o) Provisions, contingent assets and contingent
liabilities

Provisions are recognized only when there is a present
obligation (legal or constructive), as a result of past
events, and it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and when a reliable estimate of
the amount of obligation can be made at the reporting
date. Provisions are discounted to their present values,
where the time value of money is material, using a
current pre-tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting is used,
the increase in the provision due to the passage of time
is recognised as a finance cost.

When the Company expects some or all of a provision
to be reimbursed, the reimbursement is recognised 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.

p) Onerous contracts

I f the Company has a contract that is onerous, the
present obligation under the contract is recognised
and measured ever, before a separate provision for
an onerous contract is established, the Company
recognises any impairment loss that has occurred on
assets dedicated to that contract.

An onerous contract is a contract under which the
unavoidable costs (i.e., the costs that the Company
cannot avoid because it has the contract) of meeting
the obligations under the contract exceed the
economic benefits expected to be received under it.
The unavoidable costs under a contract reflect the
least net cost of exiting from the contract, which is the

lower of the cost of fulfilling it and any compensation or
penalties arising from failure to fulfil it.

These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.

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 recognised nor disclosed
except when realisation of income is virtually certain,
related asset is disclosed.

q) Leases

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
re-measurement 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 lease term.

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

The right-of-use assets are also subject to impairment.
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. The lease payments
also include the exercise price of a purchase option
reasonably certain to be exercised by the Company and
payments of penalties for terminating the lease, if the
lease term reflects the Company exercising the option to
terminate. Variable lease payments that do not depend
on an index or a rate are recognised as expenses in the
period in which the event or condition that triggers the
payment occurs.

I n 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.

The Company's lease liabilities are included in "other
financial liabilities

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 assets that are
considered to be 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

Leases in which the Company does not transfer
substantially all the risks and rewards of ownership of
an asset are classified as operating leases. Rental income
from operating lease is recognised on a straight-line
basis over the term of the relevant lease. 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 recognised
as revenue in the period in which they are earned.
Fit-out rental income is recognised in the statement of
profit and loss on accrual basis.

Leases are classified as finance leases when substantially
all of the risks and rewards of ownership transfer from
the Company to the lessee. Amounts due from lessees
under finance leases are recorded as receivables at the
Company's net investment in the leases. Finance lease
income is allocated to accounting periods so as to reflect
a constant periodic rate of return on the net investment
outstanding in respect of the lease.

r) Financial instruments

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

1. Financial assets

Initial recognition and measurement
Financial assets are classified, at initial recognition,
as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI)
and fair value through profit or loss.

The classification of financial assets at initial
recognition depends on the financial asset's
contractual cash flow characteristics and the
Company's business model for managing them.
With the exception of trade receivables that do
not contain a significant financing component or
for which the Company has applied the practical
expedient, the Company initially measures a
financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or
loss, net of transaction costs. Trade receivables that
do not contain a significant financing component
or for which the Company has applied the practical
expedient are measured at the transaction price
determined under Ind AS 115.

In order for a financial asset to be classified and
measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are
'solely payments of principal and interest (SPPI)' on
the principal amount outstanding. This assessment
is referred to as the SPPI test and is performed at an
instrument level.

The Company's business model for managing
financial assets refers to how it manages its financial
assets in order to generate cash flows. The business
model determines whether cash flows will result
from collecting contractual cash flows, selling the
financial assets or both.

Subsequent measurement

i. Financial assets carried at amortised cost - a
financial asset is measured at amortised cost
if both the following conditions are met:

• The asset is held within a business model
whose objective is to hold assets for collecting
contractual cash flows; and

• Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortised cost using
the effective interest rate (EIR) method.

ii. Investments in equity instruments of
subsidiaries, joint ventures and associates
- Investments in equity instruments of
subsidiaries, joint ventures and associates are
accounted for at cost in accordance with Ind
AS 27 Separate Financial Statements.

i ii. I nvestments in other equity instruments -
Investments in equity instruments which are
held for trading are classified as at fair value
through profit or loss (FVTPL). For all other
equity instruments, the Company makes an
irrevocable choice upon initial recognition, on
an instrument by instrument basis, to classify
the same either as at fair value through
other comprehensive income (FVTOCI) or
fair value through profit or loss (FVTPL).
Amounts presented in other comprehensive
income are not subsequently transferred

to profit or loss. However, the Company
transfers the cumulative gain or loss within
equity. Dividends on such investments
are recognised in profit or loss unless the
dividend clearly represents a recovery of part
of the cost of the investment.

iv. Investments in mutual funds - Investments
in mutual funds are measured at fair value
through profit and loss (FVTPL).

v. Derivative instrument - The Company holds
derivative financial instruments to hedge its
foreign currency exposure for underlying
external commercial borrowings ('ECB').
Derivative financial instruments has been
accounted for at FVTPL

De-recognition of financial assets

A financial asset (or, where applicable, a part of a
financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e. removed from
the Company's standalone balance sheet) when:

• The rights to receive cash flows from the asset
have expired, or

• The Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received
cash flows in full without material delay
to a third party under a 'pass-through'
arrangement; and either (a) the company
has transferred substantially all the risks and
rewards of the asset, or (b) the Company has
neither transferred nor retained substantially
all the risks and rewards of the asset, but has
transferred control of the asset.

Continuing involvement that takes the form of a
guarantee over the transferred asset is measured
at the lower of the original carrying amount of the
asset and the maximum amount of consideration
that the Company could be required to repay.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement
and recognition of impairment loss for financial
assets.

ECL is the weighted-average of difference between
all contractual cash flows that are due to the
Company in accordance with the contract and
all the cash flows that the Company expects to
receive, discounted at the original effective interest
rate, with the respective risks of default occurring
as the weights. When estimating the cash flows, the
Company is required to consider-

• All contractual terms of the financial assets
(including prepayment and extension) over
the expected life of the assets.

• Cash flows from the sale of collateral held or
other credit enhancements that are integral
to the contractual terms.

Trade Receivables

In respect of trade receivables, the Company
applies the simplified approach of Ind AS 109,
which requires measurement of loss allowance
at an amount equal to lifetime expected credit
losses. Lifetime expected credit losses are the
expected credit losses that result from all possible
default events over the expected life of a financial
instrument.

Other financial assets

In respect of its other financial assets, the Company
assesses if the credit risk on those financial assets
has increased significantly since initial recognition.
If the credit risk has not increased significantly since
initial recognition, the Company measures the
loss allowance at an amount equal to 12-month
expected credit losses, else at an amount equal to
the lifetime expected credit losses.

When making this assessment, the Company uses
the change in the risk of a default occurring over
the expected life of the financial asset. To make
that assessment, the Company compares the risk
of a default occurring on the financial asset as at
the balance sheet date with the risk of a default
occurring on the financial asset as at the date of
initial recognition and considers reasonable and
supportable information, that is available without
undue cost or effort, that is indicative of significant

increases in credit risk since initial recognition.
The Company assumes that the credit risk on
a financial asset has not increased significantly
since initial recognition if the financial asset is
determined to have low credit risk at the balance
sheet date.

2. Non- derivative financial liability

Initial recognition and measurement
Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings and
payables, net of directly attributable transaction
costs.

The Company's financial liabilities include trade
and other payables, security deposits, loans and
borrowings and other financial liabilities including
bank overdrafts and financial guarantee contracts.

Subsequent measurement
Subsequent to initial recognition, the measurement
of financial liabilities depends on their classification,
as described below:

Loans and borrowings

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and
losses are recognised in profit or loss when the
liabilities are derecognised as well as through
the EIR amortisation process. Amortised cost is
calculated by taking into account any discount or
premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is
included as finance costs in the statement of profit
and loss.

Financial guarantee contracts
Financial guarantee contracts are those contracts
that require a payment to be made to reimburse
the holder for a loss it incurs because the specified
party fails to make a payment when due in
accordance with the terms of a debt instrument.
Financial guarantee contracts are recognized
as a financial liability at the time the guarantee
is issued at fair value, adjusted for transaction

costs that are directly attributable to the issuance
of the guarantee. Subsequently, the liability is
measured at the higher of the amount of expected
loss allowance determined as per impairment
requirements of Ind-AS 109 and the amount
recognised less cumulative amortization.

De-recognition of financial liabilities
A financial liability is de-recognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the terms
of an existing liability are substantially modified,
such an exchange or modification is treated as
the de-recognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
statement of profit or loss.

3. Reclassification of Financial instruments

The Company determines classification of
financial assets and liabilities on initial recognition.
After initial recognition, no reclassification is made
for financial assets which are equity instruments
and financial liabilities. For financial assets which
are debt instruments, a reclassification is made
only if there is a change in the business model
for managing those assets. Changes to the
business model are expected to be infrequent.
The Company's senior management determines
change in the business model as a result of external
or internal changes which are significant to the
Company's operations. Such changes are evident
to external parties. A change in the business
model occurs when the Company either begins or
ceases to perform an activity that is significant to
its operations. If the Company reclassifies financial
assets, it applies the reclassification prospectively
from the reclassification date which is the first day
of the immediately next reporting period following
the change in business model. The Company does
not restate any previously recognised gains, losses
(including impairment gains or losses) or interest.

4. 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 recognised amounts and there is an
intention to settle on a net basis, to realise the
assets and settle the liabilities simultaneously.

s) Fair value measurement

The Company measures financial instruments such
as derivative instruments etc 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 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. A fair value measurement of a non-financial
asset takes into account a market participant's ability to
generate economic benefits by using the asset in its
highest and best use or by selling it to another market
participant that would use the asset in its highest and
best use.

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

All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorised
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:

• Level 1 - Quoted (unadjusted) market prices in
active markets for identical assets or liabilities

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

• 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 recognised in the
financial statements on a recurring basis, the Company
determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the
fair value measurement as a whole) at the end of each
reporting period.

External valuers are involved for valuation of significant
assets, such as properties and unquoted financial
assets, and significant liabilities, such as contingent
consideration. Involvement of external valuers is decided
upon annually by the management. Valuers are selected
based on market knowledge, reputation, independence
and whether professional standards are maintained.
Fair value disclosure of Investment Properties are based
on management own assessment relying upon various
parameters.

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 summarises accounting policy for fair value.
Other fair value related disclosures are given in the
relevant notes.

• Disclosures for valuation methods, significant
estimates and assumptions

• Quantitative disclosures of fair value measurement
hierarchy

• Investment in unquoted equity shares

• Investment properties

• Financial instruments

t) Convertible instruments

Convertible instruments are separated into liability and
equity components based on the terms of the contract.
On issuance of the convertible instruments, the fair value
of the liability component is determined using a market
rate for an equivalent non-convertible instrument.
This amount is classified as a financial liability measured
at amortised cost (net of transaction costs) until it is
extinguished on conversion or redemption.

The remainder of the proceeds is allocated to the
conversion option that is recognised and included in
equity since conversion option meets Ind AS 32 criteria
for fixed to fixed classification. Transaction costs are
deducted from equity, net of associated income tax.
The carrying amount of the conversion option is not
remeasured in subsequent years.

Transaction costs are apportioned between the liability
and equity components of the convertible instruments
based on the allocation of proceeds to the liability and
equity components when the instruments are initially
recognised.

u) Non - current assets held for sale

The Company classifies non-current assets and disposal
groups as held for sale if their carrying amounts will
be recovered principally through a sale/ distribution
rather than through continuing use. Actions required
to complete the sale/ distribution should indicate that
it is unlikely that significant changes to the sale will be
made or that the decision to sell will be withdrawn.
Management must be committed to the sale expected
within one year from the date of classification.

For these purposes, sale transactions include exchanges
of non-current assets for other non-current assets when
the exchange has commercial substance. The criteria for
held for sale classification is regarded met only when the
assets or disposal group is available for immediate sale in
its present condition, subject only to terms that are usual
and customary for sales/ distribution of such assets (or
disposal groups), its sale is highly probable; and it will
genuinely be sold, not abandoned. The Company treats
sale of the asset or disposal group to be highly probable
when:

• The appropriate level of management is committed
to a plan to sell the asset,

• An active programme to locate a buyer and
complete the plan has been initiated,

• The asset (or disposal group) is being actively
marketed for sale at a price that is reasonable in
relation to its current fair value,

• The sale is expected to qualify for recognition as a
completed sale within one year from the date of
classification, and

• Actions required to complete the plan indicate that
it is unlikely that significant changes to the plan will
be made or that the plan will be withdrawn.

Non-current assets held for sale and disposal groups are
measured at the lower of their carrying amount and the
fair value less costs to sell. Assets and liabilities classified

as held for sale are presented separately in the balance
sheet.

Property, plant and equipment and intangible assets
once classified as held for sale to owners are not
depreciated or amortised.

v) Significant management judgements

The following are significant management judgements
in applying the accounting policies of the Company
that have the most significant effect on the financial
statements.

Recognition of deferred tax assets - The extent to
which deferred tax assets can be recognized is based on
an assessment of the probability of the future taxable
income against which the deferred tax assets can be
utilized.

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.

Classification of leases - The Company enters into leasing
arrangements for various assets. The classification of the
leasing arrangement as a finance lease or operating lease
is based on an assessment of several factors, including,
but not limited to, transfer of ownership of leased asset
at end of lease term, lessee's option to purchase and
estimated certainty of exercise of such option, proportion
of lease term to the asset's economic life, proportion of
present value of minimum lease payments to fair value
of leased asset and extent of specialized nature of the
leased asset.

Determining the lease term of contracts with renewal
and termination options (Company as lessee)-
The Company determines the lease term as the
non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it
is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is
reasonably certain not to be exercised. The Company
has several lease contracts that include extension and
termination options. The Company applies judgement
in evaluating whether it is reasonably certain whether
or not to exercise the option to renew or terminate
the lease. That is, it considers all relevant factors that
create an economic incentive for it to exercise either
the renewal or termination. After the commencement

date, the Company reassesses the lease term if there
is a significant event or change in circumstances that
is within its control and affects its ability to exercise or
not to exercise the option to renew or to terminate (e.g.,
construction of significant leasehold improvements or
significant customisation to the leased asset).

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 from contracts with customers-The Company
has applied judgements that significantly affect the
determination of the amount and timing of revenue
from contracts with customers.

Significant estimates

The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities, 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.

Net realizable value of inventory -The determination
of net realisable value of inventory involves estimates
based on prevailing market conditions, current prices
and expected date of commencement and completion
of the project, the estimated future selling price, cost to
complete projects and selling cost. The Company also
involves specialist to perform valuations of inventories,
wherever required.

Useful lives of depreciable/ amortisable assets -
Management reviews its estimate of the useful lives of
depreciable/ amortisable assets at each reporting date,
based on the expected utility of the assets. Uncertainties

in these estimates relate to technical and economic
obsolescence that may change the utility of assets.

Valuation of investment property - Investment property
is stated at cost. However, as per Ind AS 40 there is a
requirement to disclose fair value as at the balance
sheet date. The Company has not engaged independent
valuation specialists to determine the fair value of its
investment property as at reporting date. The fair value
of the investment properties have been disclosed by
the management of the Company based upon its own
assessment and relying upon prevailing circle rates and
market values and also on the basis of valuation report
from IBBI approved registered valuer.

Impairment of Property plant equipment, Investment
properties and CWIP - Impairment exists when the
carrying value of an asset or cash generating unit
exceeds its recoverable amount, which is the higher
of its fair value less costs of disposal and its value in
use. The value in use calculation is based on a DCF
model. The cash flows are derived from the budgets.
The recoverable amount is sensitive to the discount rate
used for the DCF model as well as the expected future
cash-inflows and the growth rate used.

Defined benefit obligation (DBO) - Management's
estimate of the DBO is based on a number of underlying
assumptions such as standard rates of inflation, mortality,
discount rate and anticipation of future salary increases.
Variation in these assumptions may significantly impact
the DBO amount and the annual defined benefit
expenses.

Fair value measurement disclosures - Management
applies valuation techniques to determine the fair value
of financial instruments (where active market quotes are
not available). This involves developing estimates and
assumptions consistent with how market participants
would price the instrument.

Valuation of investment in subsidiaries, joint ventures
and associates - Investments in subsidiaries, joint
ventures and associates are carried at cost. At each
balance sheet date, the management assesses the
indicators of impairment of such investments.
This requires assessment of several external and internal
factor including capitalisation rate, key assumption used
in discounted cash flow models (such as revenue growth,
unit price and discount rates) or sales comparison
method which may affect the carrying value of
investments in subsidiaries, joint ventures and associates

Note no. 4.4 - Investments pledged as security for loan taken by Company/Subsidiary companies: [Refer note 15.2 ]

1 50,000 No. of Equity shares held by the Company in TARC Infrastructure Limited having book value of H 5.00 lakhs
has been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

2 50,000 No. of Equity shares held by the Company in BBB Realty Limited having book value of H 5.00 lakhs has been
pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

3 50,000 No. of Equity shares held by the Company in Bolt Properties Limited having book value of H 5.00 lakhs has
been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

4 50,000 No. of Equity shares held by the Company in Elevator Promoters Limited having book value of H 5.00 lakhs
has been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

5 50,000 No. of Equity shares held by the Company in Elevator Properties Limited having book value of H 5.00 lakhs has
been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

6 50,000 No. of Equity shares held by the Company in Fabulous Builders Limited having book value of H 5.00 lakhs has
been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

7 50,000 No. of Equity shares held by the Company in Gadget Builders Limited having book value of H 5.00 lakhs has
been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

8 50,000 No. of Equity shares held by the Company in Grand Buildtech Limited having book value of H 5.00 lakhs has
been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

9 50,000 No. of Equity shares held by the Company in Green View Buildwell Limited having book value of H 5.00 lakhs
has been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

10 6,250 No. of Equity shares held by the Company in High Land Meadows Limited having book value of H 5005.00 lakhs
has been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

11 50,000 No. of Equity shares held by the Company in Jubilant Software Services Limited having book value of H 5.00
lakhs has been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

12 50,000 No. of Equity shares held by the Company in Kalinga Realtors Limited having book value of H 5.00 lakhs has
been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

13 50,000 No. of Equity shares held by the Company in Park Land Construction and Equipments Limited having book
value of H 5.00 lakhs has been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship
Limited.

14 64,16,029 No. of Equity shares held by the Company in TARC Green Retreat Limited having book value of H 9979.51
lakhs has been pledged with the debentureholder by creating a charge in favour of Catalyst Trusteeship Limited.

Accordingly, the Company has lodged its claim before HSIIDC and has not accepted the claim offered by HSIIDC .
The Hon'ble supreme court of India vide order dated 21 July, 2022 has directed to submit the dispute of claim to arbitraion
to a mutually agreed person and in event of no agreement , the arbitration to be referred to Delhi International Arbitration
Centre (DIAC) . The Company have paid due fee for arbitration to DIAC on February 21,2024 for arbitration and Arbitration
proceedings are pending. Final outcome of Arbitration proceedings are pending with DIAC . A sum of H 29,360.04 lakhs
(net) including apportionment of related finance costs of H 13211.91 lakhs being recoverable from HSIIDC have been shown
as "Other receivables" in Other financial Assets. In view of uncertainty on the time and amount of claim, no provision for
impairment in the amount recoverable have been made in books of accounts.

7.2 Other receivables of current nature includes recoverable from subsidiary company namely TARC Infrastructure
Limited , H 23,199.74 lakhs (Previous year H 23,199.74 lakhs) on account of sale of Property , Plant and Equipment
and from other subsidiary companies on account of corporate shared services amounting to Nil ( Previous year
H 118.53 lakhs) and one associate amounting to H 21.03 lakhs (previous year H 12.06 lakhs ) . [Refer note (34.5 (ix)
for details ]

9.2 Capital advances and Advances to Contractors comprise of advances of H589.28 lakhs (previous year H650.97 lakhs ) and
H 3088.08 lakh ( previous year H 435.38 lakh) respectively towards land , transferable development rights ('projects') and
advances to vendors/ contractors. Having regard to the nature of business, these include amounts relating to projects that
could take a substantial period of time to conclude. Management has evaluated the status of these projects and is confident
of performance of obligations of the counter-parties. In view of the management, these advances are in accordance with
the normal trade practice and are not in the nature of loans or advance in the nature of loans.

9.3 Capital Advances given by the Company includes under litigation H 476. 85 lakhs (previous year H 458.35 lakhs). As the
management of the Company is quite hopeful that the Company will be able to get favourable judicial order in it's favor
no provision for any kind of impairment in the value of these capital advances have been made in books of accounts, while
for Capital Advances under litigation where reccovery is not certain a provision for impairment has been made during the
previous year ended March 31,2024 . The Company got refund of H 50.00 lakhs given as capital advances, through legal
proceedings which were earlier in litigation during the previous year ended March 31,2024.

13.2 Right, preference and restrictions attached to shares

The Company has only one class of equity shares having a par value of H 2 each. Each holder of equity shares is entitled
to one vote per share. The dividend proposed by the Board of Directors 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.

13.3 The Company has not allotted shares for consideration other than cash except issue of 295096335 equity shares @ H 2/-
each to the shareholders of Anant Raj Limited in the financial year 2020-21 pursuant to demerger order passed by Hon'ble
NCLT Chandigarh during a period of five years immediately preceding the reporting date.

The Company has neither issued any bonus shares not bought back any shares during the period of five years immediately
preceeding the reporting date.

15.1 Disclosure for security against Borrowing and repayment term:
i. Issue of Debentures:

During the year ended March 31, 2023, the Company had issued at par 11,300 number of 6 % senior
secured, redeemable rated, listed non convertible debentures 2027 having face value of Rs 10,00,000 per
debenture along with 2000, 6% senior secured redeemable rated unlisted non- convertible debentures having
face value of Rs 10,00,000 per debenture on private placement basis , aggregating to Rs. 133,000.00 lakhs Series A
The above stated 11,300, 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 .

During the year ended March 31,2024, the Company had issued 1910 number of 6 % senior secured , redeemable
rated, unlisted non convertible debentures 2027 having face value of H 10,00,000 per debenture- series C,
aggregating to H 19,100 lakhs. Additionally the Company redeemed 2000, 6% senior secured redeemable rated
unlisted non- convertible debentures having face value of H 10,00,000 per debenture aggregating to Rs 200 crores.

During the year ended March 31, 2025, the Company has partially redeemed 6% Senior Secured Redeemable
rated listed and unlisted non convertible debentures 2027 aggregating to H 45,104.07 lakhs and H 9,688.09
lakhs respectively by face value redemption while number of debentures remaining same , accordingly the
face value of 11,300 number of 6% senior secured redeemable rated listed non convertible debentures have
come down to H 6,00,849 per debenture and of 1910 number of 6% senior secured redeemable rated
unlisted non- convertible debentures 2027 to H 4,92,770 per debenture as against H 10,00,000 per debenture.

Additionally, on April 7, 2025 , the Company issued 40,900 (Forty Thousand and Nine Hundred) Debentures of face value of
H 1,00,000 (Rupees One Lakh) each aggregating to H 40,900.00 lakhs on private placement basis to India Opportunities
Fund SSA - Scheme I. Subsequently, on April 8, 2025 the Company redeemed 6% Senior Secured Redeemable
rated listed and unlisted non convertible debentures 2027 aggregating to H 67,895.93 lakhs and 9,411.91 lakhs
respectively ."

M/s Catalyst Trusteeship Limited is the debenture trustee for the said debenture issued. A debenture trust deed
dated April 28, 2022 and amended debenture trust deed dated September 22, 2023 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 and has
not defaulted in repayment of debentures.

v 50,000 No. of Equity shares held by the Company in Elevator Properties 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 Fabulous Builders Limited having book value of H 5.00 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 Gadget Builders Limited having book value of H 5.00 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 Grand Buildtech Limited having book value of H 5.00 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 Green View Buildwell Limited having book value of H 5.00
lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

x 6,250 No. of Equity shares held by the Company in High Land Meadows Limited having book value of H 5005.00
lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xi 50,000 No. of Equity shares held by the Company in Jubilant Software Services Limited having book value of H
5.00 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 Kalinga Realtors Limited having book value of H 5.00 lakhs
has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xiii 50,000 No. of Equity shares held by the Company in Park Land Construction and Equipments Limited having
book value of H 5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst
Trusteeship Limited.

xiv 64,16,029 No. of Equity shares held by the Company in TARC Green Retreat Limited having book value of H
9979.51 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship
Limited.

xv 50,000 No. of Equity shares held by the Company in Townsend Construction and Equipments Limited having
book value of H 5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst
Trusteeship Limited.

xvi 7,40,000 No. of Equity shares held by the Company in Travel Mate India Limited having book value of H 39.96
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.

xvii 977 No. of Equity shares held by TARC Projects Limited in Moon Shine Entertainment Limited having book
value of H 6315.75 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst
Trusteeship Limited.

xviii 50,000 No. of Equity shares held by High Land Meadows Limited in Capital Buildcon Limited having book value
of H 5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship
Limited.

xix 50,000 No. of Equity shares held by High Land Meadows Limited in Krishna Buildtech Limited having book
value of H 5.00 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 in Rising Realty Limited having book value of
H 5.00 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 in Ankur Buildcon Limited having book value of
H 5.00 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 Green View Buildwell Limited in Capital Buildtech Limited having book
value of H 5.00 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 Green View Buildwell Limited in Carnation Buildtech Limited having book
value of H 5.00 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 in Gagan Buildtech Limited having book value
of H 5.00 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 in Greatways Buildtech Limited having book
value of H 5.00 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 in Monarch Buildtech Limited having book
value of H 5.00 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 in Papillon Buildcon Limited having book
value of H 5.00 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 in Papillon Buildtech Limited having book
value of H 5.00 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 in West Land Buildcon Limited having book
value of H 5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst
Trusteeship Limited.

xxx 5,000 No. of Equity shares held by Green View Buildwell Limited in Oriental Promoters Limited having book
value of H 5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst
Trusteeship Limited.

35 Leases

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.

35.1 As a Lessee

The Company's significant leasing arrangements are in respect of operating leases for Commercial premises.
Lease expenditure for operating leases is recognised on a straight-line basis over the period of lease. These leasing
arrangements are non-cancellable/ cancellable and are renewable on a periodic basis by mutual consent on mutually
accepted terms.

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).

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, 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.

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

The interest rate profile of the Company's interest-bearing financial instruments as reported to the management is
as follows:

Sensitivity

The following table illustrates the sensitivity of profit and equity to a possible change in interest rates of /- 1%
(31 March 2025: /- 1%; 31 March 2024: /- 1%). These changes are considered to be reasonably possible based on
observation of current market conditions. The calculations are based on a change in the average market interest rate
for each period, and the financial instruments held at each reporting date that are sensitive to changes in interest
rates. All other variables are held constant.

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, loans and borrowings,
trade and other payables, less cash and cash equivalents.

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.

46 Disclosure of loans & advances given in nature of loan given to subsidiary companies as required by SEBI (Listing and Other
Disclosure Requirements) Regulations, 2015 are as under :

49 Additional regulatory information required by Schedule III of Companies Act, 2013

i) Details of Benami property: There are no benami property being held by the company. No proceedings have been
initiated or are pending against the Company for holding any Benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

ii) Utilisation of borrowed funds and share premium:

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:

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

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.

xii) Audit Trail: The Company has used an 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 been operated
throughout the financial year for all the relevant transactions recorded in the software. Although, the accounting
software has inherent limitations, there were no instances of the audit trail feature been tempered with and audit
trail feature has been preserved by the Company as per statutory requirements for record retention.

xii) Struck 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

50 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 H 500.

Material Accounting Policies and Notes to Accounts 2 - 50

The accompanying notes form an integral part of Standalone financial statements.

As per our report of even date.

For Doogar & Associates For and on behalf of Board of Directors of TARC Limited

Chartered Accountants

Firm Registration No. 000561N

Madhusudan Agarwal Anil Sarin Amar Sarin

Partner Chairman Managing Director & CEO

Membership no. 086580 DIN: 00016152 DIN: 00015937

New Delhi Nitin Kumar Goel Amit Narayan

Date: May 29, 2025 Chief Financial Officer Company Secretary

ACS: 20094