4.13 Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognised in the balance sheet when the Company has a present obligation (legal
or constructive) as a result of a past event, which is expected to result in an outflow of resources
embodying economic benefits which can be reliably estimated. Each provision is based on the
best estimate of the expenditure required to settle the present obligation at the balance sheet
date. Where the time value of money is material, provisions are measured on a discounted basis.
The expense relating to any provision is presented in the statement of profit and loss net of any
reimbursement.

Constructive obligation is an obligation that derives from an entity’s actions where:

- by an established pattern of past practice, published policies or a sufficiently specific current
statement, the entity has indicated to other parties that it will accept certain responsibilities,
and

- as a result, the entity has created a valid expectation on the part of those other parties that it
will discharge those responsibilities

Contingent liabilities are not recognised in the financial statements. Contingent liabilities are
disclosed when there is a possible obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Company or a present obligation that arises from past events
where it is either not probable that an outflow of resources will be required to settle the obligation
or a reliable estimate of the amount cannot be made.

4.14 Income tax

Income tax expense comprises both current and deferred tax.

Current Income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount

are those that are enacted or substantively enacted, at the reporting date where the Company
operates and generates taxable income.

Current tax items are recognised in correlation to the underlying transaction either in OCI or
directly in equity. Management periodically evaluates positions taken in the tax returns with respect
to situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.

Deferred tax

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

Deferred tax assets and liabilities are not recognised for:

• temporary differences arising on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that affects neither accounting nor taxable profit or
loss at the time of the transaction;

• temporary differences related to investments in subsidiaries, associates andjoint arrangements
to the extent that the Group is able to control the timing of the reversal of the temporary
differences and it is probable that they will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting period.

Minimum Alternate Tax:

Company has opted for paying Income Tax u/s 115BAA of the Income Tax Act, 1961. The MAT
provisions under Section 115JB shall not be applicable to the company that has exercised the
option referred to under section 115BAA of the Income Tax Act, 1961.

4.15 Dividends on ordinary shares

The Company recognises a liability to make cash or non-cash distributions to equity holders of the
parent when the distribution is authorised and the distribution is no longer at the discretion of the
Company. As per the corporate laws in India, a distribution is authorised when it is approved by
the shareholders. A corresponding amount is recognised directly in equity.

Non-cash distributions are measured at the fair value of the assets to be distributed with fair value
remeasurement recognised directly in equity. Upon distribution of non-cash assets, any difference
between the carrying amount of the liability and the carrying amount of the assets distributed is
recognised in the statement of profit and loss.

4.16 Segment reporting

The Company is primarily engaged in the business of Real Estate including group companies. As
such the Company’s financial statements are largely reflective of the Real Estate Business and
there is no separate reportable segment.

Pursuant to Ind AS 108 - Operating Segments, no segment disclosure has been made in these
financial statements, as the Company has only one geographical segment and no other separate
reportable business segment.

4.17 Onerous contracts

Provisions for onerous contracts are recognised when the expected benefits to be derived by the
Company from a contract are lower than the unavoidable costs of meeting the future obligations
under the contract. The provision is measured at the present value of the lower of the expected
cost of terminating the contract and the expected net cost of continuing with the contract. Before
a provision is established, the Company recognises any impairment loss on the assets associated
with that contract.

16.1 The company has only one class of equity shares having a par value of ? 10 per share.
Each holder of equity shares is entitled to one vote per share. In the event of liquidation of
the company, the holders of equity share 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.

B): Loans from related parties includes loans from director of Rs 685.81 Lakhs (as at March 31,
2025: f 308.49 Lakhs) which are unsecured & interest bearing.

18.2 There are no breach of contractual terms of the borrowing during the year ended March 31,

__2026 and March 31,2025._

18.3 Reconciliation of liabilities arising from financing activities

The table below details changes in the Company’s liabilities arising from financing activities,
including both cash and non-cash changes. Liabilities arising from financing activities are
those for which cash flows were, or future cash flows will be, classified in the Company’s
statement of cash flows as cash flows from financing activities.

In pursuance of Section 115BAA of the Income Tax Acr, 1961 announced by the Government of
India through Taxation Laws (Amendment) Ordinance, 2019, the Company has an irrevocable
option of shifting to lower tax rate and simultaneously forgo certain tax incentives including
loss of accumulated MAT credit. The Company has exercised this option to avail lower tax rate
benefit.

The tax rate used for March 31, 2026 and March 31, 2025, in reconciliations above is the
corporate tax rate of 22% & 22% respectively (plus surcharge and cess as applicable) on
taxable profits under Income Tax Act, 1961.

26.1 No single customer contributed 10% or more to the Group’s revenue for FY 2025-26 and

_FY 2024-25._

26.2 There are no impairment losses on trade receivable recognised in Statement of profit and
loss for the year ended March 31,2026 and March 31,2025.

26.3 The Company recognises revenue as per lnd AS 115 ‘Revenue from Contracts with Customers’.
The revenue is recognised based on the percentage-of-completion method (‘POC method’)
of accounting with cost of construction incurred for the respective projects determining the
degree of completion of the performance obligation.

26.8 Information about the Company’s performance obligation for material contracts are
summarised below:

The performance obligation of the Company in case of sale of residential plots and
apartments and commercial office spaces is satisfied once the project is completed and
control is transferred to the customers.

The customer makes the payment for contracted price as per the instalment stipulated as
per the agreement.

37 Segment information

In line with the provisions of Ind AS 108 - Operating segments and basis the review of operations being
done by the board and the management, the operations of the Company fall under colonization and
real estate business, which is considered to be the only reportable segment.

37.1 Information about revenue from external customers in various geographical areas

The Company is operating in India which is considered as a single geographical segment.

37.2 Information about major customers

The Group derives its major revenues from construction and development of real estate projects and
its customers are widespread.

No single customer contributed 10% or more to the Group''s revenue for FY 2025-26 and FY 2024-25.

38.1 Defined contribution plans:

The Company makes Provident Fund contributions which are defined contribution plans, for qualifying
employees. Under the Schemes, the Company is required to contribute a specified percentage of the
payroll costs to fund the benefits. The Company recognised ^ 7.88 Lakhs (PF : 4.43 Lakhs & Pension
Fund : 3.45 Lakhs) (Previous Year ended 31 March, 2025: ^ 8.15 Lakhs (PF : 4.28 Lakhs & Pension : 3.87
Lakhs)) for Provident Fund contributions, in the Statement of Profit and Loss. The contributions payable
to these plans by the Company are at rates specified in the rules of the schemes.

38.2 Defined benefit plans:

The gratuity scheme is a defined benefit plan that provides for a lump sum payment to the employees
on exit either by way of retirement, death, disability or voluntary withdrawal. The benefits are defined
on the basis of final salary and the period of service.

38.3 These plans typically expose the Company to actuarial risks such as: interest rate risk, medical
inflation risk, demographic risk, salary inflation risk and change in leave balances, as applicable.

Interest rate risk:

The plan exposes the Company to the risk off all in interest rates. A fall in interest rates will result in an
increase in the ultimate cost of providing the above benefit and will thus result in an increase in the
value of the liability.

Liquidity Risk:

This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise
due to non availability of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets
not being sold in time.

Salary Escalation Risk:

The present value of the defined benefit plan is calculated with the assumption of salary increase rate
of plan participants in future. Deviation in the rate of increase of salary in future for plan participants
from the rate of increase in salary used to determine the present value of obligation will have a bearing
on the plan''s liability.

Demographic Risk:

The Company has used certain mortality and attrition assumptions in valuation of the liability.
The Company is exposed to the risk of actual experience turning out to be worse compared to the
assumption.

Regulatory Risk:

Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as
amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts
(e.g. Increase in the maximum limit on gratuity of ^ 20,00,000).

Asset Liability Mismatching or Market Risk:

The duration of the liability is longer compared to duration of assets, exposing the Company to market
risk for volatilities/fall in interest rate.

Investment Risk:

The probability or likelihood of occurrence of losses relative to the expected return on any particular
investment.

The weighted average duration of the defined benefit obligation as at March 31, 2026 is 4 years
(2025: 5 years)

g) Sensitivity Analysis

Method used for sensitivity analysis:

Significant actuarial assumptions for the determination of the defined benefit obligation are discount
rate, expected salary increase and mortality. The sensitivity analysis below have been determined
based on reasonably possible changes of the assumptions occurring at the end of the reporting period,
while holding all other assumptions constant. The results of sensitivity analysis is given below:

39 Financial instruments
39.1 Capital management

The Company manages its capital to ensure that it will be able to continue as going concern
while maximising the return to stakeholders through the optimisation of the debt and equity
balance. The capital structure of the Company consists of net debt offset by cash and bank
balances and total equity of the Company.

39.3 Financial risk management objectives

The company monitors and manages the financial risks to the operations of the company.
These risks include market risk, credit risk, interest risk and liquidity risk.

A. Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the Company. Customer credit risk is managed by requiring
customers to pay advances before transfer of ownership, therefore, substantially eliminating
the Company’s credit risk. The Company has adopted a policy of dealing with creditworthy
counterparties, as a means of mitigating the risk of financial loss from defaults. The Company
uses its own trading records to rate its major customers. The Company’s exposure to financial
loss from defaults are continuously monitored.

Trade receivables consist of a large number of customers, spread across various geographical
areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable.

B. Liquidity risk

Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity
Risk Management implies maintenance of sufficient cash to meet obligations when due.
The Company continuously monitoring forecast and actual cash flows, and by assessing the
maturity profiles of financial assets and liabilities.

C. Market risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market risk comprises of currency risk and interest rate risk. In
the normal course of business and in accordance with our policies, we manage these risks
through a variety of strategies.

i) . Currency risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Company is domiciled in India and has its revenues
and other major transactions in its functional currency i.e. INR. Accordingly the Company is
not exposed to any currency risk.

ii) . Interest rate risk

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 has borrowed funds with both fixed and floating interest rate.

39.4 Derivative Financial Instruments

The Company has not entered into any derivative financial contracts during the current and
previous financial years.

40.2 The Investments measured at fair value and falling under fair value hierarchy Level 3 are valued at cost,
as cost has been considered as an appropriate estimate of fair value because of a wide range of possible
fair value measurements and cost represents the best estimate of fair values within that range.

40.3 Fair value of financial assets and financial liabilities that are measured at amortised cost:

The management assessed that fair value of cash and cash equivalents, trade receivables, trade
payables, and other financial assets and liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments.

A provision is recognized if, as a result of a past event, the Company has a present obligation that can be estimated reliably, and it is'' probable
that an outflow of economic benefits will be required'' to settle the obligation. Provisions are recognized at the best estimate of the expenditure
required to settle the present obligation at the balance sheet date. The provisions are measured on an undiscounted basis.

2.9 Inventories

Traded goods are valued at lower of cost and net realizable value. Cost includes cost of purchase and other costs incurred in bringing
the inventories to their present location and condition. Cost is determined on a weighted average basis. Net realizable value is the
estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make
the sale.

2.10 Contingent liabilities and contingent assets

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may but probably will not, require
an outflow of resources, or a present obligation whose amount cannot be estimated reliably. Contingent liabilities do not warrant provisions, but
are disclosed unless the possibility of outflow of resources is remote. Contingent assets are neither recognized nor disclosed in the financial
statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the
asset and related income are recognized in the period in which the change occurs.

2.11 Taxation

Income-tax expense comprises current tax (i.e. amount of tax for the period''. determined in accordance with the income tax law) and deferred
tax charge or credit .(reflecting the tax effects of timing differences between accounting income and taxable income for the period). The
deferred tax charge or credit and the corresponding deferred tax liabilities and assets are recognized using the tax rates that have been enacted
or substantively enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the
assets can be realized in future. However, where there is unabsorbed or carried forward losses under taxation laws, deferred tax assets are
recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at each balance sheet date and are
written down or written-up to reflect the amount that is reasonably I virtually certain (as the case may be) to be realized.

2.12 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting''
preference dividends, if any, and attributable taxes) by the weighted average number of equity shares outstanding during the period, Partly paid
equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid
equity share during the reporting period. The weighted average number of equity shares outstanding during the period is adjusted for events
suet-Las bonus issue, bonus element in a rights issue, buy back, share split, and reverse share split (consolidation of shares) that have changed
the number of equity shares outstanding, without a corresponding change in resources.

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

2.13 Cash flow Statement

In the cash flow statement, cash and cash an equivalent includes cash in hand, demand deposits with banks, other short-term highly liquid
investments with original maturities of three months or less.

5.13 Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognised in the balance sheet when the Company has a present obligation (legal or

constructive) as a result of a past event, which is expected to result in an outflow of resources embodying
economic benefits which can be reliably estimated. Each provision is based on the best estimate of the
expenditure required to settle the present obligation at the balance sheet date. Where the time value
of money is material, provisions are measured on a discounted basis. The expense relating to any
provision is presented in the statement of profit and loss net of any reimbursement.

Constructive obligation is an obligation that derives from an entity’s actions where:

- by an established pattern of past practice, published policies or a sufficiently specific current
statement, the entity has indicated to other parties that it will accept certain responsibilities, and

- as a result, the entity has created a valid expectation on the part of those other parties that it will
discharge those responsibilities

Contingent liabilities are not recognised in the financial statements. Contingent liabilities are disclosed
when there is a possible obligation arising from past events, the existence of which will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the Company or a present obligation that arises from past events where it is either not
probable that an outflow of resources will be required to settle the obligation or a reliable estimate of
the amount cannot be made.

5.14 Income tax

Income tax expense comprises both current and deferred tax.

Current Income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or
paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that
are enacted or substantively enacted, at the reporting date where the Company operates and generates
taxable income.

Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in
equity. Management periodically evaluates positions taken in the tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions where
appropriate.

Deferred tax

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

Deferred tax assets and liabilities are not recognised for:

• temporary differences arising on the initial recognition of assets or liabilities in a transaction that
is not a business combination and that affects neither accounting nor taxable profit or loss at the
time of the transaction;

• temporary differences related to investments in subsidiaries, associates and joint arrangements to
the extent that the Group is able to control the timing of the reversal of the temporary differences

and it is probable that they will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced
to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or
part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period
in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the reporting period.

Minimum Alternate Tax:

Company has opted for paying Income Tax u/s 115BAA of the Income Tax Act, 1961. The MAT provisions
under Section 115JB shall not be applicable to the company that has exercised the option referred to
under section 115BAA of the Income Tax Act, 1961.

5.15 Dividends on ordinary shares

The Company recognises a liability to make cash or non-cash distributions to equity holders of the
parent when the distribution is authorised and the distribution is no longer at the discretion of the
Company. As per the corporate laws in India, a distribution is authorised when it is approved by the
shareholders. A corresponding amount is recognised directly in equity.

Non-cash distributions are measured at the fair value of the assets to be distributed with fair value
remeasurement recognised directly in equity. Upon distribution of non-cash assets, any difference
between the carrying amount of the liability and the carrying amount of the assets distributed is
recognised in the statement of profit and loss.

5.16 Segment reporting

The Company is primarily engaged in the business of Real Estate including group companies. As such
the Company’s financial statements are largely reflective of the Real Estate Business and there is no
separate reportable segment.

Pursuant to Ind AS 108 - Operating Segments, no segment disclosure has been made in these financial
statements, as the Company has only one geographical segment and no other separate reportable
business segment.

5.17 Onerous contracts

Provisions for onerous contracts are recognised when the expected benefits to be derived by the
Company from a contract are lower than the unavoidable costs of meeting the future obligations
under the contract. The provision is measured at the present value of the lower of the expected cost of
terminating the contract and the expected net cost of continuing with the contract. Before a provision is
established, the Company recognises any impairment loss on the assets associated with that contract.

1. Significant Accounting Policies:

1.1 Basis of Preparation:

The financial statements are prepared under the historical cost convention, on accrual basis of accounting, in accordance with the accounting principles generally accepted in India and complied with the standards on accounting issued by the Institute of Chartered Accountants of India and referred to in Section 133 of the Companies Act, 2013.

1.2 Current versus non-current classification

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

- Expected to realized in normal operating cycle or within 12 months after the reporting period or

- Cash or cash equivalent unless restricted from being exchanged or use to settle a liability for at least 12 months after reporting period

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in normal operating cycles or due to be settled within 12 months after the reporting period or

- There is no unconditional rights to differ the settlement of the liability for at least 12 month after the reporting period

The company classifies all other liabilities as non-current.

Deferred tax assets and liability are classified as non-current assets and liabilities.

The operating cycle is a time between the acquisition of assets for processing and their realization in cash and cash equivalent The company has identified period of 12 months as its operating cycle

Further, company had also come up with Pubic Issue of 40,53,000 Nos of Equity Shares of Face Value Rs. 10 each at price band of Rs. 43 per equity shares to Rs. 45 Per equity shares.

i The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity share 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.

Loan from State Bank of India in Assest Backed Loan (ABL) in the form of drop line over ^ draft facility and the same is secured against the Company''s Project Sumit Samarth Arcade, . personal property of directors, property of sister concerns (Sumit Constructions and Sumit Pragati Developers LLP)

3 U Vehicle loans is secured by hypothecation of vehicle against which the . vehicle is taken._

Loan from State Bank of India in Assest Backed Loan (ABL) in the form of drop line over draft facility and the same is secured against the Company''s Project Sumit Samarth Arcade, personal property of directors, property of sister concerns (Sumit Constructions and Sumit Pragati Developers LLP)

Note: 4

The outstanding balances of Debtors, Creditors, Deposits and Advances and inter-company balances with Sister Concern are subject to confirmation and acknowledgement.

Note: 5

In the opinion of the Board, the value of realization of Current Assets, Loans and Advances, in the ordinary course of the business would not be less than the amount of which they are stated in the Balance Sheet and the provision for all known and determinable liabilities is adequate and not in excess of the amount reasonably required.

Note: 6 Related Party Disclosures:

i. Subsidiary Company

Mitasu Developers Private Limited

ii. Associate Company

Sumit Realty Private Limited

iii. Joint Venture With whom transactions have taken place during the year

Sumit Kundil Joint Venture Sumit Chetna Venture Sun Sumit Venture Sumit Pramukh Venture Sumit Snehashish Venture Sumit Snehashish Joint Venture

iv. Related enterprises with whom transactions have taken place during the year

Sumit Garden Grove Constructions LLP

Sumit Pragati Venture LLP

Milestone Construction & Developers LLP

Sumit Pragati Shelters LLP

Access Facility Management LLP

Sumit Star Land Developers LLP

Sumo Real Estate LLP

Mitasu Realty LLP

Sumit Infotech Private Limited

Sumit Abode Private Limited

Mitasu Woods Private Limited

Sumit Woods Goa Private Limited

Second Home Resorts Limited

Sumit Developers

Sumit Constructions

v. Key Management Personnel

Mitaram Ramlal Jangid Subodh Ramakant Nemlekar Bhushan Subodh Nemlekar

vi. Relatives of key management personnel with whom transactions have taken place during the year

Deepak Jangid Sharda Jangid

Kavita Nemlekar Dhanshree Nemlekar

Note: 7 Events occurring after the date of balance sheet

Where material, events occurring after the date of the Balance Sheet are considered upto the date of approval of accounts by the Board of Directors.

Note: 8 Secured Loan

(a) Working Capital Loan obtained from State Bank of India, is secured by an equitable mortgage of the Company’s specific immovable property at Goregaon project and immovable property of Directors.

(b) Repayment of all term loans and payment of interest thereon is personally guaranteed by the Promoter Director of the Company.

Note: 9 Accounting of projects with Co-Developer

The company is developing certain project jointly with following companies/Persons.

1. M/s Shree Pramukh Enterprises (M/s Sumit Pramukh Ventures)

2. M/s Pragati Civil Solution Pvt Ltd (M/s Sumit Pragati Venture LLP)

3. M/s Kundil Realty Pvt. Ltd. (M/s. Sumit Kundil Joint Venture)

4. M/s. Sun Associates (M/s. Sun Sumit Ventures)

5. M/s Pragati Civil Solutions Pvt. Ltd. (M/s. Sumit Pragati Shelters LLP) Mahendra G. Panani John R. Dantos

6. Sanjay Patel (M/s. Sumit Star Land Developers LLP) Paresh Tejura

Nimesh Shah Nilesh Shah Babita Narang

7. M/s. Prarubi Gems Impex Pvt. Ltd. (M/s. Sumit Snehashish Venture) M/s. Snehashish Developers LLP

8. M/s. Snehashish Developers LLP (M/s. Sumit Snehashish Joint Venture) Jagdish R Jain HUF

9. Gunjan Shah (M/s. Sumit Garden Grove Construction LLP) Ishan R Mehta

Meet R Shah

PNK Space Development Pvt Ltd Ruby Ventures Pvt Ltd Sanjay M. Morakhia

All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the yearend in proportion to share of actual land pooled by each developer.

Note: 10 Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it as probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements E XCEPT the following

AY 2010-11

The demand made U/s 143(3) for the Income Tax Assessment for the A.Y. 2010-11 of Rs 6,14,51,370 for which company has filed Appeal to the Commissioner of Income-tax (Appeals) on 20 January 2017, hearing for the same is awaited

Note: 11

During the year Company issued of 40,53,000 no of equity shares through Initial Public Offer with an issue price of Rs 45 having a face value of Rs 10 each. The securities of the Company was listed on NSE EMERGE on 10 September 2018.

Note: 12

Previous year figure have been regrouped/ recast/ rearranged where ever necessary to confirm to current year classification.