2.1 Basis of preparation
Statement of Compliance:

The Company prepared its Standalone financial statements to comply with the accounting standards specified under
section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended
from time to time and guidelines isued by Securities and Exchange Board of India ("SEBl"). These Standalone
financial statements includes Balance Sheet as at 31 March 2024. the Statement of Profit and Loss including Other
Comprehensive Income, Cash flows Statement and Statement of changes in equity for the year ended 31 March 2024,
and a summary of significant accounting policies and other explanatory information (together hereinafter referred to as
“financial statements”).

Basis of Measurement:

The Standalone Financial Information for the year ended 31 March 2024 and year ended 31 March 2023 has been
prepared on an accrual basis and a historical cost convention, except for the following financial assets and liabilities
which have been measured at fair value or amortised cost at the end of each reporting period:-

-Derivative financial instruments

- Certain financial assets and liabilities (refer accounting policy regarding financial instruments)

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. 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 financial statements are presented in Indian Rupees (“INR”) except otherwise indicated.

2.2 Summary of significant accounting policies

a. Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current I non-current classification. . It has
been classified as current or non-current as per the Company’s normal operating cycle and other criteria as set out in
the Division II of Schedule III to the Companies Act. 2013.

An asset is treated as current when it is:

Expected to be realised or intended to be sold or consumed in normal operating cycle;

I leld primarily for the purpose of trading;

Expected to be realised within twelve months after the reporting period; or

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

All other assets are classified as non-current. A?/ \t>\

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A liability is treated as current whon:

It is expected to be settled in normal operating cycle;

It is held primarily for the purpose of trading;

It is due to be settled within twelve months after the reporting period; or

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

The Company classifies all other liabilities as non-current,

b. Revenue Recognition

INI) AS 115 was made effective fioui 1 Apiil 2018 and establishes a five-step model to account tor revenue arising
from contracts with customers. The new revenue standard replaced IND AS 18 & IND AS 11 and interpretations on
revenue recognition related to sale of goods and services. The Company has applied the modified retrospective
anoroach and accordinelv has included the inmact of Ind AS 115.

i. Revenue from Sale of goods

Recognition of revenue arising from the real estate sales is made when (a) the seller has transferred to the buyer all
significant risks and rewards of ownership and the seller retains no effective control of the real estate to a degree
usually associated with ownership; and (b) no significant uncertainty exists regarding the amount of consideration that
will be derived from the real estate sales; and (c) it is not unreasonable to expect ultimate.

ii. Other Income

Other income is comprised primarily of interest income, dividend and gain/loss on translation of other assets and
liabilities. Interest income for all financial assets measured cither at amortized cost or FVTPL is recognized using the
effective interest method.

c. Income taxes

Tax expenses comprise cuitcnl and deferred tax. Current Income-tax is measured at the amount expected to be paid to
the tax authorities in accordance with the Income-tax Act, 1961. The lax rates and tax laws used to compute the
amount arc those that arc enacted or substantively enacted, at the reporting date.

Current income tax relating to items recognised outside profit and loss is recognised outside profit and loss (either in
other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction
either in Other Comprehensive Income (OCI) or directly in equity. Deferred tax relating to items recognised outside
profit and loss is recognised outside profit and loss (either in other comprehensive income or in equity). Deferred tax
items are recognised in correlation to the underlying transaction cither in OCI or directly in equity.

Deferred income taxes reflect the impact of temporary differences between taxable income and accounting income
originating during the current year and reversal of temporary differences for the earlier years. Deferred income tax is
measured using the tax rates and the tax laws enacted or substantially enacted at the reporting date.

FVferred tax liabilities are recognised lor oil taxable temporary differences. Deferred tax assets arc recognised fur
deductible temporary dilTerenccs only to the extent that there is reasonable certainty that sufficient future taxable
income will be available against which such dcfcn-cd tax assets can be realised. In situations where the Company has
unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognised only if there is virtual
certainty supported by convincing evidence that they can be realised against future taxable profits.

At each reporting date, the company re-assesses unrecognised deferred tax assets. It recognises unrecognized deferred
tax asset to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient
future taxable income will be available against which such deferred tax assets can be realized.

The carrying amount of deferred tax assets arc reviewed at each reporting date. Hie Company writes-down the carrying
amount of defened lax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be.
that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such write
down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient
future taxable income will be available.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set ofTthc recognised
amounts and there is an intention to settle the asset and the liability on a net basis.

Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off assets
against liabilities representing current tax and where the deferred tax assets and the deferred tax liabilities relate to
taxes on income levied by the same governing taxation laws.

d. (Carnings Per share

Basic earnings per equity share are computed by dividing the net profit attributable to the equity holders of the
Company by the weighted average number of equity shares outstanding during the period. The weighted average
number of equity shares outstanding during the period is adjusted for events such as fresh issue, bonus issue that have
changed the number of equity shares outstanding, without a corresponding change in resources.

Diluted earnings per equity r.hnro in computed by dividing the net profit attributable lu the equity liuldura of the
Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and
also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential
equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease
the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be
converted as at the beginning of the period, unless they have been issued at a later date. Dilutive potential equity shares
arc determined independently for each period presented.

c. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand, cheques in hand
and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of
chances in value.

I'or the purposes of cash flow statement consist of cash and short-term deposits, as defined above, net of outstanding
bank overdrafts as they are considered an integral part of the Company’s cash management.

f. Segment reporting

The company is mainly engaged in Real Estate developments and as such this is the only Reportable Segment as per
Indian Accounting Standard on Segment Reporting (IND AS 108) issued.

g.l'innnriiil liislriimrnlv

A financial instrument is any contract that gives rise to afinancial asset of one entity and a financial liability or
equityinstrument of another entity.

Initial recognition and measurement

Financial assets and liabilities are recognized when the company becomes a party to the contract embodying the
related financial instruments. All financial assets, financial liability' and financial guarantee contracts are initially
measured at transaction cost and where such values are different from the fair value, at fair value. Transaction cost that
are directly attributable to the acquisition or issue of financial asset and financial liabilities (other than financial asset
and financial liabilities at fair value through profit and loss) arc added to or deducted from the fair value measured on
initial recognition of financial asset and financial liability. Transaction cost directly attributable to the acquisition of
financial asset and financial liabilities at fair value through profit and loss arc immediately recognised in the statement
of profit and loss.

Non- derivative financial assets

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in two broad categories:

• Financials assets at amortised cost

• Financials assets at fair value

Where assets are measured at fair value, gains and losses are either recognised entirely in the statement of Statement of
Profit & Loss (i.c., fair value through Statement of Profit & Loss), or recognised in other comprehensive income (i.e.,
fair value through other comprehensive income).

a. Financials assets carried at amortised cost

A financials asset that meets the following two conditions is measured at amortised cost (net of Impairment) unless the
asset is designated at fair value through Statement of Profit & Loss under the fair value option.

• Business Model test: The objective of the Company’s business model is to hold the financial assets to collect the
contractual cash flow (rather than to sell the instrument prior to its contractual maturity to realize its fair value
changes).

• Cash flow characteristics test: The contractual terms of the financial assets give rise on specified dates to cash
flow that arc solely payments of principal and interest on the principal amount outstanding.

b. Financials assets at fair value through other comprehensive income

Financials assets is subsequently measured at fair value through other comprehensive income if it is held with in a
business model whose objective is achieved by both collections contractual cash flows and selling financial assets and
the contractual terms of the financial assets give rise on specified dated to cash flows that are solely payments of
principal and interest on the principal amount outstanding.

For equity instruments, the Company may make an irrevocable election to present in other comprehensive income
subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The
classification is made on initial recognition and is irrevocable.

ir the Company decides to classify an equity instrument as at FVTOC1, then all fair value changes on the instrument,
excluding dividends, arc recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale
of investment. However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the I- ST PL category are meajuwd^t fair value with all changes recognized in the
Statement of Profit & Loss.

c. Financials assets at fair value through profit or loss

A financial asset which is not classified in any of the above categories is subsequently fair valued through Statement of
Profit & Loss.

De-recognition of financial assets

A financial asset is piiuuuilv de-recognlzcd when thccontmofnal rights to receive cash flows from the asset have
cApilbd Ui the Company lias transferred its rights to receivecash flows from th#- asset

Non - derivative financial liabilities

Subsequent measurement

Subsequent to initial recognition, all non-derivative financial liabilities are measured at amortized cost using the
effective interest method.

De-recognition of financial liabilities

A financial liability is dc-rccognized when the obligation underthc liability is discharged or cancelled or expires. When
anex'sting financial liability is replaced by another from thesame lender on substantially different terms or the terms of
anexisting liability are substantially modified, such an cxchangeor modification is treated as the de-recognition of the
originalliability and the recognition of a new liability. The difference inthe respective carrying amounts is recognized
in the statementof profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to
realize theassets and settle the liabilities simultaneously.

g. Use of estimates and judgments

In the course ol applying the policies outlined in all notes, the Company is required to make judgments, estimates and

sumptions about tho ocirryinc amm>m „f _nx«u Ii,ibiliti« that ure not ruudllv apparcnl Irom other ......rs The

estimates and associated assumptions are based on historical experience and other factors that are considered to ho
relevant. Actual results may differ from these estimates. Estimates and underlying assumptions arc reviewed on an
ongoing basis. Revisions to accounting estimates arc recognized in the period in which the estimates are revised and
future periods are affected.

I he key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that
have a significant risk ot causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The Company based its assumptions and estimates on parameters available when
the standalone financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Company!
Such changes are reflected in the assumptions when they occur. The Company uses the following critical accountine
estimates in preparation of its financial statements: