Notes to Accounts of Vaghani Techno-Build Ltd.

Mar 31, 2024

2.12 PROVISIONS, CONTINGENT LIABILTIES AND CONTINGENT ASSETS :

(i) Provisions:

A provision is recognized, when company has a present obligation (legal or constructive) as a result of past events and it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, in respect of which a reliable estimate can be made for the amount of
obligation. ''Hie expense relating to the provision is presented in the profit and loss net of any reimbursement.

If the effect of the tunc value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to
the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

(ii) Contingent Liability

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or
more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent liabilities, if material, are disclosed by way of notes and contingent assets, if any, are disclosed in the notes to financial statements.

(iii) Contingent Assets

Contingent Assets arc disclosed, where an inflow of economic benefits is probable.

2.13 Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits with banks, other short term highly liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and which arc subject to an insignificant risk of changes in value.

I or the piiqsosc of presentation in the statement of cash flows, cash and cash equivalents includes outstanding bank overdraft shown within current
liabilities in statement of financial balance sheet and which arc considered as integral part of company''s cash management policy.

2.14 Trade receivables

Trade receivables are recognised initially at their fair value and subsequendy measured at amortised cost using the effective interest method, less provision
for expected credit loss.

2.15 Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. Iradc and other
payables are recognised, initially at fair value, and subsequently measured at amortised cost using effective interest rale method.

2.1C Cash Flow Statement ______

Cush flows are reported using the indirect method, whereby net profit before tax is adjusted fpjifi^ffejc^^i(apsactu>ns of a non-cash nature, any deferrals
or accruals of past or future operating cash receipts or payments and item of income or cxpvftscS associated ufalvinycsting or * *^{lc cas}*’

flows from operating, investing and financing activities of the Company are segregated. V ''

¦ W-''.l

2.17 Operating Cycle

Baaed on the nature of products/activitics of the Company and the normal time between acquisition of assets and their realisation in cash or cash
equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non

current.

2.18 Rounding of amounts

AH amounts disclosed in the financial statements and notes have been rounded off to the nearest Rupees Lakhs (up to two decimals), unless otherwise stated
as per the requirement of Schedule III (Division II).

2.19 Recent Accounting Pronouncements

''Hie Ministry of Corporate Affairs, during the year has not made any announcement or notified new Accounting Standards or any amendments m the
existing Accoumuig Standards as applicable to die Company. I Icncc there is no such notification which would have been applicable from 01 st April, 2022.

2.20 Tlie date of implementation of the Code on Wages, 2019 and the Code on Social Sccunty 2020 is yet to be notified by the Government. The Company will

assess the impact of these Codes and give effect in die financial results when the Rulcs/Schcmcs thereunder are notified._

1‘Ik Board provides guiding principles for overall risk management, as well as policies covering specific areas such as credit risk and liquidity risk effecting
business operations. The company’s risk management is carried out by the management as per guidelines and policies approved by the Hoard of
Directors.

(A) Credit Risk

Credit risk is the tisk dial counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit
risk encompasses the direct risk of default, risk of deterioration of creditworthiness as well as concentration risks. The Company is exposed to credit risk
from its operating activities (primarily trade receivables).

Credit Risk Management

1''hc company''s credit risk mainly from trade receivables as these arc typically unsecured. I his credit risk has always been managed through credit
approvals, establishing credit limits and continuous monitoring the creditworthiness of customers to whom credit is extended in the normal course of
business. The Company estimates the expected credit loss based on past data, available information on public domain and experience, Expected credit
losses of financial assets receivable arc estimated based on historical data of the Company. ''Hie company has provisioning policy for expected credit

losses.

(B) Liquidity Risk

The Company’s principal sources of liquidity are “cash and cash equivalents” and cash (lows that arc generated from operations. Hie Company believes
that its working capital is sufficient to meet its current requirements, lienee the Company does not perceive any liquidity risk.

24 Capital Management

Lor the purposes of Company capital management, Capital includes equity attributable to the equity holders of the Company and all other equity reserves,
flic primary objective of the Company capital management is to ensure that it maintains an efficient capital structure and maximize shareholder value,
flu Company manages its capital structure and makes adjustments in light of changes tn economic conditions and the requirements of the financial
covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders or issue new shares. No changes
were made in the objectives, policies or processes for managing capital during the year ended March 31, 2023.

The Company monitors capital using a gearing ratio and is measured by debt divided by total Equity. The Company’s Debt is defined as long-term and
short-term borrowings including current maturities of long term borrowings and total equity (as shown in balance sheet) includes issued capital and all
other reserves.

26 In the opinion of Board of Directors, current assets, loans and advances have a value on realisation in the ordinary course of business atleast equal to the amount at which they
.»r« state d in the Balance Sheet and provisions for all known and expected liabilities have been made.

27 Balance* ot the Trade Receivables, Trade Pay ables, lawns and Advances arc sublet to confirmation, reconciliation and consequent adjustment if any. However, in the opinion
of i he management such adjustments, if any, will not be material

28 The

29 C )thcr disclosures of Schedule III arc not applicable to the company.

Mo funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any
other pcrson(s) or entityfics), including foreign entities ("Intermediaries*’) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend
or invest tn party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any pany(s) (Funding Party) with the
understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

31 Previous year''s figures have been regroupcd/rcarranged wherever necessary to confirm die current presentation as per the Schedule III
For SHAH & TAP ARIA

CHARTERED ACCOUNTANTS FOR AND ON BEHALF OF BOARD

Firm''s Registration Number: 109463W okj

pTimSS^ SSt£^L^SAVlA DIRECTOR & CFO

MEMHfcKiWfto.: 130863 _r, • I ''V Vi WIIOLE TIME DIRECTOR DIN: 01SS2W7

lilt ¹ DIN: 00403389

PLACE: MUMBAI /£ /

DATED: 7th May 2024 \

K1RTILUDHRANI

M COMPANY SECRETARY _

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Mar 31, 2015

1. RELATED PARTY DISCLOSERS

A. Names of related parties and description of relationship:

1. Key Management Personnel Mr. Kantilal M. Savla (Chairman)

2. Entities where Key Management Personnel and their relatives have control or significant influence. Integrated Spaces Ltd.

3. The Company is engaged in the Real Estate related business and accordingly there are no reportable segments.

4. In the opinion of the Board, Current Assets, Loan and Advances are of the value stated if realized in the ordinary course of business. The provision for all known and determined liabilities are adequate and not in excess of the amounts reasonable

5 Balances of the Trade Receivables, Trade Payables, Loans and Advances are subject to confirmation, reconciliation and consequent adjustment if any. However, in the opinion of the management such adjustments, if any, will not be material.

6. Others disclosure of Schedule III are not applicable to the Company.

1. Previous year's figures have been regrouped/rearranged wherever necessary to confirm the current presentation as per the Schedule III.

1) This Ballot Form is provided for the benefit of Members who do not have access to e-voting facility.

2) A Member can opt for only one mode of voting i.e. either through e-voting or by Ballot. If a Member cast votes by both modes, then voting done through e-voting shall prevail and ballot shall be treated as invalid.

3) For detailed instructions on e-voting, please refer to the notes appended to the Notice of the AGM.

4) The scrutinizer will collate the votes downloaded from the e-voting system and votes received through post to declare the final result for each of the Resolutions forming part of the Notice of the AGM.

Process and manner for Members opting to vote by using the Ballot Form:

1) Please complete and sign the Ballot Form (no other form or photocopy thereof is permitted) and send it so as to reach the Scrutinizer appointed by the Board of Directors of the Company, Mr. Narayan Parekh, Partner, PRS Associates, Practicing Company Secretary, (Membership No: ACS 8059) at c/o Vaghani Techno Build Limited, D Wing, Karma Sankalp, Corner of 6th and 7th Road of Rajawadi, Ghatkopar (East), Mumbai - 400 077

2) The Form should be signed by the Member as per the specimen signature registered with the Company/ Depositories. In case of joint holding, the Form should be completed and signed by the first named Member and in his/her absence, by the next named joint holder. A Power of Attorney (POA) holder may vote on behalf of a Member, mentioning the registration number of the POA registered with the Company or enclosing an attested copy of the POA. (Exercise of vote by Ballot is not permitted through proxy)

3) In case the shares are held by companies, trusts, societies, etc. the duly completed Ballot Form should be accompanied by a certified true copy of the relevant Board Resolution/Authorization.

4) Votes should be cast in case of each resolution, either in favour or against by putting the tick (v) mark in the column provided in the Ballot.

5) The voting rights of shareholders shall be in proportion of the shares held by them in the paid up equity share capital of the Company as on 19th September, 2015 as per the Register of Members of the Company.

6) Duly completed Ballot Form should reach the Scrutinizer not later than 25th September, 2015 (5:00 p.m. IST). Ballot Form received after this date will be strictly treated as if the reply from the Members has not been received.

7) A Member may request for a duplicate Ballot Form, if so required. However, duly filled in and signed duplicate Form should reach the Scrutinizer not later than the date and time specified in serial no. 6 above.

8) Unsigned, incomplete, improperly or incorrectly tick marked Ballot Forms will be rejected. A Form will also be rejected if it is received torn, defaced or mutilated to an extent which makes it difficult for the Scrutinizer to identify either the Member or as to whether the votes are in favour or against or if the signature cannot be verified.

9) The decision of the Scrutinizer on the validity of the Ballot Form and any other related matter shall be final.

10) The results declared along with Scrutinizer's Report, shall be placed on the Company's website: www.vaghanitechnobuild.com and on the website of the Central Depository Securities Limited within two days of the passing of the Resolutions at the AGM of the Company on Saturday, the 26th September, 2015 and communicated to the BSE Limited, where the shares of the Company are listed.

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Mar 31, 2014

Note No 1. Terms/Rights attached to equity shares

(A) The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares 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.

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

Note No. 2.

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act, have not been given. The same has been relied upon by the Auditors.

Advance given to Suppliers include Rs. 65,00,000 (Previous year: 65,00,000) outstanding since long but no provision has been made as the Management is hopeful of recovery.

3. (A) CONTIGENT LIABILITY

Particulars As at As at March 31, 2014 March 31, 2013

Disputed Income Tax Liability 81,96,021 67,25,748

81,96,021 67,25,748

4. The Company is engaged in the Real Estate related business and accordingly there are no reportable segments.

5. In the opinion of the Board, Current Assets, Loan and Advances are of the value stated if realised in the ordinary course of business. The provision for all known and determined liabilities are adequate and not in excess of the amounts reasonable required.

6. Balances of the Trade Receivables, Trade Payables, Loans and Advances are subject to confirmation, reconciliation and consequent adjustment if any. However, in the opinion of the management such adjustments, if any, will not be material.

7. Others provisions of Revised Schedule VI are not applicable to the company.

8. Previous year''s figures have been regrouped/rearranged wherever necessary to confirm the current presentation as per the Revised Schedule VI.

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Mar 31, 2013

1 RELATED PARTY DISCLOSERS

A. Names of related parties and description of relationship:

1. Key Management Personnel Mr. Kantilal M. Savla (Chairman)

Mr. Bavchandbhai J. Vaghani (Director)

2. Entities where Key Management Personnel and their relatives have control or significant influence.

Integrated Spaces Ltd. (Erstwhile Shah Construction Co.)

Pranay Investment

Integrated Coreinfra Ltd.

Integrated Estate Management Pvt. Ltd.

Pranay Properties

Pranay Realtors

Rehab Pranay Developers

R.K. Enterprises

Savla Associates

Nagi sales International

Integrated Realty Projects

Pranay Leela Associates

Sadgurukrupa Developers

Peninsula Land Developers Pvt. Ltd.

Satyam Concast Pvt. Ltd.

2 The Company is engaged in the Real Estate related business and accordingly there are no reportable segments.

3 In the opinion of the Board, Current Assets, Loan and Advances are of the value stated if realised in the ordinary course of business. The provision for all known and determined liabilities are adequate and not in excess of the amounts reasonable required.

4 Balances of the Trade Receivables, Trade Payables, Loans and Advances are subject to confirmation, reconciliation and consequent adjustment if any. However, in the opinion of the management such adjustments, if any, will not be material.

5 Others provisions of Revised Schedule VI are not applicable to the company.

Previous year''s figures have been regrouped/rearranged wherever necessary to confirm the current presentation as per the Revised Schedule VI.

6 Previous year figures have been regrouped and rearranged wherever considered necessary to make them comparable with those of the current year.

The Cash Flow Statement has been prepared under the "Indirect Method" set out in Accounting Standard 3 "Cash Flow Statement" issued by the Institute of Chartered Accountants of India.

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Mar 31, 2012

1. SHARE CAPITAL

Note No 1.2 Terms/Rights attached to equity shares:

(A) The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares 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.

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

2. TRADE PAYABLES

Note No. 2.1

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given. The same has been relied upon by the Auditors.

3. FIXED ASSETS

Note no 3.1

Accounting Policy of Fixed Assets & Depreciation/Amortisation

(A) Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(B) Depreciation has been provided on Written Down Value at rates prescribed in Schedule XIV to Companies Act, 1956. Depreciation on assets Added/Disposed off during Year has been provided on a Pro-rata basis with reference to month of additions/deduction. Depreciation has been provided for full month ignoring part of month.

Note No 3.2

During previous year, the company has converted fixed assets consisting of Land and Building of Rs. 5,97,09,420/-(Gross) into Inventory pursuant to the order of Income Tax Department. Accordingly accumulated depreciation of Rs. 2,24,77,105 has been written back and credited to Statement of Profit & Loss during the previous year.

4. INVENTORIES

Note No 4.1

Accounting Policy of Inventories Valuation

TDR Stock and Industrial Units are valued at lower of Cost and Net Realisable Value. Cost is receivable at on basis of specific identification method.

5. TRADE RECEIVABLES

Note No. 5.1

The company has old trade receivable amounting to Rs. 98,98,024/- (previous Year Rs. 1,08,98,024/-). However no provision for doubtful debts is made as the management is hopeful of recovery.

6. (A) CONTINGENT LIABILITY

Particulars As at As at March 31, 2012 March 31, 2011

Disputed Income Tax Liability 2,22,010 -

Guarantees given - -

2,22,010 -

(B) COMMITMENTS

Particulars As at As at March 31, 2012 March 31, 2011

Estimated Amounts of Contract remaining to be executed 1,93,92,000 1,93,92,000 on capital account and not provided for 1,93,92,000 1,93,92,000

Total (A B) 1,96,14,010 1,93,92,000

7. REVENUE FROM OPERATIONS

Note No 7.1

Accounting Policy of Revenue Recognition

Transfer of Development Rights Sale is recognised after entering into an agreement with the Purchaser of the Transfer of Development Rights.

8. RELATED PARTY DISCLOSURES

A. Names of related parties and description of relationship:

1. Key Management Personnel Mr. Kantilal M. Savla (Chairman)

Mr. Bavchandbhai J. Vaghani (Director)

2. Entities where Key Management Personnel and their relatives have control or significant influence. Integrated Spaces Limited. (Erstwhile Shah Construction Co.)

9. Tax for earlier year includes Rs. 56,48,872 towards short provision for Income Tax for earlier years

10. The Company is engaged in the Real Estate related business and accordingly there are no reportable segments.

11. In the opinion of the Board, Current Assets, Loan and Advances are of the value stated if realised in the ordinary course of business. The provision for all known and determined liabilities are adequate and not in excess of the amounts reasonable required.

12. Balances of the Trade Receivables, Trade Payables, Loans and Advances are subject to confirmation, reconciliation and consequent adjustment if any. However, in the opinion of the management such adjustments, if any, will not be material.

13. Others provisions of Revised Schedule VI are not applicable to the company.

14. Previous year's figures have been regrouped/rearranged wherever necessary to confirm the current presentation as per the Revised Schedule VI.

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Mar 31, 2011

1) Estimated amount of contracts Rs..1,93,92,333/- remaining to be executed on capital account.

2) Earnings Per Share (EPS):

As required by Accounting Standard-AS 20 "Earnings Per Share" issued by the Institute of Chartered Accountants of India", the Earnings Per Share (EPS) is calculated by dividing the profit attributable to the Equity Shareholders by the average number of Equity Shares outstanding during the year and is ascertained as follows.

3) Tax for earlier year includes Rs.56,48,872 towards short provision for Income Tax for earlier years.

4) The Company is engaged in the Real Estate related business and accordingly there are no Segments.

5) In the opinion of the Board, Current Assets, Loans and Advances are of the value stated if realized in the ordinary course of business. The provisions for all known and determined liabilities are adequate and not in excess of the amounts reasonably required.

6) Balances of the Sundry Debtors, Creditors, Loans and Advances are subject to confirmation, reconciliation and consequent adjustment if any. However, in the opinion of the management such adjustments, if any, will not be material.

7) The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year-end together with interest paid/payable under this Act, have not been given. The same has been relied upon by the Auditors.

8) The provision of Clause 4C of Part II of Schedule VI of the Companies Act, 1956 are not applicable to the company.

9) During the year, the company has converted fixed assets consisting of Land and Building of Rs..5,97,09,420/- (Gross) into Inventory pursuant to the order of Income Tax Department. Accumulated depreciation of Rs. 2,24,77,105 has been written back during the year, due to which the profit for the year is overstated by Rs. 2,24,77,105/- & consequently the reserves.

10) The company has old debtors amounting to Rs. 1,08,98,024. However no provision for doubtful debts is made as the management is hopeful of recovery.

11) Previous Years Figure have been regrouped and rearranged wherever necessary. As per our report of even date

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Mar 31, 2010

1) Details of Related Party transactions:

Key Management Personnel

Mr. Bavchandbhai J Vaghani Director

Mr. Govind J Vaghani Director

Mr. Kantilal M Savla Chairman

Late Ms. Pratiksha P Gala Director (till 7th March, 2010)

Enterprise over which Key managerial Personnel or relative of key Management personnel able to exercise significant influence:

Satyam Concast Private limited

Integrated Spaces Limited

Pranay Investment

Pranay Leasing & Finance Limited

Integrated Coreinfra Limited

Integrated Estate Management Private Limited

Integrated Renewable Energy Private Limited

Pranay Properties

Pranay Realtors

Pranay leela Associates

Rehab Pranay Developers

R.K. Enterprises

Savla Associates

Nagi sales International

2) Tax for earlier year includes Rs. (1,416,761/-) towards difference in deprecation as per Books and Income Tax & Rs.339,221/- [Net of Minimum Alternate Tax credit of Rs. (1,611,503/-)] towards Income Tax

3) The Company is engaged in the Real Estate related business and accordingly there are no Segments.

4) In the opinion of the Board, Current Assets, Loans and Advances are of the value stated if realized in the ordinary course of business. The provision for all known and determined liabilities are adequate and not in excess of the amounts reasonably required.

5) Balances of the Sundry Debtors, Creditors, Loans and Advances are subject to confirmation, reconciliation and consequent adjustment if any. However, in the opinion of the management such adjustments, if any, will not be material.

6) The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year-end together with interest paid/payable under this Act, have not been given. The same has been relied upon by the Auditors.

7) The provision of Clause 4C of Part II of Schedule VI of the Companies Act, 1956 are not applicable to the company.

8) Previous Years Figure have been regrouped and rearranged wherever necessary.