Accounting Policies of Zodiac Ventures Ltd. Company

Mar 31, 2025

1.01 Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS¹) as
notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (''Act'') read with of the Companies (Indian Accounting
Standards) Rules, 2015 as amended and other relevant provisions of the Act.

1.02 Use of Estimate

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on
the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual
results and estimates are recognised in the period in which the results are known/ materialised.

1.03 Revenue Recognition

Revenue from sale of services is recognized on satisfaction of performance obligation upon transfer of control of promised services to customers in an
amount that reflects the consideration the Company expects to receive in exchange for those services.

The Company does not expect to have any contracts where the period between the transfer of the promised services to the customer and payment
by the customer exceeds one year. As a consequence, itdoes not adjust any of the transact! on prices for the time value of money.

Revenue for Real Estate project

During the year under review, the Company has started two Residential Real Estate projects Viz. Anjaneshwar CHS and Guruchhaya CHS Projects for
Redevelopment of the Society. All the direct expenses pertaining to particular project has been capitalised to the particular projects and all the
indirect general expenses has been allocated to the existing running projects based on the direct expenditure incurred for the particular projects
during the year.

In accordance with the principles of Ind AS-115, revenue in respect of real estate project is recognised on satisfaction of performance obligation at a
point in time by transferring a promised good or service (i.e. an asset) to a customer and the customer obtains control of that asset.

The satisfaction of performance obligation and the control thereof is transferred from the company to the buyer upon possession or upon issuance of
letter for offer of possession ("deemed date of possession"), whichever is earlier, subject to certainty of realization.

1.04 Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depreciation and impairment
losses, if any. Such cost includes purchase price, borrowing cost if capitalization criteria are met and any cost directly attributable to bringing the
assets to its working condition for its intended use.

1.05 Depreciation

The Company depreciates its property, plant and equipment on the Straight Une Method over the useful life in the manner prescribed in Schedule II
to the Act, and management believe that useful life of assets are same as those prescribed in Schedule II to the Act. Depreciation for assets
purchased/sold during a period is proportionately charged.

1.0G Financial Instruments

Financial instruments is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

I) Financial Assets

i) Initial Recognition and Measurement

All financial assets are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets,
which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase and sale of financial assets are
recognised using trade date accounting.

ii) Subsequent Measurement

a Financial Assets carried at amortised cost (AC)

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual
cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest
on the principal amount outstanding.

b Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding,
c Financial assets at fair value through profit or loss (FVTPL)

Afinancial asset which is not classified in any of the above categories are measured at FVTPL

iii) Investment in subsidiaries. Associates and Joint Ventures

The Company has accounted for its investments in subsidiaries, associates and joint venture at Fair Market Value. During the Previous year, the
Company has sold 1,00,00,000 Shares of subsidiary company Zodiac Developers Private limited held as Investments at Fair Market Valuation of Rs.
1.55 per shares done by the Registered Merchant Banker to the promoter and thereby incurred Loss on sale of Investment in subsidiary amounting
to Rs. 95.00 Lakhs. Due to sale of such investments, the Company''s holding in subsidiary company reduced to 42.81% from 50.98% as a result it
ceases to be a Holding Company, however, it holds the controlling Interest in subsidiary company Zodiac Developers Private Limited.

However, during the year, as per the Fair Market Valuations, the Investment in subsidiaries has been tested for an impairment and accordingly, the
Company has revalued it''s Investments as per the Fair Market Valuations at Rs. 2.58 per share done by the Registered Merchant Banker and thereby the
Company has reversed the impairment made in previous years and made revaluation of Investment in subsidiaries to the extent of Rs. 4,97,80,000/- in
the previous year and the balance of Investment of 5,24,00,000Shares Investment in subsidiariy Company hold by the Company stands at Rs.
13,10,00,000/-.

iv) Other Equity Investments

The Company subsequently measures all equity investments at fair value. There are two measurement categories into which the Company classifies its
equity instruments:

♦ Investments [n equity instruments at FVTPL: Investments in equity instruments are classified as at FVTPL, unless the Company irrevocable elects on
initial recognition to present subsequent changes in fair value in other comprehensive income for equity instruments which are not held for trading.

♦ Investments in equity instruments at FVTQCI: On initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument
basis) to present the subsequent changes in fair value in other comprehensive income. This election is not permitted if equity investment is held for
trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains
and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the reserve for ''equity instruments through
other comprehensive income''. The cumulative gain or loss is not reclassified to Statement of Profit and Loss on disposal of the investments.

v) Impairment of financial assets

In accordance with Ind AS 109, the Company uses ''Expected Credit Loss'' (ECL) model, for evaluating impairment of financial assets other than those
measured at fair value through profit and loss (FVTPL). As per the Fair Market Valuations, the Investment in subsidiaries has been tested for an
impairment in previous year and thereby the Company has made an impairment of Investment in subsidiaries to the extent of Rs. 4,97,80,000/- and the
balance Investment of 5,24,00,000 Shares Investment in subsidiariy Company hold by the Company.

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

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

♦Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument)

For trade receivables Company applies ''simplified approach'' which requires expected lifetime losses to be recognised from initial recognition of the
receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these
historical default rates are reviewed and changes in the forward looking estimates are analysed.

For other assets, the Company uses 12 month ECLto provide for impairment loss where there is no significant increase in credit risk. If there is significant
increase in credit risk full lifetime ECL is used.

vi) De-recognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset
and the transfer qualifies for de-recognition under Ind AS 109. A financial liability (or a part of a financial liability) is de-recognized from the Company''s
Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

11} Financial Liabilities

i) Initial Recognition and Measurement

All Financial Liabilities are recognized at fair value and in case of borrowings, net of directly attributable cost. Fee of recurring nature are directly
recognized in the Statement of Profit and Loss as finance cost.

jj) Subsequent Measurement

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short
maturity of these instruments.

1.07 Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying
asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to the Profit and
Loss Statement in the period in which they are incurred.

1.08 Employee Benefits

The Statutory enactments relating to payment of Provident Fund, ESIC and Gratuity to employees are not applicable tothe company. The company does
not have any scheme for retirement benefits for its employee and as such no provision towards retirement benefits to employees is considered
necessary. Short term employee benefits in the form of leave encashment and Bonus is provided on accrual basis.

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Mar 31, 2024

SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS NOTE 1:- SIGNIFICANT ACCOUNTING POLICIES

1.01 Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (''Act'') read with of the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act.

1.02 Use of Estimate

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

1.03 Revenue Recognition

Revenue from sale of services is recognized on satisfaction of performance obligation upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services.

The Company does not expect to have any contracts where the period between the transfer of the promised services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.

Revenue for Real Estate project

During the year under review, the Company has started two Residential Real Estate projects Viz. Anjaneshwar CHS and Guruchhaya CHS Projects for Redevelopment of the Society. All the direct expenses pertaining to particular project has been capitalised to the particular projects and all the indirect general expenses has been allocated to the existing running projects based on the direct expenditure incurred forthe particular projects during the year.

In accordance with the principles of Ind AS-115, revenue in respect of real estate project is recognised on satisfaction of performance obligation at a point in time by transferring a promised good or service (i.e. an asset) to a customer and the customer obtains control of that asset.

The satisfaction of performance obligation and the control thereof is transferred from the company to the buyer upon possession or upon issuance of letter for offer of possession ("deemed date of possession"), whichever is earlier, subject to certainty of realization.

1.04 Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price, borrowing cost if capitalization criteria are met and any cost directly attributable to bringing the assets to its working condition for its intended use.

1.05 Depreciation

The Company depreciates its property, plant and equipment on the Straight Line Method over the useful life in the manner prescribed in Schedule II to the Act, and management believe that useful life of assets are same as those prescribed in Schedule II to the Act. Depreciation for assets purchased/sold during a period is proportionately charged.

1.06 Financial Instruments

Financial instruments is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

I) Financial Assets

i) Initial Recognition and Measurement

All financial assets are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase and sale of financial assets are recognised using trade date accounting.

ii) Subsequent Measurement

a Financial Assets carried at amortised cost (AC)

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, b Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

c Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories are measured at FVTPL.

iii) Investment in subsidiaries. Associates and Joint Ventures

The Company has accounted for its investments in subsidiaries, associates and joint venture at Fair Market Value. During the Previous year, the Company has sold 1,00,00,000 Shares of subsidiary company Zodiac Developers Private Limited held as Investments at Fair Market Valuation of Rs. 1.55 per shares done by the Registered Merchant Banker to the promoter and thereby incurred Loss on sale of Investment in subsidiary amounting to Rs. 95.00 Lakhs. Due to sale of such investments, the Company''s holding in subsidiary company reduced to 42.81% from 50.98% as a result it ceases to be a Holding Company, however, it holds the controlling Interest in subsidiary company Zodiac Developers Private Limited.

However, during the year, as per the Fair Market Valuations, the Investment in subsidiaries has been tested for an impairment and accordingly, the Company has revalued it''s Investments as per the Fair Market Valuations at Rs. 2.58 per share done by the Registered Merchant Banker and thereby the Company has reversed the impairment made in previous years and made revaluation of Investment in subsidiaries to the extent of Rs. 4,97,80,000/- in the previous year and the balance of Investment of 5,24,00,000 Shares Investment in subsidiariy Company hold by the Company stands at Rs. 13,10,00,000/-.

iv) Other Equity Investments

The Company subsequently measures all equity investments at fair value. There are two measurement categories into which the Company classifies its equity instruments:

♦ Investments in equity instruments at FVTPL: Investments in equity instruments are classified as at FVTPL, unless the Company irrevocable elects on initial recognition to present subsequent changes in fair value in other comprehensive income for equity instruments which are not held for trading.

♦ Investments in equity instruments at FVTQCI: On initial recognition, the Company can make an irrevocable election (on an instrument-byinstrument basis) to present the subsequent changes in fair value in other comprehensive income. This election is not permitted if equity investment is held for trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the reserve for ''equity instruments through other comprehensive income''. The cumulative gain or loss is not reclassified to Statement of Profit and Loss on disposal of the investments.

v) Impairment of financial assets

In accordance with Ind AS 109, the Company uses ''Expected Credit Loss'' (ECL) model, for evaluating impairment of financial assets other

than those measured at fair value through profit and loss (FVTPL). As per the Fair Market Valuations, the Investment in subsidiaries has

been tested for an impairment in previous year and thereby the Company has made an impairment of Investment in subsidiaries to the

extent of Rs. 4,97,80,000/- and the balance Investment of 5,24,00,000 Shares Investment in subsidiariy Company hold by the Company. Expected credit losses are measured through a loss allowance at an amount equal to:

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

♦ Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument)

For trade receivables Company applies ''simplified approach'' which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analysed.

For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used.

vi) De-recognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition under ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Company''s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

II) Financial Liabilities

i) Initial Recognition and Measurement

All Financial Liabilities are recognized at fair value and in case of borrowings, net of directly attributable cost, Fee of recurring nature are directly recognized in the Statement of Profit and Loss as finance cost, ji) Subsequent Measurement

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

1.07 Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to the Profit and Loss Statement in the period in which they are incurred.

1.08 Employee Benefits

The Statutory enactments relating to payment of Provident Fund, ESIC and Gratuity to employees are not applicable to the company. The company does not have any scheme for retirement benefits for its employee and as such no provision towards retirement benefits to employees is considered necessary. Shortterm employee benefits in the form of leave encashment and Bonus is provided on accrual basis.

1.09 Provision for Current and Deferred Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961. Deferred tax resulting from “timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future,

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Mar 31, 2023

NOTE 1:-SIGNIFICANT ACCOUNTING POLICIES

1.01 Basis of Preparation of Financial Statements

These financial stalemenls have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the Ind AS ) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act. 2013 ( Act ) read with of the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions ol the Act

1.02 Use of Estimate

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of Ihe financial statements and the reported amount of revenues and expenses dunng the reporting penod Difference between the actual results and estimates are recognised in the period in which the results are known; materialised.

1.03 Revenue Recognition

Revenue from sale of services is recognized on satisfaction of performance obligation upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange tor those services

The Company does not expect to have any contracts where the period between the transfer of the promised services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money

Revenue for Real Estate project

Dunng the year under review the Company has started two Residential Real Estate protects Viz An|aneshwar CHS and Guruchhaya CHS Projects for Redevelopment of the Society. All the direct expenses pertaining to particular project has been capitalised to the padicular projects and all the indirect general expenses has been allocated to the existing running projects based on the direct expenditure incurred for the particular projects during the year

In accordance with Ihe principles of Ind AS-115, revenue in respect of real estate project is recognised on satisfaction of performance obligation at a point in time by transferring a promised good or service (i.e an asset) to a customer and the customer obtains control of that asset.

The satisfaction of performance obligation and the control thereof is transferred from the company to the buyer upon possession or upon issuance of letter for offer of possession (“deemed date ol possession ). whichever is earlier, subject to certainty of realization

1.04 Property, Plant and Equipment

Property plant and equipment are stated at cost, nef of recoverable taxes. Irade discount and rebates less accumulated depreciation and impairment losses, if any Such cost includes purchase price, borrowing cost if capitalization criteria are met and any cost directly attributable to bringing the assets to its working condition for its intended use

1.05 Depreciation

The Company depreciates its property, plant and equipment on the Straight Line Method over the useful life in the manner prescnbed in Schedule II lo the Act. and management believe that useful life of assets are same as those prescribed in Schedule II to the Act Depreciation for assets purchased/sold dunng a period is proportionately charged

1.06 Financial Instruments

Financial instruments is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity

I) Financial Assets

i) Initial Recognition and Measurement

All financial assets are initially recognized at fair value Transaction costs that are directly attributable to the acquisition or issue of financial assets, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase and sale of financial assets are recognised using trade date accounting

jj) Subsequent Measurement

a Financial Assets carried at amortised cost (AC)

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset iri order to collecl contractual cash flows and the contractual terms of the financial asset give rise on specified dales to cash flows fhat are solely payments of principal and interest on the principal amount outstanding

b Financial assets affair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding

_c Financial assets at fair value through profit or I033 (FVTPL)

A financial asset which is not classified in any of the above catogones are measured at FVTPL

Hi) Investment in subsidiaries. Associates and Joint Ventures

The Company has accounted for its investments in subsidiaries, associates and joint venture at Fair Market Value During the Previous year, the Company has sold 1,00 00,000 Shares of subsidiary company Zodiac Developers Private Limited held as Investments at Fair Market Valuation of Rs 1 55 por shares done by the Registered Merchant Banker to the promoter and thereby incurred Loss on sale of Investment in subsidiary amounting to Rs 95 00 Lakhs Due to sale of such investments, the Company''s holding in subsidiary company reduced to 42 81% from 50 98% as a result it ceases to be a Holding Company, however, it holds the controlling Interest in subsidiary company Zodiac Developers Private Limited

As per the Fair Maiket Valuations, the Investment in subsidiaries has been tested for an impairment and thereby the Company has made an impairment of Investment in subsidiaries to the extent of Rs 4 97,80,000/ in the previous year and the balance Investment of 5.24 00,000 Shares Investment in subsidiary Company hold by the Company

tv) Other Equity Investments

The Company subsequently measures all equity investments at fair value There are two measurement catogones into which the Company classifies its equity instruments

♦ Investments in equity instruments at FVTPL: Investments in equity instruments are classified as at FVTPL, unless the Company irrevocable elects on initial recognition to present subsequent changes in fair value in other comprehensive income for equity instruments which are not held for trading

♦ Investments in equity instruments at FVTOCt: On initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument basis) to present the subsequent changes in fair value in other comprehensive income. This election is not permitted it equity investment is held for trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the reserve for "equity instruments through other comprehensive income The cumulative gain or loss is not reclassified to Statement of Profit and Loss on disposal of the investments.

v) Impairment of financial assets

In accordance with Ind AS 109, the Company uses Expected Credit Loss'' (ECL) model, tor evaluating impairment of financial assets other than those measured at fair value through profit and loss (FVTPL). As per the Lair Market Valuations, the Investment in subsidiaries has been tested for an impairment in previous year and thereby the Company has made an impairment of Investment in subsidiaries to the extent of Rs 4,97,80,000/- and the balance Investment of 5,24,00,000 Shares Investment in subsidiariy Company hold by the Company.

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

♦The 12-months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date), or

♦Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument)

For trade recoivables Company applies ''simplified approach'' which requires expected lifetime losses to be recognised from initial recognition of the receivables The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analysed

For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit nsk. If there is significant increase in credit risk full lifetime ECL is used

vi) De-recognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de recognition under Ind AS 109. A financial liability (or a part of a financial liability) is de recognized from the Company''s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

II) Financial Liabilities

j) Initial Recognition and Measurement

All Financial Liabilities are recognized at fair value and in case of borrowings, net of directly attnbutable cost. Fee of recurring nature are directly recognized in the Statement of Profit and Loss as finance cosL

H) Subsequent Measurement

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments

1.07 Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to the Profit and Loss Statement in the period in which they are incurred

1.08 Employee Benefits

The Statutory enactments relating to payment of Provident Fund. ESIC and Gratuity to employees are not applicable to the company. The company does not have any scheme for retirement benefits for its employee and as such no provision towards retirement benefits to employees is considered necessary. Short term employee benefits in the form of leave encashment and Bonus is provided on accrual basis.

1.09 Provision for Current and Deferred Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961. Deferred lax resulting from ''timing difference" between taxable and accounting income is accounted for usng the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future

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Mar 31, 2018

SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS NOTE

1:- SIGNIFICANT ACCOUNTING POLICIES

1.01 Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (''Act'') read with of the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act.

These financial statements for the year ended 31st March 2018 are the first financials with comparatives, prepared under Ind AS. For all previous periods including the year ended 31st March, 2017, the Company had prepared its financial statements in accordance with the accounting standards notified under Companies (Accounting Standard) Rule, 2006 (as amended) and other relevant provisions of the Act (hereinafter referred to as ''Previous GAAP'') used for its statutory reporting requirement in India.

The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2016 being the date of transition to Ind AS. These financial statements have been prepared and presented under the historical cost convention, on the accrual basis of accounting except for certain financial assets and liabilities that are measured at fair values at the end of each reporting period, as stated in the accounting policies stated out below. Reconciliations and descriptions of the effect of the transition has been summarized in note 2.19.

1.02 Use of Estimate

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

1.03 Revenue Recognition

Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. The Following specific recognition criteria must also be met before revenue is recognized:-

Professional Fees for rendering architect and liaisoning service is recognized as per the terms of the Arrangement on accrual basis. The Company collects Service Tax/GST on behalf of the Government and, therefore, it is not an economic benefit flowing to the Company. Hence, it is excluded from revenue.

Revenue from interest is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

1.04 Financial Instruments

Financial instruments is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

I) Financial Assets

i} Initial Recognition and Measurement

All financial assets and liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase and sale of financial assets are recognised using trade date accounting.

ii) Subsequent Measurement

a Financial Assets carried at amortised cost (AC)

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. b Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

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

A financial asset which is not classified in any of the above categories are measured at FVTPL.

iii) Investment in subsidiaries. Associates and Joint Ventures

The Company has accounted for its investments in subsidiaries, associates and joint venture at cost.

iv) Other Equity Investments

The Company subsequently measures all equity investments at fair value. There are two measurement categories into which the Company classifies its equity instruments:

Investments in equity instruments at FVTPL: Investments in equity instruments are classified as at FVTPL, unless the Company irrevocable elects on initial recognition to present subsequent changes in fair value in other comprehensive income for equity instruments which are not held for trading.

Investments in equity instruments at FVTOCI: On initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument basis) to present the subsequent changes in fair value in other comprehensive income. This election is not permitted if equity investment is held for trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the reserve for ''equity instruments through other comprehensive income''. The cumulative gain or loss is not reclassified to Statement of Profit and Loss on disposal of the investments.

V) Impairment of financial assets

In accordance with Ind AS 109, the Company uses ''Expected Credit Loss'' (ECL) model, for evaluating impairment of financial assets other than those measured at fair value through profit and loss (FVTPL)

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

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

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

For trade receivables Company applies ''simplified approach'' which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analysed

For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used.

vi) De-recognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition under Ind AS 109. A financial liability (or a part of a financial liability) is de-recognized from the Company''s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

II) Financial Liabilities

j) Initial Recognition and Measurement

All Financial Liabilities are recognized at fair value and in case of borrowings, net of directly attributable cost, Fee of recurring nature are directly recognized in the Statement of Profit and Loss as finance cost.

ii) Subsequent Measurement

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

1.05 Employee Benefits

The Statutory enactments relating to payment of Provident Fund, ESIC and Gratuity to employees are not applicable to the company. The company does not have any scheme for retirement benefits for its employee and as such no provision towards retirement benefits to employees is considered necessary. Short term employee benefits in the form of leave encashment and Bonus is provided on accrual basis.

1.06 Provision for Current and Deferred Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

1.07 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized when the company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

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

Contingent assets are not recognised in the financial statements, however they are disclosed where the inflow of economic benefits is probable. When the realisation of income is virtually certain, then the related asset is no longer a contingent asset and is recognised as an asset.

1.08 Earning Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

1 Og Dividend

Provision is made for the amount of any dividend declared on or before the end of the reporting period but remaining undistributed at the end of the reporting period, where the same has been appropriately authorised and is no longer at the discretion of the entity.

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Mar 31, 2012

1.1 General

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year except as specifically stated otherwise.

1.2 Use of Estimate

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.

1.3 Revenue Recognition

Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. The Following specific recognition criteria must also be met before revenue is recognized:-

Professional Fees for rendering architecture service is recognized on completion of Service and as per the terms of the Arrangement. Brokerage Income is recognized on completion of service. The Company collects service tax on behalf of the Government and, therefore, it is not an economic benefit flowing to the Company. Hence, it is excluded from revenue.

Profit on Sale of Investments is recognized on execution of transfer deed.

Revenue from interest is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

1.4 Provisions and Contingencies

A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.

1.5 Investments

Long-term investments are carried individually at cost less provision for diminution, other than temporary, in the value of such investments.

1.6 Employee Benefits

The Statutory enactments relating to payment of Provident Fund, ESIC and Gratuity to employees are not applicable to the company. The company does not have any scheme for retirement benefits for its employee and as such no provision towards retirement benefits to employees is considered necessary. Short term employee benefits in the form of leave encashment and Bonus is provided on accrual basis.

1.7 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash and cash equivalents comprise cash and cash on deposit with banks and corporations.

1.8 Cash Flow Statements

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.9 Taxes on Income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their reliability.

1.10 Earning Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

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Mar 31, 2011

1 GENERAL

a) The accounts have been prepared on historical cost basis ignoring changes, if any, in the purchasing power of money and on accounting principles of going concern.

b) All revenues and expenses are generally accounted on accrual basis.

c) Accounting policies not specifically referred to otherwise are consistent and are in consonance with generally accepted accounting principles.

2 USE OF ESTIMATE

The preparation of financial statements, in conformity with the generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets & liabilities on the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3 REVENUE RECONGNITION

Profit on Sale of Investments is recognized on contract date/execution of transfer deed.

4 INVESTMENTS

Long term Investments are stated at Cost less any diminution, other than temporary, determined in the opinion of management.

5 EXPENSES

Material known Expenses are provided for on the basis of available information / estimates.

6 EMPLOYEE BENEFITS

The Statutory enactments relating to payment of Provident Fund, ESIC and Gratuity to employees are not applicable to the company. The company does not have any scheme for retirement benefits for its employee and as such no provision towards retirement benefits to employees is considered necessary.

7 TAXES ON INCOME

Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act.

MAT credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the Minimum Alternate Tax (MAT) credit becomes eligible to be recognised as an asset in accordance with the recommendations contained in the Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of credit to the Profit & Loss Account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal Income Tax during the period.

8 EARNING PER SHARE

Basic Earning Per share is calculated by dividing Net Profit Attributable to equity shareholders by weighted average number of equity shares outstanding during the year.

9 PROVISIONS

A provision is recognised when the company has a present obligation as a result of past event & it is probable that an outflow of resources will be required to settle the obligation & in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

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Mar 31, 2010

The accounts are prepared in accordance with the accounting principles generally accepted in India and are in line with the relevant Laws as well as guidelines prescribed by the Department of Company Affairs and the Institute of Chartered Accountants of India.

2. Method Of Accounting

Method of accounting employed by the Company is accrual basis, following the concept of materiality.

3. Investments

Investments are stated at cost. The same being unquoted, the provisions for reduction in market prices as at the end of the year if any. is not made.

4. Taxes on Income:

Taxes on current profits are provided in accordance with the provisions of the Income tax Act. Deferred tax asset on account of brought forward losses under the Income Tax act are not recognized in the financial statement in absence of virtual certainty of the Company making profits to absorb the same in the near future.

5. In the opinion of the Board Current Assets, Loans and Advances as on 31st March 2010. have a value on realisation in the ordinary course of the companys business, which is atleast equal to the amount at which they are stated in the balance sheet.

6. The company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may. probably will not. require outflow of resources. Where there is a possible obligation or a present obligation and the likelihood of outflow pf resources is remote, no provision or disclosure is made.

7. The statutory enactments relating to payment of Provident Fund. E.S.I.C. and Gratuity to employees are not applicable to the company. The company does not have any scheme for retirement benefits for its employee and as such no provision towards retirement benefits to employees is considered necessary.