(q) Provisions, contingent liabilities and contingent assets
i) Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses. Provisions are measured at the present value of management’s best
estimate of the expenditure required to settle the present obligation at the end of the reporting period.
Provisions (excluding retirement benefits) are discounted using pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as
interest expense.
ii) 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. The Company does not recognize a
contingent liability but discloses its existence in the financial statements.
iii) Contingent assets are not recognized, but disclosed in the financial statements where an inflow of economic benefit is probable.
(Ill) Other Accounting Policies
(a) Foreign currency transactions
i) Foreign currency transactions are recorded in the reporting currency (Indian rupee) by applying to the foreign currency amount,
the exchange rate between the reporting currency and the foreign currency on the date of the transaction.
ii) Alf monetary items denominated in foreign currency are converted into Indian rupees at the year-end exchange rate. The
exchange differences arising on such conversion and on settlement of the transactions are recognised in the statement of profit
and loss. Non-monetary items in terms of historical cost denominated in a foreign currency are reported using the exchange rate
prevailing on the date of the transaction.
(b) Business combinations
i) The Company accounts for each business combination (other than common control transactions) by applying the acquisition
method. The Acquisition date is the date on which control is transferred to the acquirer. Judgement is applied in determining the
acquisition date and determining whether control is transferred from one party to another.
ii) The Company measures goodwill as of the applicable acquisition date at the fair value of the consideration transferred,
including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount (measured at
fair value) of the identifiable assets acquired and liabilities (including contingent liabilities in case such a liability represents a
present obligation and arises from a past event, and its fair value can be measured reliably) assumed. When the fair value of
the net identifiable assets acquired and liabilities assumed exceeds the consideration transferred, a bargain purchase gain is
recognised as capital reserve.
iii) Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Company to the previous
owners of the acquiree, and equity interests issued by the Company. Consideration transferred also includes the fair value of
any contingent consideration. Consideration transferred does not include amounts related to settlement of pre-existing
relationships.
- iv) Transactions costs that the company incurs in connection with a business combination are expensed as incurred.
v) Common control transactions are accounted for based on pooling of interest method where the assets and liabilities of the
acquiree are recorded at their existing values, the identity of reserves of the acquiree is preserved and the difference between
consideration and the face value of the Share capital of the acquiree is transferred to the capital reserve.
3 Significant accounting judgements, estimates and assumptions
The preparation of the Company's financial statements in conformity with Ind AS requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Estimates and judgements are continuously evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable. Uncertainty about
these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods. Revisions to accounting estimates are recognised in the period in which the estimate is revised.
a) Classification of property
The Company determines whether a property is classified as investment property or inventory:
Investment property comprises land and buildings (principally commercial premises and retail property) that are not occupied
substantially for use by, or in the operafions of, the Company, nor for sale in the ordinary course of business, but are held
primarily to earn rental income and capital appreciation. These buildings are substantially rented to tenants and not intended to
be sold in the ordinary course of business.
Inventory comprises property that is held for sale in the ordinary course of business. Principally, the Company develops and
intends to sell before or on completion of construction.
b) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using appropriate valuation techniques. The inputs to these models
are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in
establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the reported fair value of financial instruments.
c) Evaluation of percentage completion
Determination of revenues under the percentage of completion method necessarily involves making estimates, some of which
are of a technical nature, concerning, where relevant, the percentages of completion, costs to completion, the expected
revenues from the project or activity and the foreseeable losses to completion. Estimates of project income, as well as projects
costs, are reviewed periodically. The effect of changes, if any, to estimates is recognised in the financial statements for the
period in which such are determined.
d) Taxes
The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to scrutiny based
on latest information available. For matters where it is probable that an adjustment will be made, the Company records its best
estimates of the tax liability in the current tax provision, The Management believes that they have adequately provided for the
probable outcome of these matters.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax
assets that can be recognised, based upon the likely timing and the level of future taxable profits.
e) Recognition and measurement of defined benefit obligations
The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions
include discount rate, trends in salary escalation and attrition rate. The discount rate is determined by reference to market yields
at the end of the reporting period on government securities.
3a Recent Accounting Pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended 31 March 2024, MCA has not notified any new
standard or amendments to the existing standards applicable to the Company.
B. Disclosures relating to Investment property are as under
i] Fair value disclosure of Company’s Investment property
The Company’s investment property includes commercial properties namely "Kalpatam Inspire” situated at Santacruz, Mumbai, "Kalpataru Synergy” situated at Santacruz, Mumbai, and
“Kalpatam Infinia" situated at Wakdewadi, Shivajinagar, Pune. The fair value of Kalpataru Inspire, Kalpataru Synergy & Kalpatam Infinia as at 31 March 2024 and 31 March 2023 have been
arrived at on the respective dates based on Independent Valuers Reports by Meraki Consultants LLP. Meraki Consultants LLP is registered with the authority which governs the valuers in India
and they have appropriate Qualifications and experience in the valuation of properties in the relevant locations. The fair values were determined using the capitalisation rate method based on
recent market prices without any sign ificant adjustments being made to the market observable data.
Nature of securities and terms of repayments for non-current borrowings
a) Loan from banks/ financial institution
(i) Rs. 42184 lakhs (Rs. 43124 lakhs) is secured by mortgage of land and building situated at Santacruz, Mumbai and at Pune (along with
underlying receivables) developed by the Company and personal guarantee of director of the Company. The loan carries interest @ 0.35% p.a.
above lender's benchmark rate and is repayable in one hundred and seventy four monthly instalments ending in the financial year 2035-2036.
(ii) Rs. 75173 lakhsA (Rs. 78317 lakhs) is secured by way of mortgage of land and structure situated at Parel, Mumbai (along with underlying
receivables) being developed by the Company. The loan is further secured by corporate guarantee given by other related parties and extension
of mortgage of land and buildings owned by other related parties at Mumbai, Thane, Panvel, Lonavala, Pune, Mahabaieshwar and Nagpur
together with structures thereon, present and future receivables arising therefrom and personal guarantee given by the Director of the
company.The loan carries interest @ one month bank MCLR plus Spread of 30 basis point and is repayable till financial year 2031-2032.
(iii) Rs. 31781 lakhsA (Rs. 33945 lakhs) is secured by way of hypothecation of license and other fees receivables from various licensees and
mortgage of land and building situated at Santacruz (East), Mumbai. The loan is further secured by corporate guarantee given by other related
parties and extension of mortgage of land and buildings owned by other related parties at Mumbai, Thane, Panvel, Lonavala, Pune,
Mahabaieshwar and Nagpur together with structures thereon, present and future receivables arising therefrom and personal guarantee given by
the Director of the company. The loan carries interest rate @ one month bank MCLR plus spread of 30 basis point and repayable till financial
year 2033-2034. ^£===£3;-
(iv) Rs. 37998 lakhs* (Rs. 38670 lakhs) is secured by way of mortgage of land and structure situated at ParelT Mumbai (along with underlying
receivables) being developed by the Company and land and structure situated at Santacruz (E), Mumbai. The loan is further secured by
corporate guarantee given by other related parties and extension of mortgage of land and buildings owned by other related parties at Mumbai,
Thane, Panvel, Lonavala, Pune, Mahabaleshwar and Nagpur together with structures thereon, present and future receivables arising therefrom
and personal guarantee given by the Director of the company.The loan carries interest not exceeding one month bank MCLR plus spread of 30
basis point and the same is repayable till financial year 2031-2032.
(v) Rs. 3161 lakhs* (Rs.Nil lakhs) is Funded Interest Term Loan (FITL) created out of outstanding Interest of, and is secured by securities
mentioned in, loans in Note (ii), (rii), (iv) above. The loan is further secured by corporate guarantee given by other related parties and extension
of mortgage of land and buildings owned by other related parties at Mumbai, Thane, Panvel, Lonavala, Pune, Mahabaleshwar and Nagpur
together with structures thereon, present and future receivables arising therefrom and personal guarantee given by the Director of the
company.The loan carries interest not exceeding 30 basis point above lender's benchmark Rate and is repayable till financial year 2031-2032.
(vi) Rs. 22830 lakhs (Rs.23390 lakhs) is secured by way of development rights and (along with underlying receivables) from the property situated at
Matunga, Mumbai being developed by the Company, land and structure (along with underlying receivables) from property situated at Wakad,
Pune being developed by the subsidiary, land and structure situated at Kandivali, Mumbai (along with underlying receivables) being developed
by the related party, land (along with underlying receivables) situated at Panvel, Mumbai to be developed by the subsidiary, land (along with
underlying receivables) situated at Nagpur, Maharashtra owned by director of the Company and subsidiary company, land (along with underlying
receivables) situated at lonavala, Maharashtra owned by director of the Company, land and structure at Mumbai owned by related party. The
loan is further secured by way extension of mortgage of land and buildings owned by other related parties at Mumbai, Thane, Panvel, Lonavala,
Pune, Mahabaleshwar and Nagpur together with structures thereon, present and future and all receivables arising therefrom and also personal
guarantee and corporate guarantee given by the Director of the company and other related parties respectively. The loan carries interest @ 30
basis point above lender's benchmark rate and is repayable till financial year 2031-2032.
A Loan shifted from financial institution to bank pursuant to merger.
vii) Pursuant to Master Restructuring Agreement dated 27 June 2023 w.e.f. 1 April 2023, the repayment of the above loans (note a (ii) to (vi)) have
been rescheduled with extended time period for repayment (upto FY 2033-34). Further, the interest rate on the aforesaid facilities have been
reduced to one month bank MCLR plus spread of 30 basis point. In addition, the company has also agreed to create charge over residual cash
flows of certain identified project owned by the company and its group companies post the repayment of the credit facilities availed/to be availed
with respect to these identified assets.
Consequent to aforesaid restructuring, the lender financial institution had followed the regulatory requirements in accordance with the directives
of the Reserve Bank of India. Based on future business plans and cash flow estimates, the management of company is confident of meeting its
obligations under the restructuring plan as they fall due. -
(viii) Vehicle loans of Rs. 92 lakhs (Rs. 15 lakhs) from banks are secured against hypothecation of vehicles. The loans carry weighted average
interest rate not exceeding @ 8.65% p.a. calculated as on the balance sheet date and are repayable in monthly instalments ending in financial
year 2023-2024.
(b) The Company had issued 950,000 0% cumulative non-convertible redeemable preference shares (CNCRPS) of Rs.10 each at a premium of Rs.
990 per share, As per the terms of the issue, ail the CNCRPS were cumulative and redeemable at end of fifteen years from the date of
allotment, unless redeemed earlier at the option of the Company. The holders of the CNCRPS shall not have any voting rights except as
provided under the Companies Act, 2013. The said CNCRPS were due for redemption during the FY 2023-24.
During the current year, the terms for redemption of the said CNCRPS are extended upto 14111 January 2027 or earler at the option of the
Company vide resolution passed by the members at the Extra ordinary general meeting held on 26lh March 2024. Accordingly, the CNCRPS are
redeemable at the issued price upon maturity unless decided to be redeemed earlier at the option of the Company. The redemption value have
been recognised at present value on the basis of the weighted average cost of borrowings.1'
(c ) The company has outstanding unrated,unlisted non convertible debentures ("NCD") of Rs.17033 Lakh (Rs. 14861 Lakhs) [150 NCD @ 54.67
Lakhs and 68 NCD @100 lakhs Each] (150 NCD @ 54.67 Lakhs and 68 NCD @100 lakhs Each)issued on a private placement basis, secured
by way of mortgage of part of land and Projects at Mumbai, Karjat, Thane, Pune together with structures thereon, present and future and all
receivables arising therefrom owned by the company, its subsidiaries & other group entities. The NCD is further secured by corporate guarantee
of related parties and personal guarantee of( Director of the Company. The coupon rate is 15% p.a. compouded monthly and repayable in 4
quarterly instalment ending in FY 2026-2027.
a) Loan from banks
(i) Secured foan from a bank of Rs. 319 Lakhs (1899 Lakhs) and Overdraft facility of Rs. 636 lakhs(340 lakhs) is secured by way of the exclusive
first charge over development rights of Project Kalpataru Imperia situated at Santacruz, personal guarantee of director. Loan carries Interest not
exceeding @1.75% over Lenders Benchmark rate repayable in six equal installments starting after twenty seven months from the date of
Disbursement ending Financial Year 2025-26.
(ii) Rs. 1379 lakhs (Rs. 5959 lakhs) overdraft facility availed by the company which is secured against fixed deposits held by the Company lien in
favour of bank.
b) Loan from financial institutions
(i) Rs. 6198 lakhs (Rs. 4648 lakhs) is secured by exclusive charge byway of registered mortgage over the development rights along with share of
units of the company arising out of development agreement together with underlying receivables arising there from the property situated at
Mumbai to be re-developed by the company and personal guarantee of director of the company. The loan carries interest @ 3.45% below
lender's benchmark rate and is repayable in twenty four monthly instalments ending in the financial year 2026-2027.
(c) The company has outstanding Unrated Unlisted Non-Convertible Debentures (NCDs) of Rs 5500 lakhs (Rs. Nil), with 550 NCDs valued at Rs 10
lakhs each. These NCDs were issued on a private placement basis and are secured by a mortgage over the development rights of a project
located in Borivall, Mumbai, including all present and future structures and receivables arising from it. Additionally, the NCDs are secured by a
mortgage over the property at Pune and a pledge over shares of a related party. Further security is provided through a corporate guarantee from
related parties and a personal guarantee from the Director of the Company. The NCDs have an IRR of 18.00% p.a. and have a bullet repayment
in FY 2027-28.
* Name of the company has been changed from "Kalpataru Power Transmision Limited" to "Kalpataru Projects International
Limited" w.e.f 22 May 2023
Notes-
a) “Others “denote entries which account for less than 10% of the aggregate for that category of transaction.
b) Property of the Company situated at Andheri (East) shown under inventories is mortgaged for non fund based facilities
availed by subsidiaries and enterprises controlled by the Company jRefer note 23(a){iii)].
b) Above disclosures are excluding Ind AS adjustments.
c) The details of related party relationships identified by the management of the company and relied upon by the auditor.
d) The Amounts denoted above are net of taxes.
e) "0" (zero) indicates amounts less than a lakh.
Note - 33 Contingent liabilities and commitments (To the extent not provided for)
I) Contingent liabilities
a) Bank guarantees issued Rs. 413 lakhs (Rs. 717 lakhs).
b) Disputed dues of indirect tax liabilities of Rs. 3459 lakhs (Rs. 6480 lakhs). Out of which, the Company has filed appeal and paid Rs. 202
lakhs (Rs. 352 lakhs) under protest.
c) There are certain legal cases/disputes pending against the Company or filed by the Company and liabilities in respect thereof if any, are
unascertained. The Company has engaged reputed advocates to protect its interests and has been advised that it has strong legal
positions against such disputes.
d) The Company does not have any long-term contracts including derivative contracts on which there are foreseeable losses which are
not provided,
II) Capital and other commitments
a) The Company has committed to provide continued financial support to various subsidiaries, amount unascertained.
b) The Company enters into construction contracts for Civil, Elevator, External Development, MEP work etc. with its vendors. The total
amount payable under such contracts will be based on actual measurements and negotiated rates, which are determinable as and
when the work under the said contracts are completed.
b) The Company has elected not to recognise right of use asset and lease liability as per the provisions of ind AS 116 - "Leases",
considering the leases being short term and lease of low value asset. The Company has taken commercial and residential premises
under cancelable operating lease agreements. Lease expenditure for cancelable operating leases is recognised over the period of
lease. The initial period for lease is generally for thirty six months to sixty months. Total lease rent expenses for the period / year is Rs.
66 Lakhs (Rs. 63 lakhs).
Note - 36 Financial guarantee
The Company has given corporate guarantees along with subsidiaries, associates and other related parties of Rs. 5,58,500 lakhs
(Rs.6,29,500 lakhs) to various Banks/Financial Institutions for the loans granted to subsidiaries, enterprises controlled by the company
and other related party. Such loans outstanding as on 31 March 2024 are Rs. 3,61,932 lakhs(Rs. 4,62,102 lakhs).
Note - 38 Corporate social responsibility (CSR)
As per section 135 of the Companies Act, 2013, a CSR Committee has been formed by the Company. The Company was required to
spend Rs. 47 lakhs (Rs. 21 lakhs) and has spent Rs. 19 lakhs (Rs. 1 lakhs) on activities mentioned below as specified in Schedule VII
of the Companies Ad, 2013. The Company has made provision for unspent amount of CSR expenses of Rs. 28 lakhs in the books of
account, which is deposited in designated accounts in accordance with secion 135 read with schedule VII of the Companies Act, 2013.
wore - sv uetaiis or loans given, investments made, guarantees given and securities provided covered u/s 186(4) of the
Companies Act, 2013
a) The Company is engaged in the business of Real Estate Development which is classified under Infrastructural facilities as specified
under Schedule VI of the Companies Act, 2013 (the 'Act') and hence the provisions of Section 186 (except sub section 1) of the Act
related to loans/guarantees given or securities provided are not applicable to the Company.
b) There are no investments made other than those disclosed in note 7.
Note - 40 Financial risk management objectives and policies
The Company’s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial
liabilities is to finance and support Company's operations. The Company's principal financial assets include loans given, trade and other
receivables, cash and cash equivalents, other bank balances and refundable deposits that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of
these risks. The Company's senior management ensures that the Company's financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and
risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks.
Financial risk management
The Company has exposure to the following risks arising from financial instruments:
(i) Market Risk
(ii) Credit Risk and
(iii) Liquidity Risk
i) Market risk
Market risk arises from the Company's use of interest bearing financial instruments. It is the risk that the fair value or future cash flows
of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial
instruments affected by market risk include borrov^EfgPTgategjvens. fixed deposits and refundable deposits.
a Interest rate risk
. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt
obligations with floating interest rates. The management is responsible for the monitoring of the Company's interest rate position.
Different variables are considered by the management in structuring the Company's borrowings to achieve a reasonable, competitive,
cost of funding, ' '
b Currency risk
Currency risk is not material, as the Company's primary business activities are within India and does not have significant exposure in
foreign currency.
(ii) 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. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities including security deposits, loans to employees and other financial instruments.
a) Trade receivables
The Company s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Company has
entered into contracts for sale / leasing of commercial premises. The payment terms are specified in the contracts. The Company is
exposed to credit risk in respect of the amount due. However, in case of sale, the legal ownership is transferred to the buyer only after
the entire amount is recovered. In case of leasing, the Company takes security deposit to secure the rent. In addition, the amount due is
monitored on an ongoing basis with the result that the Company's exposure to bad debts is not significant. The Company evaluates the
concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions industries and operate
in largely independent markets.
b) Financial instrument and cash deposits
With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash, loans to related
parties and other parties, other receivables and deposits, the Company's exposure to credit risk arises from default of the counterparty,
with a maximum exposure equal to the carrying amount of these assets. ’
Credit risk from balances with banks is managed by Company's treasury in accordance with the Company’s policy. The Company limits
its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any
counterparty to fail in meeting its obligations. _
(iii) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its
risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and
financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.
The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The objective is to
optimize the efficiency and effectiveness of the management of the Company's capital resources. The Company’s objective is to
maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate
reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of
financial assets and liabilities.
The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of financial
obligations.
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments:
Note - 47
The company is the nominee shareholder of various entities in order to comply with minimum number of shareholder requirement as per the Companies
Act, 2013. Based on the request received from the beneficial owners the company has created pledge of the securities held in its name as the
registered holder in favour of the lender of respective facilities availed by such beneficial owners. Accordingly the company has created charqe/s and
filed the same with ROC/MCA.
Note - 48
To the best of information of management of the Company, the disclosure requirements to be given pursuant to Gazette notification for Amendments in
Schedule III to Companies Act, 2013 dated 24 March 2021 effective from 01 April 2021 pertaining to following matters are either disclosed or not
applicable to the company :
1. Disclosure on Revaluation of property, plant and equipment and intangible assets from Registered Valuers is not applicable to company.
2. No proceeding has been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition)
Act,1988 (us of 1988) an rules made thereunder.
3. The Company has not been declared a wilful defaulter by any bank or financial institution or other lender.
4. Relationship with Struck off Companies*
During the year, the Company has not entered into any transaction with companies struck off under Section 248 of the Companies Act, 2013 or Section
560 of Companies Act, 1956.
* Based on information available as on the date of reporting.
5. As per clause (87) of section 2 and section 186 (1) of the Companies Act, 2013 and Rules made thereunder, the company is in compliance with the
number of layers as permitted under the said provisions.
6. The Company has not traded or invested in Crypto currency or virtual currency during the financial year.
7. There are no transactions recorded in books of account reflecting surrender/disclosure of income in the assessment under Income Tax Act, 1961.
8. The company has not carried out any scheme which is approved by regulatory authorities during the year.
9. The accounting software used by the Company, to maintain its Books of account have a feature of recording audit trail (edit log) facility and the same
has been operated throughout the year for all transactions recorded in the software. The Company has an established process of regularly identifying
shortcomings, if any, and updating technological advancements and features including audit trail. The shortcomings identified during the course of audit
are being reviewed and corrective action is being taken wherever required.
Note - 49 ~ " '
a. ) To the best of our knowledge & belief, no fund (which are material either individually or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) orentity(ies), including
foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether , 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
provided any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
b. ) To the best of our knowledge & belief, no funds (which are material either individually or in the aggregate) have been received by the Company from
any person(s) or entity(ies), including foreign entity ("funding parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
funding parties ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Note - 50
The Income Tax Department (“the Department") conducted a Search activity (“the search") under Section 132 of the Income Tax Act, 1961 ("the Act”) at
premises of the Company during August 2023. The Company has provided all the necessary support and cooperation to the Income tax officials during
the search and provided all the necessary information including documents and data sought by the Department. As on the date of signing of these
financial statements, the Company has only received a notice u/s148 requiring the Company to re-file its Income Tax return for Assessment Year 2020¬
21 which will be appropriately responded by the Company.
Note - 51
No dividend is declared & paid during the current financial year.
Note - 52 Events after reporting date
There have been no events after the reporting date that require disclosure in these financial statements.
Note - 53
Previous year figures (not material) have been regrouped / reclassified, wherever necessary, if any, to correspond with current period classification.
Figures in brackets pertaining to previous year.
As per our report of even date
For KKC & Associates LLP For and on behalf of the Board
Chartered Accountants
(Formerly Khimji Kunverji & Co LLP)
FRN: 105146W/W100621
Hasmukh B Dedhia Mof^-PTMunot Pard^JfljSlunot
Partner Chairman Managing Director
Membership No.: 033494 (DIN-00046905) (DIN-00136337)
Chandrashekhar Joglekar ’ Abhishek Thareja^
Chi^Financial Officer Company Secretary
Date: 27th May 2024 Date Ý27lh MayM.No. A18766
Place: Mumbai
F0<n
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