Notes to Accounts of Parshwanath Corporation Ltd.

Mar 31, 2025

3.8 Provisions

A provision is recognized when the company has a present obligation as a result of past event and
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.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax
rate that reflects current market assessments of the time value of money and 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 not discounted to their present value and are determined based on the best estimate
required to settle the obligation at the reporting date. These estimates are reviewed at each reporting
date and adjusted to reflect the current best estimates.

3.9 Contingent Liability

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 recognized 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 recognized because it cannot be measured reliably. The company does not recognize
a contingent liability but discloses its existence in the financial statements.

3.10 Contingent Asset

A contingent asset is a possible asset that arises from past events and whose existence will be
confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of the company. The company does not recognize a contingent asset but discloses
its existence in the financial statements.

3.11 Cash and cash equivalent

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank (including
demand deposits) and in hand and short-term, highly liquid investments with original maturities of three
months or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value.

3.12 Earnings per share

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

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

3.13 Company as lessee

"The Company''s lease asset classes primarily consist of leases for Office building. The Company
assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration. To assess whether a contract conveys the right to control the use of
an identified asset, the Company assesses whether: (i) the contract involves the use of an identified
asset (ii) the Company has substantially all of the economic benefits from use of the asset through
the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and
a corresponding lease liability for all lease arrangements in which it is a lessee, except for
leases with a term of 12 months or less (short-term leases) and low value leases. For these short¬
term and low-value leases, the Company recognizes the lease payments as an operating expense
on a straight-line basis over the term of the lease.

The ROU assets are initially recognized at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They are subsequently measured at cost less
accumulated depreciation and impairment losses.

ROU assets are depreciated from the commencement date on a straight-line basis over the shorter of
the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortized cost at the present value of the future lease
payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily
determinable, using the incremental borrowing rates in the country of domicile of these leases.

Lease liability and ROU assets have been separately presented in the Balance Sheet and lease
payments have been classified as financing cash flows."

3.14 Inventories

Inventories are valued at lower of cost and net realizable value. Cost of materials is determined on
first-in-first-out basis. Net realizable value is the estimated selling price less estimated cost necessary
to make the sale.

3.15 Segment Reporting

An operating segment is component of the company that engages in the business activity from which
the company earns revenues and incurs expenses, for which discrete financial information is available
and whose operating results are regularly reviewed by the chief operating decision maker, in deciding
about resources to be allocated to the segment and assess its performance. The company''s chief
operating decision maker is the Managing Director.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each
reportable segment. All other assets and liabilities are disclosed as un-allocable.

Revenue and expenses directly attributable to segments are reported under each reportable segment.
All other expenses which are not attributable or allocable to segments have been disclosed as un¬
allocable expenses.

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

3.16 Cash Flow Statement

Cash flows are reported using indirect method whereby profit for the period is adjusted for the effects
of the transactions of non-cash nature, any deferrals or accruals of past or future operating cash
receipts and payments and items of income or expenses associated with investing and financing cash
flows. The cash flows from operating, investing and financing activities of the Company are segregated.

3.17 Events after reporting date

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at
the end of the reporting period, the impact of such events is adjusted within the financial statements.
Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

I. Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,
2025, MCA has notified Ind AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating
to sale and leaseback transactions, applicable to the Company w.e.f. April 1, 2024. The Company has reviewed
the new pronouncements and based on its evaluation has determined that it does not have any significant
impact in its financial statements.

D Rights, preferences and restrictions
Equity Shares :

(i) The company has only 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) Dividends, if any, is declared and paid in Indian Rupees. The dividend, if any, proposed by the Board of
Directors is subject to approval of the shareholders in the ensuring Annual General Meeting

(iii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the
company after distribution of all preferential amount in proportion to their shareholding.

23.3 Risk to the Plan

Following are the risk to which the plan exposes the entity :

A Actuarial Risk

It is the risk that benefits will cost more than expected. This can arise due to one of the following
reasons :

Adverse Salary Growth Experience : Salary hikes that are higher than the assumed salary escalation
will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates : If actual mortality rates are higher than assumed mortality rate assumption
than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on
the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the
relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates : If actual withdrawal rates are higher than assumed withdrawal
rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this will
depend on whether the benefits are vested as at the resignation date.

B. Investment Risk

For funded plans that rely on insurers for managing the assets, the value of assets certified by the
insurer may not be the fair value of instruments backing the liability. In such cases, the present value
of the assets is independent of the future discount rate. This can result in wide fluctuations in the net
liability or the funded status if there are significant changes in the discount rate during the inter-valuation
period.

C. Liquidity Risk

Employees with high salaries and long durations or those higher in hierarchy, accumulate significant
level of benefits. If some of such employees resign / retire from the company there can be strain on the
cashflows.

D. Market Risk

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial
markets. One actuarial assumption that has a material effect is the discount rate. The discount rate
reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit
Obligation of the plan benefits & vice versa. This assumption depends on the yields on the corporate
/ government bonds and hence the valuation of liability is exposed to fluctuations in the yields as at the
valuation date.

E Legislative Risk

Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change
in the legislation / regulation. The government may amend the Payment of Gratuity Act thus requiring the
companies to pay higher benefits to the employees. This will directly affect the present value of the
Defined Benefit Obligation and the same will have to be recognized immediately in the year when any
such amendment is effective.

25. Segment Information

The Company is engagd in the business of Construction and Development of housing projects and therefore
there are no other reportable segments.

Information about major customers

There are no major customers which individually accounted for revenue more than 10% of total revenue of
the company.

26. Related Parties Transactions

Related party disclosures as required under the Indian Accounting Standard Ind AS - 24 on “Related Party
Disclosures” are given below :

31.2 Fair Value of Investment in Equity Shares is based on quoted price.

31.3 The Fair value of current financial assets, short term borrowings and current trade payables measured
at amortised cost are considered to be the same as their carrying amount as they are of short term
nature. Hence fair value hierarchy is not given for the same.

31.4 There are no transfer between level 1, level 2 and level 3 during the year

31.5 The company''s policy is to recognise transfers into and transfer out of fair values hierarchy levels
as at the end of the reporting period.

32. Financial Risk Management

The company''s activities expose it to variety of financial risks : market risk, credit risk and liquidity risk.
The company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse
effects on its financial performance. The Board of Directors has overall responsibility for the establishment and
oversight of the Company''s risk management framework. The Board of Directors has established a risk
management policy to identify and analyze the risks faced by the Company, to set appropriate risk limits and
controls, and to monitor risks and adherence to limits. Risk management systems are reviewed periodically to
reflect changes in market conditions and the Company''s activities. The Board of Directors oversee compliance
with the Company''s risk management policies and procedures, and reviews the risk management framework.

(i) Market risk

The market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises currency risk, interest rate risk and other
price risk. The company does not have any foreign currency transactions, hence it is not exposed to
currency risk. As the company has Interest-free borrowings. hence it is not exposed to Interest rate risk.

(ii) Other Price risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices (other than those arising from interest rate risk or currency risk).

(iii) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with
financial liabilities that are settled by delivering cash or another financial assets.

The company''s principal source of liquidity are cash and cash equivalents and the cash flow that is
generated from operations. The company consistently generated sufficient cash flows from operations
to meet its financial obligations as and when they fall due. The Company measures risk by forecasting
cash flows.

The table below provide details regarding the contractual maturities of financial liabilities as at :

(iv) Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other
party by failing to discharge an obligation. Credit risk encompasses both, the direct risk of default and
the risk of deterioration of credit worthiness.

Credit risk arises primarily from financial assets such as cash and cash equivalent and other balances
with banks is low.

33. Additional Regulatory Information Disclosures

33.1 Loans and advances granted to specified person

The Company has not given any loans and advances in nature of loan to promoters, directors, KMPs
and related parties.

33.2 Relationship with struck off companies

The Company does not have any transaction and balance outstanding with struck off companies

33.3 Willful Defaulter

The company is not declared as willful defaulter by any bank or financial institution or other lender.

33.4 Utilisation of borrowed funds

The Company has not taken any borrowings from Banks / Financial Institutions during the period.

33.5 Registration of charges or satisfaction with Registrar of Companies (ROC)

As Company does not have any secured borrowings, registration of charges or satisfaction with
ROC is not applicable.

33.6 Details of Benami Property held

The company does not hold any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder, hence no proceedings initiated or pending against the
company under the said Act and Rules.

33.7 Utilisation of borrowed funds, share premium and other funds

The Company has not given any advance or loan or invested funds from borrowed funds or share
premium or any other sources with the understanding that intermediary would directly or indirectly
lend or invest in other person or equity identified in any manner whatsoever by or on behalf of the
company as ultimate beneficiaries or provide any guarantee or security or the like to on behalf of
ultimate beneficiaries.

The Company has not received any fund from any person or entity with the understanding that the
Company would directly or indirectly lend or invest in other person or entity identified in any manner
whatsoever by or on behalf of the funding party (ultimate beneficiary) or provided any guarantee or
security or the like on behalf of the ultimate beneficiary.

33.8 Compliance with number of layers of companies

The Company does not have any subsidiary, hence compliance in terms of Section 2(87) of Companies
Act read with the Companies (Restriction on number of Layers) Rules, 2017 does not apply.

34. Additional Disclosures

34.1 Details of Crypto Currency or Virtual Currency

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

34.2 Undisclosed Income

There is no transaction, which has not been recorded in books of accounts, that has been surrendered
or disclosed as income during the year in tax assessments under the Income Tax Act, 1961.

36. Figures of the Previous years are regrouped where necessary.

For, S G D G & Associates LLP For and on behalf of the Board of Directors

Chartered Accountants

ICAI Firm Registration No.: W100188 SD/-

Rushabhbhai N. Patel
Managing Director
(DIN : 00047374)

SD/- SD/- SD/-

Ankit Thakkar Riddhiben R. Patel Prashant Maha

Partner Jt. Managing Director & CFO Company Secretary

Membership No.: 168717 (DIN : 00047238)

Place: Ahmedabad Place: Ahmedabad Place: Ahmedabad

Date : 08 May, 2025 Date : 08 May, 2025 Date : 08 May, 2025

---

Mar 31, 2024

3.8 Provisions

A provision is recognized when the company has a present obligation as a result of past event and 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.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects current market assessments of the time value of money and 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 not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

3.9 Contingent Liability

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 recognized 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 recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.

3.10 Contingent Asset

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company. The company does not recognize a contingent asset but discloses its existence in the financial statements.

3.11 Cash and cash equivalent

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank (including demand deposits) and in hand and short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

3.12 Earnings per share

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

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

3.13 Company as lessee

The Company''s lease asset classes primarily consist of leases for Office building. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time

in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term leases) and low value leases. For these shortterm and low-value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The ROU assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

ROU assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases.

Lease liability and ROU assets have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

3.14 Inventories

Inventories are valued at lower of cost and net realizable value. Cost of materials is determined on first-in-first-out basis. Net realizable value is the estimated selling price less estimated cost necessary to make the sale.

3.15 Segment Reporting

An operating segment is component of the company that engages in the business activity from which the company earns revenues and incurs expenses, for which discrete financial information is available and whose operating results are regularly reviewed by the chief operating decision maker, in deciding about resources to be allocated to the segment and assess its performance. The company''s chief operating decision maker is the Managing Director.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as un-allocable.

Revenue and expenses directly attributable to segments are reported under each reportable segment. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

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

3.16 Cash Flow Statement

Cash flows are reported using indirect method whereby profit for the period is adjusted for the effects of the transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts and payments and items of income or expenses associated with investing and financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

3.17 Events after reporting date

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

4. Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable from April 1^st, 2024.

23.3 Risk to the Plan

Following are the risk to which the plan exposes the entity :

A Actuarial Risk

It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience : Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates : If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates : If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.

B. Investment Risk

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.

C. Liquidity Risk

Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of benefits. If some of such employees resign / retire from the company there can be strain on the cashflows.

D. Market Risk

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This assumption depends on the yields on the corporate / government bonds and hence the valuation of liability is exposed to fluctuations in the yields as at the valuation date.

E. Legislative Risk

Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation / regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same will have to be recognized immediately in the year when any _such amendment is effective.

33. Financial Risk Management

The company''s activities expose it to variety of financial risks : market risk, credit risk and liquidity risk. The company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The Board of Directors has established a risk management policy to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management systems are reviewed periodically to reflect changes in market conditions and the Company''s activities. The Board of Directors oversee compliance with the Company''s risk management policies and procedures, and reviews the risk management framework.

(i) Market risk

The market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises currency risk, interest rate risk and other price risk. The company does not have any foreign currency transactions, hence it is not exposed to currency risk. As the company has Interest-free borrowings. hence it is not exposed to Interest rate risk.

(ii) Other Price risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk).

(iii) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial assets.

The company''s principal source of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The company consistently generated sufficient cash flows from operations to meet its financial obligations as and when they fall due. The Company measures risk by forecasting cash flows.

(iv) Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Credit risk encompasses both, the direct risk of default and the risk of deterioration of credit worthiness.

Credit risk arises primarily from financial assets such as cash and cash equivalent and other balances with banks is low.

34. Additional Regulatory Information Disclosures

34.1 Loans and advances granted to specified person

The Company has not given any loans and advances in nature of loan to promoters, directors, KMPs and related parties.

34.2 Relationship with struck off companies

The Company does not have any transaction and balance outstanding with struck off companies

34.3 Willful Defaulter

The company is not declared as willful defaulter by any bank or financial institution or other lender.

34.4 Utilisation of borrowed funds

The Company has not taken any borrowings from Banks / Financial Institutions during the period.

34.5 Registration of charges or satisfaction with Registrar of Companies (ROC)

As Company does not have any secured borrowings, registration of charges or satisfaction with ROC is not applicable.

34.6 Details of Benami Property held

The company does not hold any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence no proceedings initiated or pending against the company under the said Act and Rules.

34.7 Utilisation of borrowed funds, share premium and other funds

The Company has not given any advance or loan or invested funds from borrowed funds or share premium or any other sources with the understanding that intermediary would directly or indirectly lend or invest in other person or equity identified in any manner whatsoever by or on behalf of the company as ultimate beneficiaries or provide any guarantee or security or the like to on behalf of ultimate beneficiaries.

The Company has not received any fund from any person or entity with the understanding that the Company would directly or indirectly lend or invest in other person or entity identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiary) or provided any guarantee or security or the like on behalf of the ultimate beneficiary.

34.8 Compliance with number of layers of companies

The Company does not have any subsidiary, hence compliance in terms of Section 2(87) of Companies Act read with the Companies (Restriction on number of Layers) Rules, 2017 does not apply.

35. Additional Disclosures

35.1 Details of Crypto Currency or Virtual Currency

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

35.2 Undisclosed Income

There is no transaction, which has not been recorded in books of accounts, that has been surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961.

37. Figures of the Previous years are regrouped where necessary.

As per our audit report of even date attached

For, S G D G & Associates LLP For and on behalf of the Board of Directors

Chartered Accountants

ICAI Firm Registration No.: W100188

SD/- SD/- SD/-

Ankit Thakkar Rushabh N. Patel Riddhiben R. Patel

Partner Managing Director Jt. Managing Director & CFO

Membership No.: 168717 (DIN : 00047374) (DIN : 00047238)

Place : Ahmedabad Place : Ahmedabad

Date : May 30,2024 Date : May 30,2024

---

Mar 31, 2015

1. Rights, preferences and restrictions attached to shares Equity Shares :

The company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

2. Contingent Liability

Claim Against the company not acknowledge as debts Disputed Income Tax Matter 80 23 855 74 23 855

80 23 855 74 23 855

3. Segment Information:

1 The company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with accountinig policies of the company with the following additional policies for segment reporting

a. Revenue & Expenditure have been identified to a segment on the basis of relationship to operating activities of the segment. Expenses which relate to enterprise as a whole and are not allocate to a segment on reasonable basis have been disclosed as "Unallocable".

b. Segment assets & segment liabilities represent assets & liabilities in respective segments. Labilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocable".

2 The construction segment does not satisfy any threshold limits inrespect of revenue, assets and result, as specified in Accounting Standard (AS) - 17 "Segment Reporting", hence no separate disclosure is required.

3 Geographical segment: There is no geographical segment.

4. Related Parties Transactions:Related party disclosures as required under the Accounting Standard AS - 18 on "Related Party Disclosures" are given below:

i List of Related Parties & Relationship:

Sr. Name of the Related Party Relationship No.

1 Shri Navinitbhai C. Patel Key Management Personnel

2 Shri Rushbhbhai N. Patel

3 Smt. Riddhi R. Patel

4 M/s. Vaibhav Laxmi Corporation Key Management Personnel

5 M/s. Chinmay Corporation

6 M/s. Shree Parshwanath Corporation having control on enterprises

7 M/s. Shree Parshwanath Construction Corporation

8 M/s. Parshwanath Corporation

9 M/s. Shree Mahavir Farm

10 M/s. Shree Jai Jinendra Farcm

11 M/s. Parshwanath Realty Pvt. Ltd.

12 M/s. Vardhman Finstock Pvt. Ltd.

13 Smt. Indiraben N. Patel Realtive of Key Management Personnel

5. Deferred Tax :

On consideration of prudence, deferred tax asset is not recognised in the accounts.

6. Balances in the Accounts of borrowers of housing loans, Trade Payables and loans and advances are subject to confirmation by the paries' consequential adjustments, if any, at the company level.

7. Details of Loan given, Investments made and Guarantee given covered under section 186 (4) of the Companies Act, 2013

"Loans given and investments made are given under the respective heads: "There are no corporate guarantees given by the company in respect of loans as at March 31, 2015.""

8. Figures of the Previous years are regrouped where necessary.

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Mar 31, 2014

1. Rights, preferences and restrictions attached to shares

Equity Shares :

The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

2. The mangement is of the view that the shortfall of Rs. 3 86 505/- (previous year Rs. 4,34,175/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

3. Contingent Liability

As At March As At March 31, 2014 31, 2013 Claim Against the company not acknowledge as debts -

Disputed Income Tax Matter 74 23 855 -

74 23 855 -

4. Segment Information:

The company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with accountinfg policies of the company with the following additional policies for segment reporting

a. Revenue & Expenditure have been identified to a segment on the basis of relationship to operating activities of the segment. Expenses which relate to enterprise as a whole and are not allocate to a segment on reasonable basis have been disclosed as "Unallocable".

b. Segment assets & segment liabilities represent assets & liabilities in respective segments. Labilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocable".

5. Deferred Tax :

On consideration of prudence, deferred tax asset is not recognised in the accounts.

6. Balances in the Accounts of borrowers of housing loans, Trade Payables and loans and advances are subject to confirmation by the parties'' consequential adjustments, if any, at the company level.

7. Interest expense includes Rs. 3,23,927/- (previous year Rs. nil) related to previous financial year.

8. Figures of the Previous years are regrouped where necessary.

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Mar 31, 2013

1 Segment Information:

The company has identified two reportable segments vis: Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with accountinfg policies of the company with the following additional policies for segment reporting

a. Revenue & Expenditure have been identified to a segment on the basis of relationship to operating activities of the segment. Expenses which relate to enterprise as a whole and are not allocate to a segment on reasonable basis have been disclosed as "Unallocable".

b. Segment assets & segment liabilities represent assets & liabilities in respective segments. Labilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocable".

2 Deferred Tax:

On consideration of prudence, deferred tax asset is not recognised in the accounts.

3 Balances in the Accounts of borrowers of housing loans, Trade Payables and loans and advances are subject to confirmation by the paries'' consequential adjustments, if any, at the company level.

4 Figures of the Previous years are regrouped where necessary.

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Mar 31, 2012

A. Rights, preferences and restrictions attached to shares Equity Shares :

The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

1.1 The management is of the view that the shortfall of Rs. 1 28 940/- (previous year Rs. 3 91 125/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

2 Segment Information:

The company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with accounting policies of the company with the following additional policies for segment reporting

a. Revenue & Expenditure have been identified to a segment on the basis of relationship to operating activities of the segment. Expenses which relate to enterprise as a whole and are not allocate to a segment on reasonable basis have been disclosed as "Unallocable".

b. Segment assets & segment liabilities represent assets & liabilities in respective segments. Liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocable".

3 Deferred Tax :

On consideration of prudence, deferred tax asset is not recognised in the accounts.

4 Balances in the Accounts of borrowers of housing loans, Trade Payables and loans and advances are subject to confirmation by the paries' consequential adjustments, if any, at the company level.

5 Till the year ended March 31, 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956 for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to confirm to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly - impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.

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Mar 31, 2011

1. The Company has entered into agreement with Parshwanath Home Co.Op.Housing Society Limited for development of property. In the accounts, the amount of expenditure of Rs. 8,56,71,986/- (Previous year Rs. 6,15,49,214/-) incurred on the schemes is shown as Work-in-Progress under the head Current Assets and booking advance of Rs. 10,91,01,587/-(Previous Year Rs. 4,59,43,751/-) is shown under the head Current Liabilities.

2 No provision is made in respect of disputed income tax amounting to Rs. 9,41,871/- (Previous year Rs. 57,38,853/-) as appeals are preferred and the company is legally advised that there are fair chances of success before higher authorities

Since Managerial Remuneration does not include any commission, computation of profit in accordance with Section 349 of the Companies Act, 1956 is not given.

3. Current Assets, Loans and Advances are approximately of the value stated, if realized in ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount reasonable necessary.

4. Balances in the Accounts of borrowers of housing loans, sundry creditors and loans and advances are subject to confirmation by the parties' consequential adjustments, if any, at the company level.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary. 8. Related parties Transactions:

Related party disclosures as required under the Accounting Standard AS - 18 on "Related Party Disclosures" notified under Companies (Accounting Standards) Rules, 2006 are given below:

5. Deferred Tax:

On consideration of prudence, deferred tax asset is not recognized in the accounts.

6. The management is of the view that the shortfall of Rs. 4,15,800/- (Previous year Rs. 3,91,125/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

7 The management has initiated the process of identifying enterprises which have provided goods & services to the company & which qualified under the definition of micro & small enterprises, as defined under Micro, Small & Medium Enterprises Development Act, 2006. Accordingly, the disclosure in the respect of the amount payable to such enterprises as at March 31, 2011 has been made in the financial statement base on information received and available with the company. Further, in view of the management, the impact of the interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

8 Information pursuant to Accounting Standard 17 issued by the Institute of Chartered Accountants of India.

The Company has identified two reportable segments vis: Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

(a) Revenue and expense have been identified to a segment on the basis of relationship to operating activates of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment have been disclosed as "Unallowable"

(b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and tax related liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallowable".

9. Substantial portion of the Company's assets comprise of 'financial assets' to which Accounting Standard (AS) 28 Impairment of Assets' is not applicable. In the opinion of the management, there is no impairment of other assets of the company as at March 31, 2010 to material extent requiring recognition in terms of the said standard.

10. There are no other particulars which are required to be given as per part II of Schedule VI to the Companies Act, 1956.

11. The company has changed its name from Parshwanath Housing Finance Corporation Limited to Parshwanath Corporation Limited. The approval of Central Government signified in writing having been accorded thereto under Section 21 of the Companies Act, 1956 read with Government of India, Department of Company Affairs, New Delhi, Notification no. GSR 507 (E) dated June 24, 1985 vide SRN A96610332 dated January 01, 2011.

12. Corresponding figures of the previous year have been rearranged / regrouped wherever considered necessary so as to make them comparable with those of current year.

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Mar 31, 2010

1. The Company has entered into agreement with Parshwanath Home Co.Op.Housing Society Limited for development of property. In the accounts, the amount of expenditure of Rs. 6,15,49,214/- (Previous Year Rs. 2,78,52,026/-) incurred on the schemes is shown as work - in - Progress under the head Current Assets and booking advance of Rs. 4,59,43751/- (Previous Year Rs. 5,00,000/-) is shown underthe head Current Liabilities.

2. No Provision is made in respect of disputed income tax amounting to Rs. 57,38,853/- (Previous Year Rs. 46,25,795/-) as appeals are preferred and the company is legally advised that there are fair chances of success before higher authorities.

4. Current Assets, Loans and Advances are approxinately of the value stated, if realized in ordinary course of business.The provision for dereciation and all known liabilities are adequate and not in excess of the amount reasonable necessary.

5. Balances in the Accounts of borrowers of housing loans, sundry creditors and loans and advances are subject to confirmation by the parties consequential adjustments, if any, at the company level.

6. Otheparticulars in respect of investments in capital of parnership firm are given hereunder:

10. Deferred Tax

On consideration of prudence, deferred tax asset is not recognized in the accounts.

11. The management is of the view that the shortfall of Rs. 391,125/- (Previous year Rs. 4,95,474/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

12. The management has initiated the process of identifying enterprises which have provided goods & services to the company & which qualified under the definition of micro & small enterprises, as defined under Micro.Small & Medium Enterprises Development Act, 2006. Accordingly, the disclosure in the respect of the amount payable to such enterprises as at March 31, 2010 has been made in the financial statement base on information received and available with the company. Further, in view of the management, the impact of the interest, if any , that may be payable in accordance with the provisions of the Act is not expected to be material.

13. Information pursuant to Accounting Standard 17 issued by the Institute of Chartered Accountants of India. The Company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

(a) Revenue and expense have been identified to a segment on the basis of relationship to operating activates of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment have been disclosed as "Unallocable".

(b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and tax related liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

14. Substantial portion of the companys assets comprise of financial assets to which Accounting Standard (AS) 28 Impairment of Assets is not applicable. In the opinion of the management, there is no impairment of other assets of the company as at 31st March 2010 any material extent requiring recognition in terms of the said standard.

15. There are no other particulars which are required to be given as per part II of Schedule VI to the Companies Act, 1956.

16. Corresponding figures of the previous year have been rearranged/regrouped wherever considered necessary so as to make them comparable with those of current year.

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Mar 31, 2009

1. The Company has entered into agreement with Parshwanath Home Co.Op.Housing Society Limited for development of property. In the accounts, the amount of expenditure of Rs. 2,78,52,026/- (Previous year Rs. 93,94,478/-) incurred on the schemes is shown as Work - in - Progress under the head Current Assets and booking advance of Rs. 5,00,000 (Previous Year Rs. Nil) is shown under the head Current Liabilities.

2. No Provision is made in respect of disputed income tax amounting to Rs. 46,25,795/- (Previous year Rs. 28,19,583/-) as appeals are preferred and the company is legally advised that there are fair chances of success before higher authorities.

3. Current Assets.Loans and advances are approximately of the value stated,if realised in ordinary course of business. The provisions for depreciation and all known liabities are adequate and not in excess of the amount reasoably necessary.

4. Balances in the Accounts of borrowers of housing loans, sundry creditors and loans and advances are subject to confirmation by the parties and consequential adjustments.if any, at the Company level.

5 a) The Company has adopted AS-15 (Revised) Employee Benefit with effect from 1st April,2007, pursuant to the same, the company has adjusted the Employee Benefits Obligations of Rs. 32,689 net of related Deferred Tax Assets arising out of such adoption as on 1st April, 2007.

b) The following table sets out the status of the gratuity plan as required AS 15 (Revised 2005) and the reconciliation of opening balances of the present value of the defined benefit obligation.

6. Deferred Tax

On consideration of prudence, deferred tax asset is not recognized in the accounts.

7. The management is of the view that the shortfall of Rs. 4,95,474/- (Previous year Rs. 4,59,690/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

8. The management has initiated the process of identifying enterprises which have provided goods & services to the company & which qualified under the definition of micro & small enterprises, as defined under Micrb.Small & Medium Enterprises Development Act, 2006. Accordingly, the disclosure jn the respect of the amount payable to such enterprises as at March 31, 2009 has been made in the financial statement base on information received and available with the company. Further, in view of the management, the impact of the interest, if any , that may be payable in accordance with the provisions of the Act is not expected to be material.

9. Information pursuant to Accounting Standard 17 issued by the Institute of Chartered Accountants of India.

The Company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

(a) Revenue and expense have been identified to a segment on the basis of relationship to operating activates of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment have been disclosed as "Unallocable".

(b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and tax related liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

10. Substantial portion of the companys assets comprise of financial assets to which Accounting Standard (AS) 28 Impairment of Assets is not applicable. In the opinion of the management, there is no impairment of other assets of the company as at 31st March 2009 any material extent requiring recognition in terms of the said standard.

11. There are no other particulars which are required to be given as per part II of Schedule VI to the Companies Act, 1956.

12. Corresponding figures of the previous year have been rearranged/regrouped wherever considered necessary so as to make them comparable with those of current year.

13. BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE.

I. REGISTRATION DETAILS :

Registration No. : 8361

State Code : 04

Balance Sheet Date : 31st March, 2009

II. CAPITAL RAISED DURING THE YEAR :

(Amount in Rs. Thousands)

Public Issue : Rs. Nil

Right Issue : Rs. Nil

Bonus Issue : Rs. Nil

Private Placement Rs. Nil

III. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS :

(Amount in Rs. Thousands)

Total Liabilities : Rs. 89,934

Total Assets : Rs. 89,934

Source of Funds :

Paid-up Capital : Rs. 30,000

Reserves and Surplus : Rs. 1,684

Secured Loans : Rs. 58,250

Unsecured Loans : Rs. NIL

Deferred Tax Liability : Rs. NIL

Application of Funds :

Net Fixed Assets : Rs. 321

Investments : Rs. 54,277

Net Current Assets : Rs. 24,765

Miscellaneous Expenses : Rs. NIL

Accumulated Losses : Rs. 10,571

IV. PERFORMANCE OF COMPANY :

(Amount in Rs. Thousands)

Turnover : Rs. 27,958

Total Expenditure : Rs. 30,448

Profit Before Tax : Rs. (2,490)

Profit After Tax : Rs. (5,461

Earning Per Share in Rs.10/- : Rs. (2.65)

Dividend Rate : Nil

V. GENERIC NAME OF PRINCIPAL PRODUCT OF THE COMPANY :

Item Code No. (Code) : Being Housing Finance Company Not Applicable

Production Description : Not Appli cable