11. Provisions, Contingent Liabilities and Contingent Assets :

A provision is recognised when the Company has a present obligation as a result of past event and it is probable than an outflow of resources
will be required to settle the obligation, in respect of which the reliable estimate can be made. When a provision is measured using the cash
flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time
value of money is material) 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 adjusted to reflect the current best estimates.

12. Operating Cycle :-

The normal operating cycle in respect of operation relating to under construction real estate project depends on signing of agreement, size
of the project, phasing of the project, type of development, project complexities, approvals needed & realisation of project into cash & cash
equivalents and are in the range of 3 to 7 years. Accordingly, project related assets & liabilities have been classified into current & non¬
current based on operating cycle of the respective projects. All other assets and liabilities have been classified into current and non-current
based on a period of twelve months

13. Trade receivables :-

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less
provision for expected credit loss.

14. Trade and other payables :-

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid.
The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities
unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently
measured at amortised cost using the effective interest method

15. Borrowings :-

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost.
Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the statement of profit and loss
over the period of the borrowings using the effective interest method (EIR). Fees paid on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is
deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down,
the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least
12 months after the reporting period. Where there is a breach of a material provision of a long-term loan arrangement on or before the end
of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the
liability as current, if the lender agreed, after the reporting period and before the approval of the financial statements for issue, not to demand
payment as a consequence of the breach.

16. Dividends :-

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on
or before the end of the reporting period but not distributed at the end of the reporting period

17. Segment Reporting

The Chief Operational Decision Maker (CODM) monitors the operating results of its business segments separately for the purpose of
making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is
measured consistently with profit or loss in the financial statements. The operating segments are identified on the basis of nature of product/
services

18. Recent accounting pronouncements

recent accounting pronouncement: Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has not
notified any new standards or amendments to the existing standards applicable to the Company.

Note 7.1: - No Loans are due from directors or other officer of the Company either severally or jointly with any other person. Nor any loans are
due from firm or any private companies respectively in which any director is a partner, a director or a member other than stated above.

Note 7.2:- The post Shareholder approval for issuance of 13,500 Compulsorily Convertible Debentures (CCD) of Rs. 1000 each aggregating
to Rs.135 lakhs out of the Inter Corporate Deposits (ICD) extended to Group Company, Fibre Box Bombay Private Limited and Company’s
application for the stock exchange for in-principal approval has beed lapsed due to passage of time. As a result, the status of ICD remain the same.

Note 9.1:- Terms, rights & restrictions attached to
a . Equity Shares:-

The Company has only one class of equity shares having a face value of Rs. 10 per share [PY: Rs. 10 per share] . Accordingly, all equity
shares rank equally with regards to dividends & share in the Company’s residual assets. The equity shares are entitled to receive dividend
as declared from time to time. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the
holder of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amount. The
distribution will be in proportion to the number of equity shares held by the shareholders.

b. Preference Shares:-

The company has one class of preference shares having face value of Rs. 100/- each. The preference shares rank ahead of equity shares in
the event of liquidation.

Note 9.5:- Equity shares movement during the 5 years preceding March 31, 2025.

(a) Issued of shares without payment being received in cash:-

During the FY 2019-20 the Compulsorily Convertible Debentures (CCD) holder has opted to convert the CCD’s in to 1,86,112 equity shares
of Rs. 10/- each at a premium of Rs. 57.40/-.

(b) Equity shares issued as bonus:-

In the FY 2019-20, As per Regulation 93 of SEBI (ICDR) Regulation’2009, the Company has allotted 1,86,112 equity shares as bonus
shares to the CCD holder upon conversion of CCD’s.

(c) The Company has not undertaken any buy-back of shares.

Income Tax

AY 2005-06 and 2006-07

The Company was in appeal before Income Tax Appellate Tribunal (ITAT) regarding the re-opening of the Assessments u/s 148 of Income Tax
Act, 1961 for the assessment years. The ITAT has in its order quashed the reopening. The Income Tax Department is yet to give effect to the order
of the ITAT. For AY 2006-07 the Income Tax Department has filed an appeal against the order of the ITAT before the Hon’ble Bombay High Court.
As per the status of the appeal on the website of Hon’ble Bombay High Court, the said appeal was not admitted or withdrawn.

During the year, the company had received the demand under section 143(3) read with section 148 Income Tax Act,1961 for AY 2017-18 of
Rs. 30.73 Lakhs on account of additon under section 43CA of the IT Act,1961. Aggrieved by the order, the Company had filed the appeal with
Commissioner of Income Tax (Appeal) on 01st July 2023 and the appeal is yet to be heard. Company does not expect any probable cash outflow.

Indirect tax

The Company has received the best judgement assessment order for Financial Year 2012-13 with demand of Rs. 99.63 Lakhs by considering the
turnover of Financial Year 2011-12. The Company has filed the appeal against such order by paying the applicable fees and on T2^th September
2024, the matter was heard in favour of the Company & appeal fees paid is yet to be received.

Note No. 25:- Lease

The Company has been operating from the premises owned by relatives of Key Management Personnel. During the year, Company had entered
into formal agreement for payment of rent on the premises occupied by it. The rental payable per annum has been Rs. 2.70/- Lakhs per annum and
applicable taxes. The lease does not have any non-cancellable portion. Tenure of the lease agreement is valid till 31st March 2025.

The Company has elected to use recognition exemption for the lease contract, that at the commencement date , have lease term of l2 months or
less and do not contained purchase option (Short term Lease) and lease contract for underlying assets is of low value (Low-value) assets.

Hence, adoption of Ind As does not have any impact on the profitability of the Company.

Note No. 26:- Segment Reporting

The Company is engaged in Real Estate. The operations of the company do not qualify for reporting as separate business segments as per the
criteria set out under Indian Accounting Standard 108 (IND AS-108) on “Operating Segments”. The Company is operating in India hence there is
no reportable geographic segment. Accordingly no disclosure is required under IND AS - 108.

Note 27:- Disclosure as per Ind AS 115:-

(a) The Company is primarily engaged in the business of construction, development and sale of residential real estate projects. The core
business activities are carried out under various business models likes own development, through joint ventures and joint development and
other suitable arrangements with third parties.

(b) The Company has adopted Ind AS 115 ‘Revenue from Contracts with Customers’ effective 1 April 2018. The Company has elected the
option of the modified retrospective approach and there is no material impact on the measurement of revenue and retained earnings as of 1
April 2018. The presentation of certain contract related balances have been changed for the current year only and the previous year balances
continues to be disclosed as done in the previous year, in compliance with the requirements of Ind AS 115.

As on 31 March 2025, revenue recognised in the current year from performance obligations satisfied/ partially satisfied in the previous year is
INR NIL

Note 28:- Corporate Social Responsibility (CSR) expenditure

As per section 135 of the Companies Act, 2013, company need to spent 2% of its average net profit for the immediately preceding three financial
years on Corporate Social Responsibility (CSR) on fulfilling the criteria given under section 135 (1) of the Companies Act,2013. CSR is not
applicable to the company as company does not fulfil the criteria given.

Financial instrument Disclosure:-

Note 29:- Capital Risk Management

The company’s capital management objectives are:

- to ensure the company’s ability to continue as a going concern

- to maximize the return to stakeholders through the optimization of the debt and equity balance

The company monitors capital on the basis of the carrying amount of equity as presented on the face of the statement of financial position. The
company sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. The company manages the
capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

I) Market Risk

Market risk is 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 three types of risk: currency risk, interest rate risk and other price risk such as equity price risk and commodity price risk. The
objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Future specific market movements cannot be normally predicted with reasonable accuracy.

Currency risk: The Company does not have material foreign currency transactions. The company is not exposed to risk of change in foreign
currency.

Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest
rates. The Company’s fixed rate borrowings are not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the
future cash flows will fluctuate because of a change in market interest rates.

Profit or loss is sensitive to higher/lower interest expense from variable rate borrowings as a result of changes in interest rates. The company has
borrowed the fund at fixed rate of interest and thus there is no risk of interest rates fluctuating.

Other price risk:

The Company is not exposed to equity price risks arising from equity investments. Equity investments are held for strategic rather than
trading purposes. The Company does not actively trade these investments.

II) Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or
obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration
of risks. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been
granted after obtaining necessary approvals for credit.

Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, unbilled revenue, investments,
derivative financial instruments, cash and cash equivalents, bank deposits and other financial assets. None of the financial instruments of
the Company result in material concentration of credit risk.

Credit Risk management :-

The Company assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and
factors specific to the class of financial assets.

A: Low credit risk

B: High credit risk

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter party fails to make
payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss experience and considering
differences between current and historical economic conditions. Assets are written off when there is no reasonable expectation of recovery, such
as a debtor declaring bankruptcy or a litigation decided against the Company. The Company continues to engage with parties whose balances are
written off and attempts to enforce repayment. Recoveries made are recognised in statement of profit and loss.

III) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain
sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the
maturity profiles of financial assets and liabilities.

Note 30:- Joint venture

a) The company was hitherto jointly developing an area admeasuring 2,159 sq. mtrs of slum property with Mr. Vaibhav Kokate. Company has
entered into a partnership with Mr. Vaibhav Kokate in a firm named Shree Swami Samarth Builders and Developers (SSSBD) wherein the
company has contributed to 50% of the capital to the partnership.

b) By virtue of a registered deed the company has transferred development rights pertaining to 2,159 sq. mtrs owned by it to the partnership
firm SSSBD. Mr. Vaibhav Kokate has also transferred land belonging to him into the partnership. In lieu of the company transferring the
development rights it would be entitled to a percentage of the saleable area post the merger of the two land parcels which would be delivered
to the company post obtaining the Occupation Certificate by SSSBD.

c) Further the company is entitled to 37.50% share in the profits of the firm SSSBD less what it would have received during the pendency of
the project.

Note 31A:- Related Party Transaction

List of Related Parties and Transactions during the year as per Ind AS-24 “Related Party Disclosures”
a) Associates

1. Marathon Realty Private Ltd

2. Shree Swami Samarth Builders & Developers (Partnership Firm)

3. Fibre Box Bombay Private Ltd

Note 32:- Other Significant Notes:-

i Pending litigations:- The Company’s pending litigations comprise of claims by or against the Company primarily by the suppliers and
proceedings pending with tax and other government authorities. The Company has reviewed its pending litigations and proceedings and has
adequately provided for where Provisions are required and disclosed the contingent liabilities where applicable, in its financial statements.
The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. In respect of
litigations, where the management assessment of a financial outflow is probable, the Company has made adequate provision in the financial
statements and appropriate disclosure for contingent liabilities is given in Note 24.

ii Foreseeable Losses:- The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses.
At the year end, the Company has reviewed and ensured that adequate provision as required under any law/accounting standards for
material foreseeable losses on such long term contracts has been made in the books of account. There are no derivatives.

iii Previous Year’s figure have been regrouped/rearranged, wherever necessary.

iv In the opinion of the Management of the company, all current assets appearing in the Balance Sheet as at March 31, 2025 have a value on
realisation in the ordinary course of the Company’s business at least equal to the amount at which they are stated in the Balance Sheet.

v Balance of trade receivables, other receivable, trade payables and loans and advances are subject to confirmation from respective parties
and reconciliation, if any.

vi The share of profit / (loss) in the Firm is accounted in the books of the Company as and when the same is credited / debited to the Partners’
Capital Account.

Note 33:- Additional regulatory information

i The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property

ii The Company do not have any transactions with companies struck off.

iii The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period

iv The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

v The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries)
with the understanding that the Intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

vi The Company have 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:-

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

vii The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the
Income Tax Act, 1961

In terms of our report attached For and on behalf of the Board of Directors

For Bipin B. Shah & Co.

Chartered Accountants

(ICAI Firm’s Registration No. 101511W) Chetan R Shah Nilesh Dand

Director Director, CEO & CFO

(DIN:- 00135296) (DIN:- 00199785)

Bipin B. Shah Parmeet Shah

Proprietor Whole Time Director

Membership No. 013191 (DIN:- 03362384)

Place :- Mumbai Place :- Mumbai

Date:- 26th May, 2025 Date:- 26th May, 2025