C. Financial risk management

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

Ý Credit risk ;

Ý Liquidity risk ; and

Ý Market risk

i. Risk management framework

The Company's board of directors has overall responsibility for the establishment and oversight of the Company's
risk management framework and for developing and monitoring the Company's risk management policies.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to
set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company,
through its training and management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.

The Board of Directors oversees how management monitors compliance with the company's risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced
by the Company. The board is assisted in its oversight role by internal audit. Internal audit undertakes both regular
and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Board.

Financial instruments - Fair values and risk management (continued)

ii. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company's receivables from customers
and investments in debt securities.

As per the opinion of the management, the company does not have any exposure towards credit risk.

Cash and cash equivalents

The company maintains its Cash and cash equivalents and Bank deposits with banks having good reputation,
good past track record and high quality credit rating and also reviews their credit-worthiness on an on-going
basis.

iii. 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's 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, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company's reputation.

The Company uses product-based costing to cost its products and services, which assists it in monitoring cash
flow requirements and optimizing its cash return on investments. The Company monitors the level of expected
cash inflows on trade and other receivables together with expected cash outflows on trade and other payables.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross and undiscounted, and include estimated interest payments and exclude the impact of netting
agreements.

The gross inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows
relating to derivative financial liabilities held for risk management purposes and which are not usually closed out
before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-
settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement.

iv. Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates and interest rates - will
affect the Company's income or the value of its holdings of financial instruments. Market risk is attributable to all
market risk sensitive financial instruments including foreign currency receivables and payables and long term
debt.

The company is not exposed to any market risk with reference to foreign exchange rate risk and interest rate
risk, as per the opinion of the board of Directors of the company.

Financial instruments - Fair values and risk management (continued)

Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate
risk is the risk of changes in fair values of fixed interest bearing finacial instruments because of fluctuations in the
interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing
financial instruments will fluctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

The company is not exposed to any market risk with reference to interest rate risk, as per the opinion of the
board of Directors of the company.

Note 26 : Capital Management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business.

The Company monitors capital using a ratio of 'adjusted net debt' to 'adjusted equity'. For this purpose,
adjusted net debt is defined as total borrowings, comprising interest-bearing loans and borrowings less cash
and cash equivalents. Adjusted equity comprises all components of equity.

Note 34

The Company has carried out Impairment test on its Fixed Assets as on the date of Balance Sheet and the management is of the
opinion that there is no asset for which provision of impairment is required to be made as per applicable Indian Accounting
Standard.

Note 35

Balance of Receivables and Payables, including borrowings taken, loans & advances given, payable to vendors, security deposits
given, other advances given, other liabilities, advances from customers, etc, are subject to confirmation and consequent
reconciliation and adjustments, if any. Hence, the effect thereof, on Profit/ Loss, Assets and Liabilities, if any, is not
ascertainable, which may be considerable. The Board of the Directors has established a procedure controls to review the
reconciliation and recoverability of all the assets and payability of all the liabilities, on a regular basis, based on the formal/
informal agreements/ arrangements with the respective parties involved. As per the opinion of the Board, there will be no
substantial impact on their reconciliation with their balance confirmations as on the reporting date.

Note 36

Balance appearing in the financial statements are subject to reconciliation with the returns and submissions made with statutory
authorities, including GST department. Hence, the effect thereof, on Profit/ Loss, Assets and Liabilities, if any, is not
ascertainable.

Note 37

In the opinion of the board, the current assets, loans and advances are approximately of the value state, if realized in ordinary
course of business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount
reasonably necessary.

Note 38

There are two ongoing real estate projects, with the company, namely (a). Pittie Paradise (earlier known as Victoria Elegance),
Dadar, Mumbai, and (b). Pittie Chambers, BKC, Mumbai. As on the date of the Balance Sheet, a part (PC-1) of Project Pittie
Chambers, BKC has been completed while the remaining a part (PC-2) of Project Pittie Chambers, BKC is still under progress.
Pittie Paradise is still in the stage of completion. In the opinion of the Board of Directors of the company, both Real Estate
Projects are compliant of all regulatory and statutory requirements and the cost incurred by the company till 31.03.2024 for
their development has been properly accounted for in the books of accounts by the company and segregated between Finished
Goods and Work in Progress as per the applicable accounting standards and practices._

The Board of Directors of the company also acknowledge that due to some unavoidable business reasons, including overall
unfavorable market volatility in the real estate sector, lack of working capital funds, etc, the above projects could not be
completed in pre-decided timelines. The Board of Directors of the company are regular in reviewing the project status and are
hopeful to complete these projects in a reasonable time frame.

Further regarding the Advance received from the customers for the delivery of possession of the booked units, the management
of the company has obtained informal approval from the respective customers for the condonation of the delay in delivery of
possession of the booked units, however the same is yet to be documented as per the regulatory requirements. The
management of the company is hopeful for delivery of possession of the booked units to the customers in agreed time frame.

Note 39

The company has recognised the carrying amount of the Work in Progess towards two ongoing real estate projects (namely (a).
Pittie Paradise and (b). Pittie Chambers) at cost. In the opinion of the Board of Directors of the company, they are regularly
carrying out the assessment of the Net Realisable Value of these projects, based on the estimated project completion method.
The said assessment is based on the opinion of the technical team of the company engaged in the project management, which is
primarily based on the forecast of future market conditions, and assessment of the future selling prices and costs of completion
for all the projects.

In the opinion of the Board of Directors of the company, considering the net realisable value of the both projects, based on their
assessment as mentioned above, they confirm that the cost incurred by the company against each project are lesser then the net
releasable value of both projects. Hence, in the opinion of the Board, the value of inventory to be taken as cost incurred in the
projects, as on 31.03.2024.

Note 40

Amount refundable to the customers, due to cancellation of the agreement are payable as and when demanded by the
respective customer and full liability in this respect has been recognised by the company in the financial statements. As per the
opinion of the board of directors, there is no demand made by any customers, which has not been paid, and there is no interest
payable on any unpaid refundable amount to the customers, as per the informal agreement between the management and the
respective customers.

Note 41

Pursuant to change in statutory provisions regarding the availability of the tax credits under goods and service tax, the
recognised the tax credits availed during the earlier and current year as expenses and debited to profit & loss account during the
financial year 2023-2024.

Note 42

5% Non Cumulative Reedemable Preferance Shares issued by the company are due for refund as on as on 31st March 2024 (as
well as on 31st March 2020, 31st March 2021, 31st March 2022, 31st March 2023 & 31st March 2024). The management is in
the process of negotiation with the respective investor to restructure the terms of issue of Preference Shares. Hence the same
are appropriately recognised as Non-Current Liability in the opinion of the Board._

Note 43

With the applicability of Ind AS 109, the recognition and measurement of impairment of financial assets is based on credit loss
assessment by expected credit loss (ECL) model. The ECL assessment involve significant management judgement. The Company's
impairment allowance is derived from estimates including the historical default and loss ratios. Management exercises
judgement in determining the quantum of loss based on a range of factors. The most significant areas are loan staging criteria,
calculation of probability of default / loss and consideration of probability weighted scenarios and forward looking
macroeconomic factors.

The board acknowledges and understands that these factors, since there is a large increase in the data inputs required by the
ECL model, which increases the risk of completeness and accuracy of the data that has been used to create assumptions in the
model. Based on the internal management analysis, as per Board Opinion, there is no requirement of provision for expected
credit loss in several financial assets including the loans and advances and other receivables of the Company and all are on fair
value, based on the assessment and judgement made by the board of the company.

Note 44

Events after Reporting Date

There have been no events after the reporting date that require disclosure in this financial statement
Note 45

As per the accounting policies adopted by the company, the Company recognises revenue from sale of real estate units, when it
determines the satisfaction of performance obligations at a point in time, as per the requirement of Ind AS 115. Revenue is
recognised upon transfer of control of promised products to customer in an amount that reflects the consideration which the
Company expects to receive in exchange for those products.

In the Financial Year 2019-20, the company achieved Part Completion of one of the Project "Pittie Chambers". Hence the
company recognised the cost incurred on construction of the Part Completed as "Finished Goods", and kept the construction
cost of uncompleted portion as "Work in Progress". The Cost of Construction of Finished Goods was measured by the company,
based on the bifurcation of actual cost between completed and non-completed portions, as per the opinion and calculations
made by the technical and financial teams of the company and approved by the Board. Further, the salable units, where the
controls were transferred to the customers during the year were recognised as Revenue from Operations and proportionate
developement cost towards such units were adjusted with the value of "Finished Goods" under Inventories.

During the Financial Year 2023-24, no further completion/part-completion of the ongoing projects ("Pittie Chambers" and "Pittie
Paradise") were achieved but some of the control of promised products were transferred to the customer. Hence revenue was
provided by the company for the year ended 31st March 2024, pertaining to the ongoing projects and all the direct and indirect
costs incurred towards the constructions were represented as Work In Progress under Inventories.

Note 48

Revaluation/ Fair valuation of PPE / Intangible assets/ Investment property

The company has not carried out any revaluation of its Property, Plant and Equipment (including Right-of-Use Assets) and
intangible assets during the current year as well as previous year. The company also does not have any Investment property
during the current year as well as previous year.

Note 49

Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year and any of the
previous financial years.

Note 50

Undisclosed Income

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).

Note 51

Utilisation of Borrowed funds and share premium:

(A) During the year, the company has 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:

(i) 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)

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

(B) During the year, 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 or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party(Ultimate Beneficiaries)

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
Note 52

Registration of charges or satisfaction of charges with Registrar of Companies (ROC)

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

Note 53

Wilful Defaulter

The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.

Note 54

Security of current assets against borrowings

The Company has no borrowings from banks or financial institutions on the basis of security of current assets.

Note 55

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

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

Note 56

Misutilisation of Bank Borrowing

The company has not taken any borrowings from banks and financial institutions during the current year as well as previous
year.

Note 57

Compliance with number of layers of companies

The compliance of number of layers of companies, prescribed under clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017, are not applicable to the company

1. Total Debt = Long term Borrowings (including current maturities of Long term Borrowings), lease liabilities (current and non¬
current), short term borrowings and Interest accrued on Debts

2. Earning for Debt Service = Net Profit after taxes Non-cash operating expenses like depreciation and other amortizations Interest
other adjustments like loss on sale of Fixed assets etc.

3. Debt service = Interest & Lease Payments Principal Repayments

4. Avg. Shareholder's Equity = Average of Opening Total Equity and Closing Total Equity excluding revaluation reserve

5. Average Inventory = Average of Opening Inventory and Closing Inventory

6. Average Trade Receivable = Average of Opening Trade Receivables and Closing Trade Receivables

7. Average Trade Payables = Average of Opening Trade Payables and Closing Trade Payables

8. Working capital shall be calculated as current assets minus current liabilities

9. EBIT = Earning before interest and taxes

10. Capital Employed = Tangible Net Worth (excluding revaluation reserve) Total Debt Deferred Tax Liability

11. Average Total Assets = Average of Opening Total Assets and Closing Total Assets excluding revaluation impact

These financial statements are presented in Indian Rupees (INR), which is also its functional currency and all
values are rounded to the nearest Lakhs, except when otherwise indicated. The amounts which are less than Rs.
0.01 Lakhs are shown as Rs 0.00 Lakhs.

Note 64

Previous year's figures have been regrouped or reclassifed wherever necessary

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

Victoria Enterprises Limited

For Parekh Shah & Lodha CIN: L65990MH1982PLC027052

Chartered Accountants

Firm's Registration No: 107487W

CA Ravindra Chaturvedi Krishna Kumar Pittie Satish Sharma

Partner Director Director

Membership No: 048350 DIN: 00023052 DIN: 010603829

UDIN: 24048350BKFCLQ4072

Mumbai

Date: May 29, 2024