5.1. There are no impairment losses recognised during the year ended March 31,2024 and March 31,2023.

5.2. Assets pledged as security

Buildings with a carrying amount of Nil (previous year as at March 31,2023: ' 44.17 Lakhs) included in the block of buildings have been pledged to secure borrowings of the Company (see note 21). The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

5.3. The Company has not revalued its property plant and equipment as on each reporting period and therefore Schedule III disclosure requirements with respect to fair value details is not applicable.

5.4. There are no capital-work-in-progress during each reporting period and therefore Schedule III additional disclosures for ageing and completion schedule of Capital work-in-progress is not applicable.

7.1. Fair value of the Company’s investment properties

The fair value of the Company's investment properties situated at Surat have been arrived at on the basis of a valuation carried out by M/s R K Patel & Co. and for other investment properties have been carried out by K.S. Shikari & Associates, independent valuers not related to the Company. The Valuers are registered with the authority which governs the valuers in India, and they have appropriate qualifications and recent experience in the valuation of properties in the relevant locations. The fair value was derived using the market comparable approach based on recent market prices with few adjustments being made to the market observable data.

7.2. Assets pledged as security

* Buildings with a carrying amount of Nil (previous year as at March 31,2023: ' 441.67 Lakhs) included in the investment property have been pledged to secure borrowings of the Company (see note 21). The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The above property appearing under the head "Property, Plant and Equipment" and "Investment Property" accounts respectively is transferred to the Property under Development (stock in trade) - Refer Note No. 16.

8.1. The Company has not revalued its intangible assets as on each reporting period and therefore Schedule III disclosure requirements with respect to fair value details is not applicable.

8.2. There are no intangible under development during each reporting period and therefore Schedule III additional disclosures for ageing and completion schedule of intangible under development is not applicable.

9.1. The Company had provided loan to its wholly owned subsidiary, Standard Salt Works Limited. This loan is initially measured at fair value and subsequently at amortised cost. The difference between the market rate of interest and the rate of interest of the loan is the benefit provided by the Company to its subsidiary. This benefit is recognised as deemed investment in the books of the Company

The cost of inventories recognised as an expense during the year was ' 1,819.68 Lakhs (for the year ended March 31,2023: ' 1,510.03 Lakhs). The Company has no write-down of inventory to net realisable value during the year ended March 31,2024 and March 31,2023.

The Company is having an Apartment Building with Free hold land situated at Prabhadevi, Mumbai-400025. Company is exploring various opportunities available for enhancing the value of the property.

Accordingly, the Written Down Value (Net Block) of ' 479.19 lakhs is transferred from "Property Plant and Equipment" and "Investment property" accounts respectively to Property Under Development (Stock in trade).

Assets pledged as security

Land and Buildings with a carrying amount of ' 479.19 Lakhs (as at March 31,2023: ' Nil) included in Property under development have been pledged to secure borrowings of the Company (see note 21). The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

Retained earnings represents the amount that can be distributed by the Company as dividends subject to the provisions of the Companies Act, 2013.

The amount of dividend per equity share recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:

During the year ended March 31,2024, on account of the final dividend for FY 2022-23 and interim dividend for 2022-23 the Company has incurred a net cash outflow of ' 675.45 Lakhs.

During the year ended March 31,2023, on account of the final dividend for FY 2021-22 and interim dividend for 2021-22 the Company has incurred a net cash outflow of ' 1608.22 Lakhs.

The Board of Directors, at their meeting held on March 15, 2024, has declared interim dividend of ' 0.50 per equity share (10% on the face value of ' 5 each) for the financial year ended March 31,2024. The same is paid on April 12, 2024.

The Board of Directors at their meeting held on May 21^st, 2024, has recommended a final dividend of ' 0.55 per equity share (11 % on the face value of ' 5 each) for the financial year ended March 31,2024 which is subject to approval by shareholders of the Company in the ensuing Annual General Meeting.

The Company has not accounted for the Final dividend as a liability, as per Ind AS 10 as the dividend is declared after the reporting period.

21.2.There are no breach of contractual terms of the borrowing during the year ended March 31,2024 and March 31, 2023.

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

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

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

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

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

28.2.The Company presently recognises revenue on point in time basis. This is consistent with the revenue information that is disclosed for each reportable segment under Ind AS 108 (refer Note 34 on Segment information disclosure).

28.4. The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional.

28.5. There are no performance obligations that are unsatisfied or partially unsatisfied during the year ended March 31,2024 and year ended March 31,2023.

34.1.Products and services from which reportable segments derive their revenues

Information reported to the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance focuses on the types of goods or services delivered or provided, and in respect of the 'Property Division*' and 'trading' operations. The directors of the Company have chosen to organise the Company around differences in products and services. No operating segments have been aggregated in arriving at the reportable segments of the Company.

Specifically the Company's reportable segments under Ind AS 108 are as follows:

- Property division*

- Trading

* The property division (Real estate) comprises of assets which are in excess of business needs, which the Company would liquidate based on the market condition.

Segment revenue reported above represents revenue generated from external customers. There were no intersegment sales in the current and previous year.

The accounting policies of the reportable segments are the same as the Company's accounting policies described in note 2. Segment profit represents the profit before tax earned by each segment without allocation of unallocated expenses and income. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.

The Company presently caters to only domestic market i.e. India and hence there is no revenue from external customers outside India nor any of its non-current asset is located outside India.

34.6.Information about major customers

I ncluded in revenue arising from direct sales of trading goods of ' 1404.86 Lakhs (year ended March 31,2023: ' 1591.65 Lakhs) which arose from sales to its two (previous year: two) major customers which accounts for 72.93 percent (year ended March 31,2023: 65.42 percent) of the total revenue from trading operations.

There is no revenue arising from direct sales of property division during current and previous year.

No other single trading customer contributed 10% or more to the company's revenue for year ended March 31, 2024 and year ended March 31,2023.

35.2.Diluted Earnings Per Share

The diluted earnings per share has been computed by dividing the Net profit after tax available for equity shareholders by the weighted average number of equity shares, after giving the effect of the dilutive potential ordinary shares for the respective periods.

36. Employee benefits

i) Defined Contribution Plan

The Company’s contribution to Provident fund and other funds aggregating during the year ended March 31, 2024 is ' 30.14 Lakhs (and during the year ended March 31,2023: ' 26.34 Lakhs) has been recognised in the statement of profit or loss under the head employee benefits expense.

ii) Defined Benefit Plans:

Gratuity

The Company has a defined benefit gratuity plan in India (funded). The company’s defined benefit gratuity plan is a final salary plan for employees, which requires contribution to be made to a separately administered fund.

The fund is managed by a trust which is governed by the board of trustees. The board of trustees are responsible for the administration of the plan assets and for the definition of the investment strategy.

During the earlier year, the Company has changed the benefit scheme in line with Payment of Gratuity Act, 1972 by increasing monetary ceiling from 10 lakhs to 20 lakhs, for those employees who are getting benefit as per Payment of Gratuity Act, 1972. Change in liability (if any) due to this scheme change is recognised as past service cost.

A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is done as guided by rule 103 of Income Tax Rules, 1962.

Through its defined benefit plans the Company is exposed to a number of risks, the most significant of which are detailed below:

(1) Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan's liability.

(2) Interest rate risk:

A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.

(3) Investment Risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

(4) Asset Liability Matching Risk:

The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

(5) Mortality risk:

Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

i) The Current service cost and the net interest expense for the period are included in the 'Employee benefits expense' line item in the statement of profit and loss.

ii) The remeasurement of the net define benefits liability is included in other comprehensive income for the year ended March 31,2024 and March 31,2023.

Sensitivity Analysis

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The following table summarizes the impact on the reported defined benefit obligation at the end of the reporting period arising on account of an increase or decrease in the reported assumption by 1%.

i) The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

ii) Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

iii) There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

The Company expects to contribute ' 10.21 lakhs (as at March 31,2023: ' Nil) to the gratuity trusts during the next financial year.

37. Financial instruments37.1.Capital management

The Company manages its capital to ensure that it will be able to continue as going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of net debt offset by cash and bank balances and total equity of the Company.

37.3.Financial risk management objectives

The company monitors and manages the financial risks to the operations of the company These risks include market risk, credit risk, interest risk and liquidity risk.

A. Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of financial loss from defaults. The Company uses its own trading records to rate its major customers. The Company's exposure to financial loss from defaults are continuously monitored.

Trade receivables consist of a large number of customers, spread across various geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable.

B. Liquidity risk

Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity Risk Management implies maintenance of sufficient cash to meet obligations when due.

The Company continuously monitoring forecast and actual cash flows, and by assessing the maturity profiles of financial assets and liabilities.

The above table details the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The contractual maturity is based on the earliest date on which the Company may be required to pay.

C. Market risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of currency risk and interest rate risk. In the normal course of business and in accordance with our policies, we manage these risks through a variety of strategies.

i) Currency risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is domiciled in India and has its revenues and other major transactions in its functional currency i.e. INR. Accordingly the Company is not exposed to any currency risk.

ii) Interest rate risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Company has borrowed funds with both fixed and floating interest rate.

41.2. The Company does not have any 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).

41.3. The Company had opted Tax U/s. 115BAA applicable to Domestic Companies w.e.f Financial year 2021-2022 and accordingly, tax expenses has been calculated and provided for.

Reason for change more than 25%:

The ratio decreases from 0.10 in FY 2022-23 to (0.01) in FY 2023-24 mainly on account of revenue recognised on assignment of TDR entitlement during the year ended March 31,2023.

c) I nventory Turnover Ratio: Not applicable since the inventory balance is Nil during the year ended March 31, 2024 and March 31, 2023.

The ratio increases from 3.15 in FY 22-23 to 0.29 in FY 23-24 mainly on account of revenue recognised on assignment of TDR entitlement during the year ended March 31,2023.

II. Other Statutory Information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company did not have any transactions with Companies struck off.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the respective financial years / period.

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

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

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

(v) The Company does not have any Scheme of Arrangements which have been approved by the Competent Authority in terms of sections 230 to 237 of the Act.

(vi) The Company has complied with the number of layers prescribed under Section 2(87) of the Act read with the Companies (Restriction on number of Layers) Rules, 2017

(vii) The Company has not made any delay in Registration of Charges under the Companies Act, 2013.

43. The date of implementation of the Code on Social Security, 2020 ('the Code') relating to employee benefits is yet to be notified by the Government and when implemented will impact the contributions by the Company towards benefits such as Provident Fund, Gratuity etc. The Company will assess the impact of the Code and give effect in the financial results when the Code and Rules thereunder are notified.

44. During the previous year ended on March 31,2023, on receipt of DRC showing entitlement of Transfer of Development Rights (TDR) with respect to the land situated at Sewree, the Company has assigned all rights and interest concerning the said entitlement of TDR vide Agreement dated October 20, 2022 to M/s. K.Raheja Private Limited and Feat Properties Private Limited at an aggregate price of ' 2875.82 lakhs and recorded a gain of ' 2862.00 lakhs.

45. During the earlier periods, the unsecured loan of ' 5370.00 Lakhs (including accrued interest of ' 1,249.18 Lakhs and business advance of ' 159.45 Lakhs) given to Standard Salt Works Limited (SSWL) has been converted into equity shares. Consequently, the total investment in SSWL as at March 31, 2023 aggregates ' 5,969.82 Lakhs. The net worth of SSWL post aforesaid conversion has become positive.

Further, in view of the long-term strategic nature of the investment in leasehold rights to salt pans and the growth prospects of the subsidiary which is engaged in the manufacture of salt from the significant leased salt pans that it is holding, no provision for diminution in the value of the investment is considered necessary at this stage.