II. Post Employment Benefits -Defined Contribution Plans:

a) Gratuity Plans:

Gratuity is payable to all eligible employees of the Company on death, permanent disablement and resignation in terms of the provisions of the Payment of Gratuity Act, 1972 or as per the Company's Scheme, whichever is more beneficial. Benefit would be paid at the time of separation based on the last drawn basic salary.

b) Leave Encashment :

Eligible employees can carry forward and encash leave up to death, permanent disablement and resignation subject to maximum accumulation allowed as applicable to the concerned division of the Company or individual employee, highest being up to 88 days.

Leave over and above accumulation allowed is liable to be encased in the next year based on gross salary drawn in the last year.

III. Termination Benefits :

Termination Benefits are charged to the Statement of Profit and Loss in the year in which they are incurred.

(b) Terms/ rights attached to Equity Shares:

The Company has only one class of issued shares i.e. equity shares having a face value of Rs, 10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion of their shareholdings.

1 Term Loans from Banks includes:

(a) Rs, 6,58,119/- (Previous year Rs, 25,99,702/-) from United Bank of India is secured by assignment of rent receivable from the lender Bank itself and personal guarantee of a Director of the Company up to Rs, 37,50,000/- plus outstanding interest and other charges. The loan is repayable in 24 installments and carries rate of interest of 13.75 % p.a. (Floating) . Last installment is payable on 1st July 2016.

(b) Rs, 66,16,717/- (Previous year Rs, 97,73,251/-) from Union Bank of India is secured by mortgage of immovable property of the Company situated at Sankrail Industrail Park, Sankrail, Howrah and personal guarantee of two Directors/ Promoters of the Company up to Rs, 1,00,00,000/- plus outstanding interest and other charges. The loan is repayable in 120 installments and carries rate of interest of 12.75 % p.a. (Floating). Last installment is payable on 28th February, 2025.

(c) Rs, 4,65,36,415/- (Previous year Rs, 2,71,15,667/-) from Union Bank of India in the nature of Home Loan is secured by mortgage of immovable property under acquisition by the Company at 21, Pramatha Choudhury Sarani, Kolkata. The loan is repayable in 162 installments and carries rate of interest 11% p.a. (Floating). Last installment is payable on December 2029.

Above loans are secured by hypothecation of vehicles and machineries financed by the respective Banks. Different rates of interest are payable against different agreements. The rate given above is the highest rate for the respective

Bank.

2. Loans from entities other than Banks (secured) includes:

(a) Rs, 79,94,625/- (Previous year Rs, 83,85,865/-) from Reliance Capital Ltd. is secured by hypothecation of certain machineries financed by them. Loans are repayable in 48 installments. Different rates of interest are payable against different agreements, highest being 15.50% p.a. for one loan. Last installment is payable on 1st February, 2020.

(b) Rs, 6,76,909/- (Previous year Rs, 1,71,33,893/-) from L&T Finance Ltd. is secured by hypothecation of certain machineries financed by them. Loans are repayable in 48 installments. Rate of interest payable is 13.75 % p.a. Last installment is payable on 5th September, 2016.

(c) Rs, 1,66,34,099/- (Previous year Rs, 2,19,41,051/-) from Magma Fincorp Ltd. is secured by pledge of 8,25,000 Equity Shares of the Company held by Directors/Promoters and personal guarantee of two Directors/Promoters of the Company. The loan is repayable in 48 installments and carries rate of interest of 17.50% p.a. Last installment is payable on 7th July, 2018.

(d) Rs, 2,00,00,000/- (Previous year Rs, Nil) from Reliance Home Finance Ltd. is secured by mortgage of immovable property of the Company situated at NH- 6, Mumbai Highway, Salap More, Howrah and personal guarantee of three Directors/ Promoters of the Company. The loan is repayable in 48 installments and carries rate of interest of 15.50 % p.a. Last installment is payable on 1st April, 2020.

3 Loans from entities other than Banks (unsecured) includes:

(a) Rs, 24,79,473/- (Previous year Rs, 26,06,558/-) from Bajaj Finance Ltd. Loan is repayable in 36 installments (maximum) and carries rate of interest of 18.25 % p.a. (highest). Last installment is payable on 2nd August, 2018.

(b) Rs, 21,59,436/- (Previous year Rs, 33,82,440/-) from Tata Capital Financial Services Ltd. Loan is repayable in 36 installments and carries rate of interest of 18.08 % p.a. Last installment is payable on 3rd August, 2017.

4. Estimated amount of contracts remaining to be executed on capital account is ' 11,26,01,870/- (Previous Year ' 11,46,95,881/-) against which ' 7,70,36,940/- (Previous Year ' 4,52,16,011/-) has been paid as advance.

5. One of the tenants of the Company namely M/s Income Tax Appellate Tribunal is not paying Service Tax on Rent since the same has came in to effect. The Company is liable to collect a sum of ' 62,59,572/- (Previous Year ' 54,26,127/- ) from said M/s Income Tax Appellate Tribunal towards Service Tax on Rent for the period 01.06.2007 to 31.03.2016 and remit the same to the Government account. The Company has duly provided the said Service Tax liability in its books of account. The Company has filed a writ petition before the Hon'ble High Court at Calcutta for recovery of Service Tax on Rent from M/s Income Tax Appellate Tribunal. The matter is subjudiced pending decision by the Hon'ble High Court at Calcutta.

6 Annual Value of one property of the Company situated at 50, Chowringhee Road, Kolkata was revised by the Kolkata Municipal Corporation with retrospective effect from 1st July, 2006 on 15.06.2010. The Company had disputed the said valuation by filing a writ petition before the Hon'ble High Court at Calcutta praying for a fresh valuation which has since been dismissed. Now the Company has made an application to the Kolkata Municipal Corporation for reconsideration of the Annual Value and the Company is hopeful to get good relief on disposal of its request. Pending decision on the said request, the Company is not paying municipal tax but liability on this account including interest and penalty of ' 2,87,28,800/- (Previous Year ' 2,50,97,806/-) up to 31.03.2016 has been duly provided in the books of account.

7. As per the Scheme of amalgamation M/s. Jaypee Estates Pvt. Ltd. and M/s. Avni Estates Pvt. Ltd. have merged with the Company w.e.f. 01.04.2003 with all Assets and Liabilities including charges, liens, mortgages, interest, appeals etc. vide Order (s) dated 26.08.2002 and 14.10.2004 passed by the Hon'ble High Court at Calcutta. The Company is to issue 1133 Equity Shares of ' 10/- each fully paid up to the erstwhile shareholders of amalgamating Companies as purchase consideration.

8. The Company has provided depreciation on Silver Idol with effect from 1st April, 2015 on straight line method based on useful life specified under Schedule II to the Companies Act, 2013 for the furniture & fixture, the silver idol being in the nature of part of furniture & fixture and depreciation for the period up to 31st March, 2015 amounting to ' 5,76,555/- has been charged to the Statement of Profit & Loss as prior period expenses.

Goodwill acquired on amalgamation has been amortized over a period of 5 (five) years with effect from 1st April, 2015 in accordance with provisions of Accounting Standard-14 and accordingly a sum of Rs, 4,39,367/- has been amortized for the year.

9. Purchases of raw materials and finished goods have been shown net of input credit taken against Excise Duty & VAT, as applicable. Similarly Sales have been shown net of output tax adjusted against VAT Credit.

10. In the opinion of the management there being no impairment of fixed assets, no provision is required to be made as per Accounting Standard - 28 under this head.

11. The Company has commenced commercial production of an aerated water "Bisleri Soda" with effect from 19th October, 2015 at its new plant at Sankrail Industrial Park, Dist. Howrah (West Bengal). M/s Bisleri International Pvt. Ltd. has launched some new soft drink products namely (I) SPYCI, (II) FONZO, (III) LIMONATA and (IV) PINACOLADA. The Company as franchisee of M/s Bisleri International Pvt. Ltd. has commenced commercial production of said soft drinks with effect from 24th February, 2016 at its new plant at Sankrail.

12. Some Tenants have deposited rent in Rent Control Account and the Company is withdrawing the amount there from time to time.

13. Land of the Company at Kankulia measuring 5 (five) Bighas and 1 (one) Cottah was acquired by the West Bengal Government under the provisions of West Bengal Land (Requisition and Acquisition) Act, 1948. Compensation so far received, net of cost, has already been taken as Income. In case the Company gets any further compensation the same shall be adjusted in the year of receipt.

14. Leasehold rights of the Company in a property situated at 50, Chowringhee Road, Kolkata has expired on 30th September, 2015 as per terms of lease and the Company has handed over the property to the landlord or their nominee(s). Residual value of the property and loss on account of assets left with the property amounting to Rs, 1,62,827/- and Rs, 17,17,265/- respectively has been charged to the statement of Profit & Loss for the year.

15. Rates and Taxes have been charged to the accounts as net after adjusting Rs,12,15,034/- (Previous year Rs, 17,05,182/-) recoverable from tenants on this account. Since the final assessment of certain taxes such as Excise, VAT, Profession Tax etc. was made during the year, a sum of Rs, 6,03,700/- (previous year Rs, 80,672/-), paid on account of demands relating to earlier years, has been charged to the current year.

16. The Company has been advised that the Service Tax has become applicable w. e. f. 1st July, 2012 on Electricity Charges billed by it on its tenants on the basis of sub meters. However many tenants are disputing the said levy in the absence of specific notification from the concerned authority on this issue. The Company is charging Service Tax at the applicable rate on bills raised by it against Electricity Charges on its tenants with effect from 1st July, 2012 but the Company is remitting to the credit of Government Account only amount of Service Tax actually collected by it from the tenants. The Company is pursuing other tenants to make payment of Service Tax. The Company is to collect from its tenants and remit to the credit of Government Account a sum of Rs, 63,67,833/- (Previous Year Rs, 51,54,074/-) up to 31st March, 2016 on this account.

17. Previous year's figures have been rearranged / regrouped, wherever found necessary.

18. Income on account of Electricity Charges have been taken in the accounts as net after adjusting Rs, 3,22,74,751/-(Previous year Rs, 4,39,68,981/-) paid on this account.

19. Amount due to Small Scale Industrial undertakings Rs, Nil (Previous Year Rs, Nil)

20. Amount due and outstanding to be credited to the Investor Education and Protection Fund Rs, Nil (Previous Year Rs, Nil).

21. (a) Earnings in Foreign Currency Rs, Nil (Previous Year Rs, Nil).

(b) Expenses incurred in Foreign Currency:

Travelling and other Expenses Rs, 30,53,671/- (Previous Year Rs, 11,74,258/-)

Purchase of machinery Rs, Nil (Previous year Rs, 65,88,681/-)

22. Related Party disclosures:

i) Key Management Personnel:

Sri N. K. Poddar - Chairman Sri Akshat Poddar - Managing Director Sri B. D. Mundhra - Executive Director Sri A. K. Singhania - Chief Financial Officer Sri Jiyut Prasad - Company Secretary

Note: Remuneration paid / payable to the above officials includes salary, allowances, bonus, leave encashment etc., Company's contribution to provident fund and value of non monetary perquisites as per Income Tax Rules, 1962.

Previous year's figures have been given in the brackets.