1 SIGNIFICANT ACCOUNTING POLICIES

1.1 Basis of brparation of financial statements:

The financial statements have been brpared on accrual basis under the historical cost convention in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) and the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.

1.2 Use of estimates:

The brparation of financial statements requires estimates and assumptions to be made that effect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known / materialised.

1.3 Fixed assets:

Fixed assets are stated at cost, less accumulated debrciation and impairment, if any. Costs include all expenses incurred to bring the asset to its brsent location and condition.

1.4 Debrciation:

Debrciation is provided under the "written down value" method in the manner brscribed in Schedule II to the Companies Act, 2013, over the useful life brscribed therein.

1.5 Impairment of assets:

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is chargeable to the statement of profit and loss in the year in which an asset is identified as impaired, if any.

The impairment loss recognised in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.6 Investments:

Current investments are valued at lower of cost and net realisable value. The comparison of cost and fair value is done separately in respect of each category of investments.

Long term investments are stated at cost. Diminution in value in long term investment is provided for where the management is of the opinion that the diminution is of permanent nature.

1.7 Inventories:

Inventories comprise of: (i) finished realty stock rebrsenting unsold brmises in completed projects and (ii) realty work in progress rebrsenting properties under construction.

Inventories are stated at lower of cost or net realisable value. Cost of realty construction is charged to the statement of profit and loss in proportion to the revenue recognised during the period and the balance cost is carried over under inventory as part of either finished realty stock or realty work in progress. Cost of realty construction includes all costs directly related to the project and other expenditure as identified by the management which are incurred for the purpose of executing and securing the completion of the project (net off incidental recoveries).

1.8 Revenue recognition:

Revenue is recognised when it is earned and no significant uncertainity exist on its realisation. Revenue from the sale of realty stock is recognised in the proportion of work completed. Rental income and service charges are recognised based on contractual rights. Interest income is recognised on time proportion basis. Dividend income is recognised on receipt basis.

1.9 Borrowing cost:

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

1.10 Foreign currency transactions: Foreign currency transactions are recorded at the exchange rate brvailing on the date of the transaction. Exchange difference, if any arising out of transactions settled during the year are recognised in the statement of profit and loss for the year.

Monetary assets and liabilities denominated in foreign currencies at the year end are restated at year end exchange rate. The exchange difference, if any, are recognised in the statement of profit and loss and related assets and liabilities are accordingly restated in the balance sheet.

1.11 Provisions for current and deferred tax:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961 of India. Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent that there is a reasonable certainty that the assets will be realised in future.

Minimum Alternate Tax (MAT) paid in accordance to the tax laws, which gives rise to future economic benefits in the form of adjustments of future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset in the balance sheet when it is probable that the future economic benefit associated with it will flow to the Company and the asset can be measured reliably.

1.12 Provisions, contingent liabilities and contingent assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a brsent obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statements.

1.13 Retirement benefits to employees:

Post employment benefits are recognised as an expense in the statement of profit and loss for the year in which the employee has rendered services. The Company offers its employee's defined-benefit plan in the form of a gratuity scheme. The liability in respect of defined benefit plan is calculated using the Projected Unit Credit Method and sbrad over the period during which the benefit is expected to be derived from employees' services. Actuarial gains and losses in respect of post employment benefits are charged to the statement of profit and loss.

All other short-term benefits for employees are recognised as an expense at the undiscounted amount in the statement of profit and loss of the year in which the related service is rendered.

2 Change in the name of the Company:

Pursuant to the approval of the members obtained at the Extra Ordinary General Meeting of the Company held on August 14, 2014 the name of the Company stands changed from "Sharyans Resources Limited" to "Crest Ventures Limited" w.e.f. September 01, 2014.

3 Scheme of amalgamation:

ITI Securities Limited subsidiary of ITI Capital Holdings Private Limited amalgamated with ITI Capital Holdings Private Limited and ITI Capital Holdings Private Limited a wholly owned subsidiary of the Company amalgamated with the Company pursuant to the Composite Scheme of Amalgamation (Scheme) sanctioned by the Hon'ble High Court of Bombay vide its Order's dated November 30, 2015 and filed with the Registrar of Companies on December 07, 2015 and December 08, 2015. The appointed date of the Scheme being April 01, 2014 and April 02, 2014 respectively.

ITI Securities Limited was a registered broker on the The National Stock Exchange of India Limited, BSE Limited and Metropolitan Stock Exchange of India Limited. ITI Capital Holdings Private Limited core activity was to make investments in group companies.

The amalgamation has been accounted as per the Scheme which is 'Pooling of Interest' Method as referred in Accounting Standard 14 "Accounting for Amalgamation".

In accordance with the Scheme and as per the approval of Hon'ble High Court of Bombay:

a. The Scheme is effective on December 07, 2015 and December 08, 2015 with an appointed date been April 01, 2014 and April 02, 2014. As the financial statements for brvious year ended March 31, 2015 have been already approved by the shareholders of the Company, the brvious year balances have not been restated and all the relevant accounting entries with respect to the Scheme have been accounted for on April 01, 2015 and consequently, the deficit in the statement of profit and loss of transferor company for the period April 01, 2014 to March 31, 2015 has been transferred to the opening reserve of the Company.

b. All assets, liabilities, reserves, rights and obligation of ITI Securities Limited and ITI Capital Holdings Private Limited have been transferred to and vested with effect from appointed date.

c. All assets, liabilities, reserves of ITI Securities Limited and ITI Capital Holdings Private Limited have been recorded at their respective book values as on appointed date and the intercompany balances are eliminated.

d. The entire Paid up Share Capital of ITI Securities Limited and ITI Capital Holdings Private Limited stands cancelled.

e. Excess of book value of equity shares of ITI Capital Holdings Private Limited appearing in the books of the Company, as reduced by the face value of these shares appearing in the books of ITI Capital Holdings Private Limited by Rs.158,775,000 has been adjusted against surplus in statement of profit and loss of the Company.

f. Upon the Scheme being effective:

- The authorised share capital of the ITI Securities Limited is merged with the ITI Capital Holdings Private Limited without payment of additional fees and duties and hence the authorised share capital of the ITI Capital Holdings Private Limited stands change to Rs.320,000,000 divided into 11,000,000 equity shares of Rs.10 each, 900,000 5% optionally convertible brference shares of Rs.100 each and 1,200,000 3% cumulative redeemable brference shares of Rs.100 each.

- The authorised share capital of the ITI Capital Holdings Private Limited is merged with the Company without payment of additional fees and duties and hence the authorised share capital of the Company upon Scheme been effective stands changed to Rs.495,000,000 divided into 28,500,000 equity shares of Rs.10 each, 900,000 5% optionally convertible brference shares of Rs.100 each and 1,200,000 3% cumulative redeemable brference shares of Rs.100 each.

g. ITI Securities Limited and ITI Capital Holdings Private Limited stands dissolved without being wound up from the effective dates.

4As per Accounting Standard 21 on "Consolidated Financial Statements" and Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" the Company has brsented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Accounting Standard 17 on "Segment Reporting" is included under Notes to Consolidated Financial Statements.

5 Contingent liabilities:

a. Corporate guarantees given by the Company to banks against bank guarantees issued to associates Rs.5,000,000 (brvious year Rs.5,000,000) and others Rs.NIL (brvious year Rs.72,000,000).

b. Income-Tax matters in respect of which appeal is pending Rs.1,073,710 (brvious year Rs.612,466).

6 The Company has created mortgage charge on the finished realty stock of the Company situated at Sharyans Audeus, Andheri (W), Mumbai 400058 and hypothecated its rental receivables in respect of loan taken of Rs.400,000,000 (brvious year Rs.NIL) by other entity.

7 The brvious year figures have been regrouped, reworked, rearranged and reclassified, wherever necessary, to be read in relation to the amounts and other disclosures relating to the current year.

8 Crest Ventures Limited, is a registered Non Banking Financial Company with Reserve Bank of India bearing Certificate of Registration No. N-13.01888 dated December 14, 2007.

As per our report of even date

For Chaturvedi & Shah

Chartered Accountants

Firm Registration No. 101720W

Amit Chaturvedi

Partner

Membership No. 103141

For and on behalf of the Board

Vijay Choraria Managing Director

[DIN:00021446

Mahesh Shirodkar Director

[DIN:00897249]

Arvind Jain Chief Financial Officer

[PAN:ADCPJ1455B]

Manasi Modak Company Secretary

[Membership No. A43838

Place: Mumbai

Date: May 14, 2016