1.3.15 Provisions and Contingencies

A provision is recognized when an enterprise has a present obligation (legal or constructive) as a result of
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. The expense
relating to a provision is presented in the statement of profit and loss.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognised as a finance cost.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the
Company or a present obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation. The Company does not recognize a contingent liability
but discloses its existence in the financial statements.

1.3.16 Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as
part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur.
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing
of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the
borrowing costs.

1.3.17 Earnings per Share

Basic Earnings per Share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. For the
purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.

The weighted average number of equity shares outstanding during the period and for all periods presented
is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have
changed the number of equity shares outstanding, without a corresponding change in resources.

1.3.18 Financial Instruments

a) Recognition and Initial Measurement

The Company recognises financial assets and financial liabilities when it becomes a party to the
contractual provisions of the instrument. All financial assets and liabilities are measured at fair value
on initial recognition. Transaction costs in relation to financial assets and financial liabilities, other than
those carried at fair value through profit or loss (FVTPL), are added to the fair value on initial recognition.
Transaction costs in relation to financial assets and financial liabilities which are carried at fair value
through profit or loss (FVTPL), are charged to the statement of profit and loss. However, trade receivables
that do not contain a significant financing component are measured at transaction price.

b) Classification and Subsequent Measurement of Financial Assets

i) Debt Instruments

For the purpose of subsequent measurement, financial assets in the nature of debt instruments are
classified as follows:

Amortised Cost - Financial assets that are held within a business model whose objective is to hold the
asset in order to collect contractual cash flows that are solely payments of principal and interest are
subsequently measured at amortised cost less impairments, if any. Interest income calculated using
effective interest rate (EIR) method and impairment loss, if any are recognised in the statement of profit
and loss.

Fair Value Through Other Comprehensive Income (FVTOCI) - Financial assets that are held within a
business model whose objective is achieved by both holding the asset in order to collect contractual
cash flows that are solely payments of principal and interest and by selling the financial assets, are
subsequently measured at fair value through other comprehensive income. Changes in fair value are
recognized in the other comprehensive income (OCI) and on de-recognition, cumulative gain or loss
previously recognised in OCI is reclassified to the statement of profit and loss. Interest income calculated
using EIR method and impairment loss, if any are recognised in the statement of profit and loss.

Fair Value Through Profit or Loss (FVTPL) - A financial asset which is not classified in any of the above
categories are subsequently measured at fair valued through profit or loss. Changes in fair value and
income on these assets are recognised in the statement of profit and loss.

ii) Equity Instruments

All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments which are
held for trading are classified as at FVTPL. For all other equity instruments, the Company decides to
classify the same either as at FVTOCI or FVTPL. The Company makes such election on an instrument-by¬
instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument at FVTOCI, then all fair value changes on the
instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from
OCI to Statement of Profit and Loss, even on sale of investment. However, the Company may transfer the
cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes
recognized in the Statement of Profit and Loss.

c) Classification and Subsequent Measurement of Financial Liabilities

For the purpose of subsequent measurement, financial liabilities are classified as follows:

Amortised cost - Financial liabilities are classified as financial liabilities at amortised cost by default.
Interest expense calculated using EIR method is recognised in the statement of profit and loss.

i) Borrowings - After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in the
statement of profit or loss when the liabilities are derecognised as well as through the EIR amortisation
process. Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in
the statement of profit and loss.

ii) Trade and Other Payables - These amounts represent liabilities for goods and services provided to
the Company prior to the end of financial year. The amounts are generally unsecured. Trade and other
payables are presented as current liabilities unless payment is not due within the Company's operating
cycle. They are recognised initially at their fair value and subsequently measured at amortised cost using
the effective interest method.

Fair Value Through Profit or Loss (FVTPL) - Financial liabilities are classified as FVTPL if it is held for
trading, or is designated as such on initial recognition. Changes in fair value and interest expense on
these liabilities are recognised in the statement of profit and loss.

Financial Guarantee Contracts - Financial guarantee contracts issued by the Company are those
contracts that require a payment to be made to reimburse the lender for a loss it incurs because the
specified borrower fails to make a payment when due in accordance with the terms of a loan agreement.
Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction
costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is
measured at the higher of the amount of loss allowance determined as per impairment requirements of
Ind AS 109 and the amount recognised less cumulative amortisation.

d) Derecognition of Financial Assets and Financial Liabilities

The Company derecognises a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the rights to receive the contractual cash flows including risks and
rewards of ownership.

A financial liability is derecognised when the obligation under the liability is discharged or expires.

e) Impairment of Financial Assets

Financial assets that are carried at amortised cost and fair value through other comprehensive income
(FVTOCI) are assessed for possible impairments basis expected credit losses taking into account the past
history of recovery, risk of default of the counterparty, existing market conditions etc. The impairment
methodology applied depends on whether there has been a significant increase in credit risk since
initial recognition.

For Trade receivables, the Company provides for expected credit losses based on a simplified approach
as per Ind AS 109 - Financial Instruments. Under this approach, expected credit losses are computed
basis the probability of defaults over the lifetime of the asset.

f) Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle the liabilities simultaneously.

g) Fair Value Measurement

Fair value of financial assets and liabilities is normally determined by references to the transaction price
or market price. If the fair value is not reliably determinable, the company determines the fair value
using valuation techniques that are appropriate in the circumstances and for which sufficient data are
available, maximising the use of relevant observable inputs and minimising the use of unobservable
inputs.

1.3.19 Segment Reporting

Based on the"management approaches defined in Ind AS 108 - Operating Segments, the Board of Directors/
Chief Operating Decision Maker evaluates the Company's performance based on an analysis of various
performance indicators by business segment. Segment revenue and expenses include amounts which can
be directly attributable to the segment and allocable on reasonable basis. Segment assets and liabilities are
assets / liabilities which are directly attributable to the segment or can be allocated on a reasonable basis.
Income / expenses / assets / liabilities relating to the enterprise as a whole and not allocable on a reasonable
basis to business segments are reflected as unallocated income / expenses / assets / liabilities.

1.4 Recent Accounting Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March
31, 2025, MCA has notified Ind AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases,
relating to sale and leaseback transactions, applicable w.e.f. April 1, 2024. The Company has reviewed the
new pronouncements and based on its evaluation has determined that it does not have any significant
impact in its financial statements.

For the year ended 31 March, 2025, there are no standards that are notified and not yet effective as on date.

1.5 Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end
of the reporting period, the impact of such events is adjusted with the Standalone Financial Statements.
Otherwise, events after the balance sheet date of material size or nature are only disclosed.

40. Fair Value Hierarchy

The table shown below analyses financial instruments carried at fair value. The different levels have been defined
below:-

Level 1: Quoted Prices (unadjusted) in active markets for identical assets or liabilities

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)

b) Financial instruments at amortized cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial
statements are a reasonable approximation of their fair values since the Company does not anticipate that
the carrying amounts would be significantly different from the values that would eventually be received or
settled.

c) During the year there has been no transfer from one level to another

41. Financial risk management objectives and policies

The Company's principal financial liabilities comprise of borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company's operations . The Company's principal financial
assets include trade and other receivables, loans and cash & cash equivalents that derive directly from its
operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's Management oversees
the management of these risks and ensures that the Company's financial risks activities are governed by

appropriate policies and procedures and that finance risk are identified, measured and managed in accordance
with the Company's policies and risk objectives.

The Board of Directors agrees and reviews policies for managing each of these risks, which are summarised
below.

A. Credit Risk

Credit risk is the risk of loss that may arise on outstanding financial instruments if a counter party default on
its obligations. The Company's exposure to credit risk arises majorly from trade receivables and other financial
assets.

Other financial assets like bank deposits, advances and security deposits are with banks, government bodies,
utility providers, contractors and others and hence, the Company does not expect any credit risk with respect
to trade receivables and other financial assets.

With respect to trade receivables, the Company has constituted teams to review the receivables on periodic
basis and take necessary mitigations whenever required.

B. Liquidity Risk

The Company's principal sources of liquidity are borrowing, Bank overdrafts, loans from bodies corporate,
debentures and cash and cash equivalents and the cash flow that is generated from operations. The Company
believes that these are sufficient to meet its current requirements. Accordingly no liquidity risk is perceived.

The table below summarises the maturity profile of the Company's financial liabilities at the reporting date. The
amounts are based on contractual undiscounted payments

B. Commitments

i. The Company enters into construction contracts for Civil, External Development, MEP work etc. with its vendors.
The total amount payable under such contracts will be based on actual measurements and negotiated rates,
which are determinable as and when the work under the said contracts are completed.

ii. The Company has entered into development agreements with owners of land for development of projects.
Under the agreements the Company is required to pay certain payments/ deposits to the owners of the land
and share in revenue from such developments in exchange of undivided share in land as stipulated under the
agreements.

56. The Company has entered into Joint Development Agreements for development of Projects at various
locations.

57. Loan to Fort Projects Private Limited, NCLT allowed the application filed u/s 7 of IBC by an order dated 9th
November' 2023 and initiated CIRP in respect of Fort Projects Private Limited. IRP was appointed and NCLT
proceedings is onging and an allowance 50% is provided for the same. Pending for adjudication before the Ld.
NCLT.

58. The Company does not have any transaction with companies struck off under section 248 of the Companies
Act, 2013 or section 560 of Companies Act, 1956, during the current year and in the previous year.

59. (a) No proceeding has been initiated or pending against the Company for holding any Benami property under

the Benami Transactions (Prohibition) Act,1988, as amended, and rules made thereunder.

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

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

(d) There were no transactions relating to previously unrecorded income that have been surrendered and
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

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

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

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

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

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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

60. Segment Reporting

The Board of Directors of the Company has been identified as the Chief Operating Decision Maker (CODM) as
defined by Ind AS 108, Operating Segments. The CODM evaluates the Company's performance and allocates
resources based on an analysis of Real Estate services in India.

The Company is engaged in the business of Real Estate Development, which as per Ind AS 108 on ""Segment
Reporting"" is considered to be the only reportable business segment. The Company is operating only in India
and there is no other significant geographical segment.

61. Foreign Exchange Difference

The amount of exchange difference included in the Statement of Profit and Loss is '4 Lakhs (Net Income).

62. There were no dues outstanding for more than 45 days to any Micro Enterprise and Small Enterprises suppliers.
The above information regarding Micro Enterprise and Small Enterprises has been determined to the extent
such communication has been received from the respective parties by the Company. This has been relied upon
by the Auditors.

63. Corporate Social Responsibility

Gross amount required to be spent by the company during the year is 'NIL (P.Y. 'NIL)

64. Previous year's figures have been rearranged or regrouped wherever necessary.

As per our report of even date For and on behalf of the Board of Directors

For AGRAWAL TONDON & CO.

Chartered Accountants

Firm Registration No. 329088E Amit Kiran Deb Dr. Nitesh Kumar Gupta

Chairman Managing Director & CEO

DIN: 02107792 DIN: 08756907

Mamta Jain

Partner
M. No. 061299

Place: Kolkata Rajendra Agarwal Payel Agarwal

Date: 22/05/2025 President - Finance & CFO Company Secretary

ACS 22418