(S) Provisions, contingent liabilities and contingent assets
(i) Provisions:
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented
in the statement of profit and loss.
(ii) Contingent liabilities:
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a
present obligation that is not recognised because it is not probable that an outflow of resources will be required to
settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot
be recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but
discloses its existence in the financial statements.
(iii) Contingent Assets: Contingent Assets are disclosed, where an inflow of economic benefits is probable.
(T) Investments
Equity investments are measured at fair value, with value changes recognised in Other Comprehensive Income, except
for those mutual fund for which the Company has elected to present the fair value changes in the Statement of Profit and
Loss.
(U) Trade receivables
Trade receivables are recognised initially at their fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment.
(V) Trade and other payables
These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which
are unpaid. Trade and other payables are recognised, initially at fair value, and subsequently measured at amortised cost
using effective interest rate method.
(W) Operating Cycle
Based on the nature of products/activities of the Company and the normal time between acquisition of assets and their
realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of
classification of its assets and liabilities as current and non current.
(X) Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest Rupees thousand (upto
two decimals), unless otherwise stated as per the requirement of Schedule III (Division II).
3 Recent Indian Accounting Standards (Ind AS)
The Indian Accounting Standards (Ind AS) amendments, effective from April 1, 2025, include changes to Ind AS 7, Ind
AS 12, Ind AS 21, and Ind AS 115. These amendments primarily focus on enhancing disclosures and clarifying guidance
related to foreign exchange rates, statement of cash flows, income taxes, and revenue from contracts with customers.
(i) Ind AS 7 (Statement of Cash Flows)
Requires enhanced disclosures on non-cash transactions and reconciliation of liabilities from financing activities. The
Company has evaluated the amendment and the impact of the amendment is insignificant in the standalone financial
statements.
(ii) Ind AS 12 (Income Taxes)
Reflects changes in deferred tax treatment and aligns with IFRS updates regarding the recognition of tax consequences
of dividends. The Company has evaluated the amendment and the impact of the amendment is insignificant in the
financial statements.
(iii) Ind AS 21 (The Effects of Changes in Foreign Exchange Rates)
Clarifies the treatment of deferred foreign exchange items and reduces ambiguity in cases of long-term foreign
currency monetary items. The Company has evaluated the amendment and the impact of the amendment is
insignificant in the financial statements.
(iv) Ind AS 115 (Revenue from Contracts with Customers)
Includes minor terminology changes for better alignment with IFRS 15 and focuses on contract modification
disclosures in revenue recognition. The Company has evaluated the amendment and the impact of the amendment
is insignificant in the financial statements.
(i) PF related matters
The Supreme Court in a recent judgement has held that provident fund contributions are payable on basic wage,
dearness allowances and all other monthly allowances, which are ordinarily paid to all the employees in the
establishment of the Board. There are numerous interpretative issues relating to the judgement and the matter
remains sub judice. As a matter of caution, the Company is consulting in respect of the matter and will make
provision on a prospective basis once there is a clarity. However, the impact will be immmaterial.
(ii) The Company has received notice from Securities and Exchange Board of India (SEBI) imposing penalty of
Rs.20,000 Thousand, the company has filed appeal against the same.
Note:
# The management does not expect these demands/claims to succeed. Claims, where the possibility of outflow of
resources embodying economic benefits is remote, have not been considered in contingent liability.
Notes:
1. The Company has identified the following segments:
a) The Real Estate segment, which includes letting out of properties.
b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other
travel goods & accessories.
These segments have been identified considering the organizational structure, internal financial reporting
system, and the risk- return profiles of the business.
2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
3. All the Company's operations are conducted in India. The Commercial risks and returns involved on the basis
of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on
geographic segments are not considered relevant.
38 Capital Management
Risk Management
For the purpose of Company's capital management, capital includes issued equity capital and all other equity reserves
attributable to equity holders. The primary objective of the company capital management is to maximise the shareholder
value.
The Board provides guiding principles for overall risk management, as well as policies covering specific areas such
as credit risk, liquidity risk, investment of surplus liquidity and other business risks effecting business operation. The
company's risk management is carried out by the management as per guidelines and policies approved by the Board of
Directors.
(A) Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. Credit risk encompasses the direct risk of default, risk of deterioration of creditworthiness
as well as concentration risks. The Company is exposed to credit risk from its operating activities (primarily trade
receivables), deposits with banks and loans given.
(B) Liquidity Risk
The Company's principal sources of liquidity are “cash and cash equivalents” and cash flows that are generated
from operations. The Company has no outstanding term borrowings. The Company believes that its working capital
is sufficient to meet its current requirements. Additionally, the Company has sizeable surplus funds invested in fixed
income securities or instruments of similar profile ensuring safety of capital and availability of liquidity if and when
required. Hence the Company does not perceive any liquidity risk.
Salary escalation & attrition rate are considered as advised by the company; they appear to be in line with
the industry practice considering promotion and demand & supply of the employees.
Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death
in respective year for members as mentioned above for forseable future of next 10 years.
Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.
Para 139 (a) Characteristics of defined benefit plan:
The Company has a defined benefit gratuity plan in India (unfunded). The company's defined benefit gratuity
plan is a final salary plan for employees. Gratuity is paid from company as and when it becomes due and is
paid as per company scheme for Gratuity.
Para 139 (b) Risks associated with defined benefit plan :
Gratuity is a defined benefit plan and company is exposed to the Following Risks:
Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value
of the liability requiring higher provision.
Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future
salaries of members. As such, an increase in the salary of the members more than assumed level will
increase the plan's liability.
Para 139 (c) Characteristics of defined benefit plans :
During the year, there were no plan amendments, curtailments and settlements.
Para 147 (a) :
Gratuity plan is unfunded.
(c) Leave encashment:
The Company has a policy on compensated absences which is applicable to its executives jointed upto a specified
period and all workers. The expected cost of accumulating compensated absences is determined by actuarial
valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on
the additional amount expected to be paid as a result of the unused entitlement that has accumulated at the Balance
Sheet date.
Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed
in the financial statements.
To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its
financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows
underneath the table.
Note for variance:
1 Due to Sale of Current Investments in the current year.
2 Due to increase in loss in the current year as compared to previous year.
3 Due to decrease in Trade Receivables during the current year.
4 Due to increase in Trade Payable during the current year.
5 Due to decrease in Working Capital during the current year.
6 Due to decrease in Dividend Income in the current year.
46 The company has taken commercial premises on lease, these lease arrangements are not covered by Ind AS 116 as
these are cancellable leases. The aggregate lease rentals of ? 455 thousand (Previous Year ? 455 thousand) are charged
as Rent and shown under the Note No. 35 “Other Expenses”.
47 No proceeding has been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
48 The Company has no transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560
of the Companies Act, 1956.
49 The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation
as per the schedule III of Companies Act, 2013.
As per our report of even date attached FOR AND ON BEHALF OF BOARD OF DIRECTORS
FOR M L BHUWANIA AND CO LLP
CHARTERED ACCOUNTANTS
FRN: 101484W/W100197
ASHISHKUMAR BAIRAGRA DILIP PIRAMAL SHALINI D. PIRAMAL
Partner Director Managing Director
Membership No. 109931 DIN - 00032012 DIN- 01365328
VIKRAM SOMANI KARAN GUDHKA
Chief Financial Officer Company Secretary
Place: Mumbai Place: Mumbai
Date: 12th May, 2025 Date: 12th May, 2025
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