p) Provisions, Contingent Liabilities and Contingent Assets

The Company recognizes a provision, when there is a present obligation as a result of past events, the settlement of
which is probable to result in an outflow of resources and a reliable estimate can be made of the amount of obligation.
Contingent Liabilities are disclosed by way of a note to the financial statements after careful evaluation by the Company
of the facts and legal aspects of the matters involved.

Contingent Assets are neither recognized nor disclosed.

q) Critical Judgments, Estimates and Assumptions

The preparation of the financial statements requires the management to make estimates, judgements and assumptions
that affect the application of accounting policies and the reported balances of assets and liabilities, disclosure of
contingent assets and liabilities as on the date of financial statements and reported amounts of income and expenses
during the period. Accounting estimates could change from period to period. Actual results could differ from those
estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances
surrounding the estimates.

Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material,
their effects are disclosed in the notes to the financial statements. The application of accounting policies that require
critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial
statements have been disclosed below:

i. Estimation of useful life of property, plant and equipment

ii. Impairment of property, plant and equipment

iii. Estimation of provisions and contingent liabilities

iv. Fair value measurement and impairment of financial instruments

v. Recognition of “Right-of-use” of assets as per the requirement of Ind AS 116.

a. Litigations

From time to time, the Company is subjected to legal proceedings, the ultimate outcome of each being always
subject to many uncertainties inherent in litigations. A provision is made when it is considered probable that payment
will be made and the amount of the loss can be reasonably estimated. Significant judgment is made when
evaluating, among other factors, the probability of unfavorable outcome and the ability to make a reasonable
estimate of the amount of potential loss. Litigation provisions are reviewed at each accounting year and revisions
made for the changes in facts and circumstances.

r) Foreign currency transactions

Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on the date of the
transaction. As at the Balance Sheet date, foreign currency monetary items are translated at closing exchange rate.
Exchange difference arising on settlement or translation of foreign currency monetary items are recognised as income
or expense in the year in which they arise.

Foreign currency non-monetary items which are carried at historical cost are reported using the exchange rate at
the date of transaction. Foreign currency non-monetary items which are measured at fair value are reported using
the exchange rate at the date when the fair value is determined. Exchange difference arising on fair valuation of
non-monetary items is recognised in line with the gain or loss of item that give rise to such exchange difference (i.e.
translation differences on items whose gain or loss is recognised in statement of profit and loss or other comprehensive
income is also recognised in statement of profit or loss or other comprehensive income respectively)

s) Leases

The Company assesses at contract inception whether a contract is, or contains, a lease i.e., if the contract conveys the
right to control the use of an identified asset for a period in exchange of consideration.

A lease for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease
transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease.
All other leases are classified as operating leases. For operating leases, rental income is recognized on a straight line
basis over the term of the relevant lease.

Short Term Lease

The Company is not recognizing right-of-use assets and lease liabilities for short-term leases (i.e. those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option) and
leases of low-value assets to the extent of Rs.50,000/-p.m. The Company recognises the lease payments associated
with these leases as an expense over the lease term.

t) New Ind AS & amendments to existing Ind AS issued but not effective as at 31st March 2021

Ministry of Corporate Affairs has not notified new standards or amendments to the existing standards which would
have been effective from 1st April, 2021.

a) Trade payables include an amount of Rs 26.51 lacs ( Previous Year Rs 26.51 lacs) which represents old balances for
which no write back has been made pending the review /confirmations of the same.

b) The Company has called for balances confirmations from Trade Payables. It has received a few of the confirmations
which have been reconciled with the records of Company. As regards the remaining Trade Payables, reconciliation will
be carried out in the year in which confirmations are received.These balances have been taken as per the records of
the Company.

c) The Suppliers /Service Providers covered under Micro, Small and Medium Enterprises Development, 2006 have not
furnished the information regarding filing of necessary memorandum and the appropriate authority. In view of this,
information to be disclosed under Section 22 of the said Act is not given.

d) The amount due to Micro, Small and Medium Enterprises as defined in the “The Micro, Small and Medium Enterprises
Development Act, 2006” has been determined to the extent such parties have been identified on the basis of information
collected by the Management. This has been relied upon by the auditors.

e) The disclosure relating to Micro, Small and Medium Enterprises are as under :

1 The principal amount remaining unpaid to supplier as at the end of the

accounting year. - -

2 The interest due thereon remaining unpaid to supplier as at the end of the - -

accounting year.

3 The amount of interest paid in terms of Section 16, along with the amount

of payment made to the supplier beyond the appointed day during the year _{- -}

26. Defined Benefit Plan/Long Term Compensated Absences : In terms of the provisions of the Standard applicable to
the company, the company is required to provide for accrued liability for the year in respect of gratuity and long term
compensated absences based on acturial valuation as at year end. However the company has made provision for
the year for gratuity and long term compensated absences on arithmetical basis as stated in note 2(m). The effect
of the Profit & Loss Account for the year had the company determined the accrued liability for gratuity and long term
compensated absences based on actuarial valuation has not been ascertained. Further the transitional liability/gain
as at April 1,2007 which is required to be accounted in terms of transitional provisions of the Standard, has not been
ascertainedand accounted for.

27. RETRENCHED STAFF

60 Clerical workers & 35 subordinate staff were retrenched on 4th August 1992 under the Industrial Dispute Act at
Mumbai. Each one was paid 15 days wages per completed year of service and one month's notice pay in addition
to other dues. The Industrial Court has given a Judgement against the company. However the company had filed
an appeal with the High Court against the same order, which has been decided against the company. The Hon.
Supreme Court had dismissed the appeal of the company filed against the order of the Hon.Bombay High Court
& has directed the company to comply with the conditions of the award passed by the Industrial Court. The Hon.
Supreme Court has passed an order dated 23rd August 2022 directing to sell flats held by it and deposit Rs 30 crore
out of the sale proceeds within three months from the date of the order. The company has deposited Rs 30 crs into
the Supreme Court Registry as per the order of Hon. Supreme Court dated 21st November 2023 stands discharged
from all financial obligations An exceptional item of ?3032 lakhs, referred to at Note 25, includes ?3000 lakhs
paid for the full and final settlement of workers' dues as per the Hon'ble Supreme Court's order dated August 23,
2022. The remaining ?32 lakhs represents the appropriation of the Company's deposit, previously placed with the
Registrar of Bombay High Court, towards workmen dues under legal proceedings. Due to pre-emption rules of the
housing society where the flats are located, the Company was unable to sell the flats to raise the funds. Therefore,

the amount of ?3000 lakhs was received from the “Lending Company” mentioned in note 32 below to comply with
the Supreme Court order. The Company is currently finalizing the terms and conditions of this advance.

28. CONTINGENT LIABILITIES

i) Claim not acknowledged as debts

a) Fine of Rs 1,003 lakhs is levied on Company and its Officers for alleged violation of Foreign Exchange
Regulation Act in respect of transactions relating to purchase of ships in foreign currency in the year 1978. The
Company had filed an appeal against the said order with Appellate Tribunal for Foreign Exchange. The Tribunal
has allowed the company's appeal against which the concerned department had filed an appeal with the Hon.
High Court of Bombay. The Hon. High Court of Bombay has referred the matter back to the Appellate Tribunal.
An amount of Rs 0.25 lakhs paid as deposit against the penalty is relected in Loans and Advances. The matter
is still not disposed off and final orders are awaited.

b) The ground lease of the premises of the company has expired on 22nd May 2017. The Company has made
an application for renewal of lease. The company has received a demand notice for arrears of compensation /
Spl Way Leave fees for the period 1st May 2017 till 31st March 2024 for Rs 23,03,16,254/- towards renewal of
lease. The company has responded to the above demand notice contesting the demand and contents thereof.
The Company has accounted for rent due from its tenants for the entire quarter on the basis of it being a holding
out tenant as per legal opinion received.

32. The Company has accumulated losses and its net worth has been fully eroded. The Company has incurred a net loss
of Rs 64.56 Lacs during the current year before exceptional expense of Rs 3096.56 lacs and accumulated losses of
Rs 87120.36 Lacs and, the Company's current liabilities exceeded its current assets as at the balance sheet date.
The management of the Company is evaluating various options to revive the company. The “lending company” which
has taken over in the past debts due by the Company to the banks, has given a support letter to extend repayment
for foreseeable future and also the financial support which may be required by the Company. In view of this support
letter, the management has assessed that the company continues to be a going concern. Accordingly, going concern
basis has been adopted in the prepartion of these financial statements based on management expectations and
projections.

33. Confirmations are not available in respect of balances of Trade Receivables, Cash and Cash equivalents, Bank
Balances other than Cash and Cash equivalent, Other Financials Assets, Other Current Assets, Borrowings and
Trade Payables appearing in Notes 8,9,10,11,12,15 and 17 of the accounts respectively.

34. Segment Information

The Company's current business activities has only one reportable segment property owning and leasing.

33. List of Related Parties and Their Relationships

Key Management Personnel

i) Abbas Lakdawalla- Non-Executive Director - Resigned w.e.f close of business on 30th November 2023

ii) Nandkishor Yashwant Joshi- Independent Director

iii) Ms Dipali Joshi - Non-Executive Non-Independent Women Director

iv) Mr. Jimmy Gazdar - Independent Director

v) R Krishnaswamy - Chief Financial Officer

vi) Ashok Joshi - Manager

vii) Rahima Shaikh - Company Secretary Resigned on 25th July 2023

viii) CS Harshita Kaushal Shukla (Appointed w.e.f 1st December 2023

37. Capital Management

The Company manages its capital to ensure that the Company will be able to continue as going concerns while
maximising the return to stakeholders through the optimum utlisation of the equity balance. The Capital Structure of
the Company consist of only equity of the Company. The Company is not subject to any externally imposed capital
requirements.

38. Financial Risk Management Policies and Objectives

The Company's activities expose it to a variety of financial risks. The Company's primary focus is to foresee the
unpredictability and seek to minimize potential adverse effect on its financial performance. The Board of Directors
of the company ( “ the Board”) is responsible for monitoring the Company's risk management policies which are
established to identify and analyse the risks faced by the Company. The Board periodically review the changes in
the market condition and reflects the changes in the policies accordingly. The key risks and mitigating actions are
also placed before the Board of the Company. The Board oversees how Management monitors compliance with the
Company's Risk Management policies and procedures, and reviews the adequacy of the risk management framework
in relation to the risks faced by the Company.

A. Credit risk

It is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due causing
financial loss to the Company. Credit risk arises from Company's activities in investments and outstanding receivables
from customers. The Company's exposure to credit risk is influenced mainly by the individual characteristics of
each customer in which it operates. Credit risk is managed through credit approvals, establishing credit limits and
continuously monitoring the creditworthiness of the customers, to whom the Company grants credit in accordance
with the terms and conditions and in ordinary course of its business.

The gross carrying amount of Trade receivables is Rs.487.74 lakhs (P.Y. 487.4 Lakhs).

b. Liquidity Risk Management

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated
with financial instruments that are settled by delivering cash or another financial asset. Due to the nature of
the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.
Management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on
the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity
operates. In addition, management projects/review cash flows in major currencies and considers the level of liquid
assets necessary to meet the same.

Maturities of Financial Liabilities

The table below analyze the Company's financial liabilities into relevant maturity groupings based on their contractual
maturities for:

-All non-derivative financial liabilities

-Net settled derivatives financial instruments for which the contractual maturities are essential for an understanding of the
timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due
within 12 months equal their carrying amounts as the impact of discounting is not material.

c. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial
instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and
derivative financial instruments.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. As the Company does not have significant exposure to floating-interest bearing liabilities therefore
its interest expenses and related cash outflows are not significantly affected by changes in market interest rates. the
Company has not used any interest rate derivatives.

d. Financial Insturments

The Significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which
income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are
disclosed in note 2(j) to the financial statements.

39. Liquidity Risk Management

Ultimate resonsibility for liquidity risk management rest with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the company's short term, medium-term
and long-term funding liquidity management requirements. The Comapany manages liquidity risk by by continuously
monitoring forecast and actual cash flow and by matching the maturity profiles of financial assets and liabilities. The
Company also monitors the level of expected cash inflows on trade and other receivables together with expected
cash outflows on trade and other payables.This excludes the potential impact of extreme circumstances that cannot
reasonably be predicted, such as natural disasters.

40. The company acts as an agent, handling the distribution of pensions to former employees on behalf of its principal.
It receives a lump sum that covers the pension disbursement, as well as commissions and operational expenses.
Over time, an amount of Rs.15.28 lakhs has remained unadjusted to the credit of the principal due to deceased
pensioners. After careful examination, the company has identified that the amount is no longer owed to the principal
and has reversed this entry in its records. However, if any obligation arises regarding this amount, the company
commits to making the necessary payment. (The aforesaid amount is included in Note 20(c).

a Earning for available for debt service = Net Profit after taxes Non-cash operating expenses like depreciation and
other amortisations Interest
b Debt service = Interest Payment

c Net credit sales = Net credit sales consist of gross credit sales

d Average trade receivables = (Opening trade receivables balance Closing trade receivables balance) / 2
e Net credit purchases = Net credit purchases consist of gross credit expenses
f Average trade payables = (Opening trade payables balance Closing trade payables balance) / 2
g Working capital = Current assets - Current liabilities.
h Capital Employed = Tangible Net Worth Total Debt

42. OTHER STATUTORY INFORMATION

a Company have not given any loans or advances to its promoters, directors or KMPs in the nature of loans.

b The Company does not have any benami property, where any proceeding has been initiated or pending against the

Company for holding any benami property.

c The Company has not been declared wilful defaulter by any bank or financial institution or other lender during the
year.

d The Company does not have any transactions or balances with companies struck off under section 248 of the
Companies Act, 2013 or under section 560 of the Companies Act, 1956 during the year.
e The Company does not have any charges which are yet to be registered or satisfied with ROC, Mumbai

f The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with

the Companies (Restriction on number of Layers) Rules, 2017.
g UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM

i The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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

ii The Company has not received any fund from any person(s) or entity(ies), 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 Company has not traded or invested in Crypto currency or Virtual Currency during the financial year
h 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
i The company has not filed any Quarterly financial statements with banks or financial institutions.

43. Previous years figures have been regrouped/reclassified wherever necessary to correspond with the current year's
classifications /disclosures.

As per our Report of even date attached For and on behalf of the Board of Directors
For M/S Gupta Ravi And Associates Mackinnon Mackenzie and Company Limited

Chartered Accountants
Frn No. 006970N

CA Akhil Sharma Mr. Jimmy Guzdar Nandkishor Yashwant Joshi Rangaswamy Krishnaswamy Ashok Joshi Harshita Shukla

Partner Director Director Chief Financial Officer Manager Company Secretary

Membership No 225300 DIN 01186794 DIN 09324612

Dated: 1st July 2024 Place: Mumbai Dated: 1st July 2024