GREENACRE HOLDINGS LIMITED · 25th August, 2015 8th March, 2016 Nomination and 28th April, 2015 Remuneration Committee 3 25th August, 2015 R.8th March, 2016 attendance ofDirectors

GREENACRE HOLDINGS LIMITED

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REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 20161. YourDirectorssubmittheirReportforthefinancialyearended31stMarch,2016.2. PERFORMANCE OF THE COMPANY During the year, your Company earned revenue of ` 255.55 lakhs from its operations, with

TotalRevenuebeing`487.33 lakhs.TheCompanycontinuestomanageandprovidemaintenanceservicesforbuildings.TheCompanyisalsoexploringopportunitiestogrowthebusinessfurther.

ThefinancialresultsofyourCompany,summarised,areasunder: For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`)a. ProfitBeforeTax 2,53,20,799 1,33,37,353b. Less:TaxExpense 82,35,790 29,78,177c. ProfitAfterTax 1,70,85,009 1,03,59,176d. Add:Profitbrought forwardfrompreviousyears 13,11,09,147 12,07,56,263e. Less:Adjustmentpursuant totheSchemeofAmalgamation [ReferNote21(vi)tothe FinancialStatements] 7,99,16,998 –f. Less:Depreciationontransition toScheduleIIoftheCompanies Act,2013onTangibleFixedAssets – 6,292g. Balancecarriedforward 6,82,77,158 13,11,09,147

3. DIRECTORS AND KEY MANAGERIAL PERSONNEL(a) Changes in Directors and Key Managerial Personnel during the year Duringtheyearunderreview,Mr.A.NayaksteppeddownasNon-ExecutiveDirectorofyour

Companywitheffectfromcloseofworkon31stDecember,2015.YourDirectorsplaceonrecordtheirappreciationforthevaluablecontributionmadebyMr.Nayakduringhistenure.

The Board of Directors of your Company (‘the Board’), on the recommendation of theNomination and Remuneration Committee, appointedMr. R. K. Singhi (DIN: 00009931) asAdditional Director of the Companywith effect from 9thMarch, 2016. In accordancewithSection161oftheCompaniesAct,2013(‘theAct’)andArticle130oftheArticlesofAssociationoftheCompany,Mr.SinghiwillvacateofficeattheensuingAnnualGeneralMeeting(‘AGM’)andiseligibleforappointmentasaDirectoroftheCompany.YourBoardatthemeetingheldon2ndMay,2016,ontherecommendationoftheNominationandRemunerationCommittee,recommendedfortheapprovaloftheMembers,theappointmentofMr.SinghiasaDirectorofyourCompany,liabletoretirebyrotation.NoticeunderSection160oftheActhasbeenreceivedbytheCompanyforappointmentofMr.Singhi,whohasalsofiledhisconsenttoactasDirectorof yourCompany, if appointed.Appropriate resolution seekingyourapproval toMr.Singhi’sappointmentisappearingintheNoticeconveningtheensuingAGMoftheCompany.

Mr.RaviVarmaresignedastheManagerandCompanySecretaryoftheCompanywitheffectfromcloseofworkon12thMay,2015.TheBoard,ontherecommendationoftheNominationandRemunerationCommittee,appointedMd.JamshedAlamastheManageroftheCompanyfrom1stSeptember,2015,intermsoftheprovisionsofSections196and203oftheAct,subjecttotheapprovaloftheMembersoftheCompany.AppropriateresolutionseekingyourapprovaltoMd.Alam’sappointmentasManagerisappearingintheNoticeconveningtheensuingAGMoftheCompany.Md.AlamwasalsoappointedastheCompanySecretaryoftheCompanywitheffectfromthesaiddate.

(b) Retirement by rotation InaccordancewiththeprovisionsofSection152(6)oftheAct,Mr.R.Tandon(DIN:00042227),

Director,willretirebyrotationattheensuingAGMoftheCompanyand,beingeligible,offershimselfforre-election.YourBoardhasrecommendedhisre-election.

(c) Declaration of Independence by Independent Directors The Independent Directors of your Company have confirmed that theymeet the criteria of

IndependenceasprescribedunderSection149(6)oftheActreadwithRule5oftheCompanies(AppointmentandQualificationofDirectors)Rules,2014.

(d) Attributes, qualifications and appointment of Directors Asreportedlastyear,theattributesandqualificationsoftheIndependentDirectorsasprovided

inSection149(6)oftheActandRule5oftheCompanies(AppointmentandQualificationofDirectors)Rules,2014wereadoptedbytheNominationandRemunerationCommittee.Thesaidattributesandqualifications,asapplicable,werealsoadoptedinrespectoftheotherDirectors.

The Directors of the Company, other than the Independent Directors, are executives ofITCLimited,theultimateHoldingCompany,andfulfilthefitandpropercriteriaforappointmentasDirectors.Further,theDirectorsoftheCompany,otherthantheIndependentDirectors,areliabletoretirebyrotationandone-thirdofthemretireeveryyearandareeligibleforre-election.

(e) Board evaluation The Board carried out annual performance evaluation of its own performance and that of

the individual Directors as also functioning of the Board Committees, as required underSection134(3)(p)oftheAct.TheperformanceevaluationoftheBoardandindividualDirectors,asinthepreviousyear,wasbasedoncriteriaapprovedbytheNominationandRemunerationCommittee. Reports of functioning of Board Committees were placed by the respectiveCommitteeChairmanbeforetheBoard.

(f) Remuneration Policy TheRemunerationPolicyoftheCompanyfortheDirectors,KeyManagerialPersonnelandother

employees,asapprovedbytheBoard,isenclosedasAnnexure 1 to this Report. 4. BOARD AND BOARD COMMITTEES ThetwoBoardCommitteesoftheCompanyandtheircompositionisasfollows: Audit Committee Nomination and Remuneration Committee Mr.R.Tandon(Chairman) Mr.R.K.Singhi(Chairman) Mr.S.Banerjee Mr.S.Banerjee Ms.A.Guhamallick Ms.A.Guhamallick Mr.R.Tandon Duringtheyearended31stMarch,2016,thefollowingmeetingsoftheBoardandBoardCommittees

wereheld:

Board / Board Committee Number of meetings Date(s) of meeting(s)

Board 5 28thApril,2015 16thJuly,2015 25thAugust,2015 14thDecember,2015 8thMarch,2016

AuditCommittee 4 28thApril,2015 16thJuly,2015 25thAugust,2015 8thMarch,2016

Nominationand 28thApril,2015 RemunerationCommittee 3 25thAugust,2015 8thMarch,2016

TheattendanceofDirectorsoftheCompanyattheBoardandBoardCommitteemeetingsheldduringtheyearisgivenbelow:

Sl. Name of the Director Number of meetings attended No. Board Audit Committee Nomination

and Remuneration Committee

1. Mr.R.Tandon 5 4 3 2. Mr.S.Banerjee 4 3 3 3. Mr.SaradinduDutta 4 N.A. N.A. 4. Ms.A.Guhamallick 5 4 3 5. Mr.A.Nayak* 3 N.A. 2 6. Mr.R.K.Singhi# N.A. N.A. N.A.

* Ceased to be Director with effect from close of work on 31st December, 2015.# Appointed Director and Member & Chairman of the Nomination and Remuneration Committee with effect

from 9th March, 2016.5. DIRECTORS’ RESPONSIBILITY STATEMENT

AsrequiredunderSection134(5)oftheAct,yourDirectorsconfirmhaving:i) followedinthepreparationoftheAnnualAccounts,theapplicableAccountingStandardswith

properexplanationrelatingtomaterialdepartures,ifany;ii) selected such accounting policies and applied them consistently andmade judgements and

estimatesthatarereasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsoftheCompanyattheendofthefinancialyearandoftheprofitoftheCompanyforthatperiod;

iii) taken proper and sufficient care for the maintenance of adequate accounting records inaccordancewiththeprovisionsoftheActforsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities;

iv) preparedtheAnnualAccountsonagoingconcernbasis;andv) devisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthat

suchsystemsareadequateandoperatingeffectively.6. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES During the year, the Company acquired the balance equity share capital of Classic Infrastructure

& Development Limited (CIDL) comprising 1,11,00,020 equity shares of ` 10/- each (equivalentto 87.06% of CIDL’s paid-up capital), at fair value of ` 1,137.75 lakhs based on independentvaluation.Consequently,CIDLbecameawhollyownedsubsidiaryoftheCompanywitheffectfrom7thDecember,2015.

Presently,theCompanydoesnothaveanysubsidiary,associateorjointventure.7. AMALGAMATION OF CLASSIC INFRASTRUCTURE & DEVELOPMENT LIMITED With a view to enable appropriate consolidation of the undertaking of companies and better and

moreefficientutilisationoftheavailableresourcesofCIDLinthebusinessoftheCompany,theBoardproposedaSchemeofAmalgamationofCIDLwiththeCompanyunderSections391and394oftheCompaniesAct,1956.

The said Scheme of Amalgamation was sanctioned by the Hon’ble High Court at Calcutta on17thMarch,2016anduponcompletionofrequisiteformalities,suchamalgamationbecameoperativefrom1stOctober,2015.

8. PARTICULARS OF EMPLOYEES NoneoftheemployeesoftheCompanyisdrawingremunerationexceedingthatspecifiedinRule5(2)

oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014.9. RISK MANAGEMENT TheCompany’sriskmanagementframework,designedtobringrobustnesstotheriskmanagement

processesintheCompany,addressesrisksintrinsictooperations,financialsandcompliancesarisingoutoftheoverallstrategyoftheCompany.

Managementof risksvestswiththeexecutivemanagementwhich is responsible for theday-to-dayconduct of the affairs of theCompany. The Internal AuditDepartment of ITC Limited periodicallycarriesout,attherequestoftheCompany,riskfocusedauditswiththeobjectiveofidentifyingareaswhere riskmanagementprocesses couldbe strengthened.Annual update is provided to theAuditCommitteeontheeffectivenessoftheCompany’sriskmanagementsystemsandpolicies.

10. INTERNAL FINANCIAL CONTROLS YourCompanyhasinplaceadequateinternalfinancialcontrolswithrespecttothefinancialstatements,

commensuratewith its size and scaleofoperations. The InternalAuditDepartmentof ITCLimitedperiodically evaluates the adequacy and effectiveness of such internal financial controls. The AuditCommitteewhich provides guidance on internal controls, also reviews internal audit findings andimplementationofinternalauditrecommendations,ifany.

Duringtheyear,theinternalfinancialcontrolsintheCompanywithrespecttothefinancialstatementswere tested and nomaterial weakness in the design or operation of such controls was observed.NonethelessyourCompanyrecognisesthatanyinternalfinancialcontrolframework,nomatterhowwelldesigned,hasinherentlimitationsandaccordingly,regularauditandreviewprocessesensurethatsuchsystemsarereinforcedonanongoingbasis.

11. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS Duringtheyearended31stMarch,2016,theCompanyhasnotgivenanyloanorguaranteeunder

Section186oftheAct.TheCompanypurchased1,11,00,020equitysharesof`10/-eachofCIDLatanaggregateconsiderationof`1,137.75lakhs.

12. RELATED PARTY TRANSACTIONS The details of related party transactions of the Company in the prescribed Form No. AOC-2 are

enclosedunderAnnexure 2 to this Report. 13. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS / TRIBUNALS Duringtheyearunderreview,nosignificantormaterialorderswerepassedbytheRegulators/Courts

/TribunalsimpactingthegoingconcernstatusoftheCompanyanditsfutureoperations.14. EXTRACT OF ANNUAL RETURN TheextractofAnnualReturnintheprescribedFormNo.MGT-9isenclosedasAnnexure 3 to this Report. 15. AUDITORS TheCompany’sAuditors,Messrs.A.F.Ferguson&Co.,CharteredAccountants(‘AFF’),wereappointed

withyourapprovalattheTwenty-EighthAGMtoholdsuchofficetilltheconclusionoftheThirty-ThirdAGM.YourBoard,intermsofSection139oftheAct,hasrecommendedfortheratification

oftheMemberstheappointmentofAFFfromtheconclusionoftheensuingAGMtilltheconclusionof theThirty-FirstAGM.TheBoard, in termsofSection142of theAct,hasalso recommended forthe approvalof theMembers the remunerationofAFF for thefinancial year2016-17.Appropriateresolution in respect of the above is appearing in theNotice convening the ensuing AGM of theCompany.

16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Considering thenature of business of yourCompany, no comment is requiredon conservationofenergyandtechnologyabsorption.

Therehasbeennoforeignexchangeearningsoroutflowduringtheyearunderreview.

Dated:2ndMay,2016 OnbehalfoftheBoard R.TandonChairman SaradinduDuttaDirector

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Annexure 1 to the Report of the Board of Directors for the financial year ended 31st March, 2016Remuneration Policy

(Aligned to the Remuneration Policy of ITC Limited, the ultimate Holding Company)TheCompany’sRemunerationStrategyisdesignedtoattractandretainqualitytalentthatgivesitsbusinessacompetitiveadvantageandenablestheCompanytoachieveitsobjectives.TheCompany’sRemunerationStrategy,whilstfocusingonremunerationandrelatedaspectsofperformancemanagement,isalignedwithandreinforcestheemployeevaluepropositionofasuperiorqualityofworklife,thatincludesanenablingworkenvironment,anempoweringandengagingworkcultureandopportunitiestolearnandgrow.TheCompensationapproachendeavourstoaligneachemployeewiththeCompany’sgoals.POLICYItistheCompany’sPolicy:1. ToensurethatitsRemunerationpracticessupportandencouragemeritocracy.2. ToensurethatRemunerationismarket-ledandtakesintoaccountthecompetitivecontextoftheCompany’sbusiness.3. ToleverageRemunerationasaneffectiveinstrumenttoenhanceperformanceandthereforetolinktheremunerationtobothindividualandcollectiveperformance

outcomes. 4. ToadoptacomprehensiveapproachtoRemunerationinordertosupportasuperiorqualityofpersonalandworklife,inamannersoastojudiciouslybalance

shorttermwithlongtermpriorities.5. TodesignRemunerationpracticessuchthattheyreinforcetheCompany’svaluesandcultureandtoimplementtheminamannerthatcomplieswithallrelevant

regulatoryrequirements.Remuneration of Key Managerial Personnel (KMP)1. RemunerationofKMPisdeterminedandrecommendedbytheNominationandRemunerationCommitteeandapprovedbytheBoard.Remunerationofthe

ManagingDirector/WholetimeDirector/Managerisalsosubjecttotheapprovaloftheshareholders.2. Remunerationisreviewedandrevisedperiodically,whensucharevisioniswarrantedbythemarket.3. Apart fromfixedelementsof remuneration andbenefits, theKMPare also eligible forVariable Pay / PerformanceBonuswhich is linked to their individual

performance.4. RemunerationofKMPondeputationfromtheHoldingCompany/ultimateHoldingCompany/subsidiary/fellowsubsidiary/associatecompanies,isalignedto

theRemunerationPolicyofthatcompany.Remuneration of Independent Directors IndependentDirectorsareentitledtosittingfeesforattendingmeetingsoftheBoardandBoardCommittees,thequantumofwhichisdeterminedbytheBoardwithinthelimitsprescribedundertheCompaniesAct,2013andtheRulesthereunder.IndependentDirectorsarealsoentitledtoreimbursementofexpensesforattendingmeetingsoftheBoardandBoardCommitteesandGeneralMeetings.Remuneration of employees other than KMP1. RemunerationofemployeesotherthanKMPisapprovedbytheBoard.2. Remunerationisreviewedandrevisedperiodically,whensucharevisioniswarrantedbythemarket.Thequantumofrevisionis linkedtomarkettrends,the

competitivecontextoftheCompany’sbusiness,aswellasthetrackrecordoftheindividualemployee.3. VariablePayisbasedontheperformanceratingoftheindividualemployee.

Annexure 2 to the Report of the Board of Directors for the financial year ended 31st March, 2016FORM NO. AOC-2

[Pursuant to Section 134(3)(h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014] Form for disclosure of particulars of contracts / arrangements entered into by the Company with related parties referred to in sub-section (1)

of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto 1. Details of contracts or arrangements or transactions not at arm’s length basis

a) Name(s)oftherelatedpartyandnatureofrelationship ITCLimited(ITC),theultimateHoldingCompany

b) Natureofcontracts/arrangements/transactions Saleofland

c) Durationofthecontracts/arrangements/transactions N.A.

d) Salienttermsofthecontractsorarrangementsortransactionsincludingthevalue,ifany

3,839sq.mtrs.oflandownedbytheCompanyatParel,Mumbai,wassoldtoITCatbookvalueof` 2,821.78lakhs.

e) Justificationforenteringintosuchcontractsorarrangementsortransactions

Tooptimisebenefitwithinthegroup.ThereisnopotentialconflictwiththeinterestsoftheCompanyanditsshareholdersarising out of such transaction, since the same is between the ultimate HoldingCompanyandwhollyownedsubsidiary.

f) Date(s)ofapprovalbytheBoard 16thJuly,2015

g) Amountpaidasadvances,ifany Nil

h) Date on which the special resolution was passed ingeneral meeting as required under first proviso toSection188

N.A.

2. Details of material contracts or arrangements or transactions at arm’s length basis

a) Name(s)oftherelatedparty ITCLimited(ITC),theultimateHoldingCompany RussellCreditLimited,theHoldingCompany andnatureofrelationship

b) Natureofcontracts/arrangements/ MaintenanceofITCCentre,Kolkataandother Purchaseof37,50,000equitysharesof transactions propertiesownedbyITC ClassicInfrastructure&DevelopmentLimited

c) Durationofthecontracts/arrangements MaintenanceofITCCentre– N.A. /transactions 1stAugust,2015to31stJuly,2016 Maintenanceofotherproperties– 1stApril,2015to31stMarch,2016

d) Salienttermsofthecontractsor Valueofthetransactionduringtheyear- Valueofthetransaction-`384.38lakhs arrangementsortransactionsincluding `254.95lakhs thevalue,ifany

e) Date(s)ofapprovalbytheBoard,ifany – 25thAugust,2015

f) Amountpaidasadvances,ifany Nil Nil

OnbehalfoftheBoard

R.TandonChairman Dated:2ndMay,2016 SaradinduDuttaDirector


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Annexure 3 to the Report of the Board of DirectorsFORM NO. MGT-9

EXTRACT OF ANNUAL RETURNas on the financial year ended on 31st March, 2016

[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS

i) CIN : U55202WB1986PLC049467

ii) RegistrationDate : 2ndJune,1986

iii) NameoftheCompany : GreenacreHoldingsLimited

iv) Category/Sub-CategoryoftheCompany : UnlistedPublicCompanylimitedbyshares

v) AddressoftheRegisteredofficeandcontactdetails : ITCCentre 37J.L.NehruRoad Kolkata–700071 Phone:03322889371/9900 Fax:03322889980 e-mailID:[email protected]

vi) Whetherlistedcompany : No

vii) Name,AddressandContactdetailsof : N.A. RegistrarandTransferAgent,ifany

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY Allthebusinessactivitiescontributing10%ormoreofthetotalturnoveroftheCompanyshallbestated:

Sl. No. Name and Description of main products / services NIC Code of the product / service % to total turnover of the Company

1. Managingandprovidingmaintenanceservicesforbuildings 68200 100%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sl. Name and address of the company CIN / GLN Holding / Subsidiary / % of shares Applicable No. Associate held in the Company Section

1. RussellCreditLimited U65993WB1994PLC061684 Holdingcompany 100.00% 2(46) VirginiaHouse 37J.L.NehruRoad Kolkata–700071

2. ITCLimited L16005WB1910PLC001985 UltimateHoldingcompany – 2(46) VirginiaHouse 37JawaharlalNehruRoad Kolkata–700071

IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

(i) Category-wise Shareholding:

Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change during the year

Demat Physical Total % of Total Shares Demat Physical Total % of Total Shares A. Promoters (1) Indian a)Individual/HUF – – – – – – – – N.A. b)CentralGovt. – – – – – – – – N.A. c)StateGovt.(s) – – – – – – – – N.A. d)BodiesCorp. – 4,20,60,166 4,20,60,166 100.00 – 4,20,60,166 4,20,60,166 100.00 Nil e)Banks/FI – – – – – – – – N.A. f)AnyOther – – – – – – – – N.A. Sub-total (A)(1) - 4,20,60,166 4,20,60,166 100.00 - 4,20,60,166 4,20,60,166 100.00 Nil (2) Foreign a)NRIs-Individuals – – – – – – – – N.A. b)Other–Individuals – – – – – – – – N.A. c)BodiesCorp. – – – – – – – – N.A. d)Banks/FI – – – – – – – – N.A. e)AnyOther – – – – – – – – N.A. Sub-total (A)(2) – – – – – – – – N.A. Total shareholding of Promoter (A) = (A)(1)+(A)(2) – 4,20,60,166 4,20,60,166 100.00 - 4,20,60,166 4,20,60,166 100.00 Nil B. Public Shareholding 1. Institutions a)MutualFunds – – – – – – – – N.A. b)Banks/FI – – – – – – – – N.A. c)CentralGovt. – – – – – – – – N.A. d)StateGovt.(s) – – – – – – – – N.A. e)VentureCapitalFunds – – – – – – – – N.A. f)InsuranceCompanies – – – – – – – – N.A. g)FIIs – – – – – – – – N.A. h)ForeignVentureCapitalFunds – – – – – – – – N.A. i)Others(specify) – – – – – – – – N.A. Sub-total (B)(1) – – – – – – – – N.A.

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IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) (Contd.)

Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change during the year

Demat Physical Total % of Total Shares Demat Physical Total % of Total Shares 2. Non-Institutions a)BodiesCorp. i)Indian – – – – – – – – N.A. ii)Overseas – – – – – – – – N.A. b)Individuals i)Individualshareholders holdingnominalsharecapital upto `1lakh – – – – – – – – N.A. ii)Individualshareholders holdingnominalshare capitalinexcessof`1lakh – – – – – – – – N.A. c)Others(specify) – – – – – – – – N.A. Sub-total (B)(2) – – – – – – – – N.A. Total Public Shareholding (B)=(B)(1) + (B)(2) – – – – – – – – N.A. C.SharesheldbyCustodian forGDRs&ADRs – – – – – – – – N.A. Grand Total (A+B+C) – 4,20,60,166 4,20,60,166 100.00 – 4,20,60,166 4,20,60,166 100.00 Nil

(ii) Shareholding of Promoters:

Sl. No. Shareholder’s Name Shareholding at the Shareholding at the % change in beginning of the year end of the year shareholding

No. of Shares % of total % of Shares No. of Shares % of total % of Shares during Shares of pledged / Shares of pledged / the year

the Company encumbered to the Company encumbered total Shares to total Shares

1. RussellCreditLimited 4,20,60,166 100.00 Nil 4,20,60,166 100.00 Nil Nil

(iii) Change in Promoters’ Shareholding (please specify, if there is no change):

Sl. No. Shareholding at the beginning of the year Cumulative Shareholding during the year

No. of Shares % of total Shares No. of Shares % of total Shares of the Company of the Company

Atthebeginningoftheyear

DatewiseIncrease/Decreasein No change during the year PromotersShareholdingduringtheyear

Attheendoftheyear

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs): NOTAPPLICABLE

(v) Shareholding of Directors and Key Managerial Personnel: NoneoftheDirectorsandKeyManagerialPersonnelholdanyshareinthe Companyintheirindividualcapacity.

V. INDEBTEDNESS Indebtedness of the Company including interest outstanding / accrued but not due for payment :NIL

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Wholetime Directors and / or Manager:

(Amountin`)

Sl. No. Particulars of Remuneration Md. J. Alam (Manager & Company Secretary) (refer Note 1)

1. GrossSalary (a)SalaryasperprovisionscontainedinSection17(1)oftheIncome-taxAct,1961 4,08,800 (b)ValueofperquisitesunderSection17(2)oftheIncome-taxAct,1961 23,333 (c)ProfitsinlieuofsalaryunderSection17(3)oftheIncome-taxAct,1961 – 2. StockOption – 3. SweatEquity – 4. Commission -as%ofprofit -others,specify – 5. Others,pleasespecify –

Total Amount (A) 4,32,133 CeilingaspertheCompaniesAct,2013 42,00,000perannum (refer Note 2)

Note 1: Md. J. Alam has been appointed as the Manager and Company Secretary of the Company with effect from 1st September, 2015. Note2:CeilingasperPartIIofScheduleVtotheCompaniesAct,2013hasbeendisclosed,consideringthattheprofitsoftheCompanyforthefinancialyear

ended 31st March, 2016 are inadequate.


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B. Remuneration to other Directors: (Amountin`)

Sl. No. Name of the Directors Particulars of Remuneration Total Amount

FeeforattendingBoardandBoardCommitteemeetings

Commission IndependentDirectors’MeetingFee

1. Independent Directors

S.Banerjee 1,40,000 Nil 10,000 1,50,000

A.Guhamallick 1,70,000 10,000 1,80,000

Total Amount (B)(1) 3,10,000 20,000 3,30,000

2. Other Non-Executive Directors

R.Tandon Nil Nil Nil Nil

SaradinduDutta

R.K.Singhi

Total Amount (B)(2) Nil

Total Amount (B) = (B)(1) + (B)(2) 3,30,000

Total Managerial Remuneration (A + B) 7,62,133

OverallceilingaspertheCompaniesAct,2013 42,00,000perannum(refer Note)

Note:CeilingasperPartIIofScheduleVtotheCompaniesAct,2013hasbeendisclosed,consideringthattheprofitsoftheCompanyforthefinancialyearended31st March, 2016 are inadequate.

C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD: (Amountin`)

Sl. No. Particulars of Remuneration M. Seth (Chief Financial Officer) (refer Note)

1. GrossSalary

(a)SalaryasperprovisionscontainedinSection17(1)oftheIncome-taxAct,1961 24,74,367

(b)ValueofperquisitesunderSection17(2)oftheIncome-taxAct,1961 97,328

(c)ProfitsinlieuofsalaryunderSection17(3)oftheIncome-taxAct,1961 –

2. StockOption –

3. SweatEquity –

4. Commission -as%ofprofit -others,specify –

5. Others,pleasespecify –

Total Amount 25,71,695

Note: Mr. M. Seth is on deputation from ITC Limited.

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES against the Company, Directors and other Officers in Default under the Companies Act, 2013 :None

Dated:2ndMay,2016 OnbehalfoftheBoard

R.TandonChairman SaradinduDuttaDirector

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GREENACRE HOLDINGS LIMITED

Report on the Financial Statements WehaveauditedtheaccompanyingfinancialstatementsofGREENACREHOLDINGSLIMITED(“theCompany”),whichcomprisetheBalanceSheetasat31stMarch,2016,theStatementofProfitandLossandtheCashFlowStatementfortheyearthenended,andasummaryofthesignificantaccountingpoliciesandotherexplanatoryinformation.

Management’s Responsibility for the Financial Statements TheCompany’sBoardofDirectors is responsible for thematters stated inSection134(5)oftheCompaniesAct,2013(“theAct”)withrespecttothepreparationofthesefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceandcashflowsoftheCompanyinaccordancewiththeaccountingprinciplesgenerallyacceptedin India, includingtheAccountingStandardsprescribedunderSection133of theAct,asapplicable.

ThisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheActforsafeguardingtheassetsoftheCompanyandforpreventingand detecting frauds and other irregularities; selection and application of appropriateaccountingpolicies;makingjudgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

Auditor’s Responsibility Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.

WehavetakenintoaccounttheprovisionsoftheAct,theaccountingandauditingstandardsandmatterswhicharerequiredtobeincludedintheauditreportundertheprovisionsoftheActandtheRulesmadethereunderandtheOrderunderSection143(11)oftheAct.

Weconductedourauditof thefinancialstatements inaccordancewiththeStandardsonAuditingspecifiedunderSection143(10)oftheAct.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsand the disclosures in the financial statements. Theprocedures selecteddependon theauditor’s judgment, including theassessmentof the risksofmaterialmisstatementof thefinancialstatements,whetherdueto fraudorerror. Inmakingthoseriskassessments, theauditor considers internal financial control relevant to the Company’s preparation of thefinancialstatementsthatgiveatrueandfairviewinordertodesignauditproceduresthatareappropriateinthecircumstances.AnauditalsoincludesevaluatingtheappropriatenessoftheaccountingpoliciesusedandthereasonablenessoftheaccountingestimatesmadebytheCompany’sDirectors,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopiniononthefinancialstatements.

Opinion Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgivento us, the aforesaid financial statements give the information required by the Act in themannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia,ofthestateofaffairsoftheCompanyasat31stMarch,2016,anditsprofitanditscashflowsfortheyearendedonthatdate.

Report on Other Legal and Regulatory Requirements 1. AsrequiredbySection143(3)oftheAct,wereportthat:

(a) Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofouraudit.

(b) Inouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfromourexaminationofthosebooks.

(c) TheBalanceSheet,theStatementofProfitandLoss,andtheCashFlowStatementdealtwithbythisReportareinagreementwiththebooksofaccount

(d) In our opinion, the aforesaid financial statements complywith theAccountingStandardsprescribedunderSection133oftheAct,asapplicable.

33


(e) Onthebasisofthewrittenrepresentationsreceivedfromthedirectorsason31stMarch,2016 taken on record by the Board of Directors, none of thedirectors is disqualified as on31stMarch,2016 frombeingappointedasadirectorintermsofSection164(2)oftheAct.

(f) With respect to the adequacy of the internal financial controls over financialreportingoftheCompanyandtheoperatingeffectivenessofsuchcontrols,referto our separate Report in “Annexure A”. Our report expresses an unmodifiedopinionontheadequacyandoperatingeffectivenessoftheCompany’sinternalfinancialcontrolsoverfinancialreporting.

(g) With respect to the other matters to be included in the Auditor’s Report inaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous:

i. TheCompanyhasdisclosedtheimpactofpendinglitigationsonitsfinancialpositioninitsfinancialstatementsinaccordancewiththegenerallyaccepted

accountingpractice-alsoreferNote11tothefinancialstatements;

ii. The Company did not have any long-term contracts including derivativecontractsforwhichtherewereanymaterialforeseeablelosses.

iii. There were no amounts which were required to be transferred to theInvestorEducationandProtectionFundbytheCompany.

2. AsrequiredbytheCompanies(Auditor’sReport)Order,2016(“theOrder”)issuedbytheCentralGovernmentintermsofSection143(11)oftheAct,wegivein“AnnexureB”astatementonthemattersspecifiedinparagraphs3and4oftheOrder.

ForA.F.FERGUSON&CO.Chartered Accountants

(Firm’sRegistrationNo.112066W)

KetanVoraPartner

Mumbai (MembershipNo.100459)2ndMay,2016

ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

(Referredtoinparagraph1(f)under‘ReportonOtherLegalandRegulatoryRequirements’ofourreportofevendate)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of GREENACREHOLDINGSLIMITED(“theCompany”)asofMarch31,2016inconjunctionwithourauditofthestandalonefinancialstatementsoftheCompanyfortheyearendedonthatdate.

Management’s Responsibility for Internal Financial Controls

TheCompany’smanagementisresponsibleforestablishingandmaintaininginternalfinancialcontrols based on the internal control over financial reporting criteria established by theCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.Theseresponsibilitiesincludethedesign,implementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetocompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company's internal financial controlsoverfinancial reportingbasedonour audit.Weconductedour audit in accordancewiththeGuidanceNote on Audit of Internal Financial ControlsOver Financial Reporting (the“Guidance Note”) issued by the Institute of Chartered Accountants of India and theStandardsonAuditingprescribedunderSection143(10)of theCompaniesAct,2013, tothe extent applicable to an audit of internal financial controls. Those Standards and theGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessingtheriskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Theproceduresselecteddependontheauditor’sjudgement,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovidea basis for our audit opinion on the Company’s internal financial controls system overfinancialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

Acompany'sinternalfinancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples. A company's internal financial control over financial reporting includes thosepoliciesandproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail, accurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorisationsofmanagementanddirectorsofthecompany;and(3)providereasonableassuranceregardingpreventionortimelydetectionofunauthorisedacquisition,use,ordispositionofthecompany'sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting,includingthepossibilityofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsdue toerroror fraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubject to the risk that the internalfinancialcontroloverfinancial reportingmaybecomeinadequatebecauseof changes inconditions,or that thedegreeof compliancewith thepoliciesorproceduresmaydeteriorate.

Opinion

Inouropinion,tothebestofourinformationandaccordingtotheexplanationsgiventous,theCompanyhas,inallmaterialrespects,anadequateinternalfinancialcontrolssystemoverfinancialreportingandsuchinternalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasatMarch31,2016,basedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.



KetanVoraPartner


ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT(Referred to inparagraph2under ‘ReportonOther Legal andRegulatoryRequirements’sectionofourreportofevendate)(i) (a) TheCompanyhasmaintainedproperrecordsshowingfullparticulars,

includingquantitativedetailsandsituationoffixedassets. (b) The fixed assets were physically verified during the year by theManagement

inaccordancewitharegularprogrammeofverificationwhich, inouropinion,provides for physical verification of all the fixed assets at reasonable intervals.According to the information and explanations given to us, no materialdiscrepancieswerenoticedonsuchverification.

(c) With respect to immovable properties of acquired land and buildings that arefreehold, according to the information and explanations given to us and therecords examined by us and based on the examination of the registered saledeed / transferdeed / conveyancedeed / courtorders approving schemesofamalgamationsprovidedtous,wereportthat,thetitledeeds,ofsuchimmovableproperties,areheldinthenameoftheCompanyasatthebalancesheetdate.

(ii) TheCompanydoesnothaveanyinventoryandhencereportingunderclause(ii)oftheOrderisnotapplicable.

(iii) TheCompanyhasnotgrantedanyloans,securedorunsecured,tocompanies,firms,LimitedLiabilityPartnershipsorotherpartiescoveredintheregistermaintainedunderSection189oftheCompaniesAct,2013.

(iv) In our opinion and according to the information and explanations given to us, theCompanyhascompliedwiththeprovisionsofSections185and186oftheCompaniesAct,2013inrespectofgrantofloans,makinginvestmentsandprovidingguaranteesandsecurities,asapplicable.

(v) According to the information and explanations given to us, the Company has notaccepted any deposit during the year. There are no unclaimed deposits under theprovisionsofSections73to76oranyotherrelevantprovisionsoftheCompaniesAct,2013.

(vi) Having regard to thenatureof theCompany’sbusiness /activities, reportingunderclause(vi)oftheOrderisnotapplicable.

(vii) Accordingtotheinformationandexplanationsgiventous,inrespectofstatutorydues:(a) TheCompanyhasbeenregularindepositingundisputedstatutorydues,including

ProvidentFund,Employees’State Insurance, Income-tax,ServiceTax,Cessandothermaterial statutory dues applicable to it with the appropriate authorities.SalesTax,CustomsDuty,ExciseDutyandValueAddedTaxarenotapplicabletotheCompany.

(b) There are no dues of Income-tax and Service Tax as on March 31, 2016 onaccountofdisputes.

(viii) TheCompanyhasnottakenanyloansorborrowingsfromfinancialinstitutions,banksandgovernmentorhasnotissuedanydebentures.Hencereportingunderclause(viii)oftheOrderisnotapplicabletotheCompany.

(ix) TheCompanyhasnotraisedmoneysbywayofinitialpublicofferorfurtherpublicoffer(includingdebtinstruments)ortermloansandhencereportingunderclause(ix)oftheOrderisnotapplicable.

(x) Tothebestofourknowledgeandaccordingtotheinformationandexplanationsgiventous,nofraudbytheCompanyandnomaterialfraudontheCompanybyitsofficersoremployeeshasbeennoticedorreportedduringtheyear.

(xi) In our opinion and according to the information and explanations given to us, theCompany has paid / provided managerial remuneration in accordance with therequisiteapprovalsmandatedbytheprovisionsofSection197readwithScheduleVtotheCompaniesAct,2013.Inrespectofonemanager,remunerationof̀ 5,34,365paid/providedduringtheyear,issubjecttotheapprovaloftheMembersattheforthcomingAnnualGeneralMeeting.

(xii) TheCompanyisnotaNidhiCompanyandhencereportingunderclause(xii)oftheOrderisnotapplicable.

(xiii) In our opinion and according to the information and explanations given to us theCompany is in compliancewith Section177and188of theCompaniesAct, 2013,whereapplicable,foralltransactionswiththerelatedpartiesandthedetailsofrelatedpartytransactionshavebeendisclosedinthefinancialstatementsetc.asrequiredbytheapplicableaccountingstandards.

(xiv)During the year the Company has not made any preferential allotment or privateplacementofsharesorfullyorpartlyconvertibledebenturesandhencereportingunderclause(xiv)oftheOrderisnotapplicabletotheCompany.

(xv) Inouropinionandaccordingtotheinformationandexplanationsgiventous,duringtheyeartheCompanyhasnotenteredintoanynon-cashtransactionswithitsdirectorsor directors of its holding, subsidiary or associate company or person connectedwiththemandhenceprovisionsofSection192oftheCompaniesAct,2013arenotapplicable.

(xvi)TheCompanyisnotrequiredtoberegisteredunderSection45-IAoftheReserveBankofIndiaAct,1934.



KetanVoraPartner



34

BALANCE SHEET AS AT 31ST MARCH, 2016

Note As at Asat 31st March, 2016 31stMarch,2015 (`) (`) (`) (`) EQUITY AND LIABILITIES

Shareholders' funds Sharecapital 1 42,06,01,660 42,06,01,660 Reservesandsurplus 2 6,82,77,158 48,88,78,818 14,48,80,125 56,54,81,785

Non-current liabilities OtherLongtermliabilities 3 90,11,000 2,80,11,000 Long-termprovisions 4 13,00,816 1,03,11,816 12,99,664 2,93,10,664

Current liabilities Othercurrentliabilities 5 1,03,04,679 1,02,21,504 Short-termprovisions 6 2,46,501 1,05,51,180 4,63,066 1,06,84,570

TOTAL 50,97,41,814 60,54,77,019

ASSETS Non-current assets Fixedassets 7 Tangibleassets 14,82,07,217 43,05,37,073 Non-currentinvestments 8 – 6,63,26,700 Deferredtaxassets 9 5,79,393 5,59,936 Long-termloansandadvances 10 3,85,80,562 36,33,832 Othernon-currentassets 11 1,23,71,911 19,97,39,083 1,23,71,911 51,34,29,452 Current assets Currentinvestments 12 25,40,06,738 9,06,87,143 Cashandbankbalances 13 5,54,67,934 11,87,177 Short-termloansandadvances 14 2,14,034 1,73,247 Othercurrentassets 15 3,14,025 31,00,02,731 – 9,20,47,567

TOTAL 50,97,41,814 60,54,77,019

Theaccompanyingnotes1to22areanintegralpartoftheFinancialStatements.

Intermsofourreportattached OnbehalfoftheBoard ForA.F.Ferguson&Co. Chartered Accountants SARADINDUDUTTA Director R.TANDON Chairman

KETANVORA Partner M.SETH ChiefFinancialOfficer J.ALAM Manager & Company Secretary Mumbai,2ndMay,2016 Kolkata,2ndMay,2016

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2016 Note For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`)

Revenuefromoperations 16 2,55,54,748 2,52,02,451Otherincome 17 2,31,78,717 98,78,933

Total Revenue 4,87,33,465 3,50,81,384

Expenses

Maintenanceandserviceexpense 74,77,056 83,56,497Employeebenefitsexpense 18 1,19,84,904 1,04,21,157Depreciationexpense 1,73,895 1,73,422Otherexpenses 19 37,76,811 27,92,955

Total Expenses 2,34,12,666 2,17,44,031

Profit before tax 2,53,20,799 1,33,37,353

Taxexpense: Currenttax 20 82,00,000 30,00,000Deferredtax 20 35,790 (21,823)

Profit for the year 1,70,85,009 1,03,59,176

Earningspershare(FaceValue` 10.00each) 21(i) ` 0.41 ` 0.25

(BasicandDiluted)

Theaccompanyingnotes1to22areanintegralpartoftheFinancialStatements.



35


CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2016 For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`) (`) (`) A. Cash Flow from Operating Activities PROFITBEFORETAX 2,53,20,799 1,33,37,353 ADJUSTMENTSFOR: DepreciationExpense 1,73,895 1,73,422 InterestIncome (23,12,012) (76,960) DividendIncomefromCurrentInvestments – (32,24,122) NetgainonsaleofCurrentInvestments (1,78,37,801) (30,57,851)

(1,99,75,918) (61,85,511)

OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 53,44,881 71,51,842 ADJUSTMENTS FOR: LoansandAdvancesandOtherAssets (38,388) 1,38,137 OtherLiabilitiesandProvisions (5,78,576) (4,34,062)

(6,16,964) (2,95,925)

CASH GENERATED FROM OPERATIONS 47,27,917 68,55,917IncomeTaxPaid (93,60,875) (14,82,711)

NETCASH(USEDIN)/GENERATEDFROMOPERATINGACTIVITIES (46,32,958) 53,73,206

B. Cash flow from Investing Activities SaleofFixedAssets 28,21,78,478 – PurchaseofCurrentInvestments (4,00,00,22,206) (76,27,53,124) SaleofCurrentInvestments 3,85,45,40,412 75,43,25,593 PurchaseofLongTermInvestments(Adjustedsubsequentlypursuant totheSchemeofAmalgamation[ReferNote21(vi)]) (11,37,75,205) – InterestReceived 41,86,035 76,960 InvestmentinBankdeposits (4,66,47,571) – (originalmaturitymorethan3months) Redemption/Maturityofbankdeposits 4,47,28,246 – (originalmaturitymorethan3months) RefundofSecurityDeposits (2,00,00,000) – LoansGiven – (34,250) DividendIncomefromCurrentInvestmentsReceived – 32,24,122

NET CASH (USED IN)/GENERATED FROM INVESTING ACTIVITIES 51,88,189 (51,60,699)

C. Cash flow from Financing Activities NET CASH USED IN FINANCING ACTIVITIES – –

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 5,55,231 2,12,507OPENING CASH AND CASH EQUIVALENTS 11,87,177 9,74,670CASH AND CASH EQUIVALENTS PURSUANT TO THE SCHEME OF AMALGAMATION [Refer Note 2 below] 8,24,483 – CLOSING CASH AND CASH EQUIVALENTS 25,66,891 11,87,177

Notes: 1.TheaboveCashFlowStatementhasbeenpreparedunderthe"IndirectMethod"assetoutinAccountingStandard-3"CashFlowStatements".2.Thefollowingarethenon-cashtransactions: (a)PursuanttotheSchemeofAmalgamation[ReferNote21(vi)],theentireassetsandliabilitiesofClassicInfrastructure&DevelopmentLimitedwastransferredtoandvestedintheCompany,from1stOctober,2015atthevaluesstatedbelow: ` (i) ReservesandSurplus (4,10,86,271 ) (ii) Othercurrentliabilities 14,46,438 (iii) TangibleAssets 22,517 (iv) Long-termloansandadvances 3,37,85,855 (v) DeferredTaxAsset 55,247 (vi) Cashandcashequivalents 8,24,483 (vii) Otherbankbalances 5,09,81,718 (viii)Short-termloansandadvances 2,500 (ix) Othercurrentassets 21,88,048 AspertheSchemeofAmalgamation,1,27,50,020EquitySharesof`10/-eachofClassicInfrastructure&DevelopmentLimitedheldbytheCompany(including1,11,00,020sharesacquiredbytheCompanyduringtheyear),standcancelled.

3. CASH AND CASH EQUIVALENTS: CashandCashEquivalentsasabove 25,66,891 11,87,177 Otherbankbalances 5,29,01,043 – Cashandbankbalances(Note13) 5,54,67,934 11,87,177Theaccompanyingnotes1to22areanintegralpartoftheFinancialStatements.




36

NOTES TO THE FINANCIAL STATEMENTS As at As at Asat Asat

31st March, 2016 31st March, 2016 31stMarch,2015 31stMarch,2015 (No. of Shares) (`) (No.ofShares) (`)

1. Share capital Authorised EquitySharesof`10.00each 5,00,00,000 50,00,00,000 5,00,00,000 50,00,00,000 Issued and Subscribed EquitySharesof`10.00each,fullypaid 4,20,60,166 42,06,01,660 4,20,60,166 42,06,01,660 A) Reconciliation of number of Equity Shares outstanding Asatthebeginningandattheendoftheyear 4,20,60,166 42,06,01,660 4,20,60,166 42,06,01,660 B) Shareholders holding more than 5% of the Equity Shares in the Company As at As at Asat Asat

31st March, 2016 31st March, 2016 31stMarch,2015 31stMarch,2015 (No. of Shares) (%) (No.ofShares) (%)

RussellCreditLimited-theHoldingCompany 4,20,60,166 100.00 4,20,60,166 100.00 C) Rights, preferences and restrictions attached to the Equity Shares TheEquitySharesoftheCompany,havingparvalueof` 10.00pershare,rankpari passuinallrespectsincludingvotingrightsandentitlementto

dividend. As at Asat

31st March, 2016 31stMarch,2015 (`) (`)

2. Reserves and surplus GeneralReserve Atthebeginningoftheyear 1,37,70,978 1,37,70,978 Less:PursuanttotheSchemeofAmalgamation[ReferNote21(vi)] 1,37,70,978 – Attheendoftheyear – 1,37,70,978 SurplusinStatementofProfitandLoss Atthebeginningoftheyear 13,11,09,147 12,07,56,263 Less:PursuanttotheSchemeofAmalgamation[ReferNote21(vi)] 7,99,16,998 – Less:DepreciationontransitiontoScheduleIIoftheCompaniesAct,2013

onTangibleFixedAssets.[NetofDeferredTax-Nil(2015:`2,813/-)] – 6,292 Add:Profitfortheyear 1,70,85,009 103,59,176 Attheendoftheyear 6,82,77,158 13,11,09,147 TOTAL 6,82,77,158 14,48,80,125

As at Asat 31st March, 2016 31stMarch,2015 (`) (`)

3. Other Long term liabilities Securitydeposits 90,11,000 2,80,11,000 [includesdepositsfromITCLimited,theUltimateHoldingCompany

` 34,00,000/-(2015-`2,24,00,000/-)] TOTAL 90,11,000 2,80,11,000


4. Long-term provisions Provisionforemployeebenefits Provisionforcompensatedabsences 13,00,816 12,99,664 TOTAL 13,00,816 12,99,664


5. Other current liabilities Other Payables Statutoryliabilities 1,53,154 99,146 Progresspaymentsandadvancereceivedagainstprojects 1,00,00,000 1,00,00,000 Liabilitiesforexpenses 1,51,525 1,22,358 TOTAL 1,03,04,679 1,02,21,504


6. Short-term provisions Currentportionoflong-termemployeebenefits Provisionforgratuity – 2,30,598 Provisionforcompensatedabsences 2,46,501 2,32,468 TOTAL 2,46,501 4,63,066

7. Fixed assets

Tangibleassets Land Freehold 42,28,08,227 – – 42,28,08,227 – – 28,21,78,478 14,06,29,749 – – – – – – – 14,06,29,749 42,28,08,227 42,28,08,227 Buildings Freehold(*) 1,10,04,119 – – 1,10,04,119 – – – 1,10,04,119 31,08,532 – 1,71,920 32,80,452 – 1,72,390 34,52,842 75,51,277 77,23,667 78,95,587 PlantandEquipment 57,783 – – 57,783 – – – 57,783 41,997 9,105 1,502 52,604 – 1,505 54,109 3,674 5,179 15,786 FurnitureandFixtures(#) – – – – 7,11,877 – – 7,11,877 – – – – 6,93,617 – 6,93,617 18,260 – – OfficeEquipment(#) – – – – 5,93,035 – – 5,93,035 – – – – 5,88,778 – 5,88,778 4,257 – – Total 43,38,70,129 – – 43,38,70,129 13,04,912 – 28,21,78,478 15,29,96,563 31,50,529 9,105 1,73,422 33,33,056 12,82,395 1,73,895 47,89,346 14,82,07,217 43,05,37,073 43,07,19,600

Asat Asat Pursuant to As at Upto TransitionAdjustment Upto Pursuant to Upto As at Asat Asat 31stMarch, AdditionsWithdrawalsand 31stMarch, the Scheme of Addition Withdrawals 31st March, 31stMarch, recordedagainstsurplus Fortheyear 31stMarch, the Scheme of For the year 31st March, 31st March, 31stMarch 31stMarch 2014 adjustments 2015 Amalgamation and adjustments 2016 2014 balanceinStatementof 2015 Amalgamation 2016 2016 2015 2014 Profit&Loss

Particulars

Gross Block Depreciation Net Book Value

(*)Theaboverepresentassetsgivenonoperatinglease,whicharenotnon-cancellableandareusuallyrenewablebymutualconsentonmutuallyagreeableterms. Theleaserentalof`26,70,000/-(2015-`25,20,000/-)isincludedinRentalincomeunderOtherincome(Note17) (#)TakenoverpursuanttotheSchemeofAmalgamation.[ReferNote21(vi)]. TheserepresenttheGrossBlockandAccumulatedDepreciationofTangibleassetsacquiredasat1stOctober,2015andmovementsduringtheyear2015-16.

(Amountin`)

37


NOTES TO THE FINANCIAL STATEMENTS (Contd.) As at Asat 31st March, 2016 31stMarch,2015 (`) (`)8. Non-current investments (at cost unless stated otherwise) Long term TRADE INVESTMENTS (Unquoted) INVESTMENTS IN EQUITY INSTRUMENTS

ClassicInfrastructure& DevelopmentLimited – 6,63,26,700 16,50,000equitysharesof `10.00each,fullypaidup Adjustedpursuanttothe SchemeofAmalgamation [ReferNote21(vi)] TOTAL – 6,63,26,700

As at Asat 31st March, 2016 31stMarch,2015 (`) (`) 9. Deferred tax assets Onfiscalallowancesonfixedassets 67,804 15,253 Onemployees'separationand retirementetc. 5,11,589 5,44,683 TOTAL 5,79,393 5,59,936

As at Asat 31st March, 2016 31stMarch,2015 (`) (`) 10. Long-term loans and advances Unsecured,consideredgood Capitaladvances 42,85,855 – Securitydeposits 1,55,000 1,55,000 Projectadvances 127,90,278 32,90,278 Others[ReferNote21(vii)] 200,00,000 – AdvanceTax(netofprovisions) 13,49,429 1,88,554 TOTAL 3,85,80,562 36,33,832

As at Asat 31st March, 2016 31stMarch,2015 (`) (`)11. Other non-current assets Unsecured,consideredgood Paymentstowardsland/ projectdevelopment(*) 1,23,71,911 1,23,71,911

TOTAL 1,23,71,911 1,23,71,911

(*)Suitforpartitionoflandispending. TheCompanydoesnotforeseeanyfinancialimpactofthesuit.

As at Asat 31st March, 2016 31stMarch,2015 (`) (`)12. Current investments (at lower of cost and fair value) Investment in Mutual Funds (Unquoted) BirlaSunLifeFloatingRateFund- LongTerm 3,66,56,113 3,37,87,143 2,01,946(2015-2,01,946) unitsof`100.00each FranklinIndiaTreasury ManagementAccount- SuperInstitutionalPlan – 3,96,00,000 Nil(2015-18,996)unitsof `1000.00each HDFCLiquidFund – 1,73,00,000 Nil(2015-6,27,792) unitsof`10.00each RelianceLiquidFund- TreasuryPlan 21,73,50,625 – 59,057(2015-Nil) unitsof`1000.00each TOTAL 25,40,06,738 9,06,87,143

As at Asat 31st March, 2016 31stMarch,2015 (`) (`)13. Cash and bank balances Cashandcashequivalents@ BalanceswithBanks Currentaccounts 25,48,891 11,67,177 Chequesonhand – – Cashonhand 18,000 20,000 Otherbankbalances Indepositaccounts* 5,29,01,043 – TOTAL 5,54,67,934 11,87,177

@Cashandcashequivalentsincludecashonhand,chequesonhandandcashatbank. *Representsdepositswithoriginalmaturityofmorethan3months.

As at Asat 31st March, 2016 31stMarch,2015 (`) (`)14. Short-term loans and advances Unsecured, considered good Advancestoemployees – 34,250 Prepaidexpenses 44,639 1,26,637 Advancetowardsgratuityfund 1,49,095 – BalanceswithStatutoryauthorities Servicetaxcreditreceivable 20,300 12,360

TOTAL 2,14,034 1,73,247

As at Asat 31st March, 2016 31stMarch,2015 (`) (`)15. Other current assets Interestaccruedbutnot dueonbankdeposits 3,14,025 –

TOTAL 3,14,025 –

For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`)16. Revenue from operations Saleofservices 2,55,54,748 2,52,02,451

TOTAL 2,55,54,748 2,52,02,451

For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`)17. Other income Dividendincomefrom currentinvestments – 32,24,122 Leaserentalincome 30,28,904 35,20,000 NetGainonsaleof currentinvestments 1,78,37,801 30,57,851 Interestonincometaxrefund 44,655 76,960 Interestincomeonbankdeposits 22,67,357 –

TOTAL 2,31,78,717 98,78,933

For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`)18. Employee benefits expense Salariesandwages 108,22,434 86,39,637 Contributiontoprovident andotherfunds 4,64,862 12,60,561 Staffwelfareexpenses 6,97,608 5,20,959

TOTAL 1,19,84,904 1,04,21,157

For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`)19. Other expenses Ratesandtaxes 4,95,070 54,406 Insurance 3,193 3,696 Travellingandconveyance 50,147 16,608 Professional/Legalfees 26,24,517 24,36,405 Auditors’remunerationandexpenses* Auditfees 1,25,000 1,00,000 Taxauditfees 50,000 50,000 Feesforotherservices 20,000 12,000 Reimbursementofexpenses – 126 Directors’sittingfees 3,30,000 80,000 Communicationexpenses 8,143 4,551 Miscellaneousexpenses 70,741 35,163

TOTAL 37,76,811 27,92,955

*Excludingtaxes. For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`)20. Tax expense Currenttax Incometaxfortheyear 82,00,000 30,00,000 82,00,000 30,00,000

Deferredtax

fortheyear 35,790 (21,823)

35,790 (21,823)

TOTAL 82,35,790 29,78,177


38

21. Additional Notes to the Financial Statements i. Earnings per share

Earningspersharehasbeen 2016 2015 computedasunder:

(a) Profitfortheyear(`) 1,70,85,009 1,03,59,176

(b) Weightedaveragenumber ofEquitysharesoutstanding 4,20,60,166 4,20,60,166

(c) Earningspershareonprofit fortheyear (FaceValue`10.00pershare)- BasicandDiluted[(a)/(b)] ` 0.41 `0.25

ii. Segment Reporting The Company operates in a single business segment namely

propertymaintenance and in a single geographical segment inIndia.

iii. There are no Micro, Small and Medium Enterprises, to whomtheCompany owes dues,which are outstanding formore than45 days during the year and also as at 31stMarch, 2016. ThisinformationasrequiredtobedisclosedundertheMicro,SmallandMediumEnterprisesDevelopmentAct,2006hasbeendeterminedto the extent such parties have been identified on the basis ofinformationavailablewiththeCompany.

iv. Related Party Disclosures (a) Relationship:

UltimateHoldingCompany:

- ITCLimited

HoldingCompany:

- RussellCreditLimited

FellowSubsidiaryCompany

withwhomtheCompanyhadtransactions:

- NorthEastNutrientsPrivateLimited

EmployeeTrustswherethereissignificantinfluence:

- GreenacreHoldingsLimitedProvidentFund

- GreenacreHoldingsLimitedGratuityFund

KeyManagementPersonnel

- Mr.R.Tandon Non-ExecutiveChairman

- Mr.S.Banerjee IndependentDirector(w.e.f.16.03.2015)

- Mr.S.Dutta Non-ExecutiveDirector

- Ms.A.Guhamallick IndependentDirector(w.e.f.16.03.2015)

- Mr.A.Nayak Non-ExecutiveDirector(till31.12.2015)

- Mr.R.K.Singhi Non-ExecutiveDirector(w.e.f.09.03.2016)

- Mr.M.Seth ChiefFinancialOfficer(CFO)(w.e.f.01.01.2015)

- Mr.J.Alam ManagerandCompanySecretary(w.e.f.01.09.2015)

- Mr.R.Varma ManagerandCompanySecretary(till12.05.2015)

(b)DISCLOSUREOFTRANSACTIONSBETWEENTHECOMPANYANDRELATEDPARTIESANDTHESTATUSOFOUTSTANDINGBALANCESASAT31.03.2016

(Amountin`)

1. RentReceived 19,18,904 24,40,000 – – – – – – – –

2. PurchaseofServices 43,500 40,000 – – – – – – – –

3. SaleofServices 2,54,94,748 2,52,02,451 – – 60,000 – – – – –

4. SaleofFixedAssets–Land(atcost) 28,21,78,478 – – – – – – – – –

5. RefundofSecurityDeposit 2,00,00,000 – – – – – – – – –

6. SecurityDeposittakenoverpursuant

toamalgamation-[ReferNote21(vi)] 10,00,000 – – – – – – – – –

7. ExpensesRecovered 2,31,684 3,43,288 – – – – – – – –

8. ExpensesReimbursed – 1,500 – – – – – – – –

9. RemunerationofManagerson

DeputationReimbursed(ForCFO) 26,65,025 4,93,875 – – – – – – – –

10. ContributiontoGreenacre

HoldingsLimitedProvidentFund – – – – – – 6,15,518 5,27,703 – –

11. ContributiontoGreenacreHoldings

LimitedGratuityFund – – – – – – 2,29,037 4,82,387 – –

12. Remunerationto

KeyManagementPersonnel

-Ms.KomalPansari – – – – – – – – – 2,45,229

-Mr.RaviVarma 97,993 3,46,290

-Mr.JamshedAlam(#) 5,34,365 –

13. Directors’SittingFees:

-Mr.S.Banerjee – – – – – – – – 1,50,000 40,000

-Ms.A.Guhamallick 1,80,000 40,000

14. PurchaseofInvestments(*) – – 3,84,37,500 – – – – – – –

15. Balances as at 31st March

i)DepositsTaken 34,00,000 2,24,00,000 – – – – – – – –

ii)Payable

Directors’SittingFees: -Mr.S.Banerjee – – – – – – – – – 10,000 -Ms.A.Guhamallick 10,000

(*)AlsorefertheSchemeofAmalgamationbetweenClassicInfrastructure&DevelopmentLimitedandtheCompany.[ReferNote21(vi)]

(#)Mr.J.Alam,hasbeenappointedasManager&CompanySecretarybytheBoardofDirectorsfortenurecommencingfrom1stSeptember,2015,whichissubjecttoapprovaloftheMembersattheforthcomingAnnualGeneralMeeting.

2016 2015 2016 2015 2016 2015 2016 2015 2016 2015

RELATED PARTY TRANSACTION SUMMARY Ultimate Holding Holding Fellow Employee Trusts Key Management Company Company Subsidiary Personnel Company

39


v. DefinedBenefitPlans/LongTermCompensatedAbsences-AsperActuarialValuationsasat31stMarch,2016andrecognisedinthefinancialstatementsinrespectofEmployeeBenefitSchemes:

Gratuity Leave Gratuity Leave Encashment Encashment Funded Unfunded Funded Unfunded

I. Components of Employer Expenses

1. CurrentServiceCost 1,96,024 96,771 1,86,444 97,396

2. InterestCost 1,64,508 1,12,393 1,60,018 1,13,066

3. ExpectedReturnonPlanAssets (1,75,265) – (1,75,716) –

4. CurtailmentCost/(Credit) – – – –

5. SettlementCost/(Credit) – – – –

6. PastServiceCost – – – –

7. ActuarialLosses/(Gains) (3,35,924) (1,26,857) 5,62,112 1,20,961

8. Total expense recognised in the Statement of Profit and Loss (1,50,656) 82,307 7,32,858 3,31,423

TheGratuityexpenseshavebeenrecognizedin“Contributiontoprovidentandotherfunds”andLeaveEncashmentin“Salariesandwages" underNote18.

II. Actual Returns 2,12,644 – 2,43,174 –

III. Net Asset/(Liability) recognised in Balance Sheet

1. PresentValueofDefinedBenefitObligation (25,08,981) (15,47,317) (22,46,244) (15,32,132)

2. FairValueofPlanAssets 26,58,076 – 20,15,646 –

3. Status[Surplus/(Deficit)] 1,49,095 (15,47,317) (2,30,598) (15,32,132)

4. UnrecognisedPastServiceCost – – – –

5. NetAsset/(Liability)recognisedinBalanceSheet 1,49,095 (15,47,317) (2,30,598) (15,32,132)

IV. Change in Defined Benefit Obligation (DBO)

1. PresentValueofDBOatthebeginningoftheyear 22,46,244 15,32,132 24,99,091 17,17,117

2. CurrentServiceCost 1,96,024 96,771 1,86,444 97,396

3. InterestCost 1,64,508 1,12,393 1,60,018 1,13,066

4. CurtailmentCost/(Credit) – – – –

5. SettlementCost/(Credit) – – – –

6. PlanAmendments – – – –

7. PastServiceCost – – – –

8. Actuarial(Gains)/Losses 7,817 (1,26,857) 2,69,365 1,20,961

9. BenefitsPaid (1,05,612) (67,122) (8,68,674) (5,16,408)

10.PresentValueofDBOattheendoftheyear 25,08,981 15,47,317 22,46,244 15,32,132

V. Best Estimate of Employer’s Expected Contribution for the next year 1,86,000 – 4,80,000 –

VI. Change in Fair Value of Assets

1. PlanAssetsatthebeginningoftheyear 20,15,646 – 25,18,964 –

2. AcquisitionAdjustment – – – –

3. ExpectedReturnonPlanAssets 1,75,265 – 1,75,716 –

4. ActuarialGains/(Losses) 3,43,740 – (2,92,747) –

5. ActualCompanyContributions 2,29,037 – 4,82,387 –

6. BenefitsPaid (1,05,612) – (8,68,674) –

7. PlanAssetsattheendoftheyear 26,58,076 – 20,15,646 –

VII. Actuarial Assumptions

1. DiscountRate(%) 7.50 7.50 7.75 7.75

2. ExpectedReturnonPlanAssets(%) 7.50 – 7.75 –

Theestimatesoffuturesalaryincreases,consideredinactuarialvaluationtakeaccountofinflation,seniority,promotionandotherrelevantfactors suchassupplyanddemandfactorsintheemploymentmarket.

VIII. Major Category of Plan Assets As at Asat as a % of the Total Plan Assets 31st March, 2016 31stMarch,2015

1. GovernmentSecurities/

SpecialDepositwithRBI – –

2. HighQualityCorporateBonds – –

3. InsuranceCompanies* 100% 100%

4.MutualFunds – –

5. CashandCashEquivalents – –

6. TermDeposits – –

* In the absence of detailed information regarding plan assetswhichisfundedwithInsuranceCompany,thecompositionofeachmajorcategoryofplanassets,thepercentageoramountforeachcategorytothefairvalueofplanassetshavenotbeendisclosed.

IX. Basis used to determine the Expected Rate of Return on Plan Assets

The expected rate of return on plan assets is based onexpectationoftheaveragelongtermrateofreturnexpectedto prevail over the estimated term of the obligation on thetypeoftheinvestmentsassumedtobeheldbyLifeInsuranceCorporationofIndia(LIC),sincethefundismanagedbyLIC.

For the year ended Fortheyearended 31st March, 2016 31stMarch,2015 (`) (`)


40

X. Net Asset/(Liability) recognised in Balance Sheet (including experience adjustment)

For the year ended Fortheyearended Fortheyearended Fortheyearended Fortheyearended 31st March, 2016 31stMarch,2015 31stMarch,2014 31stMarch,2013 31stMarch,2012 (`) (`) (`) (`) (`)

PresentValueofDefinedBenefitObligation 25,08,981 15,47,317 22,46,244 15,32,132 24,99,091 17,17,117 29,01,509 21,62,678 28,42,884 20,49,819FairValueofPlanAssets 26,58,076 – 20,15,646 – 25,18,964 – 32,32,884 – 29,73,180 –Status[Surplus/(Deficit)] 1,49,095 (15,47,317) (2,30,598) (15,32,132) 19,873 (17,17,117) 3,31,375 (21,62,678) 1,30,296 (20,49,819)ExperienceAdjustmentofPlanAssets[Gain/(Loss)] 3,37,899 – (3,21,088) – (2,66,267) – (3,684) – (8,203) –ExperienceAdjustmentofObligation[(Gain)/Loss] (35,718 ) (1,57,623 ) 77,294 (25,137) 4,63,285 2,15,253 (1,40,706) (69,488) (1,07,738) (66,852)

-AmountstowardsDefinedContributionPlanshavebeenrecognizedunder‘Contributiontoprovidentandotherfunds’inNote18–`6,15,518/-(2015–`5,27,703/-)

vi. AmalgamationoferstwhileClassicInfrastructure&DevelopmentLimited(‘CIDL’),awhollyownedsubsidiary,whichwasengagedinthebusinessofmanagingandprovidingmaintenanceservicesforbuildings,withtheCompany:

a) InaccordancewiththeSchemeofAmalgamationofCIDLunderSections391and394oftheCompaniesAct,1956withtheCompany(asagoingconcern),asapprovedbytheBoardofDirectorsoftheCompanyon14thDecember,2015,andsubsequentlysanctionedbytheHon’bleHighCourtatCalcuttaon17thMarch,2016,theassetsandliabilitiesofCIDLweretransferredtotheCompanywitheffectfrom1stOctober,2015,theAppointedDate.TheSchemebecameeffectiveon5thApril,2016uponfilingoftheOrderoftheHon’bleHighCourtwiththeRegistrarofCompanies,WestBengal.Consequenttosuchfiling,theSchemehasbeengiveneffecttointheseFinancialStatements.

b) TheAmalgamationhasbeenaccountedforunderthe‘poolingofinterests’methodasprescribedby“AccountingStandard-14-‘AccountingforAmalgamations’”specifiedunderSection133oftheCompaniesAct,2013,asapplicable.Accordingly,theassets,liabilitiesandreservesofCIDLasat1stOctober,2015havebeentakenoverinthebooksofaccountoftheCompanyattheirrespectivebookvalues.[RefertoNote–2(a)totheCashFlowStatement].

c) AspertheSchemeofAmalgamation,1,27,50,020EquitySharesof`10/-eachofCIDLheldbytheCompany(including1,11,00,020sharesacquiredbytheCompanyduringtheyear),standcancelled.

d) Consequenttocancellationofinvestment,asabove,excessofinvestmentoverthesharecapitalofCIDLamountingto`5,26,01,705/-anddebitbalanceofReserves andSurplusofCIDLof` 4,10,86,271/-, aggregating` 9,36,87,976/-havebeenfirst adjustedagainstGeneralReserves-̀ 1,37,70,978/-andthebalanceagainsttheSurplusintheStatementofProfitandLoss-̀ 7,99,16,998/-,asspecifiedintheSchemeofAmalgamation.

e) Inviewoftheaforesaidamalgamationwitheffectfrom1stOctober,2015,thefiguresforthecurrentyeararenotcomparabletothoseofthepreviousyear.

vii. Duringtheyear1999-2000,erstwhileCIDLacquiredassignableclaimsamountingto`9,20,59,032/-togetherwithanyinterestthatmayaccrueonthesaidamounttillthedateofactualrepayment,atanagreedconsiderationof`2,00,00,000/-.Thisamountisincludedin“Long-termloansandadvances”underNote10.

viii.PreviousYear’sfigureshavebeenregrouped/re-classified,wherenecessarytocorrespondwiththecurrentyear’sclassification/disclosure.

Gratuity Leave Gratuity Leave Gratuity Leave Gratuity Leave Gratuity Leave Encashment Encashment Encashment Encashment Encashment

Funded Unfunded Funded Unfunded Funded Unfunded Funded Unfunded Funded Unfunded

22. Significant Accounting Policies

Convention To prepare financial statements in accordance with applicable

AccountingStandardsinIndia.Asummaryofimportantaccountingpolicies is set out below. The financial statements have also beenpreparedinaccordancewithrelevantpresentationalrequirementsoftheCompaniesAct,2013.

Basis of Accounting Topreparefinancialstatementsinaccordancewiththehistoricalcost

convention. Allassetsandliabilitieshavebeenclassifiedascurrentornon-current

aspertheCompany’snormaloperatingcycleandothercriteriaassetoutinScheduleIIItotheCompaniesAct,2013basedonthenatureofservicesandthetimebetweentheacquisitionofassetsforprocessingandtheirrealizationincashandcashequivalents.

Fixed Assets TostateFixedAssetsatcostofacquisitioninclusiveofinwardfreight,

duties and taxes and incidental expenses related to acquisition.Expensescapitalizedalsoincludeborrowingcosts,ifany.

Tochargeoffasrevenueexpenditure,allupgradation/enhancementsunlesstheybringsimilarsignificantadditionalbenefits.

Depreciation TocalculatedepreciationonFixedAssets,on‘StraightLine’basisover

theusefullivesspecifiedinScheduleIItotheCompaniesAct,2013.

Investments TostateCurrentInvestmentsatlowerofcostandfairvalue;andLong

Term Investments at cost. Where applicable, provision ismade torecogniseadecline,otherthantemporary,invaluationofLongTermInvestments.

Revenue Recognition Torecognizerevenueatthetimeofrenderingofservicesnetoftaxes

recoveredfromcustomers.

Investment Income ToaccountforIncomefromInvestmentsonanaccrualbasis,inclusive

of related tax deducted at source. To account for Income fromDividendswhentherighttoreceivesuchdividendsisestablished.

Method of Accounting - Projects To recognize revenue on projects using percentage of completion

method of accounting, if work completed can be reasonablyestimated.

Employee Benefits TomakeregularmonthlycontributionstoProvidentFundwhichare

inthenatureofdefinedcontributionschemesandsuchpaid/payableamounts are charged against revenue. To administer such fundsthroughdulyconstitutedandapprovedindependenttrusts.

To determine the liabilities towards gratuity and employee leaveencashment by an independent actuarial valuation as per therequirementsofAccountingStandard–15on“EmployeeBenefits”.Todetermine actuarial gains or losses and to recognise such gains orlossesimmediatelyintheStatementofProfitandLossasincomeorexpense.

Lease Rentals ToaccrueRentalsinrespectofleasedpropertiesintheStatementof

ProfitandLoss.

Taxes on Income ToprovideCurrent tax as the amountof taxpayable in respect of

taxable income for the period, measured using the applicable taxratesandtaxlaws.

To provide Deferred tax on timing differences between taxableincomeandaccountingincomesubjecttoconsiderationofprudence,measuredusingthetaxratesandtaxlawsthathavebeenenactedorsubstantivelyenactedbytheBalanceSheetdate.

NottorecognizeDeferredtaxassetsonunabsorbeddepreciationandcarryforwardoflossesunlessthereisvirtualcertaintythattherewillbesufficientfuturetaxableincomeavailabletorealisesuchassets.

OnbehalfoftheBoard

SARADINDUDUTTA Director R.TANDON Chairman

M.SETH ChiefFinancialOfficer J.ALAM Manager & Company Secretary

Kolkata2ndMay,2016

Documents

GREENACRE HOLDINGS LIMITED · 25th August, 2015 8th March, 2016 Nomination and 28th April, 2015 Remuneration Committee 3 25th August, 2015 R.8th March, 2016 attendance ofDirectors