Notes to Accounts of Arihant Superstructures Ltd.

Mar 31, 2025

2.13 Provisions, Contingent Liabilities and Contingent Assets

A Provision is recognized when the Company has present determined obligations as a result of past events an outflow of resources
embodying economic benefits will be required to settle the obligations. Provisions are recognized at the best estimate of the
expenditure required to settle the present obligation at the Balance Sheet date.

If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where
appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time
is recognized as a finance cost.

A Contingent Liability is not recognized but disclosed in the Notes to the accounts, unless the probability of an outflow of resources
is remote. A Contingent Asset is generally neither recognized nor disclosed.

2.14 Financial Instruments

A. Financial Instruments - Initial recognition and measurement

Financial Assets and Financial Liabilities are recognized in the Company''s Statement of Financial position when the
Company becomes a party to the contractual provisions of the instrument. The Company determines the classification of its
Financial Assets and Liabilities at initial recognition. All Financial Assets are recognized initially at fair value plus, in the case
of Financial Assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition
of the financial asset.

B. 1. Financial Assets-Subsequent measurement

The Subsequent measurement of Financial Assets depends on their classification which is as follows:

a. Financial Assets at fair value through Profit or Loss

Financial Assets at fair value through Profit and Loss include Financial Assets Held for Sale in the near term and those
designated upon initial recognition at fair value through profit or loss.

b. Financial Assets measured at amortized cost

Loans and Receivables are non-derivative Financial Assets with fixed or determinable payments that are not quoted
in an active market. Trade Receivables do not carry any interest and are stated at their nominal value as reduced
by appropriate allowance for estimated irrecoverable amounts based on the ageing of the receivables balance and
historical experience. Additionally, a large number of minor Receivables are grouped into homogenous groups and
assessed for impairment collectively. Individual Trade Receivables are written off when management deems them not
to be collectible.

c. Financial Assets at fair value through OCI

All Equity Investments, except Investments in Subsidiaries, Joint Ventures and Associates, falling within the scope of Ind
AS 109, are measured at fair value through Other Comprehensive Income (OCI). The Company makes an irrevocable
election on an instrument by instrument basis to present in Other Comprehensive Income subsequent changes in the fair
value. The classification is made on initial recognition and is irrevocable.

If the Company decides to designate an Equity Instrument at fair value through OCI, then all fair value changes on the
instrument, excluding Dividends, are recognized in the OCI.

B. 2. Financial Assets-Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the Assets expire or it
transfers the financial asset and substantially all the risks and rewards of ownership of the asset.

Upon derecognition of Equity Instruments designated at fair value through OCI, the associated fair value changes of that
equity instrument is transferred from OCI to Retained Earnings.

C. Investment in Subsidiaries, Joint Ventures and Associates

Investments made by the Company in Subsidiaries, Joint Ventures and Associates are measured at cost in the Standalone
Financial Statements of the Company.

D.1. Financial liabilities-Subsequent measurement

The Subsequent measurement of financial liabilities depends on their classification which is as follows:

a. Financial Liabilities at fair value through Profit or Loss

Financial Liabilities at fair value through Profit or Loss include Financial Liabilities Held for Trading, if any.

b. Financial Liabilities measured at amortized cost

Interest bearing loans and borrowings including debentures issued by the Company are subsequently measured at
amortized cost using the Effective Interest Rate method (EIR). Amortized cost is calculated by taking into account any
discount or premium on acquisition and fee or costs that are integral part of the EIR. The EIR amortized is included in
finance costs in the Statement of Profit and Loss

D. 2. Financial Liabilities -Derecognition

A Financial Liability is derecognized when the obligation under the liability is discharged 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 derecognition of the original liability and
the recognition of new liability. The difference in the respective carrying amount is recognized in the Standalone Statement
of Profit and Loss.

E. Offsetting Financial Instruments

Financial Assets and Financial Liabilities are offset and the net amount reported in the Statement of Financial Position, if and
only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a
net basis, or to realize the Assets and settle the Liabilities simultaneously.

F. Fair value measurement

The Company measures certain financial instruments at fair value at each reporting date. Fair value is the price that would
be received to sell an Asset or paid to transfer a Liability in an orderly transaction between market participants at the
measurement date. The fair value measurement is based on presumption that the transaction to sell the asset or transfer the
liability takes place either:

¦ In the principal market for the Assets or Liability or

¦ In the absence of a principal market, in the most advantageous market for the Asset or Liability. The principal or the
most advantageous market must be accessible to the Company.

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

Level 1 - Quoted (unadjusted) market prices in active market for identical Assets or Liabilities.

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

Level 3 - Valuation technique for which the lowest level input that is significant to the fair value measurement is unobservable.

2.15 Selling Costs

Selling expenses related to specific projects/units are being charged to Statement of Profit and Loss in the year in which the
revenue thereof is accounted.

2.16 Revenue Recognition

Revenue from contracts with customer is recognized, when control of the goods or services are transferred to the customer, at
an amount that reflects the consideration to which the Group is expected to be entitled in exchange for those goods or services.
The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent.
The Group concluded that it is acting as a principal in all of its revenue arrangements. The specific recognition criteria described
below must also be met before revenue is recognized.

The specific recognition criteria for the various types of the Company''s activities are described below:

i. Revenue from Real Estate Projects

The Group recognizes revenue, on execution of agreement or letter of allotment and when control of the goods or services
are transferred to the customer, at an amount that reflects the consideration (i.e. the transaction price) to which the Group
is expected to be entitled in exchange for those goods or services excluding any amount received on behalf of third
party (such as indirect taxes). An asset created by the Group''s performance does not have an alternate use and as per
the terms of the contract, the Group has an enforceable right to payment for performance completed till date. Hence the
Group transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes
revenue over time. The Group recognizes revenue at the transaction price which is determined on the basis of agreement
or letter of allotment entered into with the customer. The Group recognizes revenue for performance obligation satisfied
over time only if it can reasonably measure its progress towards complete satisfaction of the performance obligation. The
Group would not be able to reasonably measure its progress towards complete satisfaction of a performance obligation
if it lacks reliable information that would be required to apply an appropriate method of measuring progress. In those
circumstances, the Group recognizes revenue only to the extent of cost incurred until it can reasonably measure outcome of
the performance obligation.

The Group uses cost based input method for measuring progress for performance obligation satisfied over time. Under this
method, the Group recognizes revenue in proportion to the actual project cost incurred (excluding land and finance cost)
as against the total estimated project cost (excluding land and finance cost).

The management reviews and revises its measure of progress periodically and are considered as change in estimates
and accordingly, the effect of such changes in estimates is recognized prospectively in the period in which such changes
are determined.

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group
performs by transferring goods or services to a customer before the customer pays consideration or before payment is due,
a contract asset is recognized for the earned consideration that is conditional.

A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration
(or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods
or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever
is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract

ii. Interest income

Interest income from Debt Instruments (including Fixed Deposits) is recognized using the Effective Interest Rate method. The
Effective Interest Rate is that rate that exactly discounts estimated future cash receipts through the expected life of the Financial
Asset to the gross carrying amount of a Financial Asset. While calculating the Effective Interest Rate, the Company estimates
the expected cash flows by considering all the contractual terms of the Financial instrument (for example, prepayment,
extension, call and similar options) but does not consider the expected credit losses.

iii. Dividends

Revenue is recognized when the Company''s right to receive the payment is established.

iv. Delayed Payment Charges

Delayed Payment Charges claimed to expedite recoveries are accounted for on realization.

v. Other Income

Other Income is accounted for on accrual basis except, where the receipt of income is uncertain.

vi. Rental Income

Rental income arising from operating leases is accounted over the lease terms.

2.17 Foreign Currency Transactions

Foreign Currency Transactions are translated into Indian rupee using the exchange rates prevailing on the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation of monetary Assets
and Liabilities denominated in foreign currencies at year end exchange rates are recognized in the Statement of Profit or Loss.

2.18 Income Taxes

Current tax

The Current Tax expense for the period is determined as the amount of tax payable in respect of taxable income for the period,
based on the applicable income tax rates.

Current Tax relating to items recognized in Other Comprehensive Income or Equity is recognized in Other Comprehensive Income
or Equity, respectively.

Deferred Tax

Deferred Tax is provided using the liability method on temporary differences between the tax bases of Assets and Liabilities and
their carrying amounts for financial reporting purposes at the reporting date.

Deferred Tax liabilities are recognized for all taxable temporary differences. Deferred tax Assets are recognized for all deductible
temporary differences and, the carry forward of unused tax credits and any unused tax losses. Deferred Tax Assets are recognized
to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carry
forward of unused tax credits and unused tax losses can be utilized.

Deferred Tax Assets and Liabilities are measured at the tax rates that are expected to apply in the year when the Asset is realized
or the Liability is settled, based on tax rates (and tax laws) that have been enacted at the Reporting date.

Deferred tax relating to items recognized in Other Comprehensive Income or Equity is recognized in Other Comprehensive Income
or Equity, respectively.

Deferred Tax Assets and Deferred Tax Liabilities are offset if a legally enforceable right exists to set off current tax Assets against
Current Tax Liabilities.

2.19 Earnings Per Share

The basic Earnings Per Share (EPS) is calculated by dividing the net profit or loss for the year attributable to the equity shareholders
by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating Diluted Earnings per Share, the net profit or loss for the year attributable to the Equity Shareholders
and the weighted average number of Equity Shares outstanding during the year is adjusted for the effects of all dilutive potential
Equity Shares.

2.20 Exceptional Items

Exceptional items refer to items of income or expense within Statement of Profit and Loss from ordinary activities which are
non-recurring and are of such size, nature or incidence that their separate disclosure is considered necessary to explain the
performance of the Company.

2.21 Retirement and Other Employee Benefits

Retirement and other Employee benefits are accounted in accordance with Ind AS 19 - Employee Benefits.

Defined Contribution Plan

The Company contributes to a recognized provident fund for all its employees. Contributions are recognized as an expense when
employees have rendered services entitling them to such benefits.

Gratuity (Defined Benefit Scheme)

The Company provides for its gratuity liability based on actuarial valuation as at the balance sheet date which is carried out by
an independent actuary using the Projected Unit Credit Method. Actuarial gains and losses are recognized in full in the Other
Comprehensive Income for the period in which they occur.

Note 4 : Investments in Properties (Contd.)

Note: Investment in properties comprises of commercial offices in Navi Mumbai.

The Company''s investment properties consists of only one class of asset that is commercial offices, which have been determined based
on the nature, characteristics and risk of each property. The fair value of the properties reflected are after accounting of any transfer/
sale/disposal during the year.

The Fair value of investment properties has been determined by external, independent registered property valuers as defined under rule
2 of companies (Registered Valuers and Valuation) Rules, 2017, having apprpriate recognised professional qualification and recent
experience in the location and category of the property being valued in conjunction with valuer assessment services undertaken by
approved valuer.

The Company obtains independent valuation for its investment property at least annually and fair value measurements are categorized
as Level 3 measurement for residential properties and commercial/ retail mall respectively in the fair value hierarchy. The valuation has
been taken considering values arrived using the following methodologies.

(a) Discounted cash flow method, net present value is determined based on projected cash flows discounted at an appropriate rate; or

(b) Sales comparable method, which compares the price or price per unit area of similar properties being sold in the marketplace

Note 16 : Borrowings (Contd.)

Notes on Borrowings :

Secured, Rate of Interest & Repayable by :-

(a) Term loan of Rs. 50 crore santioned by STCI Finance Limited at interest rate @ 11.75% p.a. is secured by certain office units at
Arihant Aura C wing of Arihant Paradise Realty Private Limited, and repayable by August 2028 in 10 quarterly installment starting
from May 2026.

(b) Two Term loan of Rs. 63 crore sanctioned by Bajaj Finance at interest rate @ 10.75% to 11.10% p.a. Repayable by monthly
installments in 7 Years and is secured against 1^st floor arihant Aura A Wing of Arihant Paradise Realty Private Limited and 1901 to
1904, 2001-2004 in Arihant Aura C wing

(c) SBI Term Loan for the Construction of World Villa Project, Karjat and secured by on the same project. Interest @ 10.10%, Repayable
by June 2030 in 8 quarterly installment staring from Sep 2028 and Personal Guarantee of Director

(d) Equipment loan from Banks @ 9.50% to 9.55% p.a. Repayable by monthly installments in 4 to 5 Years and is secured
against Equipments

(e) 70,00,000 Unlisted Unrated Secured Redeemable Non-Convertible Debentures, at 16.31% having a face value of Rs. 100/-
each aggregating to Rs. 70 Crore issued during the year by way of private placement. These NCDs are secured against Arihant''s
project namely, Adarsh, Aayan and Aaradhya.Redemption of these debentures shall be done equally in 24 months commencing
from october 2026.

(f) 45,00,000 Unlisted Unrated Secured Redeemable Non-Convertible Debentures, at 16.43% having a face value of Rs. 100/-
each aggregating to Rs. 45 Crore was repaid during the year.

(g) Vehicle loans are secured against the vehicle itself having rate ranging from 7.25% to 8.75% p.a. Repayable in 3 to 5 Years.

Note 30 : Financial Risk Management

The Company is exposed to financial risks arising from its operations and the use of financial instruments. The Company has identified
financial risks and categorised them in three parts viz.

(i) Credit Risk,

(ii) Liquidity Risk and

(iii) Market Risk.

Risk management framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management
framework. The board of directors are responsible for developing and monitoring the Company''s risk management.

The Company''s risk management framework, are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Company''s activities. The Company, through its training and management standards
and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

(i) Credit Risk

Credit risk refers to the possibility of a customer and other counterparties not meeting their obligations and terms and conditions
which would result into financial losses. Such risk arises mainly from trade receivables, other receivables, loans and investments.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase
in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the
Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial
recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its
obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or
credit enhancements

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in
enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in
the statement of profit and loss. The Company establishes an allowance for doubtful debts and impairment that represents its
estimate of incurred losses in respect of trade and other receivables, loans and advances. The maximum exposure to credit risk
in case of all the financial instruments covered below is restricted to their respective carrying amount.

Note 30 : Financial Risk Management (Contd.)

a) Currency risk

The Company is not exposed to any currency risk as the Company does not have any import payables, short term payables,
short term borrowings and export receivables in foreign currency.

b) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest
rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates.
Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of
fluctuations in the interest rates.

The Management is responsible for the monitoring of the Company''s interest rate position. Various variables are considered by
the Management in structuring the Company''s borrowings to achieve a reasonable, competitive, cost of funding.

- Capital Management

The Company'' s capital management objectives are:

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

b) to provide an adequate return to shareholders"

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 Management assesses the Company''s capital requirements in order to maintain an efficient overall financing structure
while avoiding excessive leverage. This takes into account the subordination levels of the Company''s various classes
of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the
Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or
sell assets to reduce debt.

Note 37 : Impairment of Assets

On the basis of physical verification of assets, as specified in IND AS - 36 and cash generation capacity of those assets, in the
management perception there is no impairment of such assets as appearing in the Balance Sheet as on March 31,2025.

Note 38 : Segment Information

In accordance with Indian Accounting Standard 108 "Operating Segments" prescribed by Companies (Accounting Standards) Rules,
2015, the company has determined its primary business segment as a single segment of Real Estate Business. Since there are no other
business segments in which the company operates, there are no other primary reportable segments. Therefore, the Segment Revenue,
Segment Results, Segment Assets, Segment Liabilities, total cost incurred to acquire Segment Assets, depreciation charge are all as is
reflected in the financial statements.

Note 41 : Employee benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Ind-AS -19, Employee Benefits, notified in the
Companies (Accounting Standard) Rules, 2015.

1 Provident fund

The Company makes contribution to statutory provident fund in accordance with the Employees'' Provident Funds and Miscellaneous
Provisions Act, 1952. In terms with Ind-AS -19, Employee Benefits, notified in the Companies (Accounting Standard) Rules, 2015.

2 Gratuity and leave Obligation

The Company has a defined benefit gratuity plan which is unfunded and is governed by the Payment of Gratuity Act, 1972. Under
the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on
the employee''s length of service and salary at retirement age.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit or Loss and the funded
status and amounts recognised in the Balance Sheet for the respective plans:

Note 43:

The Company has maintained proper books of account as prescribed under Section 128(1) of the Companies Act, 2013 (as amended).
The books of accounts are maintained in electronic mode as required under Section 128 (1) of the Companies Act, 2013 read with
the Companies (Accounts) Rules, 2014 (as amended). Back-ups of books of account and other relevant books and papers maintained
in electronic mode is kept as per the policy of the Company effective August 5, 2022. The back-up of the principal accounting system
is kept in a server physically located in India and is done on a daily basis.

Note 44:

In the month of March 2025, the Income-Tax authorities (referred to as "the department") conducted search operations at the office
premises and residences of directors of the Company. The Company fully cooperated with the officials during the search and furnished
all necessary documents, details, and clarifications. As of the date of issuance of these condensed financial results, the Company has
not received any formal communication from the department regarding the findings of the search. Consequently, any potential impact
on these financial results cannot be determined at this time. Based on the records and information currently available, the Management
believes that there is no material adverse effect on the Company''s financial position and no significant adjustments are required to the
condensed financial results for the year ended March 31, 2025.

Note 45 : Other additional regulatory information

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

2 The company has not identified any transactions or balances in any reporting periods with companies whose name is struck off
under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

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

4 The company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

5 The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

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

8 No layer of companies have been established beyond the limit prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on numbers of Layers) Rules, 2017.

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

10 The fair value of investment property is based on the valuation by a registered valuer as defined under rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017

1 1 The title deeds of immovable properties (other than immovable properties where the Company is the lessee and the leases
agreements are duly executed in favour of the lessee) are duly held and registered in the name of the company.

12 The company has not revalued its Property, Plant and Equipment (including Right of Use Asset) and Intangible Asset, thus valuation
by a registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.

Note 45 : Other additional regulatory information (Contd.)

13 The company has not granted any loans or advances in the nature of loans to its Promoters, KMPs and related parties except intra¬
company loans during the year.

14 The company neither proposed any scheme of arrangements nor approved by the competent authority in terms of section 230 to
237 of the Companies Act, 2013.

Note 46 : Event after the reporting period

The Board of Directors have recommended dividend of Rs. 1.50/- per fully paid up equity share of Rs. 10/- each for the financial year
2024-25 subject to approval by shareholder in AGM.

Note 47 : Previous Year Figure''s regrouping:

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

As per our attached report of even date

For Ummed Jain & Co. For and on behalf of the Board of Directors of

Chartered Accountants Arihant Superstructures Limited

Firm Reg. No.: 119250W

CA U. M. Jain Ashokkumar B. Chhajer Parth Chhajer

Partner Chairman & MD Whole Time Director

Membership No.: 070863 DIN- 01965094 DIN- 06646333

Dhiraj Jopat Manoj Dhondge

Place: Navi Mumbai Chief Financial Officer Company Secretary

Date: May 24, 2025 ACS: A55592

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Mar 31, 2024

Note 30: Financial Risk Management

The Company is exposed to financial risks arising from its operations and the use of financial instruments. The Company has identified financial risks and categorised them in three parts viz.

(i) Credit Risk,

(ii) Liquidity Risk and

(iii) Market Risk.

Risk management framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors are responsible for developing and monitoring the Company''s risk management.

The Company''s risk management framework, are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

(i) Credit Risk

Credit risk refers to the possibility of a customer and other counterparties not meeting their obligations and terms and conditions which would result into financial losses. Such risk arises mainly from trade receivables, other receivables, loans and investments.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables, loans and advances. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

Cash and cash equivalents

Credit risk from cash and bank balances is managed by the Company''s treasury department in accordance with the Company''s policy

(ii) 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''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, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Management monitors rolling forecasts of the Company''s 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 Company operates.

a) Financing arrangements

The Company has access to funds from debt markets through loan from banks. The Company invests its surplus funds in bank fixed deposits.

b) Maturities of financial liabilities

The amounts disclosed in the table are the contractual undiscounted cash flows.

(iii) Market Risk

The risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market price. Market risk further comprises of

(a) Currency risk;

(b) Interest rate risk; and

a) Currency risk

The Company is not exposed to any currency risk as the Company does not have any import payables, short term payables, short term borrowings and export receivables in foreign currency.

b) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

The Management is responsible for the monitoring of the Company''s interest rate position. Various variables are considered by the Management in structuring the Company''s borrowings to achieve a reasonable, competitive, cost of funding.

- Capital Management

The Company'' s capital management objectives are:

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

b) to provide an adequate return to shareholders

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 Management assesses the Company''s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company''s various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

Note 34 : Foreign currency transactions

Transactions in foreign currency are accounted for at the exchange rate prevailing on the date of the transaction. All monetary items denominated in foreign currency are converted into Indian rupees at the year-end exchange rate. Following expenses incurred by the company in foreign currency during the year:

Note 35 : Contingent Liablities and Commitments:
Particulars	As at March 31,2024	As at March 31,2023
Claim against the company not acknowledged as debts
Corporate Guarantees Given	-	-
Disputed Taxation Matters	-	-
Disputed Land related Legal Cases	-	-
Total	-	-

Disclosure of outstanding dues of Micro and Small Enterprise under Trade Payables is based on the information available with the Company regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006. There is no undisputed amount overdue during the years ended and as at March 31,2024 and March 31,2023 to Micro, Small and Medium Enterprises on account of principal or interest.

Note 39 : Impairment of Assets

On the basis of physical verification of assets, as specified in IND AS - 36 and cash generation capacity of those assets, in the management perception there is no impairment of such assets as appearing in the Balance Sheet as on March 31,2024

Note 40 : Segment Information :

In accordance with Indian Accounting Standard 108 "Operating Segments" prescribed by Companies (Accounting Standards) Rules, 2015, the company has determined its primary business segment as a single segment of Real Estate Business. Since there are no other business segments in which the company operates, there are no other primary reportable segments. Therefore, the Segment Revenue, Segment Results, Segment Assets, Segment Liabilities, total cost incurred to acquire Segment Assets, depreciation charge are all as is reflected in the financial statements.

Note 43 : Employee benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Ind-AS -19, Employee Benefits, notified in the Companies (Accounting Standard) Rules, 2015.

1 Provident fund

The Company makes contribution to statutory provident fund in accordance with the Employees'' Provident Funds and Miscellaneous Provisions Act, 1952. In terms with Ind-AS -19, Employee Benefits, notified in the Companies (Accounting Standard) Rules, 2015.

2 Gratuity and leave Obligation

The Company has a funded defined benefit gratuity plan and is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the employee''s length of service and salary at retirement age.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit or Loss and the funded status and amounts recognised in the Balance Sheet for the respective plans:

Note 45

The Company has maintained proper books of account as prescribed under Section 128(1) of the Companies Act, 2013 (as amended).

The books of accounts are maintained in electronic mode as required under Section 128 (1) of the Companies Act, 2013 read with

the Companies (Accounts) Rules, 2014 (as amended). Back-ups of books of account and other relevant books and papers maintained

in electronic mode is kept as per the policy of the Company effective August 5, 2022. The back-up of the principal accounting system

is kept in a server physically located in India and is done on a daily basis.

Note 46 : Other Statutory Information

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

2 The Company has not identified any transactions or balances in any reporting periods with companies whose name is struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

3 The Company has not traded or invested in Crypto currency or Virtual Currency during the year.

4 (A) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities

(Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(B) The company have not received any fund from any person or entity including foreign entities ( Funding party) with the

understanding ( whether recorded in writing or otherwise ) that the company shall :

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party ( ultimate Beneficiaries ) or;

(b) provide any guarantee, security other like on behalf of the Ultimate Beneficiaries.

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

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

7 No Scheme of Arrangements have been approved by the Competent Authority in terms of sections 230 to 237 of the Companies

Act, 2013.

8 The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

9 The company is not declared wilful defaulter by any bank or financial institution or lender during the year.

10 The company is not required to submit quarterly return or statement of current assets to Bank or financial institution.

11 All the immovable properties are duly held and registered in the name of the company.

12 The company does not have any lease assets.

13 The Company has not revalued its Property, Plant and Equipment , thus valuation by a registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.

14 The company does not have any amount representing Capital work-in-progress.

15 No Significant Events which could affect after the Financial position as at March 31,2024 to a material extent have been reported by the company, after the balance sheet date till the signing of Report.

Note 47 : Event after the reporting period

The Board of Directors have recommended dividend of Rs. 1.20/- per fully paid up equity share of Rs. 10/- each for the financial year 2023-24.

Note 48 : Previous Year Figure''s regrouping:

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

---

Mar 31, 2023

N0tes on Borrowings:

Seeured. Rale of Interest & Repayable by

I Term loan fmm STQ Finance limited ® 1229)6 pas is wuiwl by Adita Fro>rci and repayable by fan 202b

2. 4S.OU.OOO Unlisted Unrated Secured Redeemable Non-TonvrrtibV Debentures, at 16.43% having a lace value of Rs. lOO/-ench .fggftftiaUac to R*. 45.00.00,000/- (Rn Forty Five Cror** only) bsuud during tin* ywr l>y way of private placement.

71»c urnt- will be re -paid by Dec 2024.

3. Vehicle toons arc secured against the vehicle itself having rate rate ranging from 9% to 9% pa.

Notes forming part of the Standalone Financial Statements (All Amounts In currency INR UkhF wccopc as stated otherwise)

H«t Z9 Dmndal httniiMnii • .W«*jnt l**(ImlfWadons and lair tali* »eMar(I) Auounua* ilassIflurtUms

n*’ fair valiv£ uf \Xv fUuniai jmU uul iLtbtlr.xr. an tWiitramd .*: Ik* anuunt at uhtlv aulrumnt

Note 30: Financial Risk Management

The Company is exposed to financial risks arising from its operations and the use of financial instruments. Tire Company has identified financial asks and categorised them In three parts vi7.

(i) Credit Risk.

(it) liquidity Risk and (Ui) Market Risk.

Risk management framework

The Company''s board of directors has overall responsibility for the establishment and Oversight of the Company''s risk management framework The board of directors are responsible for developing and monitoring the Company''s risk management The Company''s risk management framework, are established to identify and analyse the risks faced by the Company, to set appropriate mk limits and controls and to monitor asks and adherence to limits Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

(i) Credit Risk

Credit risk infers to the possibility of a customer end other counterparties not meeting their obligations and terms and conditions which would result Into financial losses. Such ask arises mainly from trade* receivables, other receivables, loans and Investments.

The Company consider* the probability of default upon initial recognition of asset and whether there has been a significant increase ill credit risk on an ongoing basis through each reporting period. To assess whether there Is a significant increase in credit Osk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of Initial recognition. It considers reasonable and supportive forwarding-looking Information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its obligation*

iv) Significant increase in credit risk on other financial instruments of the same counterparty.

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements

Financial assets are written off when there is no reasonable expectation of recovery, such os a debtor failing to engage in a repayment plan with the Company. Whore loans or receivables have been written off. the Company continues to engage in enforcement activity to attempt to recover the receivable due When? recoveries are made, these arc recognized as income in the statement of profit jnd loss. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables, loans and advance* The maximum exposure to credit risk in Ctteoftll the financial Instruments covered below Is restricted to their respective carrying amount

(ii) 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''s approach to managing liquidity is to ensure, as far as possible, that rt will have sufficient liquidity to meet its liabilities when they are due. under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Management monitors rolling forecasts of the Company''s 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 Company operates.

a) Financing arrangements

The Company has access to funds from debt markets through loan Irom banks. The Company invests its surplus funds in bank fixed deposits.

(iii) Market Risk

The risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market price. Market risk further comprises of

(a) Currency risk.

(b) Interest rate mk: and

Tlie Company is not exposed to any currency risk as the Company does not have any import payables, short term payables, short term borrowings and export receivables In foreign currency.

bllutcrcstxatcxhk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate* Interest rate risk can be either lair value interest rate risk or cash How interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Osh flow interest rate risk Is the risk that the future cash flows of floating Interest bearing investments will fluctuate because of fluctuations m the interest rates.

The Management is responsible for the monitoring of the Company''s interest rate position. Various variables are considered by the Management in structuring the Company''s borrowings to achieve a reasonable, competitive, cost of funding

- Capital Management

The Company''s capital management objectives are:

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

b) to provide an adequate return to shareholders

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

The Management assesses the Company''s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company''s various classes of debL The Company manages the capital structure and makes adjustments to it In the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

Xo*e 39 : Impair Bt*n« Akwb

On the basts o< physsrj) vrrinratoB of assets is specified in IKU AS - 3ft ond cash genrrjition rapacity of those assets, in the managrmrnt p»rc«plmn Ihirt it mi lapanmnt nf tuMi ji xppMrlnn In th> Bilamw Sh*«« x* nn Mmh 31,202)

N<*c 40 • 5rj?*e*t Information:

In accordance with lrrii.it Atmuntinc kandjnl HIM ‘Ojxeaiinc SeiinmN:* prescribed by Companion (AconiMini Mandirris) Rules. 20IS, the «tt|May ho« ih<«i tnirvtl it* prirrury liutlMU svgnuttf *\ a singM of fUul E*uu Btnttvt* Siiuv there 41* no ulhtfr huu&ett ucptutU* in

whkh the company citrates, there are no otter primary rtportaWo tccmrm Thmfcrc. the Segura* Revenue. Segment Resafc*. Segnrat Asm* $<|mr $r panert Assets 15 rellcctcd in the hn.in;;il tcatement*.

Hot* 43: tapploye* bewefit*

F.spcra** iiui luiiiliUc* in nttpivtoftimpfeyro buurfju are rwortM in ucturiUmv with I ml AS -1''>, Eaipfeyiv Bine Hi-, northed In theCompMhH (Accounting Standard) RuW% 20IS.

! President fund

The Company maw contnbubon to statutory provider.* fund « .iccorxtjnoe with the fcmployees Provident funds and Miscellaneous Provisions Act 19W. In terms with Ird-AS -19. Emptoyoe Benefits. rafted in the Companies (Accounting SUndanJj Rules. 20IS.

2 Cnluits Mil lw» Oblige! inn

The Company has a futded cfcflnod benefit gratuity plan and is fpvrnwd by the Payment c* Gratuity Act. 1972 llralcr the Ait employee who fus. tuinpkted flw year* of mi vice it entitled to speiifc fiv/»rfit Tin- level of benefits providiO ihyx''iuh

The lollwnng table* summarise the components of net tenertt expense recognised in the Statement of Prcfit cc Loss and the funded status and amounts recognised In the Balance Shoe* for the rwpecchv pirns.

Note 4S

Ihc Company has maintained proper book* of account as prescribed under Section 128(1) of the Companies Act. 2013 (os amended) The books of accounts are maintained in electronic mode ad required under Section 128 (l)of the Companies Act, 2013 md with the Companies (Accounts) Rules 2014 (us amended). Buck-ups of books of account und other relevant books and papers maintained in electronic mode is kept as per the policy of the Company effective August 5, 2022. The back-up of the principal accounting system is kept in a server physically located in India and is done on a daily basis.

Note 46: Other Statutory Information

1 The Company does not have any Benami property, where any proceeding has hern Initiated or pending against the Company for holding any Benami property.

2 The Company docs not have any transaction* with companies struck off.

3 Ihc Company has not traded or invested In Crypt? currency or Virtual Currency during the year.

4 Tho Company has not advanced or loaned or Invested funds to any other porson(c) or entlty(les). Including foreign entities

I Intermediaries) with the understanding that the Intermediary shalL

fa) direct!)'' or indirectly lend or invest In other persons or entities identified In any maimer whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

|b) provkdo any guarantee, wcuriry or the like to or on behalf of the Ultimate Beneficiaries.

5 The Company hw not received any fund from any person!*) or tmmyOcs), including torofcn entitles (Funding Part)) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any maimer whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

fb) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

6 The Company does not have any transaction which ts not recorded in the books of Account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, l$6l (such a*, search or survey or any other relevant provisions of the Income Tax Act.

7 The Company does not have any charges or satisfaction which Is yet to he registered with R(X*. beyond the statutory period, hole 47: Event after the reporting period

The Board of Directors have recommended dividend of R*. 0.541/- per hilly paid up equity share of Rs. 10/- each for the financial year 2022-23.

Note 48 : Previous Year Figure''* regrouping:

Previous year figures have been regrouped, rc-arraogcd and re classified wherever necessary to conform to current year''s classification.

---

Mar 31, 2018

1 Corporate information

Arihant Superstructures Limited (“the Company”) having CIN L51900MH1983PLC029643 is a Public Limited Company domiciled and incorporated in India and its shares are publically traded on National Stock Exchange (“NSE”) and the Bombay Stock Exchange (“BSE”), India. The Company’s Registered Office is located at Arihant Aura, B-Wing, 25th Floor, Plo no. 13/1, TTC Industrial Area, Thane Belapur Road, Turbhe, Navi Mumbai, Maharashtra - 400705. The operation of the Company spanned in all aspect of Real Estate Development, from the identification and Acquisition of Land, planning, execution, construction and marketing of projects. The Company has its presence in the States of Rajasthan and Maharashtra.

The Financial Statements were authorised for issue in accordance with a resolution passed by the Board of Directors on 23rd May, 2018.

c) There are no material adjustments to the statements of Cash Flows as reported under the previous GAAP,

d) Notes to first time adoption

Note 2 : Proposed Dividend (including Tax on Dividend)

Under the previous GAAP, Dividends proposed by the Board of Directors after the Balance Sheet date but before the approval of the Financial Statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such Dividends are recognised when the same is approved by the Shareholders in General Meeting. Accordingly, the Liability for proposed Dividend (included Tax) of Rs. 445.85 Lakhs as at 1st April, 2016 included under provisions has been reversed with corresponding adjustment to Retained Earnings. Consequently, the total equity increased by an equivalent amount.

Note 3 : Preliminary Expenses

Under previous GAAP, preliminary expenses were recognised as Assets and were being charged to Profit and Loss on a periodic basis. However, under Ind AS, the same has been Adjusted with the Retained Earnings on the date of transition, since the same no longer meets the criteria of Assets leading to a decrease in the Equity.

The portion of Preliminary Expenses which had been charged to Statement of Profit and Loss during the year ended 31st March, 2017 under previous GAAP amounting to Rs.0.18 Lakhs, has been reversed while computing the Total Comprehensive Income under Ind AS for the said period.

Note :

a) The company has availed the deemed cost exemption in relation to the Property, Plant and Equipments on the date of transition and hence the net block carrying amount has been considered as the Gross Block carrying amount as on that date. Refer note below for the gross block value and the accumulated depreciation on April 1, 2016 under the previous GAAP.

Note :

1. Term Loan from STCI is secured against Land (with all the buildings and structures thereon) of the project Arihant Adita, situated at Gangana, Jodhpur, Rajasthan.

2. Vehicles loans are secured against the vehicle itself.

3. Term loan from HDFC Bank Ltd. Is secured against mortgage of 851971 sq. ft approx. of project land located at survey no. 20/1, 20/2, 20/3, 25/11, 22/4, 22/1, 21/2B, 22/2, 23/2, 25/9 and 22/3, pen road, adjacent to khalapur toll naka, dahivali, khopoli - 410203, Maharashtra.

4. Loan with Federal Bank is against Fixed Deposit.

Note 4 RELATED PARTY TRANSACTIONS

Related parties and transactions with them as specified in the Ind-AS 24 on “Related Parties Disclosures” presribed under Companies (Accounting Standards) Rules, 2015 has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

Note 5 : Foreign currency transactions

Transactions in foreign currency are accounted for at the exchange rate prevailing on the date of the transaction. All monetary items denominated in foreign currency are converted into Indian rupees at the year-end exchange rate.

Note 6 : Contigent Liablities

Contingent Liabilities :

(i) Claims against the Company pending appellate/judicial decisions not acknowledged as debts:

(a) Income-Tax (AY 2010-11) : Rs.4.17 Lakhs

(b) Income-Tax (AY 2011-12) : Rs.15.35 Lakhs

(c) MVAT (FY 2009-10) : Rs.59.78 Lakhs

(d) MVAT (FY 2010-11) : Rs.2.02 Lakhs

(e) MVAT (FY 2011-12) : Rs.1.78 Lakhs

(f) Service Tax : Rs.90.95 Lakhs

(ii) Guarantees:

(a) Guarantees given to Banks & Financial Institutions for Rs.90 cr against financial facilities availed by the subsidiary companies.

(b) Guarantees given to Banks & Financial Institutions for Rs.16.60 cr against financial facilities availed by the group company

(c) Facilites against which Guarantee was given outstanding Fund amount is Rs.58.21 cr.

Note 7 : Employee benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Ind-AS -19, Employee Benefits, notified in the Companies (Accounting Standard) Rules, 2015.

Provident fund

The Company makes contribution to statutory provident fund in accordance with the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. In terms with Ind-AS -19, Employee Benefits, notified in the Companies (Accounting Standard) Rules, 2015, the provident fund trust set-up by the Company is treated as a defined benefit plan since the Company has to meet the interest shortfall, if any. Accordingly, the contribution paid or payable and the interest shortfall, if any is recognised as an expense in the period in which services are rendered by the employee.

Note 8 : Dues to Micro Enterprises and Small Enterprises

There are no parties/companies which have been identified as Micro and Small Enterprises. As at March 31,2018, there are no outstanding dues to Micro and small enterprises. There are no interest dues or outstanding on the same.

Note 9 : Segment Information

In accordance with Indian Accounting Standard 108 “Operating Segments” prescribed by Companies (Accounting Standards) Rules, 2015, the company has determined its primary business segment as a single segment of Real Estate Business. Since there are no other business segments in which the company operates, there are no other primary reportable segments. Therefore, the Segment Revenue, Segment Results, Segment Assets, Segment Liabilities, total cost incurred to acquire Segment Assets, depreciation charge are all as is reflected in the financial statements.

Note 10 : On the basis of physical verification of Assets, as specified in IND AS - 36 and cash generation capacity of those Assets, in the management perception there is no impairment of such Assets as appearing in the Balance Sheet as on 31.03.2018.

Note 11 : CSR Expenditure

The Company has framed CSR policy pursuant to the Companies Act, 2013. the Company has spent Rs.30.56 Lakhs against the gross requirement of Rs.76.34 (include Rs.19.80 Lakhs of F.Y. 16-17) Lakhs during the year, as per provision of Companies Act 2013. Remaining amount of Rs.45.78 Lakhs to be spent in the subsequent year.

Note 12 : Previous Year Figure’s regrouping

The previous year’s figures have been regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

---

Mar 31, 2016

Note :

1. Term Loan from ICICI Bank is secured against land (with all the buildings and structures thereon) at admeasuring about 3949.41 sq.mtrs. Bearing plot no. 4, sector 24, Village Taloja, Taluka Panvel, District Raigad.

2. Term Loan from Federal Bank is secured against land (with all the buildings and structures thereon). Bearing plot no. 6, 7, 8 & 9 at Pal Link Road, Devnagar, Jodhpur, Rajasthan.

3. Vehicles loans are secured against the vehicle itself.

4. Foreign currency transactions

Transactions in foreign currency are accounted for at the exchange rate prevailing on the date of the transaction. All monetary items denominated in foreign currency are converted into Indian rupees at the year-end exchange rate.

5. Employee benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with the noticed Accounting Standard 15 - Employee Benefits.

i) Provident fund

The Company makes contribution to statutory provident fund in accordance with the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. In terms of the Guidance on implementing the revised AS-15, issued by the Accounting Standards Board of the ICAI, the provident fund trust set-up by the Company is treated as a defined benefit plan since the Company has to meet the interest shortfall, if any. Accordingly, the contribution paid or payable and the interest shortfall, if any is recognized as an expense in the period in which services are rendered by the employee.

6. Previous Year Figure’s regrouping:

The previous year’s figures have been regrouped, rearranged and reclassified wherever necessary.

7. Dues to Micro Enterprises and Small Enterprises

As at March 31,2016, there are no outstanding dues to Micro and small enterprises. There are no interest dues or outstanding on the same.

8. Contingent Liabilities :

(i) Claims against the Company pending appellate/judicial decisions not acknowledged as debts:

(a) Income-Tax Rs. 0.32 Cr.

(ii) Guarantees:

(a) Guarantees given to Banks & Financial Institutions for Rs. 101.60 Cr. against financial facilities availed by the subsidiary company.

(b) Counter guarantees issued to banks and remaining outstanding Rs.54.86 Cr.

Note : Figures in the bracket above indicate Opening balances

---

Mar 31, 2015

1 Corporate information

Arihant Superstructures Ltd. is registered under companies act, 1956 as public limited company. The company's registered office is located at 302, Persipolis Building Plot No. 74, Sector 17, Vashi, Navi Mumbai - 400703 and its registered office is situated in the state of Maharashtra, i.e. within the jurisdiction of the Registrar of Companies, Maharashtra, at Mumbai. The operation of the company span in all aspect of real estate development, from the identification and acquisition of land, planning, execution, construction and marketing of projects.

---

Mar 31, 2014

1 Corporate information

Arihant Superstructures Ltd. is registerd under companies act, 1956 as public limited company. The company''s registered office is located at 302, Persipolis Building Plot No. 74, Sector 17, Vahi, Navi Mumbai - 400703 and its registered office is situated in the state of Maharashtra, i.e. within the jurisdiction of the Registrar of Companies, Maharashtra, at Mumbai. The operation of the company span in all aspect of real estate development, from the identification and acquisition of land, planning, execution, construction and marketing of projects.

2. Note :

1. Term Loan from ICICI Bank is secured against land (with all the buildings and structures thereon) at admeasuring about 3949.41 sq.mtrs. Bearing plot no. 4, sector 24, village taloja, taluka panvel, district thane.

2. Term Loan from HDFC Bank is secured against land bearing (i) survey no. 27, hissa no. 2A/1, (ii) survey no. 27, hissa no. 2A/2, (iii) survey no. 25, hissa no. 2 being at village koproli, taluka panvel, district raigad together with construction thereon present and future.

3. Term Loan from Federal Bank is secured against land (with all the buildings and structures thereon) at admeasuring about 192786 sq.mtrs. Bearing plot no. 6, 7, 8 & 9 at pal link road, dev nagar, jodhpur, rajasthan.

4. Vehicles loans are secured against the vehicle itself.

---

Mar 31, 2013

1 CORPORATE INFORMATION

Arihant Superstructures Limited (the company) is a public company domiciled in India and incorporated under the provi- sions of the Companies Act, 1956. The company is engaged primarily in the business of Real Estate Development, Trading in Real Estate and Construction Contracts. The operations of the Company span in all aspects of real estate development, from the identification and acquisition of land, planning, execution, construction and marketing of projects.

2 BASIS OF PREPARATION

The financial statements of the company have been prepared in accordance with 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

3 CONTINGENT LIABILITIES

The Company has guaranteed borrowings (Term Loan) of one of its subsidiary Company, M/S Arihant Technoinfra Private Limited for Rs. 16,60,00,000/-

4 UTILIZATION OF MONEY RAISED THROUGH RIGHT / PREFERENTIAL ISSUE OF EQUITY SHARES

During the year ended 31 March 2013, the company has raised Rs. 164,639,964/- through Right issue of equity shares for the Purpose of Project Arihant Agrima , the details of utilization of proceeds raised through right issue.

5 There are no suppliers who are registered as micro, small or medium enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006" as at March 31, 2013.

6 SEGMENT INFORMATION

The Company operates in a single business and geographical segment i.e. "Construction and Allied Activities" within India. Accordingly, no separate disclosures for primary business and secondary geographical segment are required as per AS 17 issued by ICAI.

7 There are no commitments outstanding as on the Balance Sheet date.

8 In the opinion of the management; current assets, loans, advances and deposits are approximately of the value stated, if realised in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

9 Balances of certain sundry debtors, sundry creditors, loans and advances are subject to confirmations / reconciliation and consequential adjustments, if any. The management does not expect any material difference affecting the current year''s Financial Statements on such reconciliation / adjustments.

10 Previous year figures have been regrouped and rearranged wherever necessary to confirm with the current year presentation.

---

Mar 31, 2012

1 CORPORATE INFORMATION

Arihant Superstructures Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged primarily in the business of Construction Contracts, Trading in Real Es tate and Real Estate Development. The operations of the Company span all aspects of real estate development, from the identification and acquisition of land, planning, execution, construction and marketing of projects.

2 BASIS OF PREPARATION

The financial statements of the company have been prepared in accordance with 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.

a. Terms / 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 shares is entitled to one vote per share. The company declares and pays dividend in INR. The 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 March 2012, the amount of per share dividend recognised as distributions to equity shareholders was Rs.0.20 (31 March 2011 : Rs. 0.30).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3 CONTINGENT LIABILITIES

The Maharashtra Chamber of Housing Industry (MCHI) had filed writ petition in Bombay High Court challenging the levy of MVAT w.e.f. June 20, 2006 under the Maharashtra Value Added Tax Act, 2002 on property under construction, which has been recently dismissed by the High Court. Under the premises ownership agreement / letter of allotment entered into by the Company, such liability ultimately needs to borne by the purchaser of the premises, for which the purchaser have created lien on bank deposit or has given bank guarantees / registered undertakings and / or adequately indemnfied the Company and hence no provision had been made in the books for the agreements registered prior to 01.04.2010.

4 SEGMENT INFORMATION

The Company operates in a single business and geographical segment i.e. "Construction and Allied Activities" within India. Accordingly, no separate disclosures for primary business and secondary geographical segment are required as per AS 17 issued by ICAI.

5 SUBSEQUENT EVENT

On 31st May 2012 the company alloted/issued 1,37,19,997 Equity Shars of Rs. 12 each (including premium of Rs.2 each) on Rights basis in the ratio of 1 equity shares for every 2 equity shares held for the purpose of Project Arihant Agrima.

6 In the opinion of the management; there are no commitments outstanding as on the Balance Sheet date.

7 In the opinion of the management; current assets, loans, advances and deposits are approximately of the value stated, if realised in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

8 Balances of certain sundry debtors, sundry creditors, loans and advances are subject to confirmations / reconciliation and consequential adjustments, if any. The management does not expect any material difference affecting the current year's Financial Statements on such reconciliation / adjustments.

9 The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, prerevised Schedule VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this year's classification.

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Mar 31, 2011

A. Nature of Operations

M/s Arihant Superstructures Limited (the Company), a public limited company, is engaged primarily in the business of Construction Contracts, Trading in Real Estate and Real Estate Development. The operations of the Company span all aspects of real estate development, from the identification and acquisition of land, planning, execution, construction and marketing of projects.

1) During the year the company has raised Rs. 14.99 crore by way of preferential issue of equity shares. Out of the said proceeds a sum of Rs. 12.78 crore has been utilized for the Projects of Company & its Subsidiaries and balance of Rs. 2.21 crores has been kept in Fixed Deposit.

2) During the year the Company has continued its two projects Arihant Abhilasha at Kharghar, Raigad and Arihant Arham at Panvel, Raigad. In addition the Company is under process of initiating three mega projects at Jodhpur namely Arihant - Adita, Arihant - Ayati and Arihant - Agreema.

3) Change in Accounting Policy:

Up to 31st March, 2010, the Company followed Percentage Completion Method of accounting wherein it added the estimated gross profit on direct costs based on the percentage of work completed to arrive at the value of Incomplete Projects (WIP) for the purpose of recognizing revenue for the year.

From the current year the company has changed its method of its revenue recognition for Incomplete Projects / under construction properties as per the Guidance Note on Revenue Recognition by the Real Estate Developers issued by The ICAI. Revenue for the current year onwards is recognized for the sold area only, where at least 15 percent of the sale consideration has been realized as per agreement, on the basis of percentage of actual cost incurred thereon as against total estimated cost of the project under execution subject to the actual cost exceeding 25 percent of the total estimated cost of the project. The Incomplete Projects (WIP) are valued at Cost. As a result of change in the revenue recognition policy of the Company during the current year the profit before tax is lower by Rs.22,309,686/-.

The company has not given a retrospective effect to the change in accounting policy, because such retrospective effect would have required the company to identify all incomplete projects that fulfilled the conditions specified in Guidance Note in the earlier reporting period and also to determine the stage of completion for all such projects in the earlier reporting period. The records required for such an exercise are not available. Hence results for the year ended 315t March, 2010 have not been restated to reflect change in revenue recognition policy. The effect of such change on the Financial Statements of subsequent financial years cannot be ascertained at present, as the same can be quantified only at the close of the respective years.

4) Related party disclosure:

iii) Key Management Personnel and Relatives of Key Management Personnel (KMP):

Sr. No Name of Party Nature of Relationship

1. Arihant Universal Realty Pvt. Ltd. Enterprises in which KMP have a significant influence

2. Mr. Ashok B Chhajer Chairman & Managing Director

3. Mrs. Sangeeta Chhajer Relative of Director

4. Mr. Nimish Shah Whole Time Director

5. Abhinandan Agrofarms Pvt. Ltd Enterprises in which KMP have a significant influence

6. Adinath Realty Pvt Ltd Enterprises in which KMP have a significant influence

7. Arihant Paradise Realty Pvt. Ltd. Enterprises in which KMP have a significant influence

8. Arihant Dream Houses Pvt. Ltd. Enterprises in which KMP have a significant influence

Notes:

a) The related party relationships have been determined on the basis of the requirements of the Accounting Standard (ASJ-18 Related Party Disclosures and the same have been relied upon by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the year except where control exists.

6) Segment information:

The Company operates in a single business and geographical segment i.e. "Construction and Allied Activities" within India. Accordingly, no separate disclosures for primary business and secondary geographical segment are required as per AS 17 issued by ICAI.

8) There was no impairment loss on the fixed assets on the basis of review carried out by the management in accordance with Accounting Standard (AS) -28lmpairment of Assets.

9) Directors Remuneration:

b) No commission is paid / payable to Directors / Managing Director and hence, computation of Net Profit in accordance with Section 198, 309 and 349 of the Companies Act, 1956 has not been given.

10) Contingent Liabilities

The levy of MVAT under the Maharashtra Value Added Tax Act on under construction flats / units sold is challenged by Maharashtra Chamber of Housing Industry (MCHI - an association of builders in which the company is a member) by a writ petition in Bombay High Court (being tax writ petition no. 2022 of 2007). In case, the said liability is finally confirmed, the amount is recoverable from the Flat Owner.

11) The Company has invested sum of Rs. 20,000,000/- in Birla Sun Life Fixed Term Plan whose NAV as on the reporting date i.e. 31.03.2011 is Rs. 20,058,800/-. As per the written Management Representation given to the Auditors the same is held for the purpose of long term investment and taking into account Accounting Principle of Prudence and as per Accounting Standard 13- Accounting for Investments same is valued at Cost Price.

12) Share Issue Expense and Preliminary Expenses are amortised over the period of 5 years.

13) As per the information given by the Management, there are no suppliers who are registered as micro, small or medium enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006" as at March 31,2011.

14) In the opinion of the management, current assets, loans, advances and deposits are approximately of the value stated, if realised in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

15) Balances of certain sundry debtors, sundry creditors, loans and advances are subject to confirmations / reconciliation and consequential adjustments, if any. The management does not expect any materia difference affecting the current years Financial Statements on such reconciliation / adjustments.

16) The Company has started projects Arihant Arham on 1st October 2009 and hence the figures of the previous years correspond to six months activity of construction only. Previous year figures have been regrouped or rearranged, wherever considered necessary, to confirm with the current year presentation.

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Mar 31, 2010

A. Nature of Operations

M/s Arihant Superstructures Limited (the Company), a public limited company, is engaged primarily in the business of Construction and Real Estate Development. The operations of the Company span all aspects of real estate development, from the identifcation and acquisition of land, to planning, execution, construction and marketing of projects.

1) During the year the Company has came out with a Rights Issue of 14,691,000 Equity shares of Rs. 10/- each at par in the ratio of 59 Equity shares for every 1 share held on the Record Date i.e. 5th March, 2010. The issue opened on 8th March, 2010 and closed on 23rd March, 2010. The entire issue was fully subscribed and the shares were allotted on 25th March 2010. The Equity Shares were credited to the accounts of the shareholders in demat form in NSDL and CDSL on 30/03/2010 and 29/03/2010 respectively and were listed on the BSE on 29th March, 2010. The trading approval for the same was received from BSE on 31st March, 2010 w.e.f. 1st April, 2010.

2) During the year the company has initiated its two Projects namely "Arihant Abhilasha" at Kharghar, Raigad and "Arihant Arham" at Panvel, Raigad. Since both the projects are under the initial stage and percentage of work completed on Balance Sheet date is appx. 7.00% in case of "Arihant Abhilasha" and appx. 13.50% in case of "Arihant Arham". The Land cost related to the respective Projects is not amortised during the reporting period / year.

Notes:

a) The related party relationships have been determined on the basis of the requirements of the Accounting Standard (AS)-18 Related Party Disclosures and the same have been relied upon by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the year except where control exists.

3) Segment information:

The Company operates in a single business and geographical segment i.e. "Construction and Allied Activities" within India. Accordingly, no separate disclosures for primary business and secondary geographical segment are required as per AS 17 issued by ICAI.

4) There was no impairment loss on the fixed assets on the basis of review carried out by the management in accordance with Accounting Standard (AS) - 28 "Impairment of Assets".

(b) No commission is paid / payable to Directors / Managing Director and hence, computation of Net Proft in accordance with Section 198, 309 and 349 of the Companies Act, 1956 has not been given.

5) Contingent Liabilities not provided for:

There were no Contingent Liabilities as on 31.03.2010.

6) Utilisation of money raised by Right issue of the Company upto March 31, 2010

Sr. No Nature of Expenditure Amount Involved

1. Project Cost of Arihant Arham 146,910,000

7) Share Issue Expense (related to Rights Issue) and Preliminary Expenses are ammortised over the period of 5 years.

8) The Company has not received any intimation from its suppliers regarding their registration under the Micro, Small and Medium Enterprises Development Act, 2006 hence no disclosure has been made.

9) In the opinion of the management, current assets, loans, advances and deposits are approximately of the value stated, if realised in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

10) Balances of certain sundry debtors, sundry creditors, loans and advances are subject to confrmations / reconciliation and consequential adjustments, if any. The management does not expect any material difference affecting the current years fnancial statements on such reconciliation / adjustments.

11) Previous year figures have been regrouped or rearranged, wherever considered necessary, to confrm with the current year presentation.