29.1.1 (a) It is not practicable for the Company to estimate the timing of cash outflows, if any, pending resolution of the respective proceedings.

(b) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(c) The Company believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company's financial position and
results of operations.

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

32.3 For Financial assets and liabilities that are measured at fair value, the carrying amounts are equal to their fair values.

32.4 The fair value of the financial assets and financial liabilities is included at the amount at which the instruments could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale.

32.5 The following methods and assumptions were used to estimate the fair values:

32.5.1 The securities being listed, the fair value has been taken at the market rates of the same as on the reporting dates. They are classified as Level 1 fair values
in fair value hierarchy.

32.5.2 The fair values for loans, security deposits approximates their carrying amounts. They are classified as Level 3 fair values in the fair value hierarchy due to the
inclusion of unobservable inputs including counterparty credit risks, which has been assessed to be insignificant.

33 Fair Value Hierarchy

The following are the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognized and measured at fair
value and (b) measured at amortized cost and for which fair value are disclosed in the financial statements. To provide an indication about the reliability of the
inputs used in determining fair value, the Company has classified its financial instruments into the three levels of fair value measurement as prescribed under
the Ind AS 113 "Fair Value Measurement". An explanation of each level follows underneath the tables.

33.3 Explanation to the fair value hierarchy

The Company measures financial instruments, such as, quoted investments at fair value at each reporting date. Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and liabilities for which
fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level
input that is significant to the fair value measurement as a whole:

33.3.1 Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted

price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting
period.

33.3.2 Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the

use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an
instrument are observable, the instrument is included in level 2.

33.3.3 Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for

unlisted equity securities, contingent consideration included in level 3.

34 Financial Risk Management

Interest rate risk arises from the sensitivity of financial assets and liabilities to changes in market rates of interest. As at March 31, 2024, none of the
Company's Borrowings are at fluctuating rate of interest (Previous year: Nil)

34.1 Credit Risk

Credit risk is the risk that a 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 deposits with banks,
foreign exchange transactions and other financial instruments.

Trade receivables

Refer Note 8 for ageing analysis.

34.2 Liquidity Risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses.
The Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its
liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including term loans, debt and overdraft from
domestic banks at an optimised cost.

34.3 Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected
by market risk include borrowings, deposits, trade and other receivables, trade and other payables.

34.3.1 Interest Rate Risk

The Company is exposed to risk due to interest rate fluctuation, on the following:
a Interest rate risk arises from the sensitivity of financial assets and liabilities to changes in market rates of interest.

b As at March 31, 2024, none of the Company's Borrowings are at fluctuating rate of interest (Previous year: Nil)

35 Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of
the Company. The primary objective of the Company's capital management is to ensure that it maintains an efficient capital structure and healthy capital
ratios in order to support its business and maximise shareholder value.

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached
to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to
immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current
period.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2024 and March 31, 2023.

Loan covenants

Under the terms of the major borrowing facilities, the Company has complied with the required financial covenants through out the reporting periods.

36 Segment Reporting

36.1 Primary Segment

The Company is primarily engaged in the business of trading of Real Estate materials, which in the context of Indian Accounting Standard 108 'Operating
Segment', constitutes a single reportable primary business segment.

36.2 Secondary Segment

The risk and returns of the Company are not influenced by geographical location of its operations or location of its customers. Both are situated in India.

37 Other Notes:

a Utilisation of borrowed funds

During the year ended March 31, 2024, and March 31, 2023, the Company has not advanced or loaned or invested funds (either borrowed funds or share
premium or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing
or otherwise) that the Intermediary shall:

i) 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

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

Further, during the year ended March 31, 2024, and March 31, 2023, the Company has not received any fund from any person(s) or entity(ies), including
foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or

ii) provide any guarantee, security, or the like on behalf of the ultimate beneficiaries.
b Details of crypto currency or virtual currency

The Company has not invested or traded in Crypto Currency or Virtual Currency during the year ended March 31, 2024 (PY: Nil)

c Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Prohibition of Benami Property Transactions
Act, 1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder during the year ended
March 31, 2024 (PY: Nil).

d Willful Defaulter

The Company has not been declared Willful Defaulter by any bank or financial institution or government or any government authority during the year ended
March 31, 2024 (PY: Nil).

e Undisclosed Income

The Company has not surrendered or disclosed as income any transactions not recorded in the books of accounts in the course of tax assessments under the
Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961) during the year ended March 31, 2024 (PY:
Nil).

f Relationship with struck off companies

The Company does not have any transactions with the companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies
Act, 1956 during the year ended March 31, 2024 (PY: Nil)

g Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of
Layers) Rules, 2017.

h Compliance with approved Scheme(s) of Arrangements

The Company has entered into an scheme of arrangement as disclosed in note 43. The accounting effect of such scheme has been accounted for in the books
of account of the Company in accordance with "the Scheme" and Ind AS.

i Valuation of Property, Plant and Equipments, right-of-use assets and intangible asset

The Company has not revalued its Property, Plant and Equipments, right-of-use assets and intangible asset during the current or previous year.

38 The shareholders of the Company have approved the program of initiating a pre-packaged Insolvency resolution process under section 54 read with section
10 of the Insolvency and Bankruptcy Code, 2016 as amended vide the Insolvency, and Bankruptcy Code (Amendment) Ordinance, 2021 dated April 26, 2021,
through special resolution in the extraordinary general meeting held on May 27, 2021. The National Company Law Tribunal, Ahmedabad has passed an order
approving the Resolution Plan on September 05, 2023. Pursuant to the order, the Company is in the process of completing statutory, financial and operational
formalities including amalgamation.

39 The Code of Social Security, 2020 ('Code') has been notified in the Official Gazette of India on September 29, 2020, which could impact the contributions of
the Company towards certain employment benefits. The effective date from which changes are applicable is yet to be notified. Impact, if any, of the change
will be assessed and accounted in the period of notification of the relevant provisions.

40 Events occurring after the reporting period

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the approval of financial statements to
determine the necessity for recognition and/or reporting of subsequent events and transactions in the financial statements. As of May 15, 2024, there were no
subsequent events and transactions to be recognized or reported that are not already disclosed.

41 Material regroupings

Appropriate adjustments have been made in the statements of assets and liabilities, statement of profit and loss and cash flows, wherever required, by a
reclassification of the corresponding items of income, expenses, assets, liabilities and cash flows in order to bring them in line with the groupings as per the
audited financials of the Company as at March 31, 2024.

In terms of our report attached

For Sorab S. Engineer & Co. For GCCL Infrastructure & Projects Limited

Chartered Accountants

Firm Registration No. 110417W

Sd/- Sd/- Sd/-

CA. Chokshi Shreyas B. Amam Shah Priyank Jhaveri

Partner Director, CEO Director

Membership No. 100892 DIN: 01617245 DIN: 02626740

Ahmedabad

May 15, 2024