2.10Provisions, Contingent Liabilities and Contingent Assets
The Company recognises a provision when there is a present obligation (Legal or Constructive) as a result of a past event
that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A
disclosure for contingent liability is made when there is 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.
Provisions are not discounted to its present value and are determined based on best estimate required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect current best
estimates.
Contingent Assets are neither recognised nor disclosed.
2.11 Income tax
Income tax comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a
business combination or to an item recognised directly in equity or in other comprehensive income.
i. Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment
to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax
amount expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured
using tax rates (and tax laws) enacted or substantively enacted by the reporting date.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised
amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.
ii. Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognised
in respect of carried forward tax losses and tax credits.
Deferred tax is not recognised for:
— temporary differences arising on the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit or loss at the time of the transaction;
— temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the
Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future; and
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which
they can be used. The existence of unused tax losses is strong evidence that future taxable profit may not be available.
Therefore, in case of a history of recent losses, the Company recognises a deferred tax asset only to the extent that it has
sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable profit will be available
against which such deferred tax asset can be realised. Deferred tax assets - unrecognised or recognised, are reviewed at
each reporting date and are recognised/ reduced to the extent that it is probable/ no longer probable respectively that the
related tax benefit will be realised.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability
is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company
expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets,
and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities,
but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised
simultaneously.
2.12Borrowing cost
Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are treated as direct
cost and are considered as part of cost of such assets. A qualifying asset is an asset that necessarily requires a substantial
period to get ready for its intended use or sale. All other borrowing costs are recognised as an expense in the period in
which they are incurred. The capitalisation of borrowing cost is suspended when the activities necessary to prepare the
qualifying asset are deferred / interrupted for significant period of time.
2.13Earnings per share (EPS)
Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS
is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the
period except where the results would be anti-dilutive.
2.14Exceptional items
On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of
the company is such that its disclosure improves the understanding of the performance of the company. Such income
or expense is classified as an exceptional item and accordingly, are disclosed in the notes accompanying to the Ind AS
financial statements.
2.15Dividend
Final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are
recorded as a liability on the date of declaration by the Company's Board of Directors.
Rights, preferences and restrictions attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares
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.
Aggregate number of shares issued for consideration other than cash during the period of five years immediately
preceding the reporting date
There are no shares allotted either as fully paid up by way of bonus shares or under any contract without payment received
in cash during 5 years immediately preceding March 31, 2026.
Dividend of Rs.1 per equity share (10% of the face value of Rs. 10/- each) amounting to Rs. 2,40,000/- has been
recommended by the Board of Directors which is subject to approval of the Shareholders.
(i) General Reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the
General reserve is created by a transfer from one component of equity to another and is not item of other comprehensive
income, items included in the General reserve will not be reclassified subsequently to statement of profit and loss.
(ii) Capital Redemption Reserve
This reserve was created as per requirements of Companies Act pursuant to Redemption / buy back of preference shares
and can be utilised for issuing bonus shares.
(iii) Reserve Fund u/s 45-IC(1) of RBI Act, 1934
During the year, the Company surrender to carry on the business of a Non-Banking Financial Institution and surrendered/
obtained cancellation of its Certificate of Registration issued by the Reserve Bank of India under Section 45-IA of the RBI
Act, 1934.
Accordingly, the Company is no longer governed by the provisions applicable to NBFCs. However, the balance standing
in Special Reserve created pursuant to Section 45-IC of the RBI Act, 1934 has been continued under 'Other Equity' as a
restricted reserve and shall be utilized/disposed of in accordance with applicable regulatory requirements and approvals,
if any.
The Company has also reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company
does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.
22 Capital Commitment
The Company has entered into an MOU with the Evaan Holdings Private Limited for the purchase of the 3 ( three) flats for
the agreed consideration of the Rs 2200 lakh of which company has already made the advance payment of the 1385 lakh
hence, Due Capital Commitment is Rs 815 Lakh ( P.Y. - Nil )
23 Information in accordance with the requirements of Ind AS-24 on Related Party Disclosures.List of Related Parties
A. Holding company
Piramal Corporate Services Private Limited
B. Fellow subsidiary
Piramal Water Private Limited
Piramal Sons Private Limited (upto 28th October, 2025)
IndiaVenture Advisors Private Limited
Alpex Infraconstructions Private Limited (upto 28th October, 2025)
The Company manages its capital structure with the objective of ensuring financial stability, maintaining adequate liquidity,
and supporting its business operations and strategic plans. The Company monitors its capital structure through gearing
ratios, debt-equity ratio, and cash flow forecasts. Funding requirements are met through internal accruals, equity, and
borrowings, as considered appropriate by the management.
During the year, the Company ceased to be registered as a Non-Banking Financial Company (NBFC); accordingly, the
regulatory requirements relating to maintenance of Capital to Risk Assets Ratio (CRAR) prescribed by the Reserve Bank
of India are no longer applicable to the Company. The Company determines the amount of capital required on the basis
of annual as well as long term operating plans and other strategic investment plans. The funding requirements are met
through equity or other short-term borrowings. There is no direct and indirect real estate exposure.
Risk management is an integral part of the Company's business strategy. The Risk management oversight structure
includes Committees of the Board and Management Committees. Company's risk philosophy is to develop and maintain
a healthy portfolio which is within its risk appetite and the regulatory framework. While the Company is exposed to various
types of risks, the most important among them are liquidity risk, interest rate risk, credit risk, regulatory risk and fraud and
operational risk. The measurement, monitoring and management of risks remain a key focus area for the Company.
The Company's risk management strategy is based on a clear understanding of various risks, disciplined risk assessment
and measurement procedures and continuous monitoring. The policies and procedures established for this purpose are
continuously benchmarked with market best practices.
The Risk Management Committee of the Board (“RMC”) reviews compliance with risk policies, monitors risk tolerance
limits, reviews and analyse risk exposure and provides oversight of risk across the organization. The RMC nurtures a
healthy and independent risk management function to inculcate a strong risk management culture in the Company and
broadly perceives the risk arising from (i) credit risk, (ii) liquidity risk, (iii) fraud risk and operational risk (iv) regulatory risk.
27.1 Liquidity risk
Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity Risk Management implies
maintenance of sufficient cash and marketable securities.
The following tables detail the Company's remaining contractual maturity for its financial liabilities with agreed repayment
periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Company can be required to pay. The contractual maturity is based on the earliest date on which the
Company may be required to pay.
27.2Credit risk
Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts
due causing financial loss to the Company. The potential activities where credit risks may arise include from cash and
cash equivalents, security deposits or other deposits, loans and advances to employees and customer receivables. The
maximum credit exposure associated with financial assets is equal to the carrying amount. Details of the credit risk specific
to the Company along with relevant mitigation procedures adopted have been enumerated below:
Other financial assets
Other financial assets includes cash and cash equivalents, Investment, loans and advances etc.
• Cash and cash equivalents and Bank deposits are placed with banks having good reputation and past track record with
adequate credit rating.
Other Non current asset:
• Loan and advances are unsecured in nature. Based on historical trends, the management does not foresee any credit risk.
• The Company has Investment in the unquoted preference share. Based on historical trends, the management does not
foresee any credit risk.
27.3Fraud risk and operational risk:
The Company has an elaborate system of internal audit commensurate with the size, scale and complexity of its operations
and covers funding operations, financial reporting, fraud control and compliance with laws and regulations.
Risks associated with frauds are mitigated through 100% document verification and review of all the cases which are
entered in the system, including corrective and remedial actions as regards people and processes.
Internal Auditors monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its
compliance with laws and regulations, efficacy of its operating systems, adherence to the accounting procedures and
policies and report directly to Audit and Risk Management Committee of the company.
28 Disclosures as required by the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act') are
as under:
The Company does not have outstanding dues to creditors registered as Micro, Small and Medium Enterprises as at
March 31, 2026 and March 31, 2025 and accordingly, the disclosures under the MSMED Act, 2006 are not applicable.
29 Income and Expenditure in foreign currency is NIL (Previous Year Nil).
30 Segment reporting
In accordance with Ind AS 108 - Operating Segments as notified u/s 133 of the Companies Act, 2013. the company is
exclusively in the “Real Estate” business and therefore, no disclosure on Segment reporting is required.
31 Other Statutory Information
(i) There are no transaction with companies stuck off under section 248 of the Company Act, 2013 or section 560 of Companies
Act, 1956 during the current year & previous year.
(ii) No proceeding has been initiated during the year or pending against the Company for holding any Benami property.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iv) During the current year the company has not traded or invested in crypto currency or Virtual Currency.
(v) The Company have not been declared as a wilful defaulter by any bank or financial institution (as defined under Companies
Act, 2013) or consortium thereof, in accordance with the guidance on wilful defaulter issued by Reserve Bank of India.
(vi) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the act read with
companies (Restriction on number of Layers) Rules, 2017.
(vii) The Company does not have 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)
(viii) The Company, has not advanced or loaned or invested funds to any other person(s) or entity(is), 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.
(ix) The Company, has not received any fund from any persons(s) or entity(is), 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,
32 Analytical Ratios
The following are applicable analytical ratios for the year ended March 31, 2026 and March 31, 2025:
34 There have been no events after the reporting date that require disclosure in these financial statements.
35 Figures for the previous year have been regrouped wherever necessary, to conform to current year classification. Further,
as stated in note 1 above, comparative figures for the preceeding year have been restated to make them comparable.
| 