Notes to Accounts of Weizmann Ltd.

Mar 31, 2024

NOTE [15.2]

Terms / rights attached to equity shares

a) The Company has only one class of shares having a par Value of '' 10/- per Share. Each holder of equity shares is entitled to one vote per share.

b) In the event of liquidation of the company, the holders of equity shares will be entitled to receive the 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.

c) The company has not issued any shares for consideration other than cash in the last 5 years immediately preceding the reporting date.

d) The company has not issued any Bonus shares in the last 5 years immediately preceding the reporting date.

NOTE [15.3]

Buy Back of Equity Shares

The Board of Directors at its meeting held on 16th October 2021 approved a proposal to buy-back upto 14,12,515 equity shares of the Company for an aggregate amount not exceeding Rs 847.51 lakhs, being 8.18% of the total paid up equity share capital at Rs 60 per equity share. The shareholders approved the same on 28th November, 2021 by way of a special resolution through postal ballot. A Letter of Offer was made to all eligible shareholders. The Company bought back 14,12,515 equity shares out of the shares that were tendered by eligible shareholders and extinguished the equity shares on 7th February, 2022. Capital redemption reserve was created to the extent of share capital extinguished (Rs 141.25 lakhs). The excess cost of buy-back of 731.31 lakhs crore (including Rs.25.06 Lakhs towards transaction cost of buy-back) over par value of shares and corresponding tax on buy-back of Rs 164.53 lakhs were offset from retained earnings.

1) Retained Earnings :

This reserve represents the cumulative profits of the Company and the effects of remeasurement of defined benefit obligations. The reserve can be utilised in accordance with the provision of the Companies Act, 2013

2) Capital Redumption Rserve:

The capital redemption reserve may be utilised by the company, in paying up unissued shares of the company to be issued to the Share Holders of the company as fully paid bonus shares.

Note No: 38 Segment Reporting

Since the Company has only one Segment i.e. textile business, hence segment reporting has not been furnished.

Note No: 39 Capital management

The company manages its capital to ensure that it will be able to continue as going concern while maximising the return The capital structure of the company consists of net debt (borrowings as detailed in notes No. 17 & 23 offset by cash The company is not subject to any externally imposed capital requirements.

b) Valuation Methodology

All Financial Instruments are initially recognised and subsequantly re-measured at fair value as detailed below

a) The Fair Value of investment in Quoted euqity share,Government securities and mutual funds is measured at quoted price or NAV

b) The Fair Value of investment of unquoted equity shares in other than Associate is detrmined by valuing such investee companies at their respective fair values by considering in each of such investee companies, the value of immovable properties considered by revenue authorities for determing the stamp duty amount,the quoted equity shares at their quoted price, and for unquoted equity shares by adopting the method of determination as above i.e.finding the fair value of such unquoted entities and other assets and liabilities at their carrying costs.

The financial instruments are categorised into two levels based on the inputs used to arrive at fair value of measurements as described below :

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

Level 2 : The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-counter derivates) is determined using valuation techniques which maximise the use ofobservable 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. The mutual funds are valued using the closing NAV.

Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

c) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

¦ Credit risk;

¦ Liquidity risk; and

¦ Market risk

(i) 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 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.

The audit committee oversees how management monitors compliance with the company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

(ii) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and investments in debts

The carrying amount of following financial assets represents the maximum credit exposure:

Trade and other receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry and country in which customers operate.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade and other receivables.

At 31 March 2024, the Company is involved only in domestic sales and has no export sales. Hence, there is no credit risk exposure outside India.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments.

(iv) Market risk

Market risk is the risk that changes in market prices - such as interest rates and equity prices - will affect the Company''s income or the value of its holdings of financial instruments.

(v) Currency risk -

The Company is not exposed to currency risk on account of its borrowings and other payables in foreign currency. The functional currency of the Company is Indian Rupees. The Company does not use derivative financial instruments for trading or speculative purposes.

A decrease of 50 basis points in interest rates at the reporting date would have had equal but opposite effect on the amounts shown above, on the basis that all other variable remain constant.

(vii) Price Risk

The company''s investments in equity instruments held for trading and other investments carried at fair value through profit and loss are subject to price risk which may affect the profit and loss of the company.

To manage its price risk, the company diversifies its portfolio. Diversification of the portfolio is done based on internal review and limits decided by the management from time to time.

Note No: 42

A The company has taken premises on cancellable operating leases. These agreements contain a lease term for a period 1-3 years. In such lease agreements, there are no terms for purchase option or any restriction such as those concerning dividend and additional debts. Lease agreements of the Company do not contain any variable lease payment or any residual value guarantees. The Company has not entered into any sublease agreement in respect of these leases.

During the year the Company has adopted Ind AS 116. Accordingly, the Company has recognised a Right of Use asset in respect of each identified asset under leases agreements (other than short term lease of 12 months or less and lease of low value assets) and corresponding lease liability being the present value of lease payments during the lease term.

d Total cash outflows in respect of lease payments (including short term and low value leases) during the year were Rs. 1.80 Lakhs (Previous Year Rs. 1.80 Lakhs)

Note No: 43

1 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company.

2 The Company does not have any transactions with Companies struck off.

3 The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

5 The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies) including foreign entities

(Intermediaries) with the understanding that the intermidiary Shall:

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

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

6 The Company has 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,

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

9 The Company does not have any immovable property (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) whose title deeds are not held in the name of the Company.

10 The Company has not made any Loans or Advances in the nature of loans that are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are:

(a) repayable on demand or

(b) without specifying any terms or period of repayment

11 The company has not been declared as a wilful defaulter by any Banks, Financial Institutions or any other Lenders.

Note No: 46

Previous Year figures have been regroupped wherever necessary.

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Mar 31, 2018

Notes to accounts

Sennsitivity Analysis

Rs in Lakh

Defined Benefit Plan	2018	2017	2016
Particulars Impact on Profit and loss
Investments measured at FVTPL (including equity instruments held for trading)
10% Increase in price	10.90	9.92	9.33
10 % Decrease in price	(10.90)	(9.92)	(9.33)
Impact on other comprehensive Income
Investments measured at FVTOCI
10% Increase in price	0.79	0.51	0.43
10% Decrease in price	(0.79)	(0.51)	(0.43)

Note No: 43

The financial statements were approved for issue by the board of directors on May 29, 2018

Note No: 44

Ind AS 101 Reconciliations

Effect of IND AS adoption on the Standalone Balance Sheet as at 31.03.2017 and 01.04.2016

Rs. in lakh

Particulars	As at 31-03-2017			As at 01 -04-2016
	Previous GAAP	Effect of transition to Ind AS	As per Ind AS balance sheet balance sheet	Previous GAAP	Effect of transition to Ind AS	As per Ind AS
ASSETS
Non-current assets
a Property .Plant & Equipment	1735.05		1735.05	1664.28	-	1664.28
b Capital Work in Progress	41.21		41.21	30.43	-	30.43
h Financial Assets					-
(i) Investments	1089.51	194.34	1283.85	1090.51	4.91	1095.42
(ii) Trade Receivables	-		-	-		-
(iii) Loans	551.84		551.84	409.01	-	409.01
(iv) Others ( to be specified)	302.49		302.49	215.21	-	215.21
i Deferred tax assets (net)	-		-	-		-
j Other non-current assets	4.80		4.80	176.52	-	176.52
Current assets						-
a Inventories	521.34		521.34	481.49	-	481.49
b Financial Assets					-
(i) Investments	99.12		99.12	93.12	(0.00)	93.12
(ii) Trade Receivables	587.96		587.96	511.10	-	511.10
(iii) Cash and cash equivalents	98.52		98.52	68.72	-	68.72
(iv) Bank balances other than
(iii) above	16.03		16.03	52.72	-	52.72
(v) Loans	2673.78		2673.78	2556.61	-	2556.61
(vi) Others ( to be specified)	-		-	0.00	-	0.00
c Current Tax Assets (Net)	186.31		186.31	-		-
d Other current assets	12.97	-	12.97	9.11	-	9.11
Total Assets	7920.91	194.34	8115.26	7358.83	4.91	7363.74
EQUITY AND LIABILITIES
Equity
a Equity Share capital	1727.15	-	1727.15	1727.15	-	1727.15
b Other Equity	4611.59	255.44	4867.02	4377.56	3.82	4381.38
LIABILITIES
Non-current liabilites
a Financial Liabilities
(i) Borrowings	11.98	-	11.98	4.39	-	4.39
(ii) Trade payables	-		-	-		-
(iii) Other financial liabilities	240.00	-	240.00	315.00	-	315.00
b Provisions	1.91	-	1.91	19.71	-	19.71
c Deferred tax liabilites (Net)	112.71	42.84	155.55	86.58	1.09	87.67
Current liabilites
a Financial Liabilities
(i) Borrowings	0.00	-	0.00	1.17	-	1.17
(ii) Trade payables	843.31	-	843.31	566.42	-	566.42
(iii) Other financial liabilities	58.97	-	58.97	94.58	-	94.58
b Other current liabilities	23.35	-	23.35	21.25	-	21.25
c Provisions	103.94	(103.94)	0.00	-		-
d Current Tax Liabilities (Net)	186.00	-	186.00	145.00	-	145.00
Total Equity and Liabilities	7920.91	194.34	8115.26	7358.83	4.91	7363.74

Particulars	As on 31.03.2017	As on 01.04.2016
Total Equity as per previous GAAP	6,338.74	6,104.71
Net Gain/(Loss) on Fair Value Through OCI - Equity	151.50	3.82
Impact of Dividend and Dividend Distribution Tax	103.94	-
Total Equity as per IND AS	6,594.18	6,108.53

Effect of IND AS adoption on the Standalone Statement of Profit and Loss for the year ended 31.03.2017

Rs. in Lakh

Particulars	As at 31-03-2017
	Previous GAAP	Effect of transition to Ind AS	As per Ind AS balance sheet
I Revenue from Operations	8387.79	-	8387.79
II Other Income	306.85	-	306.86
III Total Income ( I II)	8694.64	-	8694.64
IV EXPENSES
(a) Cost of Materials Consumed	4895.88	-	4895.88
(b) Purchases of Stock-in-Trade	84.42	-	84.42
(c) Changes in Inventories of Finished goods, Work-in-Progress and Stock-in-Trade	54.15	-	54.15
(d) Manufacturing Expenses	1983.70	-	1983.70
(e) Employee Benefits Expense	454.04	(6.58)	447.47
(f) Finance Costs	4.95	-	4.95
(g) Depreciation and Amortisation Expense	117.09	-	117.09
Less : Amt. Transferred from Revaluation Reserve	(9.28)	9.28	-
(h) Other Expenses	521.33	-	521.33
Total Expenses (IV)	8106.28	2.70	8108.99
V Profit / (Loss) before Exceptional Items and Tax (III - IV)	588.36	(2.70)	585.65
VII Profit / (Loss) before Tax	588.36	(2.70)	585.65
VIM Tax Expense:
(a) Current Tax Expense	186.01	(2.11)	188.11
(b) Current Tax Expense Relating to Earlier Year''s	28.97	-	28.97
(c) Deferred Tax	26.13	-	26.13
IX Profit / (Loss) for the year	347.25	(4.81)	342.44
X Other Comprehensive Income
A) Items that will not be reclassified to profit or loss
Net Gain/(Loss) Of Fair Value - Equity Instruments	-	(189.42)	189.42
Tax On Above	-	41.75	(41.75)
Re-measurement Gains/(Losses) on defined benefit plans	-	6.58	(6.58)
Current Tax Effect	-	(2.11)	2.11
Sub Total	-	(143.21)	143.21
B Items that will be reclassified to profit or loss XI Total Comprehensive Income for the year (Comprising Profit ( Loss) and Other Comprehensive Income for the year)	347.25	138.39	485.66

Reconciliation of the net profit for the year ended March 31, 2017, as reported under previous GAAP and now under Ind AS is as follows:

Particulars	Year Ended 31.03.2017
Net profit as pre previous GAAP	347.25
Re-measurement loss on defined benfit plans accounted in OCI	6.58
Reversal of revaluation reserve utlised in profit and loss account	(9.28)
Tax effect on Above	(2.11)
Net profit as per Ind AS	342.44
Other Comprehensive Income
Net Gain/(Loss) Of Fair Value - Equity Instruments	189.42
Tax effect on Above	(41.75)
Re-measurement Gains/(Losses) on defined benefit plans	(6.58)
Tax effect on Above	2.11
Total Comprehensive Income for the year	485.66

1 Note: Fair Valuation for Financial Assets-

The Company has valued financial assets (other than investment in Associates which are accounted at cost),at fair value. Impact of fair value changes as on date of transition, is recognised in opening reserves and changes thereafter are recognised in Statement of profit and Loss or other Comprehansive income, as the case may be.

2 Note: Deferred Tax-

The impact of transaction adjustments together with Ind AS mandate of using balance sheet approach (against profit and loss approach in the previous GAAP) for the computation of deferred taxes has resulted in changes to the reserves, on the date of transition, with consequential impact to the statment of profit and loss for the Subsequent periods.

3 Note: Remeasurements of post-employment benefit obligation

Under Previous GAAP the Company recognised actuarial gains and losses in the Statement of Profit and Loss. Under Ind AS, re-measurements, i.e., actuarial gains and losses, the return on plan assets excluding amounts included in net interest on the net defined benefit liability are recognised in Other Comprehensive Income instead of Statements of Profit and Loss.

4 Note: Dividend and Dividend Distribution Tax

The company pursuant to Amendment to Accounting Standard 4 - "Contingencies and Events occurring after the Balance Sheet date" effective from 30.03.2016 and in accordance with IND AS 10 - Events after the Reporting Period have recorded the dividend amount for year ended March 31, 2017 approved by the Shareholders at the Annual General Meeting held in F.Y 2017-18, in the Reserves and Surplus of the Financial Statements for F.Y. 2017-18.

5 Note: Other Adjustments

To comply with the Companies (Accounting Standard) Rules, 2006, certain account balances have been regrouped as per the format prescribed under Division II of Schedule III to the Act.

Note No: 45

During the year, the amount required to be spent on Corporate Social Responsibility activities amounted to Rs. 8.47 lakhs in accordance with Section 135 of the Companies Act,2013. The Amounts were spent during current year for Education and Skill Development.

Note No: 46

Previouse year figure were audited by two other firms of chartered accountant jointly.

Note No: 47

Previous year figures have been recast and restated wherever necessary

As per our report of even date attached	For and on behalf of the Board
For Batliboi & Purohit	N.V.Siraj -
Chartered Accountants	DIN: 00021986
Firm Reg. No 101048W	Vice-Chairman And Managing Director
	Chetan D.Mehra -
	DIN: 00022021
	Director
	Navneet K. Pandya-Chief Financial Officer
Atul Mehta	Sushama Vesvikar-
(Partner)	Company Secretary
Membership No: 015935
Place : Mumbai
Dated : 29.05.2018

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Mar 31, 2016

1. The Company has made necessary provisions as per actuarial valuation for leave encashment and other retirement benefits wherever required as per Accounting Standard 15 under Companies ( Accounting Standards) Rules

2. Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs. Nil [Previous Year Rs. Nil]

3. Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

4. There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2016

5. The Gross Block of Fixed assets at Textile Processing House includes Rs.1111.17 lakh [Previous Year - Rs.1111.17 lakh] on account of revaluation of such assets carried out as of 1st March 2000.

Consequently the additional depreciation of Rs.9.28 lakh [Previous year Rs.9.28 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss.

6. In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director of the Company. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

7. Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies (Accounting Standards).

The Employee''s Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

8. Loans and Advances to Companies / Firms in which Directors are interested and Associate Companies -NIL

9. Related Party Disclosures for the year ended 31st March 2016

In accordance with the “Accounting Standard 18 - Related Party Disclosure” as per Companies (Accounting Standards) Rules, the Company has compiled and certified the required information as stated below:

10. Related Party and their Relationship Associates

Windia Infrastructure Finance Limited

11.. Secondary Segments :-

There are no reportable secondary segments

12. Previous year figures have been recast and restated wherever necessary

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Mar 31, 2015

1 Terms / rights attached to equity shares

a) The Company has only one class of shares having a par Value of Rs. 10/- per Share. Each holder of equity shares is entitled to one vote per share.

b) The dividend on equity shares proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting

c) In the event of liquidation of the company, the holders of equity shares will be entitled to receive the 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

d) The company has not issued any bonus shares or bought back the equity shares in the last 5 years immediately preceding the balance sheet date

e) The company in FY 2010-2011 had issued equity shares 4410450 of face value of Rs. 10/- each pursuant to scheme of arrangement u/s 391 to 394 of the Companies Act, 1956 sanctioned by the Honorable High Court of Bombay on 29th October, 2010 under which two subsidiary companies were amalgamated with the Company w.e.f. from merger appointed dated 1.4.2009.

2 Contingent Liabilities not provided for in respect of the following:

Rs. in lakh

Year Ended Year Ended 31/3/2015 31/3/2014

i Claims against the Company not acknowledged as debts 191.34 191.34

ii Disputed Income Tax Liabilities 25.77 104.35

iii Guarantees 11797.95 19390.98

3 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs. Nil [Previous YearRs. 85.50]

4 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

5 There are no amounts due and outstanding to be credited to Investors,Education and Protection fund as at 31.03.2015

6 The Gross Block of Fixed assets at Textile Processing House includes Rs. 1111.17 lakh [Previous Year - Rs. 1127.09 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 9.28 lakh [Previous year Rs. 19.78 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss. Further on sale of assets an amount of Rs. 0.80 lakh has been written back by transferring the said amount from Revaluation Reserve to Profit & Loss Account

7 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director of the Company. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

8 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee's Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

a) Loans and Advances to Companies / Firms in which Directors are interested (Excluding Subsidiary and Associate Companies) - NIL

9 Related Party Disclosures for the year ended 31st March 2015

In accordance with the "Accounting Standard 18 - Related Party Disclosure" as per Companies ( Accounting Standards ) Rules, the Company has compiled and certified the required information as stated below:

A Related Party and their Relationship Subsidiaries Associates

Knitwear Industries Limited * Windia Infrastructure Finance Limited Weizmann International Limited **

* till 21.6.14 ** till 8.6.14

Key Management Personnel Entities Controlled by Key Management Personnel or his Relatives

Mr.Chetan Mehra - Managing Director Brahi Hydro Electric Power Projects Limited Exotic Tourism Projects Private Limited (Frmrly Eco Friendly Energy Projects Pvt Ltd) Greenpower Energy Projects Pvt Ltd Inspeed Power Private Limited Malayamarutha Energy Projects Ltd Sanchay Properties Pvt Ltd Sarvodaya Properties Pvt ltd Samarth Multitrade Pvt Ltd Supportive Insurance Brokers Ltd Tanraj Enterprises Truewind Power Private Limited

10 The company has, on the basis of expected life of Fixed Assets, as prescribed in Schedule II of the Companies Act, 2013, restated figures of Written Down Value of each of such fixed asset, as on 01/04/2014 and in accordance therewith the net difference arising there from aggregating to Rs. 26.85 lakh has been transferred to Retained Earnings and Rs. 1.34 lakh in respect of revalued assets to Revaluation Reserve.

11 The exceptional item represents net gains on divesting of the entire equity stake of the company in its subsidiaries viz., Indian subsidiary, Weizmann International Ltd and Foreign subsidiary, Knitwear Industries Ltd, Malawi.

12 Previous year figures have been recast and restated wherever necessary

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Mar 31, 2014

INR in Lakh

Year Ended Year Ended 31/03/2014 31/03/2013

1 Earnings in Foreign Exchange Export at FOB value 584.36 669.38

2 Expenditure in Foreign

Currency

a CIF Value of Imports 45.40 476.44

b Travelling 7.90 8.08

c Others 0.36 7.46

3 Contingent Liabilities not provided for in respect of the following:

Year Ended Year Ended 31/03/2014 31/03/2013

i Claims against the Company not acknowledged as debts 191.34 157.64

ii Disputed Income Tax Liabilities 104.35 88.37

iii Guarantees 19390.98 13034.20

4 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] INR 85.50 [Previous Year INR .Nil]

5 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

6 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2014

7 The Gross Block of Fixed assets at Textile Processing House includes INR 1127.09 lakh [Previous Year - INR 1127.09 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of INR 19.78 lakh [Previous year INR 19.78 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss.

8 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

9 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee''s Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

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Mar 31, 2012

1 Contingent Liabilities not provided for in respect of the following:

Rs. in Lakh Year Ended Year Ended 31/03/2012 31/03/2011

i Claims against the Company not 157.64 157.64 acknowledged as debts

ii Disputed Income Tax Liabilities - 10.67

iii Guarantees 17476.11 11364.51

2 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs. Nil [Previous Year Rs. Nil]

3 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

4 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2012.

5 The company has acquired vehicles on hire purchase and the future hire charges payable as of 31st March 2012 are as follows

6 The Gross Block of Fixed assets at Textile Processing House includes Rs. 1127.09 lakh [Previous Year - Rs. 1158.53 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 20.31 lakh [Previous year Rs. 22.17 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss. Further on sale of assets an amount of Rs. 15.26 lakh has been written back by transferring the said amount from Revaluation Reserve to Statement of Profit & Loss.

7 The agreement under which Factory Building and Plant and Machinery of Textile Division that was given on rent to subsidiary company Weizmann International Limited in FY 2010-2011 was terminated as mutually agreed wef 1.4.2011.

8 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

9 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee's Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

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Mar 31, 2010

1 Contingent Liabilities not provided for in respect of the following:

Rs. in lakh

Year Ended Year Ended 31/3/2010 31/3/2009

i Claims against the Company not acknowledged as debts 157.64 157.64

ii Disputed Income Tax Liabilities 10.67 17.62

iii Guarantees 1557.18 4779.22

2 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs Nil [Previous Year Rs.Nil]

3 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

4 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2010

5 a The company has acquired vehicles on hire purchase and the future hire charges payable as of 31st March 2010 are as follows :

6 The Gross Block of Fixed assets at Textile Processing House includes Rs.1180.28 lakh [Previous Year - Rs.1188.56 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 13.72 lakh [Previous year Rs 39.70 lakh] provided in the Profit & Loss account has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Profit & Loss Account.Further on sale of assets an amount of Rs 3.38 lakh has been written back by transfering the said amount from Revaluation Reserve to Profit & Loss Account

7 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD confirmations were not received by the Company in few cases. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

8 Textile Business Turnover includes export benefits of Rs. 34.51 lakh [Previous Year Rs.140.63 lakh].

9 Dividend Accounts have been taken as it appears in the books of accounts on account of non-receipt of particulars from the banks.

10 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employees Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

11 Karma Energy Limited and Weizmann Forex Limited were amalgamated with the Company w.e.f. 1.4.2009 as per a composite scheme of arrangement approved by Honble High Court of Bombay. Hence the figures for the current year is not comparable with those of the previous year.The Previous years figures have been regrouped and rearranged wherever necessary.