Mackinnon Mackenzie & Company Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

a) Investments include an amount of Rs 2.36 lacs representing equity shares in a co-operative society towards purchase of flat.

b) Investments Rs 0.10 are kept as security with authorities. These investments have matured. The Company is not in a position to get the same from authorities as the same are lost or misplaced. No provision is made for loss of investments Rs 0.10 and accrued interest Rs 0.01 lacs as company is still following up with the authorities

c) Investments in Debentures or Bonds (i, ii and iii above) aggregating to Rs 0.56 lacs are destroyed in fire in the year 1998. In absence of adequate data, no provision is made for loss of above investments.

(i) Investments Rs 0.05 are kept as security with authorities. These investments have matured. The Company is not in a position to get the same from authorities as the same are lost or misplaced. No provision is made for loss of investments Rs 0.05 and accrued interest Rs. 0.01 as company is still following up with the authorities.

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

(ii) Trade Receivables are non interest bearing .

Rights, preferences and restrictions

a) The company has one class of Equity Shares having a par value of Rs 10 per share . Each shareholder is eligible for one vote. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in the case of the Interim Dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their shareholdings.

b) In order to bring in line the paid up capital which was not represented by the assets due to huge carried forward losses the company had made a petition the the Hon. Bombay High Court under section 100 and other applicable provisions of the Companies Act, 1956 for reduction of capital from Rs 2.50 crores to Rs 25 Lacs by reducing the paid up value of the equity share from Rs 10 to Rs 1. The Hon.Bombay High Court has confirmed the reduction of capital vide their order dated 15th April 2004.Consequently Rs 22,375,012 ( after adjusting forfeiture of 27,775 shares and Rs13,888 amount paid on forfeited shares) has been reduced from the accumulated losses of the company during the year ended 31st March 2005. The Company has consolidated its equity shares from Rs 1 to Rs 10.

c) During the period of five years immediately preceeding the year 31 March, 2025, the company has not issued any bonus shares or shares for consideration other than cash and also the company has not bought back any shares during the said period.

d) The company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/ disinvestment as at 31 March 2025 and 31 March 2024

e) Originally the Company had 25,00,000 shares of Rs. 10 each issued. Out of the above 27,775 shares (Paid up Rs. 5 each) were forfeited by the Company. Pursuant to the order of the court for reduction of share capital and subsequent consolidation of shares, 2,778 shares were forfeited with paid up amount of Rs. 0.14 lakhs.

i) Retained earnings are the profits/ losses that company has earned/ incurred till date, as reduced by transfer to reserves, dividend or other distribution paid to the share holders and transfer from/ to OCI.

ii) General Reserve

“General reserve represents the amount appropriated out of retained earnings pursuant to the earlier provisions of Companies Act, 1956.”

iii) Capital Reserve

Capital Reserve includes Rs 10.92 lacs capital profit on Sale of Fixed Assets. The company is not in possession of information relating to the remaining balance as the same was created more than 40 years ago.

i) The Company had borrowed amounts from its bankers aggregating to Rs 82561.29 Lakhs including interest. Since said amounts were not repaid, Bankers approached Debt Recovery Tribunal. The Hon''able Bombay High Court had approved the application of the banks for transfer of debts owed to them to a lending company (hereinafter referred to as “Lending Company”) along with securities and mortgage charges in the past pursuant to the consent terms filed in the Debt Recovery Tribunal. Consequently, suits filed by the banks before the Debt Recovery Tribunal had transposed the “Lending Company” in place of the banks. The Hon. Bombay High Court had passed a decree in two of the suits in favour of the said “Lending Company” to dispose off / sell the immoveable property and flats belonging to the company to recover its dues. Total amount due to the “Lending Company” as per the decree together with interest is Rs. 86109.08 lakhs as on 31st March 2025. The lending Company has given an unconditional deferment of its loans up to September, 30 2026 and accordingly this loan from the lending company is classified as non-current.If Company had accounted for differential liability in the books, the loss would have increased by Rs. 3547.79 lakhs, negative net worth would have increased by Rs 3547.79 lakhs, and secured borrowings would have increased by Rs. 3547.79 lakhs

ii) Consequent to the one time settlement made by the Company with its bankers, loans from Banks were transferred to a “Lending Company” referred to in Note 15(i) above. The company is in the process of restructuring the debts with the said “Lending Company”

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

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

c) The information has been given in respect of such suppliers to the extent they could be identified as micro and small enterprises on the basis of information received and available with the Company. Auditors have relied on the same.

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

27 CONTINGENT LIABILITIES

i) Claim not acknowledged as debts

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

(b) The ground lease of the premises of the company has expired on 22nd May 2017. The Company has made an application for renewal of lease. The company has received a demand notice for arrears of compensation /Spl Way Leave fees for the period 1st May 2017 till 31st March 2025 for Rs 26,38,41,496.65 towards renewal of lease. The company has responded to the above demand notice contesting the demand and contents thereof. The Company has accounted for rent due from its tenants for the entire quarter on the basis of it being a holding out tenant as per legal opinion received.

(c) The Bombay Municipal Corporation ( “BMC) introduced Capital Value System for collecting property taxes from 1st April 2010. The Property Owners Association filed a petition in the Hon. Bombay High Court ( “Court”) challenging the proposal . The said Court passed an interim order(Order) on 25th February 2014 to pay taxes at the old rate plus 50% differential between old and new rates . The company has provided taxes at the old rate plus 50% differential between old and new rates in the books of account. The BMC has filed a Special Leave Petition ( “SLP”) in the Hon. Supreme Court against the said order. The company has not provided 50% differential between old and new rates in the books amounting to Rs 1,35,79,227 as at 31st March 2025 pending disposal of the SLP.

28 The company''s old records were destroyed owing to heavy rains which took place in Mumbai on 26th July 2005, resulting in heavy seepage in the premises where old records were kept. The company is in the process of reconstructing the records to the extent possible

* All amounts are in lakhs except for Weighted average number of Shares, Basic and Diluted Earnings per Shares and Face Value per Share

31. The Company has accumulated losses and its net worth has been fully eroded. The Company has incurred a net loss of Rs 16.66 Lacs during the current year and accumulated losses of Rs 87137.02 Lacs and, the Company''s current liabilities exceeded its current assets as at the balance sheet date. The management of the Company is evaluating various options to revive the company. The “lending company” which has taken over in the past debts due by the Company to the banks, has given a support letter to extend repayment for foreseeable future and also the financial support which may be required by the Company. In view of this support letter, the management has assessed that the company continues to be a going concern. Accordingly, going concern basis has been adopted in the prepartion of these financial statements based on management expectations and projections.

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

33 Segment Information

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

36 Capital Management

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

37 Financial Risk Management Policies and Objectives

The Company''s activities expose it to a variety of financial risks. The Company''s primary focus is to foresee the unpredictability and seek to minimize potential adverse effect on its financial performance. The Board of Directors of the company (“ the Board”) is responsible for monitoring the Company''s risk management policies which are

established to identify and analyse the risks faced by the Company. The Board periodically review the changes in the market condition and reflects the changes in the policies accordingly. The key risks and mitigating actions are also placed before the Board of the Company. The Board oversees how Management monitors compliance with the Company''s Risk Management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

A. Credit risk

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

B. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, management projects/review cash flows in major currencies and considers the level of liquid assets necessary to meet the same.

Maturities of Financial Liabilities

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

- All non-derivative financial liabilities

- Net settled derivatives financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flows

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not material.

C. Market Risk

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

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

D. Financial Insturments

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

Fair value measurement hierarchy :

Fair value measurement hierarchy of the Company''s financial assets and liabilities :

The categories/hierarchy used are as follows:

• Level 1: Quoted prices for identical instruments in an active market;

• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and

• Level 3: Inputs which are not based on observable market data

There are no such financials assets and liabilities in the Company which can be categorized as above.

Sensitivity Analysis:

Since the Company do not have any receivables/payables denominated in foreign currency at the end of the reporting period, there is no sensitivity to the market risk.

38 Liquidity Risk Management

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

40 OTHER STATUTORY INFORMATION

a Company have not given any loans or advances to its promoters, directors or KMPs in the nature of loans. b The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.

c The Company has not been declared wilful defaulter by any bank or financial institution or other lender during the year. d The Company does not have any transactions or balances with companies struck off under section 248 of the Companies Act, 2013 or under section 560 of the Companies Act, 1956 during the year. e The Company does not have any charges which are yet to be registered or satisfied with ROC, Mumbai

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

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

i The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate beneficiaries) or

b provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

ii The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or b provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year h The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as, search or survey or any other relevant provisions of the Income Tax Act, 1961 i The company has not filed any Quarterly financial statements with banks or financial institutions.

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

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Mar 31, 2024

p) Provisions, Contingent Liabilities and Contingent Assets

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

Contingent Assets are neither recognized nor disclosed.

q) Critical Judgments, Estimates and Assumptions

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

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

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

ii. Impairment of property, plant and equipment

iii. Estimation of provisions and contingent liabilities

iv. Fair value measurement and impairment of financial instruments

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

a. Litigations

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

r) Foreign currency transactions

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

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

s) Leases

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

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

Short Term Lease

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

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

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

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

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

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

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

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

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

accounting year. - -

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

accounting year.

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

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

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

27. RETRENCHED STAFF

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

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

28. CONTINGENT LIABILITIES

i) Claim not acknowledged as debts

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

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

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

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

34. Segment Information

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

33. List of Related Parties and Their Relationships

Key Management Personnel

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

ii) Nandkishor Yashwant Joshi- Independent Director

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

iv) Mr. Jimmy Gazdar - Independent Director

v) R Krishnaswamy - Chief Financial Officer

vi) Ashok Joshi - Manager

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

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

37. Capital Management

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

38. Financial Risk Management Policies and Objectives

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

A. Credit risk

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

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

b. Liquidity Risk Management

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

Maturities of Financial Liabilities

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

-All non-derivative financial liabilities

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

c. Market Risk

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

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

d. Financial Insturments

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

39. Liquidity Risk Management

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

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

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

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

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

42. OTHER STATUTORY INFORMATION

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

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

Company for holding any benami property.

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

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

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

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

i The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

a directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (ultimate beneficiaries) or

b provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

ii The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party)

with the understanding (whether recorded in writing or otherwise) that the Company shall:

a directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the funding party (ultimate beneficiaries) or

b provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year
h The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961
i The company has not filed any Quarterly financial statements with banks or financial institutions.

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

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

Chartered Accountants
Frn No. 006970N

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

Partner Director Director Chief Financial Officer Manager Company Secretary

Membership No 225300 DIN 01186794 DIN 09324612

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

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Mar 31, 2014

1 General Information: Mackinnon Mackezie & Co Ltd is engaged in the business of shipping agency, ship handling, ship manning, managing pension funds , cargo handling and property owning and leasing.

2 CONTINGENT LIABILITIES

i) Claim not acknowledged as debts 77,25,910 77,25,910

(a) In respect of Income Tax matters for the A.Y.2011-12 where the company is in appeal with theCommissioner of Income Tax (Appeals) against the Order of the Assessing officer. 1,01,37,784 -

ii) Uncalled amounts on partly paid shares 4,000 4,000

iii) Guarantees issued by the Company''s Bankers 3,60,000 3,60,000

iv) Retrenched staff 2,23,49,234 2,23,49,234 60 Clerical workers and subordinate staff were retrenched on 4th August 1992 under the Industrial Disputes Act at Mumbai. Each one was paid 15 days wages per completed year of service and one month''s notice pay in addition to other dues. The Industrial Court has given a judgement against the Company on 08.03.96. However the company had fled an appeal with the High Court against the same order , which has been decided against the company. Special Leave Petition has been admitted for hearing before the Hon. Supreme Court against the order of the Hon. Bombay

3 The company''s old records were destroyed owing to heavy rains which took place in Mumbai on 26th July 2005 , result- ing in heavy seepage in the premises where old records were kept. The company is in the process of reconstructing the records to the extent possible.

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

5 Going concern basis has been adopted in the prepartion of financial statements based on management expectations and projections.

6 confirmations are not available in respect of balances of secured loans, debtors, certain bank balances, deposits, advances and creditors appearing in Notes 5,7,8, 10,13,14 and 15 of the accounts respectively.

7 There are no amounts due and outstanding to be credited to Investor Education Protection Fund.

8 Previous years fgures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifcations/ disclosures.

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Mar 31, 2013

1 General Information: Mackinnon Mackezie & Co Ltd is engaged in the business of shipping agency, ship handling, ship manning, managing pension funds , cargo handling and property owning and leasing.

2 Clerical workers and subordinate staff were retrenched on 4th August 1992 under the Industrial Disputes Act at Mumbai. Each one was paid 15 days wages per completed year of service and one month''s notice pay in addition to other dues. The Industrial Court has given a judgement against the Company on 08.03.96. However the company had fled an appeal with the High Court against the same order , which has been decided against the company. Special Leave Petition has been admitted for hearing before the Hon. Supreme Court against the order of the Hon. Bombay High Court. ( The Company has deposited an amount of Rs 32,00,000 with the Registrar, which has been shown under Short Term Loans and Advances)

3 Going concern basis has been adopted in the prepartion of fnancial statements based on management expectations and projections.

4 Confrmations are not available in respect of balances of secured loans, debtors, certain bank balances, deposits, advances and creditors appearing in Notes 5,7,8, 10,13,14 and 15 of the accounts respectively.

5 There are no amounts due and outstanding to be credited to Investor Education Protection Fund.

6 Schedule VI to the Companies Act, 1956 is revised effective from 1 April 2011, which has signifcantly impacted the disclosure and presentation made in the fnancial statements. Previous years fgures have been regrouped/reclassi- fed wherever necessary to correspond with the current year''s classifcations/disclosures

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Mar 31, 2012

1 General Information: Mackinnon Mackezie & Co Ltd is engaged in the business of shipping agency, ship handling, ship manning, managing pension funds, cargo handling and property owning and leasing.

Rights, preferences and restrictions attached to shares

a) The company has one class of Equity Shares having a par value of Rs 1 per share . Each shareholder is eligible for one vote. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in the case of the Interim Dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their shareholdings.

b) In order to bring in line the paid up capital which was not represented by the assets due to huge carried forward losses the company had made a petition the the Hon. Bombay High Court under section 100 and other applicable provisions of the Companies Act, 1956 for reduction of capital from Rs 2.50 crores to Rs 25 Lacs by reducing the paid up value of the share from Rs 10 to Rs 1. The Hon.Bombay High Court has confirmed the reduction of capital vide their order dated 15th April 2004.Consequently Rs 22,375,012 (after adjusting forfeiture of 27,775 shares and Rs13,888 amount paid on forfeited shares) has been reduced from the accumulated losses of the company during the year ended 31st March 2005.

Note:

The Hon'able Bombay High Court has approved the application of the banks for transfer of debts owed by the company to them to M/s Ardeshir B Cursettjee & Sons Ltd ( hereinafter referred to A.B.C & Sons Ltd, ) along with securities and mortagage charges. Consequently suits filed by the banks pending before the Debt Recovery Tribunal has transposed M/s A.B.C & Sons Ltd in place of the banks. Total amount due to M/s A.B. C & Sons Ltd against debts of various banks taken over by them is Rs 8,25,61,29,338. (Previous Year Rs 8,25,61,29,338) and no interest has been provided thereon

Notes:

(a) Trade payables include an amount of Rs 26,51,925 ( Previous Year Rs 26,51,925) which represents old balances for which no write back has been made pending the review /confirmations of the same.

(b) In view of the multiplicity and identification of accounts relating to small scale undertakings, information for determin- ing the particulars relating to current indebtedness to such undertakings as required under Schedule VI part I to the Companies Act, 1956 is not readily available.

Notes

a) Investments include an amount of Rs 236000 representing equity shares in a co-operative society towards purchase of flat.

b) Investments Rs 15,120 are kept as security with authorities. These investments have matured. The Company is not in a position to get the same from authorities as the same are lost or misplaced. No provision is made for loss of investments Rs 15,120 and accrued interest Rs 8545 as company is still following up with the authorities.

c) Investments made at Kolkata Rs 56,000 are presently not physically available as building is destroyed by fire. In absence of adequate data, no provision is made for loss of investments if any.

d) NA denotes not avaiiable.

Note:

Other Loans and Advances include certain old balances amounting to Rs 8,18,785/- (Previous Year Rs 8,18,785/-) for which no provision for doubtful items has been made in accounts pending review confirmation of the same. As a result, the effect on such non-provision on the loss for the year cannot be ascertained.

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

2 CONTINGENT LIABILITIES

i) Claim not acknowledged as debts 77,25,910 77,25,910

ii) Uncalled amounts on partly paid shares 4,000 4,000

iii) Guarantees issued by the Company's Bankers 3,60,000 3,60,000

iv) Retrenched staff

3 Clerical workers and subordinate staff were retrenched on 4th August 1992 under the Industrial Disputes Act at Mumbai. Each one was paid 15 days wages per completed year of service and one month's notice pay in addition to other dues. The Industrial Court has given a judgement against the Company on 08.03.96. However the company had filed an appeal with the High Court against the same order , which has been decided against the company. Special Leave Petition has been admitted for hearing before the Hon. Supreme Court against the order of the Hon. Bombay High Court. ( The Company has deposited an amount of Rs 32,00,000 with the Registrar, which has been shown under Short Term Loans and Advances)

4 The company's old records were destroyed owing to heavy rains which took place in Mumbai on 26th July 2005, result- ing in heavy seepage in the premises where old records were kept. The company is in the process of reconstructing the records to the extent possible

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

6 Going concern basis has been adopted in the prepartion of financial statements based on management expectations and projections

7 Confirmations are not available in respect of balances of secured loans, debtors, certain bank balances, deposits, advances and creditors appearing in Notes 5,7,8,10,13,14,15 of the accounts respectively

8 There are no amounts due and outstanding to be credited to Investor Education Protection Fund

9 Schedule VI to the Companies Act, 1956 is revised effective from 1 April 2011, which has significantly impacted the disclosure and presentation made in the financial statements. Previous years figures have been regrouped/reclassi- fied wherever necessary to correspond with the current year's classifications/disclosures

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Mar 31, 2010

1. The accounts of the Company for the year have been prepared on the assumption of a going concern basis.

2. Contingent Liabilities

Year ended Year ended

31.03.2010 31.03.2009

i) Claims not acknowledged as debts 77,25,910 77,25,910

ii) Uncalled amounts on partly paid shares. 4,000 4,000

iii) Guarantees issued by the Companys Bankers 3,60,000 3,60,000



iv) Retrenched Staff

(a) 60 clerical and 35 subordinate staff were retrenched on 2,23,49,234 2,23,49,234 4th August 1992 under Industrial Disputes Act at Mumbai.

Each one was paid 15 days wages per completed year of service being compensation and one months notice pay in addition to other dues. The Industrial Court has given a judgement against the Company on 08.03.96. However the Company had filed an appeal with the High Court against the same order, which has been decided against the company.

Special Leave Petition has been admitted for hearing before the Hon. Supreme Court against the order of the Hon.

Bombay High Court (The Company has deposited an amount of Rs. 32,00,000/- with the Registrar, which has been shown under Loans and Advances recoverable in cash or in kind, or for value to be received - Unsecured considered good.)

Year ended Year ended

31.03.2010 31.03.2009

v) Fine of Rs. 10,02,97,OOO/- is levied on Company and its 10,02,97,000 10,02,97,000

Officers for alleged violation of Foreign Exchange Regulation Act in respect of transactions relating to purchase of ships in foreign currency in the year 1978. The company had filed an appeal against the said order with Appellate Tribunal for Foreign Exchange. The Tribunal has allowed the companys appeal against which the concerned department had filed an appeal with the Hon. High Court of Bombay. The Hon High Court of Bombay has referred the matter back to the Appellate Tribunal. An amount of Rs. 25.400/- paid as deposit against the penalty is reflected in Loans & Advances

3. Loans and advances include certain old balances amounting to Rs.8,18,785/- (Previous Year Rs. 8,18,785/-) under "Advances recoverable in cash or in kind or for value to be received - Unsecured Considered Good" for which no provision for doubtful items, has been made in the accounts pending the review/ confirmation of the same. As a result, the effect of such non-provision on the loss for the year cannot be ascertained.

4. a) Sundry Creditors include an amount of Rs.26,51,925/- (Previous year Rs.26,51,925/-) which represents old balances for which no write back has been made in the accounts pending the review/ confirmation of the same.

c) In view of the multiplicity and identification of accounts relating to small scale undertakings, information for determining the particulars relating to current indebtedness to such undertakings as required under Schedule VI part I to the Companies Act, 1956 is not readily available.

5. a) Investments include an amount of Rs.2,36,0007- representing equity shares in a co-operative Society towards purchase of flat.

b) Investments Rs. 15,120/-are kept as security with Authorities. These investments have matured. The Company is not in a position to get the same from Authorities as the same are lost or misplaced. No Provision is made for loss of investment Rs. 15,120/- and accrued interest Rs. 8,545/- as company is still following up with authorities.

c) Investments made at Calcutta Rs. 56,000/- are presently not available physically as building is destroyed by fire. In the absence of adequate data, no provision is made tor loss in value of investments if any.

6. As per the order of the Debt Recovery Tribunal, Bank of India and Indian Bank have transferred the debt owed to them to M/s. Ardeshir B. Cursettjee & Sons Ltd. (hereinafter referred to as A.B.C. & Sons Ltd.), all securities given to Bank of India and Indian Bank stands transferred to M/s. A.B.C. & Sons Ltd. Pursuant to the order of the Debt Recovery Tribunal, the Company has transferred the entire debt due to Bank of India and Indian Bank to M/s. A.B.C. & Sons Ltd. Consequently the suits filed by Bank of India and Indian Bank pending before Debt Recovery Tribunal is transferred to High Court of Mumbai. Total amount due to M/s A.B.C. & Sons Ltd against loans taken over by them as on 31" March 2010 is Rs 3,27,48,62,095. (Previous Year Rs 3,27,48,62,095) and no interest has been provided thereon.

7. Confirmations are not available in respect of balances of secured loans and unsecured loans, debtors, certain bank balances, deposits, advances and creditors appearing in Schedule 3,7,8,9 and 10 of the Accounts respectively.

8. In order to bring in line the paid up capital which was not represented by the assets due to huge carried forward losses the company had made a petition to the Hon. Bombay High Court under section 100 and other applicable provisions of the Companies Act, 1956 for reduction of capital from 2.50 crores to Rs 25 lakhs by reducing the paid up value of the share from Rs 10/- to Re 1/-. The Hon. Bombay High Court has confirmed the reduction ot capital vide their order dated IS" April 2004. Consequently Rs 22,375,012 (after adjusting forfeiture of 27775 shares and Rs 13,888 amount paid on the forfeited shares), has been reduced from the accumulated losses of the company during the year ended 31st March 2005.

9. The companys old records were destroyed owing to heavy rains which took place in Mumbai on 26* July 2005, resulting in heavy seepage in the premises where the records were kept. The company is in the process of reconstructing the records to the extent possible.

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

11. Related party disclosure Key Management Personnel

Key management personnel comprise of a whole-time director who has the authority and responsibility for planning, directing and controlling the activities of the company. The remuneration paid to such director is disclosed in Note - 4(b)

12. Previous years figures have been regrouped/restated where considered aecesssry.