అకౌంట్స్ గమనికలుViksit Engineering Ltd.

Mar 31, 2024

j) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized when the Company has 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 a reliable estimate can be made of the amount of the
obligation. If the effect of the time value of money is material, provisions are discounted using a
current pre-tax rate that reflects, when appropriate, the risks specific to the liability.

Contingent liabilities disclosed for possible obligation which will be confirmed only by future
events not wholly within the control of the Company or present obligations arising from past
events where it is not probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the obligation cannot be made. Contingent
assets are neither recognized nor disclosed in the financial statements.

k) Earnings Per Share

Basic Earnings per Share is calculated by dividing the net profit after tax by the weighted
average number of equity shares.

l) Cash and cash equivalents

Cash and cash equivalents for the purpose of cash flow statement include cash in hand, balances
with the banks and short-term investments with an original maturity of three months or less,
and accrued interest thereon.

As per the valuation reports of the Viksit Engineering Limited, for the valuation done as on 08/12/2023, the value of investments in Benco Finance Investment
Private limited has been eroded to Rs. 15.75 Lakhs. Thereby, considering such valuation the company has provided for such dimunition in investment in equity
'' share of such company. The management of the Company has decided to carry the investment in equity shares at fair value i.e. Rs 4.57 per share and resulting
diminution that is Rs.84.55 Lakhs has been charged to Statement of Profit and Loss.

3(ii) Considering the valuation reports the net worth of the certain entities is completely eroded as on balance sheet date, The Company has entirely provided for
dimunition in investment in equity shares of the company. The management of the Company has decided to carry the investment in equity shares at nominal value
i.e. Rs 0.10 per share and resulting diminution has been charged to Statement of Profit and Loss.

22.1 Financial risk management objectives and policies

In its ordinary operations, the companies activties expose it to the various types of risks, which are associated with the financial instruments and markets in which
it operates. The company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities
such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks:

(a) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), will affect the companies
income or ^lue of it’s holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimizing the return.

Interest rate risk

Interest rate risk is the risk the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. Fair ^lue interest rate
risk is the risk of changes in fair value of fixed interest bearing financial instrument because of fluctuations in the interest rates. Cash flow interest rate risk is the
risk that the future cash flows of floating interest bearing financial instrument will fluctuate because of fluctuations in the interest rates.

(b) Credit risk

Credit risk is the risk that arises from the possibility that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss.

Financial assets that are subject to such risk, principally consist of trade receivables, Investments and loans and advances. None of the financial instruments of the
company results in material concentration of credit risk.

Financial assets are written off when there is no reasonable expectation of recovery, howe^r, the Company continues to attempt to recover the receivables. Where
reco^ries are made, these are recognized in the Statement of Profit and Loss.

The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment calculation, based on the Company’s past history, existing market conditions as well as forward looking
estimates at the end of each balance sheet date.

(c) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.

The Company has obtained fund based working capital loan from Dena banks. The company''s treasury department is responsible for liquidity, funding as well as
settlement management. In addition, process and policies related to such risk are overseen by senior management. Management monitors the company''s net
liquidity position through rolling forecasts on the basis of expected cash flows.

Fair Value Hierarchy

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels
prescribed under the Ind AS. An explanation for each level is given below.

Level 1:Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

26 Contingent Liabilities
a) Guarantee given by Bankers and outstanding -NIL

²⁷ As per the definition of Business Segment and Geographical Segment contained in Ind AS 108 “Segment Reporting”, the management is of the opinion that the
Company’s operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neithermore than one reportable business
segment nor more than one reportable geographical segment, and, therefore, segment information is not required to be disclosed.

²⁸ In the opinion of the management, all current assets, loans and advances would be realizable at least an amount equal to the amount at which they are stated in
the Balance Sheet. Also there is no impairment of fixed assets.

29 The company has defaulted in repayment of interest and principal payment in respect of borrowings from M/s Epoch Mercantiles Private Limited (Financial Creditor)
which is reflected in Current Financial liabilities under Borrowings in Note No. 11 of the financial statements amounting to Rs. 110/- Lakhs and its interest payable
charged in the books of accounts (Prevous years) as reflected in Current Financial liabilities under other current liabilites amounting to Rs. 8.91/- Lakhs. The
company has not charged any further interest on such borrowings in the financial statements for the period ending on 31st March, 2024.

30 Pursuant to petition filed by M/s Epoch Mercantiles Private Limited (Financial Creditor) for resolution of an unresolved financial debt of Rs. 1,19,90,000/- (One Ciore
ninteen lakhs ninety thousand only), The Honorable Mumbai Bench vide its order dated December 8, 2023 has initiated the corporate insolvency resolution process
against the company under "Insolvency and Bankruptcy Code, 2016" and Mr. Dinesh Kumar Deora (IBBI Reg. No. IBBI/IPA-002/IP-N00958/2020-21/13041) was
appointed as interim resolution professional (IRP) with respect to the company. Accordingly, as per section 17 of the Code, the powers of the Board has been
suspended w.e.f December 8, 2023.

Committee of creditors in its meeting held on January 5, 2024 appointed Mr. Dinesh Kumar Deora (IBBI Reg. No. IBBI/IPA-002/IP-N00958/2020-21/13041) as
resolution professional.

31 Previous year''s figures have been reclassified regrouped and rearranged wherever found necessary to make them comparable.

32 Related Party Disclosures

(i) List of related parties where control exists and related parties with whom transactions ha\« taken place and relationships:

The accompanying notes form an integral part of these financials statements

As per our report of even date For Viksit Engineering Limited

For M/S A K B Jain & Co. (A company under corporate Insolvency Resolution Process)

Chartered Accountants
Firm Reg No. 003904C

CA Rahul Dewani Dinesh Kumar Deora Raghunandan Khandelwal Rajesh Porwal Chandni Khatri

Partner Resolution Professional Managing Director & CFO Director Company Secretary

Membership No. 435066 IBBI/IPA-002/IPN00958/2020-21/13041 DIN: 00401113 DIN:08312491 Mem. No.: ACS67132

Place: Mumbai

Dated: 28.05.2024

UDIN: 24435066BKFOHK7087

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Mar 31, 2014

1. Segment

As per Accounting Standard on Segment Reporting AS-17, issued by the Institute of chartered accountant of India, the company has only one Business segment i.e. Trading activity.

2. There is Income tax demand of Rs. 2,62,61,619 for the Assessment Year 2008-09 and Rs. 17,42,510/-for the Assessment Year 2010-11 and Rs. 33,76,530/-for the Assessment Year 2011- 12 which case is pending in Income Tax Appellate Tribunal - Mumbai and CIT (Appeal) - Mumbai. The company has deposited Rs. 1,07,65,596/- till date against the demand of Rs. 2,62,61,619. The company has not provided the same demand liability in the books of accounts.

3. Sundry Creditors do not include any amount due to small scale undertakings/micro media and small company as no information is available from the creditors as to whether any of them is cover under micro or small enterprises category.

4. Previous Year''s figures have been regrouped/rearranged wherever necessary.

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Mar 31, 2013

1. Segment

As per Accounting Standard on Segment Reporting AS-17, issued by the Institute of chartered accountant of India, the company has only one Business segment i.e Trading activity.

2. The company has transferred during the year shares of GTL from quoted investment to Stock-in- Trade.

3. There is Income tax demand of Rs. 2,62,61,619 for the Assessment Year 2008-09 and Rs. 1742510/- for the Assessment Year 2010-11for which case is pending in Income Tax Appellate Tribunal - Mumbai. The company has deposited Rs. 6585311/- till date against the demand of Rs. 2,62,61,619. The company has not provided the same demand liability in the books of accounts.

4. Sundry Creditors do not include any amount due to small scale undertakings/micro media and small company as no information is available from the creditors as to whether any of them is cover under micro or small enterprises category.

5. Previous Year''s figures have been regrouped/rearranged wherever necessary.

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Mar 31, 2010

1. Segment

As per Accounting Standard on Segment Reporting AS-17, issued by the Institute of chartered accountant of India, the company has only one Business segment i.e Trading activity.

2. No Interest has been capitalized since being utilized for working capital purposes.

3. There are no contingent liabilities (Previous year Nil)

4. Previous Year's figures have been regrouped/rearranged wherever necessary.

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Mar 31, 2009

1 Segment

As per Accounting Standard on Segment Reporting AS-17, issued by the Institute of chartered accountant of India, the company has only one Business segment i.e Trading activity.

2. No Interest has been capitalized since being utilized for working capital purposes.

3. There are no contingent liabilities (Previous year Nil)

4 Previous Years figures have been regrouped/rearranged wherever necessary.

5. Additional information pursuant to paragraph 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956.