15. Contingent Liabilities not provided in respect of:

a) In respect of arrears of div idend on 12% 10 years redeemable cumulative preference shares Rs.22,80,000 (Previous Year Rs.22,80,000). The Company may also be liable to pay dividend / interest w.e.f. 15^th June, 2003 (due date of redemption), amounting to Rs. 45,11,900 up to 31^st March, 2023 (Rs. 42.83,900 up to 31^s' March, 2022).

b) The Application for condonation of delay and appeal against the exparte order dated 18^th January 2006 of the First Labour Court. Mumbai in respect of wages payable to the workmen approximately amounting to Rs. 2.50.00,000 has been dismissed by the Court and thus the Company has filed a writ petition before the Hon'ble High Court, Mumbai. The Hon'ble High Court has granted a conditional stay of execution, implementation and enforcement of the award on the Company depositing a sum to the extent of the 50% of the amount awarded by First Labour Court. And accordingly, Company has deposited Rs 1,03,20,100 with the Prothonotary and Senior Master High Court, Mumbai and shown as deposits under the head Loans and advances given in the Balance Sheet. In the opinion of the Management no amount would be required to be paid as the demand pertains to the workers whose dues were already settled.

16 Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of Advances) Rs. NIL (Previous Year Rs. NIL).

17 Balances in investments account where the certificates are lodged with Government authorities, sundry creditors and advances given are subject to confirmations and reconciliation, if any. The Management does not expect any material difference on such reconciliation.

18 In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities and depreciation is adequate and not in excess of the amount reasonably required.

19 In lieu of arrears of dividend on 9.5% Cumulative Preference Share Capital amounting to Rs.9, 00,000 up to 15^th June, 1993, the Company had issued additional capital by way of 12% 10 years Redeemable Cumulative Preference Shares (at the time of statutory' redemption of 9.5% Cumulative Preference Capital) and the said amount being that of dividend arrcarsyS ^

. ,w'ould be appropriated out of the profits of subsequent years.

\ \ v-.\, !i ° i

20 Freehold land of Rs.2,05,395 (previous year Rs.2,05,395) has been encroached upon by the illegal occupants and fully provided for. The management is hopeful of getting the vacant possession in due course.

21 The amount due to Small Scale Industries and/ or Ancillary Industrial suppliers on account of principal amount is Rs NIL The same is disclosed on the basis of the information available with the Company regarding the status of suppliers as defined under the industries (Development and Regulation) Act, 1951 and interest on Delay ed Payments to small Scale and Ancillary Industrial Undertaking Act, 1993.

22 10,000 shares issued as 12% Cumulative Preference shares having face value of Rs.190 per share were redeemable on or before 14^th June 2003. Rs. 19,00,000 was shown under issued subscribed and fully paid shares in previous years. The same has been transferred and shown as other Financial Liabilities.

23 Related Party' Disclosures- Related party disclosures as required by Accounting Standard -18 "Related Party Disclosures” are given below'. [Related parties are as identified by the Company and relied upon by the Auditors]:

A. Current ratio continues to be significantly low due to increase in liabilities for meeting day to day expenses of the Company.

B. The ratio is negative as the company net worth is decreased from Rs 2593695 as at 3 l^sl March 2022 to Rs 1817822 as at 3 l^sl March 2023.

26 Segment Reporting

The Company is mainly engaged in the business of property' development/construction and all its activities are carried on in India and hence, there is no separate reportable Segment as per the Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants oflndia.

27 The Accounting policies set out in Note I have been applied in preparing the Financial Statements for the year ended 31^sl March 2023.