Notes to Accounts of Walchand Peoplefirst Ltd.

Mar 31, 2025

31 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR) Rs. in Lakhs
Particulars	As at March 31, 2025	As at March 31, 2024
a) Contingent liability with respect to Mumbai Port Trust (MbPT) demand on account of lease rentals. The Company has filed a Suit for injunction before the Honhle City Civil Court restraining MbPT from taking any action against the Company and to withdraw the said Notice/Letter. According to the legal advice, the order is unreasonable and unwarranted. The MbPT vide letter dated 03.11.20, called for certain documents which Company has provided vide letter dated 09.12.20.	259.21	240.81
b) GST Demand Order under the Section 73(9) of the Haryana Goods and Services Tax Act, 2017 and Central Goods and Services Tax Act, 2017 was received on 01 Jan 2024 for the payment of GST liability including interest and penalty. We had made the submissions on 09/11/2023, 17/11/2023 and 06/12/2023 post the Original Show Cause notice of GST was received in the Form DRC-01 for the year 2017-18 (July 17 to March 18) under the Section 73 of HGST/ CGST Act, 2017. The Demand under the latest aforesaid order for the period July 2017 to March 2018 contains GST of Rs. 54.22 Lakhs, Interest of Rs. 56.16 Lakhs and Penalty of Rs. 5.92 aggregating to Rs. 116.31 Lakhs GST demand summary- Amounts in full Rupees Tax - Interest Penalty Total 1) CGST Rs. 9,899/- CGST Rs. 10,252/- CGST Rs. 25,990/- CGST Rs. 46,140/- 2) SGST Rs. 9,899/- SGST Rs. 10,252/- SGST Rs. 25,990/- SGST Rs. 46,140/- 3) IGST Rs. 54,02,840/- IGST Rs. 55,95,270/- IGST Rs. 5,40,284/- IGST Rs. 1,15,38,394/-TOTAL 1,16,30,674 Items 1) and 2) are towards the difference in credit notes in GSTR 1, GSTR 3B, GSTR 9 and General Penalty Item 3) is towards ITC short appearing in Form GSTR 2A and SEZ customers related endorsement from the Specified Officer. The notice of personal hearing in respect of the Appeal filed before the Appellate Authority was served on 16th September 2024 and it was scheduled 26th September 2024, the hearing was undertaken and all the details were explained, the next hearing date was given for 28th November 2024. The notice of personal hearing in respect of the Appeal filed before the Appellate Authority was served on 16th September 2024 and it was scheduled 26th September 2024. The next hearing date was given for 25 November and 04 December 2024 and it was scheduled 19 December 2024, both the hearing was undertaken and all the details were explained. We have received the Order No. ZD0612240321331 dated 24 Dec 2024, granting the appeal in our favor. Hence, the Contingent Liability corresponding to that case amounting to Rs. 116.31 Lakhs has been removed.	116.31

Level 1: hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3

FINANCIAL RISK MANAGEMENT

1 Market risk

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument.

a Interest rate risk :

The company has investment in fixed deposits. However interest income from fixed deposits is a residuary income and will not affect the significant cash flow of the company.

b Foreign currency risk:

Foreign currency risk refers to risk that the fair value of future cash flows of an exposure may fluctuate due to change in foreign expense rates. The Company is exposed to foreign currency risk arising out of transactions in foreign currency.

2 Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates.Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

36. Disclosure on revenue pursuant to Ind AS 115 - Revenue from Contracts with Customers:

(i) Disaggregation of revenue

(a) Revenue from sale of Service are recognised when program is delivered.. There are no further disaggregation of revenue with respect to this information.

(b) Revenue from sale of service is from Domestic market i.e from sales within India. There are no further disaggregation of revenue with respect to this information.

37. Capital Management

For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.

As at March 31, 2025, the Company has one class of equity shares which is in the nature equity. Consequent to such capital structure, there are no externally imposed capital requirements.

38. Other disclosures

(i) The Company do not have any Benami property, where any proceeding has been initiated or pending against The Company for holding any Benami property.

(ii) The Company do not have any transactions with companies struck off.

(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory

period.

(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the year.

(v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall:

WALCHAND PEOPLE FIRST

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

vii) The Company do not have any such transaction which is not recorded in the books of accounts and 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)

viii) The company holds all the title deeds of immovable property in its name.

ix) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

x) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

39. Event after reporting Period Proposed Dividend

Dividends proposed or declared after the balance sheet date but before the financial statements have been approved by the Board of Directors for issue are not recognised as a liability at the balance sheet date.

The Board of Directors recommended final dividend of Rs.1/- per equity share for the financial period year ended on March 31, 2025. The payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. (Previous year Rs. 1/- per equity share).

The total estimated equity dividend would result in total cash outflow of Rs. 29.04 Lakhs (Previous year Rs. 29.04 Lakhs).

40. The Financial Statements were authorized for issue in accordence with a resolution passed by the Board of Directors on May 12, 2025. The Financial Statements as approved by the Board of Directors are subject to final approval by it’s shareholders.

---

Mar 31, 2024

15.2 Terms and rights

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 company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

15.3 Holding company share holding details:-

"Out of the 29,03,890 Equity shares, 16,64,354 Equity Shares are held by the holding company.

(Previous year out of 29,03,890 Equity shares, 16,64,361 Equity Shares are held by the holding company). ”

Note: Late Kamalini Bahubali who expired on 3rd May 2022 was holding 5390 shares, the shares are currently undergoing transmission. They have been debited from her Demat account and credited in the name of Principle Executor of Probate. Further, these shares are presently in the process of transmission from Principle Executor to the respective legal heirs as stipulated in the Probate.

15.6 The Company has not issued any bonus shares, any shares for consideration other than cash and shares bought back during the period of five years immediately preceding the date of the Balance Sheet.

Description of nature and purpose of each reserve :

Capital Redemption reserve

Capital redemption reserve created at the time of redemption of Preference Shares.

Securities Premium

Securities premium is used to record the premium on issue of shares. These reserve is utilised in accordance with the provisions of the Act.

General reserve

General reserve is created from time to time by way of transfer profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Disclosures under Micro, Small and Medium Enterprises Developement Act, 2006

Company has sent letters to suppliers to confirm whether they are covered under Micro, Small and Medium Enterprises Development Act, 2006 as well as they have filed required memorandum with the prescribed authorities. This information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 and has been determined to the extent such parties have been identified on the basis of the information available with the company and have been relied upon by the auditors.

During the last year ended March 2023, The Company had sold one of its immovable properties and the related one time gain amounting to Rs. 199.96 Lakhs was recorded under the other income.

Other income for the quarter ended and year ended 31st March 2024 includes lncome on fair valuation of the Financial Assets, amounting to Rs. 10.30 Lakhs and Rs. 93.64 Lakhs [previous year quarter and year ended Rs.(11.55) lakhs and Rs. (4.48) lakhs] respectively on account of fair valuation as on that date.

31 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR) Rs. in Lakhs
Particulars	As at March 31, 2024	As at March 31, 2023
a) Contingent liability with respect to Mumbai Port Trust (MbPT) demand on account of lease rentals. The Company has filed a Suit for injunction before the Honhle City Civil Court restraining MbPT from taking any action against the Company and to withdraw the said Notice/Letter. According to the legal advice, the order is unreasonable and unwarranted. The MbPT vide letter dated 03.11.20, called for certain documents which Company has provided vide letter dated 09.12.20.	240.81	223.12
b) GST Demand Order under the Section 73(9) of the Haryana Goods and Services Tax Act, 2017 and Central Goods and Services Tax Act, 2017 was received on 01 Jan 2024 for the payment of GST liability including interest and penalty. We had made the submissions on 09/11/2023, 17/11/2023 and 06/12/2023 post the Original Show Cause notice of GST was received in the Form DRC-01 for the year 2017-18 (July 17 to March 18) under the Section 73 of HGST/ CGST Act, 2017. The Demand under the latest aforesaid order for the period July 2017 to March 2018 contains GST of Rs. 54.22 Lakhs, Penalty of Rs. 56.16 Lakhs and interest of Rs. 5.92 aggregating to Rs. 116.31 Lakhs GST demand summary- Amounts in full Rupees Tax - Interest Penalty Total 1) CGST Rs. 9,899/- CGST Rs. 10,252/- CGST Rs. 25,990/- CGST Rs. 46,140/- 2) SGST Rs. 9,899/- SGST Rs. 10,252/- SGST Rs. 25,990/- SGST Rs. 46,140/- 3) IGST Rs. 54,02,840/- IGST Rs. 55,95,270/- IGST Rs. 5,40,284/- IGST Rs. 1,15,38,394/-TOTAL 1,16,30,674 Items 1) and 2) are towards the difference in credit notes in GSTR 1, GSTR 3B, GSTR 9 and General Penalty Item 3) is towards ITC short appearing in Form GSTR 2A and SEZ customers related endorsement from the Specified Officer."	116.31	-

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

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

Level 1: hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3

FINANCIAL RISK MANAGEMENT

1 Market risk

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument.

a Interest rate risk :

The company has investment in fixed deposits. However interest income from fixed deposits is a residuary income and will not affect the significant cash flow of the company.

b Foreign currency risk:

Foreign currency risk refers to risk that the fair value of future cash flows of an exposure may fluctuate due to change in foreign expense rates. The Company is exposed to foreign currency risk arising out of transactions in foreign currency.

2 Credit risk

"Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates.Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered."

Financial Assets are considered to be of good quality and there is no significant increase in credit risk.

In addition to above the company makes the specific provision for the receivables which are outstanding for more than 1 year and are considered doubtful/disputed.

3 Liquidity risk :

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset.

36. Capital Management

"For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.

As at March 31, 2024, the Company has one class of equity shares which is in the nature equity. Consequent to such capital structure, there are no externally imposed capital requirements."

37. Other disclosures

(i) The Company do not have any Benami property, where any proceeding has been initiated or pending against The Company for holding any Benami property.

(ii) The Company do not have any transactions with companies struck off.

(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the year.

(v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries."

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that The Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries."

vii) The Company do not have any such transaction which is not recorded in the books of accounts and 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)

viii) The company holds all the title deeds of immovable property in its name.

ix) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the

Companies Act, 2013.

x) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

38. Event after reporting Period Proposed Dividend

Dividends proposed or declared after the balance sheet date but before the financial statements have been approved by the Board of Director for issue are not recognised as a liability at the balance sheet date.

The Board of Director recommended final dividend of Rs. 1 per equity share for the financial year ended on 31^st March, 2024. The payment is subject to the approval of shareholder in the ensuing Annual General Meeting of the Company. (Previous year Rs. 1 per equity share).

The total estimated equity dividend would result in total cash outflow of Rs. 29.04 Lakhs (Previous year Rs. 29.04 Lakhs).

39. Ms. Kajal Sagar Rakholiya, earstwhile Company Secretary and Compliance Officer had tendered her resignation, with effect from the closure of the business hours of April 30, 2024. The company is in the process of the appointment of the Company Secretary and Compliance Officer.

40. The Financial Statements were authorized for issue in accordence with a resolution passed by the Board of Directors on 09 May 2024. The Financial Statements as approved by the Board of Directors are subject to final approval by it’s shareholders.

---

Mar 31, 2018

30 RELATED PARTY DISCLOSURES:-A Description of Companies:

Name of the Related Party Nature of Relationship

Walchand & Company. Pvt. Ltd. Holding Company

Walchand Netsoft Pvt Ltd Controlled Company

Walchand Diamond Jubilee Trust Directors as Trustee

B Key Management Personnel:

Name of the Related Party Nature of Relationship

Mrs. Pallavi Jha Chairperson & Managing Director

Mr. Sanjay Jha Whole Time Director

Ms Shruthi Patni Chief Financial Officer

C Relative of Key Management Personnel:

Name of the Related Party Nature of Relationship

Mrs. Kamalini Bahubali Mother of Chairperson & Managing Director

Ms. Maithili Jha Daughter of Chairperson & Managing Director

Ms. Anuja Joshi Sister of Chairperson

* 100% provision made against Investment in Equity shares of Bombay Mercantile Co-op Bank Ltd. Rs. 0.05 Lakhs and Investment in shares of Walchand Co. op. housing society Rs. 0.0025 Lakhs. Hence closing value is NIL.

** 100% provision made against Security deposit of Rs. 2.24 Lakhs. Hence closing value is NIL.

FINANCIAL RISK MANAGEMENT 1 Market risk

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. a Interest rate risk :

The company has investment in fixed deposits. However interest income from fixed deposits is a residuary income and will not affect the significant cash flow of the company. b Foreign currency risk:

Company has nominal amount of foreign currency exposure, hence it will not impact cash flow of the company.

2 Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information. Financial assists are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss. The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

Financial Assets are considered to be of good quality and there is no significant increase in credit risk.

33 FIRST TIME ADOPTION OF IND AS

For all periods up to and including the year ended 31st March, 2017, the Company had prepared its financial statements in accordance with the accounting standards notified under Section 133 of the Companies Act, 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014 (‘Previous GAAP’). This note explains the principal adjustments made by the Company in restating its financial statements prepared under Previous GAAP for the following

a) Balance Sheet as at 1st April, 2016 (Transition date);

b) Balance Sheet as at 31st March, 2017; and

c) Statement of Profit and Loss for the year ended 31st March, 2017 Exemptions availed

Ind AS 101- First-time adoption of Indian Accounting Standards, allows first-time adopters, exemptions from the retrospective application and exemption from application of certain requirements of other Ind AS. The Company has availed the following exemptions as per Ind AS 101:

Optional exemptions availed

i) Property, plant and equipment & Intangible assets :

The Company has elected to consider the carrying value of all its items of property, plant and equipment and intangible assets recognized in the financial statements prepared under Previous GAAP and use the same as deemed cost in the opening Ind AS Balance Sheet.

Ind AS Mandatory exceptions :

i) Classification and measurement of financial assets:

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist as on the date of transition to Ind AS. Accordingly Company has classified and measured all its financial assets on the basis of the facts and circumstances that exist as on the date of transition to Ind AS.

ii) Estimates :

An entity’s estimates in accordance with Ind AS as on the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous IGAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.Ind AS estimates as at 1 April 2016 are consistent with the estimates as on the same date made in conformity with previous GAAP.

Footnotes :

A Proposed dividend

In the financial statements prepared under Previous GAAP, dividend on equity shares recommended by the Board of Directors after the end of reporting period but before the financial statements were approved for issue, was recognized as a liability in the financial statements in the reporting period relating to which dividend was proposed. Under Ind AS, such dividend is recognized in the reporting period in which the same is approved by the members in a general meeting. On the date of transition, the above change in accounting treatment of proposed dividend has resulted in increase in Equity with a corresponding decrease in Provisions by Rs. 43.69 lakhs

B Rent deposit given

Under the previous GAAP, Rent deposits given were recorded at their transaction value. Under Ind AS, all financial assets are required to be valued at fair value. Difference between fair value of rent deposits and the carrying value (transaction value) as per Previous GAAP has been recognized as prepaid rent. Consequently, the amount of rent deposits given has been decreased by Rs. 3.20 Lakhs, prepaid rent increased by Rs. 3.18 Lakhs and Total Equity decreased by Rs. 0.02 Lakhs as at 1st April, 2016.The amount of rent deposits has been decreased by Rs. 8.21 Lakhs, prepaid rent increased by Rs. 8.07 Lakhs and Total Equity decreased by Rs. 0.14 Lakhs as at 31st March, 2017.Profit for the year ended 31st March 2017 and total equity as at 31st March 2017 decreased by Rs. 0.12 Lakhs (Net) Due to amortization of prepaid lease rent of Rs. 0.83 Lakhs and is partially off-set by the notional interest income on lease deposit of Rs. 0.71 Lakhs.

C Rent deposits received from tenant :

Under the previous GAAP, Rent deposits taken were recorded at their transaction value. Under Ind AS, all financial liabilities are required to be valued at fair value. Difference between fair value of rent deposits and the carrying value (transaction value) as per Previous GAAP has been recognized as Lease income received in advance. Consequently, the amount of rent deposits received from tenant has been decreased by Rs. 7.08 Lakhs, Lease income received in advance increased by Rs. 6.53 Lakhs and Total Equity increased by Rs. 0.55 Lakhs as at 1st April, 2016.The amount of rent deposits has been decreased by Rs. 4.93 Lakhs and Lease income received in advance increased by Rs. 4.35 Lakhs and Total Equity increased by Rs. 0.58 Lakhs as at 31st March, 2017.Profit for the year ended 31st March 2017 and total equity as at 31st March 2017 increased by Rs. 0.03 Lakhs (Net) Due to amortization of Lease income received in advance of Rs. 2.18 Lakhs and is paritally off-set by the notional interest expense on rent deposits taken of Rs. 2.15 Lakhs.

D Remeasurement of defined benefit plans :

In the financial statements prepared under Previous GAAP, remeasurement benefit of defined plans (gratuity), arising primarily due to change in actuarial assumptions was recognized as employee benefits expense in the Statement of Profit and Loss. Under Ind AS, such remeasurement benefits relating to defined benefit plans is recognized in OCI as per the requirements of Ind AS 19- Employee benefits. Consequently, the related tax effect of the same has also been recognized in OCI. For the year ended 31st March, 2017, measurement of gratuity liability resulted in a net benefit of Rs. 17.29 Lakhs which has now been removed from employee benefits expense in the Statement of Profit and Loss and recognized separately in OCI. Consequently, tax effect of the same amounting to Rs. 5.72 Lakhs is also recognized separately in OCI. The above changes do not affect Equity as at date of transition to Ind AS and as at 31st March, 2017. However, Profit before tax and profit for the year ended 31st March, 2017 Increased by Rs. 17.29 Lakhs and Rs. 11.58 Lakhs respectively.

---

Mar 31, 2016

1. Of the above Equity shares :

(a) During 2011-12, 2,90,389 Equity shares of Rs 100 each were subdivided into 29,03,890 shares of Rs 10/ each.

2. Terms and rights

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 company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year the amount of dividend per share recommended by the Board of Directors to equity shareholders was Rs.1.25 (31st March 2015 - Re 1).

3. Holding company share holding details:-

Out of the 29,03,890 Equity shares, 15,88,234 Equity Shares are held by the holding company.

(Previous year out of 29,03,890 Equity shares, 15,20,486 Equity Shares are held by the holding company).

4. TRADE PAYABLES

Disclosures under Micro, Small and Medium Enterprises Act

Company has sent letters to suppliers to confirm whether they are covered under Micro, Small and Medium Enterprises Act, 2006 as well as they have filed required memorandum with the prescribed authorities. This information is required to be disclosed under the Micro, Small and Medium enterprises development Act,2006 and has been determined to the extent such parties have been identified on the basis of the information available with the company and have been relied upon by the auditors.

5. The company has entered into operating lease arrangements for its office premises which are cancellable and renewable as per terms. The related rent expenses is Rs 47.78 Lacs.(Previous Year - Rs 44.91 Lacs).

6. Employee benefit disclosure

The Company has classified various employee benefits as under:

7. Defined Contribution plans

The amounts recognized as expense :-

8. Defined Benefit plan - Gratuity:

The following table summarizes the components of expense related to defined benefit plan recognized in the Profit and Loss account, the funded status and amounts recognized in the Balance Sheet for the plan.

---

Mar 31, 2015

1A General Information:

Walchand PeopleFirst Limited (the 'company') is engaged in the business to impart training in soft skills like leaderships, communication, presentation, etc. The Company had acquired the franchise rights to offer, sell, teach and impart the training methods, techniques and programs developed by Dale Carnegie Training & Asso ciates, U.S.A. to individual and employees of the corporate.

2.1 Of the above Equity shares :

(a) 11,666 Shares were issued in 1961 by converting 35,000 Promoters' Shares of Rs. 3.75 each (Rs. 1,31,250) into 11,666 Shares of Rs.11.25 each and by utilising Rs. 2,18,730 from Capital Reserves for issue of 11,666 Shares of Rs. 18.74936 each and consolidating the two.

(b) 43,333 Shares of Rs. 30 each were issued in 1961 as Bonus Shares by utilising Capital Reserve of Rs. 12,99,990.

(c) During 1966, the face value of 1,71,675 Equity Shares was increased from Rs. 30 each to Rs. 50 each by utilising Rs. 34,33,500 from Reserve for Investments and Advances. Further 34,335 bonus Equity Shares of Rs. 50 each were issued as fully paid by capitalisation of Rs. 17,16,750 out of General Reserve.

(d) During 1970, the face value of equity Shares was increased from Rs. 50 to Rs. 60 per share by capitalising Rs. 20,60,100 from General Reserve.

(e) During 1984, the face value of Equity Shares was increased from Rs. 60 to Rs. 100 per share by capitalising Rs. 82,40,400 from General Reserve.

(f) During 1994-95, 78,880 Equity Shares of Rs. 100 each were issued to the promoters on the preferential basis.

(g) During 2009-10, 5499 Equity Shares of Rs 100 each were issued to one of the shareholder of the transferor company - Walchand TalentFirst Limited, on account of the scheme of amalgamation.

(h) During 2011-12, 2,90,389 Equity shares of Rs 100 each were subdivided into 29,03,890 shares of Rs 10/ each.

2.2 Terms and rights

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 company declares and pays dividend in Indian rupees. The dividend proposed by the Board ofDirectors is subject to the approval of the shareholders in the ensuing Annual General Meeting.During the year the amount of dividend per share recommended by the Board of Directors to equity shareholders was Re 1. (31st March,2014 - Nil).

2.3 Holding company share holding details:-

Out of the 29,03,890 Equity shares, 15,20,486 Equity Shares are held by the holding company.(Previous year out of 29,03,890 Equity shares, 15,05,974 Equity Shares are held by the holding company).

The Board of Directors have recommended a final dividend of 10% in its Board meeting held on 6th May,2015 which is subject to shareholders' approval.The total amount of dividends proposed to be distributed to equity shareholders for the period April,2014 to March,2015 is Rs 29.04 Lacs.

Disclosures under Micro, Small and Medium Enterprises Act

Company has sent letters to suppliers to confirm whether they are covered under Micro, Small and Medium Enterprises Act, 2006 as well as they have filed required memorandum with the prescribed authorities. This information is required to be disclosedunder the Micro, Small and Medium enterprises development Act,2006 and has been determined to the extent such parties have been identified on the basis of the information available with the company and have been relied upon by the auditors.

2.4 CONTINGENT LIABILITIES AND COMMITMENTS

Particulars As at As at March 31, 2015 March 31, 2014

Income tax Demands for A.Y 09-10 to A.Y. 12-13 amounting to Rs 178.70 lacs (previous year Rs 87.58 lacs) has been disputed by the company before CIT (Appeals)/Income Tax Tribunal. The management doesn't expect any liability crystallizing in these cases. 178.70 87.58

Municipal Corporation of Greater Mumbai (BMC) has demanded Rs 276.88 lacs (Previous year Rs 146.28 lacs) on account of Property Tax payable for the period 01st April, 2000 to 31st March, 2015. The company had filed an appeal and has been successful in the Court of Small Causes, Mumbai against which BMC has filed an appeal which is pending in Bombay High Court. Subsequently, around 2012 BMC changed the method of computation w.e.f A-Y 2010 to " Capital Based System" and had demanded new bills amounting to Rs 134.83 Lacs for the period FY-2010-11 till FY-2014-15 and taken further action. This has been also challenged before the Assessment Officer. Based on the legaladvice obtained in this case, the management believes that the ultimate outcome of this proceeding will be in companies favor and will not adversely impact the company's financial position. 276.88 146.28

2.5 RELATED PARTY DISCLOSURES:- A Description of Companies:

Name of the Related Party Walchand & Company. Pvt. Ltd. Walchand Netsoft Pvt Ltd.

Walchand Diamond Jubilee Trust

Nature of Relationship Holding Company Controlled Company Directors as Trustee

B Key Management Personnel: Name of the Related Party Mrs. Pallavi Jha Mr. Sanjay Jha Ms Shruthi Patni

Nature of Relationship

Chairperson & Managing Director Whole Time Director Chief Financial Officer

C Relative of Key Management Personnel: Name of the Related Party Mrs. Kamalini Bahubali Ms. Maithili Jha

Nature of Relationship

Mother of Chairperson & Managing Director Daughter of Chairperson & Managing Director

---

Mar 31, 2014

1 CONTINGENT LIABILITIES AND COMMITMENTS Rs. in Lacs

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

Income tax liability on disputed dues 87.58 76.89

In relation to payment of Rates and Taxes payable to Municipal Corporation of Great Mumbai (BMC) for the period from 1st April,2000 to 31st March 2014 the demand amount stated is disputed and Appeal is pending before the High Court. 146.28 145.66

In relation to Lease rental payable to Mumbai Port Trust the disputed amount stated has been challenged by the Company in the City Civil Court. 110.84 103.23

2 RELATED PARTY DISCLOSURES:- A Description of Companies: Name of the Related Party Walchand & Company Pvt. Ltd. Walchand Netsoft Pvt Ltd. Walchand Diamond Jubilee Trust Nature of Relationship Holding Company Controlled Company Directors as Trustee

B Key Management Personnel: Name of the Related Party Mrs. Pallavi Jha Mr. Sanjay Jha

Nature of Relationship Chairperson & Managing Director Whole Time Director

C Relative of Key Management Personnel: Name of the Related Party Mrs. Kamalini Bahubali

Nature of Relationship

Mother of Chairperson & Managing Director

3 Employee benefit disclosure

The Company has classified various employee benefits as under.

---

Mar 31, 2013

1.1 Of the above Equity shares:

(a) 11,666 Shares were issued in 1961 by converting 35,000 Promoters'' Shares of Rs. 3.75 each (Rs. 1,31,250) into 11,666 Shares of Rs.11.25 each and by utilising Rs. 2,18,730 from Capital Reserves for issue of 11,666 Shares of Rs. 18.74936 each and consolidating the two.

(b) 43,333 Shares of Rs. 30 each were issued in 1961 as Bonus Shares by utilising Capital Reserve of Rs. 12,99,990.

(c) During 1966, the face value of 1,71,675 Equity Shares was increased from Rs. 30 euch to Rs. 50 each by utilising Rs.34,33,500 from Reserve for Investments and Advances. Further 34,335 bonus Equity Shares of Rs. 50 each were issued as fully paid by capitalisation of Rs. 17,16,750 out of General Reserve.

(d) During 1970, the face value of equity Shares was increased from Rs. 50 to Rs. 60 per share by capitalising Rs. 20,60,100 from General Reserve.

(e) During 1984, the face value of Equity Shares was increased from Rs. 60 to Rs. 100 per share by capitalising Rs. 82,40,400 from General Reserve.

(f) During 1994-95, 78,880 Equity Shares of Rs. 100 each were issued to the promoters on the preferential basis.

(g) During 2009-10,5499 Equity Shares of Rs 100 each were issued to one of the shareholder of the transferor company - Walchand TalentFirst Limited, on account of the scheme of amalgamation.

(h) During 2011-12, 2,90,389 Equity shares of Rs 100 each were subdivided into 29,03,890 shares of Rs. 10/ each.

1.2 Terms and rights

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 company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.During the year ended 31st March,2013 the amount of dividend per share recommended by the Board of Directors to equity shareholders was Re 1. (31st March,2012 - Re 1).

1.3 Holding company share holding details:-

Out of the 29,03,890 Equity shares, 15,01,556 Equity Shares are held by the holding company.(Previous year out of 29,03,890 Equity shares, 15,00,064 Equity Shares are held by the holding company).

2.1 The term loan from bank which is secured by the hypothecation of vehicles carries interest @ 10.87 % p.a. The loan is repayable in 35 equal monthly installments of Rs 1,08,162 each along with the interest from the 10th October, 2011. The balance number of months left for the payment of EMI from 31st March,2013 is 17.

2.2 The term loan from bank which is secured by the hypothecation of moveable and immoveable fixed asset carries interest @ 13.50 % p.a. The loan is repayable in 28 equal monthly installments of Rs 3,93,151 each along with the interest from the 7th February,2011. The balance number of months left for the payment of EMI from 31st March,2013 is 2.

---

Mar 31, 2012

1.1 Oi the above Equity shares :

(a) 11,666 Shares were issued in 1961 by converting 35,000 Promoters' Shares of Rs. 3.75 each (Rs. 1,31,250) into 11,666 Shares of Rs.11.25 each and by utilising Rs. 2,18,730 from Capital Reserves for issue of 11,666 Shares of Rs. 18.74936 each and consolidating the two.

(b) 43,333 Shares of Rs. 30 each were issued in 1961 as Bonus Shares by utilising Capital Reserve of Rs. 12,99,990.

(c) During 1966, the face value of 1,71,675 Equity Shares was increased from Rs. 30 each to Rs. 50 each by utilising Rs.34,33,500 from Reserve for Investments and Advances. Further 34,335 bonus Equity Shares of Rs. 50 each were issued as fully paid by capitalisation of Rs. 17,16,750 out of General Reserve.

(d) During 1970, the face value of equity Shares was increased from Rs. 50 to Rs. 60 per share by capitalising Rs. 20,60,100 from General Reserve.

(e) During 1984, the face value of Equity Shares was increased from Rs. 60 to Rs. 100 per share by capitalising Rs. 82,40,400 from General Reserve.

(f) During 1994-95, 78,880 Equity Shares of Rs. 100 each were issued to the promoters on the preferential basis.

(g) During 2009-10, 5499 Equity Shares of Rs 100 each were issued to one of the shareholder of the transferor company - Walchand Talent First Limited, on account of the scheme of amalgamation.

(h) During 2011-12, 2,90,389 Equity shares of Rs 100 each were subdivided into 29,03,890 shares of Rs 10/ each.

1.2 Terms and rights

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 company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March,2012 the amount of dividend per share recommended by the Board of Directors to equity shareholders was Re 1. (31st March,2011 - Nil).

1.3 Holding company share holding details:-

Out of the 29,03,890 Equity shares, 15,00,064 Equity Shares are held by the holding company.(Previous year out of 2,90,389 Equity shares, 147,769 Equity Shares are held by the holding company).

The Board of Directors have recommended a final dividend of 10% in its Board meeting held on 18th May,2012 which is subject to shareholders' approval.

The total amount of dividends proposed to be distributed to equity shareholders for the period April, 2011 to March,2012 is Rs 29.04 Lacs.

2.1 The term loan from bank which is secured by the hypothecation of vehicles carries interest @ 10.87 % p.a. The loan is repayable in 35 equal monthly installments of Rs 1,08,162 each along with the interest from the 10th October, 2011. The balance number of months left for the payment of EMI from 31st March,2012 is 29.

2.2 The term loan from bank which is secured by the hypothecation of moveable and immoveable fixed asset carries interest @ 13.50 % p.a. The loan is repayable in 26 equal monthly installments of Rs 3,43,354 each along with the interest from the 7th February,2011. The balance number of months left for the payment of EMI from 31st March,2012 is 14.

Disclosures under Micro, Small and Medium Enterprises Act

Company has sent letters to suppliers to confirm whether they are covered under Micro, Small and Medium Enterprises Act, 2006 as well as they have filed required memorandum with the prescribed authorities. Out of the letters send to the parties, some confirmations have been received till the date of finalization of Balance Sheet.

b) The company has entered into operating lease arrangements for its office premises and employee accomodation which are cancellable and renewable as per terms. The related rent expenses is Rs 29.49 Lacs.(Previous Year - Rs 22.00 Lacs).

c) Lease training centre expenses is Rs 142.83 Lacs . (Previous year - Rs 169.38 Lacs).

3 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

Rs. in Lacs

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

Income tax liability on disputed dues 59.98 46.14

Corporate Guarantee given to a bank on behalf of Walchand and Company Private Limited - 20.26

In relation to payment of Rates and Taxes payable to Municipal Corporation of Great Mumbai (BMC) for the period from 1st April,2000 to 31st March 2012 the demand amount stated is disputed and Appeal is pending before the High Court. 210.18 176.98

In relation to Lease rental payable to Mumbai Port Trust the disputed amount stated has been challenged by the Company in the City Civil Court. 95.91 88.87

(ii) Defined Benefit plan - Gratuity:

The following table summarizes the components of expense related to defined benefit plan recognized in the Profit and Loss account, the funded status and amounts recognized in the Balance Sheet for the plan.

---

Mar 31, 2011

1) Contingent Liabilities

S. Particulars As at March 31, 2011 As at March 31, 2010 No Rs in Lakhs Rs in Lakhs

(a) Income tax liability on disputed dues

- Disputed amount 89.16 390.05

- Tax amount on above 46.14 151.36

(b) Corporate Guarantee given to a bank on behalf of Walchand and Company Private Limited (Balance outstanding as on March,31) 20.26 60.89

(c) In relation to payment of Rates and Taxes payable to Municipal Corporation of Great Mumbai (BMC) for the period from 1st April,2000 to 31st March 2011 the demand amount stated is disputed and Appeal is pending before the High Court. 176.98 143.78

(d) In relation to Lease rental payable to Mumbai Port Trust the disputed amount stated has been challenged by the Company in the City Civil Court. 88.87 33.39

2) Capital commitment

The estimated amount of contract remaining to be executed on capital account and not provided for as on March 31, 2011 is Rs 21.29 Lakhs (Previous Year - Rs NIL).

3) Related Party Disclosures

A. Description of Companies:

Name of the Related Party Nature of Relationship

i) Walchand & Company Pvt. Ltd. Holding Company

ii) Walchand Netsoft Pvt. Ltd Controlled Company

B. Key Management Personnel:

Name of the Related Party Nature of Relationship

(i) Mrs. Pallavi Jha Chairperson & Managing Director

(ii) Mr. Sanjay Jha Whole Time Director

C. Relative of Key Management Personnel:

Name of the Related Party Nature of Relationship

(i) Mrs. Kamalini Bahubali Mother of Ms.Pallavi Jha

4) Segment Reporting

Walchand PeopleFirst Limited is engaged in the business of training in soft skills. Also, there are investments held from which income is derived. All the operations are carried out in India.

5) Leases taken

b) The Company has entered into operating lease arrangements for its office premises and employee accommodation which are cancelable and renewable as per terms. The related rent expense is Rs 22.00 Lakhs (Previous Year - Rs 114.57 Lakhs including equipments).

c) Lease training center expense is Rs.169.38 lakhs (previous year - Rs 150.77 lakhs).

6) Disclosures under Micro, Small and Medium Enterprises Act

Company has sent Setters to suppliers to confirm whether they are covered under Micro, Small and Medium Enterprises Act, 2006 as well as they have filed required memorandum with the prescribed authorities. Out of the letters send to the parties, some confirmations have been received till the date of finalization of Balance Sheet.

7) In the opinion of the Board, the current assets, loans and advances are realizable in the ordinary course of business at least at the value as stated in the financials statements.

8) Additional information pursuant to the provisions of paragraph 3 & 4 of Part II of Schedule VI to the Companies Act, 1956 is either NIL or not applicable.

9) Previous years figures have been regrouped/ recast wherever found necessary.

---

Mar 31, 2010

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known Liabilities are adequate.

2. Contingent Liabilities:

Particulars As at 31st March,2010 As at 31st March,2009 (Rs in Lacs) (Rs in Lacs)

(a) The Income Tax assessment of the Company is completed upto Assessment Year 2006-2007. The total disputed amount under appeals are stated,tax liability on which is not ascertainable which are pending before the Income Tax authorities. Management does not foresee any tax liability materializing from the same. 390.05 418.63

b) Corporate Guarantee given to a bank on behalf of Walchand & Company Pvt Ltd 240.00 240.00

(c) Corporate Guarantee given to a bank on behalf of Walchand TalentFirst Limited. - 250.00

(d) In relation to payment of Rates & Taxes payable to Municipal Corporation of Great Mumbai (B M C) for the period from 1st April 2000 to 31st March 2010 the demand amount stated is disputed and Appeal is pending before the High Court. 143.78 110.60

(e) In relation to Lease rental payable to Mumbai Port Trust the disputed amount stated has been challenged by the Company in the High Court. 33.39 33.39

3. (a) Name of the amalgamating companies- Walchand TalentFirst Limited

(b) Nature of Business - Talent Development, Training, Coaching and other allied Management Services

(c) Method Of Accounting used for amalgamation—Pooling Of Interest Method

(d) Effective Date of Amalgamation for Accounting Purpose - 01.04.2009

(e) Particulars of the Scheme-

During the year the scheme of Arrangement and Amalgamation ("the Scheme") of Walchand PeopleFirst Limited (WPFL) and Walchand TalentFirst Limited (WTFL) was duly approved by the Board of the Company at its meeting held on 17th September,2009 and subsequently approved by the Honorable High Court of Mumbai vide order dated 9th April,2010 and was filed with Registrar Of Companies on 6th May,2010. Pursuant to the above Scheme the entire business and all assets and liabilities of Walchand TalentFirst Limited will be transferred and vested in the Walchand PeopleFirst Limited effective from 01st April,2009 in the financial year 2010 -11. Hence, the financial statements are revised for the year ended 31st March 2010, which were earlier adopted on 10th May 2010, in order to give the effect of this scheme.

The operations of Walchand TalentFirst Limited being mainly the training business will continue with Walchand PeopleFirst Limited. All the assets and liabilities of Walchand TalentFirst Limited will be merged in the books of Walchand PeopleFirst Limited in accordance with the aforesaid scheme of merger. Consequently, Walchand TalentFirst Limited will no longer be in existence post this merger. The merger is consistent with the Companys long-term strategy to focus its activities in the areas of training and to integrate, rationalize and streamline the management structure of the merged business. This scheme of merger is effective from the appointed date being 1st April, 2009.

The amalgamation is in the nature of merger and thus qualify to be accounted for under "Pooling of interest Method" as per Accounting Standard (AS-14)- "Accounting for Amalgamations" issued by the Institute of Chartered Accountant of India as stated in the Companies (Accounting Standards) Rules, 2006 and any amendments thereto. Accounting treatment as per the scheme approved by the Honorable High Court will be as under:

- All the assets and liabilities of Amalgamating Company will be transferred to Amalgamated Company at their book values as at the close of business of the day immediately preceding the Appointed Date.

- The investments in the Equity Share Capital of Amalgamating Company of Rs. 1265 Lacs appearing in the books of accounts of Amalgamated Company will stand cancelled.

- The inter-company loans, bonds, debentures, advances, deposit balances or other obligations as between the Transferor Company and the Transferee Company will stand cancelled.

- The amount of Goodwill appearing in the books of accounts of the amalgamating Company as at the appointed date shall be adjusted against the "General reserve account" in the books of the a malgamated Company.

- An amount equal to the balance lying to the debit balance of the profit and loss in the books of the accounts of the transferor Company shall be adjusted against the transferee Company to its "General reserve" account.

- The Capital Redemption Reserve to the extent excess of Preference Share Holders unclaimed liability shall be transferred to General Reserve Account.

- The deficit of the book value of the net assets of the Transferor Company, as appearing in the Books of Account of the Transferor Company, over the paid up value of the shares, to be issued and allotted, pursuant to Clause 13 above, shall be respectively credited to the "General Reserve Account".

(f) 5499 Equity shares were issued to one of the share holder of Walchand TalentFirst Limited pursuant to amalgamtion with the company. The percentage of the equity shares exchanged to effect the amalgamation is 1.8936%.

(g) Details of assets and liabilities are as follows :

- The Investment in the Equity Share Capital of the Walchand TalentFirst Limited of Rs. 1265 Lac/- appearing in the books of accounts of the Company stands cancelled.

- Inter- Company balance stand to be cancelled.

4. Related Party Disclosures:

A. Description of Companies: -

Name of the Related Party Nature of Relationship

i) Walchand & Co. Pvt. Ltd. Holding Company

ii) Walchand Netsoft Pvt Ltd (Formerly WalchandCricketnext.com Private Limited) Controlled Company

iii)Walchand TalentFirst Limited Subsidiary during 08-09 (Merged with Walchand People First Ltd. w.e.f April 1,2009)

B. Key Management Personnel: -

Name of the Related Party Nature of Relationship

Mrs. Pallavi Jha Chairperson & Managing Director

Mr. Sanjay Jha Whole Time Director

C. Relative of Key Management Personnel: -

Name of the Related Party Nature of Relationship

Mrs. Kamalini Bahubali Mother of Ms.Pallavi Jha

5. Employee benefit disclosure - AS - 15

The Company has classified various employee benefits as under; (A) Defined contribution plans

a. Provident Fund

b. Superannuation Fund

The Provident Fund are operated by the Regional Provident Fund Commissioner and Trustee of Construction Employees Provident Fund and the superannuation fund is administered by the Life Insurance Corporation of India. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits. These funds are recognized by the Income Tax authorities. The Company has recognized the following amounts in the Profit and Loss Account for the year

(B) Gratuity and other post-employment benefit plans: (AS 15 120(b))

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the plans.

Other Terms

ii) Additional amount of Service Tax will be paid on these rentals as per the applicable rates existing at the time of payment • Rs.146.19 lacs has been grouped under Training Centre expenses in Profit and Loss Account .

- After the completion of 1 year from their respective dates of inception, lease rent will get escalated as per the agreement.

Other Terms

i) The Operating lease arrangements extend for a maximum of 3 years from their respective dates of inception and relate to rented premises.

ii) Additional amount of Service Tax will be paid on these rentals as per the applicable rates existing at the time of payment

iii) After the completion of 1 year from their respective dates of inception, lease rent will get escalated as per the agreement.

* In the absence of lease period in the agreements entered with Assistant Collector of Central Excise and Anuditi investment Pvt Ltd. pertaining to future years, the future rental values are not disclosable.

* There are no restrictions on further sub lease. Some assets are given on further sub lease by lessee.

* Additional amount of Service Tax will be collected on these rentals as per the applicable rates existing at the time of payment

* After the completion of 1 year from their respective dates of inception, lease rent will get escalated as per the agreement.

6. Previous years figures have been regrouped/ rearranged wherever found necessary. Further, previous years figures are not comparable with the current year as current years figures include the amalgamated amounts.

7. Figures in bracket reflect the figures for previous year.