L. Provisions, Contingent liabilities, Contingent assets and Commitments
General

Provisions are recognized when the company has a present obligation (legal or constructive) as a result
of a 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. When the
company expects some or all of a provision to be reimbursed, for example, under an insurance contract,
the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually
certain. The expense relating to a provision is presented in the statement of profit and loss net of any
reimbursement.

Contingent liability is disclosed in the case of:

1. A present obligation arising from the past events, when it is not probable that an outflow of
resources will be required to settle the obligation;

2. A present obligation arising from the past events, when no reliable estimate is possible;

3. A possible obligation arising from the past events, unless the probability of outflow of resources is
remote.

Commitments include the amount of purchase order (net of advances) issued to parties for completion
of assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet
date.

M. Earnings per share

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. Earnings
considered in ascertaining the company's earnings per share is the net profit for the period after
deducting preference dividends and any attributable tax thereto for the period. 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.

For the purpose of calculating diluted earnings per share, the 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. Dilutive potential equity shares are deemed
converted as of the beginning of the period, unless they have been issued at a later date. The diluted
potential equity shares have been arrived at, assuming that the proceeds receivable were based on
shares having been issued at the average market value of the outstanding shares. In computing dilutive
earnings per share, only potential equity shares that are dilutive and that would, if issued, either reduce
future earnings per share or increase loss per share, are included.

N. Use of estimates and judgements

The presentation of the financial statements is in conformity with the Ind AS which requires the
management to make estimates, judgments and assumptions that affect the reported amounts of assets
and liabilities, revenues and expenses and disclosure of contingent liabilities. Such estimates and
assumptions are based on management's evaluation of relevant facts and circumstances as on the date
of financial statements. The actual outcome may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting
estimates are recognized in the period in which the trades are revised and in any future periods affected.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a
material adjustment within the next financial year are included in the following notes:

• Current tax

• Fair valuation of unlisted securities

O. Statement of cash flows

Cash flow are reported using the indirect method, whereby net profit before tax is adjusted for the
effects of transactions of a non-cash nature, any deferrals of accruals of past or future operating cash
receipts or payments and item of income or expenses associated with investing or financing cash flows.
The cash flows from operating, investing and finance activities of the company are segregated.

P. Current and non-current classification

The company presents assets and liabilities in the balance sheet based on current/ non-current
classification. An asset is treated as current when it is:

i. Expected to be realized or intended to be sold or consumed in normal operating cycle;

ii. Held primarily for the purpose of trading;

iii. Expected to be realized within twelve months after the reporting period, or

iv. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

i. It is expected to be settled in normal operating cycle;

ii. It is held primarily for the purpose of trading;

iii. It is due to be settled within twelve months after the reporting period, or

iv. There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Operating Cycle

The operating cycle is the time between the acquisition of assets for processing and their realization in
cash and cash equivalents. The company has identified twelve months as its operating cycle.

Q. Foreign currency transaction

The company engaged in foreign transaction of import of Services. The financial statements are
presented in Indian rupee (INR), which is company's functional and presentation currency.

Transactions and balances

Transactions in foreign currencies are initially recorded by the company's entities at their respective
functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional
currency spot rates of exchange at the reporting date.

R. Fair value measurement

The company measures financial instruments, such as, derivatives at fair value at each balance sheet
date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:

i. In the principal market for the asset or liability, or

ii. In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the company.

The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest.

The company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and
minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:

i. Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or Liabilities.

ii. Level 2 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable.

iii. Level 3 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the company
determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorization (based on the lowest level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.

The company's appointed registered valuer determines the policies and procedures for both recurring
fair value measurement, such as derivative instruments and unquoted financial assets measured at fair
value, and for non-recurring measurement, such as assets held for distribution in discontinued
operations. The Valuation Committee comprises of the head of the investment properties segment,
heads of the company's internal mergers and acquisitions team, the head of the risk management
department, financial controllers and chief finance officer.

External valuers are involved for valuation of significant assets, such as unquoted financial assets.
Involvement of external valuers is decided upon annually by the by the management. Selection criteria
include market knowledge, reputation, independence and whether professional standards are
maintained. Valuers are normally rotated every three years. The management decides, after discussions
with the company's external valuers, which valuation techniques and inputs to use for each case.

At each reporting date, the management analyses the movements in the values of assets and liabilities
which are required to be remeasured or re-assessed as per the company's accounting policies. For this
analysis, the management verifies the major inputs applied in the latest valuation by agreeing the
information in the valuation.

The management, in conjunction with the Company's external valuers, also compares the change in the
fair value of each asset and liability with relevant external sources to determine whether the change is
reasonable.

On an interim basis, the Company's external valuers present the valuation results to the Audit
Committee and the company's independent auditors. This includes a discussion of the major
assumptions used in the valuations.

For the purpose of fair value disclosures, the company has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures are given in the
relevant notes.

i. Disclosures for valuation methods, significant estimates and assumptions.

ii. Quantitative disclosures of fair value measurement hierarchy.

iii. Investment in unquoted equity shares (discontinued operations).

iv. Financial instruments (including those carried at amortized cost).

S. Exceptional items

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, disclosed in
the notes accompanying to the financial statements.

T. Rounding off

All amounts disclosed in the financial statements and notes have been rounded off to the nearest Lakhs
as per the requirements of Schedule III, unless otherwise stated.

• Recent accounting pronouncements

The Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing
standards under the Companies (Indian Accounting Standards) Rules, as amended from time to time. For
the year ended March 31, 2025, MCA has notified the following amendments applicable from April 1,

2024:

♦ Ind AS 117 - Insurance Contracts, which replaces Ind AS 104 and establishes principles for
recognition, measurement, presentation, and disclosure of insurance contracts.

♦ Amendment to Ind AS 116 - Leases, specifically relating to accounting for sale and leaseback
transactions by seller-lessees.

The Company has evaluated the applicability and impact of these amendments and has determined that
they are not applicable to its operations, as the Company does not engage in insurance business or sale
and leaseback lease transactions under Ind AS. Accordingly, these amendments have no significant
impact on the Company's financial statements for the year ended March 31, 2025.

In terms of my report attached For and on behalf of the Board of Directors

^{For Nahta Jain} & ^Associates Shanti Educational Initiatives Limited

Chartered Accountants
Firm Regn. No. 106801W

VISHAL CHIRIPAL DARSHAN VAYEDA

(Managing Director) (Whole-Time Director)

(CA. Gaurav Nahta) (DIN- 00155013) (DIN_- 07788073)

Partner
M.No. 116735