1 The construction activities at one of the Company’s Residential Group Housing Project, named 'Madelia’ in Sector M-1A, Manesar, Gurugram, Haryana, assigned to Company upon demerger were suspended consequent upon pending litigation at the Hon’ble Supreme Court of India. On March 12, 2018, the Hon’ble Supreme Court of India has pronounced an order in the matter requiring the Company to file its claim for the subject Project before the Office of the Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC). Accordingly, the Company has lodged its claim before HSIIDC and is continuously pursuing HSIIDC for the settlement of its claim. A sum of D 29,360.04 lakhs (previous year 29,276.64 lakhs) including apportionment of related finance costs of D4,336.65 lakhs (previous year 4,336.65 lakhs) being recoverable from HSIIDC (net off of advances received from customers amounting to D 10,105.54 lakhs (previous year D 10,105.54 lakhs)) have been shown as Other receivables in Other financial Assets. No provision for impairment in the amount recoverable have been made in books of accounts, as the manangement is certain that the claim would be received.

2 Other receivables of current nature includes recoverable from subsidiary company namely Anant Raj Infrastructure Limited (Previously known as Anant Raj Infrastructure Private Limited), D23,199.74 lakhs (Previous year D23,199.74 lakhs) on account of sale of Property, Plant and Equipment and from other subsidiary companies on account of corporate shared services amounting to D2,228.19 lakhs (Previous year Nil) and one associate namely Niblic Greens Hospitality Private Limited amounting to D4.39 lakhs (previous year Nil). [Refer note 34.5 (xi) for details]

3 The company have accounted interest from subsidiaries amounting to D6031.68 Lakhs (previous year Nil) on account of discharge of it’s liabilities and is shown as Interest receivable - current. The amount of Interest recovered have been netted off from interest expense on such debentures in statement of Profit and loss.

13.2 Right, preference and restrictions attached to shares

The Company has only one class of equity shares having a par value of D2 each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the holders of equity shares will be entitled to receive any of the 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.

Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim dividend, if any, are recorded as a liability on the date of declaration by the Company’s Board of Directors.

15.1 During the year ended March 31, 2023, the Company have issued at par 1 1,300 number of 6 % senior secured, redeemable rated, listed non convertible debentures 2027 having face value of D10,00,000 per debenture along with 2000 number of 6% senior secured redeemable rated unlisted non- convertible debentures having face value of D10,00,000 per debenture to India Opportunities Fund SSA scheme 1, aggregating to D1,33,000.00 lakhs. The above stated 1 1,300, 6% senior secured redeemable non convertible debentures are listed at BSE Limited. w.e.f. May 5, 2022. These debentures are redeemable over a period of 5 years.

M/s Catalyst Trusteeship Limited is the debenture trustee for the said debenture issued. A debenture trust deed dated April 28, 2022 has been executed between the Company TARC Limited and M/s Catalyst Trusteeship Limited

The Company have complied with all covenants of the debenture trust deed including mandatory security cover of 2x of the Debenture Trust Deed

Investments held by the Company in it’s Subsidiaries:

i 50,000 No. of Equity shares held by the Company in Anant Raj Infrastructure Limited (Formerly Known as Anant Raj Infrastructure Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

ii 50,000 No. of Equity shares held by the Company in BBB Realty Limited (Formerly known as BBB Realty Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

iii 50,000 No. of Equity shares held by the Company in Bolt Properties Limited (Formerly known as Bolt Properties Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

iv 50,000 No. of Equity shares held by the Company in Echo Buildtech Limited (Formerly Known as Echo Buildtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

v 50,000 No. of Equity shares held by the Company in Elevator Promoters Limited (Formerly Known as Elevator Promoters Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

vi 50,000 No. of Equity shares held by the Company in Elevator Properties Limited (Formerly Known as Elevator Properties Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

vii 50,000 No. of Equity shares held by the Company in Fabulous Builders Limited (Formerly Known as Fabulous Builders Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

viii 50,000 No. of Equity shares held by the Company in Gadget Builders Limited (Formerly Known as Gadget Builders Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

ix 50,000 No. of Equity shares held by the Company in Grand Buildtech Limited (Formerly Known as Grand Buildtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

x 50,000 No. of Equity shares held by the Company in Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xi 6,250 No. of Equity shares held by the Company in High Land Meadows Limited (Formerly Known as High Land Meadows Private Limited) having book value of H5005.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xii 50,000 No. of Equity shares held by the Company in Jubilant Software Services Limited (Formerly Known as Jubilant Software Services Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xiii 0,000 No. of Equity shares held by the Company in Kalinga Realtors Limited (Formerly Known as Kalinga Realtors Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xiv 50,000 No. of Equity shares held by the Company in Park Land Construction and Equipments Limited (Formerly Known as Park Land Construction and Equipments Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xv 64,16,029 No. of Equity shares held by the Company in TARC Green Retreat Limited (Formerly Known as TARC Green Retreat Private Limited) having book value of H9979.51 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xvi 5,36,566 No. of Equity shares held by the Company in TARC Projects Limited having book value of H24,296.94 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xvii 50,000 No. of Equity shares held by the Company in Townsend Construction and Equipments Limited (Formerly Known as Townsend Construction and Equipments Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xviii 7,40,000 No. of Equity shares held by the Company in Travel Mate India Limited (Formerly Known as Travel Mate India Private Limited) having book value of H39.96 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

Investments held by the Subsidiaries in Step Down Subsidiaries of The Company.

xix 977 No. of Equity shares held by TARC Projects Limited in Moon Shine Entertainment Limited (Formerly Known as Moon Shine Entertainment Private Limited) having book value of H6315.75 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xx 50,000 No. of Equity shares held by High Land Meadows Limited (Formerly Known as High Land Meadows Private Limited) in Capital Buildcon Limited (Formerly Known as Capital Buidcon Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxi 50,000 No. of Equity shares held by High Land Meadows Limited (Formerly Known as High Land Meadows Private Limited) in Krishna Buildtech Limited (Formerly Known as Krishna Buildtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxii 50,000 No. of Equity shares held by High Land Meadows Limited (Formerly Known as High Land Meadows Private Limited) in Rising Realty Limited (Formerly Known as Rising Realty Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxiii 50,000 No. of Equity shares held by High Land Meadows Limited (Formerly Known as High Land Meadows Private Limited) in Ankur Buildcon Limited (Formerly Known as Ankur Buildcon Private Limited having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxiv 50,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in Capital Buildtech Limited (Formerly Known as Capital Buidtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxv 50,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in Carnation Buildtech Limited (Formerly Known as Carnation Buildtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxvi 50,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in Gagan Buildtech Limited (Formerly Known as Gagan Buildtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxvii 50,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in Greatways Buildtech Limited (Formerly Known as Greatways Buildtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxviii50,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in Monarch Buildtech Limited (Formerly Known as Monarch Buildtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxix 50,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in Papillon Buildcon Limited (Formerly Known as Papillon Buildcon Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxx 50,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in Papillon Buildtech Limited (Formerly Known as Papillon Buildtech Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxxi 50,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in West Land Buildcon Limited (Formerly Known as West Land Buildcon Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxxii 5,000 No. of Equity shares held by Green View Buildwell Limited (Formerly Known as Green View Buildwell Private Limited) in Oriental Promoters Limited (Formerly Known as Oriental Promoters Private Limited) having book value of H5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

35 Leases

The Ministry of Corporate Affairs (MCA) through Companies (Indian Accounting Standard) Amendment Rules 2019 and Companies (Indian Accounting Standard) Second Amendment Rules has notified Ind AS 116 'leases’ which replaces existing lease standard, Ind AS 17 Leases and other Interpretation. Ind AS 116 sets out the principles for recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It introduces a single on balance sheet lease accounting model for lessees.

The company has recognised a lease liability measured at the present value of remaining lease payments. The right of use assets is recognised at its carrying amount as if the Standard had been applied since the Commencement of the lease but discounted using lessee incremental borrowing rate. The principal portion of the lease payments and interest have been disclosed under cash flow from financing activities. The weighted average incremental borrowing rate of 14.00% has been applied to lease liability recognised in balance sheet at the date of initial application.

36 Segment reporting

An operating segment is one whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. The Company has identified the chief operating decision maker as its Managing Director. The Chief Operating Decision Maker reviews performance of real estate business on an overall business.

As the Company has a single reportable segment, the segment wise disclosure requirements of Ind AS 108 on 'Operating Segment' is not applicable.

Investment in Subsidiaries, LLPs, Partnership firm and Associate is measured at cost and hence are not required to be disclosed as per Ind AS 107 Financial Instruments Disclosures. therefore, the same have been excluded from the above table.

37.2 Fair values hierarchy

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3:

i) Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities

ii) Level 2: This level includes financial assets and liabilities, measured using 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).

iii) Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs).

Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash & cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the Company’s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively.

For short term financial assets and liabilities carried at amortized cost. The carrying value is reasonable approximation of fair value.

The carrying amount of bank balances, Trade Receivable, Trade Payable, other financial assets / liabilities, loans, cash and cash equivalents, borrowings are considered to be the same as their fair value due to their short term nature.

38 Financial risk management objectives

The Company’s principal financial liabilities comprise borrowings, debenture redemption, trade and other payables. The main purpose of these financial liabilities is to finance and support Company’s operations. The Company’s principal financial assets include loans, trade and other receivables and cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Company’s senior management provides assurance that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

A. Credit risk

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, loans to employees, loan to subsidiary companies and other financial instruments. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets.

The loans granted to subsidiary companies are less prone to credit risk as granted for acquiring real estate/investment properties.

ii. Concentration of trade receivables

i) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before transfer of ownership, therefore, substantially eliminating the Company’s credit risk in this respect.

B. 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.

Management monitors rolling forecasts of the liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

C. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as equity price risk and commodity/ real estate risk. Financial instruments affected by market risk include loans and borrowings.

a. Currency Risk

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

b. Interest Rate Risk i. Liabilities

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 Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings keeping in view of current market scenario.

Exposure to interest rate risk

ii. Assets

The company’s fixed deposits, interest bearing security deposits are carried at fixed rate. Therefore, the said assets are not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

39 Capital Management

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

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to issue of debentures. The company has complied with all covenants of debenture issue as per Debenture Trust Deed

M/s Catalyst Trusteeship Limited has been appointed as debenture trustee for the benefit of debenture holders. The company has entered into debenture trust deed, inter alia, specifying terms and conditions of debentures and power, authorities and obligation of company and debenture trustees in respect of debentures. Breach of any covenant under the debenture trust deed is an event of default under schedule 8 of debenture trust deed.

41 Corporate Social Responsibility (CSR) Expenditure

The Gross amount required to be spent by the Company during the year ended March 31,2023 on CSR is Nil, as average net profit of the Company for the purpose of determining the spending on CSR activities computed in accordance with the provisions of section 135, excluding of items given under Rule 2 (1)(h) of Companies (CSR Policy) Rules 2014 read with section 198 of Companies Act 2013 is below the threshold limits.

43 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

44 The Company is engaged in the business of real estate development, which has been classified as infrastructure facilities, accordingly disclosures as required under section 186 (4) of Companies Act 2013 have not been given. The amount outstanding in respect of loans outstanding are given in note 46 and closing balance of investment are given in note no. 4 of Standalone Financial statement.

45 The company’s business activities which are primarily real estate development and related activities falls within a single reportable segment as the management of the Company views the entire business activities as real estate development. Accordingly, there are no additional disclosures to be furnished in accordance with the requirements of Ind As- 108 operating segment with respect to single reportable segment. Further the operations of the Company is domiciled in India and therefore there are no reportable geographical segment.

47 Disclosures as per clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 :

The disclosure as per clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 are as under.

Since clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 became applicable to the Company effective financial year 2022 -2023, corresponding previous year figures are not given.

48 Balances of financial assets and liabilities (current and non current), Capital advance, Compensation receivables, EDC receivables, advances to contractors which were majorly acquired under scheme of arrangement involving demerger are subject to confirmation and reconciliation with the respective parties and have been carried in the financial statement as per books of accounts. The management of the Company have initiated reconciliation process and is a long drawn process. Necessary adjustment in carrying amount of these balances shall be made upon confirmation of such reconciliation process, however management of the Company have assessed that there is no likelihood of material changes in the carrying amount of these balances.

49 Utilization of proceeds from Issue of debentures

During the year ended March 31,2023, the Company has issued 1 1,300 number of 6 % senior secured, redeemable rated, listed non convertible debentures 2027 having face value and issue price per security of D10,00,000 per debenture and also 2000 Number of 6% senior secured redeemable rated unlisted non- convertible debentures having face value and issue price of D10,00,000 per debenture on private placement basis, aggregating to C133,000.00 lakhs. 1 1,300, 6% senior secured redeemable non convertible debentures got listed with BSE Limited on May 5, 2022. The details of utilization of proceeds from issue of debentures for the year ended March 31,2023 are as under :

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:

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

iii) Compliance with number of layers of companies: The Company has complied with the number of layers prescribed under section 2(87) of the Companies Act, 2013 read with companies (Restriction on number of layers) Rules, 2017.

iv) Compliance with approved scheme(s) of arrangements: The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

v) Undisclosed income: There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

vi) Details of crypto currency or virtual currency: The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

vii) Valuation of PP&E, intangible asset and investment property: The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

viii) The company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any tenure or period of repayment other than to subsidiaries as per detail given in Note 5 to Standalone Financial Statements.

ix) There are no charges or satisfaction of charges which are yet to be registered or satisfied with Registrar of Companies.

x) The Company has not been declared wilful defaulter by any bank or financial institution or any other lender.

xi) The company has not taken any working capital limits from banks or financial institutions on the basis of security of current assets.

51Struck off Companies: The Company does not have any relationship with Companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956 except as reported in Note no. 9 and 20 to Standalone Financial statements

52 Standards issued and amended but not yet effective

The 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. On March 23, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules 2015 by issue of Companies (Indian Accounting standard) amendment Rules, 2023 applicable from April 1,2023 as below :-

IND AS 1 - Presentation of Financial Statements - The amendment requires Companies to disclose their material accounting policy rather than their significant accounting policies. Accounting policy information, together with other information, is material when it can reasonably be expected to influence decisions of primary users of general purpose financial statements. The company does not expect this amendment to have any significant impact in its financial statement.

IND AS 12- Income Taxes- The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transaction that, on initial

recognition, give raise to equal taxable and deductible temporary differences. The company is evaluating the impact, if any, in its financial statements.

Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors- The amendments will help entities to distinguish between accounting policies and accounting estimates, the definition of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are monetary amounts in financial statement that are subject to measurement uncertainty. Entities develop accounting estimates if accounting policies require item in financial statement to be measured in a way that involves measurement uncertainty. The company does not expect this amendment to have any significant impact in its financial statements.

53 The figures have been rounded off to the nearest lakhs or decimal thereof. The figure 0.00 wherever appearing in the financial statement represents figures less than D500.

54 The Previous year figures have been regrouped/ reclassified, wherever necessary, to make them comparable with current year figures.