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A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Notes to Accounts of Skyline Millars Ltd.

Mar 31, 2025

j) Provisions and Contingencies

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result
of a past event, it is probable that the Company will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation. When a provision is measured using the cash flows estimated to settle the
present obligation, its carrying amount is the present value of those cash flows (when the effect of the time
value of money is material).

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation
that may, but probably will not require an outflow of resources embodying economic benefits or the
amount of such obligation cannot be measured reliably. When there is a possible obligation or a present
obligation in respect of which likelihood of outflow of resources embodying economic benefits is remote,
no provision or disclosure is made.

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 and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets
and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of
the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss
are recognised immediately in profit or loss.

Financial assets

Financial assets are recognised when the Company becomes a party to the contractual provisions of the
instruments.

The Company classifies its financial assets into the following categories:

i. Financial assets measured at amortized cost

ii. Financial assets measured at fair value through other comprehensive income (FVTOCI)

iii. Financial assets measured at fair value through profit or loss (FVTPL)

i. Financial assets measured at amortized cost

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

a. The Company''s business model objective for managing the financial asset is to hold financial assets
in order to collect contractual cash flows, and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

This category applies to cash and bank balances, trade receivables, loans and other financial assets of the
Company. Such financial assets are subsequently measured at amortized cost using the effective interest
method.

Under the effective interest method, the future cash receipts are exactly discounted to the initial
recognition value using the effective interest rate. The cumulative amortization using the effective interest
method of the difference between the initial recognition amount and the maturity amount is added to the
initial recognition value (net of principal repayments, if any) of the financial asset over the relevant period
of the financial asset to arrive at the amortized cost at each reporting date. The corresponding effect of
the amortization under effective interest method is recognized as interest income over the relevant period
of the financial asset. The same is included under other income in the Statement of Profit and Loss.

The amortized cost of a financial asset is also adjusted for loss allowance, if any

A financial asset is measured at FVTOCI if both of the following conditions are met:

a) The Company''s business model objective for managing the financial asset is achieved both by
collecting contractual cash flows and selling the financial assets, and

b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

This category applies to certain investments in debt instruments. Such financial assets are
subsequently measured at fair value at each reporting date. Fair value changes are recognized in
the Other Comprehensive Income (OCI). However, the Company recognizes interest income and
impairment losses and its reversals in the Statement of Profit and Loss.

On Derecognition of such financial assets, cumulative gain or loss previously recognized in OCI is
reclassified from equity to Statement of Profit and Loss.

Further, the Company, through an irrevocable election at initial recognition, has measured
certain investments in equity instruments at FVTOCI. The Company has made such election on
an instrument by instrument basis. These equity instruments are neither held for trading nor are
contingent consideration recognized under a business combination. Pursuant to such irrevocable
election, subsequent changes in the fair value of such equity instruments are recognized in OCI.
However, the Company recognizes dividend income from such instruments in the Statement of
Profit and Loss.

On Derecognition of such financial assets, cumulative gain or loss previously recognized in OCI is
not reclassified from the equity to Statement of Profit and Loss. However, the Company may transfer
such cumulative gain or loss into retained earnings within equity

iii. Financial assets measured at FVTPL:

A financial asset is measured at FVTPL unless it is measured at amortized cost or at FVTOCI as explained
above. This is a residual category applied to all other investments of the Company excluding investments
in subsidiary and associate companies. Such financial assets are subsequently measured at fair value at
each reporting date. Fair value changes are recognized in the Statement of Profit and Loss.

Derecognition:

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is derecognized (i.e. removed from the Company''s Balance Sheet) when any of the following
occurs:

i. The contractual rights to cash flows from the financial asset expires;

ii. The Company transfers its contractual rights to receive cash flows of the financial asset and has
substantially transferred all the risks and rewards of ownership of the financial asset;

iii. The Company retains the contractual rights to receive cash flows but assumes a contractual obligation
to pay the cash flows without material delay to one or more recipients under a ''pass-through''
arrangement (thereby substantially transferring all the risks and rewards of ownership of the financial

asset);

iv. The Company neither transfers nor retains substantially all risk and rewards of ownership and does not

retain control over the financial asset.

In cases where Company has neither transferred nor retained substantially all of the risks and rewards of
the financial asset, but retains control of the financial asset, the Company continues to recognize such
financial asset to the extent of its continuing involvement in the financial asset. In that case, the Company
also recognizes an associated liability. The financial asset and the associated liability are measured on a
basis that reflects the rights and obligations that the Company has retained.

On Derecognition of a financial asset, (except as mentioned in ii above for financial assets measured at
FVTOCI), the difference between the carrying amount and the consideration received is recognized in
the Statement of Profit and Loss.

Impairment of financial assets

The Company applies expected credit loss model for recognising impairment loss on financial assets
measured at amortised cost, trade receivables, other contractual rights to receive cash or other financial
assets, and financial guarantees not designated as at FVTPL.

Expected credit losses are measured through a loss allowance at an amount equal to:

a. the 12 months expected credit losses (expected credit losses that result from those default events on
the financial instrument that are possible within 12 months after the reporting date); or

b. full lifetime expected credit losses (expected credit losses that result from all possible default events
over the life of the financial instrument).

For trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 115, the Company always measures the loss allowance at
an amount equal to lifetime expected credit losses.

Further, for the purpose of measuring the lifetime expected credit loss allowance for trade receivables,
the Company has used a practical expedient as permitted under Ind AS 109. This expected credit
loss allowance is computed based on a provision matrix which takes into account historical credit loss
experience and adjusted for forward-looking information.

Financial liabilities

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of
the instruments.

All financial liabilities are subsequently measured at amortised cost using the effective interest rate
method.

Under the effective interest method, the future cash payments are exactly discounted to the initial
recognition value using the effective interest rate. The cumulative amortization using the effective interest
method of the difference between the initial recognition amount and the maturity amount is added to
the initial recognition value (net of principal repayments, if any) of the financial liability over the relevant
period of the financial liability to arrive at the amortized cost at each reporting date. The corresponding
effect of the amortization under effective interest method is recognized as interest expense over the
relevant period of the financial liability. The same is included under finance cost in the Statement of Profit
and Loss.

Derecognition:

A financial liability is derecognized 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 between the carrying amount of the financial liability derecognized and the consideration
paid is recognized in the Statement of Profit and Loss.

l) Fair value measurements

The Company measures financial instruments at fair value in accordance with the accounting policies
mentioned above. Fair value is the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either.

â¢ In the principal market for the asset or liability.

â¢ I n the absence of a principal market, in the most advantageous market for the asset or
liability.

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their economic
best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use. The Company uses valuation
techniques that are appropriate in the circumstances and for which sufficient data are available
to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the
financial statements are categorised within the fair value hierarchy, described as follows, based on
the lowest level input that is significant to the fair value measurement as a whole.

â¢ Level 1 --Quoted (unadjusted) market prices in active markets for identical assets or liabilities

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

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

For assets and liabilities that are recognised in the balance sheet on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorisation (based on the lowest input that is significant to the fair value measurement as a whole)
at the end of each reporting period

For the purpose of fair value disclosures, the Company has determined classes of asset and liability
on the basis of the nature characteristics and risks of the asset or liability and the level of the fair
value hierarchy as explained above.

m) Cash and cash equivalents:

Cash and cash equivalents comprise cash on hand and demand deposits with banks which are shortÂ¬
term, highly liquid investments that are readily convertible into known amounts of cash and which
are subject to insignificant risk of changes in value.

n) Non-Current Assets held for sale and discontinuing operations:

An entity shall classify a non-current asset (or disposal group) as held for sale if its carrying amount
will be recovered principally through a sale transaction rather than through continuing use. This
condition is regarded as met only when the asset is available for immediate sale in its present
condition subject only to terms that are usual and customary for sale of such asset and its sale is
highly probable. Management must be committed to sale which should be expected to qualify for
recognition as a completed sale within one year from the date of classification. Non-current assets
classified as held for sale are presented separately and measured at the lower of their carrying
amounts immediately prior to their classification as held for sale and their fair value less costs to sell.
However, some held for sale assets such as financial assets, assets arising from employee benefits and
deferred tax assets, continue to be measured in accordance with the Company''s relevant accounting
policy for those assets. Once classified as held for sale, the assets are not subject to depreciation or
amortisation.

A discontinued operation is a component of the Company that either has been disposed of, or is
classified as held for sale. Profit or loss from discontinued operations comprise the post-tax profit or
loss of discontinued operations and the post-tax gain or loss resulting from the measurement and
disposal of assets classified as held for sale. Any profit or loss arising from the sale or re-measurement
of discontinued operations is presented as part of a single line item, profit or loss from discontinued
operations.

o) Segment Reporting

Company has discontinued Umreth Division, hence currently there is only Real Estate Segment.

Description of Nature and purpose of other reserves:

Securities premium :

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with
the provisions of the Act.

Capital Redemption Reserve:

This reserve was created for redemption of Preference Shares.

General reserve

General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation
purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other
comprehensive income.

Financial Instrument measured at Amortised Cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are
a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would
be significantly different from the values that would eventually be received or settled.

Investments in these equity instruments are not held for trading. Upon application of Ind AS 109 - Financial Instruments,
the Company has chosen to measure these investments in equity instruments at FVTOCI irrevocably as the management
believes that presenting fair value gains and losses relating to these investments in the Statement of Profit or Loss may not
be indicative of the performance of the Company.

Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices. This includes publicly traded
shares and mutual funds that have a quoted price. The quoted market price used for financial assets held by the
company is the current bid price..

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter
derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little
as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the
instrument is included in level 2.

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data

Note 30 - Financial risk management

In course of its business, the Company is exposed to certain financial risks that could have significant influence on the
Company''s business and operational / financial performance. These include market risk (including currency risk, interest
rate risk and other price risk), credit risk and liquidity risk.

The Board of Directors reviews and approves risk management framework and policies for managing these risks and
monitors suitable mitigating actions taken by the management to minimise potential adverse effects and achieve greater
predictability to earnings.

(A) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts
due causing financial loss to the company.

Trade receivable: Credit risk arises from company''s activities in investments and outstanding receivables from
customers. Concentration of credit risk with respect to trade receivables are limited and all trade receivables are
reviewed and assessed for default on a six monthly basis. Our historical experience of collecting receivables is that
credit risk is low.

(B) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The
Company''s approach in 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.
Cash flow from operating activities provides the funds to service the financial liabilities on a day-to-day basis.

The following table shows the maturity analysis of the Company''s financial liabilities based on contractually agreed
undiscounted cash flows along with its carrying value as at the Balance Sheet date.

a) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates
relates primary to the Company''s inter corporate deposits and loans from directors. The Company''s inter
corporate deposits and loan from directors with fixed interest rate is primarily short term, which do not expose
it to significant interest rate risk.

b) Price risk

i) The Company''s exposure price risk arises from investments held and classified in the balance sheet either
at fair value through other comprehensive income or at fair value through profit or loss. To manage the
price risk arising from investments, the Company diversifies its portfolio of assets.

ii) Sensitivity

The table below summarises the impact of increases/decreases of the index on the Company''s equity and
profit for the period :

Note 31 - Capital management

The Company''s aim is to manage its capital efficiently so as to safeguard its ability to continue as a going concern and
to optimise returns to the shareholders. The capital structure of the Company is based on management''s judgement and
in order to maintain or adjust the capital structure, the Company may adjust the amount of dividend, if any, paid to
shareholders or issue new shares. The capital structure of the Company consists of debt, which includes the borrowings
and equity attributable to owners of the Company.

Note 32 - Discontinued operations

The Company has discontinued the production of pre-cast pipes and manhole systems at its manufacturing unit at Wada
as per the the resolution passed by the Board of Directors at their meeting held on 6th December''2016. The business
from Wada plant represented the Pre cast pipe segment under segment reporting.

Company has also discontinued its Umreth Division as per Board Resolution Dt. 24.8.2020. The business from Umreth
plant represented the Pre cast pipe segment under segment reporting.

Note 33 - Segment Reporting

The Company is primarily engaged in Real Estate business and after discontinuation of Umreth division there is only one
reportable segment.

Note 34 - Employee Benefits

i) Short Term employee benefits:

The liability towards short term employee benefits for the year ended 31st March 2025 has been recognized in the
Statement of Profit and Loss.

ii) Post-employment benefits:

The following disclosures are made in accordance with Ind AS 19 pertaining to Defined Benefit Plans.

The amounts receivable from customers become due after expiry of credit period which on an average is less than 30
days.

Note 37 - Deferred Tax

Deferred Tax Asset is not recognized as it is not probable that there will be sufficient future taxable profit.

Note 38 - Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSME ACT)

Disclosure of payable to vendors under the "Micro, Small and Medium Enterprise Development Act, 2006 (''MSMED
Act'') " is based on the information available with the Company regarding the status of registration of such vendors
under the said Act, as per the intimation received from them on requests made by the Company. There are no overdue
principal amounts/interest payable amounts for delayed payments to such vendors at the Balance sheet date. There are
no delays in payment made to such suppliers during the year or for any earlier years and accordingly there is no interest
paid or outstanding interest in this regard.

Note 39 - Additional Disclosure as per Sch III

Disclosures of Additional Regulatory Information required as per Schedule III Division III of the the Companies Act, 2013.

i) The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the
related parties (as defined under the Companies Act, 2013), either severally or jointly with any other person that

a rp

(a) repayable on demand or

(b) without specifying any terms or period of repayment

ii) The Company does not have Capital-Work-in Progress.

iii) The Company does not have Intangible assets under development.

iv) The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Corporation for holding any Benami property.

v) The Company does not have any borrowings from banks or financial institutions.

vi) The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.

vii) The Company has not entered any transactions with companies struck off under section 248 of the Companies Act,
2013 or section 560 of Companies Act, 1956.

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

ix) The Company do not have subsidiary hence, compliance with number of layers of companies, as prescribed under
clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 is not
applicable

x) During the period, no scheme of Arrangements has been approved by the competent Authority in terms of section
230 to 237 of the Companies Act, 2013, accordingly the aforesaid disclosure are not given, since there are no such
transaction.

xi) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall;

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

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

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

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

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

xiii) The Company does not have any transactions not recoded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessment under the in income tax Act, 1961.

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

xv) The Company has not donated any amount to political parties as per section 182(3).

xvi) Provision of Section 135 for contribution towards CSR is not applicable to the Company.

Note 41 -

Previous year''s figures have been regrouped/ re-classified to confirm to this year''s classification.

As per our Report of Even Date

For SGDG Associates & LLP For and on behalf of the Board of directors

Chartered Accountants
FRN W100188

CA Sharad Gupta Mr. Maulik H Dave Mr. Shilpin K. Tater Mrs. Neelam Shah Mr. Harshal Phatak

Partner DIN No. 01448536 DIN No. 02820572 Company Secretary CFO

Membership No. 116560 Whole time Director Director

Place : Mumbai Place : Mumbai

Date : 08/05/2025 Date : 08/05/2025

Mar 31, 2024

j) Provisions and Contingencies

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying economic benefits is remote, no provision or disclosure is made.

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 and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Financial assets

Financial assets are recognised when the Company becomes a party to the contractual provisions of the instruments.

The Company classifies its financial assets into the following categories:

i. Financial assets measured at amortized cost

ii. Financial assets measured at fair value through other comprehensive income (FVTOCI)

iii. Financial assets measured at fair value through profit or loss (FVTPL)

i. Financial assets measured at amortized cost :

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

a) The Company''s business model objective for managing the financial asset is to hold financial assets in order to collect contractual cash flows, and

b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

This category applies to cash and bank balances, trade receivables, loans and other financial assets of the Company. Such financial assets are subsequently measured at amortized cost using the effective interest method.

Under the effective interest method, the future cash receipts are exactly discounted to the initial recognition value using the effective interest rate. The cumulative amortization using the effective interest method of the difference between the initial recognition amount and the maturity amount is added to the initial recognition value (net of principal repayments, if any) of the financial asset over the relevant period of the financial asset to arrive at the amortized cost at each reporting date. The corresponding effect of the amortization under effective interest method is recognized as interest income over the relevant period of the financial asset. The same is included under other income in the Statement of Profit and Loss.

The amortized cost of a financial asset is also adjusted for loss allowance, if any.

A financial asset is measured at FVTOCI if both of the following conditions are met:

a) The Company''s business model objective for managing the financial asset is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

This category applies to certain investments in debt instruments. Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes are recognized in the Other Comprehensive Income (OCI). However, the Company recognizes interest income and impairment losses and its reversals in the Statement of Profit and Loss.

On Derecognition of such financial assets, cumulative gain or loss previously recognized in OCI is reclassified from equity to Statement of Profit and Loss.

Further, the Company, through an irrevocable election at initial recognition, has measured certain investments in equity instruments at FVTOCI. The Company has made such election on an instrument by instrument basis. These equity instruments are neither held for trading nor are contingent consideration recognized under a business combination. Pursuant to such irrevocable election, subsequent changes in the fair value of such equity instruments are recognized in OCI. However, the Company recognizes dividend income from such instruments in the Statement of Profit and Loss.

On Derecognition of such financial assets, cumulative gain or loss previously recognized in OCI is not reclassified from the equity to Statement of Profit and Loss. However, the Company may transfer such cumulative gain or loss into retained earnings within equity

iii) Financial assets measured at FVTPL:

A financial asset is measured at FVTPL unless it is measured at amortized cost or at FVTOCI as explained above. This is a residual category applied to all other investments of the Company excluding investments in subsidiary and associate companies. Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes are recognized in the Statement of Profit and Loss.

Derecognition:

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized (i.e. removed from the Company''s Balance Sheet) when any of the following occurs:

i. The contractual rights to cash flows from the financial asset expires;

ii. The Company transfers its contractual rights to receive cash flows of the financial asset and has substantially transferred all the risks and rewards of ownership of the financial asset;

arrangement (thereby substantially transferring all the risks and rewards of ownership of the financial

asset);

iv. The Company neither transfers nor retains substantially all risk and rewards of ownership and does not retain control over the financial asset.

In cases where Company has neither transferred nor retained substantially all of the risks and rewards of the financial asset, but retains control of the financial asset, the Company continues to recognize such financial asset to the extent of its continuing involvement in the financial asset. In that case, the Company also recognizes an associated liability. The financial asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

On Derecognition of a financial asset, (except as mentioned in ii above for financial assets measured at FVTOCI), the difference between the carrying amount and the consideration received is recognized in the Statement of Profit and Loss.

Impairment of financial assets

The Company applies expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, trade receivables, other contractual rights to receive cash or other financial assets, and financial guarantees not designated as at FVTPL.

Expected credit losses are measured through a loss allowance at an amount equal to:

a. the 12 months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date); or

b. full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument).

For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 18, the Company always measures the loss allowance at an amount equal to lifetime expected credit losses.

Further, for the purpose of measuring the lifetime expected credit loss allowance for trade receivables, the Company has used a practical expedient as permitted under Ind AS 109. This expected credit loss allowance is computed based on a provision matrix which takes into account historical credit loss experience and adjusted for forward-looking information.

Financial liabilities

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments.

All financial liabilities are subsequently measured at amortised cost using the effective interest rate method.

the initial recognition value (net of principal repayments, if any) of the financial liability over the relevant period of the financial liability to arrive at the amortized cost at each reporting date. The corresponding effect of the amortization under effective interest method is recognized as interest expense over the relevant period of the financial liability. The same is included under finance cost in the Statement of Profit and Loss.

Derecognition:

A financial liability is derecognized 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 between the carrying amount of the financial liability derecognized and the consideration paid is recognized in the Statement of Profit and Loss.

l) Fair value measurements

The Company measures financial instruments at fair value in accordance with the accounting policies mentioned above. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either.

â¢ In the principal market for the asset or liability.

â¢ In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.

â¢ Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

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

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

For assets and liabilities that are recognised in the balance sheet on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest input that is significant to the fair value measurement as a whole) at the end of each reporting period

For the purpose of fair value disclosures, the Company has determined classes of asset and liability on the basis of the nature characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

m) Cash and cash equivalents:

Cash and cash equivalents comprise cash on hand and demand deposits with banks which are short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

n) Non-Current Assets held for sale and discontinuing operations:

An entity shall classify a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset and its sale is highly probable. Management must be committed to sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets classified as held for sale are presented separately and measured at the lower of their carrying amounts immediately prior to their classification as held for sale and their fair value less costs to sell. However, some held for sale assets such as financial assets, assets arising from employee benefits and deferred tax assets, continue to be measured in accordance with the Company''s relevant accounting policy for those assets. Once classified as held for sale, the assets are not subject to depreciation or amortisation.

A discontinued operation is a component of the Company that either has been disposed of, or is classified as held for sale. Profit or loss from discontinued operations comprise the post-tax profit or loss of discontinued operations and the post-tax gain or loss resulting from the measurement and disposal of assets classified as held for sale. Any profit or loss arising from the sale or re-measurement of discontinued operations is presented as part of a single line item, profit or loss from discontinued operations.

o) Segment Reporting

Company has discontinued Umreth Division, hence currently there is only Real Estate Segment.

Description of Nature and purpose of other reserves:

Securities premium :

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act.

Capital Redemption Reserve:

This reserve was created for redemption of Preference Shares.

General reserve

General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Financial Instrument measured at Amortised Cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

Investments in these equity instruments are not held for trading. Upon application of Ind AS 109 - Financial Instruments, the Company has chosen to measure these investments in equity instruments at FVTOCI irrevocably as the management believes that presenting fair value gains and losses relating to these investments in the Statement of Profit or Loss may not be indicative of the performance of the Company.

Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices. This includes publicly traded shares and mutual funds that have a quoted price. The quoted market price used for financial assets held by the company is the current bid price.. The mutual funds are valued using the closing NAV

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data

Note 30 - Financial risk management

In course of its business, the Company is exposed to certain financial risks that could have significant influence on the Company''s business and operational / financial performance. These include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Board of Directors reviews and approves risk management framework and policies for managing these risks and monitors suitable mitigating actions taken by the management to minimise potential adverse effects and achieve greater predictability to earnings.

(A) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due causing financial loss to the company. Trade receivable: Credit risk arises from company''s activities in investments and outstanding receivables from customers. Concentration of credit risk with respect to trade receivables are limited and all trade receivables are reviewed and assessed for default on a six monthly basis. Our historical experience of collecting receivables is that credit risk is low.

(C) Market risk

a) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primary to the Company''s inter corporate deposits and loans from directors. The Company''s inter corporate deposits and loan from directors with fixed interest rate is primarily short term, which do not expose it to significant interest rate risk.

b) Price risk

i) The Company''s exposure price risk arises from investments held and classified in the balance sheet either at fair value through other comprehensive income or at fair value through profit or loss. To manage the price risk arising from investments, the Company diversifies its portfolio of assets.

ii) Sensitivity

The table below summarises the impact of increases/decreases of the index on the Company''s equity and profit for the period :

Note 31 - Capital management

The Company''s aim is to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to the shareholders. The capital structure of the Company is based on management''s judgement and in order to maintain or adjust the capital structure, the Company may adjust the amount of dividend, if any, paid to shareholders or issue new shares. The capital structure of the Company consists of debt, which includes the borrowings and equity attributable to owners of the Company.

Note 32 - Discontinued operations

The Company has discontinued the production of pre-cast pipes and manhole systems at its manufacturing unit at Wada as per the the resolution passed by the Board of Directors at their meeting held on 6th December''2016. The business from Wada plant represented the Pre cast pipe segment under segment reporting.

Company has also discontinued its Umreth Division as per Board Resolution Dt. 24.8.20. The business from Umreth plant represented the Pre cast pipe segment under segment reporting.

Note 33 - Segment Reporting

The Company is primarily engaged in Real Estate business and after discontinuation of Umreth division there is only one reportable segment.

Note 34 - Employee Benefits

i) Short Term employee benefits:

The liability towards short term employee benefits for the year ended 31st March 2024 has been recognized in the Statement of Profit and Loss.

ii) Post-employment benefits:

The following disclosures are made in accordance with Ind AS 19 pertaining to Defined Benefit Plans.

Deferred Tax Asset is not recognized as it is not probable that there will be sufficient future taxable profit.

Note 38 - Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSME ACT)

Disclosure of payable to vendors under the "Micro, Small and Medium Enterprise Development Act, 2006 (''MSMED Act'') " is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company. There are no overdue principal amounts/interest payable amounts for delayed payments to such vendors at the Balance sheet date. There are no delays in payment made to such suppliers during the year or for any earlier years and accordingly there is no interest paid or outstanding interest in this regard.

Note 39 -Additional Disclosure as per Sch III

Disclosures of Additional Regulatory Information required as per Schedule III Division III of the the Companies Act, 2013

i) The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under the Companies Act, 2013), either severally or jointly with any other person that are,

(a) repayable on demand or

(b) without specifying any terms or period of repayment

ii) The Company does not have Capital-Work-in Progress.

iii) The Company does not have Intangible assets under development.

iv) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Corporation for holding any Benami property.

v) The Company does not have any borrowings from banks or financial institutions.

vi) The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.

vii) The Company has not entered any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

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

ix) The Company do not have subsidiary hence, compliance with number of layers of companies, as prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 is not applicable

x) During the period, no scheme of Arrangements has been approved by the competent Authority in terms of section 230 to 237 of the Companies Act, 2013, accordingly the aforesaid disclosure are not given, since there are no such transaction.

xi) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall;

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

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

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

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

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

xiii) The Company does not have any transactions not recoded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessment under the in income tax Act, 1961.

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

xv) The Company has not donated any amount to political parties as per section 182(3).

xvi) Provision of Section 135 for contribution towards CSR is not applicable to the Company.

Previous year''s figures have been regrouped/ re-classified to confirm to this year''s classification.

As per our Report of Even Date

For Manubhai and Shah LLP For and on behalf of the Board

Chartered Accountants FRN 106041W / W100136

CA Laxminarayan P Yekkali Mr. Maulik H Dave Mr. Shilpin K. Tater Mrs. Neelam Shah

Partner DIN No. 01448536 DIN No. 02820572 Company Secretary

Membership No. 114753 Whole time Director Director

Mr. Harshal Phatak CFO

Place : Mumbai Place : Mumbai

Date : 08/05/2024 Date : 08/05/2024

Mar 31, 2023

j) Provisions and Contingencies

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying economic benefits is remote, no provision or disclosure is made.

k) 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

the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Financial assets

Financial assets are recognised when the Company becomes a party to the contractual provisions of the instruments.

The Company classifies its financial assets into the following categories:

i. Financial assets measured at amortized cost

ii. Financial assets measured at fair value through other comprehensive income (FVTOCI)

iii. Financial assets measured at fair value through profit or loss (FVTPL)

i. Financial assets measured at amortized cost :

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

a) The Company''s business model objective for managing the financial asset is to hold financial assets in order to collect contractual cash flows, and

b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

This category applies to cash and bank balances, trade receivables, loans and other financial assets of the Company. Such financial assets are subsequently measured at amortized cost using the effective interest method.

Under the effective interest method, the future cash receipts are exactly discounted to the initial recognition value using the effective interest rate. The cumulative amortization using the effective interest method of the difference between the initial recognition amount and the maturity amount is added to the initial recognition value (net of principal repayments, if any) of the financial asset over the relevant period of the financial asset to arrive at the amortized cost at each reporting date. The corresponding effect of the amortization under effective interest method is recognized as interest income over the relevant period of the financial asset. The same is included under other income in the Statement of Profit and Loss.

The amortized cost of a financial asset is also adjusted for loss allowance, if any.

ii. Financial assets measured at FVTOCI:

A financial asset is measured at FVTOCI if both of the following conditions are met:

a) The Company''s business model objective for managing the financial asset is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

This category applies to certain investments in debt instruments. Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes are recognized in the Other Comprehensive Income (OCI). However, the Company recognizes interest income and impairment losses and its reversals in the Statement of Profit and Loss.

On Derecognition of such financial assets, cumulative gain or loss previously recognized in OCI is reclassified from equity to Statement of Profit and Loss.

Further, the Company, through an irrevocable election at initial recognition, has measured certain investments in equity instruments at FVTOCI. The Company has made such election on an instrument by instrument basis. These equity instruments are neither held for trading nor are contingent consideration recognized under a business combination. Pursuant to such irrevocable election, subsequent changes in the fair value of such equity instruments are recognized in OCI. However, the Company recognizes dividend income from such instruments in the Statement of Profit and Loss.

On Derecognition of such financial assets, cumulative gain or loss previously recognized in OCI is not reclassified from the equity to Statement of Profit and Loss. However, the Company may transfer such cumulative gain or loss into retained earnings within equity

iii) Financial assets measured at FVTPL:

A financial asset is measured at FVTPL unless it is measured at amortized cost or at FVTOCI as explained above. This is a residual category applied to all other investments of the Company excluding investments in subsidiary and associate companies. Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes are recognized in the Statement of Profit and Loss.

Derecognition:

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized (i.e. removed from the Company''s Balance Sheet) when any of the following occurs:

i. The contractual rights to cash flows from the financial asset expires;

ii. The Company transfers its contractual rights to receive cash flows of the financial asset and has substantially transferred all the risks and rewards of ownership of the financial asset;

iii. The Company retains the contractual rights to receive cash flows but assumes a contractual obligation to pay the cash flows without material delay to one or more recipients under a ''passthrough'' arrangement (thereby substantially transferring all the risks and rewards of ownership of the financial asset);

iv. The Company neither transfers nor retains substantially all risk and rewards of ownership and does not retain control over the financial asset.

Company also recognizes an associated liability. The financial asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

On Derecognition of a financial asset, (except as mentioned in ii above for financial assets measured at FVTOCI), the difference between the carrying amount and the consideration received is recognized in the Statement of Profit and Loss.

Impairment of financial assets

The Company applies expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, trade receivables, other contractual rights to receive cash or other financial assets, and financial guarantees not designated as at FVTPL.

Expected credit losses are measured through a loss allowance at an amount equal to:

a. the 12 months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date); or

b. full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument).

Further, for the purpose of measuring the lifetime expected credit loss allowance for trade receivables, the Company has used a practical expedient as permitted under Ind AS 109. This expected credit loss allowance is computed based on a provision matrix which takes into account historical credit loss experience and adjusted for forward-looking information.

Financial liabilities

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments.

All financial liabilities are subsequently measured at amortised cost using the effective interest rate method.

Under the effective interest method, the future cash payments are exactly discounted to the initial recognition value using the effective interest rate. The cumulative amortization using the effective interest method of the difference between the initial recognition amount and the maturity amount is added to the initial recognition value (net of principal repayments, if any) of the financial liability over the relevant period of the financial liability to arrive at the amortized cost at each reporting date. The corresponding effect of the amortization under effective interest method is recognized as interest expense over the relevant period of the financial liability. The same is included under finance cost in the Statement of Profit and Loss.