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అకౌంట్స్ గమనికలుE & E Enterprises Ltd.
2.10Provisions, Contingent Liabilities and Contingent Assets
The Company recognises a provision when there is a present obligation (Legal or Constructive) as a result of a past event
that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A
disclosure for contingent liability is made when there is possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of
outflow of resources is remote, no provision or disclosure is made.
Provisions are not discounted to its present value and are determined based on best estimate required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect current best
estimates.
Contingent Assets are neither recognised nor disclosed.
Income tax comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a
business combination or to an item recognised directly in equity or in other comprehensive income.
i. Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment
to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax
amount expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured
using tax rates (and tax laws) enacted or substantively enacted by the reporting date.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised
amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.
ii. Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognised
in respect of carried forward tax losses and tax credits.
Deferred tax is not recognised for:
â temporary differences arising on the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit or loss at the time of the transaction;
â temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the
Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future; and
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which
they can be used. The existence of unused tax losses is strong evidence that future taxable profit may not be available.
Therefore, in case of a history of recent losses, the Company recognises a deferred tax asset only to the extent that it has
sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable profit will be available
against which such deferred tax asset can be realised. Deferred tax assets - unrecognised or recognised, are reviewed at
each reporting date and are recognised/ reduced to the extent that it is probable/ no longer probable respectively that the
related tax benefit will be realised.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability
is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company
expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets,
and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities,
but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised
simultaneously.
Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are treated as direct
cost and are considered as part of cost of such assets. A qualifying asset is an asset that necessarily requires a substantial
period to get ready for its intended use or sale. All other borrowing costs are recognised as an expense in the period in
which they are incurred. The capitalisation of borrowing cost is suspended when the activities necessary to prepare the
qualifying asset are deferred / interrupted for significant period of time.
Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS
is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the
period except where the results would be anti-dilutive.
On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of
the company is such that its disclosure improves the understanding of the performance of the company. Such income
or expense is classified as an exceptional item and accordingly, are disclosed in the notes accompanying to the Ind AS
financial statements.
Final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are
recorded as a liability on the date of declaration by the Company''s Board of Directors.
Rights, preferences and restrictions attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares
is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion
to the number of equity shares held by the shareholders.
Aggregate number of shares issued for consideration other than cash during the period of five years immediately
preceding the reporting date
There are no shares allotted either as fully paid up by way of bonus shares or under any contract without payment received
in cash during 5 years immediately preceding March 31, 2026.
Dividend of Rs.1 per equity share (10% of the face value of Rs. 10/- each) amounting to Rs. 2,40,000/- has been
recommended by the Board of Directors which is subject to approval of the Shareholders.
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the
General reserve is created by a transfer from one component of equity to another and is not item of other comprehensive
income, items included in the General reserve will not be reclassified subsequently to statement of profit and loss.
(ii) Capital Redemption Reserve
This reserve was created as per requirements of Companies Act pursuant to Redemption / buy back of preference shares
and can be utilised for issuing bonus shares.
(iii) Reserve Fund u/s 45-IC(1) of RBI Act, 1934
During the year, the Company surrender to carry on the business of a Non-Banking Financial Institution and surrendered/
obtained cancellation of its Certificate of Registration issued by the Reserve Bank of India under Section 45-IA of the RBI
Act, 1934.
Accordingly, the Company is no longer governed by the provisions applicable to NBFCs. However, the balance standing
in Special Reserve created pursuant to Section 45-IC of the RBI Act, 1934 has been continued under ''Other Equity'' as a
restricted reserve and shall be utilized/disposed of in accordance with applicable regulatory requirements and approvals,
if any.
The Company has also reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company
does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.
The Company has entered into an MOU with the Evaan Holdings Private Limited for the purchase of the 3 ( three) flats for
the agreed consideration of the Rs 2200 lakh of which company has already made the advance payment of the 1385 lakh
hence, Due Capital Commitment is Rs 815 Lakh ( P.Y. - Nil )
23 Information in accordance with the requirements of Ind AS-24 on Related Party Disclosures.List of Related Parties
A. Holding company
Piramal Corporate Services Private Limited
B. Fellow subsidiary
Piramal Water Private Limited
Piramal Sons Private Limited (upto 28th October, 2025)
IndiaVenture Advisors Private Limited
Alpex Infraconstructions Private Limited (upto 28th October, 2025)
The Company manages its capital structure with the objective of ensuring financial stability, maintaining adequate liquidity,
and supporting its business operations and strategic plans. The Company monitors its capital structure through gearing
ratios, debt-equity ratio, and cash flow forecasts. Funding requirements are met through internal accruals, equity, and
borrowings, as considered appropriate by the management.
During the year, the Company ceased to be registered as a Non-Banking Financial Company (NBFC); accordingly, the
regulatory requirements relating to maintenance of Capital to Risk Assets Ratio (CRAR) prescribed by the Reserve Bank
of India are no longer applicable to the Company. The Company determines the amount of capital required on the basis
of annual as well as long term operating plans and other strategic investment plans. The funding requirements are met
through equity or other short-term borrowings. There is no direct and indirect real estate exposure.
Risk management is an integral part of the Company''s business strategy. The Risk management oversight structure
includes Committees of the Board and Management Committees. Company''s risk philosophy is to develop and maintain
a healthy portfolio which is within its risk appetite and the regulatory framework. While the Company is exposed to various
types of risks, the most important among them are liquidity risk, interest rate risk, credit risk, regulatory risk and fraud and
operational risk. The measurement, monitoring and management of risks remain a key focus area for the Company.
The Company''s risk management strategy is based on a clear understanding of various risks, disciplined risk assessment
and measurement procedures and continuous monitoring. The policies and procedures established for this purpose are
continuously benchmarked with market best practices.
The Risk Management Committee of the Board (âRMCâ) reviews compliance with risk policies, monitors risk tolerance
limits, reviews and analyse risk exposure and provides oversight of risk across the organization. The RMC nurtures a
healthy and independent risk management function to inculcate a strong risk management culture in the Company and
broadly perceives the risk arising from (i) credit risk, (ii) liquidity risk, (iii) fraud risk and operational risk (iv) regulatory risk.
Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity Risk Management implies
maintenance of sufficient cash and marketable securities.
The following tables detail the Company''s remaining contractual maturity for its financial liabilities with agreed repayment
periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Company can be required to pay. The contractual maturity is based on the earliest date on which the
Company may be required to pay.
Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts
due causing financial loss to the Company. The potential activities where credit risks may arise include from cash and
cash equivalents, security deposits or other deposits, loans and advances to employees and customer receivables. The
maximum credit exposure associated with financial assets is equal to the carrying amount. Details of the credit risk specific
to the Company along with relevant mitigation procedures adopted have been enumerated below:
Other financial assets includes cash and cash equivalents, Investment, loans and advances etc.
⢠Cash and cash equivalents and Bank deposits are placed with banks having good reputation and past track record with
adequate credit rating.
⢠Loan and advances are unsecured in nature. Based on historical trends, the management does not foresee any credit risk.
⢠The Company has Investment in the unquoted preference share. Based on historical trends, the management does not
foresee any credit risk.
27.3Fraud risk and operational risk:
The Company has an elaborate system of internal audit commensurate with the size, scale and complexity of its operations
and covers funding operations, financial reporting, fraud control and compliance with laws and regulations.
Risks associated with frauds are mitigated through 100% document verification and review of all the cases which are
entered in the system, including corrective and remedial actions as regards people and processes.
Internal Auditors monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its
compliance with laws and regulations, efficacy of its operating systems, adherence to the accounting procedures and
policies and report directly to Audit and Risk Management Committee of the company.
28 Disclosures as required by the Micro, Small and Medium Enterprises Development Act, 2006 (âMSMED Act'') are
as under:
The Company does not have outstanding dues to creditors registered as Micro, Small and Medium Enterprises as at
March 31, 2026 and March 31, 2025 and accordingly, the disclosures under the MSMED Act, 2006 are not applicable.
29 Income and Expenditure in foreign currency is NIL (Previous Year Nil).
In accordance with Ind AS 108 - Operating Segments as notified u/s 133 of the Companies Act, 2013. the company is
exclusively in the âReal Estateâ business and therefore, no disclosure on Segment reporting is required.
31 Other Statutory Information
(i) There are no transaction with companies stuck off under section 248 of the Company Act, 2013 or section 560 of Companies
Act, 1956 during the current year & previous year.
(ii) No proceeding has been initiated during the year or pending against the Company for holding any Benami property.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iv) During the current year the company has not traded or invested in crypto currency or Virtual Currency.
(v) The Company have not been declared as a wilful defaulter by any bank or financial institution (as defined under Companies
Act, 2013) or consortium thereof, in accordance with the guidance on wilful defaulter issued by Reserve Bank of India.
(vi) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the act read with
companies (Restriction on number of Layers) Rules, 2017.
(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the income Tax Act,1961)
(viii) The Company, has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign entities
(Intermediaries) with the understanding that the intermediary shall:
(a) 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
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(ix) The Company, has not received any fund from any persons(s) or entity(is), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) 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
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
The following are applicable analytical ratios for the year ended March 31, 2026 and March 31, 2025:
34 There have been no events after the reporting date that require disclosure in these financial statements.
35 Figures for the previous year have been regrouped wherever necessary, to conform to current year classification. Further,
as stated in note 1 above, comparative figures for the preceeding year have been restated to make them comparable.
iv) Provisions and contingent liabilities
Provisions are recognised when there is 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 there is a
reliable estimate of the amount of the obligation. When a provision is measured using the cash flows estimated to settle
the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of
money is material). The discount rate used to determine the present value is a 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.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the
control of the Company or a present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
v) Revenue recognition
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset to that asset''s net carrying amount on initial recognition.
Loan processing fees income is accounted for on effective interest basis. Arranger fees / Asset monitoring fees income is
accounted for on accrual basis.
Dividend income from investments is recognised when the Company''s right to receive payment has been established
(provided that it is probable that the economic benefits will flow to the Company and the amount of dividend income can
be measured reliably).
vi) Exceptional items
When items of income and expense within profit or loss from ordinary activities are of such size, nature or incidence that
their disclosure is relevant to explain the performance of the enterprise for the period, the nature and amount of such items
is disclosed separately as Exceptional items.
vii) Taxes on income
Tax expense for the period, comprising current tax and deferred tax, are included in the determination of the net profit or
loss for the period. Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the
Income Tax Act, 1961.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the
standalone financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised
for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which
those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the
temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability
is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the
end of the reporting period.
Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting
for a business combination, the tax effect is included in the accounting for the business combination.
viii) Cash and cash equivalents
In the cash flow statement, cash and cash equivalents includes cash on hand, demand deposits with banks, other short¬
term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilities in the balance sheet.
ix) Borrowing costs
Borrowing costs directly attributable to acquisition or construction of qualifying assets (i.e. those fixed assets which
necessarily take a substantial period of time to get ready for their intended use) are capitalised. Other borrowing costs are
recognised as an expense on effective interest rate basis.
x) Earnings per share
Basic_earnings_per share
The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders by weighted
average number of equity shares outstanding during the reporting year.
Diluted_earnings_per share
Number of equity shares used in computing diluted earnings per share comprises the weighted average number of shares
considered for deriving basic earnings per share and also weighted average number of equity shares which would have
been issued on the conversion of all dilutive potential shares. In computing diluted earnings per share only potential equity
shares that are dilutive are included.
xi) Property, plant and equipment
All Property, Plant and Equipment are stated at cost of acquisition, less accumulated depreciation and accumulated
impairment losses, if any. Direct costs are capitalised until the assets are ready for use and includes freight, duties, taxes
and expenses incidental to acquisition and installation.
The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other
repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Subsequent expenditures related to an item of Property, Plant and Equipment are added to its book value only if they
increase the future benefits from the existing asset beyond its previously assessed standard of performance.
Losses arising from the retirement of, and gains or losses arising from disposal of Property, Plant and Equipment are
recognised in the Statement of Profit and Loss.
Depreciation is provided on a pro-rata basis on the straight line method (''SLM'') over the estimated useful lives of the
assets specified in Schedule II of the Companies Act, 2013.
The assets'' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
xii) Intangible Assets
Intangible assets are stated at acquisition cost, net of accumulated amortisation and accumulated impairment losses, if
any.
xiii) Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired.
For the purposes of assessing impairment, the smallest identifiable group of assets that generates cash inflows from
continuing use that are largely independent of the cash inflows from other assets or group of assets, is considered as
a cash generating unit. If any such indication exists, the Company estimates the recoverable amount of the asset. The
recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use. If such recoverable
amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss
and is recognised in the Statement of Profit and Loss. If at the Balance Sheet date there is an indication that a previously
assessed impairment loss no longer exists or may have decreased, the recoverable amount is reassessed and the asset
is reflected at the recoverable amount.
23 Capital management
The Company manages its capital to ensure that it will be able to continue as going concern while maximizing the return
to stakeholders. The capital structure of the Company consists of only share capital.
The Company being a Non-Deposit taking NBFC has to maintain a Capital to Risk Assets Ratio (CRAR) of 15%. The
Company determines the amount of capital required on the basis of annual as well as long term operating plans and
other strategic investment plans. The funding requirements are met through equity or other short-term borrowings. The
Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt
portfolio of the Company. There is no direct and indirect real estate exposure.
24 Risk management
Risk management is an integral part of the Company''s business strategy. The Risk management oversight structure
includes Committees of the Board and Management Committees. Company''s risk philosophy is to develop and maintain
a healthy portfolio which is within its risk appetite and the regulatory framework. While the Company is exposed to various
types of risks, the most important among them are liquidity risk, interest rate risk, credit risk, regulatory risk and fraud and
operational risk. The measurement, monitoring and management of risks remain a key focus area for the Company.
The Company''s risk management strategy is based on a clear understanding of various risks, disciplined risk assessment
and measurement procedures and continuous monitoring. The policies and procedures established for this purpose are
continuously benchmarked with market best practices.
The Risk Management Committee of the Board (âRMCâ) reviews compliance with risk policies, monitors risk tolerance
limits, reviews and analyse risk exposure and provides oversight of risk across the organization. The RMC nurtures a
healthy and independent risk management function to inculcate a strong risk management culture in the Company and
broadly perceives the risk arising from (i) credit risk, (ii) liquidity risk, (iii) fraud risk and operational risk (iv) regulatory risk.
24.1 Liquidity risk
Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity Risk Management implies
maintenance of sufficient cash and marketable securities.
The following tables detail the Company''s remaining contractual maturity for its financial liabilities with agreed repayment
periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Company can be required to pay. The contractual maturity is based on the earliest date on which the
Company may be required to pay.
24.2 Credit risk
The Company is exposed to credit risk through its lending activity. Credit risk refers to the risk that counterparty will default
on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of dealing
with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of
financial loss from defaults.
Wholesale lending:
The Company has developed proprietary internal rating models to evaluate risk return trade-off for the loans and
investments made by the Company. The output of traditional credit rating model is an estimate of probability of default.
These models are different from the traditional credit rating models as they integrate both probability of default and loss
given default into a single model.
Credit risk management
Credit risk management is achieved by considering various factors like :
⢠Cash flow at risk - This is an assessment of the standalone project or business from which interest servicing and principal
repayment is expected to be done.
⢠Security cover - This is an assessment of the value of the security under stress scenario which is further adjusted for
factors like liquidity, enforceability, transparency in valuation etc. of the collateral.
⢠Promoter strength - This is an assessment of the promoter from financial, management and performance perspective.
⢠Exit - This is an assessment of the liquidity of the loan or investment.
The output from each of the analysis is converted to a risk weight equivalent. Each of the four components of the risk
analysis are assigned a specific weight which differ based on type of investment. The risk weight is then converted into
capital requirement. The required capital and the return is combined to create a metric which is used for deal assessment.
The credit risk on liquid funds and other financial instruments is limited because the counterparties are banks with high
credit-ratings assigned credit-rating agencies or mutual funds.
Provision for expected credit loss
The Company has assessed the credit risk associated with its financial assets for provision of Expected credit loss (ECL)
at the reporting dates. For different product categories (Real estate, Senior debt, Lease rental discounting, Loan against
shares, Mezzanine etc.), the Company has developed scorecard that makes use of various reasonable supportive forward
looking parameters which are both qualitative as well as quantitative in nature. These scorecards helps in determining
the change in credit risk and the probability of default. Based on the result yielded by the above assessment the financial
assets are classified into (1) Standard (Performing) asset, (2) Significant credit deteriorated (Under-Performing) asset (3)
Default (Non-Performing) asset (Credit impaired).
For the purpose of expected credit loss analysis the Company defines default as any asset with more than 90 days over
dues. This is also as per the rebuttable presumption provided by the standard.
c) Description of collateral held as security and other credit enhancements
The Company has set benchmarks on appropriate level of security cover for various types of deals. The Company
periodically monitors the quality as well as the value of the security to meet the prescribed limits. The collateral held by
the Company varies on case to case basis.
As at the reporting date, the ratio of value of the collateral held as security for the credit impaired financial assets to the
exposure at default for these assets is higher than 1.
24.3 Regulatory risk:
The Company requires certain statutory and regulatory approvals for conducting business and failure to obtain retain or
renew these approvals in a timely manner, may adversely affect operations. Any change in laws or regulations made by
the government or a regulatory body that governs the business of the Company may increase the costs of operating the
business, reduce the attractiveness of investment and / or change the competitive landscape.
24.4 Fraud risk and operational risk:
The Company has an elaborate system of internal audit commensurate with the size, scale and complexity of its operations
and covers funding operations, financial reporting, fraud control and compliance with laws and regulations.
Risks associated with frauds are mitigated through 100% document verification and review of all the cases which are
entered in the system, including corrective and remedial actions as regards people and processes.
Internal Auditors monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its
compliance with laws and regulations, efficacy of its operating systems, adherence to the accounting procedures and
policies and report directly to Audit and Risk Management Committee of the company.
26 Income and Expenditure in foreign currency is NIL (Previous Year Nil).
27 The Company is registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) under
Section 45-IA of the Reserve Bank of India Act, 1934. The Company is required to meet âPrincipal Business Criteriaâ as
per RBI Circular no. DNBS (PD) C.C. No. 81/03.05.002/2006-07 dated October 19, 2006, as given below:
(i) Financial assets should constitute more than 50% of the total assets (net of intangible assets); and
(ii) Income from financial assets should constitute more than 50% of the gross income.
Based on the financial statements for the year ended March 31, 2025, the Company does not meet one of the âPrincipal
Business Criteriaâ i.e. Income from financial assets should constitute more than 50% of the gross income.
28 Segment reporting
The chief operational decision maker monitors its principle business segment i.e. ''financing segment'' for the purpose of
making decision about resource allocation and performance assessment. The Company is operating in a single reportable
and geographical segment in accordance with Ind AS 108 - Operating Segments as notified u/s 133 of the Companies Act,
2013 and accordingly the same is not applicable to the Company.
(iv) Draw down from reserves
There is no drawdown of reserves during the year ended March 31, 2025 (previous year nil).
(v) Registration/ license/ authorisation obtained from other financial sectors regulators-
The Company has not obtained any registration/license/authorization from any financial sector regulator other
than Reserve Bank of India except shares of company are Listed on Bombay Stock Exchange and Delhi Stock
Exchange.
(vi) Rating assigned by credit rating agencies and migration of rating during the year
The Company has not been assigned any credit ratings during the year ended March31,2025 (previous year nil).
(vii) Structured product issued
The Company has not issued any structured product during the year ended March 31, 2025.
(viii) Penalties/fines imposed by RBI and other banking regulatory bodies
No penalty was imposed by RBI or any other banking regulatory bodies during the year ended March 31, 2025.
(ix) Area, country of operation & joint venture partners with regard to joint ventures and overseas subsidiaries-
The Company does not have any joint ventures and overseas subsidiaries.
(x) Extent of financing of parent company product
The Company has not financed any parent company product.
(xi) Details of off-balance sheet SPV''s sponsored
The Company does not have any off- balance sheet SPV''s sponsored.
(xii) Disclosure of complaints
There are no customer complaints received during the year no pending at the beginning at the end of the year.
(xiii) Securitisation/ assignment transactions
There is no securitisation transactions during the year.
The Company had not entered into any assignment transaction during the year ended March 31, 2025.
(xiv) Details of financial assets sold to Securitisation/Reconstruction Company for asset reconstruction
The Company had not sold any financial assets to Securitisation / Reconstruction Company for asset
reconstruction.
(xv) Details of non-performing financial assets purchased / sold
The Company has not purchased/ sold any non-performing financial assets during the year ended March 31,
2025.
(xvi) Details of single borrower limit (SGL) / group borrower limit (GBL) exceeded by the NBFC
The Company has not exceeded SBL/ GBL during the year ended March 31,2025 (previous year nil).
(xvii) Unsecured advances
There is no unsecured advances as on March 31,2025 (previous year nil).
(xviii) Related party transactions
Details of all material transactions with related parties are disclosed in note 21
(xix) Remuneration of directors
No remuneration is paid to directors during the year ended March 31,2025 (previous yaer nil).
(xx) Management
Refer Directors'' report for the relevant disclosures.
(xxi) Net profit or loss for the period, prior period items and changes in accounting policies
There are no prior period items that have impact on the current year''s profit and loss.
(xxii) Revenue recognition
There have been no instances in which revenue recognition has been postponed pending the resolution of
significant uncertainties.
(xxiii) Ind AS 110 - Consolidated financial statements (CFS)
The Company does not have any subsidiary. Hence, this disclosure under this para is not applicable.
(xxiv) Forward rate agreement (FRA) / Interest rate swap (IRS)
The Company has not taken any Forward rate agreement / Interest rate swap during the year ended March 31,
2025 (previous year nil).
(xxv) Exchange traded interest rate (IR) derivative
The Company has not taken any exchange traded interest rate (IR) derivatives during the year ended March 31,
2025 (previous year nil).
(xxvi) Disclosure on risk exposure in derivative - Qualitative and quantitative disclosures
The Company has not taken any risk exposure in derivatives instruments as on March 31, 2025 (previous year
nil). Hence, this disclosure under this para is not applicable.
31 Other Statutory Information
(i) There are no transaction with companies stuck off under section 248 of the Company Act, 2013 or section 560 of
Companies Act, 1956 during the current year & previous year.
(ii) No proceeding has been initiated during the year or pending against the Company for holding any Benami property.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iv) During the current year the company has not traded or invested in crypto currency or Virtual Currency.
(v) The Company have not been declared as a wilful defalture by any bank or financial institution (as defined under
Companies Act,2013) or consortium thereof, in accrodence with the guidance on wilful defaulture issued by Reserve
Bank of India.
(vi) The Company has complied with the number of layers prescribed under clause (87) of Sectio 2 of the act read with
companies (Restriction on number of Layers) Rules, 2017.
(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the income Tax Act, 1961 (such as,
search or survey or any other relevant provisions of the income Tax Act,1961)
(viii) The Company, has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign
entities (Intermediaries) with the understanding that the intermediary shall:
(a) directly or indirectlry lend or invest in other persons or entities identified in any manner whatsover by or on behalf
of the company (Ultimate Beneficiaries) or
(b) provide any gurantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(ix) The Company, has not received any fund from any persons(s) or entity(is), including foreign entities (Funding Party)
with the understanding (wheather recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or inest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries) or
(b) provide any gurantee security or the like on behalf of the Ultimate Beneficiaries
33 There have been no events after the reporting date that require disclosure in these financial statements.
34 Previous year figures have been regrouped and recasted wherever necessary to confirm to current year''s
classification.
As per our report attached on even date
For K K Birla & Co. For and on behalf of the Board of Directors
Firm Registration Number :146343W The Swastik Safe Deposit And Investments Limited
Chartered Accountants
Sunil Adukia
Director
DIN - 00020049
Kalpesh Birla Jaimin Desai
Partner Director
Membership No. 141245 DIN - 10957029
Mumbai Vinod Gadaiya
Date: April 15, 2025 Chief Financial Officer
Jitesh Agarwal
Company Secretary
Membership No. FCS-6890
iv) Provisions and contingent liabilities
Provisions are recognised when there is 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 there is a
reliable estimate of the amount of the obligation. When a provision is measured using the cash flows estimated to settle
the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of
money is material). The discount rate used to determine the present value is a 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.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the
control of the Company or a present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
v) Revenue recognition
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset to that asset''s net carrying amount on initial recognition.
Loan processing fees income is accounted for on effective interest basis. Arranger fees / Asset monitoring fees income is
accounted for on accrual basis.
Dividend income from investments is recognised when the Company''s right to receive payment has been established
(provided that it is probable that the economic benefits will flow to the Company and the amount of dividend income can
be measured reliably).
vi) Exceptional items
When items of income and expense within profit or loss from ordinary activities are of such size, nature or incidence that
their disclosure is relevant to explain the performance of the enterprise for the period, the nature and amount of such items
is disclosed separately as Exceptional items.
vii) Taxes on income
Tax expense for the period, comprising current tax and deferred tax, are included in the determination of the net profit or
loss for the period. Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the
Income Tax Act, 1961.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the
standalone financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised
for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which
those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the
temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability
is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the
end of the reporting period.
Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting
for a business combination, the tax effect is included in the accounting for the business combination.
viii) Cash and cash equivalents
In the cash flow statement, cash and cash equivalents includes cash on hand, demand deposits with banks, other short¬
term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilities in the balance sheet.
ix) Borrowing costs
Borrowing costs directly attributable to acquisition or construction of qualifying assets (i.e. those fixed assets which
necessarily take a substantial period of time to get ready for their intended use) are capitalised. Other borrowing costs are
recognised as an expense on effective interest rate basis.
x) Earnings per share
Basic earnings per share
The basic earnings per share is computed by dividing the net profit attributable to the equity shareholders by weighted
average number of equity shares outstanding during the reporting year.
Diluted earnings per share
Number of equity shares used in computing diluted earnings per share comprises the weighted average number of shares
considered for deriving basic earnings per share and also weighted average number of equity shares which would have
been issued on the conversion of all dilutive potential shares. In computing diluted earnings per share only potential equity
shares that are dilutive are included.
xi) Property, plant and equipment
All Property, Plant and Equipment are stated at cost of acquisition, less accumulated depreciation and accumulated
impairment losses, if any. Direct costs are capitalised until the assets are ready for use and includes freight, duties, taxes
and expenses incidental to acquisition and installation.
The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other
repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Subsequent expenditures related to an item of Property, Plant and Equipment are added to its book value only if they
increase the future benefits from the existing asset beyond its previously assessed standard of performance.
Losses arising from the retirement of, and gains or losses arising from disposal of Property, Plant and Equipment are
recognised in the Statement of Profit and Loss.
Depreciation is provided on a pro-rata basis on the straight line method (''SLM'') over the estimated useful lives of the
assets specified in Schedule II of the Companies Act, 2013.
The assets'' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
xii) Intangible Assets
Intangible assets are stated at acquisition cost, net of accumulated amortisation and accumulated impairment losses, if
any.
xiii) Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired.
For the purposes of assessing impairment, the smallest identifiable group of assets that generates cash inflows from
continuing use that are largely independent of the cash inflows from other assets or group of assets, is considered as
a cash generating unit. If any such indication exists, the Company estimates the recoverable amount of the asset. The
recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use. If such recoverable
amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss
and is recognised in the Statement of Profit and Loss. If at the Balance Sheet date there is an indication that a previously
assessed impairment loss no longer exists or may have decreased, the recoverable amount is reassessed and the asset
is reflected at the recoverable amount.
The Company manages its capital to ensure that it will be able to continue as going concern while maximizing the return
to stakeholders. The capital structure of the Company consists of only share capital.
The Company being a Non-Deposit taking NBFC has to maintain a Capital to Risk Assets Ratio (CRAR) of 15%. The
Company determines the amount of capital required on the basis of annual as well as long term operating plans and
other strategic investment plans. The funding requirements are met through equity or other short-term borrowings. The
Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt
portfolio of the Company. There is no direct and indirect real estate exposure.
Risk management is an integral part of the Company''s business strategy. The Risk management oversight structure
includes Committees of the Board and Management Committees. Company''s risk philosophy is to develop and maintain
a healthy portfolio which is within its risk appetite and the regulatory framework. While the Company is exposed to various
types of risks, the most important among them are liquidity risk, interest rate risk, credit risk, regulatory risk and fraud and
operational risk. The measurement, monitoring and management of risks remain a key focus area for the Company.
The Company''s risk management strategy is based on a clear understanding of various risks, disciplined risk assessment
and measurement procedures and continuous monitoring. The policies and procedures established for this purpose are
continuously benchmarked with market best practices.
The Risk Management Committee of the Board (âRMCâ) reviews compliance with risk policies, monitors risk tolerance
limits, reviews and analyse risk exposure and provides oversight of risk across the organization. The RMC nurtures a
healthy and independent risk management function to inculcate a strong risk management culture in the Company and
broadly perceives the risk arising from (i) credit risk, (ii) liquidity risk, (iii) fraud risk and operational risk (iv) regulatory risk.
25.1 Liquidity risk
Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity Risk Management implies
maintenance of sufficient cash and marketable securities.
The following tables detail the Company''s remaining contractual maturity for its financial liabilities with agreed repayment
periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Company can be required to pay. The contractual maturity is based on the earliest date on which the
Company may be required to pay.
25.2 Credit risk
The Company is exposed to credit risk through its lending activity. Credit risk refers to the risk that counterparty will default
on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of dealing
with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of
financial loss from defaults.
The Company has developed proprietary internal rating models to evaluate risk return trade-off for the loans and
investments made by the Company. The output of traditional credit rating model is an estimate of probability of default.
These models are different from the traditional credit rating models as they integrate both probability of default and loss
given default into a single model.
Credit risk management
Credit risk management is achieved by considering various factors like :
⢠Cash flow at risk - This is an assessment of the standalone project or business from which interest servicing and
principal repayment is expected to be done.
⢠Security cover - This is an assessment of the value of the security under stress scenario which is further adjusted for
factors like liquidity, enforceability, transparency in valuation etc. of the collateral.
⢠Promoter strength - This is an assessment of the promoter from financial, management and performance perspective.
⢠Exit - This is an assessment of the liquidity of the loan or investment.
The output from each of the analysis is converted to a risk weight equivalent. Each of the four components of the risk
analysis are assigned a specific weight which differ based on type of investment. The risk weight is then converted
into capital requirement. The required capital and the return is combined to create a metric which is used for deal
assessment.
Provision for expected credit loss
The Company has assessed the credit risk associated with its financial assets for provision of Expected credit loss (ECL) at
the reporting dates. For different product categories (Real estate, Senior debt, Lease rental discounting, Loan against shares,
Mezzanine etc.), the Company has developed scorecard that makes use of various reasonable supportive forward looking
parameters which are both qualitative as well as quantitative in nature. These scorecards helps in determining the change in
credit risk and the probability of default. Based on the result yielded by the above assessment the financial assets are classified
into (1) Standard (Performing) asset, (2) Significant credit deteriorated (Under-Performing) asset (3) Default (Non-Performing)
asset (Credit impaired).
For the purpose of expected credit loss analysis the Company defines default as any asset with more than 90 days over dues.
This is also as per the rebuttable presumption provided by the standard.
The Company provides for expected credit loss based on the following:
c) Description of collateral held as security and other credit enhancements
The Company has set benchmarks on appropriate level of security cover for various types of deals. The Company
periodically monitors the quality as well as the value of the security to meet the prescribed limits. The collateral held by the
Company varies on case to case basis
25.3Regulatory risk:
The Company requires certain statutory and regulatory approvals for conducting business and failure to obtain retain or
renew these approvals in a timely manner, may adversely affect operations. Any change in laws or regulations made by
the government or a regulatory body that governs the business of the Company may increase the costs of operating the
business, reduce the attractiveness of investment and / or change the competitive landscape.
25.4Fraud risk and operational risk:
The Company has an elaborate system of internal audit commensurate with the size, scale and complexity of its operations
and covers funding operations, financial reporting, fraud control and compliance with laws and regulations.
Risks associated with frauds are mitigated through 100% document verification and review of all the cases which are
entered in the system, including corrective and remedial actions as regards people and processes.
Internal Auditors monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its
compliance with laws and regulations, efficacy of its operating systems, adherence to the accounting procedures and
policies and report directly to Audit and Risk Management Committee of the company.
(iv) Draw down from reserves
There is no drawdown of reserves during the year ended March 31,2024.
(v) Registration/ license/ authorisation obtained from other financial sectors regulators-
The Company has not obtained any registration/license/authorization from any financial sector regulator other than
Reserve Bank of India except shares of company are Listed on Bombay Stock Exchange and Delhi Stock Exchange.
(vi) Rating assigned by credit rating agencies and migration of rating during the year
The Company has not been assigned any credit ratings.
(vii) Structured product issued
The Company has not issued any structured product during the year ended March 31, 2024.
(viii) Penalties/fines imposed by RBI and other banking regulatory bodies
No penalty was imposed by RBI or any other banking regulatory bodies during the year ended March 31,2024.
(ix) Area, country of operation & joint venture partners with regard to joint ventures and overseas subsidiaries-
The Company does not have any joint ventures and overseas subsidiaries.
(x) Extent of financing of parent company product
The Company has not financed any parent company product.
(xi) Details of off-balance sheet SPV''s sponsored
The Company does not have any off- balance sheet SPV''s sponsored.
(xii) Disclosure of complaints
There are no customer complaints received during the year no pending at the beginning at the end of the year.
(xiii) Securitisation/ assignment transactions
There is no securitisation transactions during the year.
The Company had not entered into any assignment transaction during the year ended March 31, 2024.
(xiv) Details of financial assets sold to Securitisation/Reconstruction Company for asset reconstruction
The Company had not sold any financial assets to Securitisation / Reconstruction Company for asset reconstruction.
(xv) Details of non-performing financial assets purchased / sold
The Company has not purchased/ sold any non-performing financial assets during the year ended March 31, 2024.
(xvi) Details of single borrower limit (SGL) / group borrower limit (GBL) exceeded by the NBFC
The Company has not exceeded SBL/ GBL during the year.
(xvii) Unsecured advances
There is no unsecured advances as on March 31, 2024.
(xviii) Related party transactions
Details of all material transactions with related parties are disclosed in note 22
(xix) Remuneration of directors
No remuneration is paid to directors during the year ended March 31, 2024.
(xx) Management
Refer Directors'' report for the relevant disclosures.
(xxi) Net profit or loss for the period, prior period items and changes in accounting policies
There are no prior period items that have impact on the current year''s profit and loss.
(xxii) Revenue recognition
There have been no instances in which revenue recognition has been postponed pending the resolution of significant
uncertainties.
(xxiii) Ind AS 110 - Consolidated financial statements (CFS)
The Company does not have any subsidiary. Hence, this disclosure under this para is not applicable.
(xxiv) Forward rate agreement (FRA) / Interest rate swap (IRS)
The Company has not taken any Forward rate agreement / Interest rate swap during the year ended March 31, 2024.
(xxv) Exchange traded interest rate (IR) derivative
The Company has not taken any exchange traded interest rate (IR) derivatives during the year ended March 31, 2024.
(xxvi) Disclosure on risk exposure in derivative - Qualitative and quantitative disclosures
The Company has not taken any risk exposure in derivatives instruments as on March 31, 2024. Hence, this disclosure
under this para is not applicable.
33 Previous year figures have been regrouped and recasted wherever necessary to confirm to current year''s
classification.
As per our report of even date attached.
For K K Birla & Co. For and on behalf of the Board of Directors
Firm Registration Number :146343W The Swastik Safe Deposit And Investments Limited
Chartered Accountants
Sunil Adukia
Director
DIN - 00020049
Kalpesh Birla Surendra Kabra
Partner Director
Membership No. 141245 DIN - 07085483
Mumbai Vinod Gadaiya
Date: April 30, 2024 Chief Financial Officer
UDIN: 24141245BKERUA8512 Jitesh Agarwal
Company Secretary
Membership No. FCS-6890
The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote of shares.
In the event of the liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.
2. Deferred tax Liability
The company has been advised that as there is no tax effect of timing difference based on the estimated computation for a reasonable period, there is no provision for deferred tax in terms of Accounting Standard (AS 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.
3. Related Party Disclosures
Holding Company: Piramal Corporate Services Limited*
Associate Alpex Power Private Limited*
Piramal Water Private Limited*
Key Management Personnel: Ms. Nandini Piramal*
* There are no transactions during the year with the above parties.
4. Contingent Liability:
In the opinion of the management there is no contingent liability in respect of Income Tax and adequate provision have been made for all known liabilities.
5. Previous year figures have been regrouped and recasted wherever necessary to confirm to current year''s classification.
The company has been advised that as there is no tax effect of timing difference based on the estimated computation for a reasonable period, there is no provision for deferred tax in terms of Accounting Standard (AS 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.
2 Related Party Disclosures
Holding Company: Piramal Corporate Services Limited*
Associate Alpex Power Private Limited*
Piramal Water Private Limited*
Key Management Personnel: Ms. Nandini A Piramal*
There are no transactions during the year with the above parties.
3 Contingent Liability:
In the opinion of the management there is no contingent liability in respect of Income Tax and adequate provision have been made for all known liabilities.
Disputed Income Tax demands for Penalty matter for Assessment Year 2004-05 Rs. 33 Lacs. The company has preferred appeal against all the above order.
2.As the Company is not a manufacturing company, the information required under clause AC of art II of Schedule VI of the Companies Act, 1956 has not been given.
3.The company has been advised that as there is no tax effect of timing difference based on the timated computation for a reasonable period, there is no provision for deferred tax in terms of :counting Standard (AS 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered acountants of India.
4.The company has not received information from vendor regarding there status under the Micro Small Medium terprises Develoment Act, 2006 and hence disclosure relating to amounts unpaid at the year end together the interest paid or payable under this act have not been given .
5.figures for the previous year are regrouped or rearranged wherever necessary.
2 Contingent Liability:
Disputed Income Tax demands for Penalty matter for Assessment Year 2001-02 Rs.260.17 Lacs & for A.Y. 2004-05 Rs. 33 Lacs .The company has preferred appeal against all the above orders.
3 As the Company is not a manufacturing company, the information required under clause 4C of Part II of Schedule VI of the Companies Act, 1956 has not been given.
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