Homesfy Realty Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2025

2. SIGNIFICANT ACCOUNTING POLICIES

a. Basis of Preparation

These financial statements have been prepared in accordance with the Generally Accepted
Accounting Principles in India (‘Indian GAAP'') to comply with the Accounting Standards specified
under Section 133 of the Companies Act, 2013, as applicable. The financial statements have
been prepared under the historical cost convention on accrual basis, except for certain financial
instruments which are measured at fair value.

b. Use of estimates

The preparation of financial statements requires the management of the Company to make
estimates and assumptions that affect the reported balances of assets and liabilities and
disclosures relating to the contingent liabilities as at the date of the financial statements and
reported amounts of income and expense during the year. Examples of such estimates include
provisions for doubtful receivables, provision for income taxes, the useful lives of depreciable
fixed assets and provision for impairment. Future results could differ due to changes in these
estimates and the difference between the actual result and the estimates are recognised in the
period in which the results are known/materialise.

c. Property, Plant and Equipment

i. Tangible Assets

Property, plant and equipment are stated at historical cost less accumulated depreciation, and
accumulated impairment loss, if any. Historical cost comprises of the purchase price including
duties and non-refundable taxes, borrowing cost if capitalization criteria are met, directly
attributable expenses incurred to bring the asset to the location and conditionnecessary for it
to be capable of being operated in the manner intended by managementAnd initial estimate
of decommissioning, restoring and similar liabilities.Subsequent costs related to an item of

property, plant and equipm ent are recognized as a separate asset, as appropriate, only when it
is probable that future economic benefits associated with the item will flow to the Company and
the cost of the item can be measured reliably. The carrying amount of any component accounted
for as a separate asset is derecognized when replaced. All other repairs and maintenance are
recognized in statement of profit and loss during the reporting period when they are incurred. An
item of property, plant and equipment is derecognized on disposal or when no future economic
benefits are expected from its use or disposal. The gains or losses arising from derecognition
are measured as the difference between the net disposal proceeds and the carrying amount of
the asset and are recognized in the statement of profit and loss when the asset is derecognized.

ii. Intangible Assets

Intangible assets include software/application which are developed and are measured on the basis
of cost incurred for its development. The cost of intangible assets in our business combination
is the capitalized value of the cost incurred to develop the asset till it is put to use. Such costs
include salary of professional personnel hired, project expenses, research costs, etc. Following
initial recognition, intangible assets are carried at cost less any accumulated amortization. An
item of intangible asset is derecognized on disposal or when no future economic benefits are
expected from its use or disposal. The gains or losses arising from derecognition are measured
as the difference between the net disposal proceeds and the carrying amount of the asset and
are recognized in the statement of profit and loss when the asset is derecognized. Subsequent
costs related to intangible assets are recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Company
and the cost of the item can be measured reliably."

iii. Intangible Assets under development

Intangible Assets under development include software/application under development net
off accumulated impairment loss if any, as at the Balance sheet date. Directly attributable
expenditure incurred on project under development are shown under CWIP. At the point when
an asset is capable of operating in the manner intended by management, the Intangible assets
under development is transferred to the appropriate category of Intangible assets. Fixed
Assets are stated at cost less accumulated depreciation. The cost of an asset comprises its
purchase price and any directly attributable cost of bringing the asset to its present condition
for intended use.

d. Depreciation/amortisation

In respect of fixed assets (other than freehold land and capital work-in-progress) acquired
during the year, depreciation/amortisation is charged on a straight line basis so as to write-off
the cost of the assets over the useful lives.

e. Employee Benefits

(A) Short Term Employee Benefits

Short term employee benefits are recognized in the period during which the services have been
rendered.

(B) Long Term Employee Benefits

(i) Defined Contribution Plan:

Provident Fund and Group Insurance Scheme:

Employees of the Company are entitled to receive benefits under the Provident Fund, which is
a defined contribution plan.

Both the employee and the employer make monthly contributions to the plan at a predetermined
rate (presently 12%) of the employees'' basic salary or '' 1800/-. These contributions are made to
the fund administered and managed by the Government of India.

(ii) Defined Benefit Plan:

Gratuity: The Company provides for gratuity obligations through a defined retirement plan (‘the
Gratuity Plan'') covering all eligible employees. The Gratuity Plan provides a lump sum payment
to vested employees at retirement or termination of employment based on respective employee
salary and years of employment with the Company. The Company provides for the Gratuity
Plan based on projection valuations in accordance with Accounting Standard 15 (Revised),
“Employee Benefits”.

f. Impairment

At each balance sheet date, the management reviews the carrying amounts of its assets included
in each cash generating unit to determine whether there is any indication that those assets
were impaired. If any such indication exists, the recoverable amount of the asset is estimated
in order to determine the extent of impairment. Recoverable amount is the higher of an asset''s
net selling price and value in use. In assessing value in use, the estimated future cash flows
expected from the continuing use of the asset and from its disposal are discounted to their
present value using a pre-tax discount rate that reflects the current market assessments of time
value of money and the risks specific to the asset. Reversal of impairment loss is recognised as
income in the statement of profit and loss.

g. Revenue recognition

Sale of services:

The Company derives its revenues primarily from brokerage services in relation to residential
properties and other related services. Revenue is recognised when the related services are
provided unless significant future contingencies exist. Revenue is recognised net of Goods and
services tax and trade discounts, wherever applicable.

Revenue from Sale of Other Services are recognised upon delivery and usage or the terms
agreed with the customer.

Unbilled revenue:

Recognition of Unbilled Revenue

Unbilled revenue represents earned brokerage fees that have not yet been invoiced. This
scenario primarily arises due to delays in obtaining necessary confirmations or approvals from
builders for invoicing, even after a deal is effectively closed. Under the terms of our brokerage
agreements, the issuance of an invoice typically depends on specific confirmations from builders,
which serve as formal acknowledgments of the transaction''s completion and the amount due.

According to Accounting Standard 9 (AS 9), revenue is recognized when it is reasonable to
expect that the economic benefits associated with the transaction will flow to the firm and
when the amount of revenue can be reliably measured. Our firm adheres to these principles
by recognizing revenue at the point when our service obligations are completely fulfilled and
there is sufficient evidence that the economic benefits will be obtained, despite the absence of
a formal invoice.

Why Revenue is Not Invoiced Immediately

The delay in invoicing, despite the completion of our brokerage services, is justified by
several factors:

Contractual Terms: Some agreements with builders specify that invoices can only be issued
upon their explicit confirmation. This is often tied to their internal processes or financial planning
needs.

Builder Confirmation Delays: At times, builders may delay their confirmations due to
administrative reasons over the details of the transaction, or cash flow considerations. Issuing
an invoice without such confirmation could lead to potential issues in revenue collection.

Regulatory and Compliance Reasons: In certain cases, regulatory requirements or compliance
issues may necessitate waiting for builder confirmation before we can raise an invoice, ensuring
that all documentation is accurate and complete.

Relationship Management: Maintaining strong, cooperative relationships with builders is
crucial for ongoing business. Respecting their processes and requirements for invoice issuance
helps in nurturing these relationships.

Accounting for Unbilled Revenue

In response to these factors, unbilled revenue is carefully tracked and recognized when all
conditions for revenue recognition are met as per AS 9. This ensures accuracy in financial
reporting and reflects our earnings genuinely based on the economic realities of our transactions,
rather than merely the issuance of invoices.

The firm maintains detailed records of all transactions where services have been rendered but
invoices have not been issued. This unbilled revenue is disclosed as a separate line item in the
financial statements under trade receivables until an invoice can be issued.

This approach provides a transparent, accurate, and fair view of our financial status and
performance, aligning our reporting with both business realities and accounting standards.

Reason for Non-Recognition in Earlier Periods

Previously, unbilled revenue was not recognized in our financial statements due to a conservative
approach in revenue recognition, where revenue was recognized only upon the issuance of an
invoice. This approach was maintained to ensure that there were minimal uncertainties regarding
the collection of fees.

However, upon reassessment of our revenue recognition policy and in alignment with AS 9''s
guidance on the reliability of revenue measurement and the probability of economic benefit, we

have started recognizing unbilled revenue. This change ensures that our financial statements
more accurately reflect the economic activities of the period they represent.

The firm maintains detailed records of all transactions where services have been rendered but
invoices have not been issued. This unbilled revenue is disclosed as a separate line item in the
financial statements under trade receivables until an invoice can be issued.

This updated policy helps in presenting a true and fair view of the firm''s financial performance,
aligning it more closely with the actual business activities during the reporting period.

Interest Income:

Interest income is recognized using the time-proportion method, based on rates implicit in the
transaction. Other income is recognized based on the contractual obligations on accrual basis.

h. Taxation

Current income tax expense comprises taxes on income from operations in India and in foreign
jurisdictions. Income taxpayable in India is determined in accordance with the provisions of the
Income Tax Act, 1961. Tax expense relating to foreign operations is determined in accordance
with tax laws applicable in countries where such operations are domiciled.

Deferred tax expense or benefit is recognised on timing differences being the difference between
taxable income and accounting income that originate in one period and is likely to reverse in one
or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates
and tax laws that have been enacted or substantively enacted by the balance sheet date.

Advance taxes and provisions for current income taxes are presented in the balance sheet after
off-setting advance tax paid and income tax provision arising in the same tax jurisdiction for
relevant tax paying units and where the Company is able to and intends to settle the asset and
liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable
right and these relate to taxes on income levied by the same governing taxation laws.

i. Foreign currency transactions

Income and expense in foreign currencies are converted at exchange rates prevailing on the date
of the transaction. Foreign currency monetary assets and liabilities other than net investments
in non-integral foreign operations are translated at the exchange rate prevailing on the balance
sheet date and exchange gains and losses are recognised in the statement of profit and loss.
Exchange difference arising on a monetary item that, in substance, forms part of an enterprise''s
net investments in a non-integral foreign operation are accumulated in a foreign currency
translation reserve.

j. Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect
of which reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate
required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to refect the current best estimates. Contingent liabilities are not recognised
in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.

k. Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original
maturities of three months or less from the date of purchase, to be cash equivalents.

As per our report of even date

For Venus Shah & Associates LLP For and on behalf of the Board

Chartered Accountants

Firm''s Registration No. 120878W/W101094

Sd/- Sd/-

Shashank Mewada Atul Arya Agrahari

Chief Financial Officer Company Secretary

PAN: AQAPM8094Q PAN: AMMPA1939Q

Sd/_- Place: Mumbai Place: Mumbai

M_ani_sh S. P_atil Date: 24 May 2025 Date: 24 May 2025

Partner

Membership No. 140937

UDIN: 25140937BMIJRR9673 _Sd/_{- Sd}/_-

Ashish Kukreja Mukesh Kumar Mishra

Director Director

03068422 06450500

Place: Mumbai Place: Mumbai Place: Mumbai

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

---

Mar 31, 2024

2. SIGNIFICANT ACCOUNTING POLICIES

a. Basis of preparation

These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (‘Indian GAAP'') to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, as applicable. The financial statements have been prepared under the historical cost convention on accrual basis, except for certain financial instruments which are measured at fair value.

b. Use of estimates

The preparation of financial statements requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expense during the year. Examples of such estimates include provisions for doubtful receivables, provision for income taxes, the useful lives of depreciable fixed assets and provision for impairment. Future results could differ due to changes in these estimates and the difference between the actual result and the estimates are recognised in the period in which the results are known/materialise.

c. Property, plant and equipment

i. Tangible Assets

Property, plant and equipment are stated at historical cost less accumulated depreciation, and accumulated impairment loss, if any. Historical cost comprises of the purchase price including duties and non-refundable taxes, borrowing cost if capitalization criteria are met, directly attributable expenses incurred to bring the asset to the location and conditionnecessary for it to be capable of being operated in the manner intended by management and initial estimate of decommissioning, restoring and similar liabilities.Subsequent costs related to an item of

property, plant and equipm ent are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are recognized in statement of profit and loss during the reporting period when they are incurred. An item of property, plant and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gains or losses arising from derecognition are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.

ii. Intangible assets

Intangible assets include software/application which are developed and are measured on the basis of cost incurred for its development. The cost of intangible assets in our business combination is the capitalized value of the cost incurred to develop the asset till it is put to use. Such costs include salary of professional personnel hired, project expenses, research costs, etc. Following initial recognition, intangible assets are carried at cost less any accumulated amortization. An item of intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gains or losses arising from derecognition are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized. Subsequent costs related to intangible assets are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.

iii. Intangible assets under development

Intangible Assets under development include software/application under development net off accumulated impairment loss if any, as at the Balance sheet date. Directly attributable expenditure incurred on project under development are shown under CWIP. At the point when an asset is capable of operating in the manner intended by management, the Intangible assets under development is transferred to the appropriate category of Intangible assets.Fixed Assets are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable cost of bringing the asset to its present condition for intended use.

d. Depreciation/amortisation

In respect of fixed assets (other than freehold land and capital work-in-progress) acquired during the year, depreciation/amortisation is charged on a straight line basis so as to write-off the cost of the assets over the useful lives.

e. Employee benefits

(A) Short-term employee benefits

short-term employee benefits are recognized in the period during which the services have been rendered.

(B) Long-term employee benefits

(i) Defined Contribution Plan:

Provident Fund and Group Insurance Scheme:

Employees of the Company are entitled to receive benefits under the Provident Fund, which is a defined contribution plan.

Both the employee and the employer make monthly contributions to the plan at a predetermined rate (presently 12%) of the employees'' basic salary or '' 1,800/-. These contributions are made to the fund administered and managed by the Government of India.

(ii) Defined Benefit Plan:

Gratuity: The Company provides for gratuity obligations through a defined retirement plan (‘the Gratuity Plan'') covering all eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment based on respective employee salary and years of employment with the Company. The Company provides for the Gratuity Plan based on projection valuations in accordance with Accounting Standard 15 (Revised), “Employee Benefits”.

f. Impairment

At each balance sheet date, the management reviews the carrying amounts of its assets included in each cash generating unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment. Recoverable amount is the higher of an asset''s net selling price and value in use. In assessing value in use, the estimated future cash flows expected from the continuing use of the asset and from its disposal are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of time value of money and the risks specific to the asset. Reversal of impairment loss is recognised as income in the statement of profit and loss.

g. Revenue recognition

Sale of services:

The Company derives its revenues primarily from brokerage services in relation to residential properties and other related services. Revenue is recognised when the related services are provided unless significant future contingencies exist. Revenue is recognised net of Goods and services tax and trade discounts, wherever applicable.

Revenue from Sale of Other Services are recognised upon delivery and usage or the terms agreed with the customer.

Unbilled revenue:

Recognition of unbilled revenue

unbilled revenue represents earned brokerage fees that have not yet been invoiced. This scenario primarily arises due to delays in obtaining necessary confirmations or approvals from builders for invoicing, even after a deal is effectively closed. Under the terms of our brokerage agreements, the issuance of an invoice typically depends on specific confirmations from builders, which serve as formal acknowledgments of the transaction''s completion and the amount due.

According to Accounting Standard 9 (AS 9), revenue is recognized when it is reasonable to expect that the economic benefits associated with the transaction will flow to the firm and when the amount of revenue can be reliably measured. Our firm adheres to these principles by recognizing revenue at the point when our service obligations are completely fulfilled and there is sufficient evidence that the economic benefits will be obtained, despite the absence of a formal invoice.

Why revenue is not invoiced immediately

the delay in invoicing, despite the completion of our brokerage services, is justified by several factors:

Contractual Terms: Some agreements with builders specify that invoices can only be issued upon their explicit confirmation. This is often tied to their internal processes or financial planning needs.

Builder Confirmation Delays: At times, builders may delay their confirmations due to administrative reasons over the details of the transaction, or cash flow considerations. Issuing an invoice without such confirmation could lead to potential issues in revenue collection.

Regulatory and Compliance Reasons: In certain cases, regulatory requirements or compliance issues may necessitate waiting for builder confirmation before we can raise an invoice, ensuring that all documentation is accurate and complete.

Relationship Management: Maintaining strong, cooperative relationships with builders is crucial for ongoing business. Respecting their processes and requirements for invoice issuance helps in nurturing these relationships.

Accounting for unbilled revenue

In response to these factors, unbilled revenue is carefully tracked and recognized when all conditions for revenue recognition are met as per AS 9. This ensures accuracy in financial reporting and reflects our earnings genuinely based on the economic realities of our transactions, rather than merely the issuance of invoices.

The firm maintains detailed records of all transactions where services have been rendered but invoices have not been issued. This unbilled revenue is disclosed as a separate line item in the financial statements under trade receivables until an invoice can be issued.

This approach provides a transparent, accurate, and fair view of our financial status and performance, aligning our reporting with both business realities and accounting standards.

Reason for non-recognition in earlier periods

Previously, unbilled revenue was not recognized in our financial statements due to a conservative approach in revenue recognition, where revenue was recognized only upon the issuance of an invoice. This approach was maintained to ensure that there were minimal uncertainties regarding the collection of fees.

However, upon reassessment of our revenue recognition policy and in alignment with AS 9''s guidance on the reliability of revenue measurement and the probability of economic benefit, we

have started recognizing unbilled revenue. This change ensures that our financial statements more accurately reflect the economic activities of the period they represent.

The firm maintains detailed records of all transactions where services have been rendered but invoices have not been issued. This unbilled revenue is disclosed as a separate line item in the financial statements under trade receivables until an invoice can be issued.

This updated policy helps in presenting a true and fair view of the firm''s financial performance, aligning it more closely with the actual business activities during the reporting period.

Interest income:

Interest income is recognized using the time-proportion method, based on rates implicit in the transaction. Other income is recognized based on the contractual obligations on accrual basis.

h. Taxation

Current income tax expense comprises taxes on income from operations in India and in foreign jurisdictions. Income taxpayable in India is determined in accordance with the provisions of the Income Tax Act, 1961. Tax expense relating to foreign operations is determined in accordance with tax laws applicable in countries where such operations are domiciled.

Deferred tax expense or benefit is recognised on timing differences being the difference between taxable income and accounting income that originate in one period and is likely to reverse in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Advance taxes and provisions for current income taxes are presented in the balance sheet after off-setting advance tax paid and income tax provision arising in the same tax jurisdiction for relevant tax paying units and where the Company is able to and intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws.

i. Foreign currency transactions

Income and expense in foreign currencies are converted at exchange rates prevailing on the date of the transaction. Foreign currency monetary assets and liabilities other than net investments in non-integral foreign operations are translated at the exchange rate prevailing on the balance sheet date and exchange gains and losses are recognised in the statement of profit and loss. Exchange difference arising on a monetary item that, in substance, forms part of an enterprise''s net investments in a non-integral foreign operation are accumulated in a foreign currency translation reserve.

---

Mar 31, 2023

1. Company Information

Homesfy Realty Limited was incorporated on May 6^th, 2011, headquartered in Thane, Maharashtra. We are engaged in providing real estate broking services to Real Estate Developers, retail buyers/sellers and investors for residential and commercial space. We operate our business through direct selling from our in-house sales team and Direct Selling Agent listed on mymagnet platform for referral services.

2. Significant Accounting Policies

a. Basis of Preparation

These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (‘Indian GAAP'') to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, as applicable. The financial statements have been prepared under the historical cost convention on accrual basis, except for certain financial instruments which are measured at fair value.

b. Use of estimates

The preparation of financial statements requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expense during the year. Examples of such estimates include provisions for doubtful receivables, provision for income taxes, the useful lives of depreciable fixed assets and provision for impairment. Future results could differ due to changes in these estimates and

the difference between the actual result and the estimates are recognised in the period in which the results are known/materialise.

c. Property, Plant and Equipment

i. Tangible Assets

Property, plant and equipment are stated at historical cost less accumulated depreciation, and accumulated impairment loss, if any. Historical cost comprises of the purchase price including duties and non-refundable taxes, borrowing cost if capitalization criteria are met, directly attributable expenses incurred to bring the asset to the location and conditionnecessary for it to be capable of being operated in the manner intended by management and initial estimate of decommissioning, restoring and similar liabilities. Subsequent costs related to an item of property, plant and equipm ent are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are recognized in statement of profit and loss during the reporting period when they are incurred. An item of property, plant and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gains or losses arising from derecognition are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.

ii. Intangible Assets

Intangible assets include software/ application which are developed and are measured on the basis of cost incurred for its development. The cost of intangible assets in our business combination is the capitalized value of the cost incurred to develop the asset till it is put to use. Such costs include salary of professional personnel hired, project expenses, research costs, etc. Following initial recognition, intangible assets are carried at cost less any accumulated amortization. An item of intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gains or losses arising from derecognition are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized. Subsequent costs related to intangible assets are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.

iii. Intangible Assets under development

Intangible Assets under development include software/application under development net off accumulated impairment loss if any, as at the Balance sheet date. Directly attributable expenditure incurred on project under development are shown under CWIP. At the point when an asset is capable of operating in the manner intended by management, the Intangible assets under development is

transferred to the appropriate category of Intangible assets. Fixed Assets are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable cost of bringing the asset to its present condition for intended use.

d. Depreciation/amortisation

In respect of fixed assets (other than freehold land and capital work-in-progress) acquired during the year, depreciation/amortisation is charged on a straight line basis so as to writeoff the cost of the assets over the useful lives.

Type of Assets	Period
Electrical Fittings	7/8/10 Years
Furniture and Fixtures	10 Years
Vehicles	8 Years
Office equipment	5 Years
Computers/Computer Software	3 Years

e. Employee Benefits

(A) Short Term Employee Benefits

Short term employee benefits are recognized in the period during which the services have been rendered.

(B) Long Term Employee Benefits (i) Defined Contribution Plan:

Provident Fund and Group Insurance Scheme:

Employees of the Company are entitled to receive benefits under the Provident Fund, which is a defined contribution plan.

Both the employee and the employer make monthly contributions to the plan at a predetermined rate (presently 12%) of theemployees'' basic salary or '' 1800/-. These contributions are made to the fund administered and managed by theGovernment of India.

(ii) Defined Benefit Plan:

Gratuity:

The Company provides for gratuity obligations through a defined retirement plan (‘the Gratuity Plan'') covering all eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement or termination of employment based on respective employee salary and years of employment with the Company. The Company provides for the Gratuity Plan based on projection valuations in accordance with Accounting Standard 15 (Revised), “Employee Benefits”.

f. Impairment

At each balance sheet date, the management reviews the carrying amounts of its assets included in each cash generating unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of i mpairment. Recoverable amount is the higher of an asset''s net selling price and value in use. In assessing value in use, the estimated future cash flows expected from the continuing use of the asset and from its disposal are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of time value of money and the risks specific to the asset. Reversal of impairment loss is recognised as income in the statement of profit and loss.

g. Revenue recognition

Revenue from services:

Revenue is recognized based on contractual terms and upon rendering of services as per terms of agreement.

Interest Income:

Interest income is recognized using the time-proportion method, based on rates implicit in the transaction. Other income is recognized based on the contractual obligations on accrual basis.

h. Taxation

Current income tax expense comprises taxes on income from operations in India and in foreign jurisdictions. Income taxpayable in India is determined in accordance with the provisions of the Income Tax Act, 1961. Tax expense relating to foreign operations is determined in accordance with tax laws applicable in countries where such operations are domiciled.

Deferred tax expense or benefit is recognised on timing differences being the difference between taxable income and accounting income that originate in one period and is likely to reverse in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Advance taxes and provisions for current income taxes are presented in the balance sheet after off-setting advance tax paid and income tax provision arising in the same tax jurisdiction for relevant tax paying units and where the Company is able to and intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws.

i. Foreign currency transactions

Income and expense in foreign currencies are converted at exchange rates prevailing on the date of the transaction. Foreign currency monetary assets and liabilities other than net investments in non-integral foreign operations are translated at the exchange rate prevailing on the balance sheet date and exchange gains and losses are recognised in the statement of profit and loss. Exchange difference arising on a monetary item that, in substance, forms part of an enterprise''s net investments in a non-integral foreign operation are accumulated in a foreign currency translation reserve.

j. Provisions, Contingent liabilities and Contingent assets

A provision is recognised when the Company has a present obligation as a result of past

As per our report of even date For Venus Shah & Associates

Chartered Accountants

Firm''s Registration No.: 120878W

Sd/-

Manish S. Patil

Partner

Membership No.: 140937 UDIN: 23140937BGWYCZ3339

Place: Mumbai Date: May 27^th, 2023

event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.

k. Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents.

For and on behalf of the Board

Sd/- Sd/-

Shashank Mewada Tarun Gupta

Chief Financial Officer Company Secretary

PAN: AQAPM8094Q PAN: CSFPG1715B

Date: May 27^th, 2023 Date: May 27^th, 2023

Sd/- Sd/-

Ashish Kukreja Mukesh Kumar Mishra

Managing Director Executive Director

DIN: 03068422 DIN: 06450500

Place: Mumbai Place: Mumbai

Date: May 27^th, 2023 Date: May 27^th, 2023