Thakkers Group Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2025

A. Corporate Information

Thakkers Group Ltd (Formerly known as Asian Food Products Limited ("the Company") (CIN :L70100MH1968PLC013919) is a listed company incorporated in India and governed by Companies Act, 2013 (''Act"). The Company''s registered office is situated at 7, Thakkers, Near Nehru Garden, Nashik 422 001. The company is engaged in manufacturing of agro based products and its allied services and proposed for real estate development, Construction

Contract Related Activity, Infrastructure and hospitality activities

B. Significant Accounting Policies

1. Significant Accounting policies relevant to the Companies operations have been disclosed here.

Basis of preparation of financial statements

The financial statements are prepared in accordance with Indian Accounting Standards (IND AS) notified under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

The financial statements have been prepared on historical cost convention on the accrual basis. There are no assets or liabilities that are required to measure at fair values.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The financial statements (except for Statement of Cash Flow) are prepared and presented in the format prescribed in Division II - Ind AS Schedule III ("Schedule III") to the Companies Act, 2013.

The Statement of Cash Flow has been prepared and presented as per the requirements of Ind AS 7 "Statement of Cash flows".

The financial statements were approved for issue by the Board of Directors on May 30, 2025

2. Use of estimates

The preparation of the financial statements in conformity with IND AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed at appropriate places.

Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

The said estimates are based on the fact and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.

3. Current versus Non-Current classification

The Company''s normal operating cycle in respect of operations relating to the construction of real estate projects may vary from project to project depending upon the size of the project, type of development, project complexities and related approvals. Operating cycle for all completed projects is based on 12 months period. Assets and liabilities have been classified into current and non-current based on their respective operating cycle.

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is:

0 Expected to be realised or intended to be sold or consumed in normal operating cycle,

0 Held primarily for the purpose of trading,

0 Expected to be realised within twelve months after the reporting period, or

0 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

Trade receivables which are expected to be realised within 12 months from the reporting date shall be classified as current. Outstanding more than 12 months shall be shown as noncurrent only unless efforts for its recovery have been made and it is likely that payment shall be received within 12 months from the reporting date.

A liability is current when:

0 It is expected to be settled in normal operating cycle,

0 It is held primarily for the purpose of trading,

0 It is due to be settled within twelve months after the reporting period, or

0 There is no unconditional right to defer the settlement of the liability for at least twelve months after

the reporting period

A payable shall be classified as Trade Payable if it is in respect of the amount due on account of goods purchased or services received in the normal course of business.

Trade payables which are expected to be settled within 12 months from the reporting date shall be shown as current.

The company classified all other liabilities as non-current.

4. Revenue Recognition

a) Sale of Service

In respect Estate Dealing/Development Activity:

The company recognises income from estate dealing and Development activity in fulfilling all obligations in a substantial manner, as per the terms of contract and on execution of agreement in writing, Costs are accumulated and charged to the property and the payments received from customers are shown as advance received under liabilities till such an event.

All financial instruments measured at amortised cost, interest income is recognised using the effective interest rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial assets. Interest income is included in other income in the statement of profit and loss.

b) Infrastructure and hospitality activities - Hotel Revenue:

The company recognizes revenue from hotel operations based on a revenue-sharing arrangement. Revenue is accounted for on a semi-annual settlement basis.

Accordingly, settlements are carried out in two cycles:

• January to June, and

• July to December.

Revenue is adjusted in the books based on the final settlement values derived upon at the end of each respective six-month period.

c) Contract Receipts (Percentage Completion Method):

The company undertakes various contractual projects, and revenue from these contracts is recognized using the Percentage of Completion Method (POCM) in accordance with applicable Accounting Standards.

• Revenue is recognized proportionately with the stage of completion of the contract work.

• The stage of completion is determined with reference to the project costs incurred up to the reporting date in relation to the total estimated cost of the project is calculated in accordance with various accounting standards.

d) Dividend income

Revenue is recognised when the Company''s right to receive the payment is established, which is generally when shareholders approve the dividend.

e) Rental and Other Income

Other incomes are accounted on accrual basis as and when they are earned.

f) Profit/Loss from Partnership firm

Share of Profit/Loss from Partnership firm is accounted in respect of the financial year of the firm ending on or before the balance sheet date on the basis of their audited/unaudited accounts as the case may be.

5. Employee Benefits

The company has not laid down any formal policy in relation to short term and long term employee benefit expenses during the year ended 31“ March, 2025.The company has not provided for security as per the payment of gratuity Act-1972.

6. Income taxes Current income tax:

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities using the tax rates and tax laws that are in force at the reporting date.

Current income tax relating to items recognised outside the statement of profit and loss is recognised outside the statement of profit and loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.

The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to set off the recognised amounts and where it intends either to settle on a net basis, or to realize the assets and settle the liability simultaneously

Minimum Alternate Tax (''MAT'') credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the Company recognises MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Income-tax Act, 1961, the said asset is created by way of credit to the statement of profit and loss and shown as "MAT Credit Entitlement". The Company reviews the "MAT Credit Entitlement" asset at each reporting date and reduces to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the MAT to be utilised.

Deferred Tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets are recognised to the extent it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses can be utilised. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities and assets are reviewed at the end of each reporting period.

7. Property, Plant and Equipment (PPE) and Transition to Ind AS

PPE is recognized when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can measured reliably. All items of PPE are stated at cost net of tax/duty credits availed, if any, less accumulated depreciation and cumulative impairment, if any. Cost includes expenditure that is directly attributable to the acquisition and installation of such assets if any. Subsequent expenditure relating to Property, Plant and Equipment is capitalized 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. When significant parts of the plant and equipment are required to be replaced at intervals, the company depreciated them separately based on their specific useful lives.

Items such as parts and servicing equipment are recognised as PPE if they meet the definition of property, plant and equipment and are expected to be used for more than one year.

PPE not ready for the intended use on the date of the Balance Sheet is disclosed as "Capital Work-In -Progress" and carried at cost, comprising of directly attributable costs and related incidental expenses.

There is no intangible assets of the company for the year ended 31^st March, 2025

8. Depreciation on Property, Plant and Equipment

Depreciation has been provided on the Written down Value method, as per the useful lives specified in Schedule II to the Companies Act, 2013. The asset''s useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The useful lives of PPE are as under:

Sr. No	Particulars	Category of Assets	Useful life as per Schedule II	Useful life adopted by the company
1.	Plant and Machinery	Portable cabin	12	12
2.	Intangible Assets	Computers/Software	5	5
3.	Plant and Machinery	Plant and Machinery	15	15
4.	Land & Building	Land & Building	60	60
5.	Plant and Machinery	Electrical Equipment''s	10	10
6.	furniture - Fixtures SiEquipment	Furniture - Fixtures & Equipment	8	8
7.	Computer	Computer	3	3
8.	Office Equipment	Office Equipements5	5	5
9	Plant and Machinery	Vehicles	8	8

The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.

Depreciation method, useful life and residual value are reviewed periodically.

9. Investment properties Transition to Ind AS

Under the previous Indian GAAP, investment properties were carried in the balance sheet at cost less accumulated depreciation / amortisation and impairment losses, if any. The Company has elected to regard those values of investment properties as deemed cost at the date of transition to Ind AS (April 01, 2015).

Recognition and initial measurement

Investment properties are properties primarily consisting of Land held to earn rentals or for capital appreciation, or both. Investment properties are measured initially at cost, including transaction costs. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use.

Subsequent costs are included in the asset''s carrying amount or 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.

The carrying amount of Investment Property is reviewed periodically for impairment based on internal /external factors. An impairment loss is recognised wherever the carrying amount of assets exceeds its recoverable amount. The recoverable amount is the greater of the asset''s net selling price and value in use.

When significant components of Investment Properties are required to be replaced at intervals, recognition is made for such replacement of components as individual assets with specific useful life and depreciation, if these components are initially recognised as separate asset. All other repair and maintenance costs are recognised in the statement of profit and loss as incurred.

De-recognition

Investment properties are derecognized either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the statement of profit and loss in the period of de-recognition

10. Non-current assets held for sale

Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell.

Non-current assets classified as held for sale and their related liabilities are presented separately in the balance sheet, if any. Non-current assets are not depreciated or amortized while they are classified as held for sale.

11. Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Companies of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted market prices or other available fair value indicators.

12 Borrowing costs

Borrowing costs are recognized as an expense, in the period in which they are incurred.

13. Segment reporting

Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chairman and Managing Director / Chief Operating Decision Maker evaluates the Company''s performance based on an analysis of various performance indicators by business segment. Segment revenue and expense include amounts which can be directly attributable to the segment and allocable on reasonable basis. Segment assets and liabilities are assets / liabilities which are directly attributable to the segment or can be allocated on a reasonable basis. Income / expenses / assets / liabilities relating to the enterprise as a whole and not allocable on a reasonable basis to business segments are reflected as unallocated income / expenses / assets / liabilities.

Operating segments identified are as follows:

i. Construction and Contracts Related Activity

ii. Estate Dealing and Development Activity

iii. Infrastructure and hospitality activities

14. Eamings per share

The Company''s Earning per Share (EPS) is determined based on the net profit attributable to the Shareholders of the Company. Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit / (loss) for the year attributable to equity shareholders and the weighted average numbers of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares

15. Inventories Construction materials

The construction materials and consumables not separately valued. It is treated as part of project cost on purchase for a particular project. Project work in progress is accordingly valued.

Construction work in progress

The construction work in progress is valued at lower of cost or net realizable value. Work in Progress in respect of tenement of Flats/shops/contracts booked valued at proportionate sale value)

Cost includes cost of land, development rights, rates and taxes, construction costs,other direct expenditure, allocated overheads and other incidental expenses. Further, the development cost incurred on inventories are directly debited to Current Assets without passing it through Profit and Loss Account and the proportionate amount relating to sale is passed through profit and loss account at the time of sale.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

Finished stock of completed projects

Finished stock of completed projects and stock in trade of units is valued at lower of cost or net realizable value. Estate Dealing /development activity

At cost including attributable development expenses or net realizable value whichever is less Transfer of Development Rights

Self-generated TDR is valued at stipulated percentage of cost of area in respect of which TDR is generated.

TDR purchased is valued at cost.

15. Provisions, contingent liabilities and contingent assets

A provision is recognized if, as a result of a past event, the company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Contingent liabilities are disclosed in respect of possible obligations that have risen from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise, or is a present obligation that arises from past events but is not recognised because either it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or a reliable estimate of the amount of the obligation cannot be made.

A contingent asset is generally neither recognised nor disclosed.

16. Leases

(i) Finance leases: Assets taken on lease are classified as Finance lease if the company has substantially all the risks and rewards of ownership of the related assets. Assets under finance leases are capitalized at the commencement of the lease at the lower of the fair value or the present value of minimum lease payments and a liability is created for an equivalent amount each lease rental paid is allocated between the liability and the interest cost, so as to obtain a constant periodic rate of interest on the outstanding liability for each period.

(ii) Operating leases: Assets taken on lease which are not classified as finance lease are operating leases. Lease payments for assets taken on operating lease are recognized as an expense in the Profit and Loss Account on a straight-line basis over the lease term except where the lease payments are structured to increase in line with expected general inflation. Assets leased out under operating leases are presented separately under the respective class of assets. Rental income is recognized on a straight line basis over the term of the relevant lease.

17. Dividends to equity holders

The Company recognizes a liability to make distributions to its equity holder when the distribution Is authorized and the distribution is no longer at the discretion of the Company, as per the corporate laws in India, a distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity.

Dividends paid/payable are recognized in the year in which the related dividends are approved by the Shareholders or Board of Directors as appropriate.

18. 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.

18.1 Financial assets Initial measurement

Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets (other than financial assets at fair value through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset.

Subsequent measurement

All recognized financial assets are subsequently measured at amortized cost using effective interest method except for financial assets carried at fair value through Profit and Loss (FVTPL) or fair value through other comprehensive income (FVOCI).

Equity investments (other than investments in subsidiaries, associates and joint venture)

All equity investments falling within the scope of Ind-AS 109 are mandatory measured at Fair Value through Profit and Loss (FVTPL) with all fair value changes recognized in the Statement of Profit and Loss. The Company has an irrevocable option of designating certain equity instruments as FVOCI. Option of designating instruments as FVOCI is done on an instrument-by-instrument basis. The classification made on initial recognition is irrevocable. If the Company decides to classify an equity instrument as FVOCI, the all fair value changes on the instrument are recognized in Statement of Other Comprehensive Income (SOCI). Amounts from SOCI are not subsequently transferred to profit and loss, even on sale of investment.

De-recognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition.

Impairment of financial assets

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

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime Expected Credit Loss (ECL) at each reporting date, right from its initial recognition.

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

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

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

18.2 Financial liabilities

Financial liabilities and equity instruments by the Company are classified according to the substance of the contractual agreements entered into and the definitions of a financial liability and an equity instrument. The Company''s financial liabilities include trade, other payables and loans and borrowings.

Subsequent measurement

Financial liabilities are subsequently carried at amortized cost using the Effective Interest Method (EIR) method except for financial liabilities at fair value through profit or loss. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. Financial liabilities recognized at FVTPL, including derivatives, are subsequently measured at fair value. For trade and other payables maturing within operating cycle, the carrying amounts approximate the fair value due to the short maturity or these instruments.

De-recognition

A financial liability (or a part of a financial liability) is derecognized from the Company''s balance sheet when the obligation specified in the contract is discharged or cancelled or expires.

Offsetting of financial instruments

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

Re-classification of financial instruments

The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets, such as equity instruments designated at FVTPL or FVOCI and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets.

18.3 Fair value measurement

The Company measures financial instruments at fair value on initial recognition and uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

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:

* In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible 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.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized 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:

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

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

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

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

19. Cash and cash equivalents

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

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Mar 31, 2024

B. Significant Accounting Policies

1. Significant Accounting policies relevant to the Companies operations have been disclosed here.

Basis of preparation of financial statements

The financial statements are prepared in accordance with Indian Accounting Standards (IND AS) notified under
under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and
Companies (Indian Accounting Standards) Amendment Rules, 2016.

The financial statements have been prepared on historical cost convention on the accrual basis. There are no assets or
liabilities that are required to measure at fair values.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially
adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The financial statements were approved for issue by the Board of Directors on May 29, 2024

2. Use of estimates

The preparation of the financial statements in conformity with IND AS requires management to make estimates,
judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting
policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the
date of the financial statements and reported amounts of revenues and expenses during the period. Application of
accounting policies that require critical accounting estimates involving complex and subjective judgments and the
use of assumptions in these financial statements have been disclosed at appropriate places.

Accounting estimates could change from period to period. Actual results could differ from those estimates.
Appropriate changes in estimates are made as management becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which
changes are made and, if material, their effects are disclosed in the notes to the financial statements.

The said estimates are based on the fact and events, that existed as at the reporting date, or that occurred after that
date but provide additional evidence about conditions existing as at the reporting date.

3. Current versus Non-Current classification

The Company’s normal operating cycle in respect of operations relating to the construction of real estate projects
may vary from project to project depending upon the size of the project, type of development, project complexities
and related approvals. Operating cycle for all completed projects is based on 12 months period. Assets and liabilities
have been classified into current and non-current based on their respective operating cycle.

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An
asset is treated as current when it is:

0 Expected to be realised or intended to be sold or consumed in normal operating cycle,

0 Held primarily for the purpose of trading,

0 Expected to be realised within twelve months after the reporting period, or

0 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve

months after the reporting period

All other assets are classified as non-current.

Trade receivables which are expected to be realised within 12 months from the reporting date shall be classified as
current. Outstanding more than 12 months shall be shown as noncurrent only unless efforts for its recovery have
been made and it is likely that payment shall be received within 12 months from the reporting date.

A liability is current when:
0 It is expected to be settled in normal operating cycle,

0 It is held primarily for the purpose of trading,

0 It is due to be settled within twelve months after the reporting period, or

0 There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period

A payable shall be classified as T rade Payable if it is in respect of the amount due on account of goods purchased or
services received in the normal course of business.

Trade payables which are expected to be settled within 12 months from the reporting date shall be shown as current.
The company classified all other liabilities as non-current.

4. Revenue Recognition

a) Sale of Service

In respect Estate Dealing/Development Activity:

The company recognises income from estate dealing and Development activity in fulfilling all obligations in a
substantial manner, as per the terms of contract and on execution of agreement in writing, Costs are accumulated
and charged to the property and the payments received from customers are shown as advance received under
liabilities till such an event.

b) All financial instruments measured at amortised cost, interest income is recognised using the effective interest

rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts through the
expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of
the financial assets. Interest income is included in other income in the statement of profit and loss.

b) Dividend income

Revenue is recognised when the Company''s right to receive the payment is established, which is generally when
shareholders approve the dividend.

c) Other Income

Other incomes are accounted on accrual basis as and when they are earned

5. Employee Benefits

The company has not laid down any formal policy in relation to short term and long term employee benefit
expenses since the company had only one employee during the year ended 31^st March, 2024.

6. Income taxes
Current income tax:

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities using the tax rates and tax laws that are in force at the reporting date.

Current income tax relating to items recognised outside the statement of profit and loss is recognised outside the
statement of profit and loss (either in other comprehensive income or in equity). Current tax items are recognised
in correlation to the underlying transaction either in OCI or directly in equity.

The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to set off
the recognised amounts and where it intends either to settle on a net basis, or to realize the assets and settle the
liability simultaneously

Minimum Alternate Tax (‘MAT’) credit is recognised as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income tax during the specified period. In the year in which the Company
recognises MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in
respect of Minimum Alternative T ax under the Income-tax Act, 1961, the said asset is created by way of credit to the
statement of profit and loss and shown as "MAT Credit Entitlement”. The Company reviews the "MAT Credit
Entitlement” asset at each reporting date and reduces to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the MAT to be utilised.

Deferred Tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the
Financial Statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets are recognised to the extent it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax losses can be utilised. Deferred tax liabilities
and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or
the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of
the reporting period. The carrying amount of deferred tax liabilities and assets are reviewed at the end of each
reporting period.

7. Property, Plant and Equipment (PPE) and Transition to Ind AS

PPE is recognized when it is probable that future economic benefits associated with the item will flow to the
company and the cost of the item can measured reliably. All items of PPE are stated at cost net of tax/duty credits
availed, if any, less accumulated depreciation and cumulative impairment, if any. Cost includes expenditure that is
directly attributable to the acquisition and installation of such assets if any. Subsequent expenditure relating to
Property, Plant and Equipment is capitalized 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. When significant parts of the
plant and equipment are required to be replaced at intervals, the company depreciated them separately based on
their specific useful lives.

Items such as parts and servicing equipment are recognised as PPE if they meet the definition of property, plant and
equipment and are expected to be used for more than one year.

PPE not ready for the intended use on the date of the Balance Sheet is disclosed as "Capital Work-In -Progress” and
carried at cost, comprising of directly attributable costs and related incidental expenses.

There is no intangible assets of the company for the year ended 31^st March, 2024

8. Depreciation on Property, Plant and Equipment

Depreciation has been provided on the Written down Value method, as per the useful lives specified in Schedule II to
the Companies Act, 2013. The asset’s useful lives are reviewed and adjusted, if appropriate, at the end of each
reporting period. The useful lives of PPE are as under:

The management believes that these estimated useful lives are realistic and reflect fair approximation of the period
over which the assets are likely to be used.

9. Investment properties
Transition to Ind AS

Under the previous Indian GAAP, investment properties were carried in the balance sheet at cost less accumulated
depreciation / amortisation and impairment losses, if any. The Company has elected to regard those values of
investment properties as deemed cost at the date of transition to Ind AS (April 01, 2015).

Recognition and initial measurement

Investment properties are properties primarily consisting of Land held to earn rentals or for capital appreciation,
or both. Investment properties are measured initially at cost, including transaction costs. The cost comprises
purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset
to its working condition for the intended use.

Subsequent costs are included in the asset''s carrying amount or 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.

The carrying amount of Investment Property is reviewed periodically for impairment based on internal /external
factors. An impairment loss is recognised wherever the carrying amount of assets exceeds its recoverable amount.
The recoverable amount is the greater of the asset''s net selling price and value in use.

When significant components of Investment Properties are required to be replaced at intervals, recognition is made
for such replacement of components as individual assets with specific useful life and depreciation, if these
components are initially recognised as separate asset. All other repair and maintenance costs are recognised in the
statement of profit and loss as incurred.

De-recognition

Investment properties are derecognized either when they have been disposed of or when they are permanently
withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net
disposal proceeds and the carrying amount of the asset is recognised in the statement of profit and loss in the period
of de-recognition

10. Earnings per share

The Company’s Earning per Share (EPS) is determined based on the net profit attributable to the Shareholders of
the Company. Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to
equity shareholders (after deducting preference dividends and attributable taxes) by weighted average number of
equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit
/ (loss) for the year attributable to equity shareholders and the weighted average numbers of shares outstanding
during the year are adjusted for the effects of all dilutive potential equity shares