Notes to Accounts of Hazoor Multi Projects Ltd.

Mar 31, 2025

3.07 Contingent Liabilities and Contingent assets

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

A contingent asset is not recognised unless it becomes virtually certain that an inflow of economic benefits will
arise. When an inflow of economic benefits is probable, contingent assets are disclosed in the standalone financial
statements. Contingent liabilities and contingent assets are reviewed at each balance sheet date.

3.08 Impairment of financial assets (other than at fair value)

The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost
and FVTOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase
in credit risk.

For trade receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which
requires expected lifetime losses to be recognised from initial recognition of the receivables.

3.09 Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit
and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost. Provisions are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.

3.10 Investments in subsidiaries and joint ventures

The Company accounts for the investments in equity shares of subsidiaries and joint ventures at cost in accordance with Ind AS
27- Separate Financial Statements. The Company reviews its carrying value of investments carried at amortised cost annually, or
more frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the
impairment loss is accounted for. On disposal of investments in subsidiaries and joint venture, the difference between net
disposal proceeds and the carrying amounts are recognised in the Standalone Statement of Profit and Loss

3.11 Retirement and other employee benefits

Employee benefits include salaries, wages, contribution to provident fund, gratuity, leave encashment towards un-availed leave,
compensated absences, post-retirement medical benefits and other terminal benefits.

Short-term employee benefits

Wages and salaries, including non-monetary benefits that are expected to be settled within 12 months after the end of the period
in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting
period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as
current employee benefit obligations in the balance sheet. Liabilities recognised in respect of short-term employee benefits are
measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

i. Defined contribution plan

Retirement benefits in the form of provident fund are a defined contribution scheme and the contributions are charged to the
standalone statement of profit and loss of the period when the employee renders related services. There are no other obligations
other than the contribution payable to the respective authorities.

ii. Defined benefit plan

Gratuity liability for eligible employees are defined benefit obligation and are provided for on the basis of an actuarial valuation
on projected unit credit method made at the end of each financial year. Obligation is measured at the present value of estimated
future cash flows using discounted rate that is determined by reference to market yields at the balance sheet date on Government
Securities where the currency and terms of the Government Securities are consistent with the currency and
estimated terms of the defined benefit obligation.

Remeasurements, comprising of actuarial gains and losses excluding amounts included in net interest on the net defined benefit
liability are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in
the period in which they occur. Remeasurements are not reclassified to the standalone statement of profit and loss in subsequent
periods.

Past service costs are recognised in profit or loss on the earlier of:

• The date of the plan amendment or curtailment, and

• The date that the Company recognises related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the
following changes in the net defined benefit obligation as an employee benefit expense in the statement of profit and loss:

• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
settlements; and

• Net interest expense or income

Other long-term employee benefits

Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future
cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date.

3.12 Financial instruments

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

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit
or loss, transaction costs that are attributable to the acquisition of the financial asset.

On initial recognition, a financial asset is classified as measured of

• Amortized cost

• FVOCI - Debt instruments

• FVOCI - equity instruments

• FVTPL

Financial assets are not reclassified subsequent to their initial recognition, except if and in the period, the Company changes its
business model for managing financial assets.

Debt instruments at amortized cost

A ''debt instrument'' is measured at its amortized cost if both the following conditions are met:

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

b) 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.

This category is the most relevant to the Company.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate
(EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included in other income in the statement of profit and loss. The losses
arising from impairment are recognised in the statement of profit and loss.

Debt instrument at FVTOCI

A ''debt instrument'' is classified at FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets,
and

b) The asset''s contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value.

Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest
income, impairment losses & reversals and foreign exchange gain or loss in the Profit and Loss. On derecognition of the asset,
cumulative gain or loss previously recognised in OCI is reclassified from the equity to Profit and Loss. Interest earned whilst
holding FVTOCI debt instrument is reported as interest income using the EIR method.

Equity investment

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are
classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other

comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument
basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding
dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to standalone statement of profit and loss,
even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognised in the standalone
statement of profit and loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily
derecognised (i.e. removed from the Company''s balance sheet) when:

The rights to receive cash flows from the asset have expired, or

The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material lay to a third party under a ''pass-through'' arrangement; and either

(a) the Company has transferred substantially all the risks and rewards of the asset, or

(b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.

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

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

Impairment of financial assets

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

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade
receivables and bank balance

b) Financial assets that are debt instruments and are measured as at FVTOCI

c) Lease receivables under lnd AS 17

d) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are
within the scope of lnd AS 115.

e) Loan commitments which are not measured as at FVTPL

f) Financial guarantee contracts which are not measured as at FVTPL

The Company follows ''simplified approach'' for recognition of impairment loss allowance on:

• Trade receivables and

• Other receivables

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has
been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is
used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent
period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial
recognition, then the entity reverts to recognizing impairment loss allowance based on 12-month ECL.

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

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the
cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash
flows, an entity is required to consider:

• All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected
life of the financial instrument. However, in rare cases when the expected life of the financial instrument cannot be estimated
reliably, then the entity is required to use the remaining contractual term of the financial instrument.

• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

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

Financial liabilities

Initial recognition and measurement

Financial liabilities are measured at amortised cost using the effective interest method includes loans and
borrowings, trade payables and other payables.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated
upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if
they are incurred for the purpose of repurchasing in the near term.

Loans and borrowings

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as
finance costs in the statement of profit and loss.

Derecognition

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

Offsetting of financial instruments

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

3.13 Contingent consideration receivable

Contingent consideration is classified as an asset and is measured at fair value on the transaction date. Subsequently, contingent
consideration is remeasured to fair value at each reporting date, with changes included in the statement of profit and loss.

3.14 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits,
as defined above as they are considered an integral part of the Company''s cash management.

3.15 Property Plant and equipment:

i. Recognition and measurement: Property, plant and equipment including bearer assets are carried at historical cost of
acquisition or deemed cost less accumulated depreciation and accumulated impairment loss, if any. Historical cost
includes its purchase price, including import duties and nonrefundable purchase taxes after deducting trade discounts
and rebates and any cost directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management. Subsequent expenditure related to an asset is added to
its book value only when it is probable that future economic benefits associated with the item will flow to the Company
and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All repairs
and maintenance are charged to the Statement of Profit and Loss during the financial year in which these are incurred.

ii. Depreciation: Depreciation is provided on assets to get the initial cost down to the residual value. Land is not
depreciated. Depreciation is provided on a straightline basis over the estimated useful life of the asset or as prescribed
in Schedule II to the Companies Act, 2013 or based on a technical evaluation of the asset. Cost incurred on assets under
development are disclosed under capital work in progress and not depreciated till asset is ready to use i.e. when it is in
the location and condition necessary for it to be capable of operating in the manner intended by management.
Estimated useful life of items of Property, Plant and Equipment are as follows:

The residual values and useful lives for depreciation of property, plant and equipment are reviewed at each financial year end
and adjusted prospectively, if appropriate. An asset''s carrying amount is written down immediately to its recoverable amount if
the asset''s carrying amount is greater than its estimated recoverable amount. Recoverable amount is higher of the value in use
or exchange. Gains and losses on disposals are determined by comparing the sale proceeds with the carrying amount and are
recognised in the Statement of Profit and Loss.

3.16 Intangible Assets:

i. Intangible Assets Under Service Concession Arrangements (Appendix C to Ind AS 115 - Revenue from Contracts with
Customers): In respect of Public to Private Arrangements, Intangible Assets i.e. Right to collect toll/tariff are recognised
when the Company has been granted rights to charge a toll/tariff from the users of such public services and such rights
do not confer an unconditional right on the Company to receive cash or another Financial Asset and when it is probable
that future economic benefits associated with the rights will flow to the Company and the cost of the asset can be
measured reliably. The Company operates and maintains that infrastructure (operation services) for a specified period
of time. These arrangements may include infrastructure used in a public-to-private service concession arrangement for
its entire useful life. Under the Concession Agreements, where the Company has received the right to charge users of
the public service, such rights are recognised and classified as "Intangible Assets" in accordance with Appendix C to Ind
AS 115 - Service Concession Arrangements.

ii. Amortization: The intangible rights, which are recognized in the form of the right to charge users of the infrastructure
asset, are amortized based on payments made to the licensor. The company amortizes the right to collect revenue from
the infrastructure asset in proportion to the payments made to the licensor, aligning the amortization with the actual
outflow of consideration for the right. As required, the total projected revenue from the project is reviewed by
management at the end of each financial year, and the estimates are adjusted to reflect any changes in the expected
actual collections over the remaining concession period.

3.17 Assets held for sale:

Non-current assets or disposal groups comprising of assets and liabilities are classified as ''held for sale'' when all of the following
criteria''s are met: (i) decision has been made to sell. (ii) the assets are available for immediate sale in its present condition. (iii)
the assets are being actively marketed and (iv) sale has been agreed or is expected to be concluded within 12 months of the
Balance Sheet date. These are measured at the lower of their carrying amount and fair value less costs to sale. Costs to sell are
the incremental costs directly attributable to the disposal of assets (disposal group), excluding finance cost and
income tax expenses.

3.18 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period.

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 share outstanding during the period are adjusted for the effects
of all dilutive potential equity shares.

3.19 Leases
As a lessee

Lease of assets, where the Company, as a lessee, has substantially assumed all the risks and rewards of ownership are recognised
as Leases for all leases above 12 months, unless the underlying asset is of low value. Assets classified are capitalised and
depreciated as per Company''s policy on Property, Plant and Equipment. The corresponding lease rental obligations, net of finance
charges, are included in borrowings or other financial liabilities as appropriate. Each lease payment is allocated between the
liability and finance cost. The finance cost is charged to the Statement of Profit and Loss over the lease period so as to produce a
constant periodic rate of interest on the remaining balance of the liability for each year.

As a lessor

Lease income from operating leases where the Company is a lessor is recognised in the Statement of Profit and Loss on a straight¬
line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate
for the expected inflationary cost increases.

3.20 Impairment of non-financial assets

Non-financial assets other than inventories, deferred tax assets and non-current assets classified as held for sale are reviewed at
each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, or when annual
impairment testing for an asset is required, the Corporation estimates the asset''s recoverable amount. The recoverable amount
is the higher of the asset''s or Cash-Generating Unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
those from other assets or groups of assets.

When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.

i) The Company has only one class of equity shares having a par value of Re.1.00 per share post effect of share split (March 31, 2024 : Rs.10.00
per share). Each holder of equity shares is entitled to one vote per share.

ii) The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend, if any. During the year ended March 31, 2025, the
amount of per share dividend recognised as distributions to equity shareholders is Rs. 2.00 (March 31, 2024 : Rs. 3.00)

iii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding. However, no such preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.

iv) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five
years immediately preceding the reporting date.-Nil

v) During the year ended on March 31, 2024 the company had issued 35,00,000 equity shares of face value Rs.10 each by way of preferential
allotment at Rs. 178/-

Nature and Purpose of Reserves

(a) Capital Reserve: The Companies Act, 2013 requires the company to create capital reserve based on statutory requirement. This reserve is
not available for capitalisation/declaration of dividend/ share buy-back.

(b) General Reserve: The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve
pursuant to the earlier provisions of Companies Act 1956. Mandatory transfer to general reserve is not required.

(c) Securities Premium Reserve: The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve.

(d) Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends
or other distributions paid to shareholders.

Note 37: Employee Benefit Obligation-
Defined Benefit Plan

Para 139 (a) Characteristics of defined benefit plan: The Defined Benefit Plan comprises Gratuity which is Unfunded.Gratuity is paid from entity as and when it
becomes due and is paid as per entity scheme for Gratuity.

i) Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI). All the reported figures of OCI are gross of taxation.

ii) Salary escalation & attrition rate are considered in line with the industry practice considering promotion and demand & supply of the employees.

iii) Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death in respective year for members as mentioned below.

iv) Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

v) Weighted Average Duration of the Defined Benefit Obligation is the weighted average of cash flow timing, where weights are derived from the present value of each
cash flow to the total present value.

Para 139 (b) Risks associated with defined benefit plan

Gratuity is a defined benefit plan and entity is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the
members more than assumed level will increase the plan''s liability.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. entity has to manage pay-out based on pay as you go basis from own funds.
Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Note 40: Financial risk management objectives and policies

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

• Credit risk ;

• Liquidity risk ; and

• Market risk

A. Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The company is exposed to credit risk from its
operating activities (primarily for trade receivables) and from its financing activities (deposits with banks and other financial instruments).

Credit risk management

Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the
Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its
estimate of incurred losses in respect of trade and other receivables and investments.

The Company''s maximum exposure to credit risk as at 31st March, 2025 and 2024 is the carrying value of each class of financial assets.

(I) Trade and other receivables

Concentration of credit risk with respect to trade receivables are high, due to the Company''s customer base being limited.All trade receivables are reviewed
and assessed for default on a quarterly basis. Based on historical experience of collecting receivables indicate a low credit risk.

(II) Cash and Cash Equivalents

The Company held cash and bank balance with credit worthy banks of Rs. 302.61 Lakhs at March 31, 2025 (March 31, 2024: Rs 6,472.69 Lakhs ). The credit
risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks where credit risk is largely perceived to be extremely
insignificant.

B. Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company,
liquidity risk arises from obligations on account of financial liabilities - trade payables.

Liquidity risk management

The Company''s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable
losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the
Company''s credit rating and impair investor confidence.

The Company maintained a cautious funding strategy, with a positive cash balance throughout the year ended 31st March, 2025 and 31st March, 2024. This
was the result of cash delivery from the business. Cash flow from operating activities provides the funds to service the financing of financial liabilities on a
day-to-day basis. Any short term surplus cash generated by the operating entities, over and above the amount required for working capital management and
other operational requirements, are retained as cash and cash equivalents (to the extent required).

C. Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Company''s income or the
value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments. The Company is exposed to market
risk primarily related to interest rate risk and the market value of the investments.

i) Currency Risk

The functional currency of the Company is Indian Rupee. Currency risk is not material, as the Company does not have any exposure in foreign currency.

ii) Interest Rate Risk

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.

Exposure to interest rate risk

According to the Company interest rate risk exposure is only for floating rate borrowings. Company does not have any floating rate borrowings on any of the
Balance Sheet date disclosed in this financial statements.

iii) Price Risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as
investments in quoted instruments.

a. Fair value sensitivity analysis for fixed rate Instruments

The Company does not account for any fixed rate financial assets or financial liabilities at fair value through Profit or Loss. Therefore, a change in interest
rates at the reporting date would not affect Profit or Loss.

b. Cash flow sensitivity analysis for variable rate Instruments

The company does not have any variable rate instrument in Financial Assets or Financial Liabilities.

The company is exposed to price risk from its investment in equity instruments classified in the balance sheet at fair value through profit and loss.

Note 41: Capital Management

For the purpose of the Company''s capital management, capital includes issued equity aapital, share; premium, and all other equity reserves attributable to the equity
holders of the Company.The primary objectives of the Company''s capital management is to maximise the shareholder value while providing stable capital structure that
facilitate considered risk taking and pursued of business growth.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and business opportunities. To maintain or adjust the
capital structure, the Company may adjust the dividend payment to shareholders, raise/pay down debt or issue new shares. The Company monitors capital using a gearing
ratio, which is net debt divided by total capital plus net debt. Net debt is calculated as loans and borrowings (gross of unamortised cost) less cash and cash equivalents.

Note 46: Trade Payable

a) Details of dues to Micro and Small Enterprises as per Micro, Small and Medium Enterprises Development Act, 2006

Under the Micro, Small and Medium Enterprises Development Act, 2006 (''MSMED'') which came into force from October 2,2006, certain
disclosures are required to be made relating to Micro, Small and Medium enterprises. On the basis or the information and records available
with the management, there are no outstanding dues to the Micro and Small enterprises as defined in the Micro, Small mid Medium
Enterprises Development Act, 2006 except as set out in the following disclosures. The disclosure in respect of the amount payable to
enterprises which have provided goods and services to the Company and which qualify under the definition of micro and small enterprises,
as defined under Micro, Small and Medium Enterprises Development Act, 2006 has been made in the standalone financial statement as at
March 31, 2025 and March 31, 2024 based on the information received and available with the Company.

d) Performance Obligation

The Company undertakes Engineering, Procurement and Construction business. The ongoing contracts with customers are for road construction. The type of
work in these contracts involve construction, engineering, designing, etc.

The Company evaluates whether each contract consists of a single performance obligation or multiple performance obligations. Contracts where the
Company provides a significant integration service to the customer by combining all the goods and services are concluded to have a single performance
obligations. Contracts with no significant integration service, and where the customer can benefit from each unit on its own, are concluded to have multiple
performance obligations.In such cases consideration is allocated to each performance obligation, based on standalone selling prices. Where the Company
enters into multiple contracts with the same customer, the Company evaluates whether the contract is to be combined or not by evaluating factors such as
commercial objective of the contract, consideration negotiated with the customer and whether the individual contracts have single performance obligations
or not.

The Company recognises contract revenue over time as the performance creates or enhances an asset controlled by the customer. For such arrangements
revenue is recognised using cost based input methods. Revenue is recognised with respect to the stage of completion, which is assessed with reference to
the proportion of contract costs incurred for the work performed at the balance sheet date relative to the estimated total contract costs.

The Company recognises contract revenue over time as the performance creates or enhances an asset controlled by the customer. For such arrangements
revenue is recognised using cost based input methods. Revenue is recognised with respect to the stage of completion, which is assessed with reference to
the proportion of contract costs incurred for the work performed at the balance sheet date relative to the estimated total contract costs.Any costs incurred
that do not contribute to satisfying performance obligations are excluded from the Company’s input methods of revenue recognition as the amounts are not
reflective of our transferring control of the system to the customer.Significant judgment is required to evaluate assumptions related to the amount of net
contract revenues, including the impact of any performance incentives, liquidated damages, and other forms of variable consideration.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognizes the entire estimated loss in the year the
loss becomes known. Variations in contract work, claims, incentive payments are included in contract revenue to the extent that may have been agreed with
the customer and are capable of being reliably measured.

e) Practical Expedient

Applying the practical expedient in paragraph 63 of Ind AS 115, the Company does not adjust the promised amount of consideration for the effects of a
significant financing component if at contract inception it is expected that the year between when the entity transfers a promised good or service to a
customer and when the customer pays for that good or service will be one year or less.

The Company applies practical expedient in paragraph 121 of Ind AS 115 and does not disclose information about remaining
performance obligations for EPC contracts that have original expected duration of one year or less.

f) Information about major customer

Revenue for construction of Mumbai-Nagpur Expressway is Rs.6781.36 Lakhs (March 31, 2024 : Rs 45,375.52/- Lakhs i.e 92.63% of total revenue) which is
17.18 % of the Company’s total revenue. Further, Subcontracting to two contractors amount to 48.87% of total revenue during the year ended at March
2025.

Note 48 : Leases
Company as a leasee:

The company has availed the exemption given under Ind AS 116 for the Short term lease. Correspondingly company has recognized the lease payment on
straight line basis in Statement of Profit and Loss over the life of lease term.

Therefore, no right to use assets and lease liability is recognized in financial statement.

Company as a lessor:

The Company has leased out office premises 52, wing C, Mittal Towers, Nariman Point Mumbai-400021 under non-cancellable operating lease. This lease has
term of 60 months. Non interest bearing - refundable security interest has been discounted in books at present value with interest rate of 6.5%. The total
lease rental recognised as income during the year is Rs.12.22 Lakhs (Previous Year: 12.17 Lakhs)

Note 49 : Other Statutory Information

(a) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

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

(c) The company is not declared as wilful defaulter by any bank of financial institution or other lenders.

(d) The Company does not have any approved schemes of arrangements during the year

No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto currency or Virtual Currency

(b) Benami property held under Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

Note 50: Disclosure with Struck off Comapanies

The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act,
1956.

Note 51: Prior year Comparatives

Previous year figures have been re-grouped / re-classified, to conform to current period’s classification in order to comply with the requirement of the
amended Schedule III to the Companies Act, 2013 effective April 1, 2021.

The accompanying notes are an integral part of these standalone financial statements.

For VMRS & Co. On Behalf of the Board

Chartered Accountants For HAZOOR MULTI PROJECTS LIMITED

Firm Regn No. 122750W

Sd/- Sd/- Sd/-

Ramanuj Sodani Radheshyam Laxmanrao Mopalwar Pawankumar Nathmal Mallawat

Partner Chairman & Managing Director Executive Director

Membership No. 049217 DIN: 02604676 DIN: 01538111

Sd/- Sd/-

Date: 30/05/2025 Swaminath Chhotelal Jaiswar Samir Mahendra Desai

Place : Mumbai Company Secretary CFO

Sd/-

Akshay Pawan Kumar Jain
CEO

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Mar 31, 2024

3.07 Contingent Liabilities and Contingent assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but discloses its existence in the consolidated financial statements.

A contingent asset is not recognised unless it becomes virtually certain that an inflow of economic benefits will arise. When an inflow of economic benefits is probable, contingent assets are disclosed in the consolidated financial statements. Contingent liabilities and contingent assets are reviewed at each balance sheet date.

3.08 Impairment of financial assets (other than at fair value)

The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost and FVTOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

3.09 Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

3.10 Retirement and other employee benefits

Employee benefits include salaries, wages, contribution to provident fund, gratuity, leave encashment towards un-availed leave, compensated absences, post-retirement medical benefits and other terminal benefits.

Short-term employee benefits

Wages and salaries, including non-monetary benefits that are expected to be settled within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

i. Defined contribution plan

Retirement benefits in the form of provident fund are a defined contribution scheme and the contributions are charged to the consolidated statement of profit and loss of the period when the employee renders related services. There are no other obligations other than the contribution payable to the respective authorities.

ii. Defined benefit plan

Gratuity liability for eligible employees are defined benefit obligation and are provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financial year. Obligation is measured at the present value of estimated future cash flows using discounted rate that is determined by reference to market yields at the balance sheet date on Government Securities where the currency and terms of the Government Securities are consistent with the currency and estimated terms of the defined benefit obligation.

Remeasurements, comprising of actuarial gains and losses excluding amounts included in net interest on the net defined benefit liability are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to the consolidated statement of profit and loss in subsequent periods.

Past service costs are recognised in profit or loss on the earlier of:

• The date of the plan amendment or curtailment, and

• The date that the Company recognises related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the following changes in the net defined benefit obligation as an employee benefit expense in the statement of profit and loss:

• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and

• Net interest expense or income

Other long-term employee benefits

Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date.

3.11 Financial instruments

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

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

On initial recognition, a financial asset is classified as measured of

• Amortized cost

• FVOCI - Debt instruments

• FVOCI - equity instruments

• FVTPL

Financial assets are not reclassified subsequent to their initial recognition, except if and in the period, the Company changes its business model for managing financial assets.

Debt instruments at amortized cost

A ''debt instrument'' is measured at its amortized cost if both the following conditions are met:

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

b) 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.

This category is the most relevant to the Company.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs tha are an integral part of the EIR. The EIR amortisation is included in other income in the statement of profit and loss. The losses arising from impairment are recognised in the statement of profit and loss.

Debt instrument at FVTOCI

A ''debt instrument'' is classified at FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The asset''s contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value.

Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Equity investment

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to consolidated statement of profit and loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognised in the consolidated

statement of profit and loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognised (i.e. removed from the Company''s balance sheet) when:

The rights to receive cash flows from the asset have expired, or

The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material lay to a third party under a ''pass-through'' arrangement; and either

(a) the Company has transferred substantially all the risks and rewards of the asset, or

(b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

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

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

Impairment of financial assets

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

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance

b) Financial assets that are debt instruments and are measured as at FVTOCI

c) Lease receivables under lnd AS 17

d) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of lnd AS 115.

e) Loan commitments which are not measured as at FVTPL

f) Financial guarantee contracts which are not measured as at FVTPL

The Company follows ''simplified approach'' for recognition of impairment loss allowance on:

• Trade receivables and

• Other receivables

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognizing impairment loss allowance based on 12-month ECL.

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

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to consider:

• All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected life of the financial instrument. However, in rare cases when the expected life of the financial instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term of the financial instrument.

• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

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

Financial liabilities

Initial recognition and measurement

Financial liabilities are measured at amortised cost using the effective interest method includes loans and borrowings, trade payables and other payables.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

Loans and borrowings

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

Derecognition

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

Offsetting of financial instruments

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

3.12 Contingent consideration receivable

Contingent consideration is classified as an asset and is measured at fair value on the transaction date. Subsequently, contingent consideration is remeasured to fair value at each reporting date, with changes included in the statement of profit and loss.

3.13 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above as they are considered an integral part of the Company''s cash management.

3.14 Property Plant and equipment:

i. Recognition and measurement: Property, plant and equipment including bearer assets are carried at historical cost of acquisition or deemed cost less accumulated depreciation and accumulated impairment loss, if any. Historical cost includes its purchase price, including import duties and nonrefundable purchase taxes after deducting trade discounts and rebates and any cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Subsequent expenditure related to an asset is added to its book value only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All repairs and maintenance are charged to the Statement of Profit and Loss during the financial year in which these are incurred.

ii. Depreciation: Depreciation is provided on assets to get the initial cost down to the residual value. Land is not depreciated. Depreciation is provided on a straightline basis over the estimated useful life of the asset or as prescribed in Schedule II to the Companies Act, 2013 or based on a technical evaluation of the asset. Cost incurred on assets under development are disclosed under capital work in progress and not depreciated till asset is ready to use i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Estimated useful life of items of Property, Plant and Equipment are as follows:

The residual values and useful lives for depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is greater than its estimated recoverable amount. Recoverable amount is higher of the value in use or exchange. Gains and losses on disposals are determined by comparing the sale proceeds with the carrying amount and are recognised in the Statement of Profit and Loss.

3.15 Assets held for sale:

Non-current assets or disposal groups comprising of assets and liabilities are classified as ''held for sale'' when all of the following criteria''s are met: (i) decision has been made to sell. (ii) the assets are available for immediate sale in its present condition. (iii) the assets are being actively marketed and (iv) sale has been agreed or is expected to be concluded within 12 months of the Balance Sheet date. These are measured at the lower of their carrying amount and fair value less costs to sale. Costs to sell are the incremental costs directly attributable to the disposal of assets (disposal group), excluding finance cost and income tax expenses.

3.16 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

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 share outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

3.17 Leases As a lessee

Lease of assets, where the Company, as a lessee, has substantially assumed all the risks and rewards of ownership are recognised as Leases for all leases above 12 months, unless the underlying asset is of low value. Assets classified are capitalised and depreciated as per Company''s policy on Property, Plant and Equipment. The corresponding lease rental obligations, net of finance charges, are included in borrowings or other financial liabilities as appropriate. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the Statement of Profit and Loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each year.

As a lessor

Lease income from operating leases where the Company is a lessor is recognised in the Statement of Profit and Loss on a straight- line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases.

3.18 Impairment of non-financial assets

Non-financial assets other than inventories, deferred tax assets and non-current assets classified as held for sale are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, or when annual impairment testing for an asset is required, the Corporation estimates the asset''s recoverable amount. The recoverable amount is the higher of the asset''s or Cash-Generating Unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.

When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

c) Terms & right attached to equity shares

i) The Company has one class of equity shares having a par value of Rs. 10 per share . Each shareholder is eligible for one vote per share held.

ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

iii) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date.-Nil

iv) During the year the company has issued 35,00,000 equity shares of face value Rs.10 each by way of prefrential allotment at Rs. 178/-

Nature and Purpose of Reserves

(a) Capital Reserve: The Companies Act, 2013 requires the company to create capital reserve based on statutory requirement. This reserve is not available for capitalisation/declaration of dividend/ share buy-back.

(b) General Reserve: The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of Companies Act 1956. Mandatory transfer to general reserve is not required.

(c) Securities Premium Reserve: The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve.

(d) Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

(e) FVTOCI Equity Investments: The company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVTOCI Equity Investments reserve within equity. The company transfers amount from this reserve to retained earnings when the relevant equity securities are derecognised.

Note 31: Employee Benefit Obligation-Provision for Gratuity

The company has created the provsion for gratuity for the first time, which was not accounted for in earlier years.Gratuity is post-employment benefit provided to employees as a gesture of appreciation for their dedicated service to the organisation.

In compliance with the Payment of Gratuity Act 1972 and IND AS, the company has taken the decision to recognize and record this liability in the financial statments for FY 2023-24. Previous years figures have also been disclosed had the company recognised the provision in FY 2023-24.

Defined Benefit Plan

Para 139 (a) Characteristics of defined benefit plan: The Defined Benefit Plan comprises Gratuity which is Unfunded.Gratuity is paid from entity as and when it becomes due and is paid as per entity scheme for Gratuity.

i) Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI). All the reported figures of OCI are gross of taxation.

ii) Salary escalation & attrition rate are considered in line with the industry practice considering promotion and demand & supply of the

iii) Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death in respective year for members

iv) Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

v) Weighted Average Duration of the Defined Benefit Obligation is the weighted average of cash flow timing, where weights are derived from the present value of each cash flow to the total present value.

Note 36: Financial risk management objectives and policies

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

• Credit risk ;

• Liquidity risk ; and

• Market risk

A. Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities (deposits with banks and other financial instruments).

Credit risk management

Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

The Company''s maximum exposure to credit risk as at 31st March, 2024 is the carrying value of each class of financial assets.

(I) Trade and other receivables

Concentration of credit risk with respect to trade receivables are high, due to the Company''s customer base being limited.All trade receivables are reviewed and assessed for default on a quarterly basis. Based on historical experience of collecting receivables indicate a low credit risk.

(II) Cash and Cash Equivalents

The Company held cash and bank balance with credit worthy banks of Rs. 6,709.972 Lakhs at March 31, 2024. The credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks where credit risk is largely perceived to be extremely insignificant.

B. Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - trade payables.

Liquidity risk management

The Company''s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the Company''s credit rating and impair investor confidence.

The Company maintained a cautious funding strategy, with a positive cash balance throughout the year ended 31st March, 2024. This was the result of cash delivery from the business. Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day basis. Any short term surplus cash generated by the operating entities, over and above the amount required for working capital management and other operational requirements, are retained as cash and cash equivalents (to the extent required).

C. Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments. The Company is exposed to market risk primarily related to interest rate risk and the market value of the investments.

i) Currency Risk

The functional currency of the Company is Indian Rupee. Currency risk is not material, as the Company does not have any exposure in foreign currency.

ii) Interest Rate Risk

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.

Exposure to interest rate risk

According to the Company interest rate risk exposure is only for floating rate borrowings. Company does not have any floating rate borrowings on any of the Balance Sheet date disclosed in this financial statements.

Exposure to interest rate risk

According to the Company interest rate risk exposure is only for floating rate borrowings. Company does not have any floating rate borrowings on the Balance Sheet date disclosed in this financial statements.

iii) Price Risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as investments in quoted instruments.

a. Fair value sensitivity analysis for fixed rate Instruments

The Company does not account for any fixed rate financial assets or financial liabilities at fair value through Profit or Loss. Therefore, a change in interest rates at the reporting date would not affect Profit or Loss.

b. Cash flow sensitivity analysis for variable rate Instruments

The company does not have any variable rate instrument in Financial Assets or Financial Liabilities.

The company is exposed to price risk from its investment in equity instruments classified in the balance sheet at fair value through other comprehensive income.

Note 37: Capital Management

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 objectives of the Company''s capital management is to maximise the shareholder value while providing stcbla capital structure tbct facilitate considered risk taking aed pursued of business growth.

Tba Company manages its capital structure aed makes adjustments ie light of changes ie economic conditions aed business opportunities. To mcietcie or adjust the capital structure, the Company may adjust the nivinaen pcamaet to shareholders, rcisa/pca down debt or issue new shares. The Company monitors capital using a gearing ratio, which is eet debt nivinan by total capital plus eet debt. Net debt is calculated as loans aed borrowings (gross of uecmhrtisan cost) less cash aed cash aquivclaets.

Note 38: Capital Commitment Capital Commitments:

The company did eot have any outstanding capital commitments as of March 31,2024. Capital commitments raprasaets contractual hbligctihes to invest ie long-term assets, such as property, plant aed aquipmaet, which have been cutbhrizan but eot yet incurred. (previous year- NIL)

Note 39: Contingent liability

A contingency is a phtaeticl liability or gain that may arise from past avaets but whose axistaeca will be chefirman by the hccurraeca or eoe- occurrence of uecartcie future avaets. The company has cssassan its operations aed natarmiean the following contingencies for FY 2023-24.

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Mar 31, 2023

3.09 Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

3.10 Investments in subsidiaries and joint ventures

3.11 Retirement and other employee benefits

Employee benefits include salaries, wages, contribution to provident fund, gratuity, leave encashment towards un-availed leave, compensated absences, post-retirement medical benefits and other terminal benefits.

Short-term employee benefits

Wages and salaries, including non-monetary benefits that are expected to be settled within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

i. Defined contribution plan

Retirement benefits in the form of provident fund are a defined contribution scheme and the contributions are charged to the standalone statement of profit and loss of the period when the employee renders related services. There are no other obligations other than the contribution payable to the respective authorities.

ii. Defined benefit plan

Gratuity liability for eligible employees are defined benefit obligation and are provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financial year. Obligation is measured at the present value of estimated future cash flows using discounted rate that is determined by reference to market yields at the balance sheet date on Government Securities where the currency and terms of the Government Securities are consistent with the currency and estimated terms of the defined benefit obligation.

Remeasurements, comprising of actuarial gains and losses excluding amounts included in net interest on the net defined benefit liability are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to the standalone statement of profit and loss in subsequent periods.

Past service costs are recognised in profit or loss on the earlier of:

• The date of the plan amendment or curtailment, and

• The date that the Company recognises related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the following changes in the net defined benefit obligation as an employee benefit expense in the statement of profit and loss:

• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and

• Net interest expense or income Other long-term employee benefits

Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date.

3.12 Financial instruments

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

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

On initial recognition, a financial asset is classified as measured of

• Amortized cost

• FVOCI - Debt instruments

• FVOCI - equity instruments

• FVTPL

Financial assets are not reclassified subsequent to their initial recognition, except if and in the period, the Company changes its business model for managing financial assets.

Debt instruments at amortized cost

A ''debt instrument'' is measured at its amortized cost if both the following conditions are met:

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

b) 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.

This category is the most relevant to the Company.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in other income in the statement of profit and loss. The losses arising from impairment are recognised in the statement of profit and loss.

Debt instrument at FVTOCI

A ''debt instrument'' is classified at FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The asset''s contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value.

Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Equity investment

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to standalone statement of profit and loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognised in the standalone statement of profit and loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognised (i.e. removed from the Company''s balance sheet) when:

The rights to receive cash flows from the asset have expired, or

The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material lay to a third party under a ''pass-through'' arrangement; and either

(a) the Company has transferred substantially all the risks and rewards of the asset, or

(b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

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

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

Impairment of financial assets

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

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance

b) Financial assets that are debt instruments and are measured as at FVTOCI

c) Lease receivables under lnd AS 17

d) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of lnd AS 115.

e) Loan commitments which are not measured as at FVTPL

f) Financial guarantee contracts which are not measured as at FVTPL

The Company follows ''simplified approach'' for recognition of impairment loss allowance on:

• Trade receivables and

• Other receivables

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognizing impairment loss allowance based on 12-month ECL.

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

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to consider:

• All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected life of the financial instrument. However, in rare cases when the expected life of the financial instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term of the financial instrument.

• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

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

carrying amount.

Financial liabilities

Initial recognition and measurement

Financial liabilities are measured at amortised cost using the effective interest method includes loans and borrowings, trade payables and other payables.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

Loans and borrowings

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

Derecognition

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

Offsetting of financial instruments

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

3.13 Contingent consideration receivable

Contingent consideration is classified as an asset and is measured at fair value on the transaction date. Subsequently, contingent consideration is remeasured to fair value at each reporting date, with changes included in the statement of profit and loss.

3.14 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above as they are considered an integral part of the Company''s cash management.

3.15 Property Plant and equipment:

i. Recognition and measurement: Property, plant and equipment including bearer assets are carried at historical cost of acquisition or deemed cost less accumulated depreciation and accumulated impairment loss, if any. Historical cost includes its purchase price, including import duties and nonrefundable purchase taxes after deducting trade discounts and rebates and any cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Subsequent expenditure related to an asset is added to its book value only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All repairs and maintenance are charged to the Statement of Profit and Loss during the financial year in which these are incurred.

ii. Depreciation: Depreciation is provided on assets to get the initial cost down to the residual value. Land is not depreciated. Depreciation is provided on a straightline basis over the estimated useful life of the asset or as prescribed in Schedule II to the Companies Act, 2013 or based on a technical evaluation of the asset. Cost incurred on assets under development are disclosed under capital work in progress and not depreciated till asset is ready to use i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Estimated useful life of items of Property, Plant and Equipment are as follows:

The residual values and useful lives for depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is greater than its estimated recoverable amount. Recoverable amount is higher of the value in use or exchange. Gains and losses on disposals are determined by comparing the sale proceeds with the carrying amount and are recognised in the Statement of Profit and Loss.

3.16 Assets held for sale:

Non-current assets or disposal groups comprising of assets and liabilities are classified as ''held for sale'' when all of the following criteria''s are met: (i) decision has been made to sell. (ii) the assets are available for immediate sale in its present condition. (iii) the assets are being actively marketed and (iv) sale has been agreed or is expected to be concluded within 12 months of the Balance Sheet date. These are measured at the lower of their carrying amount and fair value less costs to sale. Costs to sell are the incremental costs directly attributable to the disposal of assets (disposal group), excluding finance cost and income tax expenses.

3.17 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

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 share outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

3.18 Leases As a lessee

Lease of assets, where the Company, as a lessee, has substantially assumed all the risks and rewards of ownership are recognised as Leases for all leases above 12 months, unless the underlying asset is of low value. Assets classified are capitalised and depreciated as per Company''s policy on Property, Plant and Equipment. The corresponding lease rental obligations, net of finance charges, are included in borrowings or other financial liabilities as appropriate. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the Statement of Profit and Loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each year.

As a lessor

Lease income from operating leases where the Company is a lessor is recognised in the Statement of Profit and Loss on a straight- line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases.

3.19 Impairment of non-financial assets

Non-financial assets other than inventories, deferred tax assets and non-current assets classified as held for sale are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, or when annual impairment testing for an asset is required, the Corporation estimates the asset''s recoverable amount. The recoverable amount is the higher of the asset''s or Cash-Generating Unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.

When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

3.20 Recent Accounting Development:

Ministry of Corporate Affairs (MCA), vide notification dated March 23, 2022, has made the following amendments to Ind AS which are effective from April 1, 2022:

a) Ind AS 109: Annual Improvements to Ind AS (201)

b) Ind AS 103: Reference to Conceptual Framework

c) Ind AS 37: Onerous Contracts - Costs of Fulfilling a Contract

d) Ind AS 16: Proceeds before intended use

Based on preliminary assessment, the Company does not expect these amendments to have any significant impact on its standalone financial statements.

For VMRS & Co. On Behalf of the Board

Chartered Accountants For HAZOOR MULTI PROJECTS LIMITED

Firm Regn No. 122750W (CIN : L99999MH1992PLC269813)

Sd/- Sd/- Sd/-

Ramanuj Sodani Pawankumar Nathmal Mallawat Akshay Pawan Kumar Jain

Partner Executive Director Whole Time Director

Membership No. 049217 DIN: 01538111 DIN: 08595089

Date: 30/05/2023

Place :Mumbai Sd/- Sd/-

Bhavesh R. Pandya Dineshkumar Agarwal

Company Secretary Director & CFO

DIN:05259502

c) Terms & right attached to equity shares

i) The Company has one class of equity shares having a par value of Rs. 10 per share . Each shareholder is eligible for one vote per share held,

ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

iii) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date.-Nil

iv) The Board of Directors in its meeting held on 18th October, 2022 considered and approved the Issue Price, Ratio and Record date for further issue of Equity shares to the existing shareholders of the Company on Right basis(in the ratio of 1 (One) Rights Equity Shares for every 2 (Two) fully paid-up Equity Share held on the Record Date i.e. 20th January, 2023) . Further, Pursuant to the provisions of section 62(1)(a), and other applicable provisions, if any, of the Companies Act, 2013 (the "Act") and in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (including any statutory modification(s) of re-enactments thereof for the time being in force 50,75,000 Equity shares of face value of Rs.10/- each issued at price of Rs.88/- per Equity share (including security premium of Rs.78/- per share) paid up Rs. 2.5/- per share of the Company be and hereby allotted to the eligible shareholders of the Company and in pursuance to the Basis of Allotment approved by BSE Limited , the designated stock exchange, these share have been listed on BSE Limited.

Nature and Purpose of Reserves

(a) Capital Reserve: The Companies Act, 2013 requires the company to create capital reserve based on statutory requirement. This reserve is not available for capitalisation/declaration of dividend/ share buy-back,

(b) General Reserve: The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of Companies Act 1956, Mandatory transfer to general reserve is not required,

(c) Securities Premium Reserve: The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve,

(d) Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders,

(e) FVTOCI Equity Investments: The company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income, These changes are accumulated within the FVTOCI Equity Investments reserve within equity, The company transfers amount from this reserve to retained earnings when the relevant equity securities are derecognised,

Note 29: Employee Benefit Obligation-Provision for Gratuity

The company has created the provsion for gratuity for the first time, which was not accounted for in earlier years.Gratuity is postemployment benefit provided to employees as a gesture of appreciation for their dedicated service to the organisation.

In compliance with the Payment of Gratuity Act 1972 and IND AS, the company has taken the decision to recognize and record this liability in the financial statments for FY 2022-23. Previous years figures have also been disclosed had the company recognised the provision in FY 2022-23.

The financial impact of the gratuity provision has been appropriately reflected in the financial statement for the current year( FY 2022-23). The change is aligned with the company''s ongoing efforts to enchance transparency and accountability in its financial reporting. The provision for the Gratuity has been determined based on acturial calculations, taking into consideration factors such as employee tenure, salary levels, retirement age, and applicable legal requirement. The company has engaged professional acturies to ensure the accuracy and validity of these calculations.

Defined Benefit Plan

Para 139 (a) Characteristics of defined benefit plan: The Defined Benefit Plan comprises Gratuity which is Unfunded.Gratuity is paid from entity as and when it becomes due and is paid as per entity scheme for Gratuity.

i) Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI). All the reported figures of OCI are gross of taxation.

ii) Salary escalation & attrition rate are considered in line with the industry practice considering promotion and demand & supply of the employees.

iii) Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death in respective year for members as mentioned below.

iv) Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

v) Weighted Average Duration of the Defined Benefit Obligation is the weighted average of cash flow timing, where weights are derived from the present value of each cash flow to the total present value.

Para 139 (b) Risks associated with defined benefit plan

Gratuity is a defined benefit plan and entity is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. entity has to manage pay-out based on pay as you go basis from own funds.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Note 33: Financial risk management objectives and policies

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

• Credit risk ;

• Liquidity risk ; and

• Market risk

A. Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities (deposits with banks and other financial instruments).

Credit risk management

Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

The Company''s maximum exposure to credit risk as at 31st March, 2023 and 2022 is the carrying value of each class of financial assets.

(I) Trade and other receivables

Concentration of credit risk with respect to trade receivables are high, due to the Company''s customer base being limited.All trade receivables are reviewed and assessed for default on a quarterly basis. Based on historical experience of collecting receivables indicate a low credit risk.

(II) Cash and Cash Equivalents

The Company held cash and bank balance with credit worthy banks of Rs. 452.04 at March 31, 2023 (March 31, 2022; Rs.1,121.43 ). The credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks where credit risk is largely perceived to be extremely insignificant.

B. Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - trade payables.

Liquidity risk management

The Company''s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the Company''s credit rating and impair investor confidence.

The Company maintained a cautious funding strategy, with a positive cash balance throughout the year ended 31st March, 2023 and 31st March, 2022. This was the result of cash delivery from the business. Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day basis. Any short term surplus cash generated by the operating entities, over and above the amount required for working capital management and other operational requirements, are retained as cash and cash equivalents (to the extent required).

C. Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments. The Company is exposed to market risk primarily related to interest rate risk and the market value of the investments.

i) Currency Risk

The functional currency of the Company is Indian Rupee. Currency risk is not material, as the Company does not have any exposure in foreign currency.

ii) Interest Rate Risk

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.

Exposure to interest rate risk

According to the Company interest rate risk exposure is only for floating rate borrowings. Company does not have any floating rate borrowings on any of the Balance Sheet date disclosed in this financial statements.

iii) Price Risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as investments in quoted instruments.

a. Fair value sensitivity analysis for fixed rate Instruments

The Company does not account for any fixed rate financial assets or financial liabilities at fair value through Profit or Loss. Therefore, a change in interest rates at the reporting date would not affect Profit or Loss.

b. Cash flow sensitivity analysis for variable rate Instruments

The company does not have any variable rate instrument in Financial Assets or Financial Liabilities.

The company is exposed to price risk from its investment in equity instruments classified in the balance sheet at fair value through other comprehensive income.

Note 34: Capital Management

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 objectives of the Company''s capital management is to maximise the shareholder value while providing stable capital structure that facilitate considered risk taking and pursued of business growth.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and business opportunities. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, raise/pay down debt or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. Net debt is calculated as loans and borrowings (gross of unamortised cost) less cash and cash equivalents.

Note 35: Capital Commitment Capital Commitments:

The company did not have any outstanding capital commitments as of March 31,2023. Capital commitments represents contractual obligations to invest in long-term assets, such as property, plant and equipment, which have been authorized but not yet incurred. (previous year- NIL)

Note 36: Contingent liability

A contingency is a potential liability or gain that may arise from past events but whose existence will be confirmed by the occurrence or nonoccurrence of uncertain future events. The company has assessed its operations and determined that there were no material contingencies requiring disclosure as of March 31, 2023. ( previous year- NIL)

d) Performance Obligation

The Company undertakes Engineering, Procurement and Construction business. The ongoing contracts with customers are for road construction. The type of work in these contracts involve construction, engineering, designing, etc.

The Company evaluates whether each contract consists of a single performance obligation or multiple performance obligations. Contracts where the Company provides a significant integration service to the customer by combining all the goods and services are concluded to have a single performance obligations. Contracts with no significant integration service, and where the customer can benefit from each unit on its own, are concluded to have multiple performance obligations.ln such cases consideration is allocated to each performance obligation, based on standalone selling prices. Where the Company enters into multiple contracts with the same customer, the Company evaluates whether the contract is to be combined or not by evaluating factors such as commercial objective of the contract, consideration negotiated with the customer and whether the individual contracts have single performance obligations or not.

The Company recognises contract revenue over time as the performance creates or enhances an asset controlled by the customer. For such arrangements revenue is recognised using cost based input methods. Revenue is recognised with respect to the stage of completion, which is assessed with reference to the proportion of contract costs incurred for the work performed at the balance sheet date relative to the estimated total contract costs.

The Company recognises contract revenue over time as the performance creates or enhances an asset controlled by the customer. For such arrangements revenue is recognised using cost based input methods. Revenue is recognised with respect to the stage of completion, which is assessed with reference to the proportion of contract costs incurred for the work performed at the balance sheet date relative to the estimated total contract costs.Any costs incurred that do not contribute to satisfying performance obligations are excluded from the Company''s input methods of revenue recognition as the amounts are not reflective of our transferring control of the system to the customer.Significant judgment is required to evaluate assumptions related to the amount of net contract revenues, including the impact of any performance incentives, liquidated damages, and other forms of variable consideration.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognizes the entire estimated loss in the year the loss becomes known. Variations in contract work, claims, incentive payments are included in contract revenue to the extent that may have been agreed with the customer and are capable of beine reliably measured.

f) Information about major customer

Revenue for construction of Mumbai-Nagpur Expressway is Rs.72134.88 Lakhs (March 31, 2022 : Rs 7240.89/- Lakhs) which is more than 92.98% of the Company''s total revenue.

Note 41: Other Statutory Information

(a) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

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

(c) The company is not declared as wilful defaulter by any bank of financial institution or other lenders.

(d) The Company does not have any approved schemes of arrangements during the year

No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto currency or Virtual Currency

(b) Benami property held under Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

Note 42: Disclosure with Struck off Comapanies

The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956. Note 43: Prior year Comparatives

Previous year figures have been re-grouped / re-classified, to conform to current period''s classification in order to comply with the requirement of the amended Schedule III to the Companies Act, 2013 effective April 1, 2021.

(a) Security deposits regrouped under ''Other Current assets'' (Note 11) which were earlier part of ''Other Financial Asset'' (Note 9).

For VMRS & Co. On Behalf of the Board

Chartered Accountants For HAZOOR MULTI PROJECTS LIMITED

Firm Regn No. 122750W (CIN : L99999MH1992PLC269813)

Sd/- Sd/- Sd/-

Ramanuj Sodani Pawankumar Nathmal Mallawat Akshay Pawan Kumar Jain

Partner Executive Director Whole Time Director

Membership No. 049217 DIN: 01538111 DIN: 08595089

Sd/- Sd/-

Date: 30/05/2023 Bhavesh R. Pandya Dineshkumar Agarwal

Place: Mumbai Company Secretary Director & CFO

DIN: 05259502

---

Mar 31, 2015

1. Terms / rights attached to equity shares

The Company has only one class of shares referred to as equity shares having a par value of Rs. 4/-. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be inproportion to the number of equity shares held by the shareholders.

2.1 There are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet date. The above information regarding Micro, Small and Medium enterprises have been determined to the extent such parties have been identifiable on the basis of information available with the Company and relied upon by the auditors.

2.2 Trade payables are subject to confirmation from certain parties.

3.1 Salaries and Bonus include Directors' remuneration Rs. NIL ( P.Y. Rs. NIL) & Mr. Shrikan Behra, Compliance Officer Rs. 84,000/-(P.Y. NIL) & Ms. Raina Shah, Company Secretary & Compliance Officer Rs. 1,00,000/-(PY. 28,800/-)

4 Income Taxes:

Provisions for current tax is made in view of the Profit for the year, in terms of the provisions of the Income Tax Act, 1961.

5 Remuneration Paid/Payable to Directors and other Chief Managerial Personnel as per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended, the number of employees employed for the whole year drawing salary of Rs. 60,00,000/- per annum or more is NIL and the number of employees employed for part of the year drawing salary of Rs. 5,00,000/- per month or more is also NIL.

6 In the Opinion of Board of Directors, all the Current Assets, Loans and Advances have a value on realization in the ordinary course of Business at least equal to the amount at which they are stated and all the known liabilities as at the end of year have been provided for.

7 The Project Land situated at Hazoor Hill Grand, Village Peth Shahpur, Dist. Pune was notified as "Private Forest" land by Forest Department and therefore the said Land has been categorised as No- Development Zone. Accordingly the impairment loss of Rs. 10.71 Crore was charged to the P&L A/c in the earlier years. As on the date of Balance Sheet, 31st March 2015, there is no improvement in the impairment conditions, therefore the reversal of the impairment loss has not been recognized during the year under report. Hence there is no increase or decrease in the carrying amount of the impaired asset.

8 Segment Reporting:

The Company and its subsidiary operates in a single business segment in the Real Estate & Infrastructure Development.

9 Related Party Disclosures:

As per Accounting Standard (AS) - 18 of The Companies (Accounting Standards) Rules, 2006, the list of related parties where control exists and related parties with whom transactions have taken place and relationships are as under:

a List of Related Parties and Description of Relationships

i Subsidiary

M/s. Aambey Valley Mountains Pvt. Ltd. (100%) (formerly known as Hazoor Aambey Valley Developers Pvt. Ltd.) (Aambey Valley Mountains Private Limited ceased to be Subsidiary of the Company w.e.f 30th June, 2015)

ii Companies in which promoters have significant influence M/s. Eaugu Udyog Ltd.*

M/s. Mantra Day Traders Pvt. Ltd.*

M/s. Fortune Point Exports Pvt. Ltd.*

M/s. Parle Software Ltd.

M/s. Optilum Business Enterprises Pvt. Ltd.

iii Key Management Personnel

Mr. V.I.Garg Managing Director

Mr. Vineet Garg Executive Director, Chief Financial Officer,

Ms. Raina Shah Company Secretary & Compliance Officer (resigned w.e.f. 30.09.2014)

Mr. Shrikant Behera Compliance Officer ( resigned w.e.f. 31.03.2015)

Mr. Pradeep Vyas Company Secretary & Compliance Officer (appointed w.e.f. 01.04.2015)

iv Others

Mrs. Chanda V. Garg Woman Director (appointed w.e.f. 31.03.2015)

Note: Related party relationships are identified by the Company and relied upon by the Auditors.

10 Quantitative Information: The provisions of clause are not applicable to the company and hence no Quantitative details are given.

11 Retirement Benefits: The provisions of payment of Gratuity Act, 1972 are not applicable to the company.

12 There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

13 Details of Loans given, Investment made and Guarantee given covered under section 186(4) of the Companies Act, 2013:

(i) The Company has not given any loans or guarantees.

(ii) No Investment made by the Company as at 31st March, 2015.

14 The provisions of PF / ESIC Act are not applicable to the company.

15 During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 01, 2014, the Company

16 Figures have been rounded off to nearest rupee wherever applicable. The figures in brackets are those in respect of the previous

17 Figures for the previous year have been regrouped wherever necessary to conform to the current year / period's classification.

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Mar 31, 2013

1 In the Opinion of Board of Directors, all the Current Assets. Loans and Advances have a value on realization in the ordinary rose of Business at least equal to the amount at which there are received and nil the known liabilities as at the end of year have been provided for.

2 Segment Reporting:

The Coin puny opiates through its subsidies, us son hip and joint venture** engaged in the Real Estate Development, which a* per Accounting Standard* A15- l7 dried to be the only reportable business segment. The Company is also operating within the same geo segment.

3 Related Party''s:

a List of Related Pat ties and Description of Relationships

i. Promoters Group

M/s. Eaugu I:dvog Ltd.''

M/». Mantra Privy Traders Pvt. Ltd.*

M/s. Fortum1 Point Exports Pvt, Ltd.1

* all the three co-promoters of your company are matinees of the name "Group*, as that expression is defined in MRTP Art 10&D.

ii. Salesladies

M/s. Hazoor Aambey ValU-y 5Vv.-lc.peva Pvi. Ltd. v..)

M/s. Harwood Township Jewlopoi s Pvt. Ltd. (55"|

iii Unincorporated Joint Ventures (Vl M/s. Hazoor City Developer#

iv Companies m which promoters have significant influence M/s. Parle Software Ltd.

Opt him Business Enterprises Pvt. Ltd.

2 Quintet Kit live fortuning to it: The provisions of clause 3 if of Schedule VI of I'' art (I of Companies Act, 1*J56 are not applied to the company ant hence no Quantitative details are given

4 Retirement Benefits: The provisions of payment of Gratuity Act. 1972 Hide not applicable to the company.

5 There are no amount* due and outstanding to be credited to Investor Education and Protection Pin id.

6 The Company has no dues to micro small enterprises during the year ended 31 /03/2013.

7 The provisions of PF / ES1C Art are not applicable to the company.

8 Figures have been reminded off tired Mets rupee wherever applicable. The figures in brackets are those in respect at the previous accounted year.

8 Figures for the previous year have been regrouped wherever necessary to conform to the current year / period''s chewiest.

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Mar 31, 2012

1 Dues to Small Scale industrial undertaking: There are no Micro and Small Enterprises to whom the company owes dues, for more than 45 days as at March 31st, 2012. This information as required to be disclosed under the micro, Small and Medium Enterprises development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available to the company.

a. Terms / rights attached to equity shares

The Company has only one class of shares referred to as equity shares having a par value of Rs. 4/-. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be inproportion to the number of equity shares held by the shareholders.

2 Income Taxes:

- provisions for current tax is made in view of the Loss for the year, in terms of the provisions of the Income Tax Act, 1961.

3 Remuneration Paid/Payable to Directors and other Chief Managerial Personnel as per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended, the number of employees employed for the whole year drawing salary of Rs. 60,00,000/- per annum or more is NIL and the number of employees employed for part of the year drawing salary of Rs. 5,00,000/- per month or more is also NIL.

4 In the Opinion of Board of Directors, all the Current Assets, Loans and Advances have a value on realization in the ordinary course of Business at least equal to the amount at which they are stated and all the known liabilities as at the end of year have been provided for.

5 Segment Reporting:

The Company operates through its subsidiaries, associate and joint ventures engaged in the Real Estate Development, which as per Accounting Standards AS-l7-'Segment Reporting' is considered to be the only reportable business segment. The Company is also operating within the same geographical segment.

6 Quantitative Information: The provisions of clause 3 (ii) of Schedule VI of Part II of Companies Act, 1956 are not applicable to the company and hence no Quantitative details are given.

7 Retirement Benefits: The provisions of payment of Gratuity Act, 1972 are not applicable to the company.

8 There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

9 The Company has no'dues to micro small enterprises during the year ended 31/03/2012.

10 The provisions of PF / ESIC Act are not applicable to the company.

11 Figures have been rounded off to nearest rupee wherever applicable. The figures in brackets are those in respect of the previous accounting year.

12 Figures for the previous year have been regrouped wherever necessary to conform to the current period's classification.

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Aug 31, 2010

1. Capital Commitment – Rs NIL (P.Y. 3.03 Crores) in respect of the Joint Venture Project by Hazoor City Developers.

2. Remuneration Paid/Payable to Directors and other Chief Managerial Person:

As per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended. The number of employees employed for the whole year drawing salary of Rs. 24,00,000/- per annum or more is NIL and the number of employees employed for part of the year drawing salary of Rs. 2,00,000/- per month or more is also

NIL.

3. The provisions of PF / ESIC Act are not applicable to the company.

4.In accordance with the provisions of the Accounting Standard –28 on Impairment of Assets notified by the Companies (Accounting Standards) Rules 2006, the Company had identified certain fixed assets in previous year, that were impaired mainly on account of conditions prevailing in real estate market, affecting the value of such assets. Accordingly during current year no amount of impairment Loss/Reversal has been recognized and provided in the profit and loss account (Previous Year loss of Rs. 574.21 lakhs) in respect of Hazoor Hill Grand.

5. Segment Reporting:

The Company operates through its subsidiaries, associate and joint ventures engaged in the Real Estate Development, which as per Accounting Standards AS-17-‘Segment Reporting is considered to be the only reportable business segment. The Company is also operating within the same geographical segment.

6. Related Party Disclosures: a). List of Related Party and relationships i. Subsidiaries

M/s. Hazoor Aambey Valley Developers Pvt. Ltd. M/s. Hazoor Township Developers Pvt. Ltd.

ii. Partnership Firm of Subsidiary (HTDPL) M/s. Zero Developers

iii. Unincorporated Joint Ventures (JV) M/s. Hazoor City Developers M/s. Hazoor Multi Corp.

iv. Associates

M/s.Infra Engineers & Contractors. M/s.Land Aggregators and Realtors.

v. Companies in which promoters have significant influence Parle Software Ltd. Optilum Business Enterprises Pvt.Ltd.

vi. Key Management Personnel

Mr. V.I.Garg CEO, Director

Mr. Ashish Garg .Managing Director

Mr. Vineet Garg .Executive Director

Mr. Dinesh Modi . Company Secretary

Note: Related party relationships are as identified by the Company and relied upon by the Auditors.

7. Quantitative Information: The provisions of clause 3 (ii) of Schedule VI of Part II of Companies Act, 1956 are not applicable to the company and hence no Quantitative details are given.

8. Retirement Benefits: The provisions of payment of Gratuity Act, 1972 are not applicable to the company.

9. The Company carries out the development activities through various projects that are executed / undertaken through its Associates, Joint Ventures, etc. The company has not incurred any direct cost for execution of such projects which are, undertaken by the associates, joint ventures etc.

10. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

11. Being the initial engagement of the statutory auditors, opening balances are duly Certified by the management and relied upon by the auditors.

12. Figures for the previous year have been regrouped wherever necessary to conform to the current years classification.

13. Figures have been rounded off to nearest rupee wherever applicable.

14. The figures in brackets are those in respect of the previous accounting year.

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Aug 31, 2009

1. Capital Commitment - Rs 3.03 Crores (P.Y. 8.36 Crores) in respect of the Joint Venture Project by Hazoor City Developers.

2. During the year 3,50,000 equity shares of Rs.4/- each at a premium of Rs.12/- per share have been allotted on preferential basis to Body Corporate from public on conversion of equivalent number of warrants and issue proceeds of Rs. 50.40 lacs have been deployed as per the objects of the issue. With this there were 46, 25,000 share warrants pending for conversion and company has extinguished even number of share warrants and have forfeited Rs.74.00 lacs and it has been credited to Forfeiture Reserve Account, as warrant holders did not exercise their conversion rights within 18 months from the date of issue of share warrants.

3. Remuneration Paid/Payable to Directors and other Chief Managerial Person:

As per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended. The number of employees employed for the whole year drawing salary of Rs. 24,00,000/- per annum or more is NIL and the number of employees employed for part of the year drawing salary of Rs. 2,00,000/- per month or more is also NIL.

4. The provisions of PF / ESIC Act are not applicable to the company.

5. In the Opinion of Board of Directors, all the Current Assets, Loans and Advances have a value on realization in the ordinary course of Business which may be less than the amount at which they are stated and all the known liabilities as at the end of year have been provided for.

6. Segment Reporting:

The Company operates through its subsidiaries, associate and joint ventures engaged in the Real Estate Development, which as per Accounting Standards AS-17-Segment Reporting is considered to be the only reportable business segment. The Company is also operating within the same geographical segment. Hence, disclosures under AS-17 are not applicable.

7. Quantitative Information:

The provisions of clause 3 (ii) of Schedule VI of Part II of Companies Act, 1956 are not applicable to the company and hence no quantitative details are given.

8.Contingent liabilities (not provided for):

Corporate Guarantee issued by the company to banks on behalf of an Associate amounting to Rs. 124.00 lacs (P.Y. - NIL)

9.Retirement Benefits:

The provisions of payment of Gratuity Act, 1972 are not applicable to the company.

10.The Company carries out the development activities through various projects that are executed / undertaken through its Associates, Joint Ventures, etc. The developments activities through Associates, Joint Ventures, etc have increased substantially during the year, which would henceforth continue to grow. The company has not incurred any cost for execution of such projects which are, undertaken by the associates, joint ventures etc.

11. Liabilities and Assets:

Balances group under Sundry Debtors, Sundry Creditors, and Loans and Advances are subject to confirmation from respective parties.

12.There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

13.Sundry Creditors (due to SSI Units):

As per the information available with the company, the sundry creditors do not include any amount due to SSI exceeding Rs. 1 .Lacs outstanding for more than 30 days.

14. Figures for the previous year have been regrouped wherever necessary to conform to the current years classification.

15. Figures have been rounded off to nearest rupee wherever applicable.

16.The figures in brackets are those in respect of the previous accounting year.