Notes to Accounts of Victoria Mills Ltd.

Mar 31, 2025

vii. Provisions and contingent liabilities

A provision is recognized when:

The Company has a present obligation (legal or constructive) as a result of a past event. It is probable that 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.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably may not, require an outflow of resources. A contingent liability also arises in extreme cases where there is a
probable liability that cannot be recognised because it cannot be measured reliably.

Where there is a possible obligation or a present obligation such that the likelihood of outflow of resources is remote, no
provision or disclosure is made

viii. Impairment of assets

As at the end of each accounting year, the company reviews the carrying amounts of its Property, Plant and Equipment
and investments in subsidiary to determine whether there is any indication that those assets have suffered an impairment
loss. If such indication exists, the said assets are tested for impairment so as to determine the impairment loss, if any.

xi. Financial Instruments By Category
Fair values hierarchy

Financial assets and financial liabilities are measured at fair value in the financial statement and are grouped into three levels
of a fair value hierarchy. The three Levels are defined based on the observability of significant inputs to the measurement,
as follows:

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly.

xii. Segment Reporting:

The Company is in the business of real estate development. In view of the above the company has only one identified
reportable segment.

xiii. Cash Flow Statement

Cash flows are reported using the indirect method, whereby the net profit after 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 payments 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.

b) LLP in which directors are Partners - Bromelia Trading LLP.

xv. Unpaid/unclaimed dividend for the financial year ended 31.3.2017 is transferred to Investor education and protection fund
during the year.

xvi. There are no dues to suppliers covered under Micro Small and Medium Enterprises Development Act, 2006.

xvii. Financial risk management

Risk management framework: The Company''s board of directors has overall responsibility for the establishment and
oversight of the Company''s risk management framework. The board of directors are 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.

xviii. Employee benefits

Gratuity and Leave encashment is provided on the basis of cost of benefits determined using Projected Unit Cost Method
with actuarial valuation being carried out at each Balance sheet date. Superannuation Fund is contributed into Fund with
LIC. Full provision for liability in this respect has been made in the accounts. Gratuity Disclosure statement-

xix. There are no capital and other commitments as at 31.3.2025.

xx. The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

xxi. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

xxii. The company has not dealt with any struck off companies during the year.

xxiii. There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the
Income Tax Act, 1961, that has not been recorded in the books of account.

xxiv. The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

xxv. Previous year''s figures are regrouped where necessary.

As per our report Annexed herewith

For VASANI & THAKKAR .

ADITYA MANGALDAS Chairman and

Chartered Accountants

Firm Registration No 111296W ^{DIN 00032233} Managing Director

^ ^VASANI MAMTA MANGALDAS

^p.^artn.^er .„,7n-so DIN 00021078

Membership No 147038

ASGAR BENGALI GARGI MASHRUWALA _Directors

Chief Financial officer DIN 00032543

Place : Mumbai HUSSAIN SIDHPURWALA ANIL WANI

Date : May 26, 2025 Fompany Secretary DIN 06504762

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Mar 31, 2024

vii. Provisions and contingent liabilities

A provision is recognized when:

The Company has a present obligation (legal or constructive) as a result of a past event. It is probable that 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.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably may not, require an outflow of resources. A contingent liability also arises in extreme cases where there is a probable liability that cannot be recognised because it cannot be measured reliably.

Where there is a possible obligation or a present obligation such that the likelihood of outflow of resources is remote, no provision or disclosure is made

viii. Impairment of assets

As at the end of each accounting year, the company reviews the carrying amounts of its Property, Plant and Equipment and investments in subsidiary to determine whether there is any indication that those assets have suffered an impairment loss. If such indication exists, the said assets are tested for impairment so as to determine the impairment loss, if any.

xii. Segment Reporting :

The Company is in the business of real estate development. In view of the above the company has only one identified reportable segment.

xiii. Cash Flow Statement

Cash flows are reported using the indirect method, whereby the net profit after 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 payments 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.

xvi. There are no dues to suppliers covered under Micro Small and Medium Enterprises Development Act, 2006.

xvii. Financial risk management

Risk management framework: The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors are 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.

xviii. Employee benefits

Gratuity and Leave encashment is provided on the basis of cost of benefits determined using Projected Unit Cost Method with actuarial valuation being carried out at each Balance sheet date. Superannuation Fund is contributed into Fund with LIC. Full provision for liability in this respect has been made in the accounts. Gratuity Disclosure statement-

xix. There are no capital and other commitments as at 31.3.2024.

xx. The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

xxi. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

xxii. The company has not dealt with any struck off companies during the year.

xxiii. There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

xxiv. The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

xxv. Previous year''s figures are regrouped where necessary and includes the figures of merged entity Victoria Land Pvt. Ltd. for the previous year as well.

As per our report Annexed herewith

For VASANI & THAKKAR .

. . . . . ADITYA MANGALDAS Chairman and

Chartered Accountants

Firm Registration No 111296W ^{DIN 00032233 Managing Director}

^ ^VASANI MAMTA MANGALDAS

^Part"f^r _h M DIN 00021078

Membership No 147038

ASGAR BENGALI GARGI MASHRUWALA _Directors

Chief Financial officer DIN 00032543

Place : Mumbai HUSSAIN SIDHPURWALA ANIL WANI

Date : May 17, 2024 Company Secretary DIN 06504762

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Mar 31, 2018

C. EXPLANATION FOR TRANSITION TO IND AS.

a) These are the Company''s first financial statements prepared in accordance with Ind AS. The accounting policies have been applied consistently in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (the Company''s date of transition). An explanation of how the transition from financial statements prepared in accordance with accounting standards notified under the Section 133 of the Act, read together with paragraph 7 of the Companies (Accounts) Rules,

2014 (Previous GAAP) to Ind AS has affected the Company''s financial position, financial performance and cash flows is set-out in the following tables and notes:

b) Ind AS optional exemptions

Deemed cost for property, plant and equipment, investment property and intangible assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties. Accordingly, the Company has elected to measure all of its property, plant and equipment, intangible assets and investment property at their previous GAAP carrying value.

Investment

Ind AS 101 permits a first-time adopter to continue previous GAAP carrying value for investment in equity instrument of subsidiaries. Accordingly, the Company has elected to apply the said exemption.

Initial recognition of a financial asset

Under Ind AS 109, at initial recognition of a financial asset, an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Ind AS 101 allows such designation of previously recognized financial assets, as Fair Value through Other Comprehensive Income (FVTOCI) on the basis of the facts and circumstances that existed at the date of transition to Ind AS. Accordingly, the Group has designated its investments in equity instruments at fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS.

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Mar 31, 2015

1. Segment Reporting :

The Company is in the business of real estate development. In view of the above the company has only once identified reportable segment.

2. A debt recoverable from a party, aggregating to Rs 1,70,00,000/- as on 31.03.2015, whose recovery has been outstanding since over five years, has been shown as good and fully recoverable in the financial statements. A case has been fi led by the Company against the party under section 138 of the Negotiable Instruments Act with the Additional Metropolitan Magistrate Court, Mumbai. Rs 20,00,000 has been recovered from the party during the financial year. The management is fully confident of the recovery of the outstanding amount.

3. There are no capital and other commitments as at 31.3.2015.

4. There are no Contingent Liabilities as at 31.3.2015.

5. There are no dues to suppliers covered under Micro Small and Medium Enterprises Development Act, 2006.

6. Previous year's figures are regrouped where necessary.

7. Unpaid/unclaimed dividend for the financial year ended 31.3.2007 transferred to Investor education and protection fund.

8. As per revised Accounting Standard 15 applicable from this year, the liability for gratuity and leave encashment has been valued by an Actuary. Full provision for liability in this respect has been made in the accounts. Gratuity Disclosure statement as per AS-15.

Name of the related parties and relationship :

A) Subsidiary

Victoria Land Pvt.Ltd.

Annual General Meeting of the Company.

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Mar 31, 2013

1. Segment Reporting :

The Company is in the business of real estate development. In view of the above the company has only once identifi ed reportable segment.

Name of the related parties and relationship :

A) Subsidiary

Victoria Land Pvt. Ltd.

B) Associates

1. Galactic Enterprises Ltd.

2. Adarsh Enterprises

3. Fistuala Trading Pvt. Ltd.

4. Abhay Investments Pvt.Ltd.

5. Pawan Farms & Orachards

6. Bruhaspati Investment & Trading

7. Sutantu Agricultural Farm

8. Mangaldas Mehta & Co. Pvt. Ltd.

9. Bromelia Trading Pvt. Ltd.

10. Mangaldas Mehta & Co.

C) Key Mangement Personnel

1. SHRI ADITYA MANGALDAS

2. Previous year''s figures are regrouped where necessary.

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Mar 31, 2011

1. No amount of unpaid dividend has become due for payment into Investors Education and Protection Fund

2. As disclosed in the previous year Consent Agreement was signed with a party of Rs.1.20 Cr. The party made a payment of Rs.12 lacs and then did not make any payment thereafter. Hence the provision of Rs. 1.08 Cr. as doubtful debts has been made during the year.

3. As per revised Accounting Standard 15 applicable from this year, the liability for gratuity and leave encashment has been valued by an Actuary. Full provision for liability in this respect has been made in the accounts.

4. Previous years figures are regrouped where necessary.

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Mar 31, 2010

1. No amount of unpaid dividend has become due for payment into Investors Education and Protection Fund

2. After protracted negotiations, a consent agreement was signed with two parties for recovery of Rs. 8.81 crores (aft deducting Rs. 75.44 lacs payable to one of the concerned parties from Rs. 9.56 crores) settled at Rs. 6.36 crores. Out this amount, Rs. 1.81 crores has already been received and balance will be received in installments over a period of thre and half years. The difference of Rs. 2.45 crores between the amount settled and the amount originally receivable a written off in Profit & Loss Account as bad debts.

3. As per revised Accounting Standard 15 applicable from this year, the liability for gratuity and leave encashment has bee valued by an Actuary. Full provision for liability in this respect has been made in the accounts.

4. Previous years figures are regrouped where necessary.