Notes to Accounts of Twin Roses Trades & Agencies Ltd.

Mar 31, 2024

b) Provisions:

Provisions and liabilities are recognised in the period when it becomes probable that there will be a future outflow of funds resulting from past
operations or events and the amount of cash outflow can be reliably estimated The timing of recognition and quantification of the liability require the
application of judgment to existing facts and circumstances, which can be subject to change. Since the cash outflows can take place many years in the
future, the carrying amounts of provisions and liabilities are reviewed regularly and adjusted to take account of changing facts and circumstances

c) Impairment of financial assets:

The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss rates. The Company uses
judgment in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market
conditions as well as forward looking estimates at the end of each reporting period

d) Impairment of non-financial assets:

The Company assesses at each reporting date whether there is an indication that as asset may be impaired. If any indication exists, the company
estimates the asset''s recoverable amount An asset''s recoverable amount is the higher of an asset''s or cash generating Units (CGU''s) fair value less costs
of disposal and its value in use It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
those from other assets or a group of assets, where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
consideredinpaired and is written down to its recoverable amount

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset In determining fair value less costs of disposal, recent market transactions are
taken into account, if no such transactions can be identified, an appropriate valuation model is used

e) Recognition of Deferred Tax Assets and Liabilities :

Deferred tax assets and liabilities arc recognised for deductible temporary differences and unused tax losses for which there is probability of utilisation
against the future taxable profit The Company uses judgement to determine the amount of deferred tax that can be recognised, based upon the likely
liming and the level of future taxable profit and business development

Recent pronouncements Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
D 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.

22 Segment Reporting:

The Company’s operating segment are established on the basis of those components of the company that are evaluted regularly by the Executive Committee (the ''Chief Operating
Decision Maker’ as defined in Ind AS 108 - ''Operating Segments'') in deciding how to allocate resources and in assessing performance. These have been identified taking into account
nature of products and services, the differing risks and letums and the internal business reporting system.

Since the Company is holding investments and that other activities are incidental thereto, in the opinion of the management there are no reporatable segment. Therefore information
relating to segment reporting has not been furnished.

23 Financial Instruments
Valuation

All financial instruments are initially recozniscd and subsequently re-measured at fair value as described below :

a) The fair value of investment in Subsidiary and associates in measured at cost

b) The fair value of investment in quoted Equity Shares, Bonds, Government Securities, Treasury Bills and Mutual Funds is measured at quoted price or NAV

c) The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

The Company''s financial risk management is an integral pan of how lo plan and execute its business stiatcgics. The Company’s financial risk management policy is set by the
Market Risk

Maiket Risk is the risk of loss of future earning, fail values 01 future cash flow that may result from a change in the piicc of a financial instrument The value of a financial instrument
may change as a result of changes in the interest tales, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments Market Risk
is attributable to all market risk sensitive financial instruments including investment and deposits . foreign currency receivables, payables and loans and borrowings

The Company manages maiket risk tluough its treasury department, which evaluate and exeiciscs independent conlrol over the entile process of market risk management The ticasury
department recommends risk management objectives and policies which ate approved by Senior Management and the Audit Committee The activities of this department include
management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing stiatcgics, and ensuring compliance with maiket risk limits and policies.

Interest Rate Risk

Interest rate risk is the risk that fait value oi future cash flows of a financial instrument will fluctuate because of changes in maiket interest rates. Since entire borrowings of the company
is interest free, the Company is not exposed to significant interest risk as at the respective icporting dates

Foreign Currency Risk

The Company is not exposed to significant foreign currency risk as at the respective leporting dates
Liquidity Risk

Liquidity Risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company’s treasury department is responsible
for liquidity, funding as well as settlement management In addition, processes and policies related to such risks are overseen by senior management. Management monitors the
Company’s net liquidity through rolling forecasts on the basis of expected cash flows.

Credit Risk

Credit risk arises from the possibility that counter party may not be able to settle their obligation as agreed. To manage this, the Company periodically assesses the financial reliability of
customers, taking in to account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable Individual risk limit are set
accordingly

The company considers the possibility of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis thioughout each
reporting period. To assess whether theie is a significant increase in cicdit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of
default as at the date of initial recognition

25 Capital Management

The Company manages its capital to ensure that it will continue os going concern while maximising the return to stakeholders. The company manages its capital structure and adjustment
in light of changes in business condition. The overall strategy remains unchanged as compare to last year.

30 The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

31 The Company is not covered under section 135 of the Companies Act with respect to Corporate Social Responsibility (CSR).

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

As per our report of even date For and on behalf of the Board

For N.J. Karia & Associates

Chartered Accountants

Registration No. 106742W Udaykumar C. Damani Rajendra N. Khona

Director Director

Dipika G Patel

Partner Bhavin S. Mehta Rupin V. Patel

Membership No. 146359 Company Secretary Chief Financial Officer

Place: Mumbai
Dated: 22.05.2024

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Mar 31, 2014

Rights, Preferences and Restrictions attached to Equity Shares.

The Company''s equity shares have a face value of Rs 10 per share. Each equity shareholder is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation, the equity shareholders are eligible to receive the assets of the Company remaining after distribution of all preferential amounts, in Proportion to their shareholding.

1 Segment Reporting

Since the company is holding Investments and that other activities are incidental thereto, in the opinion of the management there are no separate reportable segment. Accordingly AS-17 notified under the Companies (Accounting Standards) Rules, 2006 in respect of segment reporting is not applicable to the company.

2 Related Party

As per Accounting Standard 18 " Related Party Disclosure" as notified under the Companies (Accounting Standards) Rules, 2006, the disclosures of the related parties are given below:-

3 In view of Pending scrutiny/appeals, the interest on Income Tax Refund has not been recognised as income.

4 In view of uncertainty of the future taxable income which will set off the brought forward loss, no deferred tax assets has been created in terms of Accounting Standard (AS) 22- Accounting for Taxes on income as notified under the Companies (Accounting Standards) Rules, 2006.

5 The Income Tax assessments of the Company have been completed up to 4he Assessment year 2011-2012 The disputed demand up to the said Assessment year is Rs Nil. Based on the decision of the Appellate authorities and interpretation of the relevant provisions, the company has been advised that the no provision for tax is required.

6 The Previous year figures have been regrouped/reclassifiecL wherever necssary to conform to the current year presentation

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Mar 31, 2013

1 Segment Reporting

Since the company is holding Investments and that other activities are incidental thereto, in the opinion of the management there are no separate reportable segment. Accordingly AS-17 notified under the Companies (Accounting Standards) Rules, 2006 in respect of segment reporting is not applicable to the company.

2 In view of Pending scrutiny/appeals, the interest on Income Tax Refund has not been recognised as income.

3 In view of uncertainty of the future taxable income which will set off the brought forward loss, no deferred tax assets has been created in tenns of Accounting Standard (AS) 22- Accounting for Taxes on income as notified under the Companies (Accounting Standards) Rules, 2006.

4 The Income Tax assessments of the Company have been completed up to the Assessment year 2010-2011 The disputed demand up to the said Assessment year is Rs. Nil. Based on the decision of the Appellate authorities and interpretation of the relevant provisions, the company has been advised that the no provision for tax is required.

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Mar 31, 2012

1.1.1 Rights, Preferences and Restrictions attached to Equity Shares.

The Company's equity shares have a face value of Rs. 10 per share. Each equity shareholder is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation, the equity shareholders are eligible to receive the assets of the Company remaining after distribution of all preferential amounts, in Proportion to their shareholding.

1.2 TRADE PAYABLE

@ Based on the available information with the Company/intimation received/from the vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006, amounts unpaid as at year end/interest paid during the year/payble at the year end to such Enterprises under this Act is Nil.

1.3 The revised schedule VI notified under the Companies Act 1956 has become applicable to the company during the current year. The previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary, to conform to revised schedule VI classification and are to be read in relation to the amounts and other disclosures relating to the current year.

1.4 Segment Reporting

Since the company is holding Investments and that other activities are incidental thereto, in the opinion of the management there are no separate reportable segment. Accordingly AS-17 notified under the Companies (Accounting Standards) Rules, 2006 in respect of segment reporting is not applicable to the company.

1.5 In view of Pending scrutiny/appeals, the interest on Income Tax Refund has not been recognised as income.

1.6 In view of uncertainty of the nature taxable income which will set off the brought forward loss, no deferred tax assets has been created in terms of Accounting Standard (AS) 22- Accounting for Taxes on income as notified under the Companies (Accounting Standards) Rules, 2006.

1.7 The Income Tax assessments of the Company have been completed up to the Assessment year 2009-2010 The disputed demand up to the said Assessment year is Rs. 2430. Based on the decision of the Appellate authorities and interpretation of the relevant provisions, the company has been advised that the no provision for tax is required.

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Mar 31, 2010

1. Segment Reporting :

Since the company is holding Investments and that other activities are incidental thereto, in the opinion of the management there are no separate reportable segment. Accordingly AS-17 notified under the Companies (Accounting Standards) Rules, 2006 in respect of segment reporting is not applicable to the company.

2. Related Party Disclosures :-

a) Key Management Personnel

U.C.DAMANI - Director

H.M.VORA - Director

J.H.DALIA - Director

b) Transactions with Related Parties - Director Sitting Fees Paid Rs.5400/-

3. In view of uncertainty of the future taxable income which will set off the brought forward loss, no deferred tax assets has been created in terms of Accounting Standard (AS) 22- Accounting for Taxes on income as notified under the Companies (Accounting Standards) Rules, 2006.

4. The Income Tax assessments of the Company have been completed up to the Assessment year 2007- 2008 The disputed demand up to the said Assessment year is Rs.2.43 thousands. Based on the decision of the Appellate authorities and interpretation of the relevant provisions, the company has been advised that the no provision for tax is required.

5. In view of Pending scrutiny/appeals, the interest on Income Tax Refund has not been recognised as income.

6. Previous years figures are reworked, regrouped, rearranged and reclassified wherever necessary.

7. In the opinion of the Board, the Current Assets and Loans and Advances are approximately of the value stated if realised in the ordinary course of business. The provision of all known liabilities is adequate and neither in excess of nor short of amount reasonably necessary.

8. As no manufacturing activities were carried out during the year ended on 31st March,2010 information in respect of manufacturing activities required under para 3 & 4 of part II of schedule VI of the Companies Act, 1956 is not given.