NOTES:

(1) Self Liquidating Additional ODI from National Co-operative Bank secuered by the extension of registered mortgage of leased property of 305 sq. mts. located on the 1st floor of the premises Bhogilal Building, K.Dubash Marg, Kalaghoda, Fort, Mumbai-400 023 inclusive and personal guarantee of Dr. S P Mittal.

Rate of Interest -The Company's borrowings from banks are at an effective weighted average rate of 12.50%p.a .(previous year 13.50%) as per sanction letter no. NCB/HO/LC/10/2016-17, Dated 17/01/2017

(2) Self Liquidating Additional ODI from National Co-operative Bank secuered by the extension of registered mortgage of leased property of an area admeasuring 3284 sq.ft. including common area of toilet block and entry hall of 282 sq.ft. on 1st fir of the Bhogilal Bldg., 18/20, K.Dubash Marg, Kalaghoda, Fort, Mumbai - 400023 and personal guarantee of Dr. S P Mittal.

Rate of Interest -The Company's borrowings from banks are at an effective weighted average rate of 12.50%p.a .(previous year 13.50%) as per sanction letter no. NCB/HO/LC/10/2016-17, Dated 17/01/2017

(3) Self Liquidating Additional ODI from National Co-operative Bank secuered by the extension of registered mortgage of leased property of an area admeasuring 3284 sq.ft. including common area of toilet block and entry hall of 282 sq.ft. on 1st fir of the Bhogilal H. Bldg., 18/20, KDubash Marg, Kalaghoda, Fort, Mumbai - 23 and personal guarantee of Dr. S P Mittal.

Rate of Interest -The Company's borrowings from banks are at an effective weighted average rate of 12.50%p.a .(previous year 13.50%) as per sanction letter no. NCB/HO/LC/10/2016-17, Dated 17/01/2017

(4) Vehicle Loan are secured against hypothetication of vehicles Financed. The rate of Interest 13.25% p.a.

There are no Micro & Small Enterprises to whom the company owes dues, which are outstanding for more then 45days at the Balance sheet date:The information regarding Micro & small enterprises have been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

(1) Cash Credit facility from Union Bank of India is secured by hypothecation of book debts and stock of foreign currencies and encashed travellers' cheques present and future, and guaranteed by some of the Directors of the Company. In addition, the Company has undertaken to create charge in favour of Banks on immovable property at Flat No. 12-B ,bldg 91, Pacharatna Society, Thane, Flat No. 12-B , bldg no.53, Sevakunj Society, Thane and Unit No.6, Surya Vihar, Dundahera, Gurgaon, Delhi.

Rate of interest - The company's borrowings from banks are at floating rate of MCLR 3.90% subject to change time to time as per the sanction letter No. MSM.ADV 1382:2017, dated 23/11/2017.

(2a) Cash Credit facility from Vijaya Bank is secured by hypothecation of book debts and guaranteed by some of the Directors of the Company. In addition, the Company has undertaken to create charge in favour of Banks on immovable property at unit No. 1101,1102,1103 Mittal Tower B-Wing, Bangalore, Unit No. 141 and 44 of Adarsh Ind.Estate, Andheri, Mumbai, and Flat No.2, B Wing, Aarti Soceity, Mumbai 400 034 and Corporate guarantee of M/s. Narayani Hospitality & Academic Institutions Pvt. Ltd., M/s. Trade Wings Logistics (India) Pvt. Ltd.

(2ai) Adhoc limit from Vijaya Bank vide sanctioned letter no. MRO/CPW/F-380/2017-18, Dt. 21/06/2017, with same Terms & Conditions.

(2b) Shop No. 9, First Floor, “Manoram Arcade” at Vakilwadi, Nashik land bearing survey No. 609/A/2B, Municipal No. 430-J-l, admeasuring about 362.04 sq.mtrs.

(2c) Office No. 110, on the first floor 350.37 sq. ft. i.e. 32.55 sq. mtrs carpet area in the project known as Shanti City at village Talegaon Dabhade of Taluka Maval, Dist. Pune land bearing survey No. 532 (old S. No. 714) CTS No. 2431 to 2435 and 3294 totally admeasuring about 2.94 hect. i.e. 29400 sq. mtrs and 16542.4 sq. mtrs.

(2d) Shop No. 12/13, first floor, “Manoram Arcade” S.No. 609/A/2B off. M.G.Road, opp. Sharda Sankul & Nilesh Dry Fruites, Vakilwadi, Nashik.

Rate of interest - The company's borrowings from banks are at floating rate of BR 2.80% subject to change time to time as per the sanction letter No. MRO/GMLCC/78/2017-18, dated 21/06/2017.

5 Certain premises have been purchased in the name of a Director of the Company for which suitable indemnity is obtained. The Company is in process of compiling documents.

6 The particulars of earning in foreign exchange and expenditure in foreign currency have been ascertained by the management on the basis of information available with them on which auditors have relied.

7 The company has the following investment and loans in the subsidiary companies:

The losses of TWHL exceed its paid up capital and free reserves as at 31 March, 2018. In view of the Long-term involvement of the Company in TWHL, no provision has been made in the accounts for the said losses. In the opinion of the management, considering the market value of the assets of the TWHL, the overall net worth of TWHL will be higher than the amount invested in all the companies. Therefore the provision for diminution in value of investment is not required.

8 The Assessment of Income Tax is completed up to Accounting year 2014-15.

The Appeals have been filed by Company and income Tax departments in various years viz 2008-09,2009-10 and 2014-15

9 Previous Years Tax Adjustment Expenses is Rs.3.01/- (Previous year Tax Adjustment Expenses was Nil)

Prior Period Expenses is Nil (Previous year Prior Period Income & Expenses was Rs.2.48)

10) Fixed Assets and other current assets used in the Company’s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The company believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

11) During the year, the company has written off sundry debit balance of Rs. 17.21 (Previous Year Rs.45.67), Loans and advance are Nil/- (Previous year Nil/-) and written back Rs.13.18 (Previous Year Rs. 19.29) as approved by board of directors. The effect of write off and write back has been shown in the Profit and Loss account.

12) Fixed assets include Rs. 11.30 related to purchase of property at Calcutta for which proper documentation and Registration procedures are pending. Auditor has relied upon the value of the property confirm and certified by management.

13) Fixed assets include Rs.53.62 related to purchase of vehicle for which documentation and registration procedures are pending. Auditor has relied upon the value of the vehicle confirm and certified by management.

14) Previous year’s figures have been regrouped /reclassified where necessary.

15) Repayment of Term Loan within one year disclosed in Other non-current liabilities based on the statement and figure provided by the bank.

2 Notes to the financial statements for year ended March 31,2018

2.1 First-time adoption of Ind AS

The financial statements for the year ended 31 March 2018 have been prepared in accordance with Ind AS. For the purpose of transition to Ind AS, the Company has followed the guidance prescribed in Ind AS 101 - First time adoption of Indian Accounting Standard, with 1 April 2016 as a transition date and IGAAP as the previous GAAP.

The transition to Ind AS has resulted in changes in the presentation of the financial statements, disclosures and the Notes thereto and accounting policies and principles. The accounting policies set out in Note 1 have been applied in preparing the financial statements for year ended 31 March 2018 and the comparative information. An explanation of how the transition from previous GAAP to Ind AS has affected the company’s balance sheet and statement of profit and loss is set out in Note 2.2.1 and 2.2.2.

Exemptions in first time adoption of Ind AS availed in accordance with Ind-AS 101 have been set out in note 2.1.1.

Exemptions availed on first time adoption of Ind AS 101

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has accordingly applied the following exemption:

Property, plant and equipment (Ind AS 16)

The Company has elected to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition measured as per the previous GAAP and use that as its deemed cost as at date of transition.

2.2 Reconciliations

The following reconciliations provide the effect of transition to Ind AS from IGAAP in accordance with Ind AS 101.