(f) Provisions, Contingent Liabilities & Contingent Assets:

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, and it is
probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the
obligation can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure
expected to settle the obligation.

All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the
obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations,
whose existence will only be confirmed by the occurrence or non-occurrence of one or more future uncertain events not wholly
within the control of the company, are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is
remote.

Contingent Assets are not recognised in the financial statements. However, when the realisation of income is virtually certain, then
the related asset is not a contingent asset and its recognition is appropriate.

i) The Company had availed Cash Credit / OD A/c and HP LHV A/c facilities from Canara Bank, New Marine Lines Branch, Mumoai.
These accounts were outstanding for a number of years and the Company had defaulted in making payment to the said bank. The
Hon'ble Mumbai Debts Recovery Tribunal No. 1. ('the Tribunal') vide its order in O.A. No. 1768 of 2000 determined a sum of
Rs. 135.07 lakhs inclusive of principal and interest as due from the Company and directed the Company to pay the said dues along
with future interest @18 % p.a. with quarterly rests from the date of filing of the application i.e. from September 10, 1997 till
realisation of the amount.

ii) Thereafter, Canara Bank vide Assignment Agreement dated September 29, 2017 assigned the debt payable by the Company to a
private party viz., Green Malabar Finance Ventures Limited.

iii) The Tribunal vide order dated May 18, 2018 held that since Green Malabar Finance Ventures Limited was neither a bank nor a
Financial Institution under the SARFAESI Act, 2002 or under the RDB Act, 1993 the recovery proceedings cannot be continued
before the Tribunal and directed Green Malabar Finance Ventures Limited to approach the appropriate forum.

iv) To circumvent the order dated May 18, 2018 passed by the Tribunal and to continue the proceedings before the Tribunal, Green
Malabar Finance Ventures Limited assigned the said debt vide an alleged Assignment Agreement dated July 27, 2018 to Capri
Global Capital Limited who in turn within a short span of 10 days vide an alleged Assignment Agreement dated August 6, 2018
assigned the said debt to Alchemist Asset Reconstruction Company Limited, as trustee for the Alchemist XXXVI Trust.

v) Thereafter vide order dated March 8, 2019, the Tribunal, held that it has jurisdiction to continue the proceedings.

vi) No confirmations or any documents are available to verify the amount outstanding as at the balance sheet date and hence are taken
subject to confirmation and reconciliation and stated as per earlier financial statements.

vii) Since the claim in respect of the same was made by Canara Bank and subsequently by the Assignees before the Tribunal, the
same are shown under "Other Financial Liabilities".

viii) The Company has reworked out the interest liability as per the recovery certificate issued by the Tribunal, which for the year ended
March 31, 2024 amounts to Rs.2,340.84 lakhs (Rs.1,962.93 lakhs) and cumulative liability of unprovided interest from September
10, 1997 to March 31, 2024 is ascertained at Rs. 14,364.81 lakhs (Rs. 12,023.97 lakhs). Further there is an unrecorded liability of
Rs.12.54 lakhs (Rs.12.54 lakhs) being the difference between the amount of debt in the books of accounts and the recovery
certificate issued in favour of Canara Bank. Accordingly, the loss for the year is understated by Rs.2,353.38 lakhs (Rs.1,975.48
lakhs) and net worth for the year is overstated by Rs.14,377.36 lakhs (Rs.12.036.51 lakhs).

13. The Company has accumulated losses of Rs. 307.29 lakhs (Rs.299.10 lakhs) resulting into negative net worth of Rs.207.29 iakhs (Rs
199.10 lakhs). The Company's current liabilities exceed its current assets by Rs.207.29 lakhs (Rs.199.10 lakhs) as on date. Further there
is interest liability of Rs.2.340.84 lakhs (Rs. 1,962.94 lakhs) and also cumulative interest liability upto March 31, 2024 amounting to
Rs.14,364.81 lakhs (Rs.12,023.97 lakhs) on the outstanding amount payable to Alchemist Asset Reconstruction Company Limited as
trustee for the Alchemist XXXVI Trust (Assignee of the debt transferred by Green Maiabar Finance Venture Ltd., a private Company) for
which no provision is made in the books of account from 1997 till date. The turnover during the year ended March 31, 2024 is Rs. Nil
(Rs.Nil).

The Company's net worth has been completely eroded and its ability to continue as a going concern basis inspite of the present
accumulated losses is dependent upon the infusion of funds for its operations. The Company is planning to take various measures in
terms of arranging resources to gain more time for the business to recover, in view of above the financial statements have been prepared
on a going concern basis.

14. As the Company has only one employee and no matenal liability for employee benefits is expected, liability for the same is not
ascertained,

15. There is no business activity in the Company during the current financial year or in the preceding previous financial year. Accordingly.
Segment Reporting as required as per Ind AS -108 and other applicable disclosures are not made.

16. There is no reasonable certainty supported by convincing evidence that future taxable income will be available. Accordingly, deferred tax
asset on the unabsorbed losses of the Company have not been recognised and also not determined.

17. Other IND AS disclosures are not made as the Company has no business activity in the current as well as in the previous financial year.

18. The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further there are no
instances of audit trail features being tampered with.

19. Figures of the previous year are in brackets and have also been regrouped/restated wherever necessary.

20. Additional regulatory information required by schedule III to the Companies Act.2013 -

(a) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies
beyond the statutory period,

(b) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.

(c) The Company does not have any benami property held in its name, No proceedings have been initiated on or are pending against
the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made
thereunder.

(d) There is no income surrendered or disclosed as income during the year in tax assessments under the income Tax Act, 1961 (such
as search or survey), that has not been recorded in the books of account.

(e) The Company is not declared wilful defaulter by any bank or financial Institution or other lender.

(f) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind
of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in
writing or otherwise) that the Intermediary shall;

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group
(Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(g) The Company has not received any funds from any other person(s) or entity(ies), including foreign entities (Intermediaries) with the
understanding (whether recorded in writing or otherwise) that the Group shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(h) The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section
560 of Companies Act. 1956 during the financial year

(i) The Company has not revalued its property . plant and equipment (including right of use assets) or intangible assets during the
current year or previous year.

(j) The Company has not obtained any new sanctioned working capital limit during the year, from banks and/or financial institution, on
the basis of security of current assets.

(k) The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013 read
with Companies (Restrictions on number of Layers) Rules, 2017.

For N N K & CO. For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration Number: 143291W

Nikita Lalwani Hemant D. Shah Samir H. Shah

Partner Managing Director Director

Membership Number: 131875 DIN:02303535 DiN;00890587

UDIN : 24131875BKHGCZ4033

Rasika R, Wadkar Vinika N. Chouriya
Chief Financial Officer Company Secretary

Mumbai Mumbai

May 29, 2024 May 29, 2024