Victoria Enterprises Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

j Provisions, contingent assets and contingent liabilities

A provision is recognised when:

•The Company has a present obligation (legal or constructive) as a result of a past event;

•It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
•A reliable estimate can be made of the amount of the obligation.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably may not, require an outflow of resources. A contingent liability also arises in extreme cases where there is a
probable liability that cannot be recognised because it cannot be measured reliably.

Where there is a possible obligation or a present obligation such that the likelihood of outflow of resources is remote,
no provision or disclosure is made.

Contingent assets are neither recognised nor disclosed except when the realisation of income is virtually certain, and
the related asset is disclosed.

k Taxation

Income tax expense comprises of current tax expense and deferred tax expense/benefit. Current and deferred taxes are
recognised in the standalone statement of profit and loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity.

a) Current income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities using the tax rates and tax laws that are in force at the reporting date.

Current income tax relating to items recognised outside the statement of profit and loss is recognised outside the
statement of profit and loss (either in other comprehensive income or in equity). Current tax items are recognised in
correlation to the underlying transaction either in OCI or directly in equity.

The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to set offthe
recognised amounts and where it intends either to settle on a net basis, or to realise the assets and settle the liability
simultaneously.

b) Deferred tax

Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the
tax bases of assets and liabilities and their corresponding carrying amounts for financial reporting purposes.

Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of:

1 .deductible temporary differences;

2. the carry forward of unused tax losses; and

3. The carry forward of unused tax credits.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

1. When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss.

2. In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in
joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that
the temporary differences will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that
it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at
the reporting date.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction
either in OCI or directly in equity.

l Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the
purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, net of outstanding bank overdrafts, as they are considered an integral part of the Company’s cash
management.

m Segment accounting

As per the requirements of Ind AS 108 on “Operating Segments”, the Company operates on a single segment “, Real
Estate” and no other segment. Hence, no segmental Reporting is prepared for the year.

n Revenue recognition

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the
customer at an amount that reflects the consideration entitled in exchange for those goods or services. The Company
is generally the principal as it typically controls the goods or services before transferring them to the customer

Revenue is measured at the amount of consideration which the Company expects to be entitled to in exchange for
transferring distinct goods or services to a customer as specified in the contract, excluding amounts collected on
behalf of third parties (for example taxes and duties collected on behalf of the government). Consideration is
generally due upon satisfaction of performance obligations and a receivable is recognised when it becomes
unconditional.

i) Revenue from real estate projects

Ind AS 115 has been notified by the Ministry of Corporate Affairs (MCA) on March 28, 2018 and is effective from
the accounting period beginning on or after April 01, 2018.

The Company has applied a full retrospective approach in adopting the new standard and accordingly recognised
revenue in accordance with Ind AS 115.

The Company derives revenues primarily from the sale of properties comprising both commercial and residential
units. The Company recognises revenue when it determines the satisfaction of performance obligations at a point in
time. Revenue is recognised upon transfer of control of promised products to the customer in an amount that reflects
the consideration which the Company expects to receive in exchange for those products.

In arrangements for the sale of units, the Company has applied the guidance in Ind AS 115, Revenue from contracts
with customers, by applying the revenue recognition criteria for each distinct performance obligation. The
arrangements with customers generally meet the criteria for considering the sale of units as distinct performance
obligations. For allocating the transaction price, the Company has measured the revenue in respect of each
performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an
item when sold separately is the best evidence of its standalone selling price. The transaction price is also adjusted for
the effects of the time value of money if the contract includes a significant financing component. Any consideration
payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service
from the customer.

For the sale of units, the Company recognises revenue when its performance obligations are satisfied and the
customer obtains control of the asset.

Revenue is recognised net of indirect taxes.

Land cost includes the cost of land, land-related development rights and premium.

ii) Interest income

For all financial instruments measured either at amortised cost or at fair value through other comprehensive income
(‘OCI’), interest income is recorded using the effective interest rate (EIR), which is the rate that exactly discounts the
estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period,
where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability.
Interest income is included in other income in the statement of profit and loss.

iii) Other income

Other incomes are accounted on an accrual basis, except interest on delayed payment by debtors and liquidated
damages, which are accounted on acceptance of the Company’s claim

o Borrowing costs

Borrowing costs that are directly attributable to the acquisition/construction of qualifying assets or for long-term
project development are capitalised as part of their costs. Borrowing costs are considered part of the asset cost when
the activities that are necessary to prepare the assets for their intended use are in progress. Borrowing costs consist of
interest and other costs that the Company incurs in connection with the borrowing of funds. Other borrowing costs
are recognised as an expense in the period in which they are incurred.

p Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair
value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless
the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is
written down to its recoverable amount.

Recoverable amount is determined:

1 .In case of an individual asset, at the higher of the fair value less cost to sell and value in use; and

2. In case of a cash-generating unit (a group of assets that generates identified, independent cash flows), at the

higher of the cash-generating unit''s fair value less cost to sell and the value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions
can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples,
quoted share prices for publicly traded companies or other available fair value indicators.

The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared
separately for each of the Company’s CGUs to which the individual assets are allocated. These budgets and forecast
calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and
applied to project future cash flows after the fifth year.

Impairment losses of continuing operations, including impairment on inventories, are recognised in the statement of
profit and loss, except for properties previously revalued with the revaluation surplus taken to OCI. For such
properties, the impairment is recognised in OCI up to the amount of any previous revaluation surplus.

q Earnings per share

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the period. Earnings considered in ascertaining the
Company''s earnings per share are the net profit for the period after deducting preference dividends and any
attributable tax thereto for the period. The weighted average number of equity shares outstanding during the period
and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential
equity shares that have changed the number of equity shares outstanding, without a corresponding change in
resources.

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

r Statement of cash flows

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of
transactions of a non-cash nature, any deferrals of accruals of past or future operating cash receipts or payments and
items of income or expenses associated with investing or financing cash flows. The cash flows from operating,
investing and financing activities of the Company are segregated.

s Key accounting estimates and Judgements

The preparation of financial statements in conformity with Ind AS requires management to make judgments,
estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of
contingent assets and liabilities at the reporting date. However, uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in
future periods.

Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting estimates and
assumptions is recognised prospectively, i.e. recognised in the period in which the estimate is revised and future
periods affected.

The following are significant management judgements in applying the accounting policies of the Company that have
a significant effect on the financial statements.

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. In addition, significant
judgment is required in assessing the impact of any legal or economic limits or uncertainties in various tax
jurisdictions.

Classification of assets and liabilities into current and non-current

The management classifies the assets and liabilities into current and non-current categories based on the operating
cycle of the respective business/projects.

Impairment of assets

In assessing impairment, management estimates the recoverable amounts of each asset or CGU (in case of non-
fmancial assets) based on expected future cash flows and uses an estimated interest rate to discount them. Estimation
relates to assumptions about future cash flows and the determination of a suitable discount rate.

i) Revenue recognition

The Company applies the revenue recognition criteria to each nature of revenue transaction as set out below:

Revenue from real estate projects
Revenue from real estate projects

Ind AS 115 has been notified by the Ministry of Corporate Affairs (MCA) on March 28, 2018 and is effective from
the accounting period beginning on or after April 01, 2018.

The Company has applied full retrospective approach in adopting the new standard and accordingly recognised
revenue in accordance with Ind AS 115.

The Company derives revenues primarily from the sale of properties comprising both commercial and residential
units. The Company recognises revenue when it determines the satisfaction of performance obligations at a point in
time. Revenue is recognised upon transfer of control of promised products to the customer in an amount that reflects
the consideration which the Company expects to receive in exchange for those products.

In arrangements for the sale of units, the Company has applied the guidance in Ind AS 115, Revenue from contracts
with customers, by applying the revenue recognition criteria for each distinct performance obligation. The
arrangements with customers generally meet the criteria for considering the sale of units as distinct performance
obligations. For allocating the transaction price, the Company has measured the revenue in respect of each
performance obligation ofa contract at its relative standalone selling price. The price that is regularly charged for an
item when sold separately is the best evidence ofits standalone selling price. The transaction price is also adjusted for
the effects of the time value of money if the contract includes a significant financing component. Any consideration
payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service
from the customer.

For the sale of units, the Company recognises revenue when its performance obligations are satisfied and the
customer obtains control of the asset.

Revenue is recognised net of indirect taxes.

Land cost includes the cost of land, land-related development rights and premium.

1.3 RECENT ACCOUNTING PRONOUNCEMENT

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st March, 2024,
MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at
fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability
of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Ind AS. An explanation
for each level is given below.

Fair Value Hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

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 and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instruments are observable,
the instrument is included in level 2. Instruments in the level 2 category for the Company include foreign exchange forward contracts and investments in unit
linked insurance policy.

The carrying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, current loans, other current
financial assets, current borrowings, trade payables and other financial liabilities approximates the fair values due to the short-term maturities of these
financial assets / liabilities.

Transfers between Levels 1 and 2

There were no transfer from Level 1 to Level 2 or vice versa in any of the reporting periods.

B. Market Risk

The Company has exposure to the following risks arising from financial instruments:

¦ Credit risk ;

¦ Liquidity risk ; and

¦ Market risk

i. Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and for
developing and monitoring the Company’s risk management policies.

The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls
and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the
Company’s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and obligations.

The Board of Directors 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. The board is assisted in its oversight role by internal audit. Internal
audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Board.

(a) Interest Rate Risk

Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed
interest bearing finacial instruments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating
interest bearing financial instruments will fluctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

The company is not exposed to any market risk with reference to interest rate risk, as per the opinion of the board of Directors of the company.

C. Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and
arises principally from the Company''s receivables from customers and investments in debt securities.

As per the opinion of the management, the company does not have any exposure towards credit risk.

Cash and cash equivalents

The company maintains its Cash and cash equivalents and Bank deposits with banks having good reputation, good past track record and high quality credit
rating and also reviews their credit-worthiness on an on-going basis.

(iv) Expected Credit Losses:

D. Liquidity Risk

iii. 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, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s
reputation.

The Company uses product-based costing to cost its products and services, which assists it in monitoring cash flow requirements and optimizing its cash
return on investments. The Company monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade
and other payables.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include
estimated interest payments and exclude the impact of netting agreements.

Maturities of Financial Liabilities

The gross inflows/(outflows) disclosed in the table below represent the contractual undiscounted cash flows relating to derivative financial liabilities held for
risk management purposes and which are not usually closed out before contractual maturity. The disclosure presents net cash flow amounts for derivatives that
are net cash-settled, as well as gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement.

44 Disclosure where company has given loan or invested to other person or entity to lend or invest in another person or entity

(A) During the year, 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:

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

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

45 Disclosure where company has received fund from other person or entity to lend or invest in other person or entity

(B) During the year, the Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

46 Undisclosed Income

The Company have not 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).

47 Details of Crypto Currency Rs. in Lacs

The Company has not traded or invested in cryptocurrency or Virtual Currency during the current financial year or any of the previous financial years.

48 Other Statutory Disclosures as per the Companies Act, 2013

Compliance with approved Scheme(s) of Arrangements

No Scheme of Arrangements has been approved by/ pending with the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during
the year as well as previous year

49 Regrouping

As per the requirements of Ind AS 108 on “Operating Segments”, the Company operates on a single segment “, Real Estate” and no other segment. Hence, no
segmental Reporting is prepared for the year.

50 Foreign Currency Earnings and Expenditure

Earnings in Foreign Currency: Nil (P.Y. Nil)

Expenditure in Foreign Currency: Nil (P.Y. Nil)

51 Forward Exchange Contracts

No forward exchange contracts are outstanding on the balance sheet date which is entered to hedge foreign exchange exposures of the Company.

52 Impairment of Property, Plant and Equipment

The Company has carried out Impairment test on its Fixed Assets as on the date of Balance Sheet and the management is of the opinion that there is no asset
for which provision of impairment is required to be made as per applicable Indian Accounting Standard.

53 Balances Subject to Confirmation and Reconciliation

Balance of Receivables and Payables, including borrowings taken, loans & advances given, payable to vendors, security deposits given, other advances given,
other liabilities, advances from customers, etc, are subject to confirmation and consequent reconciliation and adjustments, if any. Hence, the effect thereof, on
Profit/ Loss, Assets and Liabilities, if any, is not ascertainable, which may be considerable. The Board of the Directors has established a procedure controls to
review the reconciliation and recoverability of all the assets and payability of all the liabilities, on a regular basis, based on the formal/ informal agreements/
arrangements with the respective parties involved. As per the opinion of the Board, there will be no substantial impact on their reconciliation with their
balance confirmations as on the reporting date.

54 Reconciliation with Statutory Submissions (including GST)

Balance appearing in the financial statements are subject to reconciliation with the returns and submissions made with statutory authorities, including GST
department. Hence, the effect thereof, on Profit/ Loss, Assets and Liabilities, if any, is not ascertainable.

55 Realisable Value of Current Assets

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

56 Status of Ongoing Real Estate Projects

There are two ongoing real estate projects with the company, namely (a). Pittie Paradise (earlier known as Victoria Elegance), Dadar, Mumbai, and (b). Pittie
Chambers, BKC, Mumbai. As on the date of the Balance Sheet, a part (PC-1) of Project Pittie Chambers, BKC has been completed, while the remaining part
(PC-2) of Project Pittie Chambers, BKC is still under progress. Pittie Paradise is still in the stage of completion. In the opinion of the Board of Directors of the
company, both Real Estate Projects are compliant of all regulatory and statutory requirements. The cost incurred by the company till 31.03.2024 for their
development has been properly accounted for in the books of accounts by the company and segregated between Finished Goods and Work in Progress as per
the applicable accounting standards and practices.

The Board of Directors of the company also acknowledge that due to some unavoidable business reasons, including overall unfavorable market volatility in the
real estate sector, lack of working capital funds, etc, the above projects could not be completed in pre-decided timelines. The Board of Directors of the
company are regular in reviewing the project status and is hopeful to complete these projects in a reasonable time frame.

Further regarding the Advance received from the customers for the delivery of possession of the booked units, the management of the company has obtained
informal approval from the respective customers for the condonation of the delay in delivery of possession of the booked units, however the same is yet to be
documented as per the regulatory requirements. The management of the company is hopeful for delivery of possession of the booked units to the customers in
agreed time frame.

57 Work-in-Progress Valuation and NRV Assessment

The company has recognised the carrying amount of the Work in Progress towards two ongoing real estate projects (namely (a) Pittie Paradise and (b) Pittie
Chambers) at cost. In the opinion of the Board of Directors of the company, they regularly carry out assessments of the Net Realisable Value of these projects,
based on the estimated project completion method. The evaluation is based on the opinion of the company''s technical team, which is primarily informed by the
forecast of future market conditions and an assessment of future selling prices and completion costs for all projects.

In the opinion of the Board of Directors of the company, considering the net realisable value of both projects, based on their assessment as mentioned above,
they confirm that the cost incurred by the company against each project is less than the net realisable value of both projects. Hence, in the opinion of the
Board, the value of inventory is to be taken as the cost incurred in the projects, as on 31.03.2024.

58 Refunds Payable on Cancellation of Customer Agreements

The amount refundable to customers due to the cancellation of the agreement is payable as and when demanded by the respective customer, and the company
has recognised full liability in this respect in its financial statements. According to the board of directors'' opinion, there is no outstanding demand from any
customer that has not been paid, and no interest is payable on any unpaid refundable amount to customers, as per the informal agreement between
management and the respective customers.

59 GST Input Tax Credit Adjustments

According to change in statutory provisions regarding the availability of the tax credits under goods and service tax, the recognised the tax credits availed
during the earlier and current year as expenses and debited to profit & loss account during the financial year 2023-2024.

60 Impairment of Financial Assets — Expected Credit Loss (ECL)

With the applicability of Ind AS 109, the recognition and measurement of impairment of financial assets is based on credit loss assessment by expected credit
loss (ECL) model. The ECL assessment involve significant management judgement. The Company’s impairment allowance is derived from estimates
including the historical default and loss ratios. Management exercises judgement in determining the quantum of loss based on a range of factors. The most
significant areas are loan staging criteria, calculation of probability of default / loss and consideration of probability weighted scenarios and forward looking
macroeconomic factors.

The board acknowledges and understands that these factors, since there is a large increase in the data inputs required by the ECL model, which increases the
risk of completeness and accuracy of the data that has been used to create assumptions in the model. Based on the internal management analysis, as per Board
Opinion, there is no requirement of provision for expected credit loss in several financial assets including the loans and advances and other receivables of the
Company and all are on fair value, based on the assessment and judgement made by the board of the company.

61 Events Occurring After the Reporting Period

There have been no events after the reporting date that require disclosure in this financial statement

62 Revenue Recognition in Real Estate Projects (Ind AS 115)

As per the accounting policies adopted by the company, the Company recognises revenue from sale of real estate units, when it determines the satisfaction of
performance obligations at a point in time, as per the requirement of Ind AS 115. Revenue is recognised upon transfer of control of promised products to
customer in an amount that reflects the consideration which the Company expects to receive in exchange for those products.

In the Financial Year 2019-20, the company achieved Part Completion of one of the Project ''Pittie Chambers". Hence the company recognised the cost
incurred on construction of the Part Completed as "Finished Goods", and kept the construction cost of uncompleted portion as "Work in Progress". The Cost of
Construction of Finished Goods was measured by the company, based on the bifurcation of actual cost between completed and non-completed portions, as per
the opinion and calculations made by the technical and financial teams of the company and approved by the Board. Further, the salable units, where the
controls were transferred to the customers during the year were recognised as Revenue from Operations and proportionate developement cost towards such
units were adjusted with the value of "Finished Goods" under Inventories.

During the Financial Year 2023-24, no further completion/part-completion of the ongoing projects ("Pittie Chambers" and "Pittie Paradise") were achieved but
some of the control of promised products were transferred to the customer. Hence revenue was provided by the company for the year ended 31st March 2024,
pertaining to the ongoing projects and all the direct and indirect costs incurred towards the constructions were represented as Work In Progress under
Inventories.

63 Revaluation/ Fair valuation of PPE / Intangible assets/ Investment property

The company has not carried out any revaluation of its Property, Plant and Equipment (including Right-of-Use Assets) and intangible assets during the current
year as well as previous year. The company also does not have any Investment property during the current year as well as previous year.

64 Rounding Off

These financial statements are presented in Indian Rupees (INR), which is also the functional currency. All values are rounded to the nearest Lakh, except
when otherwise indicated. The amounts which are less than Rs. 0.01 Lakhs are shown as Rs. 0.00 Lakhs.

65 Regrouping

Previous year''s figures have been regrouped or reclassifed wherever necessary

For & on Behalf of For and on behalf of Board of Directors,

Mahesh Chandra & Associates Victoria Enterprises Limited (CIN: L65990MH1982PLC027052)

Chartered Accountants
FRN: 112334W

Rajesh Maheshchandra Bohra Krishna Kumar Pittie Satish Sharma

Partner 102587 Director 00023052 Director 010603829

Place: Mumbai Place: Mumbai

Date: 05-September-2025 Date: 05-September-2025

---

Mar 31, 2024

C. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

¦ Credit risk ;

¦ Liquidity risk ; and

¦ Market risk

i. Risk management framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s
risk management framework and for developing and monitoring the Company''s risk management policies.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to
set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company,
through its training and management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.

The Board of Directors 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. The board is assisted in its oversight role by internal audit. Internal audit undertakes both regular
and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Board.

Financial instruments - Fair values and risk management (continued)

ii. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers
and investments in debt securities.

As per the opinion of the management, the company does not have any exposure towards credit risk.

Cash and cash equivalents

The company maintains its Cash and cash equivalents and Bank deposits with banks having good reputation,
good past track record and high quality credit rating and also reviews their credit-worthiness on an on-going
basis.

iii. 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, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company''s reputation.

The Company uses product-based costing to cost its products and services, which assists it in monitoring cash
flow requirements and optimizing its cash return on investments. The Company monitors the level of expected
cash inflows on trade and other receivables together with expected cash outflows on trade and other payables.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross and undiscounted, and include estimated interest payments and exclude the impact of netting
agreements.

The gross inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows
relating to derivative financial liabilities held for risk management purposes and which are not usually closed out
before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-
settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement.

iv. Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates and interest rates - will
affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all
market risk sensitive financial instruments including foreign currency receivables and payables and long term
debt.

The company is not exposed to any market risk with reference to foreign exchange rate risk and interest rate
risk, as per the opinion of the board of Directors of the company.

Financial instruments - Fair values and risk management (continued)

Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate
risk is the risk of changes in fair values of fixed interest bearing finacial instruments because of fluctuations in the
interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing
financial instruments will fluctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

The company is not exposed to any market risk with reference to interest rate risk, as per the opinion of the
board of Directors of the company.

Note 26 : Capital Management

The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business.

The Company monitors capital using a ratio of ''adjusted net debt'' to ''adjusted equity''. For this purpose,
adjusted net debt is defined as total borrowings, comprising interest-bearing loans and borrowings less cash
and cash equivalents. Adjusted equity comprises all components of equity.

Note 34

The Company has carried out Impairment test on its Fixed Assets as on the date of Balance Sheet and the management is of the
opinion that there is no asset for which provision of impairment is required to be made as per applicable Indian Accounting
Standard.

Note 35

Balance of Receivables and Payables, including borrowings taken, loans & advances given, payable to vendors, security deposits
given, other advances given, other liabilities, advances from customers, etc, are subject to confirmation and consequent
reconciliation and adjustments, if any. Hence, the effect thereof, on Profit/ Loss, Assets and Liabilities, if any, is not
ascertainable, which may be considerable. The Board of the Directors has established a procedure controls to review the
reconciliation and recoverability of all the assets and payability of all the liabilities, on a regular basis, based on the formal/
informal agreements/ arrangements with the respective parties involved. As per the opinion of the Board, there will be no
substantial impact on their reconciliation with their balance confirmations as on the reporting date.

Note 36

Balance appearing in the financial statements are subject to reconciliation with the returns and submissions made with statutory
authorities, including GST department. Hence, the effect thereof, on Profit/ Loss, Assets and Liabilities, if any, is not
ascertainable.

Note 37

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

Note 38

There are two ongoing real estate projects, with the company, namely (a). Pittie Paradise (earlier known as Victoria Elegance),
Dadar, Mumbai, and (b). Pittie Chambers, BKC, Mumbai. As on the date of the Balance Sheet, a part (PC-1) of Project Pittie
Chambers, BKC has been completed while the remaining a part (PC-2) of Project Pittie Chambers, BKC is still under progress.
Pittie Paradise is still in the stage of completion. In the opinion of the Board of Directors of the company, both Real Estate
Projects are compliant of all regulatory and statutory requirements and the cost incurred by the company till 31.03.2024 for
their development has been properly accounted for in the books of accounts by the company and segregated between Finished
Goods and Work in Progress as per the applicable accounting standards and practices._

The Board of Directors of the company also acknowledge that due to some unavoidable business reasons, including overall
unfavorable market volatility in the real estate sector, lack of working capital funds, etc, the above projects could not be
completed in pre-decided timelines. The Board of Directors of the company are regular in reviewing the project status and are
hopeful to complete these projects in a reasonable time frame.

Further regarding the Advance received from the customers for the delivery of possession of the booked units, the management
of the company has obtained informal approval from the respective customers for the condonation of the delay in delivery of
possession of the booked units, however the same is yet to be documented as per the regulatory requirements. The
management of the company is hopeful for delivery of possession of the booked units to the customers in agreed time frame.

Note 39

The company has recognised the carrying amount of the Work in Progess towards two ongoing real estate projects (namely (a).
Pittie Paradise and (b). Pittie Chambers) at cost. In the opinion of the Board of Directors of the company, they are regularly
carrying out the assessment of the Net Realisable Value of these projects, based on the estimated project completion method.
The said assessment is based on the opinion of the technical team of the company engaged in the project management, which is
primarily based on the forecast of future market conditions, and assessment of the future selling prices and costs of completion
for all the projects.

In the opinion of the Board of Directors of the company, considering the net realisable value of the both projects, based on their
assessment as mentioned above, they confirm that the cost incurred by the company against each project are lesser then the net
releasable value of both projects. Hence, in the opinion of the Board, the value of inventory to be taken as cost incurred in the
projects, as on 31.03.2024.

Note 40

Amount refundable to the customers, due to cancellation of the agreement are payable as and when demanded by the
respective customer and full liability in this respect has been recognised by the company in the financial statements. As per the
opinion of the board of directors, there is no demand made by any customers, which has not been paid, and there is no interest
payable on any unpaid refundable amount to the customers, as per the informal agreement between the management and the
respective customers.

Note 41

Pursuant to change in statutory provisions regarding the availability of the tax credits under goods and service tax, the
recognised the tax credits availed during the earlier and current year as expenses and debited to profit & loss account during the
financial year 2023-2024.

Note 42

5% Non Cumulative Reedemable Preferance Shares issued by the company are due for refund as on as on 31st March 2024 (as
well as on 31st March 2020, 31st March 2021, 31st March 2022, 31st March 2023 & 31st March 2024). The management is in
the process of negotiation with the respective investor to restructure the terms of issue of Preference Shares. Hence the same
are appropriately recognised as Non-Current Liability in the opinion of the Board._

Note 43

With the applicability of Ind AS 109, the recognition and measurement of impairment of financial assets is based on credit loss
assessment by expected credit loss (ECL) model. The ECL assessment involve significant management judgement. The Company''s
impairment allowance is derived from estimates including the historical default and loss ratios. Management exercises
judgement in determining the quantum of loss based on a range of factors. The most significant areas are loan staging criteria,
calculation of probability of default / loss and consideration of probability weighted scenarios and forward looking
macroeconomic factors.

The board acknowledges and understands that these factors, since there is a large increase in the data inputs required by the
ECL model, which increases the risk of completeness and accuracy of the data that has been used to create assumptions in the
model. Based on the internal management analysis, as per Board Opinion, there is no requirement of provision for expected
credit loss in several financial assets including the loans and advances and other receivables of the Company and all are on fair
value, based on the assessment and judgement made by the board of the company.

Note 44

Events after Reporting Date

There have been no events after the reporting date that require disclosure in this financial statement
Note 45

As per the accounting policies adopted by the company, the Company recognises revenue from sale of real estate units, when it
determines the satisfaction of performance obligations at a point in time, as per the requirement of Ind AS 115. Revenue is
recognised upon transfer of control of promised products to customer in an amount that reflects the consideration which the
Company expects to receive in exchange for those products.

In the Financial Year 2019-20, the company achieved Part Completion of one of the Project "Pittie Chambers". Hence the
company recognised the cost incurred on construction of the Part Completed as "Finished Goods", and kept the construction
cost of uncompleted portion as "Work in Progress". The Cost of Construction of Finished Goods was measured by the company,
based on the bifurcation of actual cost between completed and non-completed portions, as per the opinion and calculations
made by the technical and financial teams of the company and approved by the Board. Further, the salable units, where the
controls were transferred to the customers during the year were recognised as Revenue from Operations and proportionate
developement cost towards such units were adjusted with the value of "Finished Goods" under Inventories.

During the Financial Year 2023-24, no further completion/part-completion of the ongoing projects ("Pittie Chambers" and "Pittie
Paradise") were achieved but some of the control of promised products were transferred to the customer. Hence revenue was
provided by the company for the year ended 31st March 2024, pertaining to the ongoing projects and all the direct and indirect
costs incurred towards the constructions were represented as Work In Progress under Inventories.

Note 48

Revaluation/ Fair valuation of PPE / Intangible assets/ Investment property

The company has not carried out any revaluation of its Property, Plant and Equipment (including Right-of-Use Assets) and
intangible assets during the current year as well as previous year. The company also does not have any Investment property
during the current year as well as previous year.

Note 49

Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year and any of the
previous financial years.

Note 50

Undisclosed Income

The Company have not 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).

Note 51

Utilisation of Borrowed funds and share premium:

(A) During the year, 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:

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

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

(B) During the year, the Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
Note 52

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

The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

Note 53

Wilful Defaulter

The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.

Note 54

Security of current assets against borrowings

The Company has no borrowings from banks or financial institutions on the basis of security of current assets.

Note 55

Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

The Company do not have any benami property, where any proceeding has been initiated or pending against the company for
holding any Benami property.

Note 56

Misutilisation of Bank Borrowing

The company has not taken any borrowings from banks and financial institutions during the current year as well as previous
year.

Note 57

Compliance with number of layers of companies

The compliance of number of layers of companies, prescribed under clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017, are not applicable to the company

1. Total Debt = Long term Borrowings (including current maturities of Long term Borrowings), lease liabilities (current and non¬
current), short term borrowings and Interest accrued on Debts

2. Earning for Debt Service = Net Profit after taxes Non-cash operating expenses like depreciation and other amortizations Interest
other adjustments like loss on sale of Fixed assets etc.

3. Debt service = Interest & Lease Payments Principal Repayments

4. Avg. Shareholder''s Equity = Average of Opening Total Equity and Closing Total Equity excluding revaluation reserve

5. Average Inventory = Average of Opening Inventory and Closing Inventory

6. Average Trade Receivable = Average of Opening Trade Receivables and Closing Trade Receivables

7. Average Trade Payables = Average of Opening Trade Payables and Closing Trade Payables

8. Working capital shall be calculated as current assets minus current liabilities

9. EBIT = Earning before interest and taxes

10. Capital Employed = Tangible Net Worth (excluding revaluation reserve) Total Debt Deferred Tax Liability

11. Average Total Assets = Average of Opening Total Assets and Closing Total Assets excluding revaluation impact

These financial statements are presented in Indian Rupees (INR), which is also its functional currency and all
values are rounded to the nearest Lakhs, except when otherwise indicated. The amounts which are less than Rs.
0.01 Lakhs are shown as Rs 0.00 Lakhs.

Note 64

Previous year''s figures have been regrouped or reclassifed wherever necessary

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

Victoria Enterprises Limited

For Parekh Shah & Lodha CIN: L65990MH1982PLC027052

Chartered Accountants

Firm''s Registration No: 107487W

CA Ravindra Chaturvedi Krishna Kumar Pittie Satish Sharma

Partner Director Director

Membership No: 048350 DIN: 00023052 DIN: 010603829

UDIN: 24048350BKFCLQ4072

Mumbai

Date: May 29, 2024

---

Mar 31, 2013

1 Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2 Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3 Payments to Auditors

Sr.Particulars 2012 - 2013 2011 - 12 No. Amount in Rs. Amount in Rs.

1 Statutory Audit Fees Including 1,37,875 1,37,875 service tax)

2 Taxation & Company Law Matters 30,665 30,665 (Including Service Tax)

3 11,68,540 1,68,540

4 Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

5 Additional information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1956.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

6 Value of Imports calculated on CIF basis: Rs. Nil (P.Y. - 3,56,964)

7 Earnings in Foreign Exchange : Nil (P.Y. - Nil)

8 ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

Disclosures relating to Finance and Operating Leases

The Company has not entered into any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

9 Provision for Taxation

a) Current Tax

Current Tax: The company has made appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961

b) Deferred Tax

As per Accounting Standard 22 on ''Taxes on Income'' - the details of deferred tax liabilities/assets are as under:

10 Segment Reporting

Business Segments: The Company is operating in two Business Segments i.e. Real Estates Development and Entertainment but entertainment segment does not carry on any activity from preceding three financial years, and the same was not identified as a reportable segment, so Segment Reporting is given for Business/Product Segment as per Accounting Standard (AS) 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India (ICAI)

Geographical Segments : The Company is on carrying all of its operational activities only in the domestic market i.e. India and not having any operations in the overseas market hence there is only one Geographical Segment i.e. India. Accordingly no details are required to be given for the ''Geographical Segments''.

11 The balance of Debtors, Creditors, Loans & Advances and other parties are subject to confirmation and reconciliation, if any.

12 In the opinion of the management Current Assets and Loans & Advances are stated approximately at the values which are realizable in the normal course of business and the provisions of all known liabilities are adequate

13 The Company has not received any intimation from its "suppliers" regarding their status under the micro, small and Medium Enterprises Act, 2006 and hence disclosers, if any, relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act can not be ascertained and accordingly no disclosures have been given in this regards.

Benefits to Employees:

14 As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below :

a. Defined Contribution Plan

(i) Defined Contribution Plan: Not Applicable

b. Defined Benefits Plan:

(ti) Gratuity (unfunded)

(a) Liability in respect of Gratuity of Rs. 44,748/- during the year, was made based on the basis of the valuation conducted itself by the management in consultation with their gratuity advisors.

15 During the financial year under review, the Management has identified three motor cars which are used exclusively for specific projects, the depreciation thereon of Rs. 21,20,732/- has been included in the project''s work in progress and shown as part of closing work in progress.

16 The Bank of Baroda has classified its Term Loan account as Non Performing Asset and has recalled the above loan and has also issued a Demand Notice under Section 13 of the SARFAESI. The case is pending before Debt Recovery Tribunal. The bank has not provided for the interest on the above account from the month of December, 2011 onwards (interest provided in Financial Year 2011-2012 till November 2011 -Rs. 76,54,161/-). The company has provided for interest on the above loan account in its books of accounts for the period from April 2012 to March 2013 for a sum of Rs. 1,26,30,886/-

17 During the Financial Year, three real estate projects of the company were under construction at various places. A sum of Rs. 8,98,01,838/- (Previous Year Rs. 10,47,86,060/-) was incurred by the company directly and indirectly attributable towards the construction of these projects shown as "Construction and Development Cost" as per Note No 17 annexed to the Profit and Loss Account.

---

Mar 31, 2012

A) The company had issued 1,00,000 5% optionally convertible preference shares (OCPS) of Rs. 1000 each on 28-04-2008 with due approval of SEBI. The said preference shares were to be converted into the equity shares on or before the exercise date i.e. 18 months from the date of allotment of OCPS, at the discretion of the preference shareholders. However if a preference shareholder has not exercised the option on or before that date. After the lapse of exercise date, the OCPS will be converted into 5% Non Cumulative Redeemable Preference Share (NCRPS) of Rs. 1000/- each carrying a coupon rate of 5% and will be redeemable at the end of 10 years from the date of allotment of OCPS. However The Board of Directors is entitled to call for redemption of NCRPS in full or in part in one or more trenches after the expiry of 18 months.

b) There are nil number of shares (Previous year Nil) in respect of each, class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiary or associates of the holding company or the ultimate holding company in aggregate.

c) Shares in the company held by each shareholders holding more than 5% shares, as on 31.03.2012:

d) There are no calls unpaid ( Previous year No including calls unpaid by Directors and Officers as on balance sheet date

e) There is no forfeiture of the shares of any class during the Financial Year (Previous Year -Nil).

1 Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2 Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3 Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

4 Additional information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1956.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

5 Value of Imports calculated on CIF basis : Rs. 3,56,964 (P.Y. - Nil)

6 Earnings in Foreign Exchange : Nil (P.Y. - Nil)

7 Expenditure in Foreign Currency Nil (P.Y. - Nil)

8 ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

Disclosures relating to Finance and Operating Leases

The Company has not entered into any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

9 Provision for Taxation

a) Current Tax

Current Tax: The company has made appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961

b) Deferred Tax

As per Accounting Standard 22 on ''Taxes on Income'' - the details of deferred tax liabilities/assets are as under:

10 Segment Reporting

Business Segments: The Company is operating in two Business Segments i.e. Real Estates Development and Entertainment but entertainment segment does not carry on any activity from preceding three financial years, and the same was not identified as a reportable segment, so Segment Reporting is given for Business/Product Segment as per Accounting Standard (AS) 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India (ICAI)

Geographical Segments : The Company is on carrying all of its operational activities only in the domestic market i.e. India and not having any operations in the overseas market hence there is only one Geographical Segment i.e. India. Accordingly no details are required to be given for the ''Geographical Segments''.

11 The balance of Debtors, Creditors, Loans & Advances and other parties are subject to confirmation and reconciliation, if any.

12 In the opinion of the management Current Assets and Loans & Advances are stated approximately at the values which are realizable in the normal course of business and the provisions of all known liabilities are adequate.

13 The Company has not received any intimation from its "suppliers" regarding their status under the micro, small and Medium Enterprises Act, 2006 and hence disclosers, if any, relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act can not be ascertained and accordingly no disclosures have been given in this regards.

14 There is no Income Tax assessment of the Company pending in appeal/ under regular assessment up to the assessment year 2010-11.

Benefits to Employees:

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below:

a. Defined Contribution Plan

(i) Defined Contribution Plan: Not Applicable

b. Defined Benefits Plan:

(ii) Gratuity (unfunded)

(a) Liability in respect of Gratuity of Rs. 40,680/- during the year, was made based on Actuarial Basis as valued by Gratuity Consultants.

15 During the financial year under review, the Management has identified three motor cars which are used exclusively for specific projects, the depreciation thereon of Rs. 11,40,667/- has been included in the project''s work in progress and shown as part of closing work in progress.

16 The Bank of Baroda has classified its Term Loan account as Non Performing Asset and has recalled the above loan and has also issued a Demand Notice under Section 13 of the SARFAESI. The case is pending before Debt Recovery Tribunal. The bank has not provided for the interest on the above account from the month of December, 2011 onwards (interest provided in Financial Year 2011-2012 till November 2011 -Rs., 76,54,161/-). The company has provided for interest on the above loan account in its books of accounts for the period from December 2011 to March 2012 for a sum of Rs. 42,15,413.55/-

17 During the Financial Year, three real estate projects of the company were under construction at various places. A sum of Rs. 10,47,86,060/- (Previous Year Rs. 14,57,43,235/-) was incurred by the company directly and indirectly attributable towards the construction of these projects shown as "Construction and Development Cost" as per Note No 14 annexed to the Profit and Loss Account.

18 Previous year figures have been re-arranged and re-grouped wherever necessary.

---

Mar 31, 2010

1. Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2. Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3. Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

4. Additional Information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1956.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

4. Value of Imports calculated on CIF basis : Nil (P.Y. - Nil)

6. Earnings in Foreign Exchange : Nil (P.Y. - Nil)

7. Expenditure in Foreign Currency : Nil (P.Y. - Rs. 62.84 Lacs)

8. Related Parties Disclosures

(I). Names of related parties

Names of related parties where control exists irrespective of whether Nil transactions have occurred or not

Names of other related parties with - whom transactions have taken place during the year

Associates Nil

Key Management Personnel Mr. Krishna Kumar pittiee (Direclor)

Mrs. Sangeeta Pittie (Director)

Relatives of key management personnel Nil

1. M/S. Victoria Enterta- inment Pvt. Ltd.

Enterprises owned or significantly influenced by key management personnel 2. M/s. Bad Boys or their relatives Entertainment Pvt Ltd

3. M/s. Eastern Ceramics Ltd

4. M/s. Victoria Projects Pvt. Ltd

5. M/s. Shraddha Builders

6. M/s. Victoria Construction

7. M/s. Tassion Developers Pvt. Ltd.

8. M/s. P Zone Developers Pvt. Ltd

9. M/s. Victoria Utilities Pvt. Ltd.

10. M/s. Victoria Realities Pvt Ltd.



9. ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

(a) Disclosures relating to Finance and Operating Leases

The Company has not entered in any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

10. Provision for Taxation

a) Current Tax

Current Tax: The company has made a appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961

11. Segment Reporting

Business Segments: The Company is operating in two Business Segment i.e. Real Estates Development and Entertainment but entertainment segment not carry on any activity from preceding two financial year, and the same was not identified as a reportable segment, so Segment Reporting is given for Business/Product Segment as per Accounting Standard (AS) 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India (ICAI)

Geographical Segments : The Company is carrying all of its operational activities only in the domestic market i.e. India and not having any operations in the overseas market hence there is only one Geographical Segment i.e. India, accordingly no details are required to be given for the ''Geographical Segments''.

12. The balance of Debtors, Creditors, Loans & Advances and other parties are subject to confirmation and reconciliation, if any.

13. in the opinion of the management Current Assets and Loan & Advances are stated approximately at the values which are realizable in the normal course of business and the provisions of all known liabilities are adequate

14. The Company has not received any intimation from its "suppliers" regarding their status under the micro, small and Medium Enterprises Act, 2006 and hence disclosers, if any, relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act can not be ascertained and accordingly no disclosures have been given in this regards.

15. Income Tax assessments of the Company are pending in appeal for the assessment year 2006-07. However Income Tax assessments of the Company have been completed till the assessment year 2005-06.

Benefits to Employees:

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below :

a. Defined Contribution Plan

(i) Defined Contribution Plan: Not Applicable

b. Defined Benefits Plan:

(ii) Gratuity (unfunded)

(a) Liability in respect of Gratuity of Rs. 46,550/- during the year, was made based on estimation done by the Management which looks on higher side.

16. During the financial year under review, the Management has identified two motor cars which are used exclusively for specific projects, the depreciation thereon of Rs. 17.47 lakhs has been included in the project''s work in progress and shown as part of closing work in progress, whereas the last year the depreciation on the same charged to Profit & Loss Account since it was not specifically used for the projects.

17. The company had issued 1,00,000 5% optionally convertible preference shares (OCPS) of Rs. 1000 each on 28-04-2008 with due approval of SEBI. The said preference shares were to be converted into the equity shares on or before the exercise date i.e. 18 months from the date of allotment of OCPS, at the discretion of the preference shareholders. However a preference shareholder has not exercised the option on or before that date. After the lapse of exercise date, the OCPS converted into 5% Non Cumulative Redeemable Preference Share (NCRPS) of Rs. 1000/- each carrying a coupon rate of 5% and will be redeemable at the end of 10 years from the date of allotment of OCPS. However The Board of Directors is entitled to call for redemption of NCRPS in full or in part in one or more chances after the expiry of 18 months.

18. Previous years figures have been re-arranged and re-grouped wherever necessary

---

Mar 31, 2009

1 Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2 Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3 Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

4 Additional information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1966.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

5 Value of Imports calculated on CIF basis : Nil (P.Y. - Nil)

6 Earnings in Foreign Exchange : Nil (P.Y. - Nil)

7 Expenditure in Foreign Currency 62.84 Lacs (P.Y. - Nil)

8 Related Parties Disclosures

(I). Names of related parties

Names of related parties where control exists irrespective Nil of whether transactions have occurred or not

Names of other related parties with whom transactions have taken place during the year:

Associates Nil

Mr. Krishna Kumar Pittie (Director)

Key Management Personnel Mrs Sangeeta Pittie (Director)

Relatives of key management personnel Nil

Enterprises owned or significantly influenced by key Victoria Reality Pvt. Ltd. management personnel or their relatives

Victona Entertainment Pvt. Ltd.

Victoria Developers Pvt. Ltd.

9 ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

(a) Disclosures relating to Finance and Operating Leases

The Company has not entered in any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

10 Provision for Taxation

a) Current Tax

Current Tax: The company has made a appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961

11 Account confirmation statements were not received from some of the parties.

Segment Reporting

12 Business Segments : The Company is operating in two Business Segment i.e. Real Estates Development and Entertainment but entertainment segment not carry on any activity from preceding two financial year, and the same was not identified as a reportable segment, so Segment Reporting is given for Business/Product Segment as per Accounting Standard (AS) 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India (ICAI)

Geographical Segments : The Company is carrying all of its operational activities only in the domestic market i.e. India and not having any operations in the overseas market hence there is only one Geographical Segment i.e. India, accordingly no details are required to be given for the Geographical Segments.

13 General Notes

I) The dues to Small Scale Industrial (SSI) units are not determinable as the suppliers have not furnished information about their status

II) Term Loan

The Company has availed a Term Loan facilities from Indiabulls, Mumbai secured by registered mortgage of the entire 9th and 10th floor of Vaibhav Chambers, BKC Bandra (East) property held in the name of Mr. Krishna Kumar Pittie, Director of the Company.

III) Income Tax assessments of the Company have been completed till the assessment year 2006-07.

14 Current Assets and Loan & Advances are stated at the values which are realizable in the normal course of business in the opinion of the management.

15 Previous years figures have been re-arranged and re-grouped wherever necessary As per report of even date.

---

Mar 31, 2008

1. Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2. Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3. Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

4. Additional information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1956.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

5. Value of Imports calculated on CIF basis: Nil (P.Y. - Nil)

6. Earnings in Foreign Exchange : Nil (P.Y. - Nil)

7. Expenditure in Foreign Currency Nil (P.Y. - Nil)

8. Segment Reporting Disclosure for the year ended 31.03.2008 as per Accounting Standard-17 issued by ICAI.

9. ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

(a) Disclosures relating to Finance and Operating Leases

The Company has not entered in any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

10. General Notes

I) The dues to Small Scale Industrial (SSI) units are not determinable as the suppliers have not furnished information about their status

II) Term Loan

The Company has availed a Term Loan facilities from Indiabulls, Mumbai secured by registered mortgage of the entire 9th and 10th floor of Vaibhav Chambers, BKC Bandra (East) property held in the name of Mr.Krishna Kumar Pittie Director of the Company.

III) Income Tax assessments of the Company have been completed till the assessment year 2004-05.

IV) The Company has received Share Application Money for 1,00,000 5% Optionally Convertible Preference Share (OCPS) of face value 1,000/- each for Rs. 10,00,00,000/- during the year and same has been allotted on 28.04.2008.

11. Account confirmation statements were not received from some of the parties.

12. Current Assets and Loan & Advances are stated at the values which are realizable in the normal course of business in the opinion of the management.

13. Previous years figures have been re-arranged and re-grouped wherever necessary.

---

Mar 31, 2006

ANNUAL REPORT 2005-2006

NOTES ON ACCOUNTS

SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS:

I. Significant Accounting Policies:

A) Accounting Convention:

The Accompanying Financial Statement have been prepared in accordance with the historical cost convention and in accordance with the Companies Act, 1956 and in all material aspect with applicable accounting standards issued by the Institute of Chartered Accountants of India.

B) System of Accounting:

The company adopts the accrual basis in the preparation of its accounts.

C) Fixed Assets:

Fixed assets erected & commissioned have been capitalised at cost including other incidental expenses relating to acquisition and installation.

D) Depreciation:

I) Depreciation has been provided on written down value method corresponding to the rates prescribed under schedule XIV of the Companies Act 1956.

II) Depreciation on additions is being provided on pro-rata basis from the date of such additions.

III) Lease hold Land is being amortized over the period of lease.

E) Revenue Recognition:

I) In case of Development of Real Estates revenue is recognized when significant risk and rewards incidental to transaction/property has been transferred to the buyer according to Accounting Standard - 9 relating to Revenue Recognition issued by ICAI.

II) In case of Civil Construction Contracts the Company follows the percentage of completion method to recognized the Revenue as per Accounting Standard - 7 relating to Construction contracts issued by ICAI. The Revenue is recognized only on completion of projects above stipulation percentage.

III) Determination of revenues under the Percentage of Completion Method necessarily involves making estimates by the Company, some of which are of technical nature, concerning, where relevant, the percentage of completion, costs to completion, the expected revenues from the project/activity and the foreseeable losses to completion. The auditors have relied upon such estimates.

IV) Dividend including Interim are accounted for when declared.

F) Inventory:

Inventories are valued on the following basis:

I) Inventories of finished goods and materials at site are valued at lower of cost or net releasable value.

II) All cost incurred for development of Real Estates are shown as work in, progress till the completion/sale/recognition of revenues related to such property. This includes cost of land, development expenses, interest and other cost/expenses incidental to the projects undertaken by the company.

III) All cost incurred for movies under production, which has not been completed till date of Balance sheet has been shown as work in progress which also includes advances paid in relation to such production.

G) Lease Transactions:

Assets acquired under finance leases are recognized in accordance with the method recommended by the ICAI. Lease payments are apportioned between finance charge and reduction of outstanding liabilities. The finance charge is allocated to periods during lease term at a constant periodic rate of interest on the remaining balance of the liability.

H) Investments:

Long term Investments are stated at cost less permanent diminution in value if any.

Current Investments are valued at lower of cost and fair value.

I) Taxes on Income:

Income Tax expense comprise of Current Tax and Deferred Tax charge or credit. The current tax is determined as the amount of tax payable in respect of taxable income for the year, as per the provisions of Income Tax Act, 1961. The Company provides for Deferred Tax Liability based on the tax effect of Timing Differences resulting from the recognization of item in the financial statements and estimating its current income tax provision. Where there are brought forward fiscal allowances, deferred tax asset is recognized only if there is virtual certainty of realization of such assets. Deferred tax assets and liabilities are reviewed as at each balance sheet date and restated as per current developments.

J) Borrowing Costs:

Borrowing Costs attributable to the fixed assets during their construction/renovation and modernization are capitalized in accordance with AS-16 issued by ICAL Such borrowing costs are apportioned on the average balance of Capital Work-In-Progress for the year. Other borrowing costs are recognized as an expense in the period in which they are incurred.

K) Impairment: According to AS-28 on 'Impairment of Assets' an Asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. Impairment Loss is charged to Profit & Loss A/c in the year in which impairment is identified.

L) Provisions, Contingent Liabilities and Contingent Assets: Provisions involving a substantial degree of estimation in measurement are recognized when there is a resent obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

M) Miscellaneous Expenditure: The Company has written off all the preliminary/miscellaneous expenditure in the financial year in which they have incurred as per Accounting Standard - 26 on intangible Assets issued by ICAI

II NOTES TO ACCOUNTS:

1. Impairment of Assets: The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2 Contingent Liabilities Not provided for - Nil (PY - Nil).

3 Payments to Auditors: (Amount Rs.) Particulars 2005-2006 2004-2005

1. Statutory Audit Fees 11,224 11,020 2. Certification Fees - 3,000 3. Taxation & Company Law Matters - 5,000 (Including Service Tax) 11,224 19,020

4. Managerial Remuneration:

The Company has not paid/provided any managerial remuneration during the financial year.

5. Additional information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act , 1956.

The Licensed capacity, installed capacity and quantitative and value details in respect of material/construction are not relevant to the Company is engaged in the business of real estate developments and entertainment.

6. Value of Imports Calculated on CIF basis: Nil (PY - Nil)

7. Earnings in Foreign Exchange : Nil (PY - Nil)

8. Expenditure in Foreign Currency Nil (PY - Nil)

9. In absence of adequate profits the company has not paid/provided any commission on the profits to any managerial person.

10. Segment Reporting Disclosure for the year ended 31-03-2006 as per Accounting Standard - 17 issued by ICAI:

SEGMENT INFORMATION:

The Company's segment information as at and for the year ended 31st March 2006 are as follows:

Primary Segment - (Business Segment)

1. Real Estate Development 2. Entertainment 2005 - 2006 2004 - 2005

REVENUE: Real Estate Development (including Increase/(Decrease) in Work in Progress) 230,756,642 - Entertainment (including Increase/(Decrease) in Work in Progress) 505,404 - Unallocable 1,391,575 1,034,030 Total 232,653,621 1,034,030

RESULTS: Segmental Profit - Real Estate Development - - Segmental Profit - Entertainment - - Unallocable Profit (Net) (3,269,369) 1,034,036 Net profit/(Loss) Before Tax & Prior period adjustments (3,269,369) 668,654 Provision For Tax (Including deferred Tax and FBT) 30,908 6,000 Net Profit/(Loss) after Tax but before Prior period adjustments (3,300,277) 662,654

OTHER INFORMATION: Segment Assets: Real Estate Development 230,756,642 - Entertainment 10,895,404 - Unallocable Assets 1,081,769 72,85,152 Total Assets 242,733,816 7,285,152 Segment Liabilities Real Estate Development 221,870,707 - Entertainment - - Share Capital & Reserves 3,792,905 7,093,182 Unsecured Loans and Bank Overdraft 16,754,976 - Unallocable Liabilities 315,228 191,970 Total Liabilities 242,733,816 7,285,152 Segment Capital Employed Real Estate Development 8,885,935 - Entertainment 10,895,404 - Unallocable 766,541 7,093,182 Total Capital Employed 20,547,881 7,093,182 Capital Expenditure - - Depreciation for the year 6,656 -

11. Related party disclosure in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India (ICAI)

A. Related Parties and nature of relationship:

1. Key Managerial Person/Enterprises 1. Krishna Kumar Pittie having direct/indirect control or (from 23.05.2005) significant influence: 2. Mrs. Sangeeta Pittie (from 23.05.2005)

2. Enterprises where Directors or their 1. Victoria Reality Pvt. Ltd. relatives are exercising significant (from 23.05 2005) influence 2. Bad Boys Entertainment Pvt. Ltd. (from 23.05.2005) 3. Daffodils & Dreams Entertainment Pvt, Ltd. (from 23.05.2005) 4. Bohra Infrastructure Pvt, Ltd. (from 23.05.2005) 5. Express Leasing Ltd. (upto 06.07.2005)

B. Aggregated related Parties Disclosure: (Amount in Rs.) Key Managerial Person/ Enterprises where Directors Nature of Transactions Enterprises or their relatives are having exercising significant direct/ influence indirect control or significant influence: Business Advances - 102,308,683 taken/received back (-)

Unsecured Loan 32,760,000 - Received (-) (-) Unsecured Loan 23,910,000 - Repaid (-) (-)

Business Advances - 110,858,683 Repaid/Given (-) (-) Interest Received 178,849 Investments in Equity - - Shares (-) (1,314,575) Receivables - 8,728,849 (-) (-) Payables 8,850,000 - (-) (-)

Amount written off or written back in respect of debts due from or to related parties are 'NIL'.

Figures for the previous year has been shown in the brackets.

Related party relationship is as identified by the management and relied upon by the auditor.

12. ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES:

(a) Disclosures relating to Finance and Operating Leases:

The Company has not entered in any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in to is respect.

13 Provision for Taxes:

Current Tax: The company has incurred loss in the financial year and view of this the management is of the opinion that no provision for income tax is required to be made for the financial year under the provision of the Income Tax Act, 1961.

Deferred tax is recognized on timing differences in accordance with AS-22 issued by ICAI as per details given hereunder.

As on As on 31.03.2006 31.03.2005 Deferred Tax Liabilities: Due to difference in Depreciation (11,154) - Total - A (11,154) Deferred Tax Asset Due to difference in Preliminary Expenses 91,555 - Total - B 91,555 - Total A + B 80,401 - Balance carried Forward to Balance Sheet 80,401 - Charge to Profit & Loss A/c 80,401 -

The company having carried forward business losses/unabsorbed depreciation as per Income Tax Act, 1961 but no deferred tax has been created on this losses considering the concept of prudence and virtual certainty.

14 Earning Per Shares:

As at 31.03.2006 As At 31.03.2005

I. Net Profit/(Loss) after tax available for (3,300,277) 662,654 equity shareholders (Rs.)

II. Weighted average number of equity shares 500,000 500,000 of Rs.10/- each outstanding during the year (No. of Shares)

III. Basic and Diluted Earnings/(Loss) per (6.60) 1.33 Share (Rs.)

15. Retirement Benefits:

I) The Provisions of the Provident Fund Act, 1952 are not applicable to the Company.

II) The Provisions of the Gratuity Act, 1952 are not applicable to the Company.

16. Miscellaneous expenditure:

The company has incurred a expenditure for increasing in Authorized Capital amounting to Rs.3,40,000/- during the financial year ended on 31.03.2006 and same has been written off during the year as per Accounting Standard - 26 on Intangible Assets Issued by ICAI

17. General Notes:

I) The dues to Small Scale Industrial (SSI) units are not determinable as the suppliers have not furnished information about their status

II) Bank overdraft:

The Company has availed a overdraft facilities from Oriental Bank of Commerce, Prabhadevi Branch secured by Equitable mortgage of the entire 9th

and 10th floor of Vaibhav Chambers, BKC Bandra (East) property held in the name of Krishna Kumar Pittie (Director) of the Company.

III) Income Tax assessments of the Company has been, completed till the assessment year 2004-05.

18. Account confirmation statements were not received from some of the parties.

19. Current Assets and Loan & Advances are stated at the values which are realizable in the normal course of business in the opinion of the management.

20. Previous years figures have been re-arranged and re-grouped wherever necessary.

As per report of even date

For and behalf of M/s Ravindra Chaturvedi & Co. Chartered Accountants For Victoria Enterprises Limited

Ravindra Chaturvedi Krishna Kumar Pittie Sangeeta Pittie partner Director Director Membership No.:48305

Date : 30th June, 2006 Place: Mumbai

---

Mar 31, 1999

(i) Previous year's figures have been regrouped wherever necessary to make them comparable with the figures of the current year.

(ii) No provision for taxation has been made in view of losses.

(iii) There are no amounts payable to any small scale industrial undertaking.

(iv) The amount of audit fees include Rs. 250/- (P.Y. Nil) towards service tax.

(v) Additional informations required pursuant to Part II of Schedule VI to the Companies Act, 1956 are not applicable to the Company.