries and investment in Partnership firms which are accounted at cost in accordance with Ind AS 27.

NOTE:

The management assessed that carrying amount of all other financial instruments are reasonable approximation of the fair value.

15. The Company is engaged in construction and estate dealing activity and as such in view of management it is not possible to give additional information as required by the companies Act, 2013.

16. No provision has been made for penal interest, if any, (amount unascertainable) payable as per agreements for delayed payment to land Vendors. The same will be accounted as and when claimed, ascertained and settled.

17. As per information and explanation given by company there are no Micro, Small and Medium sized enterprises to whom the company owes the dues as at 31.3.2024, however, the outstanding payables as on 31.03.24 have been paid in time and there is no interest cost applicable. The information regarding Micro, Small and Medium sized enterprises has been determined to the extent such parties have been identified on the basis of information.

18. In the opinion of Board, the current assets if realized in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilities are made in the accounts and are not in excess of amount considered necessary.

19. Previous year’s figures have been regrouped/ re casted wherever considered necessary to confirm with current year’s presentations of accounts.

20. Sundry Debtors, Sundry Creditors, Advance from Customer, Advances to Suppliers, other loans and advances balances are as per Books of account and are subject to confirmation from the respective parties.

21. RERA Registration:

In the opinion of the management, Registration under real Estate Regulatory Authority (RERA) is obtained for applicable projects of the Company.

22. Insurance

The company has not obtained insurance of movable assets, stock in trade and other immovable assets except for Vehicles and Investment Property.

23. Trade receivables

Trade receivables amounting to Rs. 100.45 Lakhs (Rs.25.86 Lakhs Previous Year F.Y. 2022-23) are outstanding for a period of more than three years. In the opinion of the management, considering the nature of the business, the amounts have not been received as the obligations have not been fulfilled.

24. There are no imports or any other transactions entered in foreign currency during the year.

25. The Company does not have any transaction which are not recorded in the books of accounts that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

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

28. Additional Information-

I) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favor of the Company) disclosed in the financial statements included in property, plant and equipment and investment and according to the information and explanations given to us and based on the examination of the property tax receipts, registered sale deed / transfer deed, we report that, the title deeds of such immovable properties are held in the name of the Company as at the balance sheet date, except for as provided below:

II) There is no revaluation of company’s Property, Plant and Equipment as on 31.03.2024 and 31.03.2023.

III) There are no Loans and advances in the nature of loans granted to promoters, KMPs, directors and related parties either severally or jointly with any other person as on 31.03.2024 and 31.03.2023.

iv) There is no Capital-Work-in-Progress as on 31.03.2024 and 31.03.2023

v) Intangible assets under development are nil as on 31.03.2024 and 31.03.2023.

vi) There is no Benami property held as on 31.03.2024 and 31.03.2023.

vii) The company is not declared as wilful defaulter by any authority.

viii) As per information provided to us, the company does not have any transactions with companies struck off u/s 248 or 560 of the Companies Act, 2013.

ix) Section 2(87) of Companies Act, 2013 is not applicable to this company.

Compliance with approved scheme of arrangements u/s 230 to 237 of Companies Act, 2013 is not applicable to this company.

x) There are no loans/funds advanced to any Intermediaries or funds to be received from Funding Parties.

xi) The Company has no borrowings from banks or financial institutions on the basis of security of current assets as on 31^st March, 2024.

xii) The company has not declared/proposed any interim and final dividend for the year and previous financial year.

xiii) As per Rule 11 (e) of Companies (Audit and Auditors) Rules, 2014, the company has not loaned or advanced or invested or received any funds to/from any entity(ies) or person(s) including foreign entities.

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Mar 31, 2023

15. Provisions, contingent liabilities and contingent assets

A provision is recognized if, as a result of a past event, the company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Other Litigation claims Provision for litigation related obligations represents liabilities that are expected materialize in respect of matters in appeal.

Contingent liabilities are disclosed in respect of possible obligations that have risen from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise, or is a present obligation that arises from past events but is not recognized because either it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or a reliable estimate of the amount of the obligation cannot be made.

A contingent asset is generally neither recognized nor disclosed.

A provision for onerous contracts is measured at the present value of the lower expected costs of terminating the contract and the expected cost of continuing with the contract. Before a provision is established, the Company recognizes impairment on the assets with the contract.

16. Leases

(i) Finance leases: Assets taken on lease are classified as Finance lease if the company has substantially all the risks and rewards of ownership of the related assets. Assets under finance leases are capitalized at the commencement of the lease at the lower of the fair value or the present value of minimum lease payments and a liability is created for an equivalent amount each lease rental paid is allocated between the liability and the interest cost, so as to obtain a constant periodic rate of interest on the outstanding liability for each period.

(ii) Operating leases: Assets taken on lease which are not classified as finance lease are operating leases. Lease payments for assets taken on operating lease are recognized as an expense in the Profit and Loss Account on a straight-line basis over the lease term except where the lease payments are structured to increase in line with expected general inflation. Assets leased out under operating leases are presented separately under the respective class of assets. Rental income is recognized on a straight line basis over the term of the relevant lease.

17. Dividends to equity holders

The Company recognizes a liability to make distributions to its equity holder when the distribution is authorized and the distribution is no longer at the discretion of the Company, as per the corporate laws in India, a distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity.

Dividends paid/payable are recognized in the year in which the related dividends are approved by the Shareholders or Board of Directors as appropriate.

18. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets (other than financial assets at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset.

Subsequent measurement

All recognized financial assets are subsequently measured at amortized cost using effective interest method except for financial assets carried at fair value through Profit and Loss (FVTPL) or fair value through other comprehensive income (FVOCI).

Equity investments in Subsidiaries and Associates:

The Company accounts for its investment in subsidiaries, joint ventures and associates and other equity investments in subsidiary companies at cost in accordance with Ind AS 27- ‘Separate Financial Statements’:

Equity investments (other than investments in subsidiaries and associates)

All equity investments falling within the scope of Ind-AS 109 are mandatorily measured at Fair Value through Profit and Loss (FVTPL) with all fair value changes recognized in the Statement of Profit and Loss. The Company has an irrevocable option of designating certain equity instruments as FVOCI. Option of designating instruments as FVOCI is done on an instrument-by-instrument basis. The classification made on initial recognition is irrevocable. If the Company decides to classify an equity instrument as FVOCI, the all fair value changes on the instrument are recognized in Statement of Other Comprehensive Income (SOCI). Amounts from SOCI are not subsequently transferred to profit and loss, even on sale of investment.

De-recognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition.

Impairment of financial assets

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on financial assets:

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime Expected Credit Loss (ECL) at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the Company reverts to recognizing impairment loss allowance based on 12-month ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the entity expects to receive (i.e. all cash shortfalls), discounted at the original EIR.

Financial liabilities and equity instruments by the Company are classified according to the substance of the contractual agreements entered into and the definitions of a financial liability and an equity instrument. The Company’s financial liabilities include trade, other payables and loans and borrowings.

Subsequent measurement

Financial liabilities are subsequently carried at amortized cost using the Effective Interest Method (EIR) method except for financial liabilities at fair value through profit or loss. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. Financial liabilities recognized at FVTPL, including derivatives, are subsequently measured at fair value. For trade and other payables maturing within operating cycle, the carrying amounts approximate the fair value due to the short maturity or these instruments.

De-recognition

A financial liability (or a part of a financial liability) is derecognized from the Company’s balance sheet when the obligation specified in the contract is discharged or cancelled or expires

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

Re-classification of financial instruments

The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets, such as equity instruments designated at FVTPL or FVOCI and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets.

18.3 Fair value measurement

The Company measures financial instruments at fair value on initial recognition and uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

* In the principal market for the asset or liability, or

* In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

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

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

19. Cash and cash equivalents

Cash and cash equivalent 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 purpose of the statement of cash flows, cash and cash equivalents consist of cash, short-term deposits, as defined above, and liquid funds as they are considered an integral part of the Company’s cash management process.

18. In the opinion of Board, the current assets if realized in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilities are made in the accounts and are not in excess of amount considered necessary.

19. Previous year’s figures have been regrouped/ re casted wherever considered necessary to confirm with current year’s presentations of accounts.

20. Sundry Debtors, Sundry Creditors, Advance from Customer, Advances to Suppliers, other loans and advances balances are as per Books of account and are subject to confirmation from the respective parties.

21. RERA Registration:

In the opinion of the management, Registration under real Estate Regulatory Authority (RERA) is obtained for applicable projects of the Company.

22. Insurance

The company has not obtained insurance of movable assets, stock in trade and other immovable assets except for Vehicles and Investment Property.

23. Trade receivables

Trade receivables amounting to Rs. 25.86 Lakhs (Rs.121.08 Lakhs Previous Year F.Y.2021-22) are outstanding for a period of more than three years. In the opinion of the management, considering the nature of the business, the amounts have not been received as the obligations have not been fulfilled.

24. There are no imports or any other transactions entered in foreign currency during the year.

25. The Company does not have any transaction which are not recorded in the books of accounts that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

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

27. Ratios-

Following are analytical ratios for year ended March 31,2023 and March 31,2022.

II) There is no revaluation of company’s Property, Plant and Equipment as on 31.03.2023 and 31.03.2022.

III) There are no Loans and advances in the nature of loans granted to promoters, KMPs, directors and related parties either severally or jointly with any other person as on 31.03.2023 and 31.03.2022.

iv) There is no Capital-Work-in-Progress as on 31.03.2023 and 31.03.2022

v) Intangible assets under development are nil as on 31.03.2023 and 31.03.2022.

vi) There is no Benami property held as on 31.03.2023 and 31.03.2022.

vii) The company is not declared as wilful defaulter by any authority.

viii) As per information provided to us, the company does not have any transactions with companies struck off u/s 248 or 560 of the Companies Act, 2013.

ix) Section 2(87) of Companies Act ,2013 is not applicable to this company.

Compliance with approved scheme of arrangements u/s 230 to 237 of Companies Act,2013 is not applicable to this company.

x) There are no loans/funds advanced to any Intermediaries or funds to be received from Funding Parties.

xi) The Company has no borrowings from banks or financial institutions on the basis of security of current assets as on 31st March, 2023.

xii) The company has not declared/proposed any interim and final dividend for the year and previous financial year.

xiii) As per Rule 11 (e) of Companies (Audit and Auditors) Rules, 2014, the company has not loaned or advanced or invested or received any funds to/from any entity(ies) or person(s) including foreign entities.

For M/S.Karwa Malani Kalantri & Associates For and on behalf of the Board of Directors

Chartered Accountants JITENDRA M. THAKKER

Firm Reg. No. 136867W. Chairman (DIN 00082860)

CA Sagar R. Malani RAJENDRA M. THAKKER

Partner M. No.: 145049 Managing Director (DIN 00083181)

Place: Nashik NARENDRA M. THAKKER

Date: May 30, 2023. Director (DIN 00083224)

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Mar 31, 2018

1. General Information:

Thakkers Developers Ltd (“the Company”) is a public Limited company domiciled in India and incorporated on March 30^th, 1987 under the provision of Companies Act, 1956. The registered office of Company is located at 37/39, Kantol Niwas, Modi Street, Fort, Mumbai 400 001. The administrative office of the Company is at 7, Thakkers, Near Nehru Garden, Nashik 422 001. Shares of the Company are listed on Bombay Stock Exchange (BSE). Company is presently engaged in the business of Real Estate & Construction activities. The financial statements were approved for issue by The Board of Directors on May 30,2018.

NOTE - Terms / rights attached to equity shares :

The Company has only one class of share capital, i.e. equity shares having face value of Rs.10 per share. Each holder of equity share is entitled to one vote per share., 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 perferential amounts. The distribution will be proportion to the number of Equity .

Shares held by the shareholders.

2. Leases

a) The Company has taken one premises under operating lease.

b) Details of the future minimum lease payments in respect of premises acquired on operating leases during the year, are as follows :

3. Employee Benefit Plans

The company operates one defined plan of gratuity for its employees. Under the gratuity plan, every employee who has completed atleast five years of service gets a gratuity on departure @15 days of last drawn salary for each completed year of service. The Gratuity benefit is funded through a defined benefit plan.

The following tables summaries the components of net benefit expense recognised in the Statement of profit and loss and the funded status and amounts recognised in the balance sheet for the gratuity plan.

The estimates of Future salary increases, considered in acturial valuation is based on inflation, seniority, promotion and other relevant factore, such as supply and demand in the employment market.

@# Other than Investment in subsidiaries and investment in Partnership firms accounted at cost in accordance with Ind AS 27.

NOTE:

The management assessed that carrying amount of all other financial instruments are reasonable approximation of the fair value.

4. The Company is engaged in construction and estate dealing activity and as such in view of management it is not possible to give additional information as required by The Companies Act,2013.

5. No provision has been made for penal interest, if any, (amount unascertainable) payable as per agreements for delayed payment to Land Vendors. The same will be accounted as and when claimed, ascertained and settled.

6. From the records available with the company, the amount outstanding to small and micro industrial under takings for a period exceeding 45 days is not ascertainable.

7. In the opinion of Board, the current assets if realised in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilities are made in the accounts and are not in excess of amount considered necessary.

8. Previous year''s figures have been regrouped / recasted wherever considered necessary to confirm with current year''s presentations of accounts.

9. RERA Registration:

In the opinion of the management, Registration under Real Estate Regulatory Authority (RERA) is not applicable to all the projects of the Company undertaken. Hence Registration has not been obtained.

10. Insurance

The company has not obtained insurance of movable assets, stock in trade and other immovable assets except for Vehicles and Investment Property

11. Trade receivables

Trade receivables amounting to Rs 1.21 crores are outstanding for a period of more than three years. In the opinion of the management, considering the nature of the business, the amounts have not been received as the obligations have not been fulfilled.

There are no transactions entered in foreign currency during the year

12. Appointment of Independent Director

The company has re-appointed Mr. Jaman Thakker as its Independent Director via Ordinary Resolution in Geal Meeting (with more than 75% voting in favor) instead of a special resolution as per Section 149(10) of the Companies Act 2013.A

13. Fair Value:

As at March 31,2018, March 31,2017 and April 1,2016, the fair values of the properties are ‘ Rs.6350.66 Lakhs, Rs.6350.66 lakh and Rs.6096.55 lakh respectively. These valuations are based on valuations performed by independent valuer. All fair value estimates for investment properties are included in level 3.

The Company has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

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Mar 31, 2015

1. Contingent liabilities not provided for

i) Claims against company not Nil Nil acknowledged as debts.

ii) Income Tax demands 10,53,039 10,53,039 disputed in appeal.

iii) Letters of credit issued by banks Nil Nil in favour of suppliers

2. Related Party transaction

List of Related Party

Other parties with whom the Company has entered in to transaction during the year

a) Associates and Joint Ventures/ Partnership Firm/ LLP :

Agro Farms Shri Balaji Enterprises

Khushal Farms Shri Rachana Construction

Model Activity Sky Farms

Pooja Farms Takshashila and Thakker Infrastructure (LLP)

Shree Kalavati Farm

b) Key Management Personnel :

Thakker Jitendra M. Thakker Narendra M.

Thakker Rajendra M. Thakker Nishant R.

c) Enterprises in which Key Management Personnel have significant influence :

Abhilasha Horticulture Pvt.Ltd.

Abhishek Kutir Nirman Pvt.Ltd.

Alankar Marketing Pvt.Ltd.

Amardeep Agriculture Pvt.Ltd.

Babita Marketing Pvt.Ltd.

Bhaktibhav Horticulture Pvt.Ltd.

Bholenath Farm Pvt.Ltd.

Bholenath Marketing Pvt.Ltd.

Bhushan Farms Pvt.Ltd.

Charminar Marketing Pvt.Ltd.

Dattatray Marketing Pvt.Ltd.

Dhananjay Marketing Pvt.Ltd.

Dharam Marketing Pvt.Ltd.

Durgawati Horticulture Pvt.Ltd.

Fag Horticulture Pvt.Ltd.

Fragmeal Marketing Pvt.Ltd.

Freedom Marketing Pvt.Ltd.

Gananayak Enterprises Pvt.Ltd.

Gaurav Developers Pvt.Ltd.

Hemangini Marketing Pvt.Ltd.

Inflation Marketing Pvt.Ltd.

J.M.Thakker Developers Pvt.Ltd.

Jay-Jeet Marketing Pvt.Ltd.

Jeet Agricultural Pvt.Ltd.

M.R.Thakker & Co.Const.Pvt.Ltd.

Mahalaxmi Travels Pvt.Ltd.

Minimax Horticulture Pvt.Ltd.

Monarch Horticulture Pvt.Ltd.

Motel Kutir Nirman Pvt.Ltd.

Nakul Agriculture Pvt.Ltd.

Pooja Kutir Nirman Pvt.Ltd.

Pradip N.Mehta Inv.& Const.Pvt.Ltd.

Priya Marketing Pvt.Ltd.

Ragini Marketing Pvt.Ltd.

Rajendra M.Dev. & Build. Pvt.Ltd.

Roshan Agriculture Pvt.Ltd. Saptashrungi Marketing Pvt.Ltd.

Shivprit Marketing Pvt.Ltd.

Shubhakamana Build. Pvt.Ltd.

Shubhashani Construction Pvt.Ltd.

Sumangal Const.Pvt.Ltd.

Thakkers Apna Ghar Pvt.Ltd.

Thakkers Gruh Nirman Pvt.Ltd.

Thakkers Housing Dev.Pvt.Ltd.

Tilak Marketing Pvt.Ltd.

d) Director's and their relatives :

Thakker Abhishek N.

Thakker Gaurav J.

Thakker Hetal N.

Thakker Jitendra M.(HUF)

Thakker Karishma G.

Thakker Manjulaben M.

Thakker Narendra M.(HUF)

Thakker Nitu J.

Thakker Pooja R.

Thakker Poonam R.

Thakker Savitaben H.

Thakker Vidhi Narendra

3. The Company has not made provision for disputed Income Tax liabilities amounting to Rs.10,53,039/- on the basis of management perception this liabilities will not be materialized.

4. The Company is engaged in construction and estate dealing activity and as such in view of management it is not possible to give additional information as required by para 3(i) (a), 3(ii) (d), and 4C of Part II of Schedule VI of Companies Act,1956.

5. Borrowing costs for the year are in relation to working capital, not specificaly attributable to any project. Hence, the same are charged to the Profit & Loss A/c, as period cost.

6. No provision has been made for penal interest, if any, (amount unascertainable) payable as per agreements for delayed payment to Land Vendors. The same will be accounted as and when claimed, ascertained and settled.

7. From the records available with the company, the amount outstanding to small and micro industrial under takings for more than Rs.1.00 lakh for a period exceeding 30 days is not ascertainable.

8. In the opinion of Board, the current assets if realised in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilites are made in the accounts and are not in excess of amount considered necessary.

9. Debtors and Creditors are subject to confirmation.

10. Previous year's figures have been regrouped/recasted wherever considered necessary to confirm with current year's presentations of accounts.

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Mar 31, 2013

1. Contingent liabilities not provided for

I) Claims against company not Nil Nil acknowledged as debts.

ii) Income Tax demands 13,43,787 11,98,020 disputed in appeal.

iii) Letters of credit issued by banks Nil Nil in favour of suppliers

2. The company has generally followed the accounting standards prescribed by the Institute of Chartered Accountants of India.

3. Deferred Tax liability/(asset) as on 31-3-2013 comprise of timing difference on account of:

4. RELATED PARTY TRANSACTION :

4.1 List of related party

4.1.1 Other parties with whom the Company has entered in to transaction during the year

a) Associates and Joint Ventures/ Partnership Firm :

Agro Farms

Khushal Farms

Pooja Farms

Shri Balaji Enterprises

Sky Farms

Model Activity

Shri Rachana Construction

b) Key Management Personnel:

Thakker Jitendra M. ThakkerRajendra M. ThakkerNarendraM. Thakker Nishant R.

c) Enterprises in which Key Management Personnel have significant influence:

Anmol Marketing Pvt.Ltd. Ashwashilp Agriculture Pvt.Ltd. Asian Food Products Ltd. BarsatAagriculture Pvt.Ltd. Dattatray Marketing Pvt.Ltd. Dhananjay Marketing Pvt.Ltd. Deacon Infrastructures Pvt.Ltd. Freedom Marketing Pvt.Ltd. Gaurav Developers Pvt.Ltd. Hemangini Marketing Pvt.Ltd. Jay-Jeet Marketing Pvt.Ltd. Mangal Garden Pvt.Ltd.

M.R.Thakker&Co.Const.Pvt.Ltd. Mahalaxmi Travels Pvt.Ltd. Motikamal Agriculture Pvt.Ltd. Pooja Kutir Nirman Pvt.Ltd. Rajendra M.Dev. & Build. Pvt. Ltd. Shubhakamana Build. Pvt. Ltd. Shubhashani Construction Pvt.Ltd. Thakker Kutir Nirman Pvt.Ltd. Thakkers Housing Dev.Pvt. Ltd. Thakkers Housing Pvt. Ltd. Yashodeep Marketing Pvt.Ltd.

d) Director''s and their relatives:

Thakker AbhishekN. Thakker AmitK. Thakker AshaJaman Thakker Bharati J. Thakker Gaurav J. Thakker HetalN. ThakkerJitendra M.(HUF) Thakker JyotiN. Thakker KanjiR. Thakker Ka vita Kanji

Thakker KarishmaG. Thakker Manjulaben M. Thakker Manohardas R. Thakker M.R.(HUF) Thakker Nitu J. Thakker N.M.(HUF) Thakker Pooja R. Thakker PoonamR. Thakker R.M.(HUF) Thakker Vidhi Narendra Thakker Savita ben H.

5. The Company has not made provision for disputed Income Tax liabilities amounting to Rs. 11,13,002/- on the basis of management perception this liabilities will not be materialized.

6. The Company is engaged in construction and estate dealing activity and as such i n view of management it is not possible to give additional information as required by para 3(i) (a), 3(ii) (d), and 4C of Part II of Schedule VI of Companies Act,1956.

7. Borrowing costs for the year are in relation to working capital, not specificaly attributable to any project. Hence, the same are charged to the Profit & Loss A/c, as period cost.

8. No provision has been made for penal interest, if any, (amount unascertainable) payable as per agreements for delayed payment to Land Vendors. The same will be accounted as and when claimed, ascertained and settled.

9. From the records available with the company, the amount outstanding to small and micro industrial under takings for more than Rs. 1.00 lakh for a period exceeding 30 days is not ascertainable.

10. In the opinion of Board, the current assets if realised in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilites are made in the accounts and are not in excess of amount considered necessary.

11. Debtors and Creditors are subject to confirmation.

12. Details of investment in partnershipfirm/AOP

13. Previous year''s figures have been regrouped/recasted wherever considered necessary to confirm with current year''s presentations of accounts.

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Mar 31, 2012

Suppliers/Service providers covered under Micro, Small Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this, information required to be disclosed u/s. 22 of the said Act is not given.

Mode of Valuation - Refer Notes to Accounts No. 14 (5)

Prior Period Item Includes the profit on sale of Land effected in the year 2009-10 but not recorded in the books. It was offered for the Purpose of Tax in the year 2009-10 only.

1. The company has generally followed the accounting standards prescribed by the Institute of Chartered Accountants of India.

2. Deferred Tax liability/(asset) as on 31-3-201 2 comprise of timing difference on account of:

3.1.1 Other parties with whom the Company has entered in to transaction during the year

4. The Company has not made provision for disputed Income Tax liabilities amounting to Rs. 14,80,559/- on the basis of management perception this liabilities will not be materialized.

5. The Company is engaged in construction and estate dealing activity and as such in view of management it is not possible to give additional information as required by para 3(i) (a), 3(ii) (d), and 4Cof Part II of Schedule VI of Companies Act, 1956.

6 Borrowing costs for the year are in relation to working capital, not specifically attributable to any project. Hence, the same are charged to the Profit & Loss A/c, as period cost.

7. No provision has been made for penal interest, if any, (amount unascertainable) payable as per agreements for delayed payment to Land Vendors. The same will be accounted as and when claimed, ascertained and settled.

8 From the records available with the company, the amount outstanding to small and micro industrial undertakings for more than Rs. 1.00 lakh for a period exceeding 30 days is not ascertainable.

9. In the opinion of Board, the current assets if realized in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilities are made in the accounts and are not in excess of amount considered necessary.

10. Previous year's figures have been regrouped/recanted wherever considered necessary to confirm with current year's presentations of accounts.

---

Mar 31, 2011

2010-2011 2009-2010

1. Contingent liabilities not provided for

i) Claims against company not Nil Nil acknowledged as debts.

ii) Income Tax demands 14,80,559 16,66,629 disputed in appeal.

iii) Letters of credit issued by banks Nil Nil in favour of suppliers

2. The company has generally followed the accounting standards prescribed by the Institute of Chartered

Accountants of India.

3. RELATED PARTY TRANSACTION

3.1 List of related party

3.1.1 Parties where control exists

Deacon Infrastructures Pvt.Ltd.

3.1.2 Other parties with whom the Company has entered in to transaction during the year

a) Associates and Joint Ventures/ Partnership Firm :

Model Activity

Shri Rachana Construction

Shri Balaji Enterprises

Agro Farms

Khushal Farms

Pooja Farms

Sky Farms

b) Key Management Personnel :

Thakker Jitendra M. Thakker Rajendra M. Thakker Narendra M.

c) Enterprises in which Key Management Personnel have significant influence :

Abhijit Marketing Pvt.Ltd. Abhilasha Horti. Pvt.Ltd. Abhishek Kutir Nirman Pvt.Ltd. Arundhati Marketing Pvt. Ltd. Asian Food Products Ltd. Ashish agriculture Pvt.Ltd. Dattatray Marketing Pvt.Ltd. Devprit Marketing Pvt. Ltd. Hemangini Marketing Pvt.Ltd. Jay-Jeet Marketing Pvt.Ltd. Jasmin Marketing Pvt.Ltd. Jeet Agriculture Pvt.Ltd.

Legend Pharmaceuticals Pvt.Ltd. M.R.Thakker & Co.Const.Pvt.Ltd. Nashik Marketing Pvt.Ltd. Panchavati Horticulture Pvt.Ltd. Rajendra M.Dev. & Build. Pvt. Ltd. Ramleela Marketing Pvt.Ltd. Shivprit Marketing Pvt.Ltd. Shubhakamana Build. Pvt. Ltd. Surbhi Horticulture Pvt.Ltd. Thakkers Housing Pvt. Ltd. Vichal Enterprises Pvt.Ltd. Yashodeep Marketing Pvt.Ltd.

d) Director's and their relatives :

Batavia Chetan G. Batavia Pallavi C. Thakker Abhishek N. Thakker Amit K. Thakker Asha Jaman Thakker Bharati J. Thakker Gaurav J. Thakker HetalN. Thakker Jyoti N. Thakker Giridharlal H. Thakker Karishma G.

Thakker Manjulaben M. Thakker Manohardas R. Thakker M.R.(HUF) Thakker N.M.(HUF) Thakker Nishant R. Thakker Pooja R. Thakker Poonam R. Thakker R.M.(HUF) Thakker Saroj G. Thakker Savitaben H.

4. The Company has not made provision for disputed Income Tax liabilities amounting to Rs.14,80,559/- on the basis of management perception this liabilities will not be materialized.

5. The Company is engaged in construction and estate dealing activity and as such in view of management it is not possible to give additional information as required by para 3(i) (a), 3(ii) (d), and 4C of Part II of Schedule VI of Companies Act,1956.

6. Borrowing costs for the year are in relation to working capital, not specificaly attributable to any project. Hence, the same are charged to the Profit & Loss A/c, as period cost.

7. No provision has been made for penal interest, if any, (amount unascertainable) payable as per agreements for delayed payment to Land Vendors. The same will be accounted as and when claimed, ascertained and settled.

8. From the records available with the company, the amount outstanding to small and micro industrial under takings for more than Rs. 1.00 lakh for a period exceeding 30 days is not ascertainable.

9. In the opinion of Board, the current assets if realised in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilites are made in the accounts and are not in excess of amount considered necessary.

10. Debtors and Creditors are subject to confirmation.

11. Previous year's figures have been regrouped/recasted wherever considered necessary to confirm with current year's presentations of Accounts.

---

Mar 31, 2010

2009-2010 2008-2009

1. Estimated amount of contracts remaining to Nil Nil be executed on capital account not provided

2. Contingent liabilities not provided for

i) Claims against company not Nil Nil

acknowledged as debts.

ii) Income Tax demands 16,66,629 16,66,629

disputed in appeal.

iii) Letters of credit issued by banks Nil Nil

in favour of suppliers

3. The company has raised certain working capital loans in the name of and on the security of personal properties of directors and relativies of directors.Those amount are utilised by the company for its working capital finance and amount outstanding as at 31-3-2010 in respect of such loan is 7,90,73,287 8,32,61,606

4. The company has generally followed the accounting standards prescribed by the Institute of Chartered Accountants of India.

5. RELATED PARTY TRANSACTION

5.1 List of related party

5.1.1 Parties where control exists

Deacon Infrastructures Pvt.Ltd.

5.1.2 Other parties with whom the Company has entered in to transaction during the year

a) Associates and Joint Ventures/ Partnership Firm :

Model Activity

Shri Rachana Construction

Shri Balaji Enterprises

b) Key Management Personnel :

Thakker Jitendra M.

Thakker Rajendra M.

Thakker Narendra M.

c) Enterprises in which Key Management Personnel have significant influence :

Abhijit Marketing Pvt.Ltd.

Abhilasha Horti. Pvt.Ltd.

Abhishek Kutir Nirman Pvt.Ltd.

Anmol Marketing Pvt.Ltd.

Arundhati Marketing Pvt.Ltd.

Ashish Agriculture Pvt.Ltd.

Asian Food Products Ltd.

Bholenath Farms Pvt.Ltd.

Dattatraya Marketing Pvt.Ltd.

Devprit Marketing Pvt. Ltd.

Dharmin Marketing Pvt.Ltd.

Durgawati Horticulture Pvt.Ltd.

Gaurav Developers Pvt.Ltd.

Hemangini Marketing Pvt.Ltd.

Intra Communication Pvt.Ltd.

J.M.Thakker Developers Pvt.Ltd.

Jay-Jeet Marketing Pvt.Ltd.

Kartik Farms Pvt.Ltd.

Kirit Farms Pvt.Ltd.

Krishnaleela Enter.Pvt.Ltd.

Legend Pharmaceuticals Pvt.Ltd.

Mahalaxmi Travels Pvt.Ltd.

M.R.Thakker & Co.Const.Pvt.Ltd.

Narrottam Marketing Pvt.Ltd.

Nitu Marketing Pvt.Ltd.

Paridhan Printers Pvt.Ltd.

Parvati Marketing Pvt.Ltd.

Radheya Farm Pvt. Ltd.

Rajendra M.Dev. & Build. Pvt. Ltd.

Rudraksha Builders Pvt.Ltd.

Shivprit Marketing Pvt.Ltd.

Shubhakamana Build. Pvt. Ltd.

Shubhashani Const. Pvt. Ltd.

SumangalConstruction Pvt.Ltd.

Thakkers Housing Pvt. Ltd.

Vishwas Farm Pvt. Ltd.

Vichal Enterprises Pvt.Ltd.

d) Directors and their relatives :

Batavia Chetan G.

BataviaChetanG(HUF)

Samani Usha Ashish

Thakker Abhishek N.

Thakker Asha Jaman

Thakker Bharati J.

Thakker Gaurav J.

Thakker HetalN.

Thakker Jyoti N.

Thakker Karishma G.

Thakker Manjulaben M.

Thakker M.R.(HUF)

Thakker N.M.(HUF)

Thakker Nishant R.

Thakker Nitu J.

Thakker Pooja R.

Thakker Poonam R.

Thakker R.M.(HUF)

Thakker Saroj G.

6. The Company has not made provision for disputed Income Tax liabilities amounting to Rs. 16,66,629/- on the basis of management perception this liabilities will not be materialized.

7. The Company is engaged in construction and estate dealing activity and as such in view of management it is not possible to give additional information as required by para 3(i) (a), 3(ii) (d), and 4C of Part II of Schedule VI of Companies Act,1956.

8. Borrowing costs for the year are in relation to working capital, not specificaly attributable to any project. Hence, the same are charged to the Profit & Loss A/c, as period cost.

9. No provision has been made for penal interest, if any, (amount unascertainable) payable as per agreements for delayed payment to Land Vendors. The same will be accounted as and when claimed, ascertained and settled.

10. From the records available with the company, the amount outstanding to small and micro industrial under takings for more than Rs.1.00 lakh for a period exceeding 30 days is not ascertainable.

11. In the opinion of Board, the current assets if realised in ordinary course of business will be at least of the value stated in the Balance Sheet. Provisions for all known liabilites are made in the accounts and are not in excess of amount considered necessary.

12. Debtors and Creditors are subject to confirmation.

13. Details of investment in partnership firm

14. Previous years figures have been regrouped/recasted wherever considered necessary to confirm with current years presentations of Accounts.