GKW Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

2.15 Provisions and Contingencies

A Provision is recognised when the Company has a present legal or constructive obligation as a result
of past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required
to settle the present obligation at the end of the reporting period.

A disclosure for contingent liabilities is made 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 embodying economic benefits will be
required to settle or a reliable estimate of the amount cannot be made.

2.16 Earnings per share

Basic earnings per share are calculated by dividing the profit or loss for the period attributable to equity
shareholders (after deducting preference dividends, if any, and attributable taxes) by the weighted average
number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the profit or loss for the period attributable
to equity shareholders and the weighted average number of shares outstanding during the period are
adjusted for the effect of all dilutive potential equity shares.

2.17 Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand, balances with banks, cheques on hand, remittances
in transit and short-term investments with an original maturity of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.18 Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker (CODM). The CODM assesses the financial performance and position of the
Company and makes strategic decisions.

The Company has identified two broad reportable segments viz. “Warehousing” and “Investment and
Treasury”.

Activities related to Joint Development Agreements (JDAs) are not considered part of the Company''s
regular business operations. Accordingly, the assets, liabilities, income, and expenditures associated with
JDAs are not reported as a separate segment and are instead classified under “Unallocable.”

2.19 Key accounting judgements, estimates and assumptions

The preparation of financial statements in conformity with the Ind AS requires the management to make
judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets
and liabilities and the accompanying disclosure and the disclosure of contingent liabilities, at the end of
the reporting period. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimates are revised and future periods
are affected. Although these estimates are based on the management''s best knowledge of current events
and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a
significant adjustment to the carrying amounts of assets or liabilities in future periods.

In particular, information about key areas of estimation, uncertainty and critical judgments in applying
accounting policies that have the most significant effect on the amounts recognised in the financial
statements is included in the following notes:

a. Fair value measurement

When the fair values of financial assets/other assets and financial liabilities recorded in the Balance
Sheet cannot be measured based on quoted prices in active markets, their fair value is measured using
various valuation techniques. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, a degree of judgment is required in establishing fair values.
Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the reported fair value of financial instruments.

b. Identification of Related Parties

Related Parties for the purpose of Companies Act, 2013 and relevant Ind AS, is identified by the
Company, for necessary compliance/reporting/disclosures etc, as per the Board approved Related
Party Transactions (RPT) Policy.

c. Business Model Assessment

Classification and measurement of financial assets depends on the results of the SPPI and the
business model test. The Company determines the business model at a level that reflects how groups
of financial assets are managed together to achieve a particular business objective. The Company
monitors financial assets measured at amortised cost or at FVTOCI that are derecognised prior to their
maturity to understand the reason for their disposal and whether the reasons are consistent with the
objective of the business for which the asset was held. Monitoring is part of the Company''s continuous
assessment of whether the business model for which the remaining financial assets are held continues
to be appropriate and if it is not appropriate whether there has been a change in business model and so
a prospective change to the classification of those assets.

d. Impairment Loss Allowance

The Company recognises loss allowances, if any, using the expected credit loss (''ECL'') model for
the financial assets which are not fair valued. Loss allowance for trade receivables with no significant
financing component is measured at an amount equal to lifetime ECL. For all other financial assets, ECL
is measured at an amount equal to the 12-month ECL, unless there has been a significant increase in
credit risk from initial recognition, in which case, those are measured at lifetime ECL.

e. Provisions other than ECL

Provisions are held in respect of a range of future obligations such as employee entitlements, litigation
provisions, etc. Some of the provisions involve significant judgement about the likely outcome of various
events and estimated future cash flows. The measurement of these provisions involves the exercise of
management judgements about the ultimate outcomes of the transactions.

f. Retirement benefit Obligations

The Company''s retirement benefit obligations are subject to number of assumptions including discount
rates, inflation and salary growth. Significant assumptions are required when setting these criteria and a
change in these assumptions would have a significant impact on the amount recorded in the Company''s

balance sheet and the statement of profit and loss. The Company sets these assumptions based on
previous experience and third party actuarial advice. Further details on the Company''s retirement
benefit obligations, including key assumptions are set out in Note No. 43.

g. Reclassification of Freehold land

The Company is engaged in the businesses of ''Warehousing'' and ''Investment and Treasury'', which
involve leasing out warehousing space and investing in bank deposits, equity instruments, bonds, and
mutual funds, Hence the Company has classified properties intended for the aforesaid activities as
owner-occupied properties. And accordingly, properties for which the Company has entered into a Joint
Development Agreement (refer to Note No. 4 and 50) have been accounted for as Investment Property.

2.20 Recent pronouncements

The Ministry of Corporate Affairs vide notification dated 9 September 2024 and 28 September 2024 notified
the Companies (Indian Accounting Standards) Second Amendment Rules, 2024 and Companies (Indian
Accounting Standards) Third Amendment Rules, 2024, respectively, which amended/ notified certain
accounting standards (see below), and are effective for annual reporting periods beginning on or after 1
April 2024:

a. Insurance contracts - Ind AS 117; and

b. Lease Liability in Sale and Leaseback - Amendments to Ind AS 116

The Company has reviewed the new pronouncements and based on its evaluation has determined that, it
is not likely to have any material impact in its financial statements.

i. The Company''s investment property consists of contiguous non-agricultural land and buildings situated at village Kanjur,
Bhandup West, Mumbai, in respect of which the Company has entered into a Joint Development Agreement with
Anthurium Developers Limited, which is a wholly owned subsidiary of Mahindra Lifespace Limited, for the purpose of
construction and development of a mixed use residential and commercial/retail project (Refer Note No. 50).

ii. Subject to Note No. 50, the Company has no restrictions on the realisability of its investment property and no contractual
obligations to purchase, construct or develop investment properties or for repair, maintenance and enhancements.

iii. As at March 31,2025, Investment Property consists of Freehold land, and Buildings thereon, at village Kanjur, Bhandup
West, Mumbai. The Company, has approached an independent registered valuer with regard to the fair valuation of the
said land. However, the valuer has concluded that he was unable to reliably measure the fair value of the Investment
Property as on the reporting date, as the Company is unable to estimate the free cashflows that would accrue to it, on
account of realization of sale proceeds which shall form part of its share of revenue as per the JDA. which is due to the
absence of the indicative plan for utilizing the Development Potential for construction of the Joint Development Project
including the activities such as design, construction, sales and marketing, which all are the responsibility of the Developer
as per the JDA. Further, in the absence of the aforesaid information, the Company is also unable to estimate the range
within which the fair value is highly likely to lie.

Nature and purposes of reserves

a. General Reserve

General Reserve represents appropriation of retained earnings and are available for distribution to shareholders.

b. Retained Earnings

Retained Earnings (excluding accumulated balance of remeasurements of defined benefit plans (net of tax)) represents
surplus /accumulated earnings of the Company and are available for distribution to shareholders.

c. Equity Instruments through Other Comprehensive Income

It represents the cumulative gains/(losses) arising on the fair valuation of Equity Shares measured at fair value through
OCI, net of amounts reclassified to Retained Earnings on disposal of such instruments.

d. Revaluation Surplus

The Company has elected to remeasure the value of its freehold land and the gain arising on revaluation has been
recognised as a Revaluation Surplus in the Other Comprehensive Income. The said reserve can not be utilised for
distribution to shareholders.

39.1 Financial risk factors

The Company''s principal financial liabilities comprise of lease liabilities, security deposits, trade and other payables. The
main purpose of these financial liabilities is to manage finances for the Company''s operations. The Company''s principal
financial assets include investment in equity instruments, investment in mutual funds, investment in bonds, security deposits,
trade receivables and cash and bank balances that arise directly from its operations. The Company is exposed to market
risk, credit risk and liquidity risk and the Company''s senior management oversees the management of these risks.

i) 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 risk: interest rate risk, currency risk and other price risk, such as
equity price risk and commodity risk. Financial instruments affected by market risk include Equity investments, Fixed
Deposits and investment in Mutual Funds.

a) Interest Rate Risk

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. The Company''s exposure to risk of changes in market interest rates relates primarily
to the Company''s investment in fixed deposits. However, as the Company''s fixed rate investments comprising Deposits
with Banks are carried at amortised cost. They are, therefore, not subject to interest rate risk as defined in Ind AS 107,
since neither the carrying amount nor the future cash flows will fluctuate because of changes in market interest.

b) Foreign Currency Risk

Foreign currency risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Company transacts its business entirely in local currency hence the Company
is not exposed to any foreign currency risk.

c) Securities Price Risk

Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded
prices. The Company''s investments in Equity Instruments and Mutual Funds are susceptible to market price risk, mainly
arising from changes in the quoted share price of Equity Instruments and Net Asset Value (NAV) of Mutual Funds which
may impact the return and value of such investments. However, as the Company is not an active investor in equity
markets and continue to hold certain investment in equity instruments for long term value accretion, they are measured
at fair value through other comprehensive income.

ii) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities, primarily trade receivables
and other receivables, deposits with banks and investment in equity instruments and mutual funds. Company''s
deployment in fixed deposits are primarily with highly rated banks and financial institutions and mutual fund schemes
of leading fund houses. With respect to the Company''s investing activities, mutual fund schemes and counter parties
are shortlisted and exposure limits determined on the basis of their credit rating (by independent agencies), financial
statements and other relevant information. As these counter parties are having investment grade/ sovereign credit ratings
and taking into account the experience of the Company over time, the credit risk attached to such assets is considered
to be insignificant. However, the Company has made an expected credit allowance of Rs. 17.76 lakhs during the year.
Further the Company has determined that an allowance for expected credit losses on loans given to employees is not
required as there is no credit risk involved owing to the fact that the Company can recover the entire loan amount from
employee''s dues like salary, gratuity, etc.

(a) Trade receivables and other receivables

The Company extends credit to customers in the normal course of business. Outstanding customer receivables
are regularly monitored. The Company has also taken advances and security deposits from its customers, which
mitigate the credit risk to an extent. An impairment analysis is performed at each reporting date on an individual basis
for major customers.

* Rs.6.00 in absolute value
** Rs.15.92 in absolute value”

Considering the inherent nature of business of the Company, Customer credit risk is minimal. The Company generally
does not part away with its assets unless trade receivables are fully realised.

Based on prior experience and an assessment of the current economic environment, management believes there is
no credit risk provision required, other than those made in the accounts. Further, the Company does not have any
significant concentration of credit risk.

In determining the allowances for expected credit losses on trade receivables, the Company has used a practical
expedient by computing the allowance for expected credit loss on trade receivables based on a provision matrix. The
provision matrix takes into account historical credit loss experience and is adjusted for forward looking information.
The allowance for expected credit loss is based on the ageing of the receivables that are due and rates used in the
provision matrix.

(b) Investments and deposits with Banks

The Company considers factors such as track record, market reputation and service standards to select mutual
funds and banks with which balances and deposits are maintained. The Company does not maintain significant cash
balances other than those required for its day to day operations. In determining the allowances for expected credit
losses on financial assets (other than those measured at fair value through profit and loss and fair value through
other comprehensive income) and deposits with banks, and with other parties the Company has considered the
credit ratings of those banks/ financial institutions.

(c) Loan given to Employees

The company extends loans to its employees in the ordinary course of business. These loans are a part of our
comprehensive employee benefits program designed to support the financial well-being of our workforce. We
regularly monitor the prepayment of these loans to ensure timely and efficient repayment. In addition, we have
implemented robust controls and continuous tracking of outstanding loan balances. These measures ensure the
sustainability and integrity of our loan program while safeguarding the company''s financial interests.

(d) Receivables under Joint Development Agreement (JDA)

Under the Joint Development Agreement, the developer has agreed to reimburse the cost and expenses borne
by the Company in relation to the handing over of the DP Road Reservation including LBS Road Reservation, as
stated in the JDA, to Municipal Corporation of Greater Mumbai (MCMG) and procuring the FSI/TDR in lieu of such
handover. The said FSI/TDR will form part of the Development Potential, as per the JDA. Accordingly, the Company
has recognised receivables towards all such expenditure incurred towards handing over the aforesaid reservation.

As a result there exists a credit risk associated with the recoverability of this amount, given the dependency on the
Developer''s ability and willingness to fulfill its contractual obligations. Consecutively, The Company has assessed
the expected credit loss (ECL) on the receivable, taking into account the credit rating and financial standing of the
Developer, and has recognized a expected credit loss allowance in accordance with the requirements of Ind AS 109 .

iii) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The
company''s approach in managing liquidity is to ensure that it will have sufficient funds and marketable securities to
meet its liabilities when due without incurring unacceptable losses. The company closely monitors its liquidity position
through forecasts on the basis of expected cash flows.

Maturities of Financial Liabilities

The table below analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual
maturities. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities.

39.2. Capital management

For the purpose of the Company''s capital management, capital includes issued equity share capital and all other
equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company''s capital
management is to safeguard continuity, maintain healthy capital ratios in order to support its business and maximize
shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic
conditions. The funding requirement is met through equity and internal accruals.

41. Fair valuation techniques

The Company maintains policies and procedures to value financial assets/other assets or financial liabilities using the
best and most relevant data available. The fair values of the financial assets/other assets and liabilities are included
at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The following methods and assumptions were used to estimate certain
fair values:

(i) The fair values of investment in equity instruments are based on their quoted market prices at the reporting date.

(ii) The fair values of the mutual funds are based on their published Net Asset Values at the reporting date.

(iii) Fair value of cash and deposits, trade receivables, trade payables and other current financial assets and liabilities
approximate to their carrying amounts largely due to the short-term maturities of these instruments. Lease liabilities and
Security Deposits received have fair values that approximate to their carrying amounts as it is based on the net present
value of the anticipated future cash flows.

(iv) Fair value of Freehold Land is based on Sales Comparison method under Market Approach as carried out by an
independent registered valuer.

Fair Value hierarchy

The following table provides the fair value measurement hierarchy of Company''s asset and liabilities, grouped into Level
1 to Level 3 as described below:

(i) Quoted prices/published NAV (unadjusted) in active markets for identical assets or liabilities (Level 1). It includes fair
value of financial instruments such as investment in equity shares and are based on quoted market prices at the balance
sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund
operators at the balance sheet date.

(ii) Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices) (Level 2). It includes fair value of the financial instruments that are
not traded in an active market and are determined by using valuation techniques. These valuation techniques maximise
the use of observable market data where it is available and rely as little as possible on the company specific estimates.
If all significant inputs required to fair value an instrument are observable, then the instrument is included in Level 2.

iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

43. Disclosure pursuant to Indian Accounting Standard 19 - Employee Benefits (Cont’d)

(vi) Risk exposure

These plans are exposed to the actuarial risks such as interest rate risk, salary inflation risk, demographic risk and
change in leave balances.

Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond
yields fall, the defined benefit obligation will tend to increase.

Salary inflation risk: Higher than expected increase in salary will increase the defined benefit obligation.
Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include
mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not
straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important
not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically
costs less per year as compared to a long service employee.

Change in Leave Balances : This is the risk of variability of results due to a significant variation from expected
accumulation of leave balances. All other aspects remaining same, higher than expected increase in the leave balances
will increase the defined benefit obligation.

(vii) Sensitivity Analysis

Sensitivity analysis on effect on Defined Benefit Obligations on changes in significant assumptions as per Note No. 43(b)
(v) are as follows:

Presentation in the Statement of Profit and Loss, Other Comprehensive Income (OCI) and Balance Sheet

Gratuity, pension and provident fund are in the nature of post-employment benefits and re-measurement gains/(losses) on
it are shown under OCI as ‘Items that will not be reclassified to profit or loss'', including the income tax effect on the same.
Leave encashment benefits is an Other long term employee benefit and re-measurement gains/(losses) on it are shown
under Employee Benefits Expense.

Expense for service cost, net interest on net defined benefit liability/(asset) is recognised in the Statement of Profit and Loss.
Ind AS 19 does not require segregation of net defined liability/(asset) into current and non-current, however net defined
liability/(asset) is bifurcated into current and non-current portions in the balance sheet, as per Ind AS 1 on “Presentation
of Financial Statements”.

(c) Disclosure in respect of Material Related Party Transaction with KMP and Post Employment Benefit Plans
during the year (excluding reimbursement):

1. Remuneration includes amount paid to Mr. Amitabha Chakrabarti Rs 61.62 lakhs (Previous year Rs 57.20 lakhs).

2. Sitting fees includes amount paid to Mr. Krishna Kumar Bangur Rs. 1.05 Lakh (Previous Year - Rs. 0.75 Lakh), Kishor
Shah Rs. 1.65 Lakhs (Previous Year - Rs. 1.35 Lakhs), Mr. Mohit Bhuteria Rs. 1.65 Lakhs (Previous Year - Rs. 1.35
Lakhs) , Mr. Shiva Balan Rs. 1.20 Lakhs (Previous Year - Rs. 1.05 Lakhs) , Mrs. Rusha Mitra Rs. 1.05 lakhs (Previous
Year: Rs. 0.45 lakh).

3. Contributions made include amount paid to GKW Limited Management Staff Provident Fund Rs. 7.16 lakhs (Previous
Year: Rs. 6.07 lakhs), GKW Limited Gratuity Fund Rs. 2.37 Lakhs (Previous Year: Rs 4.95 Lakhs) and GKW Limited
Management Staff Pension Fund Rs. 11.57 Lakhs (Previous Year: Rs. 5.55 Lakhs).

The amounts disclosed in the table are the amounts recognised as an expense during the reporting period.

All Related Party Transactions entered during the year were in ordinary course of business and on arm''s length basis.

45. Segment Information

The Company has identified two broad reportable segments viz. “Warehousing” and “Investment and Treasury''''.

Segments have been identified and reported upon taking into account the nature of activities, the different risks and

returns and the internal business reporting systems. These business segments are reviewed by the Chief Operating

Decision Maker of the Company. The following are the additional policies for Segment Reporting:

- Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the
segment. Revenue and expenses which relate to the Company as a whole and are not allocable to a segment on a
reasonable basis have been disclosed as “Unallocable”.

- Segment Assets and Segment Liabilities represent assets and liabilities in respective segments. Tax related assets
and other assets and liabilities that cannot be allocated to a segment on a reasonable basis have been disclosed as
“Unallocable”.

47. Additional Regulatory Information

(i) Revaluation of Property, Plant and Equipment /Investment Property -

As per the requirements of Indian Accounting Standard (Ind AS) 16, “Property, Plant and Equipment”, the Company
has revalued its freehold land, situated at Howrah, West Bengal, as at March 31,2025 based on a valuation report of
an independent registered valuer. As a result of this revaluation, value of the aforesaid freehold land has increased
by Rs 7,074.42 lakhs, which has been recognised in Other Comprehensive Income and credited to Revaluation
Surplus in Other Equity and the related deferred tax liability of Rs 1,030.04 lakhs has been accordingly recognised.

(ii) The title deeds of all the immovable properties are held in the name of the Company.

(iii) No proceedings have been initiated or pending against the company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder during the year ended
March 31st, 2025 and March 31st, 2024.

(iv) The Company has not been declared as wilful defaulter by any bank or financial Institution or other lender during the
year ended March 31st, 2025 and March 31st, 2024.

(v) The company has no transactions with the companies struck off under Companies Act, 2013.

(vi) The Company does not have any subsidiary as at March 31st, 2025 and March 31st, 2024 and accordingly clause
(87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

(vii) Undisclosed Income

There are no transactions not recorded in the books of accounts during the year ended March 31st, 2025 and March
31st, 2024 that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961.
There are no previously unrecorded income and related assets to be recorded in the books of account during the
year ended March 31st, 2025 and March 31st, 2024.

(viii) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended March 31st,
2025 and March 31st, 2024.

(ix) Utilisation of Borrowed funds and share premium:

(A) During the year ended and as at March 31st, 2025 and March 31st, 2024, the Company has not advanced or
loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to
any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether
recorded in writing or otherwise) that the Intermediary shall :

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

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

47. Additional Regulatory Information (Cont’d)

(B) During the year ended and as at March 31st, 2025 and March 31st, 2024, 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 :

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

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

(x) As at March 31st, 2025 and as at March 31st, 2024, the Company does not have any Scheme of Arrangement that has
been filed or approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

48. Registration of charges or satisfaction with Registrar of Companies (ROC)

The Company has pending satisfaction of charge with Registrar of Companies (ROC), Kolkata relating to working
capital facilities extended by a bank to erstwhile demerged undertaking of the Company in accordance with scheme of
arrangement in 2009. The Company had settled all its dues in full and final relating to fund based and non-fund based
facilities of the bank as per books of account in 2008.

However, satisfaction of charges will be made with Registrar of Companies (ROC), Kolkata on receipt of “No-Objection
Certificate” from the bank and compliance of certain formalities.

50. The Board of Directors of the Company in its meeting held on 8th November, 2024 has approved and entered into a Joint
Development Agreement (JDA) with Anthurium Developers Limited, which is a wholly owned subsidiary of Mahindra
Lifespace Developers Limited, for development of its contiguous, non-agricultural land admeasuring 36.87 acres (i.e
1,49,239.70 square meters) situated at village Kanjur, Bhandup West, in the Registration District of Mumbai Suburban,
for the purpose of construction and development of a mixed-use residential and commercial/retail project in the manner
set out in the JDA. Under the JDA, the company has granted unto the Developer exclusive development rights and
entitlements in respect of the aforesaid Land, for development, in consideration of the Developer providing the Owner''s
Revenue share to the Owner, in the manner set out in the JDA. Additionally, the Owner has agreed to not deal with,
dispose or encumber the aforesaid Land except for certain reservation as mentioned in the JDA.

Consequently, the Company has transferred the said land including the buildings thereon, from owner-occupied property
to Investment Property, as per Ind AS 40 “Investment Property”, at the carrying amount in the books of account on the
date of such transfer i.e. November 08, 2024.

Further, the Company has received a sum of Rs. 20,000.00 lakhs as non-interest bearing refundable security deposit,
and Rs. 1,500.00 lakhs as non-interest bearing non-refundable security deposit to secure the due performance of the
Developers obligations under this JDA.

51. Other expenses includes Rs. 1,630.25 lakhs paid during the year ended March 31,2025 (previous year - Rs. 793.75
lakhs) being amount paid (including consultancy charges) for obtaining confirmation in order to avoid future litigation/
disputes towards certain parcels of land of the Company and resolution of certain disputes.

Further, it also includes Rs. 1,612.45 lakhs (inclusive of GST) paid during the year ended March 31, 2025 (Previous
year - Rs. Nil) towards Brokerage/Legal/Professional charges in connection with Joint Development Agreement.

52. During the year ended March 31,2025, the Company has sold a parcel of land admeasuring 1.4011 acres, situated at
Andul Road, Howrah to a Public Charitable trust for a consideration of Rs. 1,335.13 lakhs. In relation to the aforesaid
sale, Rs. 901.22 lakhs (net of tax) has been transferred from Revaluation Surplus to Retained Earnings.

53. Pursuant to change in tax rate on Long Term Capital Gains on enactment of the Finance Act, 2024, the Company has

reassessed deferred tax assets/liabilities considering effective tax rate as applicable on Capital Gains for the full year.
This has resulted in reversal of deferred tax liability of Rs 22,127.41 Lakhs during the year.

54. Previous year''s figures have been rearranged/regrouped, wherever necessary, to make them comparable with those of

the current year.

For Haribhakti & Co. LLP For and on behalf of the Board of Directors

Chartered Accountants

ICAI Firm Registration No. 103523W / W100048

Mahesh Agarwal K. K. Bangur

Partner (Chairman)

Membership No. 067806 DIN:00029427

Place: Kolkata Raju Shaw A Chakrabarti

Date: May 15, 2025 (Company Secretary) (Executive Director & CFO)

DIN : 00137451

---

Mar 31, 2024

b) Rights, preferences & restrictions in respect of each class of shares

The Company''s authorised share capital consists of two classes of shares, referred to as Equity Shares and Preference Shares, having par value of Rs. 10/- each.

Each holder of Equity Share is entitled to one vote per share. The preferential shareholders have preferential right over equity shareholders in respect of repayment of capital.

The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting.

In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Nature and purposes of reserves

a. General Reserve

General Reserve represents appropriation of retained earnings and are available for distribution to shareholders.

b. Retained Earnings

Retained Earnings (excluding accumulated balance of remeasurements of defined benefit plans (net of tax)) represents surplus /accumulated earnings of the Company and are available for distribution to shareholders.

c. Equity Instruments through Other Comprehensive Income

It represents the cumulative gains/(losses) arising on the fair valuation of Equity Shares measured at fair value through OCI, net of amounts reclassified to Retained Earnings on disposal of such instruments.

d. Revaluation Surplus

The Company has elected to remeasure the value of its freehold land and the gain arising on revaluation has been recognised as a Revaluation Surplus in the other comprehensive income. The said reserve cannot be utilised for distribution to shareholders.

34. Contingent Liabilities and Commitments		(Rs. in Lakhs)
Particulars	As at	As at
	31st March, 2024	31st March, 2023
A. Contingent Liabilities a) Claims against the Company not acknowledged as debts: (i) Income Tax	325.05	215.21
b) Guarantees excluding financial guarantees: (i) Various labour related matters pending finalisation by appropriate authorities; amount of liability, if any, is presently not ascertainable and a bank guarantee of Rs. 200 lakhs has been issued against a matter.

All pending litigations and proceedings against the Company and the carrying amount of the financial liabilities and claims have been reviewed at the balance sheet date and appropriate adjustment has either been made against existing provisions wherever required or disclosed the same as contingent liabilities, wherever applicable. The Company does not expect the outcome of these proceedings will have a material impact on its financial position and the future cash outflows in respect of the above is dependent upon the outcome of judgments/decisions. .

(Rs. in Lakhs)
Particulars	As at	As at
	31st March, 2024	31st March, 2023
B. Capital Commitments:
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	800.37	12.20

37. Financial risk management 37.1 Financial risk factors

The Company''s principal financial liabilities comprise of lease liabilities, security deposits, trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company''s operations. The Company''s principal financial assets include investment in equity instruments, investment in mutual funds, investment in bonds, security deposits, trade receivables and cash and bank balances that arise directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk and the Company''s senior management oversees the management of these risks.

i) Market risk

Market risk is the risk that fair value of future cash flows of a financial asset will fluctuate because of changes in market prices. The Company has investment in equity instruments, mutual funds, bonds and fixed deposits. The Company''s investments in mutual funds are held in mutual fund schemes of leading fund houses. The tenure of investment in mutual funds is relatively short and hence the movement in market prices do not pose any significant price risk.

Fixed Deposits are held with highly rated banks and have a short tenure and are not subject to interest rate volatility. The Company is not an active investor in equity markets and continues to hold certain investments in equity instruments for long term value accretion which are accordingly measured at fair value through other comprehensive income. Investments in Bonds are measured at fair value through profit and loss to recognise market volatility, which is not considered to be significant.

ii) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities, primarily trade receivables and other receivables deposits with banks and investment in equity instruments, bonds and mutual funds. Company''s deployment in fixed deposits are primarily with highly rated banks and financial institutions, bonds issued by highly rated banks and mutual fund schemes of leading fund houses. With respect to the Company''s investing activities, mutual fund schemes and counter parties are shortlisted and explosure limits determined on the basis of there credit rating (by independent agencies), financial statements and other relevent information. As these counter parties are having investment grade/ sovereign credit ratings and taking into account the experience of the Company over time, the credit risk attached to such assets is considered to be insignificant. However, the company has made an expected credit allowance of Rs.0.34 lakh during the year.

Further the Company has determinded that an allowance or expected credit losses on loans giving to employees is not required as there is no credit risk involved owing to the fact that the Company can recover the entire loan amount from employee''s dues like salary, gratuity, etc.

(a) Trade receivables and other receivables

The Company extends credit to customers in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has also taken advances and security deposits from its customers, which mitigate the credit risk to an extent. An impairment analysis is performed at each reporting date on an individual basis for major customers.

Considering the inherent nature of business of the Company, Customer credit risk is minimal. The Company generally does not part away with its assets unless trade receivables are fully realised.

Based on prior experience and an assessment of the current economic environment, management believes there is no credit risk provision required, other than those made in the accounts. Further, the Company does not have any significant concentration of credit risk.

In determining the allowances for expected credit losses on trade receivables, the Company has used a practical expedient by computing the allowance for expected credit loss on trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The allowance for expected credit loss is based on the ageing of the receivables that are due and rates used in the provision matrix.

(b) Investments and deposits with Banks

The Company considers factors such as track record, market reputation and service standards to select mutual funds, bonds and banks with which balances and deposits are maintained. The Company does not maintain significant cash balances other than those required for its day t o day operations.

In determining the allowances for expected credit losses on financial assets (other than those measured at fair value through profit and loss and fair value through other comprehensive income) and deposits with banks, the Company has considered the credit ratings of those banks/ financial institutions.

(c) Loan given to Employees

The Company extends loan to its employees in the ordinary course of business. These loans are a part of our comprehensive employee benefits program designed to support the financial well-being of our workforce. We regularly monitor the prepayment of these loans to ensure timely and efficient repayment. In addition, we have implemented robust controls and continuous tracking of outstanding loan balances. These measures ensure the sustainability and integrity of our loan program while safeguarding the company''s financial interests.

iii) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The company''s approach in managing liquidity is to ensure that it will have sufficient funds and marketable securities to meet its liabilities when due without incurring unacceptable losses. The company closely monitors its liquidity position through forecasts on the basis of expected cash flows.

Maturities of Financial Liabilities

The table below analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities.

37.2. Capital management

For the purpose of the Company''s capital management, capital includes issued equity share capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company''s capital management is to safeguard continuity, maintain healthy capital ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions. The funding requirement is met through equity and internal accruals.

38. Fair value of Financial Assets and Liabilities

Set out below is a comparison by class of the carrying amounts and fair value of the Company''s financial instruments that are recognised in the financial statements.

39. Fair valuation techniques

The Company maintains policies and procedures to value financial assets/other assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets/other assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate certain fair values:

i) The fair values of investment in equity instruments are based on their quoted market prices at the reporting date.

ii) The fair values of the mutual funds are based on their published Net Asset Values at the reporting date. The fair value of quoted bonds are valued using closing price at the reporting date. The fair value of unquoted bond is determined using valuation techniques using observable market data.

iii) Fair value of cash and deposits, trade receivables, trade payables and other current financial assets and liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments. Lease liabilities have fair values that approximate to their carrying amounts as it is based on the net present value of the anticipated future cash flows.

iv) Fair value of Freehold Land is based on Sales Comparison method under Market Approach as carried out by an independent registered valuer.

Fair Value hierarchy

The following table provides the fair value measurement hierarchy of Company''s asset and liabilities, grouped into Level 1 to Level 3 as described below:

i) Quoted prices/published NAV (unadjusted) in active markets for identical assets or liabilities (level 1). It includes fair value of financial instruments such as investment in equity shares and bonds traded in active markets and are based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at the balance sheet date.

ii) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). It includes fair value of the financial instruments that are not traded in an active market and are determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the company specific estimates. If all significant inputs required to fair value an instrument are observable, then the instrument is included in level 2.

iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

During the year ended 31st March, 2024 and 31st March, 2023, there were no transfers between Level 1 and Level 2 fair value measurements and no transfer into and out of Level 3 fair value measurements.

The Company has set up Provident Fund Trusts in respect of certain categories of employees which are administered by Trustees. The Trusts invest funds following a pattern of investments.

The interest rate payable to the members of the Trusts is not lower than the rate of interest declared annually by the Government under The Employees'' Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, on account of interest is to be made good by the Company.

Accordingly, the Actuary has carried out actuarial valuation of plan''s liabilities and interest rate guarantee obligations as at the Balance Sheet date using Projected Unit Credit method. Based on such valuation, an amount of Rs Nil lakhs (31st March, 2023: Rs. Nil Lakhs) has been provided towards future anticipated shortfall with regard to interest rate obligation of the Company.

(2) The Company provides for :

- Gratuity for employees as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is in accordance with Provision of Payment of Gratuity Act, 1972.

- Leave Encashment Scheme whereby employees can encash their accumulated leave balance in a lump sum at time of retirement/withdrawal/death/disability.

- Pension Scheme whereby employees will be entitled to fixed payment(s) as per plan after retirement/death.

The following table sets out the details of amount recognised in the financial statements in respect of employee benefit

schemes:

(vi) Risk exposure

These plans are exposed to the actuarial risks such as interest rate risk, salary inflation risk and demographic risk and change in leave balances.

Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary inflation risk: Higher than expected increase in salary will increase the defined benefit obligation. Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

Change in Leave Balances : This is the risk of variability of results due to a significant variation from expected accumulation of leave balances. All other aspects remaining same, higher than expected increase in the leave balances will increase the defined benefit obligation.

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet. The methods and type of assumptions used in preparing the sensitivity analysis did not change compared to prior period.

Presentation in the Statement of Profit and Loss, Other Comprehensive Income (OCI) and Balance Sheet

Gratuity, pension and provident fund are in the nature of post-employment benefits and re-measurement gains/(losses) on it are shown under OCI as ‘Items that will not be reclassified to profit or loss'', including the income tax effect on the same. Leave encashment benefits is an Other long term employee benefit and re-measurement gains/(losses) on it are shown under Employee Benefits Expense.

Expense for service cost, net interest on net defined benefit liability/(asset) is recognised in the Statement of Profit and Loss. Ind AS 19 does not require segregation of net defined liability/(asset) into current and non-current, however net defined liability/(asset) is bifurcated into current and non-current portions in the balance sheet, as per Ind AS 1 on “Presentation of Financial Statements”.

(c) Disclosure in respect of Material Related Party Transaction with KMP and Post Employment Benefit Plans

during the year (excluding reimbursement):

1. Remuneration includes amount paid to Mr. Amitabha Chakrabarti Rs.57.30 Lakhs (Previous Year: Rs 52.73 Lakhs).

2. Sitting fees includes amount paid to Mr. Krishna Kumar Bangur Rs. 0.75 Lakh (Previous Year - Rs. 0.75 Lakh), Kishor Shah Rs. 1.35 Lakhs (Previous Year - Rs. 1.35 Lakhs), Mr. Mohit Bhuteria Rs. 1.35 Lakhs (Previous Year -Rs. 1.50 Lakhs) , Mr. Shiva Balan Rs. 1.05 Lakhs (Previous Year - Rs. 1.50 Lakhs) , Mrs. Rusha Mitra Rs. 0.45 lakhs (Previous Year: Rs. 1.05 lakh).

3. Contributions made include amount paid to GKW Limited Management Staff Provident Fund Rs. 6.07 lakhs (Previous Year: Rs. 5.56 lakhs), GKW Limited Gratuity Fund Rs. 4.95 Lakhs (Previous Year: Rs 6.47 Lakhs) and GKW Limited Management Staff Pension Fund Rs. 5.55 Lakhs (Previous Year: Rs. 42.26 Lakhs).

The amounts disclosed in the table are the amounts recognised as an expense during the reporting period.

All Related Party Transactions entered during the year were in ordinary course of business and on arm''s length basis.

43. Segment Information

The Company has identified two broad reportable segments viz. “Warehousing” and “Investment and Treasury''''. Segments have been identified and reported upon taking into account the nature of activities, the different risks and returns and the internal business reporting systems. These business segments are reviewed by the Chief Operating Decision Maker of the Company. The following are the additional policies for Segment Reporting:

- Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to the Company as a whole and are not allocable to a segment on a reasonable basis have been disclosed as “Unallocable”.

- Segment Assets and Segment Liabilities represent assets and liabilities in respective segments. Tax related assets and other assets and liabilities that cannot be allocated to a segment on a reasonable basis have been disclosed as “Unallocable”.

ii) Information about major customers

Revenue under the segment ‘Warehousing'' includes revenue from one external customer (Previous Year : one external customer) aggregating to Rs. 332.10 lakhs (Previous Year: Rs.332.95 lakhs) contributing to more than 10% of the total revenue.

44. Leases

(a.) Leases as Lessee

The Company has adopted Ind AS 116 “Leases” effective from April 1, 2019 which resulted in recognition of Right-of-use Assets and Lease Liability each amounting to Rs. 164.23 lakhs as at April 1,2019.

The weighted average incremental borrowing rate applied to lease liabilities is 13.31%.

The table below provides details regarding the contractual maturities of lease liabilities on an undiscounted basis:

45. Additional Regulatory Information

(i) Revaluation of Property, Plant and Equipment -

The Company has not revalued its property, plant and equipment in financial year 2023-24. However, it had revalued its freehold land as on March 31, 2022 based on valuation report of an independent registered valuer. As a result of revaluation, value of freehold land had increased from ? 36.59 lakhs to ? 253326.59 lakhs. The said increase of ? 253290 lakhs had been recognized in Other Comprehensive Income and credited to Revaluation Surplus in Other Equity in the 2021-2022. The related deferred tax liability of ? 59006.44 lakhs had been recognised.

Such Revaluation surplus is not available for distribution to shareholders.

(ii) No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder during the year ended March 31st, 2024 and March 31st, 2023.

(iii) The Company has not been declared as wilful defaulter by any bank or financial Institution or other lender during the year ended March 31st, 2024 and March 31st, 2023.

(iv) The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(v) The Company does not have any subsidiary as at March 31st, 2024 and March 31st, 2023 and accordingly clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

(vi) Undisclosed Income

There are no transactions not recorded in the books of accounts during the year ended March 31st, 2024 and March 31st, 2023 that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961.

There are no previously unrecorded income and related assets to be recorded in the books of account during the year ended March 31st, 2024 and March 31st, 2023.

(vii) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended March 31st, 2024 and March 31st, 2023.

viii) Utilisation of Borrowed funds and share premium:

(A) During the year ended and as at March 31st, 2024 and March 31st, 2023, the Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall :

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

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

(B) During the year ended and as at March 31st, 2024 and March 31st, 2023, 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 :

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

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

(ix) As at March 31st, 2024 and as at March 31st, 2023 the Company does not have any Scheme of Arrangement that has been filed or approved by the Competent Authority in terms of section 230 to 237 of the Companies Act, 2013.

46. Registration of charges or satisfaction with Registrar of Companies

The Company has pending satisfaction of charge with Registrar of Companies (ROC),Kolkata relating to working capital facilities extended by a bank to erstwhile demerged undertaking of the Company in accordance with scheme of arrangement in 2009. The Company had settled all its dues in full and final relating to fund based and non-fund based facilities of the bank as per books of account in 2008.

However, satisfaction of charges will be made with Registrar of Companies (ROC), Kolkata on receipt of “No-Objection Certificate” from the bank and compliance of certain formalities.

(i) Debt-equity ratio and debt service coverage ratio are not relevant for the Company as it has no debt.

(ii) Inventory turnover ratio is not relevant for the Company as it has no inventory.

(iii) Trade payables turnover ratio is not relevant for the Company as it has no credit purchases.

(a) Current Assets = Trade Receivables Cash and Cash Equivalents Other Bank Balances Other Current Assets Current Liabilities = Trade Payables Provisions Other Current Liabilities

(b) Net Income = Profit after Tax

Equity = Share Capital Free Reserves (i.e. excluding OCI and Revaluation surplus)

(c) Net Sales of services from warehousing activities

Average Trade Receivables = (Opening Accounts Receivable Closing Accounts Receivable)/?

(d) Net Sales of services from warehousing activities Net Assets = Total Assets - Current Liabilities

(e) Net Profit = Profit After Tax Revenue from Operations

(f) Earnings before Interest & Tax (EBIT) = Profit Before Tax Finance cost Capital Employed = Total Assets - Current Liabilities

(g) Net Return on investment = Final value of investment - Initial cost of investment Investment = Book value of investment (at cost)

Note 1- Due to higher net income in the current year as compared to previous year.

Note 2- Due to higher net sales of various and improvement of collections

48. Other Expenses includes Rs 793.75 lakhs paid during the year ended March 31,2024 (Previous year - Rs 35 Lakhs ) being amount paid (including consultancy charges) for obtaining confirmation in order to avoid future litigation/disputes towards certain parcels of land of the Company and resolution of certain disputes.

49. Previous year''s figures have been rearranged/regrouped, wherever necessary, to make them comparable with those of the current year.

---

Mar 31, 2023

a) Rights, preferences & restrictions in respect of each class of shares

The Company''s authorised share capital consists of two classes of shares, referred to as Equity Shares and Preference Shares, having par value of Rs. 10/- each.

Each holder of Equity Share is entitled to one vote per share. The preferential shareholders have preferential right over equity shareholders in respect of repayment of capital.

The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting.

In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Nature and purposes of reserves

a. General Reserve

General Reserve represents appropriation of retained earnings and are available for distribution to shareholders.

b. Retained Earnings

Retained Earnings (excluding accumulated balance of remeasurements of defined benefit plans (net of tax)) represents surplus /accumulated earnings of the Company and are available for distribution to shareholders.

c. Equity Instruments through Other Comprehensive Income

It represents the cumulative gains/(losses) arising on the fair valuation of Equity Shares measured at fair value through OCI, net of amounts reclassified to Retained Earnings on disposal of such instruments.

d. Revaluation Surplus

The Company has elected to remeasure the value of its freehold land and the gain arising on revaluation has been recognised as a Revaluation Surplus in the other comprehensive income. The said reserve cannot be utilised for distribution to shareholders.

34. Contingent Liabilities and Commitments		(Rs. in Lakhs)
Particulars	As at	As at
	31st March, 2023	31st March, 2022
A. Contingent Liabilities a) Claims against the Company not acknowledged as debts: (i) Various labour related matters pending finalisation by appropriate authorities; amount of liability, if any, is presently not ascertainable and a bank guarantee of Rs. 200 lakhs has been issued against a matter.
(iii) Income Tax	215.21	215.21

All pending litigations and proceedings against the Company and the carrying amount of the financial liabilities and claims have been reviewed at the balance sheet date and appropriate adjustment has either been made against existing provisions wherever required or disclosed the same as contingent liabilities, wherever applicable. The Company does not expect the outcome of these proceedings will have a material impact on its financial position and the future cash outflows in respect of the above is dependent upon the outcome of judgments/decisions.

37. Financial risk management 37.1 Financial risk factors

The Company''s principal financial liabilities comprise of lease liabilities, security deposits, trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company''s operations. The Company''s principal financial assets include investment in equity instruments, investment in mutual funds, investment in bonds, security deposits, trade receivables and cash and bank balances that arise directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk and the Company''s senior management oversees the management of these risks.

i) Market risk

Market risk is the risk that fair value of future cash flows of a financial asset will fluctuate because of changes in market prices. The Company has investment in equity instruments, mutual funds, bonds and fixed deposits. The Company''s investments in mutual funds are held in mutual fund schemes of leading fund houses. The tenure of investment in mutual funds is relatively short and hence the movement in market prices do not pose any significant price risk.

Fixed Deposits are held with highly rated banks and have a short tenure and are not subject to interest rate volatility. The Company is not an active investor in equity markets and continues to hold certain investments in equity instruments for long term value accretion which are accordingly measured at fair value through other comprehensive income.

ii) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities, primarily trade receivables and other receivables deposits with banks and investment in equity instruments, bonds and mutual funds. Company''s deployment in fixed deposits are primarily with highly rated banks and financial institutions, bonds issued by highly rated banks and mutual fund schemes of leading fund houses. With respect to the Company''s investing activities, mutual fund schemes and counter parties are shortlisted and explosure limits determined on the basis of there credit rating (by independent agencies), financial statements and other relevent information. As these counter parties are having investment grade/ sovereign credit ratings and taking into account the experience of the Company over time, the credit risk attached to such assets is considered to be insignificant. However, the company has made an expected credit allowance of Rs. 18.22 lakhs during the year.

Further the Company has determinded that an allowance or expected credit losses on loans giving to employees is not required as there is no credit risk involved owing to the fact that the Company can recover the entire loan amount from employee''s dues like salary, gratuity, etc.

(a) Trade receivables and other receivables

The Company extends credit to customers in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has also taken advances and security deposits from its customers, which mitigate the credit risk to an extent. An impairment analysis is performed at each reporting date on an individual basis for major customers.

Considering the inherent nature of business of the Company, Customer credit risk is minimal. The Company generally does not part away with its assets unless trade receivables are fully realised.

Based on prior experience and an assessment of the current economic environment, management believes there is no credit risk provision required, other than those made in the accounts. Further, the Company does not have any significant concentration of credit risk.

In determining the allowances for expected credit losses on trade receivables, the Company has used a practical expedient by computing the allowance for expected credit loss on trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The allowance for expected credit loss is based on the ageing of the receivables that are due and rates used in the provision matrix.

(b) Investments and deposits with Banks

The Company considers factors such as track record, market reputation and service standards to select mutual funds, bonds and banks with which balances and deposits are maintained. The Company does not maintain significant cash balances other than those required for its day to day operations.

iii) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The company''s approach in managing liquidity is to ensure that it will have sufficient funds and marketable securities to meet its liabilities when due without incurring unacceptable losses. The company closely monitors its liquidity position through forecasts on the basis of expected cash flows.

In determining the allowances for expected credit losses on financial assets (other than those measured at fair value through profit and loss and fair value through other comprehensive income) and deposits with banks, the Company has considered the credit ratings of those banks/ financial institutions.

Maturities of Financial Liabilities

The table below analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities.

37.2. Capital management

“For the purpose of the Company''s capital management, capital includes issued equity share capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company''s capital management is to safeguard continuity, maintain healthy capital ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions. The funding requirement is met through equity and internal accruals.

39. Fair valuation techniques

The Company maintains policies and procedures to value financial assets/other assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets/other assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate certain fair values:

i) The fair values of investment in equity instruments are based on their quoted market prices at the reporting date.

ii) The fair values of the mutual funds are based on their published Net Asset Values at the reporting date. The fair value of quoted bonds are valued using closing price at the reporting date. The fair value of unquoted bond is determined using valuation techniques using observable market data.

iii) Fair value of cash and deposits, trade receivables, trade payables and other current financial assets and liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments. Lease liabilities have fair values that approximate to their carrying amounts as it is based on the net present value of the anticipated future cash flows.

iv) Fair value of Freehold Land is based on Sales Comparison method under Market Approach at the reporting date as carried out by an independent registered valuer.

Fair Value hierarchy

The following table provides the fair value measurement hierarchy of Company''s asset and liabilities, grouped into Level 1 to Level 3 as described below:

i) Quoted prices/published NAV (unadjusted) in active markets for identical assets or liabilities (level 1). It includes fair value of financial instruments such as investment in equity shares and bonds traded in active markets and are based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at the balance sheet date.

ii) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). It includes fair value of the financial instruments that are not traded in an active market and are determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the company specific estimates. If all significant inputs required to fair value an instrument are observable, then the instrument is included in level 2.

iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

During the year ended 31st March, 2023 and 31st March, 2022, there were no transfers between Level 1 and Level 2 fair value measurements and no transfer into and out of Level 3 fair value measurements. There is no transaction / balance under Level 3.

The Company has set up Provident Fund Trusts in respect of certain categories of employees which are administered by Trustees. The Trusts invest funds following a pattern of investments.

The interest rate payable to the members of the Trusts is not lower than the rate of interest declared annually by the Government under The Employees'' Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, on account of interest is to be made good by the Company.

Accordingly, the Actuary has carried out actuarial valuation of plan''s liabilities and interest rate guarantee obligations as at the Balance Sheet date using Projected Unit Credit method. Based on such valuation, an amount of Rs Nil lakhs (31st March, 2022: Rs. Nil Lakhs) has been provided towards future anticipated shortfall with regard to interest rate obligation of the Company.

(2) The Company provides for :

- Gratuity for employees as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is in accordance with Provision of Payment of Gratuity Act, 1972.

- Leave Encashment Scheme whereby employees can encash their accumulated leave balance in a lump sum at time of retirement/withdrawal/death/disability.

- Pension Scheme whereby employees will be entitled to fixed payment(s) as per plan after retirement/death.

The following table sets out the details of amount recognised in the financial statements in respect of employee benefit schemes:

(vi) Risk exposure

These plans are exposed to the actuarial risks such as interest rate risk, salary inflation risk and demographic risk and change in leave balances.

Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary inflation risk: Higher than expected increase in salary will increase the defined benefit obligation. Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

Change in Leave Balances : This is the risk of variability of results due to a significant variation from expected accumulation of leave balances. All other aspects remaining same, higher than expected increase in the leave balances will increase the defined benefit obligation.

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet. The methods and type of assumptions used in preparing the sensitivity analysis did not change compared to prior period.

Presentation in the Statement of Profit and Loss, Other Comprehensive Income (OCI) and Balance Sheet

Gratuity, pension and provident fund are in the nature of post-employment benefits and re-measurement gains/(losses) on it are shown under OCI as ‘Items that will not be reclassified to profit or loss'', including the income tax effect on the same.

Leave encashment benefits is an Other long term employee benefit and re-measurement gains/(losses) on it are shown under Employment Benefits Expense.

Expense for service cost, net interest on net defined benefit liability/(asset) is recognised in the Statement of Profit and Loss.

Outstanding balances receivable at the year-end are unsecured and settlement occurs in cash.

(c) Disclosure in respect of Material Related Party Transaction with KMP and Post Employment Benefit Plans

during the year (excluding reimbursement):

1. Remuneration includes amount paid to Mr. Amitabha Chakrabarti Rs.52.73 Lakhs (Previous Year: Rs 42.00 Lakhs).

2. Sitting fees includes amount paid to Mr. Krishna Kumar Bangur Rs. 0.75 Lakh (Previous Year - Rs 0.60 Lakh), Kishor Shah Rs. 1.35 Lakhs (Previous Year - 1.35 Lakhs), Mr. Mohit Bhuteria Rs. 1.50 Lakhs (Previous Year - Rs 1.35 Lakhs) , Mr. Shiva Balan Rs. 1.50 Lakhs (Previous Year - Rs 1.35 Lakhs) , Mrs Rusha Mitra Rs. 1.05 lakhs (Previous Year: Rs. 0.90 lakh).

3. Contributions made include amount paid to GKW Limited Management Staff Provident Fund Rs. 5.56 lakhs (Previous Year: Rs. 5.02 lakhs), GKW Limited Gratuity Fund Rs 6.47 Lakhs (Previous Year: Nil) and GKW Limited Management Staff Pension Fund Rs 42.26 Lakhs (Previous Year: Rs 18 Lakhs).

The amounts disclosed in the table are the amounts recognised as an expense during the reporting period.

All Related Party Transactions entered during the year were in ordinary course of business and on arm''s length basis.

43. Segment Information

The Company has identified two broad reportable segments viz. “Warehousing” and “Investment and Treasury''''. Segments have been identified and reported upon taking into account the nature of activities, the different risks and returns and the internal business reporting systems. These business segments are reviewed by the Chief Operating Decision Maker of the Company. The following are the additional policies for Segment Reporting:

- ‘Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to the Company as a whole and are not allocable to a segment on a reasonable basis have been disclosed as “Unallocable”.

- Segment Assets and Segment Liabilities represent assets and liabilities in respective segments. Tax related assets and other assets and liabilities that cannot be allocated to a segment on a reasonable basis have been disclosed as “Unallocable”.

ii) Information about major customers

Revenue under the segment ‘Warehousing'' includes revenue from one external customer (Previous Year : two external customers) aggregating to Rs. 332.95 lakhs (Previous Year: Rs.481.07 lakhs) contributing to more than 10% of the total revenue.

44. Leases

(a.) Leases as Lessee

The Company has adopted Ind AS 116 “Leases” effective from April 1,2019 which resulted in recognition of Right-of-use Assets and Lease Liability each amounting to Rs. 164.23 lakhs as at April 1,2019.

The weighted average incremental borrowing rate applied to lease liabilities is 13.31%.

(b) Leases as Lessor

The Company has entered into operating leases for warehousing facilities which are cancellable by giving appropriate notices as per respective agreements.

45. Additional Regulatory Information

(i) Revaluation of Property, Plant and Equipment -

The Company has not revalued its property, plant and equipment in financial year 2022-23. However, it had revalued its freehold land as on March 31, 2022 based on valuation report of an independent registered valuer. As a result of revaluation, value of freehold land had increased from ? 36.59 lakhs to ? 2,53,326.59 lakhs. The said increase of ? 2,53,290 lakhs had been recognized in Other Comprehensive Income and credited to Revaluation Surplus in Other Equity in the previous year. The related deferred tax liability of ? 59,006.44 lakhs had been recognised. Such Revaluation surplus is not available for distribution to shareholders.

(ii) No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder during the year ended March 31st, 2023 and March 31st, 2022.

(iii) The Company has not been declared as wilful defaulter by any bank or financial Institution or other lender during the year ended March 31st, 2023 and March 31st, 2022.

(iv) The company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(v) The Company does not have any subsidiary as at March 31st, 2023 and March 31st, 2022 and accordingly clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

(vi) Undisclosed Income

There are no transactions not recorded in the books of accounts during the year ended March 31st, 2023 and March 31st, 2022 that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961. There are no previously unrecorded income and related assets to be recorded in the books of account during the year ended March 31st, 2023 and March 31st, 2022.

(vii) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended March 31st, 2023 and March 31st, 2022.

viii) Utilisation of Borrowed funds and share premium:

(A) During the year ended and as at March 31st, 2023 and March 31st, 2022, the Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall :

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

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

(B) During the year ended and as at March 31st, 2023 and March 31st, 2022, 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 :

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

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

46. Registration of charges or satisfaction with Registrar of Companies

The Company has pending satisfaction of charge with Registrar of Companies (ROC),Kolkata relating to working capital facilities extended by a bank to erstwhile demerged undertaking of the Company in accordance with scheme of arrangement in 2009. The Company had settled all its dues in full and final relating to fund based and non-fund based facilities of the bank as per books of account in 2008.

However, satisfaction of charges will be made with Registrar of Companies (ROC), Kolkata on receipt of “No-Objection Certificate” from the bank and compliance of certain formalities.

48. Previous year''s figures have been rearranged/regrouped, wherever necessary, to make them comparable with those of the current year.

---

Mar 31, 2021

Rights, preferences & restrictions in respect of each class of shares

The Company''s authorised share capital consists of two classes of shares, referred to as Equity Shares and Preference Shares, having par value of Rs. 10/- each.

Each holder of Equity Share is entitled to one vote per share. The preferential shareholders have preferential right over equity shareholders in respect of repayment of capital.

In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Retained Earnings

Retained Earnings (excluding accumulated balance of remeasurements of defined benefit plans (net of tax)) represents surplus /accumulated earnings of th e Company and are available for distribution to shareholders.

Equity Instruments through Other Comprehensive Income

It represents the cumulative gains/(losses) arising on the fair valuation of Equity Shares measured at fair value through OCI, net of amounts reclassified to Retained Earnings on disposal of such instruments.

A. Contingent Liabilities

a) Claims against the Company not acknowledged as debts:

(i) Municipal Tax Demand against Company''s premises at Andul Road Works stayed by Hon''ble Calcutta High Court.

(ii) Various labour related matters pending finalisation by appropriate authorities; amount of liability, if any, is presently not ascertainable and a bank guarantee of Rs. 200 lakhs has been issued against a matter.

(iii) Income Tax

* represents payments made under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 for settlement of various cases pending under Central Excise Act, 1944.

"represents the amount of provisions written back during the year on receipt of Discharge Certificate for full and final settlement of tax dues under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019.

36. Financial risk management 36.1 Financial risk factors

The Company''s principal financial liabilities comprise of lease liabilities, security deposits, trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company''s operations. The Company''s principal financial assets include investment in equity instruments, investment in mutual funds, investment in bonds, security deposits, trade receivables and cash and bank balances that arise directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk and the Company''s senior management oversees the management of these risks.

i) Market risk

Market risk is the risk that fair value of future cash flows of a financial asset will fluctuate because of changes in market prices. The Company has investment in equity instruments, mutual funds, bonds and fixed deposits. The Company''s investments in mutual funds are held in mutual fund schemes of leading fund houses. The tenure of investment in mutual funds is relatively short and hence the movement in market prices do not pose any significant price risk.

Fixed Deposits are held with highly rated banks and have a short tenure and are not subject to interest rate volatility. The Company is not an active investor in equity markets and continues to hold certain investments in equity instruments for long term value accretion which are accordingly measured at fair value through other comprehensive income. Investments in Bonds are measured at fair value through profit and loss to recognise market volatility, which is not considered to be significant.

ii) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities, primarily trade receivables, deposits with banks and investment in equity instruments, bonds and mutual funds.

(a) Trade receivables

The Company extends credit to customers in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has also taken advances and security deposits from its customers, which mitigate the credit risk to an extent. An impairment analysis is performed at each reporting date on an individual basis for major customers.

Considering the inherent nature of business of the Company, Customer credit risk is minimal. The Company generally does not part away with its assets unless trade receivables are fully realised.

Based on prior experience and an assessment of the current economic environment, management believes there is no credit risk provision required, other than txhose made in the accounts. Further, the Company does not have any significant concentration of credit risk.

In determining the allowances for expected credit losses on trade Receivables, the Company has used a practical expedient by computing the allowance for expected credit loss on Trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The allowance for expected credit loss is based on the ageing of the receivables that are due and rates used in the provition matrix.

(b) Investments and deposits with Banks

The Company considers factors such as track record, market reputation and service standards to select mutual funds, bonds and banks with which balances and deposits are maintained. The Company does not maintain significant cash balances other than those required for its day to day operations.

iii) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The company''s approach in managing liquidity is to ensure that it will have sufficient funds and marketable securities to meet its liabilities when due without incurring unacceptable losses. The company closely monitors its liquidity position through forecasts on the basis of expected cash flows.

Maturities of Financial Liabilities

The table below analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities.

36.2. Capital management

For the purpose of the Company''s capital management, capital includes issued equity share capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company''s capital management is to safeguard continuity, maintain healthy capital ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions. The funding requirement is met through equity and internal accruals.

38. Fair valuation techniques

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate certain fair values:

i) The fair values of investments in equity investments are based on their quoted market prices at the reporting date.

ii) The fair values of the mutual funds are based on their published Net Asset Values at the reporting date. The fair value of quoted bonds is valued using closing price at the reporting date. The fair value of unquoted bond is determined using valuation techniques using observable market data.

iii) Fair value of cash and deposits, trade receivables, trade payables and other current financial assets and liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments. Lease liabilities have fair values that approximate to their carrying amounts as it is based on the net present value of the anticipated future cash flows.

Fair Value hierarchy

The following table provides the fair value measurement hierarchy of Company''s asset and liabilities, grouped into Level 1 to Level 3 as described below:

i) Quoted prices/published NAV (unadjusted) in active markets for identical assets or liabilities (level 1). It includes fair value of financial instruments such as investment in equity shares and bonds traded in active markets and are based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at the balance sheet date.

ii) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). It includes fair value of the financial instruments that are not traded in an active market and are determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the company specific estimates. If all significant inputs required to fair value an instrument are observable, then the instrument is included in level 2.

iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The Company has set up Provident Fund Trusts in respect of certain categories of employees which are administered by Trustees. The Trusts invest funds following a pattern of investments.

The interest rate payable to the members of the Trusts is not lower than the rate of interest declared annually by the Government under The Employees'' Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, on account of interest is to be made good by the Company.

Accordingly, the Actuary has carried out actuarial valuation of plan''s liabilities and interest rate guarantee obligations as at the Balance Sheet date using Projected Unit Credit method. Based on such valuation, an amount of Rs. Nil Lakhs (31st March, 2020: Rs. 0.22 lakhs) has been provided towards future anticipated shortfall with regard to interest rate obligation of the Company.

(vi) Risk exposure

These plans are exposed to the actuarial risks such as interest rate risk, salary inflation risk and demographic risk and change in leave balances.

Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary inflation risk: Higher than expected increase in salary will increase the defined benefit obligation. Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

Change in Leave Balances : This is the risk of variability of results due to a significant variation from expected accumulation of leave balances. All other aspects remaining same, higher than expected increase in the leave balances will increase the defined benefit obligation.

Presentation in the Statement of Profit and Loss, Other Comprehensive Income (OCI) and Balance Sheet

Gratuity, provident fund, pension fund and leave encashment benefits are in the nature of defined benefit plans and re-measurement gains/(losses) on defined benefit plans are shown under OCI as ‘Items that will not be reclassified to profit or loss'', including the income tax effect on the same.

Expense for service cost, net interest on net defined benefit liability/(asset) is recognised in the Statement of Profit and Loss.

Ind AS 19 does not require segregation of net defined liability/(asset) into current and non-current, however net defined liability/(asset) is bifurcated into current and non-current portions in the balance sheet, as per Ind AS 1 on “Presentation of Financial Statements”.

(c) Disclosure in respect of Material Related Party Transaction with KMP and Post Employment Benefit Plans during the year (excluding reimbursement) :

1. Remuneration includes amount paid to Mr. Abhijit Das Rs.22.90 lakhs (Previous Year: Rs. 43.42 lakhs) and Mr. Amitabha Chakrabarti Rs. 23.98 Lakhs (Previous Year: Nil).

2. Sitting fees includes amount paid to Mr. Krishna Kumar Bangur Rs. 0.75 Lakhs (Previous Year - Nil), Mr. Kishor Shah Rs. 1.05 Lakhs (Previous Year - Nil), Mr. Mohit Bhuteria Rs. 1.05 Lakhs (Previous Year - Nil) , Mr. Shiva Balan Rs. 1.05 Lakhs (Previous Year - Nil) , Mr. Mohan Lal Lahoti Rs. 1.35 lakhs (Previous Year: Rs. 3.15 lakhs), Mr. Nirmal Kumar Navalakha Rs. 1.65 lakhs (Previous Year: Rs. 3.15 lakhs) and Mr. Padam Singh Lodha Rs. 1.35 lakhs (Previous Year: Rs. 3.15 lakhs).

3. Contributions made include amount paid to GKW Limited Management Staff Provident Fund Rs. 4.95 lakhs (Previous Year: Rs. 27.54 lakhs), GKW Limited Gratuity Fund Rs 3.11 Lakhs (Previous Year: Nil) and GKW Limited Management Staff Pension Fund Rs Nil Lakhs (Previous Year: Rs 10 Lakhs).

The Company has identified two broad reportable segments viz. “Warehousing” and “Investment and Treasury''''. Segments have been identified and reported upon taking into account the nature of activities, the different risks and returns and the internal business reporting systems. These business segments are reviewed by the Chief Operating Decision Maker of the Company. The following are the additional policies for Segment Reporting:

- Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to the Company as a whole and are not allocable to a segment on a reasonable basis have been disclosed as “Unallocable”.

- Segment Assets and Segment Liabilities represent assets and liabilities in respective segments. Tax related assets and other assets and liabilities that cannot be allocated to a segment on a reasonable basis have been disclosed as “Unallocable”.

Revenue under the segment ‘Warehousing'' includes revenue from three external customer (Prvious year : three external customer) aggregating to Rs.694.54 lakhs (Previous Year: Rs. 740.55 lakhs) contributing to more than 10% of the total revenue.

43. Leases

(a.) Leases as Lessee

The Company has adopted IndAS 116 “Leases” effective from April 1, 2019 which resulted in recognition of Right-of-use Assets and Lease Liability each amounting to Rs. 164.23 lakhs as at April 1,2019.

The weighted average incremental borrowing rate applied to lease liabilities is 13.31%.

The outbreak of COVID-19 pandemic across the globe and in India has contributed to a significant impact and volatility in global and Indian financial markets and slowdown in economic activities.

The extent to which the COVID-19 pandemic will impact the business operations and financial results of the Company and consequently the estimates and judgements made, could vary on the future developments, which are uncertain at this point of time. However, the Company, based on current indicators of future economic conditions, has assessed that it will be able to recover the carrying amounts of its assets.

Previous year''s figures have been rearranged/regrouped, wherever necessary, to make them comparable with those of the current year.

---

Mar 31, 2019

1. General information

GKW Limited (‘GKW or ‘the Company’) is a Public Limited Company, incorporated in India. The equity shares of the Company are listed on the National Stock Exchange (‘NSE’). Its immediate and ultimate parent company is Matrix Commercial Private Limited. The address of the registered office is “Central Plaza”, 2/6, Sarat Bose Road, Office Space No. 406, 4th Floor, Kolkata - 700020, West Bengal, India.

The Company, incorporated in 1931, is engaged in the businesses of ‘Warehousing’ and ‘Investment and Treasury’. Warehousing consists of leasing out warehousing space and Investment and Treasury operations include investment in bank deposits, equity instruments, bonds and mutual funds.

These financial statements were approved for issue by the Board of Directors of the Company on 20^th May, 2019.

Rights, preferences & restrictions in respect of each class of shares

The Company’s authorised share capital consists of two classes of shares, referred to as Equity Shares and Preference Shares, having par value of Rs. 10/- each.

Each holder of Equity Share is entitled to one vote per share. The preferential shareholders have preferential right over equity shareholders in respect of repayment of capital.

In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

All pending litigations and proceedings against the Company and the carrying amount of the financial liabilities and claims have been reviewed at the balance sheet date and appropriate adjustment has either been made against existing provisions wherever required or disclosed the same as contingent liabilities, wherever applicable. The Company does not expect the outcome of these proceedings will have a material impact on its financial position and the future cash outflows in respect of the above is dependent upon the outcome of judgments/decisions.

2. Financial risk management

2.1 Financial risk factors

The Company’s principal financial liabilities comprise of trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company’s operations. The Company’s principal financial assets include security deposits, investment in mutual funds, trade receivables and cash and bank balances that arise directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk and the Company’s senior management oversees the management of these risks.

i) Market risk

Market risk is the risk that fair value of future cash flows of a financial asset will fluctuate because of changes in market prices. The Company has investment in equity instruments, mutual funds, bonds and fixed deposits. The Company’s investments are predominantly held in mutual fund schemes of leading fund houses. The tenure of investment in mutual funds is relatively short and hence the movement in market prices do not pose any significant price risk.

The Company is not an active investor in equity markets and continues to hold certain investments in equity instruments for long term value accretion which are accordingly measured at fair value through other comprehensive income.

Fixed Deposits are held with highly rated banks and have a short tenure and are not subject to interest rate volatility.

ii) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities, primarily trade receivables, deposits with banks and investment in equity instruments, bonds and mutual funds.

(a) Trade receivables

The Company extends credit to customers in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has also taken advances and security deposits from its customers, which mitigate the credit risk to an extent. An impairment analysis is performed at each reporting date on an individual basis for major customers.

(b) Investments and deposits with Banks

The Company considers factors such as track record, market reputation and service standards to select mutual funds and banks with which balances and deposits are maintained. The Company does not maintain significant cash balances other than those required for its day to day operations.

iii) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The company’s approach in managing liquidity is to ensure that it will have sufficient funds and marketable securities to meet its liabilities when due without incurring unacceptable losses. The company closely monitors its liquidity position through forecasts on the basis of expected cash flows.

2.2 Capital management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company’s capital management is to safeguard continuity, maintain healthy capital ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions. The funding requirement is met through equity and internal accruals.

3. Fair value of Financial Assets and Liabilities

Set out below is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments that are recognised in the financial statements.

4. Fair valuation techniques

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate certain fair values:

i) The fair values of investments in equity investments are based on their quoted market prices at the reporting date.

ii) The fair values of the mutual funds are based on their published Net Asset Values at the reporting date. The fair value of quoted bonds is valued using closing price or dealer quotations as at the reporting date. The fair value of unquoted bond is determind using valuation techniques using observable market data.

iii) Fair value of cash and deposits, trade receivables, trade payables and other current financial assets and liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments.

Fair Value hierarchy

The following table provides the fair value measurement hierarchy of Company’s asset and liabilities, grouped into Level 1 to Level 3 as described below:

i) Quoted prices/published NAV (unadjusted) in active markets for identical assets or liabilities (level 1). It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at the balance sheet date.

ii) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). It includes fair value of the financial instruments that are not traded in an active market and are determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the company specific estimates. If all significant inputs required to fair value an instrument are observable, then the instrument is included in level 2.

iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

During the year ended 31st March, 2019 and 31st March, 2018, there were no transfers between Level 1 and Level 2 fair value measurements and no transfer into and out of Level 3 fair value measurements. There is no transaction/balance under Level 3.

Following table describes the valuation techniques used and key inputs to valuation for level 2 of the fair value hierarchy, as at 31st March, 2019 and 31st March, 2018 :

5. Disclosure pursuant to Indian Accounting Standard 19 - Employee Benefits

(a) Defined Contribution Plan:

Contributions under Defined Contribution Plan as recognised in the Statement of Profit and Loss by the Company are as follows:

(b) Defined Benefit Plan:

(1) Contributions under Defined Benefit Plan as recognised in the Statement of Profit and Loss by the Company are as follows:

The Company has set up Provident Fund Trusts in respect of certain categories of employees which are administered by Trustees. The Trusts invest funds following a pattern of investments.

The interest rate payable to the members of the Trusts is not lower than the rate of interest declared annually by the Government under The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, on account of interest is to be made good by the Company.

Accordingly, the Actuary has carried out actuarial valuation of plan’s liabilities and interest rate guarantee obligations as at the Balance Sheet date using Projected Unit Credit method. Based on such valuation, an amount of Rs. 2.56 lakhs (31st March, 2018: Rs. 0.23 lakhs) has been provided towards future anticipated shortfall with regard to interest rate obligation of the Company.

(2) The Company provides for gratuity for employees as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is in accordance with Provisions of Payment of Gratuity Act, 1972 .

The Employees Leave Encashment Scheme, which is a defined benefit plan is unfunded.

(vi) Risk exposure

These plans are exposed to the actuarial risks such as interest rate risk, salary inflation risk and demographic risk and change in leave balances.

Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary inflation risk: Higher than expected increase in salary will increase the defined benefit obligation.

Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

Change in Leave Balances : This is the risk of variability of results due to a significant variation from expected accumulation of leave balances. All other aspects remaining same, higher than expected increase in the leave balances will increase the defined benefit obligation.

(vii) Sensitivity Analysis

Sensitivity analysis on effect on Defined Benefit Obligations on changes in significant assumptions as per Note 33(2)(v) are as follows:-

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet. The methods and type of assumptions used in preparing the sensitivity analysis did not change compared to prior period.

Presentation in the Statement of Profit and Loss, Other Comprehensive Income (OCI) and Balance Sheet

Gratuity, provident fund, pension fund and leave encashment benefits are in the nature of defined benefit plans and re-measurement gains/(losses) on defined benefit plans are shown under OCI as ‘Items that will not be reclassified to profit or loss’, including the income tax effect on the same.

Expense for service cost, net interest on net defined benefit liability/(asset) is recognised in the Statement of Profit and Loss.

Ind AS 19 does not require segregation of net defined liability/(asset) into current and non-current, however net defined liability/(asset) is bifurcated into current and non-current portions in the balance sheet, as per Ind AS 1 on “Presentation of Financial Statements”.

6. Disclosure pursuant to Indian Accounting Standard 24 - Related Party Disclosures

(a) Names of Related Parties :

(i) Parent Company Country of Origin

Matrix Commercial Private Limited India

(ii) Subsidiary Company Country of Origin

GKW (Overseas Trading) Limited India

GKW ( Overseas Trading ) Ltd had made an application during the financial year 2017-18 to the Registrar of Companies (ROC), Kolkata for removal of its name from the registrar of companies under section 248(2) of the Act. Accordingly, the name of the said subsidiary company was struck off from the register of companies on 22^nd December, 2018.

(iii) Mr. Krishna Kumar Bangur Promoter and the person having control over

the Company through the voting power in the Holding Company.

(iv) Key Management Personnel (KMP)

Name Designation

Mr. J.D. Curravala Managing Director

Mr. G Srinivasan Non-Executive Director

Mr. M. L. Lahoti Non-Executive Director*

Mr. N. K. Navalakha Non-Executive Director*

Mr. P.S. Lodha Non-Executive Director*

Ms. Surbhi Singhi (resigned on 26.11.2018) Non-Executive Director*

Ms. Kusum Dadoo ( w.e.f. 05.11.2018) Additional Director

* Also Independent

(v) Entities over which Mr. Krishna Kumar Bangur has significant influence (with whom transactions have taken place during the year).

- Graphite India Limited

- B D Bangur Endowment ( A Charitable Trust )

(vi) Post Employment Benefit Plans :

GKW Limited Gratuity Fund

GKW Limited Management Staff Provident Fund

GKW Limited Management Staff Provident Fund B

Outstanding balances receivable at the year-end are unsecured and settlement occurs in cash.

(c) Disclosure in respect of Material Related Party Transaction with KMP and Post Employment Benefit Plans during the year (excluding reimbursement) :

1. Remuneration includes amount paid to Mr. J.D. Curravala Rs. 110.50 lakhs (Previous Year : Rs. 99.65 lakhs)

2. Sitting fees includes amount paid to Mr. M. L. Lahoti Rs. 2.85 lakhs (Previous Year : Rs. 1.85 lakhs), Mr. N. K. Navalakha Rs. 2.85 lakhs (Previous Year : Rs. 1.35 lakhs), Mr. P.S. Lodha Rs. 2.85 lakhs (Previous Year : Rs. 1.85 lakhs).

3. Contributions made include amount paid to GKW Limited Management Staff Provident Fund Rs. 25.54 lakhs (Previous Year : Rs. 16.19 lakhs) and GKW Limited Gratuity Fund Rs. 8.80 lakhs (Previous Year : Rs. Nil).

(d) The remuneration paid by the Company to its Managing Director during the year is in excess of the limits laid down under sub-section (3) of Section 197 of the Act, for which requisite approval in accordance with the said section read with Schedule V to the Act has been obtained by the Company .

(e) Compensation to KMP

The compensation to KMP during the year was as follows:-

7. Segment Information

The Company has identified two broad reportable segments viz. “Warehousing” and “Investment and Treasury’’. Segments have been identified and reported upon taking into account the nature of activities, the different risks and returns and the internal business reporting systems. These business segments are reviewed by the Chief Operating Decision Maker of the Company. The following are the additional policies for Segment Reporting:

- Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to the Company as a whole and are not allocable to a segment on a reasonable basis have been disclosed as “Unallocable”.

- Segment Assets and Segment Liabilities represent assets and liabilities in respective segments. Tax related assets and other assets and liabilities that cannot be allocated to a segment on a reasonable basis have been disclosed as “Unallocable”.

a. Primary Segment Information (Business Segment)

i) Segment Revenue and Results

ii) Information about major customers

Revenue under the segment ‘Warehousing’ includes revenue from one external customer amounting to Rs. 542.04 lakhs (Previous Year: Rs. 526.86 lakhs) contributing to more than 10% of the total revenue.

8. Leases

a. Leases as Lessee

The Company entered into operating leases in respect of office and residential premises which are cancellable by giving appropriate notices as per respective agreements. During the year, Rs. 26.66 Lakhs (Previous year Rs. 26.42 Lakhs) has been charged to Statement of Profit and Loss on account of lease rentals.

b. Leases as Lessor

The Company has entered into operating leases for warehousing facilities which are cancellable by giving appropriate notices as per respective agreements.

9. Previous year/period figures have been regrouped/rearranged, wherever considered necessary, to make them comparable with those of current year.

---

Mar 31, 2018

1. General information

GKW Limited (‘GKW'' or ‘the Company'') is a Public Limited Company, incorporated in India. The equity shares of the Company are listed on the National Stock Exchange (‘NSE''). Its immediate and ultimate parent company is Matrix Commercial Private Limited. The address of the registered office is “Central Plaza”, 2/6, Sarat Bose Road, Office Space No. 406, 4th Floor, Kolkata - 700020, West Bengal, India.

The Company, incorporated in 1931, is engaged in the businesses of ‘Warehousing'' and ‘Investment and Treasury''. Warehousing consists of leasing out warehousing space and Investment and Treasury operations include investment in bank deposits, equity instruments, bonds and mutual funds.

These financial statements were approved for issue by the Board of Directors of the Company on 10^th May, 2018.

5.1 GKW (Overseas Trading) Ltd, wholly owned subsidiary company has made an application during the year to the Registrar of Companies (ROC), Kolkata for removal of its name from the Registrar of Companies under section 248(2) of the Act. The application was made with the consent of the Company and it is “under process of striking off” by ROC. Accordingly, the amount of investment has been written off during the year.

5.2 On transition to Ind AS, the Company has availed the exemption available under Ind AS 101 - "First - time adoption of Indian Accounting Standards" to use previous Indian GAAP carrying value as deemed cost to measure investment in subsidiary.

Rights, preferences & restrictions in respect of each class of shares

The Company''s authorised share capital consists of two classes of shares, referred to as Equity Shares and Preference Shares, having par value of Rs. 10/- each.

Each holder of Equity Share is entitled to one vote per share. The preferential shareholders have preferential right over equity shareholders in respect of repayment of capital.

In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. Financial risk management

2.1 Financial risk factors

The Company''s principal financial liabilities comprise of trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company''s operations. The Company''s principal financial assets include security deposits, investment in mutual funds, trade receivables and cash and bank balances that arise directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk and the Company''s senior management oversees the management of these risks.

i) Market risk

Market risk is the risk that fair value of future cash flows of a financial asset will fluctuate because of changes in market prices. The Company has investment in equity instruments, mutual funds, bonds and fixed deposits. The Company''s investments are predominantly held in mutual fund schemes of leading fund houses. The tenure of investment in mutual funds is relatively short and hence the movement in market prices do not pose any significant price risk.

The Company is not an active investor in equity markets and continues to hold certain investments in equity instruments for long term value accretion which are accordingly measured at fair value through other comprehensive income.

Fixed Deposits are held with highly rated banks and have a short tenure and are not subject to interest rate volatility.

ii) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities, primarily trade receivables, deposits with banks and investment in equity instruments, bonds and mutual funds.

(a) Trade receivables

The Company extends credit to customers in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has also taken advances and security deposits from its customers, which mitigate the credit risk to an extent. An impairment analysis is performed at each reporting date on an individual basis for major customers.

(b) Investments and deposits with Banks

The Company considers factors such as track record, market reputation and service standards to select mutual funds and banks with which balances and deposits are maintained. The Company does not maintain significant cash balances other than those required for its day to day operations.

iii) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The company''s approach in managing liquidity is to ensure that it will have sufficient funds and marketable securities to meet its liabilities when due without incurring unacceptable losses. The company closely monitors its liquidity position through forecasts on the basis of expected cash flows.

2.2 Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company’s capital management is to safeguard continuity, maintain healthy capital ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions. The funding requirement is met through equity and internal accruals.

3. Fair value of Financial Assets and Liabilities

Set out below is a comparison by class of the carrying amounts and fair value of the Company''s financial instruments that are recognised in the financial statements.

4. Fair valuation techniques

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate certain fair values:

i) The fair values of investments in equity investments are based on their quoted market prices at the reporting date.

ii) The fair values of the mutual funds are based on their published Net Asset Values at the reporting date. The fair values of bonds is determined using valuation techniques using observable market data.

iii) Fair value of cash and deposits, trade receivables, trade payables and other current financial assets and liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments.

Fair Value hierarchy

The following table provides the fair value measurement hierarchy of Company''s asset and liabilities, grouped into Level 1 to Level 3 as described below:

i) Quoted prices / published NAV (unadjusted) in active markets for identical assets or liabilities (level 1). It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at the balance sheet date.

ii) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). It includes fair value of the financial instruments that are not traded in an active market and are determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the company specific estimates. If all significant inputs required to fair value an instrument are observable, then the instrument is included in level 2.

The Company has set up Provident Fund Trusts in respect of certain categories of employees which are administered by Trustees. The Trusts invest funds following a pattern of investments.

The interest rate payable to the members of the Trusts is not lower than the rate of interest declared annually by the Government under The Employees'' Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, on account of interest is to be made good by the Company.

Accordingly, the Actuary has carried out actuarial valuation of plan''s liabilities and interest rate guarantee obligations as at the Balance Sheet date using Projected Unit Credit method. Based on such valuation, an amount of Rs. 0.23 lakhs (31st March, 2017: Rs. 0.24 lakhs, 1st April, 2016 Rs. 1.11 lakhs) has been provided towards future anticipated shortfall with regard to interest rate obligation of the Company.

(2) The Company provides for gratuity for employees as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is in accordance with Provisions of Payment of Gratuity Act, 1972 .

The Employees Leave Encashment Scheme, which is a defined benefit plan is unfunded.

The following table sets out the details of amount recognised in the financial statements in respect of employee benefit schemes:

(vi) Risk exposure

These plans are exposed to the actuarial risks such as interest rate risk, salary inflation risk and demographic risk and change in leave balances.

Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary inflation risk: Higher than expected increase in salary will increase the defined benefit obligation.

Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

Change in Leave Balances : This is the risk of variability of results due to a significant variation from expected accumulation of leave balances. All other aspects remaining same, higher than expected increase in the leave balances will increase the defined benefit obligation.

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet. The methods and type of assumptions used in preparing the sensitivity analysis did not change compared to prior period.

Presentation in the Statement of Profit and Loss, Other Comprehensive Income (OCI) and Balance Sheet

Gratuity, provident fund, pension fund and leave encashment benefits are in the nature of defined benefit plans and remeasurement gains/(losses) on defined benefit plans are shown under OCI as ''Items that will not be reclassified to profit or loss'', including the income tax effect on the same.

Expense for service cost, net interest on net defined benefit liability/(asset) is recognised in the Statement of Profit and Loss.

Ind AS 19 does not require segregation of net defined liability/(asset) into current and non-current, however net defined liability/(asset) is bifurcated into current and non-current portions in the balance sheet, as per Ind AS 1 on "Presentation of Financial Statements".

5. Segment Information

The Company has identified two broad reportable segments viz. "Warehousing" and "Investment and Treasury''''. Segments have been identified and reported taking into account nature of activities, the different risks and returns and the internal business reporting systems. These business segments are reviewed by the Chief Operating Decision Maker of the Company. The following are the additional policies for Segment Reporting:

- Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to the Company as a whole and are not allocable to a segment on a reasonable basis have been disclosed as "Unallocable".

- Segment Assets and Segment Liabilities represent assets and liabilities in respective segments. Tax related assets and other assets and liabilities that cannot be allocated to a segment on a reasonable basis have been disclosed as "Unallocable".

b. Information about major customers

Revenue under the segment ''Warehousing'' includes revenue from one external customer amounting to Rs. 526.86 lakhs (Previous Year: Rs. 503.10 lakhs) contributing to more than 10% of the total revenue.

6. Leases

a. Leases as Lessee

The Company entered into operating leases in respect of office and residential premises which are cancellable by giving appropriate notices as per respective agreements. During the year Rs. 26.42 Lakhs (Previous year Rs. 23.49 Lakhs) has been charged to Statement of Profit and Loss on account of lease rentals.

b.Leases as Lessor

The Company has entered into operating leases for warehousing facilities which are cancellable by giving appropriate notices as per respective agreements.

7. Explanation of transition to Ind AS

Ind AS 101: First-time Adoption of Indian Accounting Standards Mandatory exceptions and Optional exemptions

The Company has prepared the opening balance sheet as per Ind AS on 1st April, 2016 (the transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind AS, reclassifying items from the previously applicable Indian GAAP to Ind AS and applying Ind AS in measurement of recognised assets and liabilities. However, this principle is subject to certain mandatory exceptions and optional exemptions out of which the ones which are relevant for the Company are as detailed below:

Mandatory exceptions to the retrospective application of Ind AS

Classification and measurement of Financial Assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of the facts and circumstances existing as on the date of transition and the Company has complied accordingly.

As per Ind AS 101, for financial assets or financial liabilities classified as at amortised cost, if it is impracticable for the Company to apply retrospectively the effective interest method as mentioned in Ind AS 109, the fair value of the financial assets or financial liabilities at the date of transition to Ind AS shall be the new gross carrying amount of that financial asset or financial liability at the date of transition to Ind AS. For financial assets and financial liabilities classified as at amortised cost, measurement has been done retrospectively by the Company.

Voluntary exemptions availed

a) Deemed cost for Property, Plant and Equipment and Intangible Assets

The Company has elected to continue with the carrying value of all of its property, plant and equipment and intangible assets recognised as on the transition date measured as per the previously applicable Indian GAAP and use that carrying value as its deemed cost as of the transition date.

b) Investment in Subsidiary

The Company has elected to measure investment in subsidiary at deemed cost, which is the previously applicable Indian GAAP carrying amount, as on the date of transition.

8. Previous year/period figures have been regrouped/rearranged, wherever considered necessary, to make them comparable with those of current year.

---

Mar 31, 2016

1. Terms and Rights attached to Ordinary shares :

The Company has one class of Ordinary shares having par value of '' 10/- per share . Each shareholder is eligible for one vote per share held and dividend, if any, proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

In the event of liquidation, the Ordinary shareholders are eligible to receive the remaining assets after discharging all liabilities of the Company in proportion to their shareholding.

The Company has set up Provident Fund Trusts in respect of certain categories of employees which are administered by Trustees . The Trusts invest Funds following a pattern of investments .

The interest rate payable to the members of the Trusts is not lower than the rate of interest declared annually by the Government under The Employees'' Provident Funds and Miscellaneous Provisions Act , 1952 .

In terms of Guidance on Implementing Accounting Standard 15 ( Revised 2005) on “ Employee Benefits", Provident Fund Trusts set up by the Company are treated as defined benefit plans in view of the Company’s obligation to meet shortfall, if any, on account of interest . Accordingly, the Actuary has carried out actuarial valuation of plan''s liabilities and interest rate guarantee obligations as at the Balance Sheet date using Projected Unit Credit method . Based on such valuation , an amount of Rs, 1.11 Lakhs ( 2014-15 - Rs, 1.70 Lakhs ) has been provided towards future anticipated shortfall with regard to interest rate obligation of the Company .

i) Assumptions relating to future salary increase, attrition, interest rate for discount and overall expected rate of return on Assets have been considered in the actuarial valuation based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

ii) Disclosure in terms of Para 120(n) of AS 15 ( revised 2005)

2. “Related party Disclosures” as per Accounting Standard 18

(i) Related Party disclosures :

(a) Where control exists :

Matrix Commercial Private Limited - Holding Company

GKW (Overseas Trading) Limited - Subsidiary Company

Mr. K K Bangur - Promoter and the person having control over the Company

through the voting power in the Holding Company.

(b) Key Management Personnel

Mr. J. D. Curravala - Managing Director

(c ) Others with whom transactions have taken place during the year

- Graphite India Limited - Enterprise over which Mr. K K Bangur is able to exercise

significant control.

- B D Bangur Endowment ( A Charitable Trust ) - Trust over which Mr. K.K. Bangur is able to exercise

significant control.

Figures in brackets indicate amount paid /payable

The above related party information is as identified by the management and relied upon by the Auditor.

3. “LEASE” AS PER ACCOUNTING STANDARD - 19

All the lease agreements entered into by the Company have a termination clause for cancelling the lease agreement by serving notice on either of the parties.

(*) Other expenses include stores consumption of Rs, 2.95 lakhs ( 2014-15 - Rs, 4.08 Lakhs ) ( Indigenous ).

(**) Includes profit on sale of fixed assets on discontinuation of Metal Pressing Division ( MPD) of Rs, 1779.33 lakhs as reduced by voluntary compensation paid to workmen of MPD of Rs, 45.31 lakhs and other expenses of Rs, 37.96 lakhs incurred in relation to sale of fixed assets .

4. Keeping in view the future business operations and prospects thereof , deployment of Company''s funds and income arising there from have been considered to be separate business segment as “ Investment and Treasury” operation during the year . Income arising thereof has been included under “ Revenue from operations “ .

5. In view of Note 31 and 32 above , corresponding figures of previous year are not comparable. Previous years’ figures have been rearranged and regrouped wherever considered necessary .

---

Mar 31, 2015

1. Terms and Rights attached to Ordinary shares :

The Company has one class of Ordinary shares having par value of Rs. 10/- per share . Each shareholder is eligible for one vote per share held and dividend, if any, proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend .

In the event of liquidation, the Ordinary shareholders are eligible to receive the remaining assets after discharging all liabilities of the Company in proportion to their shareholding .

2. Depreciation for the year includes Rs.140.91 Lakhs being the carrying amount of the assets whose useful life has already expired as on 1st April, 2014 and the same has been adjusted against retained earnings ( Note 32 )

The above amount include assets given on operating lease as under; (Note 30)

Land - cost Rs. 20.06 lakhs (2013-14 - Rs. 20.06 Lakhs), depreciation - Nil (2013-14 - Nil ) and accummulated depreciation - Nil (2013-14 - Nil)

Buildings - cost Rs. 170.46 Lakhs (2013-14 - Rs. 103.51 lakhs), depreciation - Rs. 5.41 Lakhs (2013-14 Rs.0.39 Lakh) and accummulated depreciation - Rs. 5.80 Lakhs (2013-14 - Rs. 0.39 Lakh)

Electrical Installation and Equipment - cost Rs. 16.11 lakhs (2013-14 - Rs. 10.63 lakhs), depreciation - Rs. 1.54 lakhs (2013-14 - Rs. 0.19 lakh) and accummulated depreciation Rs. 1.73 lakhs (2013-14 - Rs. 0.19 lakh)

As at As at

31.03.15 31.03.14

3. CONTINGENT LIABILITIES AND COMMITMENTS Contingent Liabilities:

a) Excise duty under Appeal ( to the extent ascertainable ) 135.38 164.66

b) Disputed sales tax under Appeal 251.28 507.29

c) Municipal demand against Company''s premises at Andul Road Works stayed by Hon''ble High Court at Calcutta 215.81 -

d) Demand of enhancement of rental against rented premises pending disposal of matters by relevant High Court 78.14 -

e) Various labour related matters pending finalisation by appropriate authorities , amount of liability etc - - if any, is presently not ascertainable

f) Demand for shortfall in annual guaranteed minimum consumption of power pending disposal of matter by High Court 80.00 80.00

g) Other claims not acknowledged as debts (to the extent ascertainable and not provided for) 9.37 21.14

Future cash outflows in respect of above contingent liabilities is dependant upon the outcome of judgements / decisions.

Commitments:

a) Estimated amount of contracts remaining to be executed on capital account and not provided for (net off advances ) 121.24 5.44

4. Defined Benefit Scheme :

The employees'' gratuity fund scheme /Pension Fund scheme is a defined benefit plan managed by a Trust/LIC . The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit , which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

5. RELATED PARTY DISCLOSURES AS PER ACCOUNTING STANDARD 18

()i) Related Party disclosures

(a) Where control exists:

Matrix Commercial Private Limited - Holding Company

GKW (Overseas Trading ) Limited - Subsidiary Company

Mr K K Bangur - Individual having control over the Company through the voting power in the Holding Company.

(b) Key Management Personnel

Mr J. D. Curravala - Managing Director

Mr G Srinivasan - Whole time Director

(c) Others with whom transactions have taken place during the year

Graphite India Limited - Enterprise over which Mr K K Bangur is able to exercise significant control

6. "Lease" as per Accounting Standard - 19

All the lease agreements entered into by the Company have a termination clause for cancelling the lease agreement by serving notice on either of the parties

7. Depreciation for the year has been calculated based on the useful life of assets as prescribed under Part C of Schedule II of the Companies Act, 2013 made effective from 1st April, 2014 . Accordingly, net book value of the Fixed assets existing as on date has been depreciated over the remaining useful life of the asset computed as aforesaid. Consequently, charge on account depreciation is lower and profit for the year is higher by Rs. 56 Lakhs.

Further, Rs. 95.19 Lakhs (net of deferred tax of Rs. 45.72 Lakhs) being the carrying amount of the assets whose useful life has already expired as on 1st April, 2014 has been adjusted against opening balance of retained earnings during the year.

8. Previous years'' figures have been rearranged and regrouped wherever considered necessary .

---

Mar 31, 2013

1 eMpLoYee BeneFIts

a. Defned Contribution Scheme

employer''s Contribution to Provident Fund 22.86 43.19

b. Defned Beneft Scheme:

the employees'' gratuity fund scheme/Pension Fund scheme is a defned beneft plan managed by a trust/LIC. the present value of obligation is determined based on actuarial valuation using the Projected Unit Credit, which recognises each period of service as giving rise to additional unit of employee beneft entitlement and measures each unit separately to build up the fnal obligation. the obligation for leave encashment is recognised in the same manner as gratuity.

2 comparative

Previous years'' fgures have been rearranged and regrouped wherever considered necessary.

---

Mar 31, 2012

Rs.in Lakhs

As at As at

31.03.2012 31.03.2011

(1) CONTINGENT LIABILITIES AND COMMITMENTS :

1) Contingent Liabilities :

a) Excise duty under Appeal ( to the extent ascertainable ) 164.66 164.66

b) Disputed sales tax under Appeal 507.29 507.29

c) Claims not acknowledged as debts ( to the extent ascertainable ) 41.46 41.46

b. Defined Benefit Scheme :

The employees' gratuity fund scheme /Pension Fund scheme is a defined benefit plan managed by a Trust/LIC . The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit , which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity .

(2) GENERAL

These accounts have been prepared in line with revised Schedule VI and accordingly, previous years' figures have been rearranged and regrouped wherever considered necessary.

Notes: 1) Cash Flow Statement is prepared by the 'Indirect Method' as set out in Accounting Standard-3 on 'Cash Flow Statement' .

2) Cash and Cash equivalents presented in the statement includes Fixed Deposits with bank amounting to Rs 3192.53 lakhs ( 2010-11 - Rs 3632.70 Lakhs ) as on the Balance Sheet date.

3) Previous year's figures have been rearranged, wherever considered necessary.

---

Mar 31, 2011

Rs. ('000)

As at As at 31.03.11 31.03.10

(1) CONTINGENT LIABILITIES

In respect of :

Income Tax under Appeal – 456

Excise duty under Appeal (to the extent ascertainable) 16466 20322

Disputed sales Tax under Appeal 50729 50729

Claims not acknowledged as debts (to the extent ascertainable) 4146 4146

(2) EMPLOYEE BENEFITS

b. Defined Benefit Scheme :

The employees' Gratuity Fund scheme/Pension Fund scheme is a defined benefit plan managed by a Trust/LIC. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

V Actuarial assumptions :

Notes:

i) Assumptions relating to future salary increase, attrition, interest rate for discount and overall expected rate of return on assets have been considered in the actuarial valuation based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

ii) The Directors' gratuity and leave encashment were actuarily determined during the year and provided for. The difference in the liability existing in this respect and the amount so determined amounting to Rs. 10024 ('000) has been recognised during the year.

(3) MISCELLANEOUS INCOME

Includes profit on sale of scrap Rs. 5173 ('000) (2009/2010 - Rs. 19170 ('000)), liabilities no longer required Rs. 2912 ('000) (2009/2010 - Rs. 2099 ('000)) and income from surrender of tenancy rights Rs. 50000 ('000) (2009/2010 - Rs. Nil)

(4) General

(a) Current assets, loans and advances have value at least equal to that stated in the accounts.

(b) As part of the Company's corporate social responsibility, a small portion of the Company's land with structures thereon at 168/2, Andul Road, Howrah which was not under use was leased during the year for a nominal rent to a Charitable Trust for vocational training of under priviledged persons.

(c) Previous years' figures have been rearranged and regrouped wherever considered necessary.

---

Mar 31, 2010

(1) CONTINGENT LIABILITIES

As at As at 31.03.10 31.03.10

In respect of :

Income Tax under Appeal 456 456

Excise duty under Appeal (to the extent ascertainable) 20322 20322

Disputed sales Tax under Appeal 50729 50729

Claims not acknowledged as debts 4146 4146

(2) EMPLOYEE BENEFITS

Notes :

i) Assumptions relating to future salary increase, attrition, interest rate for discount and overall expected rate of return on assets have been considered in the actuarial valuation based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

ii) The gratuity payable to whole time directors is as per estimation of the management and the same has not been actuarially determined.

(3) MISCELLANEOUS INCOME

Include profit on sale of scrap Rs. 19170 (000) (2008/2009 - Rs. 9644 (000)), liabilities no longer required Rs. 2099 (000) (2008/2009 - Rs. 29554 (000)) and foreign exchange gain Rs. Nil (000) (2008/2009 - Rs. 1273 (000)).

(4) MISCELLANEOUS EXPENSES

Include cash discount Rs. Nil (000) (2008/2009 - Rs. 3855 (000)) and foreign exchange loss of Rs. Nil (000) (2008/2009 - Rs. 4346 (000)).

b) Rs. 25057 (000) (2008/2009 - Rs. 9695 (000)) received as advance against scrap and other sales.

(5) In accordance with the Accounting Standard 22 for "Taxes on Income", the Company has accounted for deferred taxation. The Company has substantial amount of brought forward business losses, capital losses and unabsorbed depreciation. However, as a matter of prudence, deferred tax assets have been recognised only to the extent of deferred tax liability.

Note : The above related party information is as identified by the management and relied upon by the Auditor.

(6) GENERAL

a) Current assets, loans and advances have value at least equal to that stated in the accounts.

b) Figures pertaining to the year ended 31st March, 2009 include figures of Powmex Steels Undertaking of the Company which was demerged pursuant to the Scheme of Arrangement w.e.f. 1st February, 2009. Hence, previous years figures are strictly not comparable. However, previous years figures have been rearranged and regrouped wherever considered necessary.