f) Provisions, contingent assets and contingent liabilities

Provisions are recognised only when there is a present obligation, as a result of past events, and when a reliable estimate of the amount of
obligation can be made at the reporting date These estimates are reviewed at each reporting date and adjusted to reflect the current best
estimates. Provisions are discounted to their present values, where the time value of money is material

Contingent liability is disclosed for

• Possible obligations which will be confirmed only by future events not wholly within the controt of the Company or

• Present obligations arising from past events where it is not probable that an outflow of resources will be raquired to settle the obligation or a
reliable estimate of the amount of the obligation cannot be made

Contingent assets are not recognized. However, when inflow of economic Denefit is probable, related asset is disclosed

g) Revenue recognition

The Company is engaged in real estate property development

The core principle of ind AS 115 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in
an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the
standaro introduces a 5-step approach to revenue recognition:

Revenue is recognized on satisfaction of performance obligation upon transfer of control of products to customers in an amount that reflects the
consideration the Company expects to receive n exchange for those products

Step 1 Identify the contract(s) with a customer
Step 2 Identify tho performance obligat.on in contact
Step 3- Determine the transaction pnce

Step 4 Allocate the transaction price to the performance obligations in the contract
Step 5 Recognise revenue when (or as) the entity satisfies a performance obligation

Under Ind AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when 'control' of the goods or services
underlying the particular performance obligation is transferred to the customar The Company has completed its evaluation of the possible impact
of Ind AS 115 and has adopted the standard from 1st April, 2018

Interest Income is recognised on an accrual basis using the effective interest method

h) 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. During year ended March 31. 2024. MCA has not notified any new standards or amendments to the
existing standards applicable to tho Company

Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the statement of fmanciat position are grouped into three levels of a fair
value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: quoted pnces (unadjusted) in active markets for identical assets or liabilities:

Level 2: The fair value of financial instruments that ere not traded m an active market is determined using valuauon techniques which
maxinnse the use of observable market data and rely as little as possible on entity specific estimates

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

No assets or Liabilities are valued at fair value in current year and in previous year

A) Credit Risk

Credit nsk is the nsk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due to the Company causing financial toss. It arises from cash
and cash equivalents, deposits with banks and financial institutions, security deposits, loans given and pnncipally from credit exposures to customers relating to outstanding
receivables. The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at reporting date

The Company continuously monitors defaults of customers and other counterparties, identified either individually or by the Company, and Incorporates this information into its
credit risk controls. Where available at reasonable cost, external credit ratings andfor reports on customers and other counterparties are obtained and used. The Company's
policy is to deal only witn creditworthy counterparties

In respect of trade and other receivables, the Company is not exposed to any significant credll risk exposure to any single counterparty or any company of counterparties
having similar charactenstics. The Company has very limited history of customer default, and considers tho credit quality of trade receivables that are not past due or impaired
to be good.

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable secunties and the availabiktv of fundi no
^0t,,l9a"°^nS «*“ ^{Due t0ltle} "*» °^f •» Company maintains flexibility in tuning by

^of r^aed ?*^{The comw iakcs} «

%%£££?****^{asse,s ,o meei} —»»**<— -u. ssscszs

The Company" s capital management objectives are

- to ensure the Company's ability to continue as a going concern

- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet.

I^™^M„T^^eT;lH^aSS?^SSeI^m? ^C?7^a;^y'^{s capi,al} In order to maintain an efficient overall financing structure while avoid,ng excessive lovo,a₀e Thin lakes Into

th^n^iT^^r^?^{atj0n teV}£^{S Va},^{n0U3 daSSeS} °^{f debl 1116 Company mana}9^es the capital structure and makes adjustments to it in the !.ght or changes ,n

the economic conditions ana the nsk cbaractenstics of the underlying assets In order to maintain or adjust the capital structure, the Company may adjust the amount of ⁹
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt

Note 21 DISCLOSURES SPECIFIED BY THE MSMED ACT

As per she information available vwtn the comoany there are no Micro, Small and Medium Enterprises as defined under
the Micro. Small and Medium Enterprises Development Act, 2006“ and hence not reoorToo

Note 22 Other Statutory Information

^^^{Benami p,openy}' "»°'^{ocee<,,n81,35} ^ O' ».“Ý>» *m«»

(it) The Company does not have any transaction with companies struck off

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

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

^<V> auhiority^³^ ^ ^{by any oank 0f} ««»»»°^r Government or any government

^<v,) •"*

^PWM°’ ^ln "'“’wwl'asoevsr by or On On*.,*

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Benefioaries

™ >**>

SST^{per5WS or} ““^{as ,oam,fi,rf ,n 8ny} ^ ^{w oy} ™ ^6oha*⁰¹

(b) provide any guarantee, scanty or tne like on benaif of the Ultimate Beneficanes.

(vm) The Company does not have any transaction whch is not recorded In the books of accounts that has been surrendered
or disoosed as income during the year in the tax assessments under the Income Tax Ac: 1961 (such as search or"
survey or any other relevant provis.ons of the income Tax Act, 1961 ^{1 SS> Search 0f}

(ix) The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read witn the
Companies (Restriction on number of Layers) Rules. 2017 ^m

(X) The company has not entered into any scheme of arrangement in terms of sections 230 to 237 of the Compares Act

S ^ *** ^sanctK>ned *>*"8 W*' m the form of term loans and overdraft facilities

(XM) There is no immovable property in tne books of the company whose title deed is not held In the name of the company

Note 23 There are no matenal events after the reporting dale that require disclosure in these financial statements

^NOt° ²⁴ JU S2W«S£^an!^^Untin° ^{SOfiware ,or rrvainla,rir>}0 to books of account which has a feature of recording audit
h-ail tedit log) facility ano tne same has operated throughout the year for all relevant transactions recorded in the
ao^unbng sofevare, except tnat audit trail feature is not enatieo for certain direct changes to the

^3CCeS! ^,0 ^ ^f,r>anC‘^{al preparatl}°" ^s°«"^a'« further no instant of auOt tri feature Shg
tampered witn was noted in respect of the accounting software ®

J^{08 nasb}°^{en actJvatod at} application and the privileged access to database continues to be restricted
to kmited set of users who necessanly roquire this access for maintenance and administration of the database

Note 28 No dividend paid dunng the current year and previous year

^{NOte 27} JET^{r,ave r}'^8raupe‘¹ *ⁿ° ^r"^a"^a"^{9M whareyer 10} ™«* « compliance won

As per attached report of even date. For or/* ben/of the Board of Director,

For DMKH & Co. / // yf \

FIRM REGN NO 116886W ///J/ff/

CHARTERED ACCOUNTANTS lAj/WsnWS⁷⁷ * > ¹ '

S. S--\ Ý VIMAL K. SHAH

( A JL<\_k Managing Director Director

P<Mo. 0863S338ft> DIN No. 00716040

\J>

/gj) “™f^MLAD0® URMIBHANUSHAU RAJESH MOHANTY

Company Secretary Chief Financial Officer

Pd' Membership No. -401845 Membership No. A 72704

Place Gandhinagar Place _Mumbai

Dato 30-May-24 _Date 3Q.May.24

“* ^:2HHCi8H£BMW&Difitzn