39. Contingent Liabilities
A. Contingent liabilities not provided for in respect of:
The Company had provided a Corporate Guarantee to Messrs. Shreesri Buildtech Private Limited, to State Bank
of India, Birhana Road, Kanpur for facilitating Term Loan of Rs. 2,347.00 Lakhs (Rupees Two Thousand Five
Hundred Lakhs Only), vide resolution dated March 28, 2017.
40. (a) Financial instruments
The carrying value / fair value of financial instruments (excluding investments in Associate) by categories
is as follows:
41. Fair Value Hierarchy
The table shown below analyses financial instruments carried at fair value, by valuation method. The different
levels have been defined below:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
42. Segment Reporting
The segment reporting of the Company has been prepared in accordance with Ind AS-108, "Operating Segment"
(specified under section 133 of The Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules,
2015). For management purposes, the Company is organized into business units based on its products and
services and has two reportable segments as follows:
(a) Trading/Agency
(b) Departmental Store
(c) Real Estate Developers
Segments have been identified as reportable segments by the Company's chief operating decision maker
("CODM"). Segment profit amounts are evaluated regularly by the Board, which has been identified as the CODM,
in deciding how to allocate resources and in assessing performance.
Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the
segments and amount allocated on a reasonable basis. Unallocated expenditure consists of common expenditure
incurred for all the segments and expenses incurred at corporate level. The assets and liabilities that cannot be
allocated between the segments are shown as unallocated corporate assets and liabilities respectively.
The accounting policies of the reportable segments are the same as the Company's accounting policies described
in Note 3i. Segment profit (Earnings before interest, depreciation and amortization, and tax) amounts are evaluated
regularly by the Board that has been identified as its CODM in deciding how to allocate resources and in
assessing performance. The Company's financing (including finance costs and finance income) and income
taxes are reviewed on an overall basis and are not allocated to operating segments.
44. Critical estimates and judgments in applying accounting policies
The management believes that the estimates used in preparation of the financial statements are prudent and
reasonable. Information about estimates and judgments made in applying accounting policies that have the most
significant effect on the amounts recognized in the financial statements are as follows:
i) Property, plant and equipment and useful life of property, plant and equipment and intangible
assets
The carrying value of property, plant and equipment is arrived at by depreciating the assets over the useful life
of assets. The estimate of useful life is reviewed at the end of each financial year and changes are accounted
for prospectively.
ii) Provisions and contingencies
The assessments undertaken in recognizing provisions and contingencies have been made in accordance with
the applicable Ind AS.
A provision is recognized if, as a result of a past event, the Company has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required
to settle the obligation. Where the effect of time value of money is material, provisions are determined by
discounting the expected future cash flows.
In the normal course of business, contingent liabilities may arise from litigation and other claims against the
Company. Guarantees are also provided in the normal course of business. There are certain obligations which
management has concluded, based on all available facts and circumstances, are not probable of payment or are
very difficult to quantify reliably, and such obligations are treated as contingent liabilities and disclosed in the
notes but are not reflected as liabilities in the financial statements. Although there can be no assurance regarding
the final outcome of the legal proceedings in which the Company involved, it is not expected that such contingencies
will have a material effect on its financial position or profitability.
45. Capital Management
The Company's objectives when managing capital is to safeguard continuity, maintain a strong credit rating and
healthy capital ratios in order to support its business and provide adequate return to shareholders through
continuing growth and maximize the shareholders' value. The Company's overall strategy remains unchanged
from previous year. The Company sets the amount of capital required on the basis of annual business and long¬
term operating plans which include capital and other strategic investments. The funding requirements are met
through a mixture of equity, internal fund generation and borrowed funds. The Company's policy is to use short
term and long-term borrowings to meet anticipated funding requirements. The Company monitors capital on the
basis of the net debt to equity ratio. The Company is not subject to any externally imposed capital requirements.
Net debt is long-term and short-term debts as reduced by cash and cash equivalents (including restricted cash
and cash equivalents) and short-term investments. Equity comprises share capital and free reserves. The
following table summarizes the capital of the Company:
46. The Company had measured Long-Term investments at cost and Current Investments at lower of cost and fair
value in the previous GAAP. Under Ind AS, the company has recognized the Non-current Investments in equity
shares (other than subsidiary, associates and joint ventures) at Cost as appearing in the Standalone Balance
Sheet as at March 31, 2024 and March 31, 2023.
Therefore, financial impact on account of the difference between the fair value and the cost of Non-Current
investment in the "Non-Current Investment", "Other Equity" and "Other Comprehensive Income" and "Deferred
Tax" are not ascertainable.
47. Previous Year's Comparatives
Previous Year's figures have been regrouped/re-classified, wherever necessary, to conform to Current Year's
Classification.
48. These financial statements were approved for issue by the Board of Directors on May 30, 2024.
49. General
a. All amounts disclosed in the financial statements and notes have been rounded off to the nearest One
Lakh two decimals as per the requirements of Schedule III, unless otherwise stated.
b. Figures for the previous year have been regrouped and / or rearranged and / or reclassified wherever
necessary to make them comparable with those of current periods.
c. Notes to Accounts form an integral part of the Ind AS Financial Statements and have been duly
authenticated.
For Aggarwal & Rampal Sd/- Sd/-
Chartered Accountants (Bharat Hari Dalmia) (Sunil Singh)
FR No. 003072N Chief Financial Officer Director
PAN: AGJPD0321L DIN-07558446
Sd/-
Praveen Kumar Rampal
(Partner) Sd/- Sd/-
Membership No: 082226 (Ajay Kumar Jain) (Sneha Pandey)
UDIN:24082226BKEDQG8507 Director Company Secretary
Place: New Delhi DIN:00043349 PAN: DUDPP2514J
Date: May 30, 2024
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