Ravinder Heights Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2025

5) Provisions

A provision is recognized if, as a result of a past
event, the Company has a present legal or
constructive obligation that can be estimated
reliably, and it is probable that an outflow of
economic benefits will be required to settle the
obligation. Provisions are determined by
discounting the expected future cash flows at a pre¬
tax rate that reflects current market assessments of
the time value of money and the risks specific to the
liability.

When some or all of the economic benefits required
to settle a provision are expected to be recovered
from a third party, a receivable is recognised as an
asset if it is virtually certain that reimbursement will
be received and the amount of the receivable can be
measured reliably.

6) Contingent Liabilities and Onerous Contracts

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of
one or more uncertain future events beyond the
control of the Company or a present obligation that
is not recognised because it is not probable that an
outflow of resources will be required to settle the
obligation or a reliable estimate of the amount
cannot be made. The Company does not recognise a
contingent liability but discloses its existence in the
standalone financial statements.

Present obligations arising under onerous contracts
are recognised and measured as provisions. An
onerous contract is considered to exist where the
Company has a contract under which the

unavoidable costs of meeting the obligations under
the contract exceed the economic benefits expected
to be received from the contract.

7) Foreign Currency

These standalone financial statements are presented
in Indian rupees (''Rs.'' or ''INR''), which is the functional
currency of the Company.

Transactions in foreign currencies are recorded at
the exchange rate prevailing on the date of the
transaction. Foreign currency-denominated
monetary assets and liabilities are re-measured into
the functional currency at the exchange rate
prevailing on the balance sheet date.

Exchange differences in monetary items are
recognised in profit or loss in the period in which
they arise.

Foreign currency monetary items of the Company,
outstanding at the reporting date are restated at the
exchange rates prevailing at the reporting date.
Non-monetary items denominated in foreign
currency, are reported using the exchange rate at
the date of the transaction.

Exchange differences arising on

settlement/restatement of foreign currency
monetary assets and liabilities of the company are
recognised as income or expense in the Statement
of Profit and Loss.

8) Income Taxes

Income tax expense comprises current and deferred
taxes. Income tax expense is recognized in the
Statement of Profit and Loss except when they relate
to items that are recognised outside profit or loss
(whether in other comprehensive income or directly
in equity), in which case tax is also recognised
outside profit or loss.

Current income taxes are determined based on the
respective taxable income of each taxable entity.

Deferred tax assets and liabilities are recognized for
the future tax consequences of temporary
differences between the carrying values of assets
and liabilities and their respective tax bases, and
unutilized business loss and depreciation carry¬
forwards and tax credits. Such deferred tax assets
and liabilities are not recognised if the temporary
difference arises from the initial recognition (other
than in a business combination) of assets and
liabilities in a transaction that affects neither the
taxable profit nor the accounting profit. In addition,
deferred tax liabilities are not recognised if the
temporary difference arises from the initial
recognition of goodwill. Deferred tax assets are

recognized to the extent that it is probable that
future taxable income will be available against which
the deductible temporary differences, unused tax
losses, depreciation carry-forwards and unused tax
credits could be utilized.

The carrying amount of deferred tax assets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.

Minimum Alternate Tax (MAT) paid in a year is
charged to the Statement of Profit and Loss as
current tax. Deferred tax assets include Minimum
Alternate Tax (MAT) paid on the book profits, which
gives rise to future economic benefits in the form of
a tax credit against future income tax liability, and is
recognised as deferred tax assets in the Balance
Sheet if there is convincing evidence that the
Company will pay normal tax within the period
specified for utilization of such credit.

Deferred tax assets and liabilities are measured
based on the tax rates that are expected to apply in
the period when the asset is realized or the liability is
settled, based on tax rates and tax laws that have
been enacted or substantively enacted by the
balance sheet date.

Deferred tax assets and liabilities are offset when
there is a legally enforceable right to set off current
tax assets against current tax liabilities and when
they relate to income taxes levied by the same
taxation authority and the Company intends to
settle its current tax assets and liabilities on a net
basis.

Presentation of current and deferred tax

Current and deferred tax are recognised in the
Statement of Profit and Loss, except when they
relate to items that are recognised in other
comprehensive income or directly in equity, in which
case, the current and deferred tax are also
recognised in other comprehensive income or
directly in equity respectively. Where current tax or
deferred tax arises from the initial accounting for a
business combination, the tax effect is included in
the accounting for the business combination.

The Company offsets current tax assets and current
tax liabilities, where it has a legally enforceable right
to set off the recognized amounts and where it
intends either to settle on a net basis or to realize the
asset and settle the liability simultaneously. In the
case of deferred tax assets and deferred tax
liabilities, the same are offset if the Company has a
legally enforceable right to set off corresponding
current tax assets against current tax liabilities and

the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same tax
authority on the company.

9) Earnings Per Share

Basic earnings per share have been computed by
dividing profit/loss for the year by the weighted
average number of shares outstanding during the
year. Partly paid-up shares are included as fully paid
equivalents according to the fraction paid up.
Diluted earnings per share have been computed
using the weighted average number of shares and
dilutive potential shares, except where the result
would be anti-dilutive.

10) Inventories

Inventories are valued at lower cost and net
realizable value. Net realisable value of the property
under construction assessed with reference to the
market value of the completed property as at the
reporting date less estimated cost to complete. The
cost of inventory (Work-in-Progress) represents the
cost of land and all expenditure incurred in
connection with it.

11) Property, Plant and Equipment

Property, plant and equipment are stated at cost of
acquisition or construction less accumulated
depreciation less accumulated impairment, if any.
Freehold land is measured at cost and is not
depreciated.

Cost includes purchase price, taxes and duties,
labour cost and direct overheads for self-constructed
assets and other direct costs incurred up to the date
the asset is ready for its intended use.

Interest cost incurred for constructed assets is
capitalized up to the date the asset is ready for its
intended use, based on borrowings incurred
specifically for financing the asset or the weighted
average rate of all other borrowings, if no specific
borrowings have been incurred for the asset.

12) Depreciation and Amortisation

Depreciation is provided on the Written Down Value
Method (WDV) over the estimated useful lives of the
assets considering the nature, estimated usage,
operating conditions, history of replacement,
anticipated technological changes, manufacturers''
warranties and maintenance support. Considering
these factors, the Company has decided to apply the
useful life for various categories of property, plant &
equipment, which are as prescribed in Schedule II of
the Act. The estimated useful lives of assets are as
follows:

The useful lives are reviewed at least at each year''s
end. Changes in expected useful lives are treated as
changes in accounting estimates.

Leased assets and leasehold improvements are
amortised over the period of the lease or the
estimated useful life whichever is lower.

Depreciation is not recorded on capital work-in¬
progress until construction and installation are
complete and the asset is ready for its intended use.

The residual values, useful lives and methods of
depreciation of property, plant and equipment are
reviewed at each financial year end and adjusted
prospectively, if appropriate.

13) Leases

Where the Company is the lessee
Right of use Assets and Lease Liabilities

a) Classification of Lease

The Company enters into leasing
arrangements for various assets. The
assessment of the lease is based on several
factors, including, but not limited to, the
transfer of ownership of the leased asset at the
end of the lease term, the lessee''s option to
extend/purchase etc.

b) Recognition and initial measurement

At the lease commencement date, the
Company recognizes a right-of-use asset and a
lease liability on the balance sheet. The right-
of-use asset is measured at cost, which is made
up of the initial measurement of the lease
liability, any initial direct costs incurred by the
Company, an estimate of any costs to
dismantle and remove the asset at the end of
the lease (if any), and any lease payments
made in advance of the lease commencement
date (net of any incentives received).

c) Subsequent measurement

The Company depreciates the right-of-use
assets on a straight-line basis from the lease
commencement date to the earlier of the end
of the useful life of the right-of-use asset or the
end of the lease term. The Company also
assesses the right-of-use asset for impairment
when such indicators exist.

At the lease commencement date, the Company
measures the lease liability at the present value of
the lease payments unpaid at that date, discounted
using the interest rate implicit in the lease if that rate
is readily available or the Company''s incremental
borrowing rate. Lease payments included in the
measurement of the lease liability are made up of
fixed payments (including in substance fixed
payments) and variable payments based on an index
or rate. Subsequent to the initial measurement, the
liability will be reduced for payments made and
increased for interest. It is re-measured to reflect any
reassessment or modification, or if there are changes
in substance fixed payments. When the lease liability
is re-measured, the corresponding adjustment is
reflected in the right-of-use asset.

The Company has elected to account for short-term
leases and leases of low-value assets using practical
expedients. Instead of recognizing a right-of-use
asset and lease liability, the payments in relation to
these are recognized as an expense in a standalone
statement of profit and loss on a straight-line basis
over the lease term.

Where the Company is the 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 the operating lease is recognized on a
straight-line basis over the term of the relevant lease,
except when the lease rentals, increase are in line
with the general inflation index. Initial direct costs
incurred in negotiating and arranging an operating
lease are added to the carrying amount of the leased
asset and recognized 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.

Leases are classified as finance leases when
substantially all 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 to reflect a constant periodic
rate of return on the net investment outstanding in
respect of the lease.

14) Impairment

At each balance sheet date, the Company assesses
whether there is any indication that any property,
plant and equipment with finite lives may be
impaired. If any such impairment exists the
recoverable amount of an asset is estimated to
determine the extent of impairment, if any. Where it
is not possible to estimate the recoverable amount
of an individual asset, the Company estimates the
recoverable amount of the cash-generating unit to
which the asset belongs.

The recoverable amount is the higher of fair value
less costs to sell and value in use. In assessing value
in use, the estimated future cash flows are
discounted to their present value using a pre-tax
discount rate that reflects current market
assessments of the time value of money and the risks
specific to the asset for which the estimates of future
cash flows have not been adjusted.

If the recoverable amount of an asset (or cash¬
generating unit) is estimated to be less than its
carrying amount, the carrying amount of the asset
(or cash-generating unit) is reduced to its
recoverable amount. An impairment loss is
recognized immediately in the Statement of Profit
and Loss.

As at reporting date, none of the Company''s
property, plant and equipment were considered
impaired.

15) Segment Reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to
the chief operating decision-maker.

Identification of segments

In accordance with Ind AS 108 - Operating Segment,
the operating segments used to present segment
information are identified based on information
reviewed by the Company''s management to allocate
resources to the segments and assess their
performance. An operating segment is a component
of the Company that engages in business activities
from which it earns revenues and incurs expenses,
including revenues and expenses that relate to
transactions with any of the Company''s other
components. Results of the operating segments are
reviewed regularly by the Board of directors
(chairman and chief financial officer) which has been
identified as the chief operating decision maker
(CODM), to make decisions about resources to be
allocated to the segment and assess its performance
and for which discrete financial information is
available.

Allocation of common costs

Common allocable costs are allocated to each
segment accordingly to the relative contribution of
each segment to the total common costs.

Unallocated items

Unallocated items include general corporate income
and expense items which are not allocated to any
business segment.

Segment accounting policies

The Company prepares its segment information in
conformity with the accounting policies adopted for
preparing and presenting the financial statements of
the Company.

16) Business Combinations

A business combination involving entities or
businesses under common control is a business
combination in which all of the combining entities or
businesses are ultimately controlled by the same
party or parties both before and after the business
combination and the control is not transitory. The
transactions between entities under common
control are specifically covered by Appendix C of Ind
AS 103: Business Combinations. Such transactions
are accounted for using the pooling-of-interest
method. The assets and liabilities of the acquired
entity are recognised at their respective carrying
values. No adjustments are made to reflect fair
values or recognise any new assets or liabilities. The
only adjustments that are made are to harmonise
accounting policies. The issue of fresh securities
towards the consideration for the business
combination is recorded at nominal value. The
identity of the reserves transferred by the acquired
entity is preserved and they are carried in the same
form and manner. The difference, if any, between
the amount recorded as share capital issued plus any
additional consideration in the form of cash or other
assets and the amount of share capital of the
transferor is transferred to capital reserve.

17) Assets classified as held-for-sale

Assets are classified as held-for-sale if their carrying
amount will be recovered principally through a sale
transaction rather than through continuing use and
a sale is considered highly probable. They are
measured at the lower of their carrying amount and
fair value less costs to sell.

Assets classified as held for sale are not depreciated
or amortised. Interest and other expenses
attributable to the liabilities of a disposal group
classified as held-for-sale continue to be recognised.
Assets classified as held-for-sale are presented

separately from the other assets in the balance
sheet. The liabilities of a disposal group classified as
held-for-sale are presented separately from other
liabilities in the balance sheet.

18) Borrowing Cost

Borrowing costs directly attributable to the
acquisition, construction or production of qualifying
assets, which are assets that necessarily take a
substantial period of time to get ready for their
intended use or sale, are added to the cost of those
assets, until such time as the assets are substantially
ready for their intended use or sale.

Interest income earned on the temporary
investment of specific borrowings pending their
expenditure on qualifying assets is deducted from
the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or
loss in the period in which they are incurred.

19) Financial Instruments

a) Classification, initial recognition and
measurement

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. Financial assets other than
equity instruments are classified into
categories: financial assets at fair value through
profit or loss and at amortised cost. Financial
assets that are equity instruments are classified
as fair value through profit or loss or fair value
through other comprehensive income.
Financial liabilities are classified into financial
liabilities at fair value through profit or loss and
other financial liabilities.

Financial instruments are recognized in the
balance sheet when the Company becomes a
party to the contractual provisions of the
instrument.

Initially, a financial instrument is recognized at
its fair value. Transaction costs directly
attributable to the acquisition or issue of
financial instruments are recognized in
determining the carrying amount if it is not
classified as at fair value through profit or loss.
Subsequently, financial instruments are
measured according to the category in which
they are classified.

Financial assets at amortised cost: Financial
assets having contractual terms that give rise
on specified dates to cash flows that are solely
payments of principal and interest on the

principal outstanding and that are held within
a business model whose objective is to hold
such assets in order to collect such contractual
cash flows are classified in this category.
Subsequently, these are measured at
amortized cost using the effective interest
method less any impairment losses.

Equity investments at fair value through other
comprehensive income: These include
financial assets that are equity instruments and
are irrevocably designated as such upon initial
recognition. Subsequently, these are measured
at fair value and changes therein are
recognized directly in other comprehensive
income, net of applicable income taxes.

When the equity investment is derecognized,
the cumulative gain or loss in equity is
transferred to retained earnings.

Financial assets at fair value through profit or
loss: Financial assets are measured at fair value
through profit or loss unless it is measured at
amortised cost or at fair value through other
comprehensive income on initial recognition.
The transaction costs directly attributable to
the acquisition of financial assets at fair value
through profit or loss is immediately
recognised in profit or loss.

Equity instruments: An equity instrument is
any contract that evidences residual interests
in the assets of the Company after deducting
all of its liabilities. Equity instruments issued by
the Company are recorded at the proceeds
received, net of direct issue costs.

Financial liabilities at fair value through profit
or loss: Derivatives, including embedded
derivatives separated from the host contract,
unless they are designated as hedging
instruments, for which hedge accounting is
applied, are classified into this category. These
are measured at fair value with changes in fair
value recognized in the Statement of Profit and
Loss.

Financial guarantee contracts: These are
initially measured at their fair values and, are
subsequently measured at the higher of the
amount of loss allowance determined or the
amount initially recognized less, the
cumulative amount of income recognized.

Other financial liabilities: These are measured
at amortized cost using the effective interest
method.

b) Determination of fair value:

The fair value of a financial instrument on
initial recognition is normally the transaction
price (fair value of the consideration given or
received). Subsequent to initial recognition,
the Company determines the fair value of
financial instruments that are quoted in active
markets using the quoted bid prices (financial
assets held) or quoted ask prices (financial
liabilities held) and using valuation techniques
for other instruments. Valuation techniques
include discounted cash flow methods and
other valuation models.

c) Derecognition of financial assets and
financial liabilities:

The Company derecognizes a financial asset
only when the contractual rights to the cash
flows from the asset expire or it transfers the
financial asset and substantially all the risks
and rewards of ownership of the asset to
another entity. If the Company neither
transfers nor retains substantially all the risks
and rewards of ownership and continues to
control the transferred asset, the Company
recognizes its retained interest in the asset and
an associated liability for amounts it may have
to pay. If the Company retains substantially all
the risks and rewards of ownership of a
transferred financial asset, the Company
continues to recognize the financial asset and
also recognizes collateralized borrowing for
the proceeds received.

Financial liabilities are derecognised when
these are extinguished, that is when the
obligation is discharged, cancelled or has
expired.

d) Impairment of financial assets:

The Company recognizes a loss allowance for
expected credit losses on a financial asset that
is at amortized cost. Loss allowance in respect
of financial assets is measured at an amount
equal to lifetime expected credit losses and is
calculated as the difference between their
carrying amount and the present value of the
expected future cash flows discounted at the
original effective interest rate.

20) Use of Estimates and Judgements

The preparation of standalone financial statements
in conformity with Ind AS requires management to
make judgments, estimates and assumptions, that
affect the application of accounting policies and the
reported amounts of assets, liabilities and
disclosures of contingent assets and liabilities at the

date of these standalone financial statements and
the reported amounts of revenues and expenses for
the years presented. Actual results may differ from
these estimates.

Estimates and underlying assumptions are reviewed
at each balance sheet date. Revisions to accounting
estimates are recognised in the period in which the
estimate is revised and future periods are affected.

In particular, information about significant areas of
estimation of uncertainty and critical judgements in
applying accounting policies at the date of the
standalone financial statements, which may cause a
material adjustment to the carrying amounts of
assets and liabilities within the next financial year
the amounts recognised in the standalone financial
statements are given below:

a) Useful Life of Depreciable Assets/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, certainties in these estimates relate to
technical and economic obsolescence that may
change the utility of assets.

b) Valuation of investment in subsidiaries

Investments in Subsidiaries are carried at cost. At
each balance sheet date, the management
assesses the indicators of impairment of such
investments. This requires the assessment of
several external and internal factors including
capitalisation rate, key assumptions 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.

c) Recognition and measurement of provisions
and contingencies

Provisions and liabilities are recognized in the
period when it becomes probable that there will
be a future outflow of funds resulting from past
operations or events and the amount of cash
outflow can be reliably estimated. The timing of
recognition and quantification of the liability
requires the application of judgement to existing
facts and circumstances, which can be subject to
change. The carrying amounts of provisions and
liabilities are reviewed regularly and revised to
take account of changing facts and
circumstances. In the normal course of business,
contingent liabilities may arise from litigations
and other claims against the Company.
Judgment is required to determine the
probability of such potential liabilities actually

crystallising. In case the probability is low, the
same is treated as contingent liabilities. Such
liabilities (if any) are disclosed in the notes but
are not provided for in the standalone financial
statements.

d) Income Taxes

Provision for current tax is made based on a
reasonable estimate of taxable income
computed as per the prevailing tax laws. The
amount of such provision is based on various
factors including interpretation of tax
regulations, changes in tax laws, acceptance of
tax positions in the tax assessments etc. The
judgements, assumptions and estimates in
respect of uncertainties over income-tax
treatments are disclosed in Note 22.

21) Recent accounting pronouncement:

A. Standards issued/amended and became
effective

The Ministry of Corporate Affairs ("MCA") notified
new standards or amendment to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. The
Company applied following amendments for the
first-time during the current year which are effective
from 1 April 2024:

Amendments to Ind AS 116 - Lease liability in a sale
and leaseback

The amendments require an entity to recognise
lease liability including variable lease payments
which are not linked to index or a rate in a way it
does not result into gain on right-of-use assets it
retains.

The amendments had no impact on the Company''s
standalone financial statements.

Introduction of Ind AS 117

MCA notified Ind AS 117, a comprehensive standard
that prescribe, recognition, measurement and
disclosure requirements, to avoid diversities in
practice for accounting insurance contracts and it
applies to all companies i.e., to all "insurance
contracts" regardless of the issuer. However, Ind AS
117 is not applicable to the entities which are
insurance companies registered with IRDAI.

The Company has reviewed the new
pronouncements and based on its evaluation has
determined that these amendments do not have a
significant impact on the Company''s standalone
financial statements.

B. Standards notified but not yet effective

The Ministry of Corporate Affairs ("MCA") notifies
new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. There
is amendment to Ind AS 21 "Effects of Changes in
Foreign Exchange Rates" such amendments would
have been applicable from 01 April 2025.

The Effects of Changes in Foreign Exchange Rates
specify how an entity should assess whether a
currency is exchangeable and how it should
determine a spot exchange rate when
exchangeability is lacking. The amendments also
require disclosure of information that enables users
of its financial statements to understand how the
currency not being exchangeable into the other
currency affects, or is expected to affect, the entity''s
financial performance, financial position and cash
flows.

The amendments are effective for the period on or
after 01 April 2025. When applying the amendments,
an entity cannot restate comparative information.

The Company has reviewed the new
pronouncement and based on its evaluation has
determined that these amendments do not have a
significant impact on the Company''s standalone
financial statements.

26 Leases

a) In case of assets given on lease
Operating lease:

The Company has leased out its building situated at 7th Floor, DCM Building, 16 Barakhamba Road, New Delhi - 110 001 premises along with assets on operating
lease agreement to its one wholly owned Subsidiary (Radhika Heights Limited) along with step down subsidiaries & other associated companies for using their
corporate & registered offices. These are generally cancellable leases and renewable by mutual consent on mutually agreed terms.

The Company has leased out its building situated at Farm House No.9, 7th Avenue, Gadaipur Bandh Road, New Delhi - 110030 premises along with assets on
operating lease agreement to its whollyowned Subsidiary (Radhika Heights Limited) for using propertyfor theguest house purpose.Theseare generally cancellable
leases and renewable by mutual consent on mutually agreed terms.

Note: The Company has disclosed financial instruments such as investment in equity instrument, cash and cash equivalents, other financial assets, trade payables
and other financial liabilities at carrying value because their carrying amounts represents the best estimate of the fair values.

ii Fair value hierarchy

The fair value of the assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties,
other than in forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

Fair Value of cash and short-term deposits, trade and other current receivables, trade payables, other current liabilities and other financial instruments
approximate their carrying amounts largely due to the short term maturities of these instruments.

The different levels of fair value have been defined below:

Level 1: Quoted (Unadjusted) prices in active markets for identical assets or liabilities.

Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

iii Valuation techniques used to determine fair value.

Specific valuation technique used to value financial instruments includes:

(a) the use of net asset value (NAV) for mutual funds on the basis of the statement received from investee party.

(b) the use of adjusted net asset value method for certain equity investments because the amount of investment is not material and management is not
expected significant changes in fair value of investment.

30 Financial Risk Management

The Company''s business operations are exposed to various financial risks such as liquidity risk, market risks, credit risk, interest rate risk, funding risk etc. The Company''s financial liabilities mainly
includes borrowings taken for the purpose of financing company''s operations, trade payable and other financial liabilities. Financial assets mainly includes trade receivables, investment in subsidiary,
security deposit etc. the company is not exposed to foreign currency risk and the company have not obtained entered in forward contracts and derivative transactions.

The Company has a system based approach to financial risk management. The Company has internally instituted an integrated financial risk management framework comprising identification of
financial risks and creation of risk management structure. The financial risks are identified, measured and managed in accordance with the Company''s policies on risk management. Key financial risks
and mitigation plans are reviewed by the board of directors of the Company.

A. MARKET RISK

Market risk is the risk of loss of future earnings, fair value of future cash flows that may result from a change in the price of financial instrument. The value ofa financial instrument may change as a
result ofchanges in the interest rates, equity prices and other market changesthat may effect market sensitivity instruments. Market risk is attributable to all market risksensitive financial instruments
including investments and deposits, loans and borrowings.

Interest Rate Risk

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. In order to balance the Company''s aosition with
regards to interest income and interest expense and to manage the interest rate risk, management performs a comprehensive interest rate risk management. The Company has no interest bearing
borrowings hence it is not exposed to significant interest rate risk as at the respective reporting dates. The Company''s has no fixed rate financial assets hence not subject to interest rate risk, since
neither the carrying amount nor the future cash flows will fluctuate because of change in market interest rates.

Foreign currency risk

The Company has operations in India only hence Company''s exposure to foreign currency risk is Nil.

Price Risk

The Company has very limited exposure to price sensitive securities, hence price risk is not material.

B. CREDIT RISK

Credit risk is the risk that customer or counter-party will not meet its obligation under the contract, leading to financial loss. Credit risk arises from trade receivables and other financial assets.

Trade Receivables

Customercredit riskis managed on the basis ofestablished policiesofthe Company, procedures and controls relating to customercredit risk managementwhich helps in assessing the riskat the initial
recognition ofthe asset. Outstanding customer receivables are regularly and closely monitored. Based on prior experience and an assessment ofthe current receivables, the management believesthat
there is no credit risk and accordingly no provision is required.

Other Financial Assets

-There is no credit risk exposure with respect to other financial assets as they are either supported by legal agreement or are with Nationalized banks.

- Other receivables from related parties are as per approved policy and the established procedure to monitor the dues from related parties which also
ensures timely payments and no default, hence there is no credit risk exposure involved.

Provision for Expected Credit losses

Financial Assets are considered to be of good quality and there is no credit risk to the Company.

C. LIQUIDITY RISK

Liquidity risk is the risk that the Company may face to meet its obligations for financial liabilities. The objective of liquidity risk management is that the Company has sufficient funds to meet its
liabilities when due. However, presentlythe Company is under stressed conditions, which has resulted in delays in meeting its liabilities. The Company, regularly monitorsthe cash outflow projections
and arrange funds to meet its liabilities.

Note : The Company expects to meets its other obligation''s from operating cashflows and proceeds from maturing financial assets.

31 Capital Risk Management

For the purpose of capital management, capital includes equity capital, share premium and all other equity reserves attributable to equity shareholders of the company.

The company''s capital management objectives are:

(a) to ensure the company''s ability to continue as a going concern

(b) to provide an adequate return to shareholders by controlling the prices in relation to the level of risk

The Company maintains balance between debt and equity. The Company monitors its capital management by using a debt-equity ratio, which is total debt divided by total capital.

In order to achieve this overall objective , the Company''s capital Management, amongst other things, aims to ensure that it meets financial covenants attached to the interest- bearing loans and
borrowings that define capital structure requirements.

No changes were made in the objectives, polices or processes for managing capital during the years ended 31st March 2025.

32 Ratios

Additional regulatory information required under (WB) (xiv) of Division III of Schedule III amendment, disclosure of ratios, is considered as not applicable to the Company as it is a Core Investment
Company (CIC) not requiring registration under Section 45-IA of Reserve Bank of India Act, 1934.

33 The amount of provision for Defined Benefit Plans for Gratuity as at 31st March, 2025 is not material to the overall position of the company and accordingly the ordinary annual contributions have been
computed and provided for on a reasonable basis as per the method prescribed under the relevant provisions of the Income Tax Act, 1961.

34 Segment Reporting

The Company is a one segment company in the business of real estate development and leasing. All its operations are located in India, accordingly, the Company views these activities as one business
segment, there are no additional disclosures to be provided in terms of Ind AS 108 on ''Segment Reporting''.

35 Events after the Reporting period

There are no events observed after the reported period which have an impact on the company operations.

36 Notes on Amendment in Schedule III and relating to other disclosures required to be made in Financial Statements:

(a) The company does not have anytransaction withthe companies struckoff under section 248 ofthe CompaniesAct 2013 orsection 560 ofthe Companies Act 1956 during the year ended March 31,
2025 and March 31, 2024.

(b) There was no charges or satisfaction which were required to registered with the registrar ofcompanies during the year ended March 31, 2025 and March 31, 2024.

(c) The company complieswith the numberof layers ofcompanies in accordance with clause 87 ofSection 2 ofthe Act read with the Companies(Restriction on number oflayers) Rules 2017 during the
year ended March 31, 2025 and March 31, 2024.

(d) The company has not invested or traded in cryptocurrency or virtual currency during the year ended March 31, 2025 and March 31, 2024.

(e) No proceedings have been initiated on or are pending against the company for holding Benami property under the Prohibition of Benami Property Transaction Act 1988 (as amended in 2016)
(formally the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and Rules made thereunder during the year ended March 31, 2025 and March 31, 2024.

(f) The company has not been declared a wilful defaulter by any bank or financial institution or government or any government authorities during the year ended March 31, 2025 and March 31, 2024.

(g) The company has not entered into any scheme ofarrangement approved bythe competent authority in terms ofsections 232 to 237 ofthe Companies Act 2013 during the year ended March 31,
2025 and March 31, 2024.

(h) During the year ended March 31, 2025 and March 31, 2024, the company has not surrendered or disclosed as income any transactions not recorded in the books of accounts in the course oftax
assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income Tax Act 1961).

(i) During the year ended March 31,2025 andMarch 31, 2024, the company has not advanced or loaned or invested funds (either borrowed funds or the share premium or kind of funds) to any other
person or entities, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall:

i) directly or indirectly land 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.

(j) During the year ended March 31, 2025 and March 31, 2024, the company has not received any funds from any persons or entities 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.

37 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment benefits has received Presidential assent on 28 September 2020. The Code has been
published in the Gazette of India. However, the effective date ofthe Code isyetto be notified and final rulesfor quantifying the financial impact are also yetto be issued. In view ofthis, the Company
will assess the impact of the Code when relevant provisions are notified and will record related impact, if any, in the period the Code becomes effective.

38 Notes 1 to 38 form an integral part of these Standalone Financial Statements.

As per our report of even date

For Dewan P N Chopra & Co. For and on behalf of the Board of

Chartered Accountants Directors of Ravinder Heights Limited

FRN:000472N

Sandeep Dahiya Sunanda Jain Sumit Jain

Partner Chairperson cum Managing Director Whole Time Director

Membership No. 505371 DIN: 03592692 DIN: 00014236

Renuka Uniyal Kamal Lakhani

Place: New Delhi Company Secretary Chief Finance Officer

Dated: 27.05.2025 A71663

---

Mar 31, 2024

c. Terms /rights attached to equity shares

The company has only one class of equity shares having a face value of Re.1/- per share. Each holder of equity shares is entitled to one vote per share. The dividend declared, if any is payable in Indian rupees. The dividend if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual General Meeting. The board has not yet proposed any dividend.

Nature and Purpose of other reserves

a. Retained earnings - Retained earnings are profits of the company earned till date less transferred to general reserve.

b. Capital reserve - Capital reserve was created as per the scheme of arrangement of demerger of undertaking.

c. Equity Component of 0.5% Cumulative Non-Convertible and Non-Participating Redeemable Share - Preference shares are to be redeemed on or before 6th October, 2035 i.e. 15 years from the date of issue of the said redeemable preference share in terms of Section 55 of the Companies Act, 2013.

* During the year, passing the resolution in board meeting held on November 10, 2022, the company has made redemption of 1,63,000 0.5% cumulative non-convertible and non-participating preference shares of Rs. 10/- each aggregating to Rs. 16,30,000/- (Rupees Sixteen Lakh Thirty Thousand Only).

c. Terms /rights attached to Preference Share Capital

The company has onlyone class ofpreference shares having a parvalue ofRs. 10/- pershare.The dividend declared, ifany is payable in Indian rupees.The dividend ifany proposed bythe Board of Directors is subject to the approval of the shareholders in the ensuing annual General Meeting. The board has not yet proposed any dividend.

The terms of raising of CCPS are:-

(i) The CCPS shall carry a preferential right vis-a-vis equity share of the Company with respect to payment of dividend and repayment of capital in case of a winding up;

(ii) The CCPS shall not be redeemable and the same are compulsorily convertible;

(iii) The CCPS shall be non-participating in the surplus funds and in surplus assets and profits, on winding-up which may remain after the entire capital has been repaid;

(iv) The CCPS holder shall be paid dividend on a non-cumulative basis at the rate of 0.01%;

(v) All the 1,65,000 (One Lakh and Sixty FiveThousand) CCPS allotted shall be converted into 75,000 (Seventy Five Thousand fully paid-up equity shares offacevalue of Re.1/- (Rupee One) each at an issue price of Rs. 22/- perequity share (including premium of Rs. 21/-), from time to time, in one or more tranches upto a period not exceeding 18 months from the date of issuance ofCCPS at the conversion price.

24	Contingencies and Commitments	As at 31st March, 2024	As at 31st March, 2023
(A)	Contingent liabilities
I	Income Tax	Nil	Nil
II	Other Legal Cases	Nil	Nil

(B) Capital and other commitments

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for Rs. NIL (Previous year Rs NIL)

25 Leases

a) In case of assets given on lease Operating lease:

The Company has leased out its building situated at 7th Floor, DCM Building, 16 Barakhamba Road, New Delhi - 110 001 premises along with assets on operating lease agreement to its one wholly owned Subsidiary (Radhika Heights Limited) & other associated companies for using their corporate & registered offices. These are generally cancellable leases and renewable by mutual consent on mutually agreed terms.

The Company has leased out its building situated at Farm House No.9, 7th Avenue, Gadaipur Bandh Road, New Delhi - 1 10030 premises along with assets on operating lease agreement to its wholly owned Subsidiary (Radhika Heights Limited) for using property for the guest house purpose. These are generally cancellable leases and renewable by mutual consent on mutually agreed terms.

26 MSME

Based on the information available with the company, there are no dues as at March 31,2024 and 31st March, 2023 payable to enterprises covered under " Micro Small and Medium Enterprises Development Act, 2006. No Interest is paid/payable by the company in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006.

Note: The Company has disclosed financial instruments such as investment in equity instrument, cash and cash equivalents, other financial assets, trade payables and other financial liabilities at carrying value because their carrying amounts represents the best estimate of the fair values.

ii Fair value hierarchy

The fair value of the assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

Fair Value of cash and short-term deposits, trade and other current receivables, trade payables, other current liabilities and other financial instruments approximate their carrying amounts largely due to the short term maturities of these instruments.

The different levels of fair value have been defined below:

Level 1: Quoted (Unadjusted) prices in active markets for identical assets or liabilities.

Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

iii Valuation techniques used to determine fair value.

Specific valuation technique used to value financial instruments includes:

(a) the use of net asset value (NAV) for mutual funds on the basis of the statement received from investee party.

(b) the use of adjusted net asset value method for certain equity investments because the amount of investment is not material and management is not expected significant changes in fair value of investment.

29 Financial Risk Management

TheCompany''s business operations are exposed to various financial risks such as liquidity risk, market risks, credit risk, interest rate risk, funding risk etc. The financial liabilities mainly includes borrowings taken for the purpose of financing company''s operations, trade payable and other financial liabilities. Financial assets mainly includes trade receivables, investment in subsidiary, security deposit etc. the company is not exposed to foreign currency risk and the company

have not obtained entered in forward contracts and derivative transactions.

The Company has a system based approach to financial risk management. The Company has internally instituted an integrated financial risk management framework comprising identification of financial risks and creation of risk management structure. The financial risks are identified, measured and managed in accordance with the company''s policies on risk management. Key financial risks and mitigation plans are reviewed by the board of directors of the Company.

a.market risk

Market risk is the risk of loss of future earnings, fair value of future cash flows that may result from a change in the price of financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, equity prices and other market changes that may effect market sensitivity instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, loans and borrowings.

Interest Rate Risk

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. In order to balance the Company''s position with regards to interest income and interest expense and to manage the interest rate risk, management performs a comprehensive interest rate risk management. The Company has no interest bearing borrowings hence it is not exposed to significant interest rate risk as at the respective reporting dates. The Company''s has no fixed rate financial assets hence not subject to interest rate risk, since neither the carrying amount nor the future cash flows will fluctuate because of change in market interest rates.

Foreign currency risk

The Company has operations in India only hence Company''s exposure to foreign currency risk is Nil.

Price Risk

The Company has very limited exposure to price sensitive securities, hence price risk is not material.

B.CREDIT RISK

Credit risk is the risk that customer or counter-party will not meet its obligation under the contract, leading to financial loss. Credit risk arises from trade receivables and other financial assets.

Trade Receivables

Customer credit risk is managed on the basis of established policies of the Company, procedures and controls relating to customer credit risk management which helps in assessing the risk at the initial recognition of the asset. Outstanding customer receivables are regularly and closely monitored. Based on prior experience and an assessment of the current receivables, the management believes that there is no credit risk and accordingly no provision is required.

Other Financial Assets

- There is no credit risk exposure with respect to other financial assets as they are either supported by legal agreement or are with Nationalized banks.

- Other receivables from related parties are as per approved policy and the established procedure to monitor the dues from related parties which also ensures timely payments and no default, hence there is no credit risk exposure involved.

Provision for Expected Credit losses

Financial Assets are considered to be of good quality and there is no credit risk to the Company.

C. LIQUIDITY RISK

Liquidity risk is the risk that the Company may face to meet its obligations for financial liabilities. The objective of liquidity risk management is that the Company has sufficient funds to meet its liabilities when due. However, presently the Company is under stressed conditions, which has resulted in delays in meeting its liabilities. The Company, regularly monitors the cash outflow projections and arrange funds to meet its liabilities.

³⁰ Capital Risk Management

For the purpose of capital management, capital includes equity capital, share premium and all other equity reserves attributable to equity shareholders of the company.

The company''s capital management objectives are:

(a) to ensure the company''s ability to continue as a going concern

(b) to provide an adequate return to shareholders by controlling the prices in relation to the level of risk

The Company maintains balance between debt and equity. The Company monitors its capital management by using a debt-equity ratio, which is total debt divided by total capital.

In order to achieve this overall objective , the Company''s capital Management, amongst other things, aims to ensure that it meets financial covenants attached to the interest- bearing loans and borrowings that define capital structure requirements.

No changes were made in the objectives, polices or processes for managing capital during the years ended 31st March 2024.

31 Ratios

Additional regulatory information required under (WB) (xiv) of Division III of Schedule III amendment, disclosure of ratios, is considered as not applicable to the Company as it is a Core Investment Company (CIC) not requiring registration under Section 45-IA of Reserve Bank of India Act, 1934.

³² The amount of provision for Defined Benefit Plans for Gratuity as at 31st March, 2024 is not material to the overall position of the company and accordingly the ordinary annual contributions have been computed and provided for on a reasonable basis as per the method prescribed under the relevant provisions of the Income Tax Act, 1961.

³³ Segment Reporting

The Company is a one segment company in the business of real estate development and leasing. All its operations are located in India, accordingly, the Company views these activities as one business segment, there are no additional disclosures to be provided in terms of Ind AS 108 on ''Segment Reporting''.

There are no events observed after the reported period which have an impact on the company operations.

35 Notes on Amendment in Schedule III and relating to other disclosures required to be made in Financial Statements:

(a) The company does not have any transaction with the companies struck off under section 248 of the Companies Act 2013 or section 560 of the Companies Act 1956 during the year ended March 31, 2024 and March 31,2023.

(b) There was no charges or satisfaction there of were requried to registered with the registrar of companies during the year ended March 31,2024 and March 31, 2023.

(c) The company complies with the number of layers of companies in accordance with clause 87 of Section 2 of the Act read with the Companies (Restriction on number of layers) Rules 2017 during the year ended March 31, 2024 and March 31,2023.

(d) The company has not invested or traded in cryptocurrency or virtual currency during the year ended March 31,2024 and March 31, 2023.

(e) No proceedings have been initiated on or are pending against the company for holding Benami property under the Prohibition of Benami PropertyTransaction Act 1988 (as amended in 2016) (formally the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and Rules made thereunder during the year ended March 31,2024 and March 31, 2023.

(f) The company has not been declared a wilful defaulter by any bank orfinancial institution or government or any government authorities during the year ended March 31, 2024 and March 31, 2023.

(g) The company has not entered into any scheme ofarrangement approved by the competent authority in terms of sections 232 to 237 of the Companies Act 2013 during the year ended March 31,2024 and March 31, 2023.

(h) During the year ended March 31, 2024 and March 31, 2023, the company has not surrendered or disclosed as income any transactions not recorded in the books of accounts in the course of tax assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income Tax Act 1961).

(i) During the year ended March 31,2024 and March 31,2023, the company has not advanced or loaned or invested funds (either borrowed funds or the share premium or kind of funds) to any other person or entities, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall:

i) directly or indirectly land 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.

(j) During the year ended March 31 2024 and March 31 2023, the company has not received any funds from any persons or entities 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.

36 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment benefits has received Presidential assent on 28 September 2020. The Code has been published in the Gazette of India. However, the effective date of the Code is yet to be notified and final rules for quantifying the financial impact are also yet to be issued. In view of this, the Company will assess the impact of the Code when relevant provisions are notified and will record related impact, if any, in the period the Code becomes effective.

37 Notes 1 to 37 form an integral part of these Standalone Financial Statements.

---

Mar 31, 2023

Rights, preferences and restriction attached to Preference shares

The Company had only one class of preference shares having a par value of Rs. 10 per share. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board of Directors has not proposed any dividend for current year and previous year.

During the year, passing the resolution in board meeting held on November 10, 2022, the company has made redemption of 1,63,000 0.5% cumulative nonconvertible and non-participating preference shares of Rs. 10/- each aggregating to Rs. 16,30,000/- (Rupees Sixteen Lakh Thirty Thousand Only).

c. Aggregate number of Shares issued for consideration other than cash during the year of five years immediately preceding the reporting date

Pursuant to dermerger scheme, the Company had issued 1,63,000 fully paid-up equity share of Rs 10 each, pursuant to the Scheme of demerger to the shareholders of the demerged company.

c. Terms /rights attached to equity shares

The company has only one class of equity shares having a face value of Re.1/- per share. Each holder of equity shares is entitled to one vote per share. The dividend declared, if any is payable in Indian rupees. The dividend if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual General Meeting. The board has not yet proposed any dividend.

f. Aggregate number of Shares issued for consideration other than cash during the year of five years immediately preceding the reporting date Company had issued 6,12,50,746 fully paid-up equity share of Rs 1 each, pursuant to the Scheme of demerger to the shareholders of the demerged company.

Nature and Purpose of other reserves

a. Retained earnings - Retained earnings are profits of the company earned till date less transferred to general reserve.

b. Capital reserve - Capital reserve was created as per the scheme of arrangement of demerger of undertaking.

c. Equity Component of 0.5% Cumulative Non-Convertible and Non-Participating Redeemable Share - Preference shares are to be redeemed on or before 6th October, 2035 _a i.e. 15 years from the date of issue of the said redeemable preference share in terms of Section 55 of the Companies Act, 2013.

* During the year, passing the resolution in board meeting held on November 10, 2022, the company has made redemption of 1,63,000 0.5% cumulative non-convertible and nonparticipating preference shares of Rs. 10/- each aggregating to Rs. 16,30,000/- (Rupees Sixteen Lakh Thirty Thousand Only).

c. Terms /rights attached to Preference Share Capital

The company has only one class of preference shares having a par value of Rs. 10/- per share. The dividend declared, if any is payable in Indian rupees. The dividend if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual General Meeting. The board has not yet proposed any dividend.

The terms of raising of CCPS are:-

(i) The CCPS shall carry a preferential right vis-a-vis equity share of the Company with respect to payment of dividend and repayment of capital in case of a winding up;

(ii) The CCPS shall not be redeemable and the same are compulsorily convertible;

(iii) The CCPS shall be non-participating in the surplus funds and in surplus assets and profits, on winding-up which may remain after the entire capital has been repaid;

(iv) T he CCPS holder shall be paid dividend on a non-cumulative basis at the rate of 0.01%;

(v) All the 1,65,000 (One Lakh and Sixty Five Thousand) CCPS allotted shall be converted into 75,000 (Seventy Five Thousand fully paid-up equity shares of face value of Re.1/-(Rupee One) each at an issue price of Rs. 22/- per equity share (including premium of Rs. 21/-), from time to time, in one or more tranches upto a period not exceeding 18 months from the date of issuance of CCPS at the conversion price.

19.3 Performance obligations

Obligation of the Company is to provide lease services to its group companies and accordingly recognises revenue over the period of the contract based on the services rendered.

The company offsets Tax assets and liabilities if and only if it has a legally enforceable right to set off current Tax assets and current Tax liabilities and the Deferred Tax Assets and Deferred Tax Liabilities relate to Income Taxes levied by the same Tax authority.

Provision for Tax verified in financial statements for the year ending 31.03.2023 are only provisional and it is subject to change at the time of filing Income Tax Return based on actual addition/deduction as per provisions of Income Tax Act''1961.

28 Leases

a) In case of assets given on lease

Operating lease:

The Company has leased out its building situated at 7th Floor, DCM Building, 16 Barakhamba Road, New Delhi - 110 001 premises along with assets on operating lease agreement to its one wholly owned Subsidiary (Radhika Heights Limited) & other associated companies for using their corporate & registered offices. These are generally cancellable leases and renewable by mutual consent on mutually agreed terms.

The Company has leased out its building situated at Farm House No.9, 7th Avenue, Gadaipur Bandh Road, New Delhi - 110030 premises along with assets on operating lease agreement to its wholly owned Subsidiary (Radhika Heights Limited) for using property for the residential purposes for Managing Director of the lessee company. These are generally cancellable leases and renewable by mutual consent on mutually agreed terms.

b) In case of assets taken on lease

Operating Leases:

The Company has taken premises admeasuring 118 sq.ft. approx. at Commercial SCO no.71, First Floor, Royal Estate Complex Zirakpur, Sub Tehsil, Zirkpur, S.A.S. Nagar (Punjab), under the operating lease agreement for its registered office. These are generally cancelable leases and renewable by mutual consent on mutually agreed terms.

The fair value of the assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

Fair Value of cash and short-term deposits, trade and other current receivables, trade payables, other current liabilities and other financial instruments approximate their carrying amounts largely due to the short term maturities of these instruments.

The different levels of fair value have been defined below:

Level 1: Quoted (Unadjusted) prices in active markets for identical assets or liabilities.

Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

33.1 Valuation techniques used to determine fair value.

Specific valuation technique used to value financial instruments includes:

(a) the use of net asset value (NAV) for mutual funds on the basis of the statement received from investee party.

(b) the use of adjusted net asset value method for certain equity investments because the amount of investment is not material and management is not expected significant changes in fair value of investment.

32 Financial Risk Management

The Company''s business operations are exposed to various financial risks such as liquidity risk, market risks, credit risk, interest rate risk, funding risk etc. The Company''s financial liabilities mainly includes borrowings taken for the purpose of financing company''s operations, trade payable and other financial liabilities. Financial assets mainly includes trade receivables, investment in subsidiary, security deposit etc. the company is not exposed to foreign currency risk and the company have not obtained entered in forward contracts and derivative transactions.

The Company has a system based approach to financial risk management. The Company has internally instituted an integrated financial risk management framework comprising identification of financial risks and creation of risk management structure. The financial risks are identified, measured and managed in accordance with the Company''s policies on risk management. Key financial risks and mitigation plans are reviewed by the board of directors of the Company.

A. MARKET RISK

Market risk is the risk of loss of future earnings, fair value of future cash flows that may result from a change in the price of financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, equity prices and other market changes that may effect market sensitivity instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, loans and borrowings.

Interest Rate Risk

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. In order to balance the Company''s position with regards to interest income and interest expense and to manage the interest rate risk, management performs a comprehensive interest rate risk management. The Company has no interest bearing borrowings hence it is not exposed to significant interest rate risk as at the respective reporting dates. The Company''s has no fixed rate financial assets hence not subject to interest rate risk, since neither the carrying amount nor the future cash flows will fluctuate because of change in market interest rates.

Foreign currency risk

The Company has operations in India only hence Company''s exposure to foreign currency risk is Nil.

Price Risk

The Company has very limited exposure to price sensitive securities, hence price risk is not material.

B. CREDIT RISK

Credit risk is the risk that customer or counter-party will not meet its obligation under the contract, leading to financial loss. Credit risk arises from trade receivables and other financial assets.

Trade Receivables

Customer credit risk is managed on the basis of established policies of the Company, procedures and controls relating to customer credit risk management which helps in assessing the risk at the initial recognition of the asset. Outstanding customer receivables are regularly and closely monitored. Based on prior experience and an assessment of the current receivables, the management believes that there is no credit risk and accordingly no provision is required.

Other Financial Assets

- There is no credit risk exposure with respect to other financial assets as they are either supported by legal agreement or are with Nationalized banks.

- Other receivables from related parties are as per approved policy and the established procedure to monitor the dues from related parties which also ensures timely payments and no default, hence there is no credit risk exposure involved.

Provision for Expected Credit losses

Financial Assets are considered to be of good quality and there is no credit risk to the Company.

C. LIQUIDITY RISK

Liquidity risk is the risk that the Company may face to meet its obligations for financial liabilities. The objective of liquidity risk management is that the Company has sufficient funds to meet its liabilities when due. However, presently the Company is under stressed conditions, which has resulted in delays in meeting its liabilities. The Company, regularly monitors the cash outflow projections and arrange funds to meet its liabilities.

For the purpose of capital management, capital includes equity capital, share premium and all other equity reserves attributable to equity shareholders of the company.

The company''s capital management objectives are:

(a) to ensure the company''s ability to continue as a going concern

(b) to provide an adequate return to shareholders by controlling the prices in relation to the level of risk

The Company maintains balance between debt and equity. The Company monitors its capital management by using a debt-equity ratio, which is total debt divided by total capital.

In order to achieve this overall objective , the Company''s capital Management, amongst other things, aims to ensure that it meets financial covenants attached to the interest- bearing loans and borrowings that define capital structure requirements.

No changes were made in the objectives, polices or processes for managing capital during the years ended 31st March 2023.

34 Ratios

Additional regulatory information required under (WB) (xiv) of Division III of Schedule III amendment, disclosure of ratios, is considered as not applicable to the Company as it is a Core Investment Company (CIC) not requiring registration under Section 45-IA of Reserve Bank of India Act, 1934.

35 The amount of provision for Defined Benefit Plans for Gratuity as at 31st March, 2023 is not material to the overall position of the company and accordingly the ordinary annual contributions have been computed and provided for on a reasonable basis as per the method prescribed under the relevant provisions of the Income Tax Act, 1961.

36 Segment Reporting

The Company is a one segment company in the business of real estate development and leasing. All its operations are located in India , accordingly, the Company views these activities as one business segment, there are no additional disclosures to be provided in terms of Ind AS 108 on ''Segment Reporting''.

37 Events after the Reporting period

There are no events observed after the reported period which have an impact on the company operations.

38 Notes on Amendment in Schedule III and relating to other disclosures required to be made in Financial Statements:

(a) The company does not have any transaction with the companies struck off under section 248 of the Companies Act 2013 or section 560 of the Companies Act 1956 during the year ended March 31, 2023 and March 31, 2022.

(b) There was no charges or satisfaction there of were requried to registered with the registrar of companies during the year ended March 31, 2023 and March 31, 2022.

(c ) The company complies with the number of layers of companies in accordance with clause 87 of Section 2 of the Act read with the Companies (Restriction on number of layers) Rules 2017 during the year ended March 31, 2023 and March 31, 2022.

(d) The company has not invested or traded in cryptocurrency or virtual currency during the year ended March 31, 2023 and March 31, 2022.

(e) No proceedings have been initiated on or are pending against the company for holding Benami property under the Prohibition of Benami Property Transaction Act 1988 (as amended in 2016) (formally the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and Rules made thereunder during the year ended March 31, 2023 and March 31, 2022.

(f) The company has not been declared a wilful defaulter by any bank or financial institution or government or any government authorities during the year ended March 31, 2023 and March 31, 2022.

(g) The company has not entered into any scheme ofarrangement approved by the competent authority in terms of sections 232 to 237 of the Companies Act 2013 during the year ended March 31, 2023 and March 31, 2022.

(h) During the year ended March 31, 2023 and March 31, 2022, the company has not surrendered or disclosed as income any transactions not recorded in the books of accounts in the course of tax assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income Tax Act 1961).

(i) During the year ended March 31, 2023 and March 31, 2022, the company has not advanced or loaned or invested funds (either borrowed funds or the share premium or kind of funds) to any other person or entities, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall:

i) directly or indirectly land 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.

(j) During the year ended March 31 2023 and March 31 2022, the company has not received any funds from any persons or entities 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.

39 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment benefits has received Presidential assent on 28 September 2020. The Code has been published in the Gazette of India. However, the effective date of the Code is yet to be notified and final rules for quantifying the financial impact are also yet to be issued. In view of this, the Company will assess the impact of the Code when relevant provisions are notified and will record related impact, if any, in the period the Code becomes effective.

40 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. On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023, as below:

Ind AS 1 - Presentation of Financial Statements - This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and the impact of the amendment is insignificant in the standalone financial statements.

Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition of ''accounting estimates'' and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its standalone financial statements.

Ind AS 12 - Income Taxes - This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its standalone financial statement.

41 Notes 1 to 41 form an integral part of these Standalone Financial Statements.