Kalpataru Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

Mar 31, 2026

(q) Provisions, contingent liabilities and contingent

assets

i) Provisions are recognised when the Company
has a present legal or constructive obligation
as a result of past events, it is probable that an
outflow of resources will be required to settle
the obligation and the amount can be reliably
estimated. Provisions are not recognised
for future operating losses. Provisions are
measured at the present value of management''s
best estimate of the expenditure required to
settle the present obligation at the end of the
reporting period.

Provisions (excluding retirement benefits) are
discounted using pre-tax rate that reflects
current market assessments of the time value
of money and the risks specific to the liability.
The increase in the provision due to the passage
of time is recognised as interest expense.

ii) A contingent liability is a possible obligation
that arises from past events whose existence
will be confirmed by the occurrence or non¬
occurrence of one or more uncertain future
events beyond the control of the company.
The Company does not recognize a contingent
liability but discloses its existence in the
financial statements.

iii) Contingent assets are not recognized, but
disclosed in the financial statements where an
inflow of economic benefit is probable.

(r) Share based payments

Equity settled share-based compensation benefits
are provided to employees under the "Kalpatrau
Limited Employees Stock Option Scheme (ESOS
2024/Scheme). The fair value of options on the grant
date, determined using an appropriate option pricing
model, taking into account terms and conditions of
the grant date is recognised as an employee benefits
expense with a corresponding increase in equity as
“Employee stock option scheme reserves".

The total amount to be recognised is determined by
reference to the fair value of the options granted:

(a) including any market performance conditions
(e.g., the entity''s share price)

(b) excluding the impact of any service and non¬
market performance vesting conditions
(e.g., profitability, sales growth targets and
remaining an employee of the entity over a
specified time period), and

(c) including the impact of any non-vesting
conditions (e.g., the requirement for employees
holding shares for a specific period of time).

The total expenses are amortised over the vesting
period, which is the period over which all of the
specified vesting conditions are to be satisfied.

At the end of each period, the entity revises its
estimates of the number of options that are expected
to vest based on the service and non-market
performance vesting conditions. It recognises the
impact of the revision to original estimates, if any, in
the statement of profit and loss, with a corresponding
adjustment to equity. In case vested options
are forfeited or expire unexercised, the related
balance standing to the credit of the “Employee
stock option scheme reserves" is transferred to
“Retained earnings".

In case of equity settled share based payments to
employees of subsidiaries, in the separate financial
statements, the parent company recognises the
impact as investment in the subsidiaries.

(MI) Other Accounting Policies

(a) Foreign currency transactions

i) Foreign currency transactions are recorded
in the reporting currency (Indian rupee) by
applying to the foreign currency amount, the
exchange rate between the reporting currency

and the foreign currency on the date of
the transaction.

ii) ALL monetary items denominated in foreign
currency are converted into Indian rupees at
the year-end exchange rate. The exchange
differences arising on such conversion and on
settLement of the transactions are recognised
in the statement of profit and Loss. Non¬
monetary items in terms of historicaL cost
denominated in a foreign currency are reported
using the exchange rate prevaiLing on the date
of the transaction.

(b) Business combinations

i) The Company accounts for each business
combination (other than common controL
transactions) by appLying the acquisition
method. The Acquisition date is the date on
which control is transferred to the acquirer.
Judgement is appLied in determining the
acquisition date and determining whether
control is transferred from one party to another.

ii) The Company measures goodwiLL as of the
appLicabLe acquisition date at the fair vaLue of
the consideration transferred, incLuding the
recognised amount of any non-controlling
interest in the acquiree, less the net recognised
amount (measured at fair value) of the
identifiabLe assets acquired and LiabiLities
(incLuding contingent LiabiLities in case such
a LiabiLity represents a present obLigation and
arises from a past event, and its fair vaLue
can be measured reLiabLy) assumed. When
the fair vaLue of the net identifiabLe assets
acquired and LiabiLities assumed exceeds the
consideration transferred, a bargain purchase
gain is recognised as capital reserve.

iii) Consideration transferred incLudes the fair
vaLues of the assets transferred, LiabiLities
incurred by the Company to the previous owners
of the acquiree, and equity interests issued
by the Company. Consideration transferred
aLso incLudes the fair vaLue of any contingent
consideration. Consideration transferred does
not incLude amounts reLated to settLement of
pre-existing reLationships.

iv) Transactions costs that the company incurs in
connection with a business combination are
expensed as incurred.

v) Common controL transactions are accounted
for based on pooLing of interest method where

the assets and LiabiLities of the acquiree are
recorded at their existing values, the identity of
reserves of the acquiree is preserved and the
difference between consideration and the face
value of the Share capital of the acquiree is
transferred to the capital reserve.

Note 3

Significant accounting judgements, estimates and
assumptions

The preparation of the Company''s financial statements
in conformity with Ind AS requires management to make
judgements, estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent
liabilities. Estimates and judgements are continuously
evaLuated and are based on historicaL experience and other
factors, including expectations of future events that are believed
to be reasonable. Uncertainty about these assumptions and
estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or LiabiLities
affected in future periods. Revisions to accounting estimates
are recognised in the period in which the estimate is revised.

a) Classification of property

The Company determines whether a property is classified
as investment property or inventory:

Investment property comprises land and buildings
(principaLLy commerciaL premises and retaiL property)
that are not occupied substantiaLLy for use by, or in the
operations of, the Company, nor for saLe in the ordinary
course of business, but are heLd primariLy to earn rentaL
income and capital appreciation. These buildings are
substantially rented to tenants and not intended to be sold
in the ordinary course of business.

Inventory comprises property that is held for sale in the
ordinary course of business. Principally, the Company
deveLops and intends to seLL before or on compLetion
of construction.

b) Fair value measurement of financial instruments

When the fair vaLues of financiaL assets and financiaL
LiabiLities recorded in the baLance sheet cannot be
measured based on quoted prices in active markets,
their fair vaLue is measured using appropriate vaLuation
techniques. The inputs to these modeLs are taken from
observabLe markets where possibLe, but where this is not
feasibLe, a degree of judgement is required in estabLishing
fair values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the reported
fair vaLue of financiaL instruments.

c) Evaluation of percentage completion

Determination of revenues under the percentage of
completion method necessarily involves making estimates,
some of which are of a technical nature, concerning,
where reLevant, the percentages of compLetion, costs
to compLetion, the expected revenues from the project
or activity and the foreseeabLe Losses to compLetion.
Estimates of project income, as well as projects costs,
are reviewed periodicaLLy. The effect of changes, if any, to
estimates is recognised in the financiaL statements for the
period in which such are determined.

d) Taxes

The Company periodically assesses its liabilities and
contingencies reLated to income taxes for aLL years open to
scrutiny based on latest information available. For matters
where it is probable that an adjustment will be made, the
Company records its best estimates of the tax LiabiLity in
the current tax provision. The Management believes that
they have adequately provided for the probable outcome
of these matters.

Deferred tax assets are recognised for unused tax losses
to the extent that it is probable that taxable profit will

be available against which the losses can be utilised.
Significant management judgement is required to
determine the amount of deferred tax assets that can be
recognised, based upon the LikeLy timing and the LeveL of
future taxabLe profits.

e) Recognition and measurement of defined benefit
obligations

The obLigation arising from defined benefit pLan is
determined on the basis of actuariaL assumptions. Key
actuariaL assumptions incLude discount rate, trends in
saLary escaLation and attrition rate. The discount rate is
determined by reference to market yields at the end of the
reporting period on government securities.

3a Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA") notifies new standards
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to
time. For the year ended 31 March 2026, MCA has not notified
any new standard or amendments to the existing standards
applicable to the Company.

B. Disclosures relating to investment property are as under :

i) Fair value disclosure of Company''s investment property

The Company''s investment property includes commercial properties namely ,"Kalpataru Inspire" situated at Santacruz.
Mumbai and "Kalpataru Synergy" situated at Santacruz, Mumbai. The fair value of Kalpataru Inspire and Kalpataru Synergy as
at 31 March 2026 and 31 March 2025 have been arrived at on the respective dates based on Independent Valuers Reports by
Meraki Consultants LLP. Meraki Consultants LLP is registered with the authority which governs the valuers in India and they
have appropriate qualifications and experience in the valuation of properties in the relevant locations. The fair values were
determined using the capitalisation rate method based on recent market prices without any significant adjustments being
made to the market observable data.

During the previous year, the Company had issued 14,40,00,000 unsecured compulsorily convertible debentures (“CCDs") of
H100 each, at 0.01%, H100 each by converting outstanding unsecured loans of H 1,44,000 lakhs. The CCDs were convertible into
equity within five years from the date of issuance or prior to filing of UDRHP with SEBI by the Company, whichever is earlier. As
per the terms of the CCD, the same have been converted into 2,78,39,537 equity shares of face value H 10 each and premium
of H 507.25 per share as per valuation report of registered valuer and approved in the board meeting dated 27 March 25.

(ii) Terms / rights attached to equity shares :

The Company has only one class of equity shares having a par value of H 10/- per share. Each holder of equity shares is entitled
to one vote per share. The Company declares and pays dividend in Indian rupees. The final dividend, if any when proposed by
the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.

Nature and purpose of reserves

(a) General reserve

The General reserve is a free reserve created by the Company by transfer from retained earnings.

(b) Capital reserve

Capital reserve is outcome of past Business Combinations.

(c) Debenture redemption reserve

The Company has created debenture redemption reserve out of the reserves available for distribution of dividend as per the
requirements of section 71(4) of the Companies Act, 2013. However pursuant to listing of the shares of the company on the BSE
Limited and the National Stock Exchange of India limted on 01 July 2025 and in terms of Rule 18 (7) of the companies (Share capital
and Debentures) Rules 2014, the board hereby approves reversal of the Debenture Redemption Reserve ("DRR") amounting of H
3400 lakhs previously created out of profits available for distribution as dividends, to the Retained earnings of the company.

(d) Retained earnings

Retained earnings represent the accumlated earnings net of losses, if any made by the Company over the years.

(e) Securities premium

Securities premium represents the premium on issuance of equity shares

(f) Employee stock grant scheme reserve

Employee stock grant scheme reserve relates to stock options granted by the company to employees of the company under an
employee stock options plan

d) Cumulative non-convertible redeemable preference shares

The Company had issued 9,50,000 0% cumulative non-convertible redeemable preference shares (CNCRPS) of H10 each at a
premium of H 990 per share. As per the terms of the issue, all the CNCRPS were cumulative and redeemable at end of fifteen
years from the date of allotment, unless redeemed earlier at the option of the Company. The holders of the CNCRPS shall not
have any voting rights except as provided under the Companies Act, 2013. The said CNCRPS were due for redemption during
the FY 2023-24.

The terms for redemption of the said CNCRPS are extended upto 14 January 2027 or earlier at the option of the Company vide
resolution passed by the members at the Extra ordinary general meeting held on 26 March 2024. Accordingly, the CNCRPS
are redeemable at the issued price upon maturity unless decided to be redeemed earlier at the option of the Company. The
redemption value have been recognised at present value on the basis of the weighted average cost of borrowings.

i) The details of related party relationships identified by the management of the company and retied upon by the auditor. As
represented by the management all above related party transaction are at Arms length.

ii) The Amounts denoted above are net of taxes.

Note 35

Contingent liabilities and commitments (To the extent not provided for)

I) Contingent liabilities

a) Bank guarantees issued H5440 lakhs (Previous year H6403 lakhs).

b) The company has given corporate guarantee along with subsidiaries and other related parties of H6,14,986 lakhs (Previous
year H 7,22,286 lakhs) to various Banks/Financial Institutions for the loans granted to subsidiaries, enterprises controlled
by the company and other related party. Such loans outstanding as on 31 March 2026 are H3,86,456 lakhs (Previous year
H 4,68,023 lakhs).

c) Disputed dues of direct and indirect tax liabilities of Rs 11,900 lakhs (Previous year H 3,538 lakhs). Out of which, the
company has filed appeal and paid H 600 lakhs (Previous year H 200 lakhs) under protest.

d) There are certain legal cases/disputes pending against the company or filed by the company and liabilities in respect
thereof if any, are unascertained. The Company has engaged reputed advocates to protect its interests and has been
advised that it has strong legal positions against such disputes.

e) The company does not have any long-term contracts including derivative contracts on which there are foreseeable losses
which are not provided.

II) Capital and other commitments

a) The Company has committed to provide continued financial support to its subsidaries, amount unascertained.

Details of loans given, investments made, guarantees given and securities provided covered u/s 186(4) of the Companies
Act, 2013

(a) The Company is engaged in the business of Real Estate Development which is classified under infrastructural facilities as
specified under Schedule Vi of the Companies Act, 2013 (the ''Act'') and hence the provisions of Section 186 of the Act related to
loans/guarantees given or securities provided are not applicable to the Company.

(b) There are no investments made other than those disclosed in Note 7

Note 41

Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial
liabilities is to finance and support Company''s operations. The Company''s principal financial assets include loans given, trade and
other receivables, cash and cash equivalents, other bank balances and refundable deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management
of these risks. The Company''s senior management ensures that the Company''s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies
and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks.

Financial Risk Management

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

(i) Market Risk

(ii) Credit Risk and

(iii) Liquidity Risk

(i) Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. it is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market
factors. Financial instruments affected by market risk include borrowings, loan givens, fixed deposits and refundable deposits.

a) Interest rate risk

interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in marketinterest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily
to the Company''s debt obligations with floating interest rates. The management is responsible for the monitoring of the

Company''s interest rate position. Different variables are considered by the management in structuring the Company''s
borrowings to achieve a reasonable, competitive, cost of funding.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of
borrowings affected with all other variables held constant. The effect of change in the interest rate on floating rate
borrowings, is as follows:

b) Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant
exposure in foreign currency.

(ii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities including security deposits, loans to employees and other financial instruments.

a) Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
Company has entered into contracts for sale of residential and commercial premises /leasing of commercial premises.
The payment terms are specified in the contracts. The Company is exposed to credit risk in respect of the amount due.
However, in case of sale, the legal ownership is transferred to the buyer only after the entire amount is recovered. In
case of leasing, the Company takes security deposit to secure the rent In addition, the amount due is monitored on
an ongoing basis with the result that the Company''s exposure to bad debts is not significant, The Company evaluates
the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions
industries and operate in largely independent markets.

b) Financial Instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash,
loans to related parties and other parties, other receivables and deposits, the Company''s exposure to credit risk arises
from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The
Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers,
management does not expect any counterparty to fail in meeting its obligations.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors
its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial
investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The objective
is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The Company''s objective
is to maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining
adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the
maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of
financial obligations.

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other
equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management
is to maximise the shareholders'' value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total
capital plus net debt

Note 42

Share-based Payment

The Nomination and remuneration committee of the Company as its meetings held on 06 June 2025 and 02 March 2026 approved
the grant of 15,94,100 and 71,900 Employee Stock Options Under ''Kalpataru Limited Employee Stock Options Scheme 2024'' (“ESOS
2024"/ “Scheme") exercisable into not more than 15,94,100 and 71,900 fully paid up equity shares of the Company, respectively, at
an exercise price of H 306/- per option.

Nature: Equity-settled share-based payment.

Vesting period: 4 years (graded vesting: 25% each year)

Exercise period: Within 3 years from each vesting.

Exercise price: H306 per option

i) There have been no transfer between the levels during the period.

ii) Financial instruments carried at amortised cost such as cash and margin money deposits, trade and other receivables,
trade payables, loans, borrowings and other financial instruments etc. as carrying value is reasonable approximation
of fair values.

iii) For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

The company is the nominee shareholder of various entities in order to comply with minimum number of shareholder requirement

as per the Companies Act, 2013. Based on the request received from the beneficial owners the company has created pledge of the

securities held in its name as the registered holder in favour of the lender of respective facilities availed by such beneficial owners.

Accordingly the company has created charge/s and filed the same with ROC/MCA.

Note 48

Scheme of Arrangement (the “Scheme") between the Company and step down subsidiary namely, Kalpataru Residency

Private Limited (“KRPL")

A) “An application for approving the Scheme of Arrangement (the “Scheme”) between the Company and step down subsidiary
namely, Kalpataru Residency Private Limited (“KRPL”) had been filed with Hon''ble National Company Law Tribunal, Mumbai
Bench (''NCLT'') on 30 September 2024. Pursuant to the Scheme, the Demerged Undertaking of the Company comprising
of project “Yoganand” situated at Borivali, Mumbai, was proposed to be demerged from the Company into KRPL on a
going concern basis.

Subsequently, upon resolutions passed by the Board of Directors of the Company at their meeting held on 10 November 2025,
the Scheme was withdrawn vide NCLT Order dated 25 November 2025."

B) In order to simplify the group structure, consolidation of subsidiaries into the Company and to enhance operational synergy,
The Board of Directors of the Company at their meeting held on May 12, 2026, have inter alia, approved the Composite Scheme
of Arrangement (“Composite Scheme”) pursuant to the provisions of Section 230 to 232 and other applicable provisions of the
Companies Act, 2013 and Rules made thereunder, providing for:

a) Demerger of Korum Mall business (Demerged Undertaking) from Kalpataru Retail Ventures Private Limited, a wholly
owned subsidiary of the Company (Demerged Company or Transferor Company 1) into Kalpataru Properties (Thane) Pvt
Ltd, a wholly owned subsidiary of the Company (Resulting Company) and

b) Amalgamation of Kalpataru Retail Ventures Private Limited (Transferor Company 1), Alder Residency Private Limited
(Transferor Company 2), Kalpataru Residency Private Limited (Transferor Company 3), Ardour Developers Private
Limited (Transferor Company 4) and Aspen Housing Private Limited, (Transferor Company 5), collectively referred to as
Transferor Companies, with the Company i.e. Kalpataru Limited (Transferee Company).Transferor Company 1 is a wholly
owned subsidiary of the Company and Transferor Company 2 to 5 are indirect/step down wholly owned subsidiaries
of the Company. The aforesaid Composite Scheme is subject to approval of NCLT, shareholders, creditors and other
regulatory authorities. with an Appointed Date as 1^st April, 2026, or such other date as may be approved by Hon''ble
National Company Law Tribunal, Mumbai (NCLT). The effect of the Composite Scheme in the accounts will be given upon
final approval of the Scheme by NCLT and the same will be effective on completion of applicable compliances.

To the best of information of management of the Company, the disclosure requirements to be given pursuant to Gazette notification

for Amendments in Schedule III to Companies Act, 2013 dated 24 March 2021 effective from 01 April 2021 pertaining to following

matters are either disclosed or not applicable to the Company:

1 Disclosure on Revaluation of property, plant and equipment and intangible assets from Registered Valuers is not
applicable to company.

2 No proceeding has been initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act,1988 (us of 1988) an rules made thereunder.

3 The Company has not been declared a wilful defaulter by any bank or financial institution or other lender.

4 Relationship with Struck off Companies*

During the period, the company has not entered into any transaction with companies stuck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act,1956.

* Based on information available as on the date of reporting.

5 As per clause (87) of section 2 and section 186 (1) of the Companies Act, 2013 and Rules made thereunder, the company is in
compliance with the number of layers as permitted under the said provisions.

6 The Company has not traded or invested in Crypto currency or virtual currency during the financial year.

7 There are no transactions recorded in books of account reflecting surrender/ disclosure of income in the assessment under
Income Tax Act, 1961.

8 The company has not carried out any scheme which is approved by regulatory authorities during the period.

9 The accounting software used by the Company, to maintain its Books of account have a feature of recording audit trail (edit log)
facility and the same has been operated throughout the year for all transactions recorded in the software. The Company has
an established process of regularly identifying shortcomings, if any, and updating technological advancements and features
including audit trail. The shortcomings identified during the course of audit are being reviewed and corrective action is being
taken wherever required.

Note 50

a) To the best of our knowledge & belief, no fund (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to
or in any other person(s) or entity(ies), including foreign entity ("Intermediaries"), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, whether , 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 provided any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

b) To the best of our knowledge & belief, no funds (which are material either individually or in the aggregate) have been received
by the Company from any person(s) or entity(ies), including foreign entity ("funding parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the funding parties ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

On 21 November 2025, the Government of India notified the provisions of the Labour Codes, which consolidate twenty nine existing
labour laws into a unified framework governing employee benefit during and after employment. Among other changes, the Codes
introduce a uniform definition of wages and revise certain employee entitlements. The Company has evaluated and disclosed the
incremental impact of these changes based on the position presently ascertainable, in line with the guidance issued by the Institute
of Chartered Accountants of India. The resulting incremental impact of H 174 Lakhs, relating to gratuity and leave encashment, has
been presented as an exceptional item and primarily arises due to the revised wage definition. The Company continues to monitor
the finalisation of Central and State rules, as well as any further clarifications issued by the Government, and will incorporate any
additional accounting implications as required in future periods.

Note 52

Segment information

Disclosure under Ind AS 108 - ''Operating Segments'' is not given as, in the opinion of the management, the entire business
activity falls under one segment, viz., Real estate development. The Company conducts its business in only one Geographical
Segment, viz., India.

Note 53

No dividend is declared & paid during the current financial year.

Note 54

Events after reporting date

There have been no events after the reporting date that require disclosure in these financial statements.

Note 55

Previous year figures have been regrouped wherever necessary, to correspond with current period classification. Contract assets
balances pertaining to the previous year have been regrouped from “trade receivables" to Other current assets" to correspond with
current period classification. This regrouping / reclassification has no impact on the profit / (loss), total assets, total liabilities or
total equity of the previous year.

---

Mar 31, 2025

(s) Provisions, contingent liabilities and
contingent assets

i) Provisions are recognised when the Company
has a present legal or constructive obligation
as a result of past events, it is probable that
an outflow of resources will be required to
settle the obligation and the amount can
be reliably estimated. Provisions are not
recognised for future operating losses.
Provisions are measured at the present
value of management''s best estimate of the
expenditure required to settle the present
obligation at the end of the reporting period.

Provisions (excluding retirement benefits) are
discounted using pre-tax rate that reflects
current market assessments of the time
value of money and the risks specific to the
liability. The increase in the provision due to
the passage of time is recognised as interest
expense.

ii) A contingent liability is a possible obligation
that arises from past events whose existence
will be confirmed by the occurrence or non¬
occurrence of one or more uncertain future
events beyond the control of the company.
The Company does not recognize a contingent
liability but discloses its existence in the
financial statements.

iii) Contingent assets are not recognized, but
disclosed in the financial statements where an
inflow of economic benefit is probable.

(t) Business combinations

i) The Company accounts for each business
combination (other than common control
transactions) by applying the acquisition
method. The Acquisition date is the date on
which control is transferred to the acquirer.
Judgement is applied in determining the
acquisition date and determining whether
control is transferred from one party to
another.

ii) The Company measures goodwill as of the
applicable acquisition date at the fair value of
the consideration transferred, including the
recognised amount of any non-controlling
interest in the acquire, less the net recognised
amount (measured at fair value) of the
identifiable assets acquired and liabilities
(including contingent liabilities in case such
a liability represents a present obligation and
arises from a past event, and its fair value
can be measured reliably) assumed. When
the fair value of the net identifiable assets
acquired and liabilities assumed exceeds the
consideration transferred, a bargain purchase
gain is recognised as capital reserve.

iii) Consideration transferred includes the fair
values of the assets transferred, liabilities
incurred by the Company to the previous
owners of the acquire, and equity interests
issued by the Company. Consideration
transferred also includes the fair value of
any contingent consideration. Consideration
transferred does not include amounts related
to settlement of pre-existing relationships.

iv) Transactions costs that the company incurs in
connection with a business combination are
expensed as incurred.

v) Common control transactions are accounted
for based on pooling of interest method where
the assets and liabilities of the acquire are
recorded at their existing values, the identity
of reserves of the acquire is preserved and
the difference between consideration and the
face value of the Share capital of the acquire is
transferred to the capital reserve.

3 Significant accounting judgements,
estimates and assumptions

The preparation of the Company''s financial statements
in conformity with Ind AS requires management to make
judgements, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets
and liabilities, and the accompanying disclosures, and
the disclosure of contingent liabilities. Estimates and
judgements are continuously evaluated and are based
on historical experience and other factors, including
expectations of future events that are believed to be
reasonable. Uncertainty about these assumptions
and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets
or liabilities affected in future periods. Revisions to
accounting estimates are recognised in the period in
which the estimate is revised.

a) Classification of property

The Company determines whether a property is
classified as investment property or inventory:

Investment property comprises land and buildings
(principally commercial premises and retail
property) that are not occupied substantially for
use by, or in the operations of, the Company, nor
for sale in the ordinary course of business, but are
held primarily to earn rental income and capital
appreciation. These buildings are substantially
rented to tenants and not intended to be sold in the
ordinary course of business.

Inventory comprises property that is held for sale
in the ordinary course of business. Principally, the
Company develops and intends to sell before or on
completion of construction."

b) Fair value measurement of financial instruments

When the fair values of financial assets and
financial liabilities recorded in the balance sheet

cannot be measured based on quoted prices in
active markets, their fair value is measured using
appropriate valuation techniques. The inputs to
these models are taken from observable markets
where possible, but where this is not feasible, a
degree of judgement is required in establishing
fair values. Judgements include considerations of
inputs such as liquidity risk, credit risk and volatility.
Changes in assumptions about these factors
could affect the reported fair value of financial
instruments.

c) Evaluation of percentage completion

Determination of revenues under the percentage
of completion method necessarily involves making
estimates, some of which are of a technical nature,
concerning, where relevant, the percentages of
completion, costs to completion, the expected
revenues from the project or activity and the
foreseeable losses to completion. Estimates of
project income, as well as projects costs, are
reviewed periodically. The effect of changes, if any, to
estimates is recognised in the financial statements
for the period in which such are determined.

d) Taxes

The Company periodically assesses its liabilities
and contingencies related to income taxes for all
years open to scrutiny based on latest information
available. For matters where it is probable that an
adjustment will be made, the Company records its
best estimates of the tax liability in the current tax
provision. The Management believes that they have
adequately provided for the probable outcome of
these matters.

Deferred tax assets are recognised for unused tax
losses to the extent that it is probable that taxable
profit will be available against which the losses can
be utilised. Significant management judgement is
required to determine the amount of deferred tax
assets that can be recognised, based upon the likely
timing and the level of future taxable profits.

e) Recognition and measurement of defined benefit
obligations

The obligation arising from defined benefit plan is
determined on the basis of actuarial assumptions.
Key actuarial assumptions include discount rate,
trends in salary escalation and attrition rate.
The discount rate is determined by reference to
market yields at the end of the reporting period on
government securities.

3a Recent Accounting Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new
standard or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. for the year ended March
31, 2025, MCA has not notified any new standard or
amendments to the existing standards applicable to the
Company.

B. Disclosures relating to investment property are as under:

i) Fair value disclosure of Company''s investment property

The Company''s investment property includes commercial properties namely "Kalpataru Inspire” situated at Santacruz,
Mumbai, "Kalpataru Synergy" situated at Santacruz, Mumbai, and "Kalpataru Infinia" situated at Wakdewadi, Shivajinagar,
Pune. The fair value of Kalpataru Inspire, Kalpataru Synergy & Kalpataru Infinia as at 31 March 2025 and 31 March
2024 have been arrived at on the respective dates based on Independent Valuer''s Reports by Meraki Consultants LLP.
Meraki Consultants LLP is registered with the authority which governs the valuers in India and they have appropriate
qualifications and experience in the valuation of properties in the relevant locations. The fair values were determined
using the capitalisation rate method based on recent market prices without any significant adjustments being made to the
market observable data.

Nature of securities and terms of repayments for non-current borrowings

a) Loan from banks/ financial institution

(i) Nil ('' 42,184 lakhs) is secured by mortgage of land and building situated at Santacruz, Mumbai and at Pune (along
with underlying receivables) developed by the Company and personal guarantee of director of the Company. The loan
carries interest @ 0.35% p.a. above lender''s benchmark rate and is repayable in one hundred and seventy four monthly
instalments ending in the financial year 2035-2036. However the company has pre-paid the entire loan in January
2025.

(ii) '' 1,14,615 lakhs ('' 1,39,162 lakhs) is secured by way of mortgage of the land and Buildings at Thane (part), Mumbai,
Panvel, Lonavala, Pune, Mahabaleshwar and Nagpur together with structures thereon, present and future and
receivables arising therefrom; receivables arising from Infrastructure and Development on land at Thane; personal
guarantee given by the Director of the company and corporate guarantee by other related parties. The loan carries
interest 0 one month bank MCLR plus spread of 30 basis point and repayable till financial year 2031-2032.

(iii) '' 28,091 lakhs ('' 31,781 lakhs) is secured by way of hypothecation of license and other fees receivables from various
licensees; mortgage of land and building at Thane (part), Mumbai, Panvel, Lonavala, Pune, Mahabaleshwar and
Nagpur together with structures thereon, present and future and receivables arising therefrom; receivables arising
from Infrastructure and Development on land at Thane; personal guarantee given by the Director of the company and
corporate guarantee by other related parties. The loan carries interest @ RBI Repo rate plus spread of 200 basis point
and repayable till financial year 2032-2033.

iv) Pursuant to Master Restructuring Agreement dated 27 June 2023 w.e.f. 1 April 2023, the repayment of the above loans
(note a (ii) & (iii)) have been rescheduled with extended time period for repayment (upto FY 2032-33). Further, the
interest rate on the aforesaid facilities have been reduced to one month bank MCLR plus spread of 30 basis point. In
addition, the company has also agreed to create charge over residual cash flows of certain identified project owned by
the company and its group companies post the repayment of the credit facilities availed/to be availed with respect to
these identified assets.

Consequent to aforesaid restructuring, the lender financial institution had followed the regulatory requirements in
accordance with the directives of the Reserve Bank of India. Based on future business plans and cash flow estimates,
the management of company is confident of meeting its obligations under the restructuring plan as they fall due.

(v) 42,070 ('' Nil lakhs) is secured by mortgage of land and building situated at Santacruz, Mumbai (along with underlying
receivables) developed by the Company and personal guarantee of director of the Company. The loan carries interest
@ 10.70% p.a. below lender''s benchmark rate and is repayable in one hundred and eighty monthly instalments ending
in the financial year 2039-2040.

(vi) 4,379 ('' Nil lakhs) is secured by mortgage of land and building situated at Pune (along with underlying receivables)
developed by the Company. The loan carries interest @ 8.00% p.a. below lender''s benchmark rate and is repayable in
one hundred and thirty two monthly instalments ending in the financial year 2035-2036.

(vii) Vehicle loans of '' 70 lakhs ('' 92 lakhs) from banks are secured against hypothecation of vehicles. The loans carry
weighted average interest rate not exceeding @ 9.68% p.a. calculated as on the balance sheet date and are repayable
in monthly instalments ending in financial year 2027-2028.

(b ) The company has outstanding unrated, unlisted non convertible debentures ("NCD") of ''19,484 lakhs ('' 17,033 lakhs) [150
NCD 0 54.67 Lakhs and 68 NCD @ 100 lakhs Each] (150 NCD @ 54.67 Lakhs and 68 NCD @ 100 lakhs Each). These NCDsare
secured by way of mortgage of part of land and Projects at Mumbai, Karjat, Thane, Pune together with structures thereon,
present and future and all receivables arising therefrom owned by the company, its subsidiaries & other group entities. The
NCD is further secured by corporate guarantee of related parties and personal guarantee of Director of the company. The
rate of return is 18.50% p.a. and repayable in 4 quarterly instalment ending in FY 2026-2027 also includes interest accrued
and due.

(c) The Company had issued 950,000 (Previous year - 9,50,000) 0% cumulative non-convertible redeemable preference shares
(CNCRPS) of ''10 each at a premium of '' 990 per share. As per the terms of the issue, all the CNCRPS were cumulative
and redeemable at end of fifteen years from the date of allotment, unless redeemed earlier at the option of the Company.
The holders of the CNCRPS shall not have any voting rights except as provided under the Companies Act, 2013. The said
CNCRPS were due for redemption during the FY 2023-24.

During the previous year, the terms for redemption of the said CNCRPS are extended upto January 14, 2027 or earlier at the
option of the Company vide resolution passed by the members at the Extra ordinary general meeting held on 26th March
2024. Accordingly, the CNCRPS are redeemable at the issued price upon maturity unless decided to be redeemed earlier
at the option of the Company. The redemption value have been recognised at present value on the basis of the weighted
average cost of borrowings.

Nature of securities and terms of repayments for current borrowings

a) Loan from banks

(i) '' Nil [319 Lakhs) and Overdraft facility of '' Nil lakhs (636 lakhs) is secured by way of the exclusive first charge over
development rights of Project Kalpataru Imperia situated at Santacruz, personal guarantee of director. Loan carries
Interest not exceeding @1.75% over Lenders Benchmark rate repayable in six equal installments starting after twenty
seven months from the date of Disbursement ending Financial Year 2025-26.

(ii) '' 21,758 lakhs ('' 1,379 lakhs) overdraft facility availed by the company which is secured against fixed deposits held by
the Company lien in favour of bank.

b) Loan from financial institutions

(i) '' 7,805 lakhs ('' 6,198 lakhs] is secured by exclusive charge by way of registered mortgage over the development rights

along with share of units of the company arising out of development agreement together with underlying receivables
arising there from the property situated at Mumbai to be re-developed by the company and personal guarantee of
director of the company. The loan carries interest @ 3.45% below lender''s benchmark rate and is repayable in twenty
four monthly instalments ending in the financial year 2030-31.

(c) The company has outstanding unrated unlisted non-convertible debentures ("NCD") 1900 (Previous year 550) having face
value of '' 10 lakhs (Previous year '' 10 lakhs] each and outsatnding of '' 21,820 lakhs (Previous year '' 5,510 lakhs). The
NCD are secured by a mortgage over the development rights of a project located in Borivali, Mumbai, including all present
and future structures and receivables arising from it, secured by a mortgage over the property at Pune owned by related
party, pledge over shares and corporate guarantee thereof and personal guarantee from the director of the company. The
rate of return is 18.00% p.a. and have a bullet repayment in FY 2027-28.

d) There are certain legal cases/disputes pending against the Company or filed by the Company and liabilities in respect
thereof if any, are unascertained. The Company has engaged reputed advocates to protect its interests and has been
advised that it has strong tegat positions against such disputes.

e] The Company does not have any tong-term contracts inctuding derivative contracts on which there are foreseeabte
tosses which are not provided.

II) Capital and other commitments

a) The Company has committed to provide continued financiat support to various subsidiaries, amount unascertained.

b] The Company enters into construction contracts for Civit, Etevator, Externat Devetopment, MEP work etc. with its
vendors. The totat amount payabte under such contracts witt be based on actuat measurements and negotiated rates,
which are determinabte as and when the work under the said contracts are compteted.

Wongwith Arena Orchards Private Limited, Arena Enviro Farms Private Limited, Katpataru Hitts Residency Private Limited
converted from partneship Hittcrest Constructions and Ardour Developers Private Limited.

²Atongwith Ardour Devetopers Private Limited, Ambrosia Enviro Farms Private Limited, Arena Orchards Private Limited,
Katpataru Land Private Limited, Prime Properties Private Limited, Agite Reat Estate Private Limited and Arena Enviro
Farms Private Limited.

³Atongwith Azure Tree Enviro Farms Private Limited, Katpataru Ptus Sharyans, Katpataru Constructions [Pune], Neo
Pharma Private Limited and Omega Reattors Private Limited.

⁴Atongwith Azure Tree Enviro Farms Private Limited, Katpataru Ptus Sharyans, Neo Pharma Private Limited and Omega
Reattors Private Limited.

* Name of the company has been changed from "Katpataru Power Transmission Limited" to "Katpataru Projects
Internationat Limited" w.e.f 22 May 2023

Notes-

a] "Others "denote entries which account for tess than 10% of the aggregate for that category of transaction.

b] Above disctosures are exctuding Ind AS adjustments.

c] The details of related party relationships identified by the management of the company and retied upon by the
auditor.d] The Amounts denoted above are net of taxes.

d] The Amounts denoted above are net of taxes.

e] Att retated party transactions entered during the year were in rdinary course of the business and are on arm''s tength
basis

f] "0" [zero] indicates amounts tess than a takh.

Note - 33

Contingent liabilities and commitments (To the extent not provided for)

b] The Company has etected not to recognise right of use asset and tease tiabitity as per the provisions of Ind AS 116 -
"Leases", considering the teases being short term and tease of tow vatue asset. The Company has taken commerciat and
residentiat premises under cancetabte operating tease agreements. Lease expenditure for cancetabte operating teases is
recognised over the period of tease. The initiat period for tease is generatty for thirty six months to sixty months. Totat tease
rent expenses for the period / period is '' 67 Lakhs ['' 66 takhs].

I) Contingent liabilities

a] Financiat guarantee

The Company has given corporate guarantees atong with subsidiaries, associates and other retated parties of
'' 7,22,286 takhs [''5,58,500 takhs] to various Banks/Financiat Institutions for the toans granted to subsidiaries,
enterprises controtted by the company and other retated party. Such toans outstanding as on 31 March 2025 are ''
4,68,023 lakhs ('' 3,61,932 takhs].

b] Bank guarantees issued '' 6,403 lakhs ('' 413 lakhs) in favour of MPCB and financial instutions.

c] Disputed dues of indirect tax tiabitities of '' 3,538 takhs ['' 3459 lakhs). Out of which, the Company has filed appeal
and paid '' 200 takhs ['' 202 takhs] under protest. Disputed dues of Direct tax tiabitities with Commissioner of Income
tax is ''395 Lakhs ['' Nit]. Futher, the Company has received show cause-cum-demand notices amounting to ''8735
lakhs under Section 74(1) of the Central Goods and Services Tax Act, 2017, issued in Form DRC-01. The Company has
submitted its responses to the said notices, and the outcome is currentty awaited.

Financial risk management

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

(i) Market Risk

(ii) Credit Risk and

(iii) Liquidity Risk

(i) Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value
or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or
other market factors. Financial instruments affected by market risk include borrowings, loan givens, fixed deposits and
refundable deposits.

a Interest rate risk

Interest rate risk is the risk that the fair value or 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 primarily to the Company''s debt obligations with floating interest rates. The management is responsible for
the monitoring of the Company''s interest rate position. Different variables are considered by the management in
structuring the Company''s borrowings to achieve a reasonable, competitive, cost of funding.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of
borrowings affected with all other variables held constant. The effect of change in the interest rate on floating rate
borrowings, is as follows:

Note - 38

Details of loans given, investments made, guarantees given and securities provided covered
u/s 186(4) of the Companies Act, 2013

a) The Company is engaged in the business of Real Estate Development which is classified under Infrastructural facilities
as specified under Schedule VI of the Companies Act, 2013 (the ''Act'') and hence the provisions of Section 186 (except sub
section 1] of the Act related to loans/guarantees given or securities provided are not applicable to the Company.

b) There are no investments made other than those disclosed in note 8.

Note - 39

Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include loans
given, trade and other receivables, cash and cash equivalents, other bank balances and refundable deposits that derive
directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the
management of these risks. The Company''s senior management ensures that the Company''s financial risk activities are
governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance
with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of
these risks.

b Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have
significant exposure in foreign currency.

(ii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables)
and from its financing activities including security deposits, loans to employees and other financial instruments.

a) Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
Company has entered into contracts for sale / leasing of commercial premises. The payment terms are specified in
the contracts. The Company is exposed to credit risk in respect of the amount due. However, in case of sale, the legal
ownership is transferred to the buyer only after the entire amount is recovered. In case of leasing, the Company takes
security deposit to secure the rent. In addition, the amount due is monitored on an ongoing basis with the result that
the Company''s exposure to bad debts is not significant. The Company evaluates the concentration of risk with respect
to trade receivables as low, as its customers are located in several jurisdictions industries and operate in largely
independent markets.

b) Financial instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances,
cash, loans to related parties and other parties, other receivables and deposits, the Company''s exposure to credit risk
arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The

Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers,
management does not expect any counterparty to fail in meeting its obligations.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company
monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both
its financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from
operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The
objective is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The
Company''s objective is to maintain a balance between continuity of funding and borrowings. The Company manages
liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual
cash flows and matching the maturity profiles of financial assets and liabilities.

Segment information

Disclosure under Ind AS 108 - ''Operating Segments'' is not given as, in the opinion of the management, the entire business
activity falls under one segment, viz., Real Estate Development. The Company conducts its business in only one Geographical
Segment, viz., India.

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital
management is to maximise the shareholders'' value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by
total capital plus net debt.

The company is the nominee shareholder of various entities in order to comply with minimum number of shareholder
requirement as per the Companies Act, 2013. Based on the request received from the beneficial owners the company has
created pledge of the securities held in its name as the registered holder in favour of the lender of respective facilities availed
by such beneficial owners. Accordingly the company has created charge/s and filed the same with ROC/MCA.

Note - 46

Scheme of Arrangement (the Scheme) between the Company and step down subsidiary namely, Kalpataru
Residency Private Limited (KRPL)

An application for approving the Scheme of Arrangement (the Scheme) between the Company and step down subsidiary
namely, Kalpataru Residency Private Limited (KRPL) is filed with Hon''ble National Company Law Tribunal, Mumbai Bench
(''NCLT'') on 30th September, 2024. Pursuant to the Scheme , the Demerged Undertaking of the Company comprising of project
Yoganand situated at Borivali, Mumbai, shall be demerged from the Company into KRPL on the appointed date i.e. 01st April,
2024, on a going concern basis.

Scheme is in process of NCLT''s approval. Upon receipt of approval of the Scheme, necessary compliances will be done as
applicable under the Companies Act, 2013 and accounting effect in the financial statement will be given as per applicable
account standards and other accounting principles generally accepted in India.

Scheme of Arrangement (the Scheme) between the Company and step down subsidiary namely, Kalpataru Properties
Private Limited (KPPL)

An application for approving the Scheme of Arrangement (the Scheme) between the Company and step down subsidiary
namely, Kalpataru Properties Private Limited (KPPL) is filed with Hon''ble National Company Law Tribunal, Mumbai Bench
(''NCLT'') on 30th September, 2024. Pursuant to the Scheme, the Demerged Undertaking of the KPPL comprising of project
Magnus situated at Bandra, Mumbai, shall be demerged from the KPPL into the Company on the appointed date i.e. 01st
April, 2024, on a going concern basis.

Scheme is in process of NCLT''s approval. Upon receipt of approval of the Scheme, necessary compliances will be done as
applicable under the Companies Act, 2013 and accounting effect in the financial statement will be given as per applicable
account standards and other accounting principles generally accepted in India.

Note - 47

To the best of information of management of the Company, the disclosure requirements to be given pursuant to Gazette
notification for Amendments in Schedule III to Companies Act, 2013 dated 24 March 2021 effective from 01 April 2021
pertaining to following matters are either disclosed or not applicable to the company :

1. Disclosure on Revaluation of property, plant and equipment and intangible assets from Registered Valuers is not applicable
to company.

2. No proceeding has been initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act,1988 (us of 1988) an rules made thereunder.

3. The Company has not been declared a wilful defaulter by any bank or financial institution or other lender.

4. Relationship with Struck off Companies*

During the year, the Company has not entered into any transaction with companies struck off under Section 248 of the
Companies Act, 2013 or Section 560 of Companies Act,1956.

* Based on information available as on the date of reporting.

5. As per clause (87) of section 2 and section 186 (1) of the Companies Act, 2013 and Rules made thereunder, the company is
in compliance with the number of layers as permitted under the said provisions.

6. The Company has not traded or invested in Crypto currency or virtual currency during the financial year.

7. There are no transactions recorded in books of account reflecting surrender/ disclosure of income in the assessment under
Income Tax Act, 1961.

8. The company has not carried out any scheme which is approved by regulatory authorities during the year.

9. The accounting software used by the Company, to maintain its Books of account have a feature of recording audit trail

(edit log) facility and the same has been operated throughout the period for all transactions recorded in the software. The

Company has an established process of regularly identifying shortcomings, if any, and updating technological advancements
and features including audit trail.

Note - 48

a) To the best of our knowledge & belief, no fund (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by
the company to or in any other person(s) or entity(ies), including foreign entity (Intermediaries), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether , 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 provided
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) To the best of our knowledge & belief, no funds (which are material either individually or in the aggregate) have been

received by the Company from any person(s) or entity(ies), including foreign entity (funding parties), with the understanding,
whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the funding parties (Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note - 49

The Income Tax Department (the Department) conducted a Search activity (the search) under Section 132 of the Income Tax
Act, 1961 (the Act) at premises of the Company during August 2023. The Company has provided all the necessary support and
cooperation to the Income tax officials during the search and provided all the necessary information including documents
and data sought by the Department. As on the date of signing of these financial statements, the Company has only received a
notices for assessment/ reassessment which are being appropriately responded by the Company.

Events after reporting date

i) Subsequent to the year end , the company has completed an initial Public offer (the IPO) of fresh issue of 3,84,24,456 equity
shares with a face value of ''10 each at an issue price of '' 414/- per share (includes 2,03,292 equity shares issued to eligible
employees with a face value of ''10 each at an issue price of '' 376/- per share) aggregating to '' 1,59,000 lakhs. The equity
shares of the Company were listed on National Stock Exchange( NSE) and on Bombay Stock Exchange (BSE) on 1 July 2025.

ii) The Nomination and remuneration committee of the Company as its meeting held on June 06, 2025 approved grant of
15,94,100 Employee Stock Options Under ''Kalpataru Limited Employee Stock Options Scheme 2024'' (ESOS 2024/ Scheme)
exercisable into not more than 15,94,100 fully paid up equity shares of the Company at an exercise price of '' 306/- per
option.

Note - 52

Previous year figures (not material) have been regrouped / reclassified, wherever necessary, if any, to correspond with current

year classification. Figures in brackets pertaining to previous year.

As per our report of even date attached For and on behalf of the Board

For KKC & Associates LLP

Chartered Accountants

(Formerly Khimji Kunverji & Co LLP)

FRN: 105146W/ W100621

Bharat Jain Mofatraj P. Munot Parag M. Munot

Partner Chairman Managing Director

Membership No.: 100583 (DIN- 00046905) (DIN- 00136337)

Place : Mumbai Chandrashekhar Joglekar Abhishek Thareja

^{Date :} 16th July, 2025 Chief Financial Officer Company Secretary

M.No. A18766

Place : Mumbai
Date : 16th July, 2025

---

Mar 31, 2024

(q) Provisions, contingent liabilities and contingent assets

i) Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses. Provisions are measured at the present value of management’s best
estimate of the expenditure required to settle the present obligation at the end of the reporting period.

Provisions (excluding retirement benefits) are discounted using pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as
interest expense.

ii) A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the control of the company. The Company does not recognize a
contingent liability but discloses its existence in the financial statements.

iii) Contingent assets are not recognized, but disclosed in the financial statements where an inflow of economic benefit is probable.

(Ill) Other Accounting Policies

(a) Foreign currency transactions

i) Foreign currency transactions are recorded in the reporting currency (Indian rupee) by applying to the foreign currency amount,
the exchange rate between the reporting currency and the foreign currency on the date of the transaction.

ii) Alf monetary items denominated in foreign currency are converted into Indian rupees at the year-end exchange rate. The
exchange differences arising on such conversion and on settlement of the transactions are recognised in the statement of profit
and loss. Non-monetary items in terms of historical cost denominated in a foreign currency are reported using the exchange rate
prevailing on the date of the transaction.

(b) Business combinations

i) The Company accounts for each business combination (other than common control transactions) by applying the acquisition
method. The Acquisition date is the date on which control is transferred to the acquirer. Judgement is applied in determining the
acquisition date and determining whether control is transferred from one party to another.

ii) The Company measures goodwill as of the applicable acquisition date at the fair value of the consideration transferred,
including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount (measured at
fair value) of the identifiable assets acquired and liabilities (including contingent liabilities in case such a liability represents a
present obligation and arises from a past event, and its fair value can be measured reliably) assumed. When the fair value of
the net identifiable assets acquired and liabilities assumed exceeds the consideration transferred, a bargain purchase gain is
recognised as capital reserve.

iii) Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Company to the previous
owners of the acquiree, and equity interests issued by the Company. Consideration transferred also includes the fair value of
any contingent consideration. Consideration transferred does not include amounts related to settlement of pre-existing
relationships.

- iv) Transactions costs that the company incurs in connection with a business combination are expensed as incurred.

v) Common control transactions are accounted for based on pooling of interest method where the assets and liabilities of the
acquiree are recorded at their existing values, the identity of reserves of the acquiree is preserved and the difference between
consideration and the face value of the Share capital of the acquiree is transferred to the capital reserve.

3 Significant accounting judgements, estimates and assumptions

The preparation of the Company''s financial statements in conformity with Ind AS requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Estimates and judgements are continuously evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable. Uncertainty about
these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

a) Classification of property

The Company determines whether a property is classified as investment property or inventory:

Investment property comprises land and buildings (principally commercial premises and retail property) that are not occupied
substantially for use by, or in the operafions of, the Company, nor for sale in the ordinary course of business, but are held
primarily to earn rental income and capital appreciation. These buildings are substantially rented to tenants and not intended to
be sold in the ordinary course of business.

Inventory comprises property that is held for sale in the ordinary course of business. Principally, the Company develops and
intends to sell before or on completion of construction.

b) Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using appropriate valuation techniques. The inputs to these models
are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in
establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the reported fair value of financial instruments.

c) Evaluation of percentage completion

Determination of revenues under the percentage of completion method necessarily involves making estimates, some of which
are of a technical nature, concerning, where relevant, the percentages of completion, costs to completion, the expected
revenues from the project or activity and the foreseeable losses to completion. Estimates of project income, as well as projects
costs, are reviewed periodically. The effect of changes, if any, to estimates is recognised in the financial statements for the
period in which such are determined.

d) Taxes

The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to scrutiny based
on latest information available. For matters where it is probable that an adjustment will be made, the Company records its best
estimates of the tax liability in the current tax provision, The Management believes that they have adequately provided for the
probable outcome of these matters.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax
assets that can be recognised, based upon the likely timing and the level of future taxable profits.

e) Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions
include discount rate, trends in salary escalation and attrition rate. The discount rate is determined by reference to market yields
at the end of the reporting period on government securities.

3a Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended 31 March 2024, MCA has not notified any new
standard or amendments to the existing standards applicable to the Company.

B. Disclosures relating to Investment property are as under
i] Fair value disclosure of Company’s Investment property

The Company’s investment property includes commercial properties namely "Kalpatam Inspire” situated at Santacruz, Mumbai, "Kalpataru Synergy” situated at Santacruz, Mumbai, and
“Kalpatam Infinia" situated at Wakdewadi, Shivajinagar, Pune. The fair value of Kalpataru Inspire, Kalpataru Synergy & Kalpatam Infinia as at 31 March 2024 and 31 March 2023 have been
arrived at on the respective dates based on Independent Valuers Reports by Meraki Consultants LLP. Meraki Consultants LLP is registered with the authority which governs the valuers in India
and they have appropriate Qualifications and experience in the valuation of properties in the relevant locations. The fair values were determined using the capitalisation rate method based on
recent market prices without any sign ificant adjustments being made to the market observable data.

Nature of securities and terms of repayments for non-current borrowings

a) Loan from banks/ financial institution

(i) Rs. 42184 lakhs (Rs. 43124 lakhs) is secured by mortgage of land and building situated at Santacruz, Mumbai and at Pune (along with

underlying receivables) developed by the Company and personal guarantee of director of the Company. The loan carries interest @ 0.35% p.a.

above lender''s benchmark rate and is repayable in one hundred and seventy four monthly instalments ending in the financial year 2035-2036.

(ii) Rs. 75173 lakhs^A (Rs. 78317 lakhs) is secured by way of mortgage of land and structure situated at Parel, Mumbai (along with underlying
receivables) being developed by the Company. The loan is further secured by corporate guarantee given by other related parties and extension
of mortgage of land and buildings owned by other related parties at Mumbai, Thane, Panvel, Lonavala, Pune, Mahabaieshwar and Nagpur
together with structures thereon, present and future receivables arising therefrom and personal guarantee given by the Director of the
company.The loan carries interest @ one month bank MCLR plus Spread of 30 basis point and is repayable till financial year 2031-2032.

(iii) Rs. 31781 lakhs^A (Rs. 33945 lakhs) is secured by way of hypothecation of license and other fees receivables from various licensees and

mortgage of land and building situated at Santacruz (East), Mumbai. The loan is further secured by corporate guarantee given by other related
parties and extension of mortgage of land and buildings owned by other related parties at Mumbai, Thane, Panvel, Lonavala, Pune,
Mahabaieshwar and Nagpur together with structures thereon, present and future receivables arising therefrom and personal guarantee given by
the Director of the company. The loan carries interest rate @ one month bank MCLR plus spread of 30 basis point and repayable till financial
year 2033-2034. ^£===£3;-

(iv) Rs. 37998 lakhs* (Rs. 38670 lakhs) is secured by way of mortgage of land and structure situated at Parel_T Mumbai (along with underlying
receivables) being developed by the Company and land and structure situated at Santacruz (E), Mumbai. The loan is further secured by
corporate guarantee given by other related parties and extension of mortgage of land and buildings owned by other related parties at Mumbai,
Thane, Panvel, Lonavala, Pune, Mahabaleshwar and Nagpur together with structures thereon, present and future receivables arising therefrom
and personal guarantee given by the Director of the company.The loan carries interest not exceeding one month bank MCLR plus spread of 30
basis point and the same is repayable till financial year 2031-2032.

(v) Rs. 3161 lakhs* (Rs.Nil lakhs) is Funded Interest Term Loan (FITL) created out of outstanding Interest of, and is secured by securities
mentioned in, loans in Note (ii), (rii), (iv) above. The loan is further secured by corporate guarantee given by other related parties and extension
of mortgage of land and buildings owned by other related parties at Mumbai, Thane, Panvel, Lonavala, Pune, Mahabaleshwar and Nagpur
together with structures thereon, present and future receivables arising therefrom and personal guarantee given by the Director of the
company.The loan carries interest not exceeding 30 basis point above lender''s benchmark Rate and is repayable till financial year 2031-2032.

(vi) Rs. 22830 lakhs (Rs.23390 lakhs) is secured by way of development rights and (along with underlying receivables) from the property situated at
Matunga, Mumbai being developed by the Company, land and structure (along with underlying receivables) from property situated at Wakad,
Pune being developed by the subsidiary, land and structure situated at Kandivali, Mumbai (along with underlying receivables) being developed
by the related party, land (along with underlying receivables) situated at Panvel, Mumbai to be developed by the subsidiary, land (along with
underlying receivables) situated at Nagpur, Maharashtra owned by director of the Company and subsidiary company, land (along with underlying
receivables) situated at lonavala, Maharashtra owned by director of the Company, land and structure at Mumbai owned by related party. The
loan is further secured by way extension of mortgage of land and buildings owned by other related parties at Mumbai, Thane, Panvel, Lonavala,
Pune, Mahabaleshwar and Nagpur together with structures thereon, present and future and all receivables arising therefrom and also personal
guarantee and corporate guarantee given by the Director of the company and other related parties respectively. The loan carries interest @ 30
basis point above lender''s benchmark rate and is repayable till financial year 2031-2032.

^A Loan shifted from financial institution to bank pursuant to merger.

vii) Pursuant to Master Restructuring Agreement dated 27 June 2023 w.e.f. 1 April 2023, the repayment of the above loans (note a (ii) to (vi)) have
been rescheduled with extended time period for repayment (upto FY 2033-34). Further, the interest rate on the aforesaid facilities have been
reduced to one month bank MCLR plus spread of 30 basis point. In addition, the company has also agreed to create charge over residual cash
flows of certain identified project owned by the company and its group companies post the repayment of the credit facilities availed/to be availed
with respect to these identified assets.

Consequent to aforesaid restructuring, the lender financial institution had followed the regulatory requirements in accordance with the directives
of the Reserve Bank of India. Based on future business plans and cash flow estimates, the management of company is confident of meeting its
obligations under the restructuring plan as they fall due. -

(viii) Vehicle loans of Rs. 92 lakhs (Rs. 15 lakhs) from banks are secured against hypothecation of vehicles. The loans carry weighted average
interest rate not exceeding @ 8.65% p.a. calculated as on the balance sheet date and are repayable in monthly instalments ending in financial
year 2023-2024.

(b) The Company had issued 950,000 0% cumulative non-convertible redeemable preference shares (CNCRPS) of Rs.10 each at a premium of Rs.
990 per share, As per the terms of the issue, ail the CNCRPS were cumulative and redeemable at end of fifteen years from the date of
allotment, unless redeemed earlier at the option of the Company. The holders of the CNCRPS shall not have any voting rights except as
provided under the Companies Act, 2013. The said CNCRPS were due for redemption during the FY 2023-24.

During the current year, the terms for redemption of the said CNCRPS are extended upto 14¹¹¹ January 2027 or earler at the option of the
Company vide resolution passed by the members at the Extra ordinary general meeting held on 26^lh March 2024. Accordingly, the CNCRPS are
redeemable at the issued price upon maturity unless decided to be redeemed earlier at the option of the Company. The redemption value have
been recognised at present value on the basis of the weighted average cost of borrowings.¹''

(c ) The company has outstanding unrated,unlisted non convertible debentures ("NCD") of Rs.17033 Lakh (Rs. 14861 Lakhs) [150 NCD @ 54.67
Lakhs and 68 NCD @100 lakhs Each] (150 NCD @ 54.67 Lakhs and 68 NCD @100 lakhs Each)issued on a private placement basis, secured
by way of mortgage of part of land and Projects at Mumbai, Karjat, Thane, Pune together with structures thereon, present and future and all
receivables arising therefrom owned by the company, its subsidiaries & other group entities. The NCD is further secured by corporate guarantee
of related parties and personal guarantee of₍ Director of the Company. The coupon rate is 15% p.a. compouded monthly and repayable in 4
quarterly instalment ending in FY 2026-2027.

a) Loan from banks

(i) Secured foan from a bank of Rs. 319 Lakhs (1899 Lakhs) and Overdraft facility of Rs. 636 lakhs(340 lakhs) is secured by way of the exclusive
first charge over development rights of Project Kalpataru Imperia situated at Santacruz, personal guarantee of director. Loan carries Interest not
exceeding @1.75% over Lenders Benchmark rate repayable in six equal installments starting after twenty seven months from the date of
Disbursement ending Financial Year 2025-26.

(ii) Rs. 1379 lakhs (Rs. 5959 lakhs) overdraft facility availed by the company which is secured against fixed deposits held by the Company lien in
favour of bank.

b) Loan from financial institutions

(i) Rs. 6198 lakhs (Rs. 4648 lakhs) is secured by exclusive charge byway of registered mortgage over the development rights along with share of
units of the company arising out of development agreement together with underlying receivables arising there from the property situated at
Mumbai to be re-developed by the company and personal guarantee of director of the company. The loan carries interest @ 3.45% below
lender''s benchmark rate and is repayable in twenty four monthly instalments ending in the financial year 2026-2027.

(c) The company has outstanding Unrated Unlisted Non-Convertible Debentures (NCDs) of Rs 5500 lakhs (Rs. Nil), with 550 NCDs valued at Rs 10
lakhs each. These NCDs were issued on a private placement basis and are secured by a mortgage over the development rights of a project
located in Borivall, Mumbai, including all present and future structures and receivables arising from it. Additionally, the NCDs are secured by a
mortgage over the property at Pune and a pledge over shares of a related party. Further security is provided through a corporate guarantee from
related parties and a personal guarantee from the Director of the Company. The NCDs have an IRR of 18.00% p.a. and have a bullet repayment
in FY 2027-28.

* Name of the company has been changed from "Kalpataru Power Transmision Limited" to "Kalpataru Projects International

Limited" w.e.f 22 May 2023

Notes-

a) “Others “denote entries which account for less than 10% of the aggregate for that category of transaction.

b) Property of the Company situated at Andheri (East) shown under inventories is mortgaged for non fund based facilities
availed by subsidiaries and enterprises controlled by the Company jRefer note 23(a){iii)].

b) Above disclosures are excluding Ind AS adjustments.

c) The details of related party relationships identified by the management of the company and relied upon by the auditor.

d) The Amounts denoted above are net of taxes.

e) "0" (zero) indicates amounts less than a lakh.

Note - 33 Contingent liabilities and commitments (To the extent not provided for)

I) Contingent liabilities

a) Bank guarantees issued Rs. 413 lakhs (Rs. 717 lakhs).

b) Disputed dues of indirect tax liabilities of Rs. 3459 lakhs (Rs. 6480 lakhs). Out of which, the Company has filed appeal and paid Rs. 202
lakhs (Rs. 352 lakhs) under protest.

c) There are certain legal cases/disputes pending against the Company or filed by the Company and liabilities in respect thereof if any, are
unascertained. The Company has engaged reputed advocates to protect its interests and has been advised that it has strong legal
positions against such disputes.

d) The Company does not have any long-term contracts including derivative contracts on which there are foreseeable losses which are
not provided,

II) Capital and other commitments

a) The Company has committed to provide continued financial support to various subsidiaries, amount unascertained.

b) The Company enters into construction contracts for Civil, Elevator, External Development, MEP work etc. with its vendors. The total
amount payable under such contracts will be based on actual measurements and negotiated rates, which are determinable as and
when the work under the said contracts are completed.

b) The Company has elected not to recognise right of use asset and lease liability as per the provisions of ind AS 116 - "Leases",
considering the leases being short term and lease of low value asset. The Company has taken commercial and residential premises
under cancelable operating lease agreements. Lease expenditure for cancelable operating leases is recognised over the period of
lease. The initial period for lease is generally for thirty six months to sixty months. Total lease rent expenses for the period / year is Rs.
66 Lakhs (Rs. 63 lakhs).

Note - 36 Financial guarantee

The Company has given corporate guarantees along with subsidiaries, associates and other related parties of Rs. 5,58,500 lakhs
(Rs.6,29,500 lakhs) to various Banks/Financial Institutions for the loans granted to subsidiaries, enterprises controlled by the company
and other related party. Such loans outstanding as on 31 March 2024 are Rs. 3,61,932 lakhs(Rs. 4,62,102 lakhs).

Note - 38 Corporate social responsibility (CSR)

As per section 135 of the Companies Act, 2013, a CSR Committee has been formed by the Company. The Company was required to
spend Rs. 47 lakhs (Rs. 21 lakhs) and has spent Rs. 19 lakhs (Rs. 1 lakhs) on activities mentioned below as specified in Schedule VII
of the Companies Ad, 2013. The Company has made provision for unspent amount of CSR expenses of Rs. 28 lakhs in the books of
account, which is deposited in designated accounts in accordance with secion 135 read with schedule VII of the Companies Act, 2013.

wore - sv uetaiis or loans given, investments made, guarantees given and securities provided covered u/s 186(4) of the
Companies Act, 2013

a) The Company is engaged in the business of Real Estate Development which is classified under Infrastructural facilities as specified
under Schedule VI of the Companies Act, 2013 (the ''Act'') and hence the provisions of Section 186 (except sub section 1) of the Act
related to loans/guarantees given or securities provided are not applicable to the Company.

b) There are no investments made other than those disclosed in note 7.

Note - 40 Financial risk management objectives and policies

The Company’s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial
liabilities is to finance and support Company''s operations. The Company''s principal financial assets include loans given, trade and other
receivables, cash and cash equivalents, other bank balances and refundable deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of
these risks. The Company''s senior management ensures that the Company''s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and
risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks.

Financial risk management

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

(i) Market Risk

(ii) Credit Risk and

(iii) Liquidity Risk

i) Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value or future cash flows
of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial
instruments affected by market risk include borrov^EfgPTgategjvens. fixed deposits and refundable deposits.

a Interest rate risk

. Interest rate risk is the risk that the fair value or 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 primarily to the Company''s debt
obligations with floating interest rates. The management is responsible for the monitoring of the Company''s interest rate position.
Different variables are considered by the management in structuring the Company''s borrowings to achieve a reasonable, competitive,
cost of funding, '' ''

b Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant exposure in
foreign currency.

(ii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities including security deposits, loans to employees and other financial instruments.

a) Trade receivables

The Company s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Company has
entered into contracts for sale / leasing of commercial premises. The payment terms are specified in the contracts. The Company is
exposed to credit risk in respect of the amount due. However, in case of sale, the legal ownership is transferred to the buyer only after
the entire amount is recovered. In case of leasing, the Company takes security deposit to secure the rent. In addition, the amount due is
monitored on an ongoing basis with the result that the Company''s exposure to bad debts is not significant. The Company evaluates the
concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions industries and operate
in largely independent markets.

b) Financial instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash, loans to related
parties and other parties, other receivables and deposits, the Company''s exposure to credit risk arises from default of the counterparty,
with a maximum exposure equal to the carrying amount of these assets. ’

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company’s policy. The Company limits
its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any
counterparty to fail in meeting its obligations. _

(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its
risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and
financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The objective is to
optimize the efficiency and effectiveness of the management of the Company''s capital resources. The Company’s objective is to
maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate
reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of
financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of financial
obligations.

The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments:

Note - 47

The company is the nominee shareholder of various entities in order to comply with minimum number of shareholder requirement as per the Companies
Act, 2013. Based on the request received from the beneficial owners the company has created pledge of the securities held in its name as the
registered holder in favour of the lender of respective facilities availed by such beneficial owners. Accordingly the company has created charqe/s and
filed the same with ROC/MCA.

Note - 48

To the best of information of management of the Company, the disclosure requirements to be given pursuant to Gazette notification for Amendments in
Schedule III to Companies Act, 2013 dated 24 March 2021 effective from 01 April 2021 pertaining to following matters are either disclosed or not
applicable to the company :

1. Disclosure on Revaluation of property, plant and equipment and intangible assets from Registered Valuers is not applicable to company.

2. No proceeding has been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition)
Act,1988 (us of 1988) an rules made thereunder.

3. The Company has not been declared a wilful defaulter by any bank or financial institution or other lender.

4. Relationship with Struck off Companies*

During the year, the Company has not entered into any transaction with companies struck off under Section 248 of the Companies Act, 2013 or Section
560 of Companies Act, 1956.

* Based on information available as on the date of reporting.

5. As per clause (87) of section 2 and section 186 (1) of the Companies Act, 2013 and Rules made thereunder, the company is in compliance with the
number of layers as permitted under the said provisions.

6. The Company has not traded or invested in Crypto currency or virtual currency during the financial year.

7. There are no transactions recorded in books of account reflecting surrender/disclosure of income in the assessment under Income Tax Act, 1961.

8. The company has not carried out any scheme which is approved by regulatory authorities during the year.

9. The accounting software used by the Company, to maintain its Books of account have a feature of recording audit trail (edit log) facility and the same
has been operated throughout the year for all transactions recorded in the software. The Company has an established process of regularly identifying
shortcomings, if any, and updating technological advancements and features including audit trail. The shortcomings identified during the course of audit
are being reviewed and corrective action is being taken wherever required.

Note - 49 ~ " ''

a. ) To the best of our knowledge & belief, no fund (which are material either individually or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) orentity(ies), including
foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether , 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
provided any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b. ) To the best of our knowledge & belief, no funds (which are material either individually or in the aggregate) have been received by the Company from
any person(s) or entity(ies), including foreign entity ("funding parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
funding parties ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note - 50

The Income Tax Department (“the Department") conducted a Search activity (“the search") under Section 132 of the Income Tax Act, 1961 ("the Act”) at
premises of the Company during August 2023. The Company has provided all the necessary support and cooperation to the Income tax officials during
the search and provided all the necessary information including documents and data sought by the Department. As on the date of signing of these
financial statements, the Company has only received a notice u/s148 requiring the Company to re-file its Income Tax return for Assessment Year 2020¬
21 which will be appropriately responded by the Company.

Note - 51

No dividend is declared & paid during the current financial year.

Note - 52 Events after reporting date

There have been no events after the reporting date that require disclosure in these financial statements.

Note - 53

Previous year figures (not material) have been regrouped / reclassified, wherever necessary, if any, to correspond with current period classification.
Figures in brackets pertaining to previous year.

As per our report of even date

For KKC & Associates LLP For and on behalf of the Board

Chartered Accountants
(Formerly Khimji Kunverji & Co LLP)

FRN: 105146W/W100621

Hasmukh B Dedhia Mof^-PTMunot Pard^JfljSlunot

Partner Chairman Managing Director

Membership No.: 033494 (DIN-00046905) (DIN-00136337)

Chandrashekhar Joglekar ’ Abhishek Thareja^

Chi^Financial Officer Company Secretary

Date: 27th May 2024 Date ¦^{27lh Ma}yM.No. A18766

Place: Mumbai

F0