Note - 4.1

The Company has revalued its one class of Property, plant and equipment i.e. ''Land'' as on March 31, 2023. Management has obtained valuation report from the Government approved valuer "3P Consulting Engineers LLP' and other valuer named as "Cushman and Wakefield”. Further the Company has followed the procedure laid down in Ind AS - 16 "Property, Plant and Equipment" and accounted for the revaluation as per the accounting treatment suggested.

Measurement of fair values

Fair value hierarchy

The fair value of investment property has been determined by independent external Government registered property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued.

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, restrictive entry to the complex, age of building. This valuation is based on valuations performed by an accredited independent valuer. The main inputs used by them are the prevalent market rate.

iii) Valuation technique

Valuation of the subject property has been done by Sales Comparison Method under Market Approach at each balance sheet date. A comparison is made for the purpose ofvaluation with similar properties that have recently been sold in the market and thus have a transaction price. The sales comparison approach is the preferred approach when sales data are available. Comparable properties are selected for similarity to the subject property considering attributes like age, size, shape, quality of construction, building features, condition, design, gentry, etc. Their sale prices are then adjusted for their difference from the subject property. Finally a market value for the subject property is estimated from the adjusted sales price of the comparable properties.

(ii) Board of Directors of the Company on March 29, 2022 approved the issuance of upto 17,00,000 Equity Warrants at a price of ^ 23/- per warrant, to Vinod Kumar Jatia H.U.F, member of promoter group of the Company, with a right to apply for and get allotted, within a period of 18 (Eighteen) months from the date of allotment of Warrants, 1 (one) Equity Share of face value of ^ 10/- (Rupee Ten Only) each for each Warrant, for cash. The issue was approved by the shareholders of the Company at the Extra Ordinary General Meeting held on April 22, 2022.

An amount of ^ 97.75 lakhs equivalent to 25% of the Warrant price was paid by the H.U.F at the time of subscription and the balance 75% of the Warrant Price was payable by the warrant holder against each warrant at the time of allotment of Equity Shares pursuant to exercise of the options.

During the year ended March 31, 2024, on exercise of options by Vinod Kumar Jatia H.U.F and on receipt of balance subscription money of ^ 293.25 lakhs, the Company has fully converted 17,00,000 convertible warrants into equity shares.

The Company has fully utilised the amount of ^ 391/- lakhs towards capital resources and operations.

(iii) Terms/rights attached to equity shares

The Group has only one class of equity shares having a par value of ^ 10 per share. Each holder of equity shares is entitled to one vote per share. The Group declares and pays dividend in Indian rupees. The final dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Group, the holders of equity shares will be entitled to receive remaining assets of the Group, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Description of the nature and purpose of other equity

Capital reserve : The company had recognised surplus on re-issue of forfeited shares under capital reserve in earlier years. Securities premium : Securities premium is created on issue of shares at a premium.

General reserve: General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes.

Revaluation reserve : Revaluation reserve is created on account of revaluation of property, plant and equipments of the Company. Retained earnings : Retained earnings represents cumulative profits of the Company and effects of remeasurement of defined benefit obligations. Retained earnings can be utilised in accordance with the provisions of the Companies Act, 2013.

Note - 33 Financial risk management objectives and policies

TheCompany'sprincipalfinancianiabilitiescompriseborrowings,tradeandotherpayables.Themainpurposeofthesefinancialliabilitiesi stofinanceandsupportCompany'soperations.TheCompany'sprincipalfinancialassetsincludeloansgiven,tradeandotherreceivables,ca shand cash equivalents, other bank balances and refundable deposits that are derived directly from its operations.

TheCompanyisexposedtomarketrisk,creditriskandliquidityrisk.TheCompany'sseniormanagementoverseesthemanagementoftheser isks.TheCompany'sseniormanagementensuresthattheCompany'sfinancialriskactivitiesaregovernedbyappropriatepoliciesandproce duresandthatfinancialrisksareidentified,measuredandmanagedinaccordancewiththeCompany'spoliciesandriskobjectives.TheBoar d of Directors review and agree policies for managing each of these risks.

The Company has exposure to the following risks arising from financial instruments:

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

(i) Market risk

Market risk arises from the Group's use of interest bearing financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial instruments affected by market risk include borrowings, loans given, fixed deposits and refundable deposits.

a. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is not exposed to the risk of changes in market interest rates as the funds borrowed by the Group is at fixed interest rate.

b. Foreign currency risk

Currency risk is not material, as the Group's primary business activities are within India and does not have significant exposure in foreign currency.

(ii) Creditrisk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including security deposits, advance to employees and other financial instruments. a. Trade Receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Company has entered into contracts for sale of residantial units. The payment terms are specified in the contracts. The Company is exposed to credit risk in respect of the amount due. However, in case of sale, the legal ownership is transferred to the buyer only after the entire amount is recovered. In addition, the amount due is monitored on an ongoing basis with the result that the Company's exposure to bad debts is not significant.

b) Financial instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Group, which comprise bank balances, cash and cash equivalents, investments, loans to related parties and other parties, other receivables and deposits, the Group's exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Group's treasury in accordance with the Group's policy. The Group limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of company is monitored under the control of the treasury team. The objective is to optimize the efficiency and effectiveness of the management of the Company's capital resources. The Company’s objective is to maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations.

Capital management

For the purpose of the Group’s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Group. The primary objective of the Group's capital management is to maximise the shareholders' value.

The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

Note-35 Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments could be exchanged in a current

transaction between willing parties other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments.

(b) Financial instruments with fixed and variable interest rates are evaluated by the Group based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.

b) Fair value hierarchy

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 assets or liabilities that are not based on observable market data (unobservable inputs)

The following tables provides the fair value measurement hierarchy of the Group's assets and liabilities:

Note-36 Employee benefits

Defined benefit plans:

Gratuity

The Company is exposed to various risks in providing the gratuity benefit which are as follows:

Interest rate risk:

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

Liquidity risk:

This is the risk that the Company will not able to meet the short-term gratuity payouts. This may arise due to non availabilty of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary escalation risk:

The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan's liabilty.

Demographic risk:

The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

The above sensitivity analysis is based on a change in assumption while holding all other assumptions constant. In practice this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the consolidated balance sheet.

Note - 37

Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the year ended March 31, 2024 is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

Note-38 Segmentinformation

Disclosure under Ind AS 108 - 'Operating Segments' is not given as, in the opinion of the management, the entire business activity falls under one segment, viz., Real estate development. The Group conducts its business in only one geographical segment, viz., India.

Note - 41 Leases

As a lessee

The company has taken office premises under operating lease or leave and license agreements. These are cancellable by the Company, having a term between 11 months and three years and have no specific obligation for real. Payments are recognised in the Consolidated Statement of Profit and Loss under 'Rent' in Note no 29

Note -

1 Improvement in current ratio is due to increase in current assets.

2 The ratio was adversely impacted due to decrease in net profit after tax and increase in shareholder equity.

3 The ratio is adversely impacted due to increase in debtors which was because of sale of units in the last month of the financial year.

4 Decrease in ratio due to decrease in net profit as compared to previous year.

5 The ratio was adversely impacted due to decrease in net profit after tax and increase in shareholder equity.

Note - 43 Disclosure of transactions with struck off companies

The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

Note - 44 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(c) Registration of Charges or Satisfaction with Registrar of Companies

(d) Relating to Borrowed funds:

i. Wilful Defaulter

ii. Utilisation of Borrowed Funds & Share Premium

iii. Borrowings obtained on the basis of Security of Current Assets

iv. Discrepancy in Utilisation of Borrowing

Note - 45

The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software. Further no instance of audit trail feature being tampered with was noted in respect of software.