16 Provisions, Contingent Liabilities, Contingent Assets and Commitments:

A Provisions are recognised when the Company has a present obligation as a result of past
events and it is probable that the outflow of resources will be required to settle the obligation
and in respect of which reliable estimates can be made.

When the company expects some or all of a provision to be reimbursed, for example, under
an insurance contract, the reimbursement is recognised as a separate asset, but only when
the reimbursement is virtually certain. A disclosure for contingent liability is made when there
is a possible obligation, that may, but probably will not require an outflow of resources. When
there is a possible obligation or a present obligation in respect of which the likelihood of
outflow of resources is remote, no provision/ disclosure is made. Contingent Liabilities are not
recognised but are disclosed separately i n the financial statements. Commitments include the
amount of purchase order (net of advances) issued to parties for completion of assets.
Provisions, contingencies and commitments are reviewed at each balance sheet date and
adjusted to reflect the correct management estimates.

B If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks specific to the liability.

17 Provision for Product Quality Claims:

Provisions for claims raised by customers for products sold by the company are made on management

estimates based on claim history and other relevant factors. The initial estimate of the claim is

revised at each reporting period.

18 Employee Benefits:

A Short term obligations:

Liabilities for wages and salaries, including leave encashments that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related
service are recognised in respect of employees' services up to the end of the reporting period
and are measured by the amounts expected to be paid when the liabilities are settled. The
liabilities are presented as current employee benefit obligations in the balance sheet.

B Long term employee benefits obligations:

a Defined Benefit Plans:
i Gratuity:

Liability on account of gratuity is provided for on the basis of actuarial valuation
carried out by an independent actuary as at the balance sheet date. The contribution
towards gratuity liability is funded to an approved gratuity fund and the funds are
managed by insurance companies. The liability or asset recognised in the balance
sheet in respect of defined benefit gratuity plan is the present value of the defined
benefit plan obligation at the end of the reporting period less the fair value of the
plan assets. The liability with regard to the gratuity Plan is determined by actuarial
valuation, performed by an independent actuary, at each balance sheet date
using the projected unit credit method. The present value of the defined benefit
obligation denominated in J is determined by discounting the estimated future
cash outflows by reference to the market yields at the reporting period on
government bonds that have terms approximating to the terms of the related
obligation.

The net interest cost is calculated by applying the discounting rate to the net
balance of the defined benefit obligation and the fair value of plan assets. Such
costs are included in employee benefit expenses in the Statement of Profit and
Loss. Re-measurements gains or losses arising from experience adjustments and
changes in actuarial assumptions are recognised immediately in the period in
which they occur directly in “other comprehensive income” and are included in
retained earnings in the statement of changes in equity and in the balance sheet.

Re-measurements gains or losses recognized in the other comprehensive income
are not reclassified to profit or loss in subsequent periods.

The Company recognises the following changes in the net defined benefit obligation
as an expense in the Statement of Profit and Loss:

i. Service costs comprising current service costs and past service costs.

ii. Net interest expense or income.
b Defined Contribution Plans

Contribution to provident fund is made to the provident fund administered by the
Government as per the provisions of the Provident Fund Act, 1952 and is recognised
as employee benefit expenses on accrual basis.

Contribution to National Pension Scheme “NPS”, which is also a defined contribution
plan, is made to NPS managed by insurance Company and is recognised as employee
benefit expenses on accrual basis.

C Employee Separation Costs:

The compensation paid to the employees under Voluntary Retirement Scheme is expensed on
accrual basis.

19 Financial Instruments:

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

A Financial assets:

a Initial recognition and measurement:

All financial assets are recognised initially at fair value plus in the case of financial
assets not recorded at fair value through profit or loss, transaction costs that are
attributable to the acquisition of the financial asset. Purchases or sales of financial
assets that require delivery of assets within a time frame established by regulation or
convention in the market place (regular way trades) are recognised on the settlement
date, i.e., the date that the Company settles to purchase or sell the asset.

b Subsequent measurement:

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

i Financial Assets at amortized cost:

A ‘financial asset' is measured at the amortized cost if both the following conditions
are met:

- The asset is held with an objective of collecting contractual cash flows.

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

After initial measurement, such financial assets are subsequently measured at
amortized cost using the effective interest rate (EIR) method. Amortized cost is
calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortisation is included in
finance income in the Statement of Profit and Loss. The losses arising from
impairment are recognised in the Statement of Profit or Loss. This category
generally applies to trade and other receivables.

ii Financial Assets at fair value through other comprehensive income (FVTOCI):

A ‘financial asset' is classified as at the FVTOCI if both of the following criteria are
met:

- The asset is held with objective of both - for collecting contractual cash flows
and selling the financial assets.

- The asset's contractual cash flows represent SPPI.

Financial Assets included within the FVTOCI category are measured initially as
well as at each reporting date at fair value. Fair value movements are recognized
in the OCI. However, the Company recognizes interest income, impairment losses
and reversals and foreign exchange gain or loss in the Statement of Profit and
Loss. On Derecognition of the asset, cumulative gain or loss previously recognised
in OCI is reclassified from the equity to Statement of Profit and Loss. Interest
earned whilst holding FVTOCI financial asset is reported as interest income using
the EIR method.

iii Financial Assets and derivatives at fair value through profit or loss (FVTPL):

FVTPL is a residual category for financial assets. Any financial asset, which does
not meet the criteria for categorization as at amortized cost or as at FVTOCI, is
classified as at FVTPL.

Assets included within the FVTPL category are measured at fair value with all
changes recognized in the Statement of Profit and Loss.

c Derecognition:

A financial asset (or, where applicable, a part of a financial asset) is primarily derecognised
when:

i. The right to receive cash flows from the asset has expired, or

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

When the Company has transferred its right to receive cash flows from an asset or has
entered into a pass-through arrangement, it evaluates if and to what extent it has
retained the risks and rewards of ownership. When it has neither transferred substantially
all of the risks and rewards of the asset, nor transferred control of the asset, the
Company continues to recognise the transferred asset to the extent of the Company's
continuing involvement. In that case, the Company also recognises an associated liability.
The transferred asset and the associated liability are measured on a basis that reflects
the rights and obligations that the Company has retained. When the Company has
transferred the risk and rewards of ownership of the financial asset, the same is
derecognised.

d Impairment of financial assets:

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

a Financial assets that are debt instruments, and are measured at amortized cost.

b Trade receivables or any contractual right to receive cash or another financial asset.

c Financial assets that are debt instruments and are measured at FVTOCI.

The Company follows 'simplified approach' for recognition of impairment loss allowance on
Point c provided above. The application of simplified approach does not require the Company
to track changes in credit risk. Rather, it requires the company to recognise the impairment
loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Company
determines whether there has been a sign i ficant increase in the credit risk since initial recognition.
If credit risk has not increased significantly, 12-month ECL is used to provide for impairment
loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent
period, credit quality of the instrument improves such that there is no longer a significant
increase in credit risk since initial recognition, then the entity reverts to recognising impairment
loss allowance based on 12-month ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over
the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime
ECL which results from default events that are possible within 12 months after the reporting
date.

ECL is the difference between all contractual cash flows that are due to the Company in
accordance with the contract and all the cash flows that the entity expects to receive (i.e., all
cash shortfalls), discounted at the original EIR. ECL impairment loss allowance (or reversal)
recognized during the period is recognized as income/ expense in the Statement of Profit
and Loss. The balance sheet presentation for various financial instruments is described
below:

a Financial assets measured as at amortized cost and contractual revenue receivables:
ECL is presented as an allowance, i.e., as an integral part of the measurement of those
assets in the balance sheet, which reduces the net carrying amount. Until the asset
meets write-off criteria, the Company does not reduce impairment allowance from the
gross carrying amount.

b Financial guarantee contracts: ECL is presented as a provision in the balance sheet, i.e.
as a liability.

For assessing increase in credit risk and impairment loss, the Company combines financial
instruments on the basis of shared credit risk characteristics.

B Financial liabilities:

a Initial recognition and measurement:

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as
hedging instruments in an effective hedge, as appropriate. All financial liabilities are
recognised initially at fair value and, in the case of loans, borrowings and payables, net
of directly attributable transaction costs.

b Subsequent measurement:

Subsequently all financial liabilities are measured as amortized cost except for financial
guarantee contracts, as described below:

i Loans and borrowings:

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

Non interest-bearing non-convertible redeemable Debentures issued by the
company which are to be redeemed at a premium which is calculated based on
project IRR as per terms of debentures are subsequently measured at fair value
through profit and loss (FVTPL).

c Derecognition:

A financial liability is derecognised when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the Statement of Profit and Loss.

C Reclassification of financial assets:

The Company determines classification of financial assets and liabilities on initial recognition.
After initial recognition, no reclassification is made for financial assets which are equity
instruments and financial liabilities. For financial assets which are debt instruments, a
reclassification is made only if there is a change in the business model for managing those
assets. Changes to the business model are expected to be infrequent. The Company's senior
management determines change in the business model as a result of external or internal
changes which are significant to the Company's operations. If the Company reclassifies financial
assets, it applies the reclassification prospectively from the reclassification date which is the
first day of the immediately next reporting period following the change in business model as
per Ind AS 109.

D Offsetting of financial instruments:

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

20 Derivative Financial Instruments:

Derivatives are recognised initially at fair value and subsequently at fair value through profit and loss.

21 Earnings per Share:

Basic earnings per share are calculated by dividing the net profit or loss (excluding other comprehensive
income) for the year attributable to equity shareholders by the weighted average number of equity
shares outstanding during the year. The weighted average number of equity shares outstanding
during the year is adjusted for events such as bonus issue, bonus element in a right issue, share
split and reverse share split (consolidation of shares) that have changed the number of equity shares
outstanding, without a corresponding change in resources. For the purpose of calculating diluted
earnings per share, the net profit or loss (excluding other comprehensive income) for the year
attributable to equity shareholders and the weighted average number of shares outstanding during
the year are adjusted for the effects of all dilutive potential equity shares.

Note: 3 - Recent pronouncements:

The Ministry of Corporate Affairs vide notification dated September 9, 2024 and September 28, 2024
notified the Companies (Indian Accounting Standards) Second Amendment Rules, 2024 and Companies
(Indian Accounting Standards) Third Amendment Rules, 2024, respectively, which amended / notified certain
accounting standards (see below), and are effective for annual reporting period beginning on or after April
1, 2025:

- Insurance contracts - Ind AS 117; and

- Lease Liability in Sale and Leaseback - Amendments to Ind AS 116

These amendments did not have any material impact on the amounts recognised in prior periods and are
not expected to significantly affect the current or future periods.

A Securities and Terms of Repayment for Secured Long Term Borrowings:

A Preference Shares

i. 1% redeemable non-cumulative preference shares of J 100/- each fully paid to be redeemed
at par at the end of 20 years from the date of allotment. The Company has an option to
redeem the preference shares at par at any time after the end of 12 months from the date of
allotment.

ii. Rights of Preference Shareholders:

(a) As per Section 47(2) of the Companies Act, 2013, Preference Shareholders shall have
right to vote only on resolutions placed before company which directly affect their rights
attached to preference shares and any resolution for winding up of the company or for
repayment or reduction of share capital shall be deemed directly to affect their rights.

(b) Voting rights of the preference shareholders shall be in the same proportion as the paid
up preference share capital bears to the paid up equity share capital.

(c) Where the dividend in respect of a class of preference shares has not been paid for a
period of two years or more, such class of preference shareholders shall have a right to
vote on all the resolutions placed before the company.

B Non-Convertible Debentures

(i) The company has issued 5,500 (previous year 4,500) Unlisted, Secured, Unrated, Redeemable,
Rupee Denominated, Non-Convertible Debentures (“the debentures”) of J 1,00,000/- (Rupees
One lakh only) each on private placement basis to part-finance the Company's Project of High-
rise Residential Apartments in the name of 'The Sovereign'.

Major Terms of the debentures :

1 Security: The debentures are secured by creation of a first charge on the (a) Project Land
(b) FSI thereof and the (c) Project put up/ being put up thereon, in favour of debenture
trustee for the benefit of the debentureholders by execution and registration of Deed of
Mortgage.

2 No interest is payable on the debentures.

3 Redemption and premium on redemption: On the completion of the project or 7 years from
the date of allotment of debentures, whichever is earlier, the Company shall redeem the
debentures along with premium (if applicable) to be calculated in a manner that the
debenture holders receive premium which is equivalent to an IRR on the Debenture
Subscription Amount which is equal to the “Project IRR” as specified in the terms of
debentures. The Company, at any time after completion of 12 months from the date of
allotment, shall have an option to partially or fully redeem the debentures.

4 The debentures have been carried at fair value.

(ii) The company has issued 5,000 (previous year 5,000) Unlisted, Secured, Unrated, Redeemable,
Rupee Denominated, Non-Convertible Debentures (“the debentures”) of J 1,00,000/- (Rupees
One lakh only) each on private placement basis for financing the working capital requirements
of the Company.

Major Terms of the debentures :

1 Security: The debentures are secured by creation of a first charge on the Non-Agricultural
Land in favour of debenture trustee for the benefit of the debentureholder by execution
and registration of Deed of Mortgage.

2 Interest is payable to debentureholders @ 12 % p.a.

3 Redemption : 5 years from the date of allotment of Debentures with Call Option. Debentures
will be redeemed at par along with accrued interest on the maturity date.

4 The debentures have been carried at amortised cost.

C Term Loan from Bank

i Nature of Security:

The company has taken term loan of J 23 Lacs from banks by hypothecating cars.

ii Terms of repayment:

The Loan bearing interest rate of 9.00% per annum is repayable in 60 equated monthly
installments, starting from December 2019.

D Unsecured Loan

The unsecured loans include J 750 Lacs in the suspense account representing amount of a
cheque drawn on HDFC Bank given by the company to Bank of Bahrain & Kuwait (“BBK”) and
amount credited to BBK by RBI clearing house because of the delay by HDFC Bank in returning
the cheque to BBK.

The Debt Recovery Tribunal (“DRT”), vide its order dated June 30, 2017 directed BBK (Defendant
No. 1) and the Company (Defendant No.2) jointly and severally to pay the suit amount of
J 914.23 Lacs with further simple interest @12% per annum on principal amount of J 750

Meanwhile, as part of recovery proceedings filed by HDFC Bank for a decretal amount of J 2070.45
lacs, the Recovery Officer (“RO”) passed orders dated March 29, 2019 and April 9, 2019 allowing
the application of HDFC Bank for the said decretal amount and inter alia also directed attachment
of certain immovable properties of the Company situated at Ahmedabad, Kadi and Mumbai.

The Company filed a writ petition at Hon'ble High Court of Bombay challenging the aforesaid
two orders of RO dated March 29, 2019 and April 9, 2019. The Hon'ble Bombay High Court
vide an Order dated November 22, 2019 allowed the Company to pursue its said appeal at
the Hon'ble DRAT. The Hon'ble High Court also suspended the warrant of attachment against
Company's immovable properties and RO's order dated March 29, 2019 till the Company's appeal
is decided by the Hon'ble DRAT. The said appeal has been heard and Order dated 26/04/2024 has
been passed by the Hon'ble DRAT remanding the matter back to the DRT with directions to
consider the question of jurisdiction raised by the Company in the OA together with other issues
afresh.

Having taken into consideration the Order passed by the Hon'ble High Court of Bombay and the
subsequent Order passed by the Hon'ble DRAT, the Hon'ble Recovery Officer has passed Order
on 19/06/2024 for lifting the said attachment on immoveable properties of the Company situated
at Ahmedabad, Kadi and Mumbai. At present, there is no attachment by DRT on any properties
of the Company.

HDFC Bank filed a writ petition at the Hon'ble High Court of Bombay challenging the Order dated
26/04/2024 passed by the Hon'ble DRAT and the Hon'ble High Court of Bombay has by Order
dated 20/02/2025 given directions to the Hon'ble DRAT to hear and decide the Appeal filed by the
Company without remanding them back to the DRT.

The Appeal filed by the Company will be heard and decided in due course by the Hon'ble
DRAT

Note: 36 - Disclosures as required by Ind AS 19 Employee Benefits :

The Company has classified various benefits provided to employees as under:-
Defined benefit plans:

Gratuity :

The Company provides for gratuity for employees as per the Payment of Gratuity Act, 1972. The
gratuity plan is a funded plan administered by a Trust and the Company makes contributions to
recognised Trust. In accordance with Indian Accounting Standard 19, actuarial valuation was done in
respect of the aforesaid defined benefit plans based on the following assumptions.

Economic Assumptions :

The discount rate and salary increases assumed are the key financial assumptions and should be
considered together; it is the difference or 'gap' between these rates which is more important than the
individual rates in isolation.

Discount Rate :

The discounting rate is based on the gross redemption yield on medium to long term risk free investments.
The estimated term of the benefits/obligations works out to 3.16 years.

Salary Escalation Rate :

The salary escalation rate usually consists of at least three components, viz. regular increments, price
inflation and promotional increases. In addition to this, any commitments by the management regarding
future salary increases and the Company's philosophy towards employee remuneration are also to be
taken into account.

(1) Identification of Segments:

Considering the nature of the Company's business and operations, as well as based on reviews
performed by chief operating decision maker regarding resource allocation and performance
management, the Company has identified (1) Real Estate, (2) Investment and (3) Others as reportable
segments in accordance with the requirements of Ind AS 108 -’’Operating Segments”.

(2) Segment revenue and results:

Revenue and expenses directly attributable to segments are reported under each reportable segment.
The expenses and income which are not directly attributable to any business segment are shown as
unallocable expenditure (net of unallocable income). Unallocated expenditure consists of common
expenditure incurred for all the segments and expenses incurred at corporate level.

(3) Segment assets and Liabilities:

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each
reportable segment. Segment assets include all operating assets used by the operating segment and
mainly consist of property, plant and equipment, trade receivables, Inventories and other operating
assets. Segment liabilities primarily include trade payable and other liabilities excluding borrowings.

Common assets and liabilities which cannot be allocated to any of the business segment are shown
as unallocable assets / liabilities.

There are no transactions of inter-segment transfers.

A Fair values hierarchy:

Financial assets and financial liabilities measured at fair value in the statement of financial position are
grouped into three levels of a fair value hierarchy. The three Levels are defined based on the observability
of significant inputs to the measurement, as follows:

Level 1 : Quoted prices [unadjusted] in active markets for financial instruments.

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.

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

B Risk Management:

The Company's activities expose it to market risk, liquidity risk, interest risk and credit risk. This note
explains the sources of risk which the entity is exposed to and how the entity manages the risk and
the related impact in the financial statements.

Risk Management is embedded in the company's operating framework. The Audit Committee of the
Board evaluates the Risk Management systems and the Board takes responsibility for the total process
of Risk Management in the organization, which includes framing, implementing and monitoring Risk
Management Plan.

The Company does not actively engage in the trading of financial assets for speculative purposes nor
does it write options.

The most significant financial risks to which the Company is exposed are described below:
a Credit risk:

Credit risk arises from the possibility that customer may not be able to settle its obligations as
agreed. The company is exposed to credit risk from trade receivables, bank deposits and other
financial assets.

The Company periodically assesses the financial reliability of the counter party taking into account
the financial condition, current economic trends, analysis of historical bad debts and ageing of
accounts receivable. Party-wise credit is monitored and reviewed accordingly.

Bank deposits:

The company maintains its Cash and cash equivalents and Bank deposits with reputed and highly
rated banks. Hence, there is no significant credit risk on such deposits.

Trade Receivable:

The Company is exposed to credit risk in the event of non-payment by customers. Major part of
sales is made on 'Delivery against payment' basis, hence the credit risk is insignificant. To eliminate
credit risk further, high value sales are made by adequate coverage through Letters of Credit,
wherever possible, or against post-dated cheques. Clean credit is extended only in exceptional
cases. The Company trades with recognized and credit worthy customers. It is the Company's
policy that all customers who wish to trade on credit terms are subjected to scrutiny and periodic
review. In addition, receivable balances are monitored on an on-going basis with the result that the
Company's exposure to bad debts is not significant.

Further, credit risk concentration with respect to trade receivables is mitigated by the Company's
large customer base, widely distributed both economically and geographically. Adequate expected
credit losses are recognized as per the assessments based on historic data and prevalent market
conditions.

Against doubtful trade receivables of J 45 Lacs (Previous year - J 76 Lacs), allowance for doubtful
receivables is J 45 Lacs as at March 31, 2025 (Previous year - J 76 Lacs). During the year the
Company has not made any allowance for doubtful receivables (Previous year: J Nil).

Note: 41 - Financial Risk Management:- Continued

e Price risk:

The Company has no significant exposure to price risk arising from investments in mutual funds,
as the investments are usually in debt funds. Investing in equity shares of companies is based on
the concept of value investing. While these investments are subject to various risks, stringent
norms for investment decisions are in place for minimising risks associated to such investments.

Note: 42 - Capital Management:

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.

c maintain an optimal capital structure to reduce the cost of capital.

Management assesses the Company's capital requirements in order to maintain an efficient overall financing
structure while avoiding excessive leverage. This takes into account the subordination levels of the Company's
various classes of debt. The Company manages the capital structure and makes adjustments to it in the
light of changes in economic conditions and the risk characteristics of the underlying assets.

Note: 43 - Social Security, 2020 (‘Code’):

The code of Social Security, 2020 ('Code') relating to employee benefit during employment and post¬
employment received Presidential assent in September 2020 and its effective date is yet to be notified. The
Company will assess and record the impact of Code, once its effective.

Note: 44 - Previous year’s figures regrouped:

Previous period figures have been regrouped, re-classified and re-arranged wherever considered necessary
to confirm to the current year's classification.

Note: 45 - Discontinued operation:

As per Ind AS 105 “Discontinued Operation”, the cotton textile operations of the Company, including
Spinfab Division, which was closed earlier, are considered as Discontinued Operations and the financials
are presented for Continuing Operations, with profitability of the Discontinued Operations disclosed as a
separate line item.

Note: 46 - Other Statutory Information:

a The company does not hold any benami property as defined under Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending
against the Company for holding benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and the rules made thereunder.

b The company has not entered into any transaction with Struck off companies under section 248 of
Companies Act, 2013 or section 560 of Companies Act, 1956. Further, there is no balance outstanding
with struck off companies.

c The company does not have any charges or satisfaction, which is yet to be registered with ROC
beyond the statutory period.

d The Company has not traded or invested in crypto currency or virtual currency during the financial
year.

e The Company does not have any such transaction which is not recorded in the books of accounts
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).

f The company is in compliance with number of layers prescribed under clause (87) of section 2 of
Companies Act read with the companies (Restriction on number of layers) Rules, 2017.

g As on March 31, 2025 there is no unutilised amounts in respect of any long term borrowings from
banks and financial institutions. The borrowed funds have been utilised for the specific purpose for
which the funds were raised.

_Signatures to Significant Accounting Policies and Notes 1 to 47 to the Financial Statements_

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

For Mukesh M. Shah & Co. Chintan N. Parikh

Chartered Accountants Chairman & Managing Director

Firm Registration Number: 106625W (DIN:00155225)

Suvrat S. Shah Harshil K. Shah Jayesh C. Bhayani

Partner Company Secretary Chief Financial Officer

Membership Number: 102651 Membership Number:ACS-71884

Ahmedabad, Dated: May 24, 2025 Ahmedabad, Dated: May 24, 2025