(x) Provisions, Contingent Assets and Contingent
Liabilities

A provision is recognised when:

• the Company has a present obligation as a result of a past
event;

• it is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation; and

• a reliable estimate can be made of the amount of the
obligation.

A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably
will not require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.

(xi) Earnings Per Share

Basic earnings per share are calculated by dividing the total Profit
for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the total
Profit for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year
are adjusted for the effects of all dilutive potential equity share.

(xii) Leases

In accordance with IND AS 116, the Company recognises right of
use assets representing its right to use the underlying asset for
the lease term at the lease commencement date. The cost of right
of use asset measured at inception shall comprise of the amount
of the initial measurement of the lease liability adjusted for any
lease payment made at or before commencement date less any
lease incentive received plus any initial direct cost incurred and
an estimate of cost to be incurred by lessee in dismantling and
removing underlying asset or restoring the underlying asset or
site on which it is located. The right to use asset is subsequently
measured at cost less accumulated depreciation, accumulated
impairment losses, if any and adjusted for any remeasurement
of lease liability. The right to use assets is depreciated using
the straight line method from the commencement date over
the shorter of lease term or useful life of right of use asset. The
estimated useful lives of right of use assets are determined on the
same basis as those of property, plant and equipment. Right of use
assets are tested for impairment whenever there is any indication
that their carrying amounts may not be recoverable Impairment
loss, if any, is recognises in statement of profit and loss. The
Company measures the lease liability at the present value of the
lease payments that are not paid at the commencement date of
lease. The lease payments are discounted using the interest rate
implicit in the lease, if that rate can be readily determined; the
Company uses incremental borrowing rate. Lease arrangements
where the risk and rewards incident to ownership of an asset
substantially vest with the lessor are recognised as operating
lease. Lease rent under operating lease are charged to statement
of profit and loss on a straight line basis over the lease term except
where scheduled increase in rent compensate the lessor for
expected inflationary costs.

The lease liability is subsequently remeasured by increasing the
carrying amount to reflect interest on lease liability, reducing
the carrying amount to reflect the lease payments made and
remeasuring the carrying amount to reflect any reassessment or

lease modification or to reflect revised-in-substance fixed lease
payments, the Company recognises amount of remeasurement of
lease liability due to modification as an adjustment to right of use
assets and statement of profit and loss depending upon the nature
of modification. Where the carrying amount of right of use assets
is reduced to zero and there is further reduction in measurement
of lease liability, the Company recognises any remaining amount
of the remeasurement in statement of profit and loss.

(xiii) Income Tax

(i) Provision for current tax is made based on the tax payable
under the Income Tax Act, 1961. Current income tax relating
to items recognised outside profit and loss (either in other
comprehensive income or in equity).

(ii) Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used
in the computation of taxable profit.

Deferred tax liabilities and assets are measured at the tax
rates that are expected to apply in the period in which the
liability is settled or the asset realised, based on tax rates
(and tax laws) that have been enacted or substantively
enacted by the end of the reporting period. The carrying
amount of deferred tax liabilities and assets are reviewed at
the end of each reporting period.

(xiv) Fair Value Measurement

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

• In the principal market for the asset or liability; or

• In the absence of a principal market, in the most advantageous
market for the asset or liability.

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

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

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

• Level 1: Quoted (unadjusted) market prices in active markets
for identical assets or liabilities.

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

• Level 3: Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable.

For assets and liabilities that are recognised in the
financial statements on a recurring basis, the Company
determines whether transfer have occurred between

levels in the hierarchy by re-assessing categorization
(based on the lowest level input that is significant to the
fair value measurement as a whole) at the end of each
reporting period.

For the purpose of fair value disclosure, the Company has
determined classes of assets and liabilities on the basis of
nature, characteristics and risks of the asset or liability and
the level of the fair value hierarchy as explained above.

(xv) Cash and Cash Equivalent

Cash and Cash equivalent in the balance sheet comprises cash at
bank and cash on hand, demand deposits and short term deposits
which are subject to an insignificant change in value.

The amendment to IND AS 7 requires entities to provide
disclosure of change in the liabilities arising from financing
activities, including both changes arising from cash flows and
non-cash changes (such as foreign exchange gain or loss).
The Company has provided information for both current and
comparative period in cash flow statement.

(xvi) Business Combinations

The acquisition method of accounting is used to account for all
business combinations, except common control transactions,
regardless of whether equity instruments or other assets are
acquired. The consideration transferred for the acquisition of the
transferor Companies comprises the:

• fair values of the assets transferred;

• liabilities incurred to the former owners of the acquired
business;

• equity interests issued by the Company; and

• fair value of any asset or liability resulting from a contingent
consideration arrangement.

Identifiable assets acquired, liabilities and contingent liabilities
assumed in a business combination are with limited exceptions,
measured initially at their fair values at the acquisition date.

Acquisition related costs are expensed as incurred.

The excess of the consideration transferred and acquisition-date
fair value of any previous equity interest in the acquired entity over
the fair value of the net identifiable assets acquired is recorded
as goodwill. If those amounts are less than the fair value of the
net identifiable assets of the business acquired, the difference is
recognised in other comprehensive income and accumulated in
equity as capital reserve provided there is clear evidence of the
underlying reasons for classifying the business combination as
a bargain purchase. In other cases, the bargain purchase gain is
recognised directly in equity as capital reserve.

Where settlement of any part of cash consideration is deferred,
the amounts payable in the future are discounted to their present
value as at the date of exchange. The discount rate used is the
entity's incremental borrowing rate, being the rate at which
a similar borrowing could be obtained from an independent
financier under comparable terms and conditions.

Contingent consideration is classified either as equity or a financial
liability. Amounts classified as a financial liability are subsequently
re-measured to fair value with changes in fair value recognised in
profit or loss. There is no contingent consideration in respect of all
the years presented.

Business combinations involving entities that are controlled by
the Company are accounted for using the pooling of interests
method as follows:

• The assets and liabilities of the combining entities are
reflected at their carrying amounts.

• No adjustments are made to reflect fair values or recognise
any new assets or liabilities. Adjustments are only made to
harmonise accounting policies.

• The financial information in the financial statements in
respect of prior periods is restated as if the business
combination had occurred from the beginning of the
preceding period in the financial statements, irrespective
of the actual date of the combination. In case of Court
approved Scheme the business combination is recognised
from the appointed date following the accounting treatment
approved by the Court.

• The balance of the retained earnings appearing in the
financial statements of the transferor is aggregated with the
corresponding balance appearing in the financial statements
of the transferee.

• The identity of the reserves are preserved and the reserves
of the transferor become the reserves of the transferee.

• The difference, if any, between the amounts recorded as
share capital issued plus any additional consideration in the
form of cash or other assets and the amount of share capital
of the transferor is transferred to capital reserve and is
presented separately from other capital reserves.

(xvii) Significant Management Judgement in Applying
Accounting Policies and Estimation of Uncertainty
Significant management judgement

When preparing the financial statements, management
undertakes a number of judgements, estimates and assumptions
about the recognition and measurement of assets, liabilities,
income and expenses.

The following are significant management judgement in applying
the accounting policies of the Company that have the most
significant effect on the financial statements.

(a) Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is
based on an assessment of the probability of the Company's
future taxable income against which the deferred tax assets can
be utilised.

(b) Estimation of uncertainty

(a) Recoverability of advances/receivables

At each balance sheet date, based on historical default rates
observed over expected life, the management assesses
the expected credit loss on outstanding receivables and
advances.

(b) Defined benefit obligation (DBO)

Management's estimate of the DBO is based on a number
of critical underlying assumptions such as standard rates
of assumptions such as standard rates of inflation, medical
cost trends, mortality, discount rate and anticipation of
future salary increases. Variation in these assumptions may
significantly impact the DBO amount and the annual defined

benefit expenses

(c) Provisions

At each balance sheet date on the basis of management
judgement, changes in facts and legal aspects, the Company
assesses the requirement of provisions against the
outstanding warranties and guarantees. However, the actual
future outcome may be different from this judgement.

(d) Inventories

Inventory is stated at the lower of cost and net realisable
value (NRV).

NRV for completed inventory is assessed including but
not limited to market conditions and prices existing at the
reporting date and is determined by the Company based
on net amount that it expects to realise from the sale of
inventory in the ordinary course of business.

NRV in respect of inventories under construction is
assessed with reference to market prices (by referring to
expected or recent selling price) at the reporting date less
estimated costs to complete the construction and estimated
cost necessary to make the sale. The costs to complete the
construction are estimated by management.

(e) Fair value measurements

Management applies valuation techniques to determine
the fair value of financial instruments (where active market
quotes are not available) and non-financial assets. This
involves developing estimates and assumptions consistent
with how market participants would price the instrument/
assets. Management bases its assumptions on observable
date as far as possible but this may not always be available.
In that case Management uses the best relevant information
available. Estimated fair values may vary from the actual
prices that would be achieved in an arm's length transaction
at the reporting date.

(f) Lease

The Company evaluates if an arrangement qualifies to be a
lease as per the requirements of IND AS 116. Identification
of a lease requires significant judgement. The Company uses
significant judgement in assessing the lease term (including
anticipated renewals) and the applicable discount rate.

The Company determines the lease term as the non¬
cancellable period of lease, together with both periods
covered by an option to extend the lease if the Company
is reasonably certain to exercise that option and periods
covered by an option to terminate the lease if the Company
is reasonably certain not to exercise that option. In exercising
whether the Company is reasonably certain to exercise an
option to extend a lease or to exercise an option to terminate
the lease, it considers all relevant facts and circumstances
that create an economic incentive for the Company to
exercise the option to extend the lease or to exercise the
option to terminate the lease. The Company revises lease
term, if there is change in non-cancellable period of lease.
The discount rate used is generally based on incremental
borrowing rate.

(g) Classification of assets and liabilities into current and
non-current

The Management classifies assets and liabilities into current
and non-current categories based on its operating cycle.

13.1 Pursuant to the Amalgamation of Eldeco City Limited, Halwasiya Agro Industries Limited and MAK Sales Private Limited with
the Company by the Order of the Hon'ble National Company Law Tribunal, Allahabad Bench at Allahabad & the Hon'ble High Court
of Punjab and Haryana at Chandigarh, the Authorised Share Capital was increased by 3,55,50,000, being Equity Shares increased by
1,80,50,000 and Preference Shares increased by 1,75,00,000 of ' 10 each.

13.2 Company in pursuant to the provisions of Section 61(1)(d) and other applicable provisions of the Companies Act, 2013 and Rules
made thereunder has sub-divided 1 Equity Share of the Company having face value of ' 10/- each into 5 Equity Shares having face
value of ' 2/- each. Further, pursuant to sub-division of Equity Shares of Company, the authorised share capital will be reclassified into '
45,55,00,000/- divided into 14,02,50,000 equity shares of ' 2/- each. Further, the paid up capital will be reclassified into ' 1,96,66,000/-
consisting of 98,33,000 Equity Shares of ' 2/- each. The said sub-division was approved by shareholders through postal ballot
on 16.12.2021.

The aforesaid disclosure is based upon percentages computed separately for class of shares outstanding as at the balance sheet date.
As per records of the Company, including its register of shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

13.3 Terms/rights attached to paid up equity shares

The Company has only one class of equity shares having a par value of ' 2/- each (PY. ' 2/- each). Each holder of equity share is entitled
to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held
by the shareholders.

13.4 On May 22, 2025, the Board of Directors recommended a final dividend of ' 9.00 per equity share of face value of ' 2.00 each
be paid to the shareholders for financial year 2024-25, which is subject to approval by the shareholders at the ensuing Annual General
Meeting. If approved, the dividend would result in a cash outflow of ' 884.97 Lacs.

Nature and purpose of each reserve within equity:

1. Capital Reserve

This reserve has been transferred to the Company in earlier years
and can be utilised in accordance with the provisions of the the
Companies Act, 2013.

2. Security Premium

Security premium is used to record the premium for issue of
shares and can be utilised in accordance with the provisions of the
Companies Act, 2013.

3. General Reserve

The reserve used to transfer profits from retained earnings
for appropriation purposes. The amount is to be utilised in
accordance with the provisions of the Companies Act, 2013.

4. Retained Earnings

These are the profits that Company has earned till date less
transfers to general reserve.

5. Other Comprehensive Income (OCI)

This includes remeasurement loss/gain on defined benefit plans
(net of taxes) that will not be reclassified to the statement of profit
and loss.

Nature of Security provided against Term Loan from
ICICI Bank for RTL I & RTL II:

• All the piece & parcel of land located at khasra no. 234 and
331 kha, admeasuring 0.2410 Hectare or 2,410 Sq. Meter
situated at village Muttakipur, Pargana, Tehsil and District-
Lucknow, Uttar Pradesh-226020 together with all buildings
and structures thereon and all plant and machinery attached
to the earth or permanently fastened to anything attached
to the earth, both present and future owned by Artistry
Construction Private Limited.

• All the piece & parcel of land located at khasra no. 239, 317,
361 and 194 total admeasuring 6,097.5 Sq. Meter situated
at village Muttakipur, Pargana, Tehsil and District- Lucknow,
Uttar Pradesh-226020 together with all buildings and
structures thereon and all plant and machinery attached
to the earth or permanently fastened to anything attached
to the earth, both present and future owned by Erudite
Constructions Private Limited.

• All the piece & parcel of land located at khasra no. 315
and 240 admeasuring 1.5040 Hectare or 15,040 Sq.
Meter situated at village Muttakipur, Pargana, Tehsil and
District- Lucknow, Uttar Pradesh-226020 together with
all buildings and structures thereon and all plant and
machinery attached to the earth or permanently fastened
to anything attached to the earth, both present and future
owned by Frozen Constructions Private Limited.

• All the piece & parcel of land located at khasra no. 313
admeasuring 1.1650 Hectare or 11,650 Sq. Meter
situated at village Muttakipur, Pargana, Tehsil and
District- Lucknow, Uttar Pradesh-226020 together with
all buildings and structures thereon and all plant and
machinery attached to the earth or permanently fastened
to anything attached to the earth, both present and future
owned by the Company.

• All the piece & parcel of land located at khasra no. 330
admeasuring 0.2740 Hectare or 2,740 Sq. Meter situated
at village Muttakipur, Pargana, Tehsil and District- Lucknow,
Uttar Pradesh-226020 together with all buildings and
structures thereon and all plant and machinery attached
to the earth or permanently fastened to anything attached
to the earth, both present and future owned by Utsav
Constructions Private Limited.

• All the piece & parcel of land located at khasra no. 329
admeasuring 0.1770 Hectare or 1,770 Sq. Meter situated

at village Muttakipur, Pargana, Tehsil and District- Lucknow,
Uttar Pradesh-226020 together with all buildings and
structures thereon and all plant and machinery attached to
the earth or permanently fastened to anything attached to
the earth, both present and future owned by Company.

• All the piece & parcel of land located at khasra no. 314
admeasuring 0.0230 Hectare or 230 Sq. Meter, khasra no.
316 admeasuring 0.0270 Hectare or 270 Sq. Meter and
khasra no. 319 admeasuring 0.1210 Hectare or 1210 Sq.
Meter situated at village Muttakipur, Pargana, Tehsil and
District- Lucknow, Uttar Pradesh-226020 together with all
buildings and structures thereon and all plant and machinery
attached to the earth or permanently fastened to anything
attached to the earth, both present and future owned by
Company.

• The Borrower's/Property owner's receivables/cash flows/
revenues (including booking amounts and/or security
deposits) arising out of or in connection with or relating to
the Project and all insurance proceeds both present and
future.

Further secured by Corporate Guarantee jointly and severally
of Artistry Construction Private Limited, Erudite Constructions
Private Limited, Frozen Constructions Private Limited, Utsav
Constructions Private Limited, the wholly owned subsidiaries of
the Company.

Purpose of Facility

RTL I shall be utilised toward reimbursement of project costs
incurred in the ongoing projects of the Borrower excluding the
land cost, TDR/FSI during the past 6 months from the date of
sanction of facility. Further RTL II shall be utilised towards
funding the balance cost of the residential project namely
"Eldeco Latitude 27" and transaction related expenses.

Interest Rate

The rate of interest for each drawal of the Facility will be stipulated
by ICICI Bank at the time of disbursement of each drawal, which
shall be sum of I- MCLR 1Y "Spread" per annum, subject to
minimum of I-MCLR-1Y plus applicable statutory levy, if any. As
on date the I-MCLR 1Y is 8.95% and "Spread" is 2.2%. ICICI Bank
shall reset the above interest rate, at the end of every 1 year from
the date of disbursement of the first drawal of the facility as a
sum of I-MCLR-1Y "Spread", prevailing on the reset date plus
applicable statutory levy, if any. Any change in Spread would be as
communicated by the Bank from time to time.

Description of Risk Exposures

Valuations are based on certain assumptions, which are dynamic
in nature and vary over time. As such Company is exposed to
various risks as follows:

A) Salary Increase: Actual salary increase will increase the Plan's
liability. Increase in salary increase rate assumption in future
valuations will also increase the liability.

B) Investment Risk: If Plan is funded then assets/liabilities
mismatch & actual investment return on assets lower than the
discount rate assumed at the last valuation date can impact the
liability.

C) Discount Rate: Reduction in discount rate in subsequent
valuations can increase the plan's liability.

D) Mortality & Disability: Actual deaths & disability cases
proving lower or higher than assumed in the valuation can impact
the liabilities.

E) Withdrawals: Actual withdrawals proving higher or lower
than assumed withdrawals and change of withdrawal rates at
subsequent valuations can impact Plan's liability.

Leave Encashment (Unfunded)

The valuation of Leave Encashment has been done on the basis
of actuarial valuation on projected unit (PUC) method and
is provided in the financial statement and does not require
disclosure as mentioned in Para 158 of IND AS 19. Provision
of leave encashment as per actuarial is less than the liability
provided in books of accounts, hence, the management has made
the provision for leave encashment on accrual basis.

Defined Contribution Plan

Provident Fund: The Company contributes Provident Fund
(Employer as well as Employee Share) to Provident Fund
Commissioner (U.P) and Employers Contribution to such fund
is charged to Statement of Profit and Loss. The Provident fund
contribution charged to Statement of Profit and Loss for the
year ended 31.03.2025 amounted to ' 15.77 Lacs(Previous Year
' 12.96 Lacs).

42. FINANCIAL RISK MANAGEMENT

The Company activities exposes it to variety of financial risk i.e. Credit Risk, Liquidity Risk, Capital Risk, Interest Rate Risk, etc. These
risks are managed by senior management of the Company and is supervised by Board of Directors of the Company to minimise potential
adverse effects on the financial performance of the Company.

(i) Credit Risk:

Credit risk from cash and cash equivalents and bank deposits is considered immaterial in view of the creditworthiness of the banks the
Company works with. Credit risk is the risk i.e a customer or the counter party fails to pay to the Company causing financial loss. The
credit risk primarily arises from outstanding receivables from customer. The Company has specific policies for managing customer credit
risk on an ongoing basis. These policies factor in the customer financial position, past experience and other customer specific factor.

Financial assets are written off when there is no reasonable expectation of recovery such as a debtor failing to engage in a repayment plan
with the Company. The Company makes provision for doubtful debt or write off when a debtor fails to make contractual payments. When
loans or receivables have either been provided for or written off, the Company continues to engage in enforcement activity to attempt
to recover the receivable due. When recoveries are made, these are recognised in the Statement of Profit and Loss. The Company has
low credit risk in respect to cash and cash equivalent, other bank balances, other financial assets, trade receivables and security deposits
paid.

(ii) LiquidIty Risk:

Liquidity Risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. The Company approach to managing liquidity is to ensure as far as possible, that
it will have sufficient liquidity to meet its liabilities when they are due. Management monitors rolling forecasts of the liquidity position
and cash and cash equivalent on the basis of expected cash flows. The Company takes into account the liquidity of the market in which
the entity operates.

49. OTHER STATUTORY INFORMATION

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

(ii) The Company has not availed working capital limits in excess
of Rupees five crores in aggregate at any point of time during
the year from banks or financial institution on the basis of
security of current assets.

(iii) The Company do not have any transactions with Companies
struck off.

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

(v) The Company have not traded or invested in Crypto
currency or Virtual Currency during the financial year.

(vi) The Company have 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.

(vii) The Company have 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 on behalf of the Ultimate Beneficiaries.

(viii) The Company have not, any such 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).

(ix) The Company has not been declared a wilful defaulter by
any bank or financial institution or government authorities
during the year.

(x) During the year, there is no scheme or arrangement
approved by the competent authority in terms of Section
230 to 237 of the Companies Act, 2013.

50. AUDIT TRAIL

The Company has used an accounting softwares for maintaining
its books of accounts for the financial year ended 31.03.2025,
which has a feature of recording audit trail (Edit log) facility and
the same has been operating for all relevant transactions recorded
in the software. Although the accounting software has inherent
limitations, there were no instances of the audit trail feature being
tampered. Additionally, the audit trail has been preserved by the
company as per the statutory requirements for record.

51. Previous years figures have been regrouped, rearranged
or reclassified, wherever necessary to confirm the current
year's classification.

As per our audit report of even date attached

For and on behalf of the Board of Directors

For Doogar & Associates

Chartered Accountants

Firm Registration Number: 000561N

CA Udit Bansal Pankaj Bajaj Shrikant Jajodia

Partner (Chairman cum Managing Director) (Director)

Membership Number: 401642 DIN: 00024735 DIN: 00602511

Kapil Saluja Chandni Vij

Place: New Delhi (Chief Financial Officer) (Company Secretary)

Date: May 22, 2025 M.No.: 436292 M.No.: A46897