ಕಂಪನಿಯ ಅಕೌಂಟಿಗ್ ಪಾಲಿಸಿ AVENIQUE Ltd.

Mar 31, 2026

1. CORPORATE INFORMATION

"The Company was incorporated on April 22, 1993. The Company is engaged in Hospitality services. The Company''s registered office is located at 228/5-B, Akshay Mittal, Mittal Industrial Estate, Andheri Kurla Road, Marol, Andheri (East), Mumbai, Maharashtra, India, 400059. The company shares are listed in Bombay Stock Exchange (BSE). Corporate office of the Company is located at A-1217, Titanium Business Park, Nr Makarba Railway Crossing, Jivraj Park, Ahmedabad, Gujarat-380051, India.

KDJ HOLIDAYSCAPES AND RESORTS LIMITED (hereinafter called “The Company”) went into CORPORATE INSOLVENCY RESOLUTION PROCESS (CIRP) after one of the Financial Creditors TJSB Sahakari Bank Limited filed an application under section 7 of Insolvency and Bankruptcy Code, 2016.

The said application was admitted by the National Company Law Tribunal vide order dated 23rd September, 2019.The Resolution Plan submitted by Successful Resolution Applicant Mr. Ravikumar Gaurishankar Patel, was unanimously approved by the CoC (Committee of Creditors), by 100% of the voting share through e-voting. The approved resolution plan was managed by Implementation and Monitoring Committee (IMC). The new Board of Directors was appointed with effect from 28th March, 2025. The management of Company was handed over to the Board by the Monitoring Committee as on 18th April 2025."

1.01. Statement of Compliance:

The financial statements of the company have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 notifies under Section 133 of Companies Act, 2013 (the "Act") and the other relevant provisions of the Act.

These standalone financial statements have been prepared for the Company as a going concern on the basis of relevant Ind AS that is effective at the Company''s annual report date, March 31, 2026. These standalone financial statements were authorized for issuance by the Company''s Board of Directors on April 18 2025.

1.02. Basis of preparation and presentation:

The financial statement have been prepared on the historical cost except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below.

Historical cost is generally based on the fair value of the consideration given in exchange of goods and services. Fair value is the price which that would be received or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

1.03. Use of Estimates:

The preparation of these financial statements in conformity with the recognition and measurement principles of Ind AS requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of income and expense for the periods presented.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and future periods are affected. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and differences between actual results and estimates are recognized in the periods in which the results are known/materialize.

Key source of estimation of uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of Fair valuation of financial instruments, useful lives of property, plant and equipment, valuation of deferred tax Assets & liabilities and provisions and contingent liabilities.

Useful lives of property, plant and equipment

"The Company reviews the useful life of property, plant and equipment at the end of each reporting period.

This reassessment may result in change in depreciation expense in future periods."

Valuation of deferred tax assets & Liabilities

The Company reviews the carrying amount of deferred tax assets & Liabilities at the end of each reporting period.

Provisions and contingent liabilities

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

Provisions are measured at the present value of the expenditures expected to be required to settle the Obligation using a pre-tax rate that reflects current market assessments of the time value of money (if the impact of discounting is significant) and the risks specific to the obligation. The increase in the Provision due to unwinding of discount over passage of time is recognized as finance cost. Provisions are reviewed at the each reporting date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed.

A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the expected net cost of continuing with the contract. Before a provision is established, the company recognizes any impairment loss on the assets associated with that contract.

A disclosure for a contingent liability is made where there is a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from the past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent liabilities are not recognized in the financial statements. A contingent asset is neither recognized nor disclosed in the financial statements.

Fair value measurements and valuation processes

Some of the company''s assets and liabilities are measured at fair value for financial reporting purposes. The company has obtained independent fair valuation for financial instruments wherever necessary to determine the appropriate valuation techniques and inputs for fair value measurements. In some cases the fair value of financial instruments is done internally by the management of the Company using market-observable inputs. In estimating the fair value of an asset or a liability, the company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the company engages third party qualified valuers to perform the valuation. The qualified external valuers establish the appropriate valuation techniques and inputs to the model. The external valuers report to the management of the Company their findings for every reporting period to explain the cause of fluctuations in the fair value of the assets and liabilities.

1.04. Property, Plant & Equipment

No asset held by company under this head

1.05. Depreciation on Property, plant and equipment:

No asset held by company under this head

1.06. Non - current assets held for sale No asset held by company under this head

1.07. Intangible assets:

No Intangible Assets recorded as at March 31, 2026.

1.08. Impairment of Assets

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs of disposal and 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 for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit and loss.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit and loss.

1.09. Financial Instruments:

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities [other than financial assets and financial liabilities at Fair Value through Profit or Loss (FVTPL)] are added to or deducted from the fair value of the financial assets or financial liabilities as appropriate, on initial recognition.

Financial assets at amortized cost:

Financial assets are subsequently measured at amortized cost if these financial assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at fair value through other comprehensive income

Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial asset at fair value through profit or loss:

Financial assets are measured at fair value through profit or loss unless it is measured at amortized cost or at fair value through other comprehensive income on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in the statement of profit and loss.

Financial guarantee contracts:

"A Financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instruments.

Financial guarantee contracts issued by a holding company are initially measured at their fair values and, if not designated as at FVTPL, are subsequently measured at the higher of:"

• The amount of loss allowance determined in accordance with impairment requirements of IND AS 109: and

• The amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance with the principles of IND AS 18.

Impairment of financial assets

The company recognizes loss allowance using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for all financial assets is measured at an amount equal to lifetime ECL. The company has used practical expedient by computing expected credit loss allowance for trade receivable by taking into consideration historical credit loss experience and adjusted for forward looking information. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized as an impairment gain or loss in the statement of profit or loss.

De-recognition of financial assets

The company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire or when it transfers the financial asset and substantially all the risk and rewards of ownership of the asset to another party. On Derecognition of a financial assets in its entirety, the difference between the asset''s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in the statement of Profit or Loss if such gain or loss would have otherwise been recognized in the Statement of Profit and Loss on disposal of that financial asset.

Gains or losses arising on re-measurements are recognized in the statement of Profit or Loss. The net gain or loss recognized in the statement of Profit and Loss incorporates any dividend or interest earned on the financial assets and in included in the ''Other Income'' line item

1.10.Financial Liabilities and Equity Instruments:

"Classification as debt or equity

Debt and Equity instruments issued by a company are classified as either financial liabilities or as Equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument."

Equity Instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the company are recognized at the proceeds received, net of direct issue costs.

Financial Liabilities

All financial liabilities are measured at amortized cost using the effective interest method. De-recognition of financial liabilities

The company derecognizes financial liabilities when, and only when, the company''s obligations are discharged, cancelled or have expired. An exchange with a new lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantially modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial derecognized and the consideration paid and payable is recognized in the statement of Profit and Loss.

1.11.Inventories:

No Inventories were recorded in the Financial Year 2025-26.

1.12.Revenue Recognition:

i) Revenue from Operation:

Revenue from Operations is NIL for the FY 2025-26.

ii. Other Income

Other Income is NIL for the FY 2025-26.

1.13.Operating cycle

Assets and liabilities other than those relating to long term contracts are classified as current if it is expected to realize or settle within 12 months after the balance sheet date.

1.14. Cash and Cash Equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of Cash in hand, balances with banks & demand deposits with banks which are unrestricted for withdrawal and usage. The amount is Rs 2.30 Lacs for the FY 2025-26.

1.15. Cash Flow Statement

Cash flows are reported using indirect method, whereby profit/ (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on the available information.

1.16. Foreign Currency Transactions:

The functional currency of the Company is Indian rupee.Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Foreign currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date.Exchange rate differences resulting from foreign currency transactions settled during the period including year-end translation of assets & liabilities are recognized in the statement of profit and loss.Non-monetary assets which are measured in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of initial transaction.

1.17. Employee Benefits:

(a) Defined Contribution Plan

Payments to defined contribution retirement benefit scheme for eligible employees in the form of superannuation fund and the Company''s contribution towards provident fund are recognized as an expense when employees have rendered service entitling them to the contributions.

(i) Gratuity:

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15/26 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The Company accounts for the liability for gratuity benefits payable in future based on an independent actuarial valuation.

(ii) Compensated Absences:

The Company provides for the encashment of compensated absences with pay subject to certain rules. The employees are entitled to accumulate compensated absences subject to certain limits, for future encashment. Accumulated leave, which is expected to be utilized within the next twelve months, is treated as short-term employee benefit and the accumulated leave expected to be carried forward beyond twelve month is treated as long-term employee benefit which are provided based on the number of days of un utilized compensated absence on the basis of an independent actuarial valuation.

1.18.Income Taxes:

Tax expenses comprises of current and deferred tax. Provision for current tax is made based on the liability computed in accordance with the Indian Income Tax Act, 1961.The tax rates and tax laws used to compute the tax liability are those that are enacted or substantively enacted at the reporting date. Deferred tax is recognized on the basis of timing differences arising between the taxable incomes and accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date. Deferred tax assets are recognized only if there is a virtual certainty that they will be realized. The deferred tax assets / liabilities are reviewed for the appropriateness of their carrying values at each balance sheet date.

1.19. Earnings per share:

The Company reports basic and diluted earnings per share in accordance with Ind AS 33 on Earnings per share. Basic earnings per share are computed by dividing the net profit or loss for the period by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit or loss for the period by the weighted average number of equity shares outstanding during the period as adjusted for the effects of all diluted potential equity shares except where the results are anti-dilutive

1.20. Provisions, Contingent Liabilities and Contingent Assets:

"i. Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

ii. Contingent Liability is

(a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of he entity ; or

(b) a present obligation that arises from past events but is not recognized because :

(i) it is not probable that an outflow of resources embodying economic benefits will be settle the obligation ; or

(ii) the amount of the obligation cannot be measured with sufficient reliability.

iii. Contingent liabilities are not recognized but are disclosed in the notes after careful evaluation of facts and legal aspects of the matter involved.

iv. A Contingent Asset is possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Contingent Assets are neither recognized nor disclosed.

v. Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

vi. Warranty Provisions: Provisions for warranty related cost are recognized when the product is sold or service provided. Provision is based on historical experience. The estimate of such warranty cost is revised annually."

1.21.Share Capital

Ordinary Shares

Ordinary shares are classified as equity. Incremental costs, if any, directly attributable to the issue of Ordinary shares are recognized as a deduction from other equity, net of any tax effects.

1.22.Fair Value Measurement

"Fair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell an asset or transfer the liability takes place either:

- in the principle market for the asset or liability

- in the absence of principle market, in the most advantageous market for the asset or liability.

The principle or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

- Level 1 Quoted (Unadjusted) Market prices in active markets for incidental assets or liabilities

- Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

- Level 3 Valuation Techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers that have occurred between levels in the hierarchy by reassessing categorization(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period."

Determination of Fair Value

1) Financial Assets - Debt Instruments at amortized cost

After initial measurement the financial assets are subsequently measured at amortized cost using the Effective Interest Rate (EIR) method. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or cost that are an integral part of the EIR.

2) Financial Assets - Debt Instruments at Fair Value through Other Comprehensive Income (FVTOCI)

Measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the Other Comprehensive Income (OCI). On de-recognition of the asset, cumulative gain or loss previously recognized in OCI is reclassified from the equity to P&L.

3) Debt instruments & derivatives at Fair Value through Profit or Loss (FVTPL)

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.

4) Equity Instruments at Fair Value through Other Comprehensive Income

On initial recognition, the Company can make an irrevocable election (on an instrument by instrument basis) to present the subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains / losses arising from changes in fair value recognized in other comprehensive income. This cumulative gain or loss is not reclassified to profit or loss on disposal of the in-vestments.

5) Financial Liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit & loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Companies financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments.

Subsequent Measurement Fair value through Profit & Loss

Financial liabilities at fair value through profit & loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. All changes in fair value of such liabilities are recognized in statement of profit or loss.

Loans and Borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. The EIR amortization is included as finance costs in the statement of profit and loss.

1.23.Current/Non-Current Classification

"The Company presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is classified as current when it satisfies any of the following criteria:

- It is expected to be realized or intended to be sold or consumed in normal operating cycle

- It is held primarily for the purpose of trading

- It is expected to be realized within 12 months after the date of reporting period, or

- Cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after reporting period.

Current assets include the current portion of non-current financial assets.

All other assets are classified as non-current.

A liability is current when it satisfies any of the following criteria:

- It is expected to be settled in normal operating cycle

- It is held primarily for the purpose of trading

- It is due to be settled within 12 months after the reporting period, or

- There is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period Current liabilities include the current portion of long term financial liabilities.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets and their realization in cash and cash equivalents. The Company has identified 12 months as its operating cycle."

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Mar 31, 2015

A . General :

i) The accounts have been prepared on accrual basis of accounting and are in accordance with the historical cost convention principles.

B . Uses of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting principles requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income & expenses during the year. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable.

Difference between actual results and estimates are recognized in the periods in which the results materialize.

C . Revenue recognition

i) Entitlement fee , which entitles the member to own vacation facilities over the membersip usage period, is recognised as income at the time of sale of membership.

Hitherto , the Company was recognising the same as income over the entitled vacation period.

To align with the new accouting policy , the Entitlement fees for membership sold during the earlier periods for the unexpired vacation period , has also been recognised as income of the year.

Due to this change in accounting policy, the Profits for the year are higher by Rs. 3,69,67,861/- with the consequential effect on the Reserves.

ii) Annual subscription fee dues from members are recognised as income on an accrual basis.

iii) Income from resorts includes income from room rentals, food and beverages, etc. and is recognised when sold or services are rendered.

iv) Interest Income from loans is accounted on time proportion basis.

v) Dividend income from investments is accounted as and when right to receive the payment is established.

vi) Commission income is recognised on accrual basis as per the terms of the agreements.

D . Inventories

Inventories are carried at lower of cost and net realisable value.

E . Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. Cost comprise the Purchase price and any attributable cost of bringing the assets into working condition for its intended use.

F . Depreciation :

Tangible Assets

Consequent to the enactment of the Companies Act, 2013 (the Act) and its applicability for accounting periods commencing from April 1, 2014, the Company has realigned the remaining useful lives of its tangible fixed assets in accordance with the provisions prescribed under Schedule II to the Act.

In case of tangible fixed assets which have completed their useful lives, the carrying value (net of residual value) as at April 1, 2014 amounting to Rs. 54,890/- has been debited to the "Surplus in the Statement of Profit and Loss" and in case of other tangible fixed assets, the carrying value (net of residual value) is being depreciated over the revised remaining useful lives.

In case of the Assets having balance useful lives as on April 01 , 2014 , the Depreciation is provided for on Written Down Value Method as per balance useful lives of such assets in accordance with the provisions prescribed under Schedule II to the Act.

Hitherto, Depreciation was provided for on Written Down Value method at the rates and in the manner prescribed under Schedule XIV to the Companies Act,1956.

Due to the realignment of the remaining useful lives of the assets , as aforesaid , the Depreciation expense for the Year Ended 31st March 2015 is higher by Rs. 2,98,609/- with the consequential effects on reserves & surplus of the company

Intangible Assets

Trade Marks are amortised on Straight Line method over a period of 5 years.

G . Investments

Investments that are intended to be held for more than a year, from the date of acquisition are classified as long term investments i.e. non current investments and are carried at cost less any provision for permanent diminution in the value.

Investments other than long term are valued at cost and market value whichever is lower.

H . Borrowing Costs

Borrowing costs are charged to revenue unless they are attributable to the acquisition or construction of Fixed assets. In case the borrowing costs are attributable to acquisition or construction of fixed assets , the costs incurred upto the date of the completion of acquisition or construction are capitalised.

I . Provision for current and deferred tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between books and taxable profit is accounted for using the rates and laws that have been enacted or substantively enacted as on the balance sheet date . The deferred tax assets is recognised and carried forward only to the extent that there is a reasonable certainty that the assets will be realised in future.

J . Employee Benefits

The Company is accounting for Gratuity and Leave Encashment in the year of payment.

No provision has been made for accrued gratuity liability. No actuarial valuation has been done for accrued gratuity liability till the year end

K . Bonus

Customary Bonus to the employees of the Company is being accounted for in the year of payment.

L . Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value.

An impairment loss is charged to the Profit & Loss a/c in the year in which an asset is identified as impaired. The impairment loss is recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

M . Deferred revenue expenditure are being amortised over a period of 10 years from the date of commencement of business.

N . Pre-operative expenses are being amortised over a year of 5 years from the date of commencement of business.

O . Certain types of income such as Royalty, Insurance Claim, Customer Claims etc. have been considered to the extent of amount ascertainable / accepted by the parties.

P . Additional liability if any arising pursuant to assessment under various fiscal statutes shall be accounted for in the year of respective assessment.

Q . In the opinion of Board of Directors; the Current Assets, Loans & Advances are realizable in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet.

The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

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Mar 31, 2014

A. General:

i) The accounts have been prepared on accrual basis of accounting and are in accordance with the historical cost convention principles.

ii) The name of the company was changed to KDJ HOLIDAY SCAPES AND RESORTS LIMITED during the year under review.

B. Uses of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting principles requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income & expenses during the year. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Difference between actual results and estimates are recognized in the periods in which the results are materialize.

C. Revenue recognition

i) The company’s business is to sell Vacation ownership and provide holiday facilities to members for a specified period each year, over a number of years, for which membership fee is collected either in full up front, or on a deferred payment basis. The membership fee is divided in to two parts viz. Admission Fee and Entitlement Fee.

ii) Admission fee is recognised as income on receipt of minimum subscription fees.

iii) Entitlement fee which entitles the vacation ownership member for the vacation ownership facilities over the membership usage period, is recognised as income over the entitled vacation period.

iv) Annual subscription fee dues from members are recognised as income on an accrual basis.

v) Income from resorts includes income from room rentals, food and beverages, etc. and is recognised when sold or services are rendered.

vi) Interest Income from loans is accounted on time proportion basis.

vii) Dividend income from investments is accounted as and when right to receive the payment is established.

viii) Commission income is recognised on accrual basis as per the terms of the agreements.

D. Inventories

Inventories are carried at lower of cost or net realisable value.

E. Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost comprise the Purchase price and any attributable cost of bringing the assets into working condition for its intended use.

F. Depreciation :

Tangible Assets

Depreciation has been provided on Written Down Value method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

Intangible Assets

Trade Marks are amortised on Straight Line method over a period of 5 years.

G. Investments

Investments that are intended to be held for more than a year, from the date of acquisition are classified as long term investments i.e. non current investments and are carried at cost less any provision for permanent diminution in the value. Investments other than long term are valued at cost or fair value whichever is lower.

H. Borrowing Costs

Borrowing costs are charged to revenue unless they are attributable to the acquisition or construction of Fixed assets. In case the borrowing costs are attributable to acquisition or construction of fixed assets, the costs incurred upto the date of the completion acquisition or construction are capitalised and thereafter charged to revenue.

I. Provision for current and deferred tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between books and taxable profit is accounted for using the rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a reasonable certainty that the assets will be realised in future.

J. Employee Benefits

The Company is accounting for Gratuity and Leave Encashment in the year of payment. No provision has been made for accrued gratuity liability. No actuarial valuation has been done for accrued gratuity liability till the year end

K. Bonus

Customary Bonus to the employees of the Company is being accounted for in the year of payment.

L. Provisions & contingencies

i) Provisions are recognized in terms of Accounting Standard 29 " Provisions, Contingent Liabilities and Contingent Assets notified by the Companies (Accounting Standards) Rules, 2006 when there is a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which reliable estimate can be made.

ii) Contingent liabilities are recognized only when there is a possible obligation arising from past events due to occurrence & non occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimates of the obligation cannot be made Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

iii) Contingent liabilities are disclosed by way of notes.

M. Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit & Loss a/c in the year in which an asset is identified as impaired. The impairment loss is recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

N. Deferred revenue expenditure are being amortised over a period of next 10 years depending upon their future benefits

O. Pre-operative expenses are being amortised over a year of 5 years depending upon their future benefits.

P. Certain types of income such as Royalty, Insurance Claim, Customer Claims etc. have been considered to the extent of amount ascertainable / accepted by the parties.

Q. Additional liability if any arising pursuant to assessment under various fiscal statutes shall be accounted for in the year of respective assessment.

R. In the opinion of Board of Directors; the Current Assets, Loans & Advances are realizable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

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Mar 31, 2013

A Basis of Accounting:

The Financial Statements have been prepared under the historical cost convention, on an accrual basis of accounting and in accordance with the Generally Accepted Accounting Principles in India and comply with the Accounting Standards prescribed by the Companies (Accounting Standard) Rules 2006 to the extent applicable and in accordance with the relevant provisions of the Companies Act, 1956.

B Use of Estimates:

The preparation of fi nancial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the fi nancial statements and the reported amounts of revenues and expenses during the reporting period.

Difference between actual results and estimates are recognized in the periods in which the results are known/ materialize.

C Revenue Recognition

i) Admission fee is recognised as income on receipt of minimum subscription fees.

ii) Entitlement fee which entitles the vacation ownership member for the vacation ownership facilities over the membership usage period, is recognised as income equally over the entitled vacation period.

iii) Annual subscription fee dues from members are recognised as income on an accrual basis.

iv) Income from resorts includes income from room rentals, food and beverages, etc. and is recognised when services are rendered.

v) Interest income from loans is accounted on time proportion basis.

vi) Dividend income from investments is accounted as and when right to receive the payment is established.

vii) Commission Income is recognised on accrual basis as per the terms of the agreements.

D Inventory:

Inventories are carried at lower of cost and net realisable value.

E Fixed Assets:

Fixed Assets are stated at actual cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

F Depreciation:

Tangible Asset

Depreciation on Fixed Assets has been provided on ‘Written Down Value’ as per the rates and in the manner specifi ed in Scheduled XIV of the Companies Act, 1956.

Intangible Asset

Trademarks is amortised on Straight Line Method over a period of fi ve years.

G Investments:

Investments that are intended to be held for more than a year, from the date of acquisition, are classifi ed as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower.

H Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to Profi t and Loss Account.

I Accounting for Taxes of Income:- Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income-tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profi ts offered for income taxes and the profi ts as per the fi nancial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred tax assets are reviewed as at each Balance Sheet date.

J Employee Benefi ts :

Gratuity & Leave Encashment is accounted for in the year of payment.

K Provisions and Contingent Liabilities:

i) Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets notifi ed by the Companies (Accounting Standard) Rules 2006, when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outfl ow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

ii) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outfl ow of resources are provided for.

iii) Contingent Liabilities are disclosed by way of notes.

L Impairment of Assets:

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profi t and Loss Account in the year in which an asset is identifi ed as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

M Deferred Revenue Expenditure are being amortized over next 10 years, depending upon their future benefi ts.

N Pre-operative expenses are being amortized over next 5 years, depending upon their future benefi ts.

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Mar 31, 2012

A Basis of Accounting:

The Financial Statements have been prepared under the historical cost convention, on an accrual basis of accounting and in accordance with the Generally Accepted Accounting Principles in India and comply with the Accounting Standards prescribed by the Companies (Accounting Standard) Rules 2006 to the extent applicable and in accordance with the relevant provisions of the Companies Act, 1956.

B Use of Estimates:

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the financial statements and the reported amounts of revenues and expenses during the reporting period.

Difference between actual results and estimates are recognized in the periods in which the results are known/ materialize.

D Revenue Recognition

i) Revenue is recognised when it is earned and no significant uncertainty exists as to its realisation or collection

ii) Dividend income is recognised when right to receive the payment is established.

iii) In respect of other heads of income the Company follows the practice of accounting on accrual basis.

E Investments:

Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower.

F Accounting for Taxes of Income:-

Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income- tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date. Deferred tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred Tax Assets are reviewed as at each Balance Sheet date.

G Employee Benefits :

Gratuity & Leave Encashment is accounted for in the year of payment.

H Provisions and Contingent Liabilities:

i) Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

ii) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

iii) Contingent Liabilities are disclosed by way of notes.

The members of the Company through Postal Ballot held on 20th day of August, 2011 has increased its authorised share capital from Rs.50,000,000 divided into 5,000,000 equity shares of Rs.10 each to Rs.110,000,000 divided into 11,000,000 equity shares of Rs.10 each.

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Mar 31, 2011

1. Basis of Preparation of Financial Statements

The Financial Statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and provisions of the Companies Act, 1956 and comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

2. Investments

Investments that are intended to be held for more than a year from the date of acquisition, are classified as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair market value whichever is lower.

3. Inventories

Inventories are valued at lower of cost or net realizable value.

4. Revenue Recognition

i) Dividend income is recognized when right to receive the payment is established

ii) In respect of other heads of income, the Company follows the practice of accounting on accrual basis.

5. Provision for Income Tax

Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Income Tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred tax assets are reviewed as at each Balance Sheet date.

6. Treatment of Contingent Liabilities.

i) Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

ii) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

iii) Contingent Liabilities are disclosed by way of notes.

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Mar 31, 2010

GENERAL

The financial statements are prepared under the historical cost convertion, on the actual basis of accounting, in accordance with the generally accepted accounting principles in India, the Accounting Standards presecribed in Ihe companies (Accounting Standard) Rules, 2006 and the relevant provisions of the Companies Act. 1956- The accounts; have been prepared on principal applicable to a "Going Concern" despite viability of restarting and continuing future operations remaining in question / doubt

INVENTORY OF SECURTTES

Inventory is stated at cost. No provision is made for depredation in realisable value

CONTINGENT LIABILITIES AMD PROVISIONS

Contingent liabilities, it any, are disclosed in notes of accounts below

FIXED ASSETS AND DEPRECIATION

Not applicable, since no fixed assets are held.

REVENUE RECOGNITON

Income from Hire Purchase Finance Charges is accounted on accrual basis. Expenses

are also accounted on accrual basis.

TAXES ON INCOME

No provision is made tor current tax in view of losses. Provision is made for admitted liabilities of tax and penalty dues for prior years. No Provision is made lor deterred lax asstes though the company has accumlated losses of prior years, as in the opinion of management there is no virtual certainity of taxable income in near future.

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Mar 31, 2009

(1) GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

(2) INVESTMENTS

Not applicable, Since no Investments are held.

(3) INVENTORY OF SHARES

Closing inventory of shares is valued at lower of cost or market value.

(4) CONTINGENT LIABILITIES

Contingent liabilities, if any, are disclosed in notes of accounts.

(5) FIXED ASSETS & DEPRECIATION

Not applicable, since no Fixed Assets are held.

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Mar 31, 2008

(1) GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

(2) INVESTMENTS

Not applicable, Since no Investments are held.

(3) INVENTORY OF SHARES

Closing inventory of shares is valued at lower of cost or market value.

(4) CONTINGENT LIABILITIES

Contingent liabilities, if any, are disclosed in notes of accounts.

(5) FIXED ASSETS & DEPRECIATION

Not applicable, since no Fixed Assets are held.

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Mar 31, 2007

(A) SIGNIFICANT ACCOUNTING POLICIES :

(1) GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

(2) INVESTMENTS

Not applicable, Since no Investments are held.

(3) INVENTORY OF SHARES

Closing inventory of shares is valued at lower of cost or market value.

(4) CONTINGENT LIABILITIES

Contingent liabilities, if any, are disclosed in notes of accounts.

(5) FIXED ASSETS & DEPRECIATION

Not applicable, since no Fixed Assets are held.

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Mar 31, 2006

(1) GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

(2) INVESTMENTS

Not applicable, Since no Investments are held.

(3) INVENTORY OF SHARES

Closing inventory of shares is valued at lower of cost or market value.

(4) CONTINGENT LIABILITIES

Contingent liabilities, if any, are disclosed in notes of accounts

(5) FIXED ASSETS & DEPRECIATION

Not applicable, since no Fixed Assets are held

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Mar 31, 2004

(1) GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

(2) INVESTMENTS

Not applicable, Since no Investments are held.

(3) INVENTORY OF SHARES

Closing inventory of shares is valued at lower of cost or market value.

(4) CONTINGENT LIABILITIES

Contingent liabilities, if any, are disclosed in notes of accounts.

(5) FIXED ASSETS & DEPRECIATION

Not applicable, since no Fixed Assets are held.

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Mar 31, 2002

GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

INVESTMENTS

Not applicable, Since no Investments are held.

INVENTORY OF SHARES

Closing inventory of shares in valued at lower of cost or market value.

CONTINGENT LIABILITIES

Contingent liabilities, if any, are disclosed in notes of accounts.

FIXED ASSETS & DEPRECIATION

Not applicable. Since no Fixed Assets are held.

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Mar 31, 2000

(A) SIGNIFICANT ACCOUNTING POLICIES :

(1) GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

(2) INVESTMENTS :

Investments, if any, are stated at cost.

(3) INVENTORY OF SHARES

Closing inventory of shares is valued at lower of cost or market values.

(4) CONTINGENT LIABILITIES

Contingent liabilities, if any, are disclosed in notes of accounts .

(5) FIXED ASSETS

Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses.

(6) DEPRECIATION :

The Company has provided depreciation in accordance with Section 205(2) of the Companies Act, 1956 on written down value basis of Plant & Machinery and on written down value basis on other assets on prorata basis in accordance with the rates specified in schedule XIV of the Companies Act, 1956.

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Mar 31, 1999

(1) GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

(2) INVESTMENTS

Investments, if any, are stated at cost.

(3) INVENTORY OF SHARES

Closing inventory of shares is valued at lower of cost or market value.

(4) CONTINGENT LIABILITIES

Contingent liabilities, if any, are disclosed in notes of accounts. No provision is made for any contingent liability since, according to the information and explanations as given to us, there are no contingent liabilities as on the date of Balance Sheet.

(5) FIXED ASSETS

Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses

(6) DEPRECIATION

The company has provided depreciation in accordance with Section 205 (2) of the Companies Act, 1956 on written down value basis on Plant & Machinery and on written down value basis on other assets on prorata basis in accordance with the rates specified in schedule XIV of the Companies Act, 1956.

(7) Y2K

The company does not have/own any systems that would be affected by Y2K problem.

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Mar 31, 1998

1. GENERAL The company is accounting hire purchase and finance charges income and the related expenses on accrual basis.

2. INVESTMENTS Investments, if any, are stated at cost.

3. INVENTORY OF SHARES Closing inventory of shares is valued at lower of cost or market value.

4. CONTINGENT LIABILITIES Contingent liabilities, if any, are disclosed in notes of accounts. No provision is made for any contingent liability since, according to the information and explanations as given to us, there are no contingent liabilities as on the date of Balance Sheet.

5. FIXED ASSETS Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses.

6. DEPRECIATION The company has provided depreciation in accordance with Section 205(2) of the Companies Act, 1956 on written down value basis on Plant & Machinery and on written down value basis on other assets on prorata basis in accordance with the rates specified in schedule XIV of the Companies Act, 1956.

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Mar 31, 1997

Information is not available in the Annual Report 1997-98.

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Mar 31, 1996

(1) GENERAL

The company is accounting hire purchase and finance charges, income and the related expenses on accrual basis on the basis of historical cost convention and going concern.

(2) INVESTMENTS

Investments are stated at cost.

(3) INVENTORY OF SHARES

Closing inventory of shares is valued at cost.

(4) CONTINGENT LIABILITIES

Contingent liabilities are not provided for and are disclosed in notes on accounts, if any.

(5) FIXED ASSETS

Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses

(6) DEPRECIATION

The company is charging depreciation in accordance with Section 205(2) of the Companies Act, 1956 on written down value basis on prorata basis in accordance with the rates specified in Schedule XIV of the Companies Act, 1956.

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Mar 31, 1995

(1) GENERAL

The company is accounting hire purchase and finance charges income and the related expenses on accrual basis except for the following items which are accounted on cash basis:-

a) Bonus b) LTA, Medical c) Leave encashment

(2) INVESTMENTS

Investments are stated at cost.

(3) CONTINGENT LIABILITIES

Contingent liabilities are not provided and are disclosed in notes on accounts, if any.

(4) FIXED ASSETS

Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses.

(5) DEPRECIATION

The company has charged depreciation in accordance with Section 205(2) of the Companies Act, 1956 on written down value basis on Plant & Machinery and other assets on prorata basis in accordance with the rates specified in schedule XIV of the Companies Act, 1956.