Notes to Accounts of Ajmera Realty & Infra India Ltd.

Mar 31, 2025

2.18.Provisions, contingent assets and contingent
liabilities

Provisions are recognized only when there is a
present obligation, as a result of past events and
when a reliable estimate of the amount of obligation
can be made at the reporting date. These estimates
are reviewed at each reporting date and adjusted
to reflect the current best estimates. Provisions are
discounted to their present values, where the time
value of money is material.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed
only by future events not wholly within the
control of the Company or

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

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

2.19. Leases

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

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

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

Company as a lessee

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

Right-of-use assets

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

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

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

Lease Liabilities

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

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

Short-term leases and leases of low-value assets

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

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

Company as a lessor

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

2.20.Financial Instruments

Initial recognition and measurement

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

Subsequent measurement of Financial Assets
Financial assets carried at amortized cost

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

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

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

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

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

Investment in subsidiaries, joint ventures and
associates

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

Financial liabilities

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

Derecognition of financial instruments

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

2.21. Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes)
by the weighted-average number of equity shares

outstanding during the period. The weighted-average
number of equity shares outstanding during the
period is adjusted for events including a bonus
issue.

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

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

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

Significant management judgements
Recognition of deferred tax assets

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

Evaluation of indicators for impairment of assets

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

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

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

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

underlying construction and service contracts, which
require assessments and judgements to be made
on changes in work scopes, claims (compensation,
rebates etc.) and other payments to the extent they
are probable and they are capable of being reliably
measured. For the purpose of making estimates for
claims, the Company used the available Contractual
and historical information.

Useful lives of depreciable/ amortisable assets -

Management reviews its estimate of the useful lives
of depreciable/amortisable assets at each reporting
date, based on the expected utility of the assets.
Uncertainties in these estimates relate to technical
and economic obsolescence that may change the
utility of assets.

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

Fair value measurements - Management applies
valuation techniques to determine the fair value
of financial instruments (where active market
quotes are not available). This involves developing
estimates and assumptions consistent with how
market participants would price the instrument.
The Company used valuation techniques that are
appropriate in the circumstances and for which
sufficient data is available to measure fair value,
maximizing the use of relevant observable inputs and
minimizing the use of unobservable inputs. All assets

and liabilities for which fair value is measured or
disclosed in the financial statements are categorized
within the fair value hierarchy, described as follows,
based on the lowest level input i.e. significant to the
fair value measurement as a whole.;

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

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

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

2.23 Cash flow Statements

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

2.24 Recent accounting pronouncements

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

b. Term/rights attached

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

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

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

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

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

repayable in specified monthly instalments secured against:

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

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

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

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

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

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

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

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

36.1 CORPORATE SOCIAL RESPONSIBILITY

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

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

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

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

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

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

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

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

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

42 CAPITAL MANAGEMENT POLICY

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

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

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as
presented on the face of balance sheet.

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

43 EMPLOYEE BENEFIT

Defined contribution plans

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

Defined Benefit Plan

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

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

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

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

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

Types of Risk and its management

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

1. Credit Risk

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

2. Liquidity Risk

Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The company approach to managing liquidity is
to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the company liquidity position and cash and cash equivalents on the basis
of expected cash flows. The company takes into account the liquidity of the market in which the entity operates.

3. Foreign Currency Risk

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

47 CAPITAL AND OTHER COMMITMENTS

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

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

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

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

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

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

53 RELATIONSHIP WITH STRUCK OFF COMPANIES

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

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

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

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

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

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

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

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

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

62 SUBSEQUENT EVENTS

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

63 REGROUPING OF PREVIOUS YEAR FIGURES.

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

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

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

Chartered Accountants
Firm Reg. No. 107488W

Rajnikant S. Ajmera Manoj I. Ajmera

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

Rasesh V. Parekh - Partner

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

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

Place : Mumbai, Place : Mumbai,

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

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Mar 31, 2024

2.18.Provisions, contingent assets and contingent

liabilities

Provisions are recognized only when there is a present obligation, as a result of past events and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only by future events not wholly within the control of the Company or

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

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

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

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

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

Company as a lessee

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

Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

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

Right-of-use assets are also subject to impairment.

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

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

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 month or less from the commencement date and do no contain a purchase option). It also applies the lease of low-value assets recognition exemption to lease of offices, godowns, equipment, etc. that are o low value. Lease payments on short-term lease: and leases of low value assets are recognised a expense on a straight-line basis over the lease term

Company as a lessor

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

2.20.Financial Instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair Value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value.

Subsequent measurement of Financial Assets

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

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

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

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

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

De-recognition of financial assets

A financial asset is primarily de-recognized when the contractual rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset.

Subsequent measurement of Financial Assets

Subsequent to initial recognition, all non-derivative financial liabilities are measured at amortised cost using the effective interest method.

De-recognition of financial liabilities

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

2.21.Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted-average number of equity shares outstanding during the period. The weighted-average number of equity shares outstanding during the period is adjusted for events including a bonus issue.

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

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

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

Significant management judgements

Recognition of deferred tax assets -

At the end of the year the Company has net deferred tax assets as per the provision of Ind AS

- 12 "Income Taxes ", As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Ind AS 12

Evaluation of indicators for impairment of assets

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

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

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

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

require assessments and judgements to be made on changes in work scopes, claims (compensation, rebates etc.) and other payments to the extent they are probable and they are capable of being reliably measured. For the purpose of making estimates for claims, the Company used the available Contractual and historical information.

Useful lives of depreciable/ amortisable assets -

Management reviews its estimate of the useful lives of depreciable/amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utility of assets.

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

Fair value measurements - Management applies valuation techniques to determine the fair value of financial instruments (where active market quotes are not available). This involves developing estimates and assumptions consistent with how market participants would price the instrument. The Company used valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input i.e. significant to the fair value measurement as a whole.;

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

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

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

2.23.Recent accounting pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

b. Term/rights attached

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2024, the company has proposed the amount of per share dividend as distributions to equity shareholders was Rs.4.00 per share (Previous year Rs. 3.00 per share) as Final Dividend.

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

Note 19.1

Outstanding borrowings of Rs.33910.58 Lakhs (Previous Year Rs.71020.79 Lakhs) from HDFC Bank Limited (earlier HDFC Limited) having an effective rate of interest of 11.55% to 12.55% repayable in 4 to 6 years in specified monthly instalments secured against:

1 Exclusive charge on All those pieces and parcels of land bearing C.T.S. No. 1A/2 (corresponding to Survey No. 173/1 pt) admeasuring 72,778.9 square meters or thereabouts (i.e. excluding an area admeasuring 24,655.10 square meters shown as protected forest l.e. mangroves in the Property Register Card, out of 97,434 square meters in the aggregate), lying being and situate at Village Anik, Taluka Kurla, within the jurisdiction of the City Survey Office, Chembur in the Registration Sub-District of Mumbai Suburban, less 4410 sq. mtrs for Treon, 4152 sq. mtrs for Zeon and 3850 sq.mtrs. for Manhattan. Net area 60366.90 sq. mtrs, together with the construction thereon, schedule receivables and insurance proceeds, both present and future (Balance Land 1)

2 Exclusive mortgage and charge on all those pieces and parcels of land bearing C.T.S. No. 1A/2 (corresponding to Survey No. 173/1 pt) admeasuring 21,757.10 square meters or thereabouts and forming a part of Larger Property lying being and situate at Village Anik, Taluka Kurla, within the jurisdiction of the City Survey Office, Chembur in the Registration Sub-District of Mumbai Suburban, together with the construction thereon, schedule receivables and insurance proceeds, both present and future ("Balance Land 2")

3 Residential project "Ajmera Aeon" with the underlying land and scheduled receivables and insurance proceeds admeasuring approximately 9,313.50 sq.mt situated at sub plot A bearing CTS No. 1A/7 and 1A/8 of village Anik at Chembur

4 Residential cum Commercial project "Ajmera Zeon" with the underlying land and scheduled receivables and insurance proceeds admeasuring approximately 4,152 sq.mt situated at sub plot A bearing CTS No. 1A/2 of village Anik at Chembur admeasuring 72,778.9 sq.mt

5 Residential cum Commercial project "Ajmera Treon" with the underlying land and scheduled receivables and insurance proceeds admeasuring approximately 4,410.0 sq.mt situated at sub plot A bearing CTS No. 1A/2 of village Anik at Chembur admeasuring 72,778.9 sq.mt

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

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

Note 19.2

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

1 All parcel of land bearing CTS No. 1A/2 admeasuring 3850 sq mtrs together with Buildings 3A and 3B situated at Village Anik, Taluka Kurla with receivables and insurance proceeds.

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

Note 35.2 Corporate Social Responsibility

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

Note 38 : The Company primarily deals in the business of Real Estate and hence there is no Primary reportable

segment in the context of Ind AS 108.

Note 39 : Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

a) The principal amount Rs.12.80 (Previous Year Rs. 429.95) lakhs and the interest due thereon is Rs. 0.07 Lakhs (Previous Year NIL) remaining unpaid to any supplier at the end of each accounting year 2023-24.

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

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

d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Rs. 0.07 Lakhs (Previous Year NIL)

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

The above information to be read with Note No. 20 & 25 - "Trade Payables" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

Note 40 : Capital Management policy

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

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

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet.

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

Note 41 : Employee Benefit Defined contribution plans

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

Defined Benefit Plan

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

The following table sets out the funded status of the gratuity plan (a funded, post-employment defined benefit plan) and the amounts recognised in the Company''s financial statements as at March 31,2024.

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

The most recent actuarial valuation of the present value of the defined benefit obligation was carried out at March 31,2024. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.

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

Types of Risk and its management

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

1. Credit Risk

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

2. Liquidity Risk

Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The company approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the company liquidity position and cash and cash equivalents on the basis of expected cash flows. The company takes into account the liquidity of the market in which the entity operates.

Capital and other commitments on account of revenue as well as capital nature is Rs. 1062.46 Lakhs (Previous Year Rs. 863.25 Lakhs)

Note no 46

No proceedings have been initiated during the year or are pending against the Company as at March 31, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

Note no 47

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

Note no 48

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

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

Note no 50

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

Note no 51 Relationship with Struck off Companies

Disclosure for the relationship with any struck off company for the year ended as on March 31, 2024 and March 31, 2023:

Note no 52

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

Note no 53

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

Note no 54

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

Note no 55

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

Note no 56

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

Note no 57

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

Note no 58

The Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, the audit trail feature was not tampered with at any point of time

Note no 59 Subsequent events

There is not any subsequent event reported after the date of financial statements.

Note no 60 Regrouping of Previous Year Figures.

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

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

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

Chartered Accountants

Firm Reg. No. 107488W Rajnikant S. Ajmera Manoj I. Ajmera

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

Rasesh V. Parekh - Partner

Membership No. 38615 Nitin D. Bavisi Chandra Prakash Jugani

UDIN : 24038615BKBFJW2378 Chief Financial Officer Company Secretary

Place : Mumbai Place : Mumbai

Date : 9th May 2024 Date : 9th May 2024

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Mar 31, 2023

Term/rights attached

The company has only one class of equity shares having a par value of H 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2023, the company has proposed the amount of per share dividend as distributions to equity shareholders was J 3.00 per share (Previous year H 2.25 per share) as Final Dividend.

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

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

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

* Term loans from Financial Institution includes borrowings from HDFC Limited having an effective rate of interest of 14.05% repayable in specified monthly instalments secured against: 1. Extension of Pari Passu Mortgage of property financed being All those pieces and parcels of land bearing C.T.S. No. 1A/2 (corresponding to Survey No. 173/1 pt) admeasuring 72,778.9 square meters or thereabouts (i.e. excluding an area admeasuring 24,655.10 square meters shown as protected forest l.e. mangroves in the Property Register Card, out of 97,434 square meters in the aggregate), lying being and situate at Village Anik, Taluka Kurla, within the jurisdiction of the City Survey Office, Chembur in the Registration Sub-District of Mumbai Suburban, less 4410 sq. mtrs with ICICI for Trion and 4152 sq. mtrs for Zeon. Net area 64216.90 sq. mtrs, being held in pari passu with ICICI Bank.together with the construction thereon, both present and future

An exclusive charge on the scheduled receivables under the documents entered into with the customers of the

funded project by the Borrower, and all insurance proceeds, both present and future

1. Residential cum Commercial project “”Ajmera Zeon”” with the underlying land and scheduled receivables and insurance proceeds admeasuring approximately 4,152 sq.mt situated at sub plot A bearing CTS No. 1A/2 of village Anik at Chembur admeasuring 72,778.9 sq.mt

2. Mortgage of all parcel of land admeasuring 72778.90 sqmt (less 4152 sq mtrs for Zeon and 4410 sq mtrs for Treon) bearing CTS no. 1A/2 of village Anik Taluka Kurla Mumbai being held in pari passu with ICICI Bank Limited.

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

4. All parcel of land bearing CTS No. 1A/2 admeasuring 3850 sq mtrs together with Buildings 3A and 3B situated at Village Anik, Taluka Kurla with receivables and insurance proceeds.

Also these borrowings have been secured by way of personal guarantee of Rajnikant Ajmera, Dhaval Ajmera &

Bandish Ajmera.

NOTE 35 : CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

a. Income Tax Demand raised by authorities for the period and their status

Sr.	Nature of dues	Amount (in	Period to which the amount relates	Status
No.		Lakhs)
1	Tax and Interest	0.31	A.Y. 2010-2011	Order u/s 143(3). Wrong Tax Liability Computed. Rectification letter is filed
2	Tax and Interest	49.16	A.Y. 2011-2012	Order u/s 143(3) Wrong Tax Liability Computed. Rectification letter is filed.
3	Income Tax	78.97	A.Y 2013-2014	Order u/s 143. Wrong Tax Liability Computed. Rectification letter is filed
4	Tax and Interest	7.09	A.Y 2015-2016	Wrong demand u/s 154. Rectification letter is filed.

NOTE 38 : EMPLOYEE BENEFIT

Defined contribution plans

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

Defined Benefit Plan

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

The following table sets out the funded status of the gratuity plan (a funded, post-employment defined benefit plan) and the amounts recognised in the Company''s financial statements as at March 31, 2023

This scheme typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.

Investment risk:- The present value of the defined benefit plan liability (denominated in Indian Rupee) is calculated using a discount rate which is determined by reference to market yields on Indian government bonds corresponding to the tenor of the obligation at the end of the reporting period.

Interest rate risk:- A decrease in the bond interest rate will increase the plan liability.

Longevity risk:- The present value of the defined benefit plan liability is calculated by reference to the expected future salary growth of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

Salary growth risk:- The present value of the defined benefit plan liability is calculated by reference to the expected future salary growth of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

Withdrawal risk :- Withdrawal risk also exists for the plan e.g. employees leaving the company in the future may be different than the rate assumed.

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

The most recent actuarial valuation of the present value of the defined benefit obligation was carried out at March 31, 2023. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.

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

Consequent to Ind AS 19 “Employee Benefits”, the company has reviewed and revised its accounting policy in respect of employee benefits.

a) The principal amount H429.95 (Previous Year H 995.43) lakhs and the interest due thereon is NIL (Previous Year NIL) remaining unpaid to any supplier at the end of each accounting year 2022-23

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

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

d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Nil

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

The above information and that given in note no.19 & 23 -“Trade Payables” regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors.

NOTE 42:

The Company has re - assessed the useful life of assets for the purpose of determination of depreciation in the manner prescribed under the Schedule II of the Companies Act, 2013.

NOTE 43 : CAPITAL MANAGEMENT POLICY

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

Types of Risk and its management

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

a. Credit Risk

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

b. Liquidity Risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group''s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the Group''s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Group takes into account the liquidity of the market in which the entity operates.

c. Foreign Currency Risk

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

NOTE 45 : CAPITAL AND OTHER COMMITMENTS

Capital and other commitments on account of revenue as well as capital nature is H 863.25 Lakhs (Previous Year H 628.08 Lakhs)

NOTE 46 : CORPORATE SOCIAL RESPONSIBILITY

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief, COVID-19 relief and rural development projects. A CSR committee has been formed by the company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013:

Note 47

No proceedings have been initiated during the year or are pending against the Company as at March 31, 2023 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

Note 48

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

Note 49

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

Note 50

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

Note 51

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

Note 52 : Relationship with Struck off Companies

Disclosure for the relationship with any struck off company for the year ended as on March 31, 2023 and March 31, 2022:

NOTE 54:

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

NOTE 55 :

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

NOTE 56 :

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

NOTE 57 :

The Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

NOTE 58 :

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

NOTE 59 :

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

NOTE 60 :

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

NOTE 61 : Subsequent events

There is not any subsequent event reported after the date of financial statements.

NOTE 62 :

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

NOTE 63 : Regrouping of Previous Year Figures.

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

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Mar 31, 2018

1. CORPORATE INFORMATION

Ajmera Realty & Infra India Limited is a public company domiciled in India and incorporated under the provisions of the Indian Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in real estate business.

a. Term/rights attached

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31^st March, 2018, the amount of dividend recognised as distributions to equity shareholders was Rs. NIL per share as Interim Dividend (Previous Year Rs. 1.70 per share) and Rs. 3.30 per share (Previous year Rs. 0.80 per share) as Final Dividend.

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

For the period of five years starting from preceding date

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

* Term loans from Banks includes borrowings from ICICI Bank Limited having an effective rate of interest of 10.30% repayable in specified monthly installments secured against:

1. Residential cum Commercial project “Treon” having saleable area of approx. 540,004 sqft along with the underlying land measuring admeasuring approximately 4,410 sq.mt situated at sub plot A bearing CTS No. 1A/2 of village Anik at Chembur admeasuring 72,778.9 sq.mt and

2. Residential cum Commercial project “Zeon” having saleable area of approx. 540,004 sqft along with the underlying land measuring admeasuring approximately 4,152 sq.mt situated at sub plot A bearing CTS No. 1A/2 of village Anik at Chembur admeasuring 72,778.9 sq.mt

Also these borrowings have been secured by way of personal guarantees of Mr. Rajnikant Ajmera & Mr. Manoj Ajmera.

** Loans from Financial Institutions includes borrowings from HDFC Limited having an effective rate of interest of 10.35% repayable in specified monthly installments secured against:

1. Mortgage of project “Ajmera Aeon” Bhakti Park, Wadala, Mumbai along with an exclusive charge on the scheduled receivables and

2. Mortgage of all parcel of land admeasuring 72,778.90 sqmt bearing CTS no. 1A/2 of village Anik Taluka Kurla Mumbai along with an exclusive charge on the scheduled receivables and all insurance proceeds

Also these borrowings have been secured by way of personal guarantees of Mr. Rajnikant Ajmera, Mr. Dhaval Ajmera & Mr. Bandish Ajmera.

2 Contingent liabilities not provided for in respect of :

a. I ncome Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs. 2,909 Lakhs. (Previous Year Rs. 2,909 Lakhs) the company has filed petition with the settlement commission under section 245 (C) of the Income Tax Act,1961, Any Adjustment required would be accounted in the year in which final order is received. And one case pertaining to A.Y 2012-2013 is pending with Commissioner of Income Tax (Appeal) for Rs 9.81 Lakhs (Previous Year Rs. 9.81. Lakhs).

b. During the year Ajmera Realty & Infra India Limited has given corporate guarantee Rs. 1500 Lakhs (Previous Year Rs. 1,500 Lakhs) to one of its Associate Ultratech Property Developers Private Limited towards financial facility of Rs. 1,500 Lakhs availed from Kotak Mahindra Bank Limited and also given corporate guarantee to one of Associate V.M. Procon Private Limited towards financial facility of Rs. 3,600 Lakhs (Previous Year Rs. 3,600 Lakhs) availed from Tata Capital financial Services Limited Rs. 1,500 Lakhs and Tata Capital Housing Finance Limited Rs. 2,100 Lakhs.

3 Deferred Taxation:

The Company has net Deferred Tax Assets of Rs. 713.13 Lakhs (Previous year Rs. 2,310.86 Lakhs) as on 31^st March 2018 on account of set off after net MAT Credit till 31^st March 2018. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Ind AS 12

Major components of deferred tax arising on account of timing differences are

4 Employee Benefit

Consequent to Ind AS 19 “Employee Benefits”, the company has reviewed and revised its accounting policy in respect of employee benefits.

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

5 Related Party Disclosures:

A. Name of Related Parties and Related Party Relationship

Key Management Personnel

i] Mr. Manoj I. Ajmera

(Managing Director)

ii] Mr. o. P. Gandhi

(Group Chief Financial Officer)

iii] Ms. Harshini D. Ajmera (Company Secretary)

B. Relatives of Key Management Personnel

- RUPAL M. AJMERA

- TANVI M. AJMERA

- RUSHI M. AJMERA

- ISHWARLAL S. AJMERA HUF

- JAYANT I. AJMERA

- MANOJ I. AJMERA HUF

- RITA MITUL MEHTA

- DILIP C. AJMERA

- JYOTI D. AJMERA

- RIDDHI D. AJMERA

- SUMAN O. GANDHI

- NUPUR O. GANDHI

- GAURAV O. GANDHI

C. Related Parties Where Control exists

Subsidiaries

i. Jolly Brothers Private limited

ii. Ajmera Estate Karnataka Private Limited

iii. Ajmera Mayfair Global W.L.L

iv. Ajmera Clean Green Energy Limited

v. Ajmera Realty Ventures Private Limited

vi. Ajmera Realcon Private Limited

vii. Laudable Infrastructure LLP

viii. Ajmera Corporation UK Ltd

ix. Radha Raman Dev Ventures Private Limited

x. SaNa Buildpro LLP

xi. SaNa Building Products LLP

xii. Ajmera Infra Developers LLP

D. Associates/Joint Ventures

i. Ajmera Housing Corporation Bangalore

ii V.M. Procon Private limited

iii. Sumedha Spacelinks LLP

iv. Ultratech Property Developers Private Limited

E. Other Related Parties

i. Ajmera Cement Private Limited

ii. Shree Precoated Steel Limited

F. Related Party Transactions:

a. Disclosure in respect of material transactions with related parties

6 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

a) The principal amount Rs. 0.48 Lakhs (Previous Year Rs. NIL) and the interest due thereon is Rs. NIL (Previous Year Rs. NIL) remaining unpaid to any supplier at the end of each accounting year 2017-18

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

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

d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Nil

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

The above information and that given in note no.19 & 22 -“Trade Payables” regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors

The Company has re - assessed the useful life of assets for the purpose of determination of depreciation in the manner prescribed under the Schedule II of the Companies Act, 2013.

7 Capital Management Policy

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

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

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet. The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may, subject to relevant permissions and compliances, adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

* All the investments in subsidiaries, associates and joint ventures are stated at cost as per Ind AS 27 ‘Separate Financial Statements’.

Types of Risk and its management

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

a. Credit Risk

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

b. Liquidity Risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the Group’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Group takes into account the liquidity of the market in which the entity operates.

c. Foreign Currency Risk

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

Foreign Exchange gain/loss has not been provided for advances made to foreign subsidiary

8 Capital and other commitments

Capital and other commitments on account of revenue as well as capital nature is Rs. 2,411.03 Lakhs (Previous Year Rs. 930.67 Lakhs)

9 Corporate Social Responsibility

Company has spent total of Rs. 79.05 Lakhs (Previous Year Rs. 58.61 Lakhs) during the financial year 2017-2018 towards Corporate Social Responsibility against the total requirement of Rs. 38.69 Lakhs (Previous Year Rs. 15.24 Lakhs)

The Balance in Debtors, Creditors, few Bank Accounts balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.

10 Subsequent events

There is no subsequent event reported after the date of financial statements.

Previous year financial statements have been audited by a firm other than M/s. Manesh Mehta & Associates

11 Regrouping of Previous Year Figures.

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

---

Mar 31, 2017

1. Corporate Information

Ajmera Realty & Infra India limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 2013. Its shares are listed on two stock exchanges in India. The company is engaged in real estate business.

A. Term/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31^st March, 2017, the amount of per share dividend recognised as distributions to equity shareholders was Rs.Nil per share as Interim Dividend(Previous Year Rs.1.70 per share) and Rs.3.00 per share (Previous year Rs.0.80 per share) as Final Dividend.

2 Contingent liabilities not provided for in respect of:

a. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs. (Previous Year Rs. 2909. Lakhs) the company has filed petition with the settlement commission under section 245 ( C ) of the Income Tax Act,1961, any adjustment required would be accounted in the year in which final order is received.

b. There is unadjusted TDS liability of previous years to the extent of 20.53 Lakhs

c. During the year Ajmera Realty & Infra India Limited has availed Letter of Credit facility towards import of lift to the tune of Rs.Nil (P.Y. 621.55 Lakhs). The same is availed as a sub limit from ICICI Bank limited.

d. During the year Ajmera Realty & Infra India Limited has given corporate guarantee of Rs.1500 Lakhs (P.Y. Nil) to one of its Associate Ultratech Property Developers Private Limited towards financial facility of Rs.1500 Lakhs availed from Kotak Mahindra Investments Limited.

3. Deferred Taxation:

The Company has net Deferred Tax Assets of Rs. 2310.86 Lakhs (Previous year Rs. 3292.28 Lakhs) as on 31st March 2017 on account of set off after net MAT Credit till 31st March 2017. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard - 22 issued by the Institute of Chartered Accountants of India.

4 Employee Benefit

Consequent to Revised Accounting Standards 15 (AS-15) “Employee Benefits” read with guidance note on implementation of AS-15 issued by Institute of Chartered Accountants of India, effective from April 1, 2007, the company has reviewed and revised its accounting policy in respect of employee benefits.

5. The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the context of Accounting Standard - 17 issued by ICAI.

6. Related Party Disclosures:

a. Name of Related Parties and Related Party Relationship Key Management Personnel

i] Mr. Manoj I. Ajmera

(Managing Director)

ii] Mr. O. P. Gandhi

(Group Chief Financial Officer)

iii] Ms. Harshini D. Ajmera

(Company Secretary)

b. Relatives of Key Management Personnel

- Rupal M. Ajmera - Tanvi M. Ajmera

- Rushi M. Ajmera - Ishwarlal S. Ajmera Huf

- Jayantl.Ajmera - Manojl.AjmeraHuf

- Rita Mitul Mehta - Dilip C. Ajmera

- Jyoti D. Ajmera - Riddhi D. Ajmera

- SumanO.Gandhi - NupurO.Gandhi

- Gaurav O. Gandhi

C. Related Parties Where Control exists

Subsidiaries

i. Jolly Brothers Private limited

ii. Ajmera Estate Karnataka Private Limited

iii. Ajmera Mayfair Global W.L.L

iv. Ajmera Clean Green Energy Limited

v. Ajmera Realty Ventures Private Limited

vi. Ajmera Realcon Private Limited

vii. Laudable Infrastructure LLP

viii. Ajmera Corporation UK Ltd

ix. Radha Raman Dev Ventures Private Limited

x. Sana Buildpro LLP

xi. Sana Building Products LLP

Associates & Joint Ventures

i. Ultratech Property Developers Private Limited

ii. Ajmera Cements Private Limited

iii. Ajmera Housing Corporation Bangalore

iv. V.M. Procon Private limited

v. Sumedha Spacelinks LLP

vi. Shree Precoated Steels Limited

7. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

a) The principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year : Nil

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

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

d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Nil

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

The above information and that given in note no.8 -”Trade Payables” regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors.

8. The Company has re-assessed the useful life of assets for the purpose of determination of depreciation in the manner prescribed under the Schedule II of the Companies Act, 2013.

9. Disclosure on Specified Bank Notes (SBNs)

During the year, the Company had specified bank notes or other denomination note as defined in the MCA notification G.S.R. 308(E) dated 31^st March, 2017 on the details of Specified Bank Notes (SBN) held and transacted during the period from 8^th November, 2016 to 30^thDecember, 2016, the denomination wise SBNs and other notes as per the notification is given below:

* For the purposes of this clause, the term ‘specified Bank Notes” shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated 8^th November, 2016.

10. Capital and other commitments

Capital and over commitments on account of revenue as well as capital nature is Rs.Nil (P.Y NIL)

11. Corporate Social Responsibility

Company has spent total of Rs. 58.61 Lakhs (P.Y. Rs.16.72 Lakhs) during the financial year 2016-2017 towards Corporate Social Responsibility against the total requirement of Rs. 38.69 Lakhs (P.Y. Rs.15.24 Lakhs).

12. The Balance in Debtors, Creditors, few Bank Accounts balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.

13. Subsequent events

There is not any subsequent event reported after the date of financial statements.

14. Regrouping of Previous Year Figures.

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

---

Mar 31, 2016

b. Term/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs, 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2016, the amount of per share dividend recognized as distributions to equity shareholders was Rs, 1.70 per share as Interim Dividend (Previous Year Rs, Nil) and Rs, 0.80 (Previous year Rs, 1.70 per share) as Final Dividend.

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

1. Contingent liabilities not provided for in respect of:

a. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs, 2909 Lakhs. (Previous Year Rs, 2909. Lakhs) the company has filed petition with the settlement commission under Section 245 (C) of the Income Tax Act,1961, any adjustment required would be accounted in the year in which final order is received.

b. During the year Company has availed Letter of Credit facility towards import of lift to the tune of Rs, 621.55 Lakhs (Previous Year 125 Lakhs). The same is availed as a sub limit from ICICI Bank limited.

2. Deferred Taxation:

The Company has net Deferred Tax Assets of Rs, 3292.28 Lakhs (Previous year Rs, 3870.18 Lakhs) as on 31^st March 2016 on account of net MAT Credit till 31^st March 2016. As a prudence policy they said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard - 22 issued by the Institute of Chartered Accountants of India.

3. The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the contex of Accounting Standard - 17 issued by ICAI.

4. Related Party Disclosures:

a. Name of Related Parties and Related Party Relationship Key Management Personnel i] Mr. Manoj I. Ajmera

(Managing Director)

ii] Mr. O. P. Gandhi

(Group Chief Financial Officer)

iii] Ms. Harshini D. Ajmera

(Company Secretary)

b. Relatives of Key Management Personnel

- RUPAL M. AJMERA - TANVI M. AJMERA

- RUSHI M. AJMERA - ISHWARLAL S. AJMERA HUF

- JAYANT I. AJMERA - MANOJ I. AJMERA HUF

- RITA MITUL MEHTA - DILIP C. AJMERA

- JYOTI D. AJMERA - RIDDHI D. AJMERA

- SUMAN O. GANDHI - NUPUR O. GANDHI

- GAURAV O. GANDHI

^c. Related Parties Where Control exists

Subsidiaries i. Jolly Brothers Private Limited

ii. Ajmera Estate Karnataka Private Limited

iii. Ajmera Mayfair Global W.L.L

iv. Ajmera Clean Green Energy Limited

v. Ajmera Realty Ventures Private Limited

vi. Ajmera Realcon Private Limited

vii. Laudable Infrastructure LLP vIii. Ajmera Corporation UK Limited

ix. Sana Buildpro LLP

x. Sana Building Products LLP

Associates & joint Ventures i. Ultratech Property Developers Private Limited

ii. Ajmera Cement Private Limited

iii. Ajmera Housing Corporation Bangalore

iv. V.M. Procon Private Limited

v. Shree Precoated Steels Limited

vi. Sumedha Spacelinks LLP

5. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

a) The principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year : Nil

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

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

d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Nil.

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

The above information and that given in note no.8 -“Trade Payables” regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors.

6. The Company has re - assessed the useful life of assets for the purpose of determination of depreciation in the manner prescribed under the Schedule II of the Companies Act, 2013. Consequently :

(i) In Previous Year - Where the revised useful life of Assets has expired at the beginning of the year, the carrying value of such assets net of the effect of deferred tax Rs, 82.03 Lakhs aggregating Rs, 1.59 Lakhs is adjusted against the opening balance of retained earnings as a transitional adjustment as per Schedule II.

(ii) In Previous Year In other cases the carrying value of the assets at the beginning of the year are depreciated over the balance of the revised useful life of the assets. The charges on account of depreciation for the year is lower by Rs, Nil (Previous Year 1.59) Lakhs as a result of this change in the estimate.

7. Capital and other commitments

Capital and other commitments on account of revenue as well as capital nature is Rs, NIL (Previous Year NIL)

8. Corporate Social Responsibility

Company has spent total of Rs, 16.72 Lakhs during the financial year 2015-16 towards Corporate Social responsibility against the total requirement of Rs, 15.24 Lakhs.

9. The Balance in Debtors, Creditors, Bank balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.

10. Subsequent events

There is no subsequent event reported after the date of financial statements.

---

Mar 31, 2015

1. Contingent liabilities not provided for in respect of:

a. There are certain disputed cases where appeal has been initiated with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB for

For Assessment Year 2006 - 2007 assessed Rs.1337.18 Lakhs as tax liability on total income of Rs. 3016.88 Lakhs.

b. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs. 2909 Lakhs. (Previous Year Rs. 2909. Lakhs) the company has filed petition with the settlement commission under section 245 ( C ) of the Income Tax Act,1961, Any Adjustment required would be accounted in the year in which final order is received.

c. In the previous year, Ajmera Realty & Infra India Limited had given corporate guarantee to one of its associates, V.M.Procon Private Limited against the term loan granted by ICICI Bank Limited for Rs. 5000 Lakhs only.

d. During the year Ajmera Realty & Infra India Limited has availed Letter of Credit facility towards import of Tiles to the tune of Rs. 125 Lakhs. The same is backed with 100% margin in the form of Fixed Deposit lien marked with ICICI Bank Ltd.

2. Deferred Taxation:

The Company has net Deferred Tax Assets of Rs. 3870.18 Lakhs (Previous year Rs. 4276.16 Lakhs) as on 31st March 2015 after adjusting set off Rs. 405.99 Lakhs for the Financial Year 2014-15. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard – 22 issued by the Institute of Chartered Accountants of India.

3. The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the context of Accounting Standard – 17 issued by ICAI.

4. Related Party Disclosures:

a. Name of Related Parties and Related Party Relationship

Key Management Personnel i] Mr. Manoj I. Ajmera

(Managing Director)

ii] Mr. O. P. Gandhi

(Group Chief Financial Officer)

iii] Ms. Harshini D. Ajmera

(Company Secretary)

b. Relatives of Key Management Personnel

RUPAL M. AJMERA - TANVI M. AJMERA

RUSHI M. AJMERA - ISHWARLAL S. AJMERA

ISHWARLAL S. AJMERA HUF - JAYANT I. AJMERA

MANOJ I. AJMERA HUF - Late SURENDRA I. AJMERA

RITA MITUL MEHTA - DILIP C. AJMERA

JYOTI D. AJMERA - RIDDHI D. AJMERA

SUMAN O. GANDHI - NUPUR 0. GANDHI

GAURAV O. GANDHI

c Related Parties Where Control exists

Subsidiaries i. Jolly Brothers Private limited

ii. Ajmera Estate Karnataka Private Limited

ii. Ajmera Biofuel Limited

iv. Ajmera Mayfair Global W.L.L

v. Ajmera Realty Ventures Private Limited

vi. Ajmera Realcon Private Limited

vii. Laudable Infrastructure LLP

Associates & joint Ventures i. Ultratech Property Developers Private Limited

ii. A.G. Estate Private Limited

ii. Ajmera Cement Private Limited

iv. Ajmera Citi Developers Private Limited

v. Ajmera Housing Corporation

vi. Ajmera Housing Corporation Bangalore

vii. Ajmera Bora Associates

viii. Ajmera Water N Amusement Park Private Limited

ix. Bombay Freezco Private Limited

x. Four Brothers

xi. V.M. Procon Private Limited

xii. Nilkanth Tech Park Private Limited

xiii. Pramukh Development Corporation

xiv. Sankalp Holdings Private Ltd

xv. Shree Precoated Steel Limited

xvi. Vijay Nagar Corporation

xvii. Yogi Nagar Vasahat Private Limited

xviii. Rushab Investments Private Limited

xvix. SaNa Buildpro LLP

5. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no delays in payment to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information and that given in note no.8 –"Trade Payables" regarding Micro and Small enterprises h as been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors.

6. The Company has reassessed the useful life of assets for the purpose of depreciation in the manner presented under the schedule II of the Companies Act, 2013, consequently.

i) Where the revised useful life of Assets has expired at the beginning of the year, the carrying value of such assets net of the effect of deferred tax Rs. 82.03 Lakhs aggregating Rs. 1.59 Lakhs is adjusted against the opening balance of retained earning as a transitional adjustment as per Schedule II.

ii) In other cases the carrying value of the Assets at the beginning of the year are depreciated over the balance of the revised useful life of the assets. The charges on account of depreciation for the year is lower by Rs. 1.59 Lakhs as result of the change in the estimate.

7. Capital and other commitments

Capital and other commitments on account of revenue as well as capital nature is Rs. NIL (P.Y NIL)

8. The Balance in Debtors, Creditors, Bank balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.

9. Subsequent events

There is not any subsequent event reported after the date of financial statements.

---

Mar 31, 2014

Corporate Information

Ajmera Realty & Infra India limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in real estate business.

1. Contingent liabilities not provided for in respect of:

a. There are certain disputed cases where appeal has been initiated with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB For Assessment Year 2006 - 2007 assessed Rs.1337.18 lacs as tax liability on total income of Rs.3016.88 lacs.

b. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs. (Previous Year Rs.2909. Lakhs) the company has filed petition with the settlement commission under section 245 ( C ) of the Income Tax Act, 1961, Any Adjustment required would be accounted in the year in which final order is received.

c. During the year Ajmera Realty & Infra India Limited has given corporate guarantee to one of its associates V.M.Procon Private limited to the tune of Rs.50 Crores, only against the term loan with ICICI Bank Limited.

2. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no delays in payment to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information and that given in note no.8 -"Trade Payables" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available details with the company. This has been relied upon by the auditors.

3. Capital and other commitments

Capital and other commitments on account of revenue as well as capital nature is Rs. NIL (PY NIL)

4. The Balance in Debtors, Creditors, Bank balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.

5. Subsequent events

There is not any subsequent event reported after the date of financial statements.

---

Mar 31, 2013

1. Corporate Information

Ajmera Realty & Infra India limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in real estate business.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

3. Contingent liabilities not provided for in respect of:

a. There are certain disputed cases where appeal has been initiated with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB tor For Assessment Year 2006 - 2007 assessed Rs. 1337.18 lacs as tax liability on total income of Rs.3016.88 lacs.

b. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs. (Previous Year Rs.2909 Lakhs) the company has filed petition with the settlement commission under section 245 ( C) of the Income Tax Act, 1961, Any Adjustment required would be accounted in the year in which final order is received.

c. Stamp Duty payable on account of reorganization/ reconstruction of the company is not yet determined as the same is pending for adjudication estimated at Rs.300 lacs.

d. During the year we have taken a bank guarantee of Rs.10 lakhs (100% secured against term deposit) towards tender for Solar power project in Patna, bihar

4. Deferred Taxation:

The Company has net Deferred Tax Assets of Rs. 4330.71 Lakhs (Previous year Rs 4330.89 Lakhs) as on 31 st March 2013 on account of net MAT Credit till 31st March 2013. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard - 22 issued by the Institute of Chartered Accountants of India.

5. Employee Benefit

Consequent to Revised Accounting Standards 15 (AS-15) "Employee Benefits" read with guidance note on implementation of AS-15 issued by Institute of Chartered Accountants of India, effective from April 1,2007, the company has reviewed and revised its accounting policy in respect of employee benefits.

6. Segment Information

The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the context of Accounting Standard -17 issued by ICAI.

7. Related Party Disclosures:

The related party and relationships, as identified by the Management and relied upon by the Auditors, with whom transactions have taken place during the year are:

a. Name of Related Parties and Related Party Relationship

Key Management Personnel i] Shri. Rajnikant S. Ajmera

(Chairman & Managing Director)

ii] Shri. Manoj I. Ajmera

(Managing Director)

iii] Shri. Sanjay C. Ajmera

(Wholetime Director)

b. Relatives of Key Management Personnel

- Atul C. Ajmera Huf

- Atul C. Ajmera

- Bhogilal S. Ajmera

- Binal S. Ajmera

- Jyoti N. Ajmera

- Sanjay C. Ajmera

- Dhaval R. Ajmera

- Dhaval R. Ajmera Huf

- Ishwarlal S. Ajmera Huf

- Jayant I. Ajmera

- Jayant I. Ajmera Huf

- Manoj I. Ajmera Huf

- Megha S. A|mera

- Natwarlal S. Ajmera

- Natwarlal S. Ajmera Huf

- Rajnikant S. Ajmera Huf

- Sanjay C. Ajmera Huf

- Sonali A. Ajmera

- Surendra I. Ajmera Huf

- Tanvi M. Ajmera

C. Related Parties Where Control exists

Name Of Party

Subsidiaries i. Jolly Brothers Private limited

ii. Ajmera Estate Karnataka Private Limited

iii. Ajmera Mayfair Global W.L.L

iv. Ajmera Biofuel Limited

v. Ajmera Realty Ventures Private Limited

Limited Liability Partnership i. Sana Buildpro LLP

ii. Laudable Infrastructure LLP

Associates & joint Ventures i. Ultratech Property Developers Private limited

ii. A.G. Estate Private Limited

iii. Ajmera Cement Private Limited

iv. Ajmera Citi Developers Private Limited

v. Ajmera Housing Corporation

vi. Ajmera Housing Corporation Banglore

vii. Ajmera Realcon Private Limited

viii. Ajmera Bora Associates

ix. Ajmera Water N Amusement Park Private Limited

x. Bombay Freezco Private Limited

xi. Four Brothers

xii. YM. Procon Private limited

xiii. Nilkanth Tech Park Private Limited

xiv. Pramukh Development Corporation

xv. Sankalp Holdings Private Ltd

xvi. Shree Precoated Steel Limited

xvii. Vijay Nagar Corporation

xviii. Yogi Nagar Vasahat Private Limited

xix. Rushab Investments Private limited

8. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no delays in payment to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information and that given in note no.8 -"Trade Payables" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors.

9. Earning and expenditure in foreign currency is Rs. NIL (previous year Rs. NIL).

10. Capital and other commitments

Capital and other commitments on account of revenue as well as capital nature is Rs. NIL (Previous Year NIL)

11. The Balance in Debtors, Creditors .Banks and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.

12. Subsequent events

There is not any subsequent event reported after the date of financial statements.

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Mar 31, 2012

1, Corporate Information

Ajmera Realty & Infra India Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in real estate business.

2. Basis of Preparation

The Financial Statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The Company has prepared these Financial Statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The Financial Statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of Financial Statements are consistent with those of previous year, except for the change in accounting policy explained below.

3. Contingent liabilities not provided for in respect of:

a. There are certain disputed cases where appeal has been initiated with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB for For Assessment Year 2006 - 2007 assessed Rs. 1337.18 lacs as tax liability on total income of Rs.3016.88 lacs.

b. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs. (Previous Year Rs.2909. Lakhs) the company has filed petition with the settlement commission under section 245 (C) of the Income Tax Act,1961, Any Adjustment required would be accounted in the year in which final order is received.

c. Stamp Duty payable on account of reorganization/ reconstruction of the company is not yet determined as the same is pending for adjudication estimated at Rs.300 lacs.

4. Deferred Taxation:

The Company has net Deferred Tax Assets of Rs. 4,330.89 Lakhs (Previous year Rs. 4,345.13 Lakhs) as on 31st March 2012 on account of net MAT Credit till 31 st March 2012. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard - 22 issued by the Institute of Chartered Accountants of India.

5. Employee Benefit

Consequent to Revised Accounting Standards 15 (AS-15)" Employee Benefits" read with guidance note on implementation of AS-15 issued by Institute of Chartered Accountants of India, effective from April 1,2007, the company has reviewed and revised its accounting policy in respect of employee benefits.

6. Segment Information

The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the context of Accounting Standard -17 issued by ICAI.

7. Related Party Disclosures:

The related party and relationships, as identified by the Management and relied upon by the Auditors, with whom transactions have taken place during the year are:

a. Name of Related Parties and Related Party Relationship

Key Management Personnel

i] Late Shri. Chhotalal S. Ajmera

(Chairman & Managing Director) upto 24th March, 2012

ii] Shri. Rajnikant S. Ajmera*

(Chairman & Managing Director)

iii] Shri. Manoj I. Ajmera*

(Managing Director)

iv] Shri. Sanjay C. Ajmera*

(Wholetime Director)

- Appointed w.e.f. 24th April, 2012

b. Relatives of Key Management Personnel

- Atul C. Ajmera Huf

- Atul C. Ajmera

- Bhogilal S. Ajmera

- Binal S. Ajmera

- Jyoti N. Ajmera

- Sanjay C. Ajmera

- Dhaval R. Ajmera

- Dhaval R. Ajmera Huf

- Ishwarlal S. Ajmera Huf

- Jayant I. Ajmera

- Jayant I. Ajmera Huf

- Manoj I. Ajmera Huf

- Megha S. Ajmera

- Natwarlal S. Ajmera

- Natwarlal S. Ajmera Huf

- Rajnikant S. Ajmera Huf

- Sanjay C. Ajmera Huf

- Sonali A. Ajmera

- Surendra I. Ajmera Huf

- Tanvi M. Ajmera

C. Related Parties Where Control exists Subsidiaries

Name Of Party

i. Jolly Brothers Private limited

ii. Ajmera Estate Karnataka Private Limited

iii. Ajmera Mayfair Global W.L.L

iv. Ajmera Biofuel Limited

Limited Liability Partnership

i. Sana Buildpro LLP

ii. Laudable Infrastructure LLP

Associates & joint Ventures

i. Ultratech Property Developers Private limited

ii. A.G. Estate Private Limited

iii. Ajmera Cement Private Limited

iv. Ajmera Citi Developers Private Limited

v. Ajmera Housing Corporation

vi. Ajmera Housing Corporation Banglore

vii. Ajmera Realcon Private Limited

ix. Ajmera Bora Associates

x. Ajmera Water N Amusement Park Private Limited

xi. Bombay Freezco Private Limited

xii. Four Brothers

xiii. V.M. Procon Private limited

xiv. Nilkanth Tech Park Private Limited

xv. Pramukh Development Corporation

xvi. Sankalp Holdings Private Ltd

xvii. Shree Precoated Steel Limited

xviii. Vijay Nagar Corporation

xix. Yogi Nagar Vasahat Private Limited

xx. Rushab Investments Private limited

8. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no delays in payment to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information and that given in note no.8 -"Trade Payables" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

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Mar 31, 2011

1. Figures of the previous year have been reworked, regrouped, reclassified and rearranged to confirm with the figures of the current year.

2. Contingent liabilities not provided for in respect of:

a. There are certain disputed cases where appeal has been initiated with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB for For Assessment Year 2006 - 2007 assessed Rs. 1337.18 lacs as tax liability on total income of Rs.3016.88 lacs.

b. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs. (Previous Year Rs.2909. Lakhs) the company has filed petition with the settlement commission under section 245 (C ) of the Income Tax Act,1961, Any Adjustment required would be accounted in the year in which final order is received.

c. Demand from Sales Tax Recovery Officer - Kolkatta forRs.1 Lakh (Previous Year Rs. 1 Lakh)

d. Suit filed against the Company not acknowledged as debts of Rs. 137 Lakhs (Previous Year Rs. 137 Lakhs).

e. Liability that may arise on account of the Financial Institution (SICOM) exercising their right of recompense as per the Board for Industrial Financial Reconstruction (BIFR) Scheme.

f. Stamp Duty payable on account of reorganization/ reconstruction of the company is not yet determined as the same is pending for adjudication estimated at Rs.300 lacs.

3. Deferred Taxation:

The Company has net Deferred Tax Assets ot Rs. 4234.69 Lakhs (Previous year Rs 4239.31 Lakhs) as on 31 st March 2011 on account of net MAT Credit till 31st March 2011. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard - 22 issued by the Institute of Chartered Accountants of India.

4. Employee Benefit

Consequent to Revised Accounting Standards 15 (AS-15) "Employee Benefits" read with guidance note on implementation of AS-15 issued by Institute of Chartered Accountants of India, effective from April 1,2007, the company has reviewed and revised its accounting policy in respect of employee benefits.

5. The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the context of Accounting Standard -17 issued by ICAI.

6. Related Party Disclosures:

The related party and relationships, as identified by the Management and relied upon by the Auditors, with whom transactions have taken place during the year are:

a. List of related parties and their relationship:

Name of the PartyRelationship

A.G. Estate Private Limited Associate

Ajmera Cement Private Limited Associate

Ajmera Citi Developers Private Limited Associate

Ajmera Estates (Karnataka) Private Limited Subsidiary

Ajmera Housing Corporation Associate

Ajmera Housing Corporation Banglore Associate

Ajmera Mayfair Global Reality W.L.L Subsidiary

Ajmera Realcon Private Limited Associate

Ajmera Reality Private Limited Associate

Ajmera Steel Stripes Limited Associate

Ajmera Water N Amusement Park Private Limited Associate

Bombay Freezco Private Limited Associate

Jolly Brothers Private Limited Subsidiary

Four Brothers Associate

Kunnuj Investment Private Limited Associate

Nilkanth Tech-Park Private Limited Associate

Pramukh Development Corporation Associate

Rushabh Investment Private Limited Associate

Sankalp Holdings Private Ltd Associate

Shree Precoated Steel Limited Associate

Ultratech Property Developers Private Limited Subsidiary

Vijay Nagar Appartment Associate

Vijay Nagar Corporation Associate

Yogi Nagar Vasahat Private Limited Associate

b. Directors and their relatives:

Name of the Party Relationship

CHHOTALAL S. AJMERA DIRECTORS

ISHWARLAL S. AJMERA DIRECTORS

RAJNIKANT S. AJMERA DIRECTORS

ATUL C. AJMERA HUF RELATIVE OF DIRECTORS

BHOGILAL S. AJMERA RELATIVE OF DIRECTORS

BINAL S. AJMERA RELATIVE OF DIRECTORS

JYOTI N. AJMERA RELATIVE OF DIRECTORS

SANJAY C. AJMERA RELATIVE OF DIRECTORS

DHAVAL R. AJMERA RELATIVE OF DIRECTORS

DHAVAL R. AJMERA HUF RELATIVE OF DIRECTORS

ISHWARLAL S. AJMERA HUF RELATIVE OF DIRECTORS

JAYANT I. AJMERA RELATIVE OF DIRECTORS

JAYANT I. AJMERA HUF RELATIVE OF DIRECTORS

MANOJ I. AJMERA HUF RELATIVE OF DIRECTORS

MEGHA S. AJMERA RELATIVE OF DIRECTORS

NATWARLAL S. AJMERA RELATIVE OF DIRECTORS

NATWARLAL S. AJMERA HUF RELATIVE OF DIRECTORS

RAJNIKANT S. AJMERA HUF RELATIVE OF DIRECTORS

SANJAY C. AJMERA HUF RELATIVE OF DIRECTORS

SONALI A. AJMERA RELATIVE OF DIRECTORS

SURENDRA I. AJMERA HUF RELATIVE OF DIRECTORS

TANVI M. AJMERA RELATIVE OF DIRECTORS

7. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no delays in payment to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information and that given in schedule 11 -"Current Liabilities" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

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Mar 31, 2010

1. Figures of the previous year have been reworked, regrouped, reclassified and rearranged to confirm with the figures of the current year.

2. In the Previous Year, the company filed composite scheme of arrangement under section 391 to 394 read with section 100 to 103 of the Companies Act 1956 to Demerge the business of Steel from AJMERA REALTY & INFRA INDIA LIMITED (ARIIL) to the company Ajmera Precoated Steel Limited (now known as Shree Precoated Steels Limited) (SPSL) as per the scheme filed with Honorable High Court of Bombay . The Honble High Court of Bombay vide order dated 21st March 2009 approved the scheme of demerger with effect from 01 st April,2008. (Appointed date)

The salient features of demerger scheme are:

a) All assets (whether movable or immovable, real or personal, corporeal or incorporeal, present, future or contingent, tangible or intangible) wherever situated pertaining to and relatable to the Steel Division;

b). All present and future liabilities arising out of the activities or operations of Steel Business, including loans, debts, current liabilities and provisions, duties and obligations relatable to the Steel Division;

c). All permanent employees of ARIIL employed in the Steel Division, as identified by the Board of Directors of ARIIL, as on the Effective Date;

d). With effect from the Appointed Date and upon the coming into effect of this Scheme and subject to the provisions of this Scheme the whole of the Steel Division of the ARIIL, of whatsoever nature and wheresoever situated, shall, under the provisions of Sections 391 to 394 and all other applicable provisions of the Act, without any further act or deed, be transferred to and vested in and/or be deemed to be transferred to and vested in the Resulting Company at their book values as at the close of the business on the day immediately preceding the Appointed Date, so as to vest in the Resulting Company the right, title and interest of the ARIIL therein;

e). The transfer and vesting of the Steel Division as aforesaid shall be subject to the existing securities, charges, mortgages and other encumbrances if any, subsisting over or in respect of the property and assets or any part thereof relatable to the Steel Division to the extent such securities, charges, mortgages, encumbrances are created to secure the liabilities forming part of the Steel Division.

f). On the Scheme becoming operative, all staff, workmen and employees of the Steel Division of ARIIL in service on the Effective Date shall be deemed to have become staff, workmen and employees of the Resulting Company with effect from the Appointed Date without any break in their service and on the basis of continuity of service, and the terms and conditions of their employment with ARIIL shall not be less favourable than those applicable to them with reference to the Steel Division of ARIILon the Effective Date.

g). The Remaining Business and all the assets, liabilities and obligations pertaining thereto shall continue to belong to and be vested in and be managed by ARIIL.

h). All costs, charges, taxes including duties, levies and all other expenses, if any (save as expressly otherwise agreed) arising out of or incurred in carrying out and implementing this Scheme and matters incidental thereto shall be borne by ARIIL

I). Upon this Scheme becoming operative and upon vesting of the Steel Division of ARIIL in the Resulting Company in terms of this Scheme, the Resulting Company, shall, without any further application or deed, issue and allot to every member of ARIIL, holding fully paid up equity shares in ARIIL and whose name appears in the Register of Members of ARIIL on the Record Date, his/her heirs, executors, administrators or the successors-in-title, as the case may be, in respect of every 10(Ten) Equity share of the face value of Rs.10 (Rupees Ten Only) each fully paid-up held by him/ her/ it in ARIIL, 7 (Seven) Equity share of the face value of Rs. 10 each (Rupees Ten only) of the Resulting Company, as fully paid- up.

j). The issue and allotment of New Equity Shares by Resulting Company to the shareholders of ARIIL, as the case may be, as provided in this Scheme is an integral part thereof and shall be deemed to have been carried out as if the procedure laid down under Section 81(1 A) and any other applicable provisions of the Act were duly complied with.

k). The excess of book value of assets as appearing in the balance sheet of ARIIL and transferred as a part of the Steel Division to the Resulting Company over the book value of liabilities transferred as a part of the Steel Division, shall be to the extent of Rs.82,79,80,420/- shall be debited to the Capital Reorganization Account and balance shall be debited to the Profit and Loss Account.

l). All costs and expenses incurred as per Clause 20 below as well as other costs incidental with the finalisation of this Scheme , including the all advisory fees, stamp duty charges, meeting expenses, professional fees, consultant fees & expenses and any other expenses or charges attributable to the implementation of the Scheme, shall be borne by ARIIL and, be adjusted against the balance in Profit and Loss Account in the books of ARIIL;

m). Upon the Scheme becoming effective and allotment of New Equity Shares by Resulting Company, the Old Equity Shares of the Resulting Company shall, without any application or deed, stand cancelled without any payments to the holders of such Old Equity Shares of Resulting Company.

n). Existing equity share capital of ARIIL of Rs. 118,28,29,1707- representing 11,82,82,917 equity shares of Rs. 10/- each shall be reduced by Rs.82,79,80,420/- to Rs.35,48,48,750/- divided into 3,54,84,875 equity shares of Rs.10/- each fully paid-up with effect from the effective date. Accordingly, the equity shareholders shall receive 3 (Three) equity share of Rs.10/- each fully paid up for every 10 (Ten) equity share of Rs. 10/- each fully paid up.

o). The Reduction of the Equity Shares of ARIIL as mentioned above shall be effected as an integral part of this Scheme without having to follow the process under Section 100 to 103 of the Act separately and the Order of the High Court sanctioning the Scheme shall be deemed to be also the Order under Section 102 of the Act for the purpose of confirming the reduction. The reduction would not involve either a diminution of liability in respect of unpaid share capital or payment of paid-up share capital to the shareholders and the provisions of Section 101 of the Act will not be applicable.

All formalities relating to demerger were completed on 17th April,2009 (effective date). The accounts of the company have been prepared from 01 st April,2008 i.e. appointed date till 31st March, 2009.

3 Contingent liabilities not provided for in respect of:

a. There are certain disputed cases where appeal has been initiated with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S80IB:

For Assessment Year 2004-2005 (On Reassessment)

assessed Rs.991.51 lacs as tax liability on total income of Rs.1898.28lacs.

For Assessment Year 2005 - 2006 (On Reassessment) assessed Rs.1.45 lacs as tax liability on total income of Rs.19.43lacs.

For Assessment Year 2006 - 2007 assessed Rs.1337.18 lacs as tax liability on total income of Rs.3016.88 lacs.

For Assessment Year 2007 - 2008 assessed Rs.7.46 lacs as tax liability on total income of Rs.16.22 lacs.

b. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs. (Previous Year Rs.2909. Lakhs) the company has filed petition with the settlement commission under section 245 ( C ) of the Income Tax Act,1961. Any Adjustment required would be accounted in the year in which final order is received.

c. Demand from Sales Tax Recovery Officer- Kolkatta for Rs.1 Lakh (Previous Year Rs. 1 Lakh)

d. Suit filed against the Company not acknowledged as debts of Rs. 137 Lakhs (Previous Year Rs. 53 Lakhs).

e. Liability that may arise on account of the Financial Institution (SICOM) exercising their right of recompense as per the Board for Industrial Financial Reconstruction (BIFR) Scheme.

f. Stamp Duty payable on account of reorganization/ reconstruction of the company is not yet determined as the same is pending for adjudication estimated of Rs.300 lacs.

4. Managerial remuneration (excluding provision for Gratuity and provision for leave encashment on retirement) paid/payable to Directors.

Directors otherthan Managing/Whole time directors:

No salary and commission is payable to Wholetime Directors in view waiver of salary and commission by them for the current year under review. The Company has been advised that the computation of the net profit for the purpose of remuneration to Director under Section 349 & 350 of the Act, need not be enumerated.

5. Deferred Taxation:

The Company has net Deferred Tax Assets of Rs. 4242.53 Lakhs (Previous year Rs 4680.70 Lakhs) as on 31 st March 2010 on account of net MAT Credit till 31st March 2010. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

6. The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the context of Accounting Standard -17 issued by

7. Related Party Disclosures:

The related party and relationships, as identified by the Management and relied upon by the Auditors, with whom transactions have taken place during the year are:

8. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no delays in payment to Micro and Small enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006.

The above information and that given in schedule 11 -"Current Liabilities" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.