2.18.Provisions, contingent assets and contingent
liabilities

Provisions are recognized 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
control of the Company or

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

Contingent assets are neither recognized nor
disclosed except when realisation of income is
virtually certain, related asset is disclosed.

2.19. Leases

Ind AS 116 supersedes Ind AS 17 Leases including
its appendices. The standard sets out the principles
for the recognition, measurement, presentation
and disclosure of leases and requires lessees to
recognise most leases on the balance sheet.

The Company has adopted Ind AS 116 using the
modified retrospective method of adoption under the
transitional provisions of the Standards, with the date
of initial application on 1^st April, 2019. The Company
also elected to use the recognition exemptions for
lease contracts that, at the commencement date,
have a lease term of 12 months or less and do not
contain a purchase option (short-term leases), and
lease contracts for which the underlying asset is of
low value (low-value assets). Adoption of Ind- AS 116
doesn't have any material impact on the financial
statements of the Company.

The Company assesses at contract inception
whether a contract is, or contains, a lease. That is, if
the contract conveys the right to control the use of
an identified asset for a period of time in exchange
for consideration.

Company as a lessee

The Company applies a single recognition and
measurement approach for all leases, except for
short term leases and leases of low-value assets.
The Company recognises lease liabilities to make
lease payments and right-of-use assets representing
the right-to-use the underlying assets.

Right-of-use assets

The Company recognises right-of-use assets at
the commencement date of the lease (i.e., the
date the underlying asset is available for use).
Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses,

and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes
the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made
at or before the commencement date less any
lease incentives received. Right-of-use assets are
depreciated on a straight-line basis over the shorter
of the lease term and the estimated useful lives of the
assets.

I f ownership of the leased asset transfers to the
Company at the end of the lease term or the reflects
the exercise of a purchase option, depreciation
is calculated using the estimated useful life of the
asset.

Lease Liabilities

At the commencement date of the lease, the
Company recognises lease liabilities measured at
the present value of lease payments to be made over
the lease term. The lease payments include fixed
payments (including in substance fixed payments)
less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and
amounts expected to be paid under residual value
guarantees.

In calculating the present value of lease payments,
the Company uses its incremental borrowing rate at
the lease commencement date because the interest
rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change
in the lease term, a change in the lease payments
(e.g., changes to future payments resulting from a
change in an index or rate used to determine such
lease payments) or a change in the assessment of
an option to purchase the underlying asset.

Short-term leases and leases of low-value assets

The Company applies the short-term lease
recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months
or less from the commencement date and do not
contain a purchase option). It also applies the lease
of low-value assets recognition exemption to leases

of offices, godowns, equipment, etc. that are of
low value. Lease payments on short-term leases
and leases of low value assets are recognised as
expense on a straight-line basis over the lease term.

Company as a lessor

Lessor accounting under Ind AS 116 is substantially
unchanged from Ind AS 17. Lessors will continue to
classify leases as either operating or finance leases
using similar principles as in Ind AS 17. Therefore, Ind
AS 116 does not have an impact for leases where
the Company is the lessor. Leases in which the
Company does not transfer substantially all the risks
and rewards incidental to ownership of an asset are
classified as operating leases. Rental income arising
is accounted for on a straight-line basis over the
lease terms. Initial direct costs incurred in negotiating
and arranging an operating lease are added to the
carrying amount of the leased asset and recognised
over the lease term on the same basis as rental
income. Contingent rents are recognized as revenue
in the period in which they are earned.

2.20.Financial Instruments

Initial recognition and measurement

The Company recognizes financial assets and
financial liabilities when it becomes a party to the
contractual provisions of the instrument. All financial
assets and liabilities are recognized at fair value
on initial recognition, except for trade receivables
which are initially measured at transaction price.
Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial
liabilities, which are not at fair value through profit or
loss, are added to the fair value on initial recognition.
Regular way purchase and sale of financial assets
are accounted for at trade date

Subsequent measurement of Financial Assets
Financial assets carried at amortized cost

A financial asset is subsequently measured at
amortized cost if it is held within a business model
whose objective is to hold the asset in order to collect
contractual cash flows and the contractual terms of
the financial asset give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding.

Financial assets carried at fair value through other
comprehensive income (FVOCI)

A financial asset is subsequently measured at fair
value through other comprehensive income if it is
held within a business model whose objective is
achieved by both collecting contractual cash flows
and selling financial assets and the contractual terms
of the financial asset give rise on specified dates
to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
The Company has made an irrevocable election
for its investments, which are classified as equity
instruments to present the subsequent changes in
fair value in other comprehensive income based on
its business model.

Financial assets carried at fair value through profit
or loss (FVTPL)

A financial asset, which is not classified in any of
the above categories are subsequently fair valued
through profit or loss.

Investment in subsidiaries, joint ventures and
associates

I nvestment in subsidiaries is carried at cost in the
separate financial statements.

Financial liabilities

Financial liabilities are subsequently carried at
amortized cost using the effective interest method,
except for contingent consideration recognized
in a business combination, which is subsequently
measured at fair value through profit or loss.

Derecognition of financial instruments

The Company derecognizes a financial asset when
the contractual rights to the cash flows from the
financial asset expire or it transfers the financial asset
and the transfer qualifies for derecognition under Ind
AS 109. A financial liability (or a part of a financial
liability) is derecognized from the Company's
Balance Sheet when the obligation specified in the
contract is discharged or cancelled or expires.

2.21. Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes)
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 including a bonus
issue.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable
to equity shareholders and the weighted-average
number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity
shares.

2.22.Significant management judgement in applying
accounting policies and estimation uncertainty

The preparation of the Company's financial statements
requires management to make judgments, estimates
and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities and the
related disclosures.

Significant management judgements
Recognition of deferred tax assets

At the end of the year the Company has net deferred
tax assets as per the provision of Ind AS - 12 “Income
Taxes”, As a prudence policy the said Deferred
Tax Assets has not been recognized which is in
accordance with the Ind AS 12

Evaluation of indicators for impairment of assets

The evaluation of applicability of indicators of
impairment of assets requires assessment of several
external and internal factors which could result in
deterioration of recoverable amount of the assets.

Impairment of financial assets - At each balance
sheet date, based on historical default rates observed
over expected life, the management assesses the
expected credit loss on outstanding financial assets.

Provisions - At each balance sheet date basis the
management judgment, changes in facts and legal
aspects, the Company assesses the requirement
of provisions against the outstanding contingent
liabilities. However, the actual future outcome may
be different from this judgement.

Revenue and inventories - The Company
recognizes revenue using the percentage of
completion method. This requires forecasts to be
made of total budgeted cost with the outcomes of

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 i.e. significant to the
fair value measurement as a whole.;

Level 1. Quoted prices (unadjusted) in active markets
for identical assets and liabilities

Level 2. Input other than quoted prices included
within level 1 that are observable for the assets or
liabilities either directly (i.e. as prices) or indirectly
(i.e. derived from prices)

Level 3. Inputs for the assets and liabilities that are
not based on observable market data (unobservable
inputs)

2.23 Cash flow Statements

Cash flows are reported using the indirect method,
whereby profit/(loss) before tax is adjusted for the
effects of transactions of non-cash nature and any
deferrals or accruals of past or future cash receipts
or payments and item of income or expenses
associated with investing or financing cash flows.
The cash flows from operating, investing and
financing activities of the Company are segregated
based on the available information.

2.24 Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new
standards or amendments to the existing standard.
There is no such notifications on accounting standard
which would have been applicable to the company
from 1^st April 2025.

b. Term/rights attached

The company has only one class of equity shares having a par value of H10 per share. Each holder of equity share
is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend
proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General
Meeting.

During the year ended 31^st March, 2025, the company has proposed the amount of per share dividend as
distributions to equity shareholders was D4.50 per share (Previous year H4.00 per share) as Final Dividend.

c. Aggregate numbers of bonus shares issued, share issued for consideration other than cash and shares brought
back during the period of five years immediately preceding the reporting date: NIL

The Company has borrowings from banks on the basis of security of current assets, the quarterly returns or statements of
current assets filed by the company with banks or financial institutions are as per the books of accounts. The Company
has used the borrowings from banks for the specific purpose for which they were availed

A Borrowings of H500 crs and H100 crs from HDFC Bank Limited having an effective rate of interest of 12.25%

repayable in specified monthly instalments secured against:

20.1 Outstanding borrowings of H16726.20 Lakhs (Previous Year H33910.58 Lakhs) from HDFC Bank Limited having an
effective rate of interest of 11.55% to 12.55% repayable in 4 to 6 years in specified monthly instalments secured against:

1 Exclusive charge on All those pieces and parcels of land bearing C.T.S. No. 1A/2 (corresponding to Survey No.
173/1 pt) lying being and situate at Village Anik, Taluka Kurla, within the jurisdiction of the City Survey Office,
Chembur in the Registration Sub-District of Mumbai Suburban, together with the construction thereon, schedule
receivables and insurance proceeds, both present and future.

2 Residential project “Ajmera Aeon”, “Ajmera Zeon” & “Ajmera Treon” with the underlying land and scheduled
receivables and insurance proceeds situated at sub plot of village Anik at Chembur.

3 Commercial project ‘Sikova' with underlying land bearing CTS no. 174A & 174B at Village Ghatkopar, Mumbai
along with scheduled sales receivables and insurance proceeds.

4 Also above borrowings have been secured by way of personal guarantee of Promoters.

20.2 Outstanding borrowings of H32,698.97 Lakhs (Previous Year 18,666.77 Lakhs) each from ICICI Bank Limited
and Standard Chartered Bank having an effective rate of interest of 11.10% repayable in 4 Years in specified monthly
instalments secured against:

1 All parcel of land bearing CTS No. 1A/2 together with Buildings 3A and 3B situated at Village Anik, Taluka Kurla
with receivables and insurance proceeds.

2 Above borrowings has been secured by way of personal guarantee of Promoters.

36.1 CORPORATE SOCIAL RESPONSIBILITY

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at
least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility
(CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and
culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief, and rural development
projects. A CSR committee has been formed by the company as per the Act. The funds were primarily allocated to a
corpus and utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013:

40 The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in
the context of Ind AS 108.

41 DISCLOSURE UNDER MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006:

a) The principal amount H165.85 (P.Y H12.80 Lakhs) and the interest due thereon is H0.09 Lakhs (P.Y H0.07 Lakhs)
remaining unpaid to any supplier at the end of the accounting year.

b) The amount of interest paid by the buyer NIL (P.Y. NIL) in terms of section 16 of the Micro, Small and Medium
Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the
appointed day during accounting year.

c) The amount of Interest due and payable NIL (P.Y.NIL) for the period of delay in making payment but without
adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006.

d) The amount of Interest accrued and remaining unpaid at the end of the accounting year Nil. (P.Y. NIL)

e) The amount of further interest remaining due and payable even in the succeeding years until such date
when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a
deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006
is Nil. (P.Y. NIL)

The above information and that given in note no.21 & 26 -“Trade Payables” regarding Micro and Small
enterprises has been determined to the extent such parties have been identified on the basis of available
with the company. This has been relied upon by the auditors.

42 CAPITAL MANAGEMENT POLICY

- Safeguard our ability to continue as a going concern, and

- Maintain an optimal capital structure to reduce the cost of capital

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.

The Company manages its capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure,
the Company may, subject to relevant permissions and compliances, adjust the amount of dividends paid to
shareholders, return capital to shareholders or issue new shares.

43 EMPLOYEE BENEFIT

Defined contribution plans

The Company makes contributions towards a provident fund under a defined contribution retirement benefit plan
for qualifying employees. The Company contribute a specified percentage of payroll cost to fund the benefits.

Defined Benefit Plan

The Company has a funded post-employment defined benefit plan. The scheme provides for lump sum payment
to vested employees at retirement, death while in employment or on termination of employment of an amount
equivalent to 15 days salary per year of completed service. Vesting occurs upon completion of 5 years of service.
The present value of defined benefit obligation and the related current service cost were measured using the
Projected Unit Credit Method, with actuarial valuation being carried out at each Balance Sheet date.

The following table sets out the funded status of the gratuity plan (a funded, post-employment defined benefit plan)
and the amounts recognised in the Company's financial statements as at March 31,2025.

No other post-retirement benefits are provided to the employees.

The most recent actuarial valuation of the present value of the defined benefit obligation was carried out at
March 31,2025. The present value of the defined benefit obligation, and the related current service cost and past
service cost, were measured using the projected unit credit method.

The employee's gratuity fund scheme managed by the fund manager is a defined benefit plan. The present value
of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes
each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit
separately to build up the final print obligation.

Types of Risk and its management

The company's activities expose it to market risk, liquidity risk and credit risk. Board of Directors has overall responsibility
for the establishment and oversight of the company risk management framework. This note explains the sources of risk
which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

1. Credit Risk

The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and
the business environment in which the entity operates. Expected Credit Loss is based on actual credit loss experienced
and past trends based on the historical data.

2. 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 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 company 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.

3. Foreign Currency Risk

The company has international transactions and is exposed to foreign exchange risk arising from foreign currency
transactions. Foreign exchange risk arises from recognized assets and liabilities denominated in a currency that is not
the Group's functional currency.

47 CAPITAL AND OTHER COMMITMENTS

Capital and other commitments on account of revenue as well as capital nature is H12962.47 Lakhs (Previous Year
H1062.46 Lakhs)

48 No proceedings have been initiated during the year or are pending against the Company as at March 31, 2025
for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and
rules made thereunder.

49 The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

50 There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

51 The Board of Directors is of the opinion that none of the assets other than Property, Plant and Equipment, Intangible
Assets and non-current investments have realisable value less than their carrying amount in the ordinary course
of business.

52 No funds have been advanced or loaned or invested by company to any intermediary and no funds have been
received by the company to act as intermediary.

53 RELATIONSHIP WITH STRUCK OFF COMPANIES

Disclosure for the relationship with any struck off company for the year ended as on 31^st March, 2025 and 31^st March,
2024:

54 The company has not traded or not invested in Crypto currency or Virtual currency during the financial year.

55 There are no any charges or satisfaction of charges which is yet to be registered with Registrar of Companies
beyond the statutory period.

56 The Company has complied with Companies (Restriction of Number of Layers) Rules, 2017, and there are no
downstream companies beyond the specified layers.

57 The company has borrowings from banks or financial institutions on the basis of security of current assets, the
quarterly returns or statements of current assets filed by the company with banks or financial institutions are as
per the books of accounts.

58 The Company has used the borrowings from banks and financial institutions for the specific purpose for which
they were availed.

59 The balance in debtors, creditors are subject to confirmation and reconciliation, if any. However as per management
opinion, no material impact on financial statements out of such reconciliation is anticipated.

60 On account of Demerger of the Company a land parcel amounting to H2257.00 Lakhs has been transferred to
the wholly owned subsidiaries comapny i.e. Radha Raman Dev Ventures Private Limited. The resulting Company
(ARIIL) issued the Shares in the ratio of 50:1 agrregating to 709698 Equity Shares of H10 each, which ranks
pari-passu with the existing Shares of the Company (ARIIL).

61 The Company has used accounting software for maintaining its books of account for the financial year ended
March 31,2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the software. Further, the audit trail feature was not tampered with
at any point of time

62 SUBSEQUENT EVENTS

There are no subsequent events which require disclosure or adjustment subsequent to the Balance Sheet date.

63 REGROUPING OF PREVIOUS YEAR FIGURES.

The company has regrouped / rearranged and reclassified previous year figures to conform to current year's
classification.

As per our report of even date For & on behalf of Board Of Directors of

For V.Parekh & Associates Ajmera Realty & Infra India Limited

Chartered Accountants
Firm Reg. No. 107488W

Rajnikant S. Ajmera Manoj I. Ajmera

Chairman & Managing Director Managing Director
(Din : 00010833) (Din : 00013728)

Rasesh V. Parekh - Partner

Membership No. 38615 Nitin D. Bavisi Reema N. Solanki

UDIN : 25038615BMLBKU2334 Chief Financial Officer Company Secretary & Compliance Officer

Place : Mumbai, Place : Mumbai,

Date : 14^th May, 2025 Date : 14^th May, 2025