q) Provisions, contingent liabilities and assets

i) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to
a provision is presented in the Statement of Profit and Loss net of any reimbursement.

ii) Contingent liabilities

Contingent Liability is disclosed for (i) Possible obligations which will be confirmed only by the future events
not wholly within the control of the Company or (ii) 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.

iii) Contingent assets

Contingent Assets are not recognised in the financial statements. Contingent Assets if any, are disclosed in
the notes to the financial statements.

r) Government Grants

Government grants are recognised at its fair value, where there is a reasonable assurance that such grants will
be received and compliance with the conditions attached therewith have been met.

Government grants related to asset are presented in the balance sheet at fair value as deferred income.
Government grants related to expenditure on property, plant and equipment are credited to the statement of
profit and loss over the useful lives of qualifying assets or other systematic basis representative of the pattern of
fulfilment of obligations associated with the grant received.

s) Operating cycle

Based on the nature of products/activities of the Company and the normal time between acquisition of assets and
their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for
the purpose of classification of its assets and liabilities as current and non-current.

t) Earnings 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. Diluted earnings
per equity share is computed by dividing the net profit attributable to the equity holders 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. The dilutive potential equity shares are adjusted for the proceeds receivable had the
equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares).
Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods
presented for any share splits and bonus shares issues including for changes effected prior to the approval of the
financial statements by the Board of Directors.

1.6 Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,2025, MCA has notified
Ind AS 117 Insurance Contracts and amendments to Ind AS 116 Leases, relating to sale and leaseback transaction,
applicable to the Company wef April 1,2024. The Company has reviewed the new pronouncenents and based on its
evaluation has determind that it does not have any significant impact in its financial statements.

Capital Redemption Reserve:

This reserve was created as per requirements of Companies Act, 2013 pursuant to buyback of equity shares and
redemption of preference shares.

General Reserve:

This reserve is created by transfer of a portion of the net profit.

FVOCI - Equity Investment Reserve:

The Company has elected to recognise changes in the fair value of certain investments in equity shares in other
comprehensive income. These changes are accumulated within the FVTOCI equity investments reserve within equity.

FVOCI - Debt Investment Reserve:

The Company has elected to recognise changes in the fair value of certain investments in preference shares in other
comprehensive income. These changes are accumulated within the FVTOCI debt investments reserve within equity.

I. 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. A CSR committee has been formed by the Company as per the Act. The Company spent ? 105.88
Lacs during the year. Please refer to Annexure - B in the Board's Report.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments, mutual funds and alternative investment fund that have quoted price. The fair value of all equity instruments
which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds
are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates.
If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
level 3.

The Company's policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the
reporting period.

b) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments are as under:

i) The fair values of investments in mutual fund units & alterative investment fund is based on the net asset value
(‘NAV') as stated by the issuers of these fund units in the published statements as at Balance Sheet date.

ii) The fair values of quoted investment in equity shares is based on the current bid price of respective investment
as at the Balance Sheet date.

iii) The fair values of unquoted investment in equity shares of investee companies, including those having multiple
business segments are derived as under:

- For investments of investee in listed securities, valuation for frequently traded shares as prescribed in SEBI
ICDR Regulations, 2018 amended, as may be reflecting the correct position is considered.

- For investment of investee in mutual funds, NAV of the mutual funds is considered.

- For valuation of any land and property of investee, fair market value of the asset based on current jantri/
expert report/stamp duty is considered.

- For investments of investee in unlisted companies, valuation is carried out on realizable net asset value
basis, derived from the fair valuation of the underlying assets and liabilities or using DCF Method, in case if
projections are made available.

- For valuation of any unlisted Cash Generating Unit/operating business of the investee, the valuation has
been arrived by applying DCF method.

- For valuation of real estate development segment of the investee, capital work in process as per books is
considered.

iv) The fair values of unquoted investment in preference shares is arrived by discounting income/cash flows to its
present value using the required rate of return and the cost of debt of Paushak Limited and returns expected on
similar investments.

f) Valuation Processes

Valuation of certain unquoted equity shares is done by an external valuation agency as per above valuation techniques.
P. Financial Risk management

The Company has exposure to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk; and

- Market risk

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to
set appropriate risk controls and to monitor risks. Risk management policies and systems are reviewed periodically
to reflect changes in market conditions and the Company's activities. The Company monitors compliance with the
Company's risk management policies and procedures, and reviews the adequacy of the risk management framework
in relation to the risks faced by the Company.

a) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company's receivables from customers, deposit
and other receivables. Credit risk is managed through continuous monitoring of receivables and follow up of
overdues.

Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties
that have a good credit rating. The Company does not expect any losses from non-performance by these counter
parties, and does not have any significant concentration of exposures to specific industry sector or specific
country risks.

Trade receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer,
demographics of the customer, default risk of the industry and country in which the customer operates. Credit risk
is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness
of customers to which the Company grants credit terms in the normal course of business.

The Company has used expected credit loss (ECL) model for assessing the impairment loss. For the purpose,
the Company uses a provision matrix to compute the expected credit loss amount. The provision matrix takes
into account external and internal risk factors and historical data of credit losses from various customers and is
adjusted for forward looking estimates.

Other than trade and other receivables, the Company has no other financial assets that are past due but not
impaired.

b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligation as they fall due. The
Company ensures that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed conditions.

Maturities of Financial Liabilities

The table herewith analyses the Company's Financial Liabilities into relevant maturity groupings based on their
contractual maturities.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balance dues within the 12
months equal there carrying balances as the impact of discounting is not significant.

c) Market risk

Market risk is the risk that arises due to changes in market prices and other factors such as foreign exchange
rates, interest rates and commodity risk. Market risk is also attributable to all market risk sensitive financial
instruments including foreign currency receivables and payables and long term debt.

The Company's exposure to foreign currency risk at the end of the reporting period expressed in INR is as under:

Sensitivity Analysis

For the year ended 31⁵¹ March, 2025 every 5% weakening of Indian Rupee as compared to the respective major
currencies for the above mentioned financial assets/liabilities would increase Company's profit and equity by
approximately ? 30.14 Lacs (PY ? 12.24 Lacs). A 5% strengthening of the Indian Rupee as compared to the
respective major currencies would lead to an equal but opposite effect.

Price Risk

The Company is mainly exposed to the price risk due its investment in equity instruments and equity & debt
mutual fund. The price risk arises due to unascertainity about the future market value of these investments.

Management Policy

The Company maintains its portfolio in accordance with framework set by risk management policies duly
monitored by competent professionals.

R. Capital Management

The Company's capital management objectives are:

- to ensure the Company's ability to continue as a going concern; and

- to provide an adequate return to shareholders through optimisation of debts and equity balance.

The Company monitors capital on the basis of the carrying amount of debt less cash and cash equivalents as presented
on the face of the financial statements. The Company's objective for capital management is to maintain an optimum
overall financial structure.

S. SEBI (Listing Obligation & Disclosure Requirements) Regulation 2015

Disclosures as required under Regulation 34(3) read with schedule V of the SEBI (Listing Obligation & Disclosure
Requirements) Regulation 2015 have not been given as there are no such transactions with any such party.

T. Information on Dividend for the year

Dividends proposed or declared after the balance sheet date but before the financial statements have been approved
by the Board of Directors is not recognised as a liability at the balance sheet date. The Board of Directors recommended
final dividend of ? 20/- per equity share for the financial year ended on 31^st March, 2025. The payment is subject to
approval of shareholder in ensuing Annual General Meeting of the Company. (Previous year ? 20/- per equity share).

U. Relationship with Struck off Companies

The Company has no relationship with any struck off companies, other than the following struck off companies whose
names are found in its register of members:

V. Other statutory information

a) The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property.

b) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

c) The Company has not traded or invested in Crypto currency or Virtual currency during the year.

d) 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: (i) 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

e) 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: (i) directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

f) The Company does not have any such transaction which is not recorded in the books of accounts and that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

g) The Company holds all the title deeds of immovable property in its name.

h) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013.

i) The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.

j) The Company does not have any subsidiaries and hence compliance with number of layers of companies is not
applicable.

Notes:

1 Reduction in current ratio is due to increase in payables for project vendors on account of ongoing projects.

2 The Company did not have long term debt in FY 2023-24 hence this ratio was not applicable for previous year.

3 The Company does not have any scheduled principal repayment in the FY 2025-26, hence this ratio is not
applicable.

4 Return on capital employed decreased due to long term borrowing during the year.

5 Return on Investment decreased on account of increased assets under CWIP.

6 There was no long term borrowing in FY 2024-25, hence this ratio was not applicable.

Y. These Financial Statements were authorised for issue in accordance with the resolution of the Board of Directors
at its meeting held on 1^st May, 2025.

As per our report of even date For and on behalf of the Board

For Haribhakti & Co LLP Chirayu Amin Roopa Patel* Chintan Gosaliya

Chartered Accountants Chairman Director Whole-time Director & COO

Firm Registration No. 103523W / W1000048 DIN: 00242549 DIN: 00090105 DIN: 11013894

CA. Yash Bhatt Sagar Gandhi Kirti Shah

Partner Company Secretary CFO

Membership No. 117745

Vadodara, 1^st May, 2025 Vadodara / Madrid*, 1^st May, 2025