Gourmet Gateway India Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

2.2.9 Provisions

Provisions are recognized when the Company has a present obligation as a result of past events, for which
it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of
the amount can be made. Provisions required to settle are reviewed regularly and are adjusted where necessary
to reflect the current best estimates of the obligation. Provisions are discounted to their present values, where
the time value of money is material.

2.2.10 Contingent liabilities and contingent assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the
Company or a present obligation that is not recognised because it is not probable that an outflow of resources
will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there
is a liability that cannot be recognised because it cannot be measured reliably. The Company does not
recognize a contingent liability but discloses its existence in the financial statements

Contingent assets are neither recognised nor disclosed. However, when realization of income is virtually
certain, related asset is recognised.

2.2.11 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding
during the period. The weighted average number of equity shares outstanding during the period is adjusted
for events including a bonus issue, right issue and share split transaction.For the purpose of calculating
diluted earnings per share, the net 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 effects of all dilutive
potential equity shares.

2.2.12 Operating Segment

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker (“CODM”) of the Company. The CODM is considered to be the Board of Directors
who make strategic decisions and is responsible for allocating resources and assessing the financial
performance of the operating segments.As the Company’s business activity primarily falls within a single
business and geographical segment, i.e., food and beverages, and in India, thus there are no additional
disclosures to be provided under Ind AS 108 - ‘Operating Segments’. The CODM considers that the various
goods and services provided by the Company constitutes single business segment

2.2.13 Inventories

Inventories consist of raw materials which are of a perishable nature and traded goods. Inventories for
traded goods are valued at lower of cost and net realizable value (‘NRV’). Cost of inventories has been
determined using weighted average cost method and comprise all costs of purchase after deducting
nonrefundable rebates and discounts and all other costs incurred in bringing the inventories to their present
location and condition. Provision is made for items which are not likely to be consumed and other anticipated
losses wherever considered necessary.

2.2.14 Leases

The Company’s lease asset classes primarily consist of property leases. The Company assesses whether
a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially
all of the economic benefits from use of the asset through the period of the lease and (iii) the Company
has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term
of twelve months or less (short-term leases) and low value leases. For these short-term and low value
leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over
the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease
term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will
be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any
initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated
depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter
of the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortized cost at the present value of the future lease payments.
The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are re¬
measured with a corresponding adjustment to the related right of use asset if the Company changes its
assessment if whether it will exercise an extension or a termination option.

2.2.15 Significant management judgement and estimates

The preparation of the Company’s financial statements requires management to make judgements, estimates
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the
related disclosures.

Significant Management Judgements

Recognition of deferred tax assets - The extent to which deferred tax assets can be recognised is based
on an assessment of the probability of the Company’s future taxable income against which the deferred
tax assets can be utilised.

Evaluation of indicators for impairment of assets - The evaluation of applicability of indicators of
impairment of assets requires assessment of several external and internal factors which could result in
deterioration of recoverable amount of the assets.

Contingent liabilities - At each balance sheet date basis the management judgment, changes in facts
and legal aspects, the Company assesses the requirement of provisions against the outstanding contingent
liabilities. However, the actual future outcome may be different from this judgement.

Significant estimates

Defined benefit obligation (DBO) - Management’s estimate of the DBO is based on a number of underlying
assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary
increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined
benefit expenses.

Useful lives of depreciable/amortizable assets - Management reviews its estimate of the useful lives of
depreciable/amortizable assets at each reporting date, based on the expected utility of the assets. Uncertainties
in these estimates relate to technical and economic obsolescence that may change the utilization of assets.

Provisions - At each balance sheet date basis management estimate, changes in facts and legal aspects,
the Company assesses the requirement of provisions against the outstanding contingent liabilities. However,
the actual future outcome may be different from this judgement.

2.2.16 Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31 March
2025, MCA has notified Ind AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases,
relating to sale and leaseback transactions, applicable to the Group w.e.f. 1 April 2024. These amendments
did not have any significant impact on the financial statements.

14.1 i) Nature and purpose of other reserves

Share warrant

During the year ended 31 March 2025, the Company issued 45,44,410 (31 March 2024: 91,96,935)
convertible equity warrants of face value Rs. 1 each at a premium of Rs. 25.20 (31 March 2024:
Rs. 24.00) per share, amounting to Rs. 1,190.64 lakhs (31 March 2024: Rs. 2,299.23 lakhs). The
Company received Rs. 297.66 lakhs (31 March 2024: Rs. 574.81 lakhs) as 25% of the total issue price
towards subscription of these warrants. The remaining Rs. 892.28 lakhs (being 75% of Rs. 1,190.64
lakhs) can be called by the Company within 18 months from the allotment date (15 February 2025).
Further, during the year, the Company received Rs. 545.38 lakhs (31 March 2024: Rs. 324.04 lakhs)
as the balance 75% conversion amount from holders of 29,08,710 (31 March 2024: 17,28,225) out of
91,96,935 convertible equity warrants, which were converted into equity shares.

General reserve

The Company is required to create a general reserve out of the profits when the Company declares
dividend to shareholders.

Capital reserve

During the previous year, the Company issued and allotted 91,96,935 convertible equity warrants out
of which 45,60,000 convertible equity warrants of face value Rs. 1 each at a premium of Rs. 24 per
share were alloted on a preferential basis to a few allotees, with each warrant being convertible into one
equity share. The Company received 25% of the total issue price as subscription money for these
warrants. However, the allottees did not exercise the warrants within the time frame. Consequently, an
amount of Rs. 285 lakhs, representing the initial subscription received, was forfeited and transferred to
the Capital Reserve.

Securities premium

Securities premium is used to record the premium on issue of shares. The reserve will be utilised in
accordance with provisions of the Companies Act, 2013.

Retained earnings

Retained earnings represents surplus in the statement of profit and loss.

investment in subsidiaries are measured at cost as per Ind AS 27, ''Separate financial statements'' and hence, not presented
here.

** Interest rates have not significantly changed since the borrowings were taken. Hence, amortised cost represent fair value
of long term borrowings.

(ii) Fair Value hierarchy

Financial assets and financial liabilities measured at fair value in the balance sheet are divided into three levels of
a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the
measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3.

b. Fair value of financial assets and liabilities measured at amortised cost:

The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other bank balances, other
current financials assets and liabilities are considered to be the same as their fair values, due to their short-term
nature.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
38. Financial risk management

The Company’s activities expose it to market risk, liquidity risk and credit risk. The Company''s board of directors
has overall responsibility for the establishment and oversight of the Company''s risk management framework. This
note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related
impact in the financial statements.

(a) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed
to this risk for various financial instruments, for example by granting loans and receivables to customers, placing
deposits, etc. The Company’s maximum exposure to credit risk is limited to the carrying amount of following types
of financial assets.

- cash and cash equivalents,

- trade receivables,

- loans and receivables carried at amortised cost, and

- deposits with banks

The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the
balance sheet:

The exposure to the credit risk at the reporting date is primarily from trade receivables.

Trade receivables are typically unsecured and are derived from revenue earned from Sale of service located in India.
The Company does monitor the economic environment in which it operates. The Company manages its credit risk
through credit approvals, establishing credit limits and continuously monitoring credit worthiness of customers to
which the Company grants credit terms in the normal course of business.

The company measures the expected credit loss of trade receivables and loan from individual customers based on
historical trends, industry practices and the business environment in which the entity operates. Loss rates are based
on actual credit loss experience and past trends. Based on historical data, loss on collection of receivable is not
material hence no additional provision considered.

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(b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to
managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they
are due. Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents
on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity
operates.

Maturity of financial liabilities:

The tables below analyse the Company’s financial liabilities into relevant maturity groupings based on their
contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual
undiscounted cash flows.

(c) Market risk - Interest rate risk

The Company’s policy is to minimise interest rate cash flow risk exposures on long-term financing. At the reporting
periods end, the Company is not exposed to changes in market interest as it does not have any variable interest
rate borrowings.

39. Capital management

The Company’s objectives when managing capital are to:

- To ensure Company’s ability to continue as a going concern, and

- To provide adequate return to shareholders

The The Company manages its capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure,
the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new
shares.

Notes:-

Capital employed refers to total shareholders'' equity and debt.

Average = (Opening Closing)/2

42. Additional regulatory information not disclosed elsewhere in the standalone financials statements

(a) No proceedings have been initiated on or are pending against the Company for holding benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(b) The Company has no borrowings from banks and financial institutions on the basis of security of current
assets.

(c) The Company has not been declared willful defaulter by any bank or financial institution or other lender.

(d) The Company does not have any transactions with struck off companies.

(e) The Company has complied with the number of layers of companies prescribed under the Companies Act,
2013.

(f) The Company has entered into any scheme of arrangement which has an accounting impact in current
financial year.

(g) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of
Companies (ROC) beyond the statutory period.

(h) No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any
other sources or kind of funds) by the Company to or in any persons or entities, including foreign entities (‘the
intermediaries''), with the understanding, whether recorded in writing or otherwise, that the intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever

by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like
on behalf the Ultimate Beneficiaries.

(i) No funds have been received by the Company from any persons or entities, including foreign entities (‘the
Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall,
whether 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 provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

(j) The Company does not have any transactions which is not recorded in the books of accounts but has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
( such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)

(k) There are no debts / loans due by directors or other officers of the company or any of them either severally
or jointly with any other persons or amounts due by firms or private companies respectively in which any
director is a partner or a director or a member other than those disclosed in Note 7.

(l) The Company has not traded or invested in crypto currency or virtual currency during the current or previous
year.

(m) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous year.

(n) The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule

3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021
requiring companies, which uses accounting software for maintaining its books of account, shall use only such
accounting software which has a feature of recording audit trail of each and every transaction, creating an edit

log of each change made in the books of account along with the date when such changes were made and

ensuring that the audit trail cannot be disabled.

The Company, in respect of financial year commencing on 1 April 2024, has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same
has been operated throughout the year for all relevant transactions recorded in the software. The audit trail
has been preserved by the Company as per the statutory requirements for record retention from the date audit
trail was enabled i.e. 03 April 2023.

43. During the year ended 31 March 2025, a search and seizure operation under Section 17 of the Prevention

of Money Laundering Act, 2002 (‘PMLA’) was carried out by the Directorate of Enforcement (‘ED’) at the office

premises of Gourmet Gateway India Limited (Formerly known as Intellivate Capital Ventures Limited) (the ""Company""
or “Holding Company”) and two of its subsidiary companies namely, Barista Coffee Company Limited (“Barista”) and
Welgrow Hotels Concepts Private Limited (‘Welgrow’). As part of the search and seizure operations, ED had seized
information relating to the books of account of the Holding Company and all the subsidiary companies of the Group,
freezed one bank account each of Barista and Boutonniere Hospitality Private Limited (subsidiary company). The
management co-operated with the ED officials and provided clarifications and information sought by them and will
be providing additional information as and when asked for.

The Company has received a Provisional Attachment Order dated 05 September 2024 passed by the Deputy
Director, Directorate of Enforcement, Gurugram, under Section 5 of Prevention of Money Laundering Act, 2022 to
attach Shares and other Securities held directly or indirectly by Promoters / Promoter Group of the Company on
provisional basis. Further, till the date of approval of these audited standalone financial results, neither the Holding
Company nor any of its subsidiary companies or any other entity of the Group have been served with a show cause
notice / demand arising from such search operations. The management is confident that there is no contravention
made under the PMLA.

As the proceedings are currently in progress, based on the available information and facts as at the date of approval
of these audited standalone financial statements, the management has not identified any adjustments, disclosure
or any other impact on these audited standalone financial statements on account of this matter.

44. Corporate Social Responsibility

Section 135 of the Companies Act, 2013 (the Act), requires the Board of Directors of every company having a net
worth of Rs. 500 crores or more, or turnover of Rs. 1,000 cores or more or a net profit of Rs. 5 crores or more,

during the immediately preceding financial year, to ensure that the Company spends in every financial year at least
2% of the average net profits of the Company made during the three immediately preceding financial years on
Corporate Social Responsibility (CSR) in pursuance of its policy in this regard. The Act requires such companies
to constitute a Corporate Social Responsibility Committee which shall formulate and recommend to the Board a
Corporate Social Responsibility Policy which shall indicate the CSR activities to be undertaken by the Company as
specified in Schedule VII to the Act. In view of the aforesaid requirement since the Company does not meet any
of the above mentioned criteria during the immediately preceding financial years and hence there is no requirement
of such expenditure for year ended 31 March 2025.

45. The Company''s business activity falls within a single segment, which is in the business of Food and
Beverages, in terms of Ind AS 108- Segment Reporting.

46. The figures of the corresponding previous year have been regrouped wherever considered necessary to
correspond to current year disclosures. The impact of such reclassification/regrouping is not material to the financial
statements

47. Subsequent events

No subsequent event occurred post balance sheet date which requires adjustment in the financial statements for
the period ended 31 March 2025.

As per our report of even date attached For and on behalf of the Board of Directors

For Walker Chandiok & Co LLP Gourmet Gateway India Limited

Chartered Accountants (Formerly Known as Intellivate Capital Ventures Limited)

Firm Registration No.: 001076N/N500013

Sd/- Sd/- Sd/-

Abhishek Lakhotia Anubhav Dham Aarti Jain

Partner DIN: 02656812 DIN: 00143244

Membership No. 502667 (Director) (Director)

Sd/- Sd/-

Place : Gurugram Narendra Kumar Sharma Manish Makhija

Date : 30 May, 2025 (Company Secretary) (Chief Financial Officer)

---

Mar 31, 2024

2.2.10 Provisions

Provisions are recognized when the Company has a present obligation as a result of past events, for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. Provisions required to settle are reviewed regularly and are adjusted where necessary to reflect the current best estimates of the obligation. Provisions are discounted to their present values, where the time value of money is material.

2.2.11 Contingent liabilities and contingent assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements

Contingent assets are neither recognised nor disclosed. However, when realization of income is virtually certain, related asset is recognised.

2.2.12 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events including a bonus issue, right issue and share split transaction.For the purpose of calculating diluted earnings per share, the net 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 effects of all dilutive potential equity shares.

2.2.13 Segment

The Company’s business activity primarily falls within a single segment which is providing Consultancy and Advisory Services to achieve their business goals. The geographical segments considered are “within India” and are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) of the Company who monitors the operating results of its business units not separately for the purpose of making decisions about resource allocation and performance assessment. The CODM is considered to be the Board of Directors who make strategic decisions and is responsible for allocating resources and assessing the financial performance of the operating segments. The analysis of geographical segments is based on geographical location of the customers.

2.2.14 Inventories

Inventories consist of raw materials which are of a perishable nature and traded goods. Inventories for traded goods are valued at lower of cost and net realizable value (‘NRV’). Cost of inventories has been determined using weighted average cost method and comprise all costs of purchase after deducting nonrefundable rebates and discounts and all other costs incurred in bringing the inventories to their present location and condition. Provision is made for items which are not likely to be consumed and other anticipated losses wherever considered necessary.

2.2.15 Leases

The Company’s lease asset classes primarily consist of property leases. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable,

using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.

2.2.15 Significant management judgement and estimates

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the related disclosures.

Significant Management Judgements

Recognition of deferred tax assets - The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company’s future taxable income against which the deferred tax assets can be utilised.

Evaluation of indicators for impairment of assets - The evaluation of applicability of indicators of impairment of assets requires assessment of several external and internal factors which could result in deterioration of recoverable amount of the assets.

Contingent liabilities - At each balance sheet date basis the management judgment, changes in facts and legal aspects, the Company assesses the requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different from this judgement.

Significant estimates

Defined benefit obligation (DBO) - Management’s estimate of the DBO is based on a number of underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

Useful lives of depreciable/amortizable assets - Management reviews its estimate of the useful lives of depreciable/amortizable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utilization of assets.

Provisions - At each balance sheet date basis management estimate, changes in facts and legal aspects, the Company assesses the requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different from this judgement.

2.3 Standards issued but not yet effective

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable from 01 April 2024.

(ii) Fair Value hierarchy

Financial assets and financial liabilities measured at fair value in the balance sheet are divided into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

- Trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current financial liabilities: Approximate their carrying amounts largely due to the short-term maturities of these instruments.

b. Fair value of financial assets and liabilities measured at amortised cost:

The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other bank balances, other current financials assets and liabilities are considered to be the same as their fair values, due to their short-term nature.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values. 37. Financial risk management

The Company’s activities expose it to market risk, liquidity risk and credit risk. The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

(a) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to this risk for various financial instruments, for example by granting loans and receivables to customers, placing deposits, etc. The Company’s maximum exposure to credit risk is limited to the carrying amount of following types of financial assets.

- cash and cash equivalents,

- trade receivables,

- loans and receivables carried at amortised cost, and

- deposits with banks

The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the balance sheet:

Credit risk on cash and cash equivalents and other financial assets is limited as the Company generally invests in deposits with banks with high credit ratings assigned by domestic credit rating agencies. The loans primarily represents loan given to related parties. Other financial assets measured at amortized cost includes others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

The exposure to the credit risk at the reporting date is primarily from trade receivables.Trade receivables are typically unsecured and are derived from revenue earned from Sale of service located in India. The Company does monitor the economic environment in which it operates. The Company manages its credit risk through credit approvals, establishing credit limits and continuously monitoring credit worthiness of customers to which the Company grants credit terms in the normal course of business.

The Company closely monitors the credit-worthiness of the receivables through internal systems that are configured to define credit limits of customers, thereby, limiting the credit risk to pre-calculated amounts. The Company uses a simplified approach for the purpose of computation of expected credit loss for trade receivables where specific allowance is made by assessing party wise outstanding receivables based on review of payment default and communication between sales team and customers.

(b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due. Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

Maturity of financial liabilities:

The tables below analyse the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.

39. Revenue from contracts from customers

Indian Accounting Standard 115 Revenue from Contracts with Customers (“Ind AS 115”), establishes a framework for determining whether, how much and when revenue is recognised and requires disclosures about the nature, amount, timingand uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue is recognised through a 5-step approach:

(i) Identify the contract(s) with customer;

(ii) Identify separate performance obligations in the contract;

(iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations; and (v) Recognise revenue when a performance obligation is satisfied.

(a) Disaggregation of revenue

The Company has performed a disaggregated analysis of revenues considering the nature, amount, timing and uncertainty of revenues. This includes disclosure of revenues by geography and timing of recognition.

Notes:-

Capital employed refers to total shareholders’ equity and debt.

Average = (Opening Closing)/2

41. Additional regulatory information not disclosed elsewhere in the standalone financials statements

(a) No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(b) The Company has no borrowings from banks and financial institutions on the basis of security of current assets.

(c) The Company has not been declared willful defaulter by any bank or financial institution or other lender.

(d) The Company does not have any transactions with struck off companies.

(e) The Company has complied with the number of layers of companies prescribed under the Companies Act, 2013.

(f) The Company has entered into any scheme of arrangement which has an accounting impact in current financial year.

(g) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the statutory period.

(h) No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any persons or entities, including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries

(i) No funds have been received by the Company from any persons or entities, including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(j) The Company does not have any transactions which is not recorded in the books of accounts but has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)

(k) There are no debts / loans due by directors or other officers of the company or any of them either severally or jointly with any other persons or amounts due by firms or private companies respectively in which any director is a partner or a director or a member other than those disclosed in Note 7.

(l) The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(m) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

(n) The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.The audit trail feature for the accounting software used for maintenance of all accounting records the Company was not enabled from 1 April 2023 to 03 April 2023.

42. Corporate Social Responsibility

Section 135 of the Companies Act, 2013 (the Act), requires the Board of Directors of every company having a net worth of Rs. 500 crores or more, or turnover of Rs. 1,000 cores or more or a net profit of Rs, 5 crores or more, during the immediately preceding financial year, to ensure that the Company spends in every financial year at least 2% of the average net profits of the Company made during the three immediately preceding financial years on Corporate Social Responsibility (CSR) in pursuance of its policy in this regard. The Act requires such companies to constitute a Corporate Social Responsibility Committee which shall formulate and recommend to the Board a Corporate Social Responsibility Policy which shall indicate the CSR activities to be undertaken by the Company as specified in Schedule VII to the Act. In view of the aforesaid requirement since the Company does not meet any of the above mentioned criteria during the immediately preceding financial years and hence there is no requirement of such expenditure for year ended 31 March 2024.

43. The Company’s primary business segment is reflected based on principal business activities carried on by the Company i.e. providing Advisory and Consultancy Services and all other related activities which as per Ind AS 108 on ‘Operating Segments’ is considered to be the only reportable business segment. The Company primarily operates in India which is considered as a single geographical segment.

44. The figures of the corresponding previous year have been regrouped wherever considered necessary to correspond to current year disclosures. The impact of such reclassification/regrouping is not material to the financial statements.

45. No subsequent event occurred post balance sheet date which requires adjustment in the financial statements for the period ended 31 March 2024.

As per our report of even date attached For and on behalf of the Board of Directors

For Walker Chandiok & Co LLP Gourmet Gateway India Limited

Chartered Accountants (Formerly Known as Intellivate Capital Ventures

Limited)

Firm Registration No.: 001076N/N500013

Sd/- Sd/- Sd/-

Nitin Toshniwal Anubhav Dham Aarti Jain

(Proprietor) DIN: 02656812 DIN: 00143244

Membership No. 507568 (Director) (Director)

Sd/- Sd/-

Place : New Delhi Narendra Kumar Sharma Manish Makhija

Date : 30 May, 2024 (Company Secretary) (Chief Financial Officer)

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Mar 31, 2023

#Represent loans given to two subsidiaries on account of working capital loan '' 293.88 lakhs to Nir Advisors Private limited bearing fixed interest at the rate 12% per annum and '' 29.5 lakhs interest free working capital loan to Boutonniere Hospitality Private Limited.

Terms and rights attached to equity shares

The Company has only one class of equity shares having a par value of '' 1 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, holder of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

No shares were alloted as fully paid up by way of bonus issue and/or brought back in the current reporting year and in last five years immediately preceding the current reporting year.

During the year, the Company has issued 1,39,28,226 equity shares of '' 1/- each, fully paid-up at a premium of '' 8.5 per share, Out of this 60,33,491 equity shares issued consequent to and as part of the acquisition of Boutonniere Hospitality Private Limited (BHPL) on 05 November 2022 and 78,94,737 equity shares issued to Mahakram Developers Private Limited for cash consideration as preferential allotment.

General reserve

The Company is required to create a general reserve out of the profits when the Company declares dividend to shareholders.

Securities premium

Securities premium is used to record the premium on issue of shares. The reserve will be utilised in accordance with provisions of the Companies Act, 2013.

Retained earnings

Retained earnings represents surplus in the statement of profit and loss.

Terms/Rights attached to Preference Shares

During the current year, the Company issued 3,32,91,901 10% Redeemable Non-Convertible NonCumulative Preference Shares of '' 1/- each, fully paid-up at a premium of '' 8.5 per share to parties mentioned below. The Preference Shares were redeemable at the end of 5 years from the date of issue at a price of '' 14.5 per share. On 28 February 2023, With the consent of the preference share holder, the period of redemption was extended by 1 years from November 2027 to November 2028. Due to this, Company has recorded gain on modification of non current financial liabities amouting to '' 260.77 lakhs.

Terms and Conditions

*From Birbal Advisory Private Limited of '' 250 lakhs bearing fixed interest at the rate 9% per annum. The working capital loan is payable on demand.

*From Mahakaram Devlopers Private Limited of '' 14 lakhs bearing fixed interest at the rate 10% per annum. The working capital loan is payable on demand.

‘During the current year, the Company has acquired 100% shareholding in Acquisition of NIR Advisors Private Limited for a consideration of '' 11 lakhs and on 14 February 2023, the Company sold the investment of equity shares in NIR Advisory Private Limited for a consideration of '' 11 lakhs.

“The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions.

Outstanding balances at the year-end are unsecured and interest free. The settlement for these balances occurs through payment. There have been no guarantees provided or received for any related party receivables or payables. For the year ended March 31, 2023, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (March 31, 2022: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.”

27. Employee benefits obligation- Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of continuous service gets a gratuity on departure at fifteen day salary (last drawn salary) for each completed year of service in terms of the provisions of the Payments of Gratuity Act, 1972. The Company provides for liability in its books of accounts based on actuarial valuation.

‘Investment in subsidiaries are measured at cost as per Ind AS 27, ‘Separate financial statements’ and hence, not presented here.

** Since the borrowings were taken in the current year itself and interest rates have not significantly changed. Hence, amortised cost represent fair value of long term borrowings.

(ii) Fair Value hierarchy

Financial assets and financial liabilities measured at fair value in the balance sheet are divided into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Valuation techniques used to determine fair value

The fair value of the financial instruments are included at the amount that would be received to sell an asset and paid to transfer a liability in an orderly transaction between market participants. The following methods were used to estimate the fair values:-- Trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current financial liabilities: Approximate their carrying amounts largely due to the short-term maturities of these instruments.

b. Fair value of financial assets and liabilities measured at amortised cost:

The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other bank balances, other current financials assets and liabilities are considered to be the same as their fair values, due to their short-term nature.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

29. Financial risk management

The Company''s activities expose it to market risk, liquidity risk and credit risk. The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

(a) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to this risk for various financial instruments, for example by granting loans and receivables to customers, placing deposits, etc. The Company''s maximum exposure to credit risk is limited to the carrying amount of following types of financial assets. - cash and cash equivalents, - trade receivables, - loans and receivables carried at amortised cost, and- deposits with banks

Credit risk on cash and cash equivalents and other financial assets is limited as the Company generally invests in deposits with banks with high credit ratings assigned by domestic credit rating agencies. The loans primarily represents loan given to related parties. Other financial assets measured at amortized cost includes others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

The exposure to the credit risk at the reporting date is primarily from trade receivables.Trade receivables are typically unsecured and are derived from revenue earned from Sale of service located in India. The Company does monitor the economic environment in which it operates. The Company manages its credit risk through credit approvals, establishing credit limits and continuously monitoring credit worthiness of customers to which the Company grants credit terms in the normal course of business.

The Company closely monitors the credit-worthiness of the receivables through internal systems that are configured to define credit limits of customers, thereby, limiting the credit risk to pre-calculated amounts. The Company uses a simplified approach for the purpose of computation of expected credit loss for trade receivables where specific allowance is made by assessing party wise outstanding receivables based on review of payment default and communication between sales team and customers.

(b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due. Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

Maturity of financial liabilities:

The tables below analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.

(c) Market risk - Interest rate risk

The Company''s policy is to minimise interest rate cash flow risk exposures on long-term financing. At the reporting periods end, the Company is not exposed to changes in market interest as it does not have any variable interest rate borrowings.

30. Capital management

The Company''s objectives when managing capital are to:

- To ensure Company''s ability to continue as a going concern, and

- To provide adequate return to shareholders

The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

31. Revenue from contracts from customers

Indian Accounting Standard 115 Revenue from Contracts with Customers (“Ind AS 115”), establishes a framework for determining whether, how much and when revenue is recognised and requires disclosures about the nature, amount, timingand uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue is recognised through a 5-step approach:

(i) Identify the contract(s) with customer;

(ii) Identify separate performance obligations in the contract;

(iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations; and (v) Recognise revenue when a performance obligation is satisfied.

(a) Disaggregation of revenue

The Company has performed a disaggregated analysis of revenues considering the nature, amount, timing and uncertainty of revenues. This includes disclosure of revenues by geography and timing of recognition.

(d) Revenue recognised in relation to contract liabilities

Ind AS 115 also requires disclosure of ‘revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period'' and ‘revenue recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods, but there is no contract liability balance at the beginnning of the period so there is no revenue recognised during the year.

Capital employed refers to total shareholders'' equity and debt.

Average = (Opening Closing)/2

33. Additional regulatory information not disclosed elsewhere in the standalone financials statements

(a) No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(b) The Company has no borrowings from banks and financial institutions on the basis of security of current assets.

(c) The Company has not been declared willful defaulter by any bank or financial institution or other lender.

(d) The Company does not have any transactions with struck off companies.

(e) The Company has complied with the number of layers of companies prescribed under the Companies Act, 2013.

(f) The Company has entered into any scheme of arrangement which has an accounting impact in current financial year.

(g) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the statutory period.

(h) No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any persons or entities, including foreign entities (‘the intermediaries''), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries.

(i) No funds have been received by the Company from any persons or entities, including foreign entities (‘the Funding Parties''), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(j) The Company does not have any transactions which is not recorded in the books of accounts but has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)

(k) There are no debts / loans due by directors or other officers of the company or any of them either severally or jointly with any other persons or amounts due by firms or private companies respectively in which any director is a partner or a director or a member other than those disclosed in Note 7.

(l) The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(m) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

34. Corporate Social Responsibility

Section 135 of the Companies Act, 2013 (the Act), requires the Board of Directors of every company having a net worth of '' 500 crores or more, or turnover of '' 1,000 cores or more or a net profit of '' 5 crores or more, during any financial year, to ensure that the Company spends in every financial year at least 2% of the average net profits of the Company made during the three immediately preceding financial years on Corporate Social Responsibility (CSR) in pursuance of its policy in this regard. The Act requires such companies to constitute a Corporate Social Responsibility Committee which shall formulate and recommend to the Board a Corporate Social Responsibility Policy which shall indicate the CSR activities to be undertaken by the Company as specified in Schedule VII to the Act. In view of the aforesaid requirement since the Company does not meet any of the above mentioned criteria during the immediately preceding financial years and hence there is no requirement of such expenditure for year ended 31 March 2023.

35. The Company''s primary business segment is reflected based on principal business activities carried on by the Company i.e. providing Advisory and Consultancy Services and all other related activities which as per Ind AS 108 on ‘Operating Segments'' is considered to be the only reportable business segment. The Company primarily operates in India which is considered as a single geographical segment.

36. The figures of the corresponding previous year have been regrouped wherever considered necessary to correspond to current year disclosures.The impact of such reclassification/regrouping is not material to the financial statements

37. No subsequent event occurred post balance sheet date which requires adjustment in the financial statements for the period ended 31 March 2023.

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Mar 31, 2015

Note 1. Rights, Preferences & Restrictions attach to equity shares

The Company has one class of Equity shares having par value of Rs 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annul General Meeting, except in case of interim devidend.In the event of liquidation,the Equity Shareholder are eligible to receive the remeining assest of the company after distribution to all preferencial amounts, in proportion to there shareholding.

Note 2. Corporate information

Intellivate Capital Ventures Limited (the Company) is a Public Company and is incorporated under the provisions of The Comapnies Act,1956. Its shares are listed on Bombay Stock Exchange. The company is engaged in the Business of providing Advisory, Consultancy Investments Services, Trading in Shares.

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Mar 31, 2014

Note 1.

Corporate information

Intellivate Capital Ventures Limited (the Company) is a Public Company and is incorporated under the provisions of The Comapnies Act,1956. Its shares are listed on Bombay Stock Exchange. The company is engaged in the Business of providing Advisory, Consultancy, Investments Services, Trading in Shares.

1.1 ''As regards compliance of Provision as per the requirement of Sec 22 of the Micro, Small and Medium enterprises act 2006 relating to dues to the Micro, Small and Medium enterprises. The company has not received from any parties claim to be small scale industries and the said information is not given.

1.2 ''Segment Information

The company is operating only in one segment.

1.3 ''Related party disclosures under Accounting Standard -18 List of Related Parties where Control exists:

Samruddhi Finstock Ltd Samruddhi Stock Brokers Ltd Samruddhi Tradecom India Ltd Bombay EximPvt Ltd Jinal Finvest PvtLtd Jimeet Developers Pvt Ltd Ashwa Realty (India) Pvt Ltd Galaxy Realty Pvt Ltd Niralee Properties Pvt Ltd High Rise Realty Pvt Ltd Anish Properties Pvt Ltd SariaBuilders& Developers Pvt Ltd Piyali Builders &developers Pvt Ltd

Notes forming part of the on financial statements as on 31.3.2014

Rock Builders & Developers Pvt Ltd Win Sure Trade Invest Private Limited Hansa Villa Realty Private Limited ICVL Steels Ltd ICVL Chemicals Ltd. Intellivate Capital Ventures Ltd.

1.4 Retirement Benefits

Long Term Employee Benefits are not provided because no employee has completed full year of service

1.5 Provision for Taxes

Provision for current tax has been made as perthe provisions of the Income TaxAct 1961.

1.6 Deferred Tax Liabilities

The break up of deferred tax liability dueto Tax effecton depreciation on assets is as under.

1.7 In the opinion of Management, the CurrentAssets, Loans and Advances are approximately of the value as stated if realised in the ordinary course of business.

1.8 No provision for diminution in the value of certain Long term Investments has been consider necessary, since in the opinion of the Management, such diminution in theirvalue istemporary in nature considering the nature of Investments.

1.9 Balancesstanding to the debit/credit of parties is subjectto confirmation by them and reviews by the Company.

1.10 The figures of the previous year have been regrouped, rearranged and reclassified wherever necessary to conform to current year''s classification.

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Mar 31, 2013

Note 1:1 Corporate information

Intellivate Capital Ventures Limited (the Company) is a Public Company and is incorporated under the provisions of The Comapnies Act.1956. Its shares are listed on Bombay Stock Exchange The company is engaged in the Business of providing Advisory, Consultancy. Investments Services, Trading tn Shares.

2.1 as regards compliance of Provision as per the requirement of Sec 22 of the Micro, Small and Medium enterprises act 2006 relating to dues to the Micro, Small and Medium enterprises. The company has not received from any parties claim to be small scale industries and the said information is not giver

2..3 Segment Information

The company is opereating only in one segment.

2.4 Related party disclosures under Accounting Standard -18 List of Related Parties where Control exists: Samruddhi FinStocK Ltd Samruddhi Stock Brokers Ltd Samruddhi Tradecom India Ltd Bombay Exim Pvt Ltd Jinal Finvest Pvt Ltd Jimeet Developers Pvt Ltd Ashwa Realty (India) Pvt Ltd Galaxy Realty Pvt Ltd Niralee Properties Pvt Ltd , High Rise Realty Pvt Ltd Anish Properties Pvt Ltd Sana Builders & Developers Pvt Ltd Piyali Builders & developers Pvt Ltd Rock Builders & Developers Pvt Ltd Win Sure Trade Invest Private Limited Hansa Villa Realty Private Limited ICVL Steels Ltd. ICVL Chemicals Ltd., Intellivate Capital Advisors Ltd.

2.5 Retirement Benefits

Long Term Employee Benefits are not provided because no employee has completed full year of service.,

2.6 Provision for Taxes

Provision for current tax has been made as per the provisions of the Income Tax Act 1961,

2.7 im the opinion of Management the Current Assets, Loans and Advances- are approximately of the value as stated if realised in the ordinary course of

2.8 No provision for diminution in the vaiue of certain Long term Investments has been consider necessary, since in the opinion of the Management, such diminution in their value is temporary in nature considering the nature of Investments.

2.9 Balances standing to the dehit/credit of parties is subject to confirmation by them and reviews by the Company.

2.10 The figures of the previous year have been regrouped, rearranged and reclassified wherever necessary to conform to current year''s classification. The figures are not comparible with those of previous year due to demerger of the Advisory division, Chemical division and Steel

2.11 Consequent to the notification of Revised Schedule VI under the Companies Act, 1956 the financial statements for the year ended March 31,2013 are prepared as per Revised Schedue VI. Accordingly, the previous year figures have also been classified to confirm to this years classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

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Mar 31, 2012

During the previous year, pursuant to the scheme of Arrangement U/s 391 to 394 and other applicable provisions of the Companies Act, 1956 for demerger of Advisory Division, Chemical Division and Steel Division of the Company,is sanctioned and approved by the Hon’ble High Court of judicature at Bombay on 16th December 2011, and upon filing the said order with Registrar of Companies, with Maharashta on 20th January,2012. the said scheme became effective.

ii The scheme of arrangement has been given effect in these financial statements and in pursuant to the said scheme :

The said approved scheme of arrangement has been given effect with effect from Appointed date i.e. April 1, 2011 in these financial statements, pursuant to the provisions contained in Section 391 to 394 and other relevent provisions if any.

(a) Accordingly the Assets & Liabilities of divisions of the Advisory, Chemical and Steel are transferred to the resultant companies i.e. Intellivate Capital Advisors Ltd., ICVL Chemicals Ltd. and ICVL Steels LTD. at book values and on a going concern basis, in accordance with Section 2(19AA) of the Income Tax Act, 1961.

The existing Shareholders of Intellivate Capital Ventures Ltd. (Demerged Company) have been issued and alloted shares of ' the resulting companies as under:

1 {Twenty One) fully paid Equity Shares of Rs.10/- each of Inteitivate Capital Advisors Ltd. - The First resulting company for every 200(Two Hundred) fully paid Equity Shares of Rs.1/- each held by them in Intellivate Capital Ventures Ltd.

2(Eleven) fully paid Equity Shares of Rs.10/- each of ICVL Chemicals Ltd. - The Second resulting company for every 100(0ne Hundred) fully paid Equity Shares of Rs.1/~ each held by them in Intellivate Capital Ventures Ltd.

Corporate information

Intellivate Capital Ventures Limited (the Company) is a Public Company and is incorporated under the provisions of The Comapnjes Act, 1956. Its shares are Jjsted on Bombay Stock Exchange. The company is engaged in the Business of providing Advisory, Consultancy, Investments Services, Trading in Shares, Steel & Chemicals.

3.1 As regards compliance of Provision as per the requirement of Sec 22 of the Micro, Small and Medium enterprises act 2006 relating to dues to the Micro, Small and Medium enterprises. The company has not received from any parties claim to be smal scale industries and the said information is not given.

3.2 Segment Information

The company was operating in four segments i.e. Consulting, Trading in Steel, Trading in Chemicals and Investments required under Accounting Standard-17 "Segment Reporting" as notified by the companies (Accounting standards ) Rules 2006 (as amended) are as under._

During the previous year, pursuant to the scheme of Arrangement U/s 391 to 394 and other applicable provisions of the Companies Act,1956 for demerger of Advisory Division, Chemical Division and Steel Division of the Company,is sanctioned and approved by the Hon’ble High Court of judicature at Bombay on 16th December 2011, and upon filing the said order with Registrar of Companies, with Maharashta on 20th January,2012, the said scheme became effective.

The said approved scheme of arrangement has been given effect with effect from Appointed date i.e. April 1, 2011 in these financial statements, pursuant to the provisions contained in Section 391 to 394 and other relevent provisions if any, at book values and on a going concern basis, in accordance with Section 2(19AA) of the Income Tax Act, 1961. Accordingly the Assets & Liabilities of divisions of the Advisory, Chemical and Steel are transferred to the resultant companies i.e. Intellivate Capital Advisors Ltd., ICVL Chemicals Ltd. and ICVL Steels LTD.

Thus at the year end only one segment remained with the company and hence segment reporting for Financial year 2011- 2012 is not given. .

3.3 Related party disclosures under Accounting Standard - 1` List of Related Parties where Control exists:

Samruddhi Finstock Ltd

Samruddhi Stock Brokers Ltd

Samruddhi Equities & Securities Services Ltd

Bombay Exim Pvt Ltd

Jinaf Finvest Pvt Ltd

Jimeet Developers Pvt Ltd

Ashwa Realty (India) Pvt Ltd

Galaxy Realty Pvt Ltd

Niralee Properties Pvt Ltd

High Rise Realty Pvt Lid

Anish Properties Pvt Ltd

Saria Builders & Developers Pvt Ltd

Piyali Builders & developers Pvt Ltd

Rock Builders & Developers Pvt Ltd

Win Sure Trade Invest Private Limited

Hansa Villa Realty Private Limited

ICVL Steels Ltd.

ICVL Chemicals Ltd.

Intellivate Caoital Advisors Ltd.

3.4 Retirement Benefits

Long Term Employee Benefits are not provided because no employee has completed full year of service.

3.5 Provision for Taxes

Provision for current tax has been made U/s 115JB of the Income Tax Act 1961.

3.6 In the opinion of Management, the Current Assets, Loans and Advances are approximately of the va!ue as stated if realised in the ordinary course of business.

3.7

No provision for diminution in the value of certain Long term Investments has been consider necessary, since in the opinion of the Management, such diminution in their value is temporary in nature considering the nature of Investments.

3.8 Balances standing to the debit/credit of parties is subject to confirmation by them and reviews by the Company.

3.9 The figures of the previous year have been regrouped, rearranged and reclassified wherever necessary to conform to current year’s classification. The figures are not compatible with those of previous year due to demerger of the Advisory division, Chemical division and Steel division.

3.10 financial statements for the year ended March 31, 2011 were prepared as per the then appalicable ,erstwhile Schedule VI of the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956 the financial statements for the year ended March 31,2012 are prepared as per Revised Schedue VI. Accordingly, the previous year figures have also been classified to confirm to this years classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

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Mar 31, 2011

1) Contingent liabilities not provided for

Current Period Rs. Nil (Previous Year Rs. Nil)

2) During the year the company has made full provision of Sundry Debtors for Rs.7,62,175/- and written off the same, for which the company initiated legal action and the award of arbitrator has been appealed by other party.

3) As regards compliance of Provision as per the requirement of Sec 22 of the Micro, Small and Medium enterprises act 2006 relating to dues to the Micro, Small and Medium enterprises. The company has not received from any parties claim to be small scale industries and the said information is not given.

4) Segment Information

The company is operating in four segments i.e. Consulting, Trading in Steel, Trading in Chemicals and Investments as required under Accounting Standard-17 "Segment Reporting" as notified by the companies (Accounting standards ) Rules 2006 (as amended) are as under.

5) Related party disclosures under Accounting Standard - 18

List of Related Parties where Control exists:

Samruddhi Finstock Ltd

Samruddhi Stock Brokers Ltd

Samruddhi Commodities Trading Ltd

Samruddhi Equities & Securities Services Ltd

Bombay Exim Pvt Ltd

Jinal Finvest Pvt Ltd

Jimeet Developers Pvt Ltd

Ashwa Realty (India) Pvt Ltd

Galaxy Realty Pvt Ltd

Niralee Properties Pvt Ltd

High Rise Realty Pvt Ltd

Anish Properties Pvt Ltd

Saria Builders & Developers Pvt Ltd

Piyali Builders & developers Pvt Ltd

Rock Builders & Developers Pvt Ltd

Win Sure Trade Invest Private Limited

Hansa Villa Realty Private Limited

ICVL Steels Ltd.

ICVL Chemicals Ltd.

Intellivate Capital Advisors Ltd.

6) Share Capital

The Company had made right issue of 24,25,000, equity shares of Rs. 10/- each at a premium of Rs.40/- per share in the ratio of 5:1 in the last year. During the year the company has received allotment money and call money of the right issue, accordingly Equity share capital is Rs.2,91,00,000 and Security premium is Rs.l0,66,00,000/at the year end.

The Paid up Capital on 31.03.2010 was Rs.l,09,12,500/-(Paid up value: 48,50,000/- Eq. share of Rs.l0/-paid up and 24,25,000/- Eq shares Rs.2.5/-paid up.

During the year the company has split the Equity shares of Rs. 10 each fully paid into Rs. 1 each fully paid.

7) Retirement Benefits

Long Term Employee Benefits are not provided because no employee has completed full year of service.

8) Provision for Taxes

The company has made provision for current tax as per the provisions of Income Tax Act 1961.

9)In the opinion of Management, the Current Assets, Loans and Advances are approximately of the value as stated if realised in the ordinary course of business.

10) No provision for diminution in the value of certain Long term Investments has been consider necessary, since in the opinion of the Management, such diminution in their value is temporary in nature considering the nature of Investments.

11) Balances standing to the debit/credit of parties is subject to confirmation by them and reviews by the Company.

12) The figures of the previous year have been regrouped, rearranged and reclassified wherever necessary to conform to current year's classification.

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Mar 31, 2010

1) Contingent liabilities not provided for

Current Period Rs. Nil (Previous Year Rs. Nil)

2) Sundry Debtors considered good in schedule 4 include Rs.7,14.060/- for which the company initiated legal action; since the award of arbitrator has been appealed by other party, no accounting effect has been given to said award in the accounts.

3) Segment Information

The Company is primarily engaged in the business of financial services and therefore, segment reporting, as required under Accounting Standard - 17, is not applicable.

4) Related party disclosures under Accounting Standard -18 List of Related Parties where Control exists: Samruddhi Finstock Ltd

Samruddhi Stock Brokers Ltd

Samruddhi Commodities Trading Ltd

Samruddhi Equities & Securities Services Ltd

Bombay Exim Pvt Ltd

Jinal Finvest Pvt Ltd

Jimeet Developers Pvt Ltd

Ashwa Realty (India) Pvt Ltd

Galaxy Realty Pvt Ltd

Niralee Properties Pvt Ltd

High Rise Realty Pvt Ltd

Anish Properties Pvt Ltd

Sana Builders & Developers Pvt Ltd

Piyali Builders & developers Pvt Ltd

Rock Builders & Developers Pvt Ltd

Win Sure Trade Invest Private Limited

Hansa Villa Realty Private Limited

Transactions with Related Parties during the year:

5) Para 3,4C & 4D of Part II of Schedule VI to the Companies Act, 1956 are not applicable to the company.

6) Right Issue

The Company has made a right issue as per the resolution passed by the Board of Directors of the Company at its meeting held on September 26.2009 on a rights basis to the existing equity shareholders in the ratio of 5 (Five) equity shares for every 1 (One) fully paid up equity share held in the Company, at a price of Rs. 50/- per equity share (Face Value Rs. 10/- & Premium: Rs. 40/- per equity share),

Accordingly the Company has made right issue of 24,25,000, equity shares of Rs. 10V- each at a premium of Rs.40/-per share in the ratio of 5:1 on 11.03.2010. The application money received Rs.2.50/-per share towards face value at Rs. 10/- Premium per share, an allotment has been made on 26.03.2010.

The Paid up Capital on 31.03.2010 is Rs.1,09,12,500/-(Paid up value: 48,50,000/- Eq. share of Rs.10/-paid up and 24,25,000/- Eq shares Rs.2.5/-paid.up

7) Retirement Benefits

Long Term Employee Benefits are not provided because no employee has completed full year of service.

8) Provision for Taxes

The company has made provision for current tax as per the provisions of Income Tax Act 1961.

9) Deferred Tax Assets / Liabilities

Since there are no timing differences between taxable income and accounting income capable of being reversal in subsequent periods, Deferred Tax Asset / liability has not been created.

10) In the opinion of Management, the Current Assets, Loans and Advances are approximately of the value as stated if realised in the ordinary course of business.

11) The figures of the previous year have been regrouped, rearranged and reclassified wherever necessary.

If undelivered please return to :

INTELLIVATE CAPITAL VENTURES LTD

(Formerly known as K. B. STEEL LIMITED)

66/1, Hansa Villa, Opp. South Indian Gymkhana, Bhaudaji Cross Road, Matunga (CR), Mumbai, PIN 400 019