1.10 Provisions, Contingent Liabilities and Contingent Assets, legal or constructive

(i) Provisions are recognised when there is a present obligation as a result of a past event and it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of
the obligation. Provisions are measured at the present value of management's best estimate of the expenditure required to settle
the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate
that reflects current market assessments of the time value of money and the risk specific to the liability. The increase in the
provision due to the passage of time is recognised as interest expense.

(ii) A disclosure for contingent liabilities is made 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 or a reliable estimate of the amount cannot be made. When there is a possible obligation or a
present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made.

(iii) Contingent Assets are not recognised but are disclosed when an inflow of economic benefits is probable.

1.11 Employee Benefits

(i) Short term Employee benefits are accrued in the year services are rendered by the employees.

(ii) Contribution to defined contribution plans such as Provident Fund etc. is being made in accordance with the statute and are
recognized as and when incurred. Contribution to defined benefit plans consisting of contribution to gratuity are determined at
close of the year at present value of the amount payable using actuarial valuation techniques. Actuarial gain and losses arising
from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income. Other costs
recognised in the Statement of Profit or Loss.

(iii) Other long term employee benefits consisting of Leave encashment are determined at close of the year at present value of
the amount payable using actuarial valuation techniques. The changes in the amount payable including actuarial gain or loss are
recognised in the Statement of Profit or Loss.

1.12 Taxes on Income

Income Tax expenses comprise current tax and deferred tax charge or credit.

(i) Current Tax

Current tax is measured on the basis of estimated taxable income for the current accounting period in accordance with the
applicable tax rates and the provisions of the Income Tax Act, 1961 and other applicable tax laws.

(ii) Deferred Tax

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

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the corresponding amounts used for taxation purposes (i.e., tax base). Deferred tax is also recognized for
carry forward of unused tax losses and unused tax credits.

Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period. The Company reduces the carrying
amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow
the benefit of part or that entire deferred tax asset to be utilized. Any such reduction is reversed to the extent that it becomes
probable that sufficient taxable profit will be available.

Deferred tax relating to items recognized outside the Statement of Profit and Loss is recognized either in other comprehensive
income or in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its
current tax assets and liabilities on a net basis.

1.13 Investment Property
Recognition

Investment property shall be recognised as an asset when, and only when: (a) it is probable that the future economic benefits
that are associated with the investment property will flow to the entity; and (b) the cost of the investment property can be
measured reliably.

Depreciation on Investment Property is provided under the straight line method on the rates as per the useful life prescribed as
per Schedule II of the Companies Act, 2013.

Measurement at recognition

An investment property shall be measured initially at its cost. Transaction costs shall be included in the initial measurement. The
cost of a purchased investment property comprises its purchase price and any directly attributable expenditure. Directly
attributable expenditure includes, for example, professional fees for legal services, property transfer taxes and other transaction
costs.

Measurement after recognition

After initial recognition, an entity shall measure all of its investment properties in accordance with Ind AS 16's requirements for
cost model, other than those that meet the criteria to be classified as held for sale (or are included in a disposal group that is
classified as held for sale) in accordance with Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations.

Transfers

An entity shall transfer a property to, or from, investment property when, and only when, there is a change in use. A change in
use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the
change in use. In isolation, a change in management's intentions for the use of a property does not provide evidence of a change
in use.

Disposals

An investment property shall be derecognised (eliminated from the balance sheet) on disposal or when the investment property
is permanently withdrawn from use and no future economic benefits are expected from its disposal. Gains or losses arising from
the retirement or disposal of investment property shall be determined as the difference between the net disposal proceeds and
the carrying amount of the asset and shall be recognised in profit or loss in the period of the retirement or disposal.

1.14 Statement of Cash Flows

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non¬
cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses
associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company
are segregated. The Company considers all highly liquid investments that are readily convertible to known amounts of cash to be
cash equivalents.

1.15 Earnings per Share

Basic Earnings per share (EPS) amounts are calculated by dividing the profit for the year attributable to equity holders by the
weighted average number of equity shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit
attributable to equity holders adjusted for the effects of potential equity shares by the weighted average number of equity shares
outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the
dilutive potential equity shares into equity shares.

1.16 Critical estimates and judgements

The Company makes estimates and assumptions that affect the amounts recognised in the Standalone Ind AS financial
statements, and the carrying amounts of assets and liabilities within the next financial year. Estimates and judgements are
continually evaluated and are based on management's experience and other factors, including expectations of future events that
are believed to be reasonable under the circumstances. Management also makes certain judgements, apart from those involving
estimations, in the process of applying the accounting policies. Judgements that have most significant effect on the amount
recognised in the Standalone Ind AS financial statements and estimates that can cause a significant adjustment to the carrying
amount of assets and liabilities within the next financial year include the following:

Estimation of fair value of unlisted investment

The fair value of financial instrument that are not traded in an active market is determined using valuation techniques. The
Company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions
existing at the end of each reporting period and also for, details of key assumptions used and the impact of changes to these
assumptions.

Current Tax

Current tax is measured on the basis of estimated taxable income for the current accounting period in accordance with the
applicable tax rates and the provisions of the Income Tax Act, 1961.

Deferred Tax

The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits
will be available in the future against which the reversal of temporary differences can be deducted. To determine the future
taxable profits, reference is made to the latest available profit forecasts. Where the temporary differences are related to losses,
relevant tax law is considered to determine the availability of the losses to offset against the future taxable profits. Recognition
therefore involves judgement regarding the future financial performance of the Company.

Provisions and Contingencies

Provisions and contingencies are based on Management's best estimate of the liabilities based on the facts known at the balance
sheet date.

d) Terms of issue of equity shares

The Company has only one class of shares referred to as equity shares having a par value of Rs 10. Each holder of equity share is entitled to one vote per share. In the event of
liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amount, in proportion to their shareholding.

e) No shares have been reserved for issue under options and contracts / commitments for the sale of shares/dfsinvestment as at the Balance Sheet date.

f) The Company has not allotted any shares as fully paid up pursuant to contract(s) without payment being received in cash or by way of fully paid bonus shares nor has bought back any
shares during the period of five years immediately preceeding the date at which the Balance Sheet is prepared.

g) No convertible securities have been issued by the Company during the year.

h) No calls are unpaid by any Director and Officer of the Company during the year.

i) The Company has not forfeited any shares.

23 ACCOUNTING FOR TAXES ON INCOME

Provision for Tax is made for current and deferred taxes.

Income tax expense is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive
income, in which case it is recognised directly in equity or other comprehensive income.

Current income tax for current period is provided on the taxable income and recognized at the amount expected to be paid to or recovered from the tax
authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Taxable Income differs from 'profit
before tax' as reported in the statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that
are never taxable or deductible. Current tax assets and liabilities are set off and presented as net.

Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is measured at the tax rates that have been enacted or
substantively enacted.

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation of the provision
for income taxes.

The Company has significant amount of unused tax credits, since availability of future taxable income is not certain, no provision for deferred tax assets has
been made under IND AS 12 ¹ Income Taxes'.

24 DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS PER MSMED ACT 2006

The Company has circulated confirmation for the identification of suppliers registered under the Micro, Small and Medium Enterprises Development Act,
2006. On the basis of information available with the Company under the aforesaid Act, there are no Enterprises to whom the Company owes dues which are
outstanding at year end. This has been relied upon by the Auditors.

25 VALUATION OF CURRENT ASSETS, LOANS & ADVANCES

In the opinion of the management, current assets, loans and advances have the value at which these are stated in the Balance Sheet, unless otherwise stated,
and adequate provisions for all known liabilities have made and are not in excess of the amount reasonably required.

B. Financial Risk Management

The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company continues to focus on a
system-based approach to business risk management. The Company's financial risk management process seeks to enable the early identification, evaluation
and effective management of key risks facing the business. Backed by strong internal control systems, the current Risk Management System rests on policies
and procedures issued by appropriate authorities; process of regular reviews / audits to set appropriate risk limits and controls; monitoring of such risks and
compliance confirmation for the same.

(i) Market Risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change in the price of a financial
instrument. The value of a financial instrument may change as a result of changes in interest rates, foreign currency exchange rates, equity price fluctuations,
liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

Foreign currency risk

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate due to changes in foreign exchange rates. Currently the
Company does not have any foreign currency exposure.

Interest rate risk

The main business of the Company is trading in goods and shares and investment in mutual funds, shares and securitires. These activities expose us to interest
rate risk.

Equity Price Risk

Equity price risk is related to change in market reference price of investments and stocks in equity securities held by the Company.

The fair value of quoted investments held by the Company exposes the Company to equity price risks. In general, few of these investments are not held for
trading purposes. The fair value of quoted investments in equity, classified as fair value through other comprehensive income as at March 31, 2024 and March
31, 2023 was Rs. Nil and Rs. 153.44 Lakhs, respectively and classified as fair value through profit & Loss as at March 31, 2024 and March 31, 2023 was Rs.
0.08 Lakhs and Rs. 35.99 Lakhs, respectively.

A 10% change in equity prices of such securities held as at March 31, 2024 and March 31, 2023 would result in an impact of Rs. Nil and Rs. 18.94 Lakhs
respectively on equity before considering tax impact (cumulatively).

(ii) Liquidity Risk

Liquidity risk is the risk than an entity will encounter difficulty in meeting obligation associated with financial liabilities that are settled by deliverying cash or
other financial assets. The Company mitigates its liquidity risks by ensuring timely collections of its receivables and close monitoring of its credit cycle.

(iii) Credit Risk

Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to the contractual terms or obligations. Credit risk
encompasses both the direct risk of default and the risk of deterioration of credit worthiness as well as concentration risks.

Financial instruments that are subject to credit risk and concentration thereof principally consist of rent receivables, loans receivables, investments in equity
and preference share and mutual funds and other financial assets. None of the financial instruments of the Company result in material concentration of credit
risk except some loans made by the company and against which sufficient provision for expected credit loss has been provided.

The carrying value of financial assets represents the credit risk. The exposure to credit risk was Rs. 5.68 crores and Rs. 10.59 crores as at March 31, 2024 and
March 31, 2023 respectively, being the total carrying value of rent receivables, loans receivables, investments in equity and preference share and mutual
funds and other financial assets.

(iv) Expected Credit Loss

Ind AS 109 outlines a 'three stages' model for impairment based on changes in credit quality since initial recognition as summarized below. The objective of
the impairment requirements is to recognize life time expected credit loss (ECLs) on all financial instrument for which there have been significant increases in
credit risk since initial recognition - whether assessed on an individual or collective basis.

At the reporting date, an allowance (or provision for loan and advances) is required on stage 1 assets at 12 month ECLs. If the credit risk has significantly
increased since initial recognition (Stage 1), an allowance (or provision) should be recognised for the lifetime ECLs for financial instruments for which the
credit risk has increased significantly since initial recognition (Stage 2) or which are credit impaired (Stage 3).

The measurement of ECL is calculated using three main components:

(i) Probability of Default (PD)

(ii) Loss Given Default (LGD) and

(iii) the Exposure At Default (EAD).

The 12 month ECL is calculated by multiplying the 12 month PD, LGD and the EAD.

The 12 month and lifetime PDs represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively.

The EAD represents the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the default
event together with any expected drawdowns of committed facilities.

The LGD represents expected losses on the EAD given the event of default, taking into account, among other attributes, the mitigating effect of collateral
value at the time it is expected to be realised and the time value of money.

Probalility of default represents the likelihood of a borrower defaulting on its financial obligation either over the next 12 months (12M PD) or over the
remaining lifetime (Lifetime PD) of the obligation.

Exposure at Default (EAD) is the total amount of an asset the entity is exposed to at the time of default. EAD is define based on the characteristics of the
assets. EAD is dependent on the outstanding exposure of an assets sanctioned amount of loan and credit conversion factor for non-funded exposure.

Loan Given Default (LGD) it is part of an assets which is lost provided the assets default. The recovery rate is derive as a ratio of discounted value of recovery
cash flow (incorporating the recovery time) to total exposure of amount at the time of default.

The Company assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. Exposures are considered to
have resulted in a significant increase in credit risk and are moved to Stage 2 when:

i. Quantitative test: Accounts that are 30 calendar days or more past due move to Stage 2 automatically. Accounts that are 90 calendar days or more past due
move to Stage 3 automatically.

ii. Qualitative test: Accounts that meet the portfolio's 'high risk' criteria and are subject to closer credit monitoring. High risk customers may not be in arrears
but either through an event or an observed behaviour exhibit credit distress.

iii. Reversal in Stages: Exposures will move back to Stage 2 or Stage 1 respectively, once they no longer meet the quantitative criteria set out above. For
exposures classified using the qualitative test, when they no longer meet the criteria for a significant increase in credit risk and when any cure criteria used for
credit risk management are met.

The definition of default for the purpose of determining ECLs has been aligned to the RBI definition of default, which considers indicators that the debtor is
unlikely to pay and is no later than when the exposure is more than 90 days past due.

28 Additional Disclosures

(a) During the year, the company has granted loans to related parties (as defined under Companies Act, 2013) which are repayable
on demand. The Company has not granted any Loans or Advances in the nature of loans which are either repayable on demand or
without specifying any terms or period of repayment to promoters, directors and KMPs either severally or jointly with any other
person.

(b) No proceedings have been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder, the company for the financial year 2023-24.

(c) The Company has not taken any borrowings from banks or financial institutions on the basis of security of current assets during
the financial year ended 31.03.2024.

(d) The Company is not declared as wilful defaulter by any Bank or Financial Institution or other lender.

(e) The Company has not entered into any transactions with companies which are struck off under section 248 of the Companies
Act, 2013 or section 560 of Companies Act, 1956 during the financial year ended on 31.03.2024.

(f) During the year Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other
sources 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.

(g) During the year, 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.

(h) The Company does not have any transaction relating to earlier years that has been surrendered or disclosed as income during
the year in the tax assessments under the Income tax Act, 1961 and also there are no such previously unrecorded income and
related assets relating to earlier years which have been recorded in the books of account during the year.

(i) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(j) Section 135 of the Companies Act, 2013 read with respective rules in relation to Corporate Social Responsibility is not applicable
to the Company under the said Section/Rule.

29 On the basis of physical verification of assets and cash generation capacity of those assets, in the management perception, there is
no impairment of assets as on 31st March, 2024.

30 Previous year figures have been reclassified wherever appropriate to confirm to current year's presentation.

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

For NKSJ & Associates

Chartered Accountants _

Firm Registration No. 329563E Suchita Chhawchharia

(DIN-00044063)

L Directors

Aritra Basu I

(DIN-06779222) ^J

CA Sneha Jain

Partner

M. No. 234454 Shiv Shankar Sharma CFO

UDIN: 24234454BKCISV2426

Kolkata

Dated the 30th May,2024. Radhika Mayaramka Company Secretary