Annexure-C

PALIWAL REAL ESTATE

LIMITED

FINANCIAL STATEMENT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2023
TOGETHER WITH INDEPENDENT AUDITORS’ REPORT
 67, Institutional Area
S.R. BATLIBOI & Co. LLP Sector 44, Gurugram - 122 003
Haryana, India
Chartered Accountants
Tel: +91124 681 6000

INDEPENDENT AUDITOR'S REPORT

To the Members of Paliwal Real Estate Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Paliwal Real Estate Limited ("the Company"), which
comprise the Balance sheet as at March 31, 2024, the Statement of Profit and Loss, including the statement of
Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then
ended, and notes to the financial statements, including a summary of material accounting policies and other
explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Companies Act, 2013, as amended ("the Act") in the
manner so required and give a true and fair view in conformity with the accounting principles generally accepted
in India, of the state of affairs of the Company as at March 3 I, 2024, its profit including other comprehensive
income, its cash tlows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as
specified under section 143( I 0) of the Act. Our responsibilities under those Standards are further described in the
'Auditor's Responsibilities for the Audit of the Financial Statements' section of our report. We are independent
of the Company in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the financial statements under the provisions
of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial statements.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the
information included in the Director's report, but does not include the financial statements and our auditor's report
thereon .

Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and , in
doing so, consider whether such other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated.

The Director's report is not made available to us at the date of this auditor's report. We have nothing to report in
this regard.

SR . Ba tl ibo r & Co LLP, a Limit e d Liab ilit y P artnership with LLP Id e ntity No AAB·4 294
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S.R. BATLIBOI & Co. LLP
Chartered Accountants

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect
to the preparation of these financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards
(Ind AS) specified under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015,
as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and the design , implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

Those Charged with Governance are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls with reference to financial
statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
rel ated disclosures made by management.

Conclude on the appropriateness of man agement' s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company's ability to continue as a going concern. lfwe conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion . Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
S.R. BATLIBOI & Co. LLP
Chartered Accountants

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (I I) of section 143 of the Act, we give in the "Annexure I" a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report, to the extent applicable, that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books except for the matters stated in the paragraph 2(i)(vi) below
on reporting under Rule 11 (g);

( c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive
Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account;

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015 as amended;

(e) On the basis of the written representations received from the directors as on March 31, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being
appointed as a director in terms of Section 164 (2) of the Act;

(t) With respect to the adequacy of the internal financial controls with reference to financial statements and
the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;

(g) The Company has not paid or provided for any managerial remuneration during the year. Accordingly,
the provisions of section 197 read with Schedule V of the Act are not applicable to the Company for the
year ended March 3 I, 2024;

(h) The modification relating to the maintenance of accounts and other matters connected therewith are as
stated in the paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(i)(vi) below on
reporting under Rule 11 (g);

(i) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our
information and according to the explanations given to us:

1. The Company has disclosed the impact of pending litigations on its financial position in its financial
statements - Refer Note 39 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses;
S.R. BATLIBOI & Co. LLP
Chartered Accountants

111. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

1v. a) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in Note 50(v) to the financial statements, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds) by
the Company to or in any other persons or entities, including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the lntermediaiy shall,
whether, 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 provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in Note 50(vi) to the financial statements, no funds have been received by the Company
from any persons or entities, including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, whether, 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 provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and

c) Based on such audit procedures performed that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) contain any material misstatement.

v. No dividend has been declared or paid during the year by the Company.

vi . Based on our examination which included test checks, and as explained in Note 49 to the financial
statements, the Company has used an accounting software which is operated by a third-party
software service provider, for maintaining its books of account. In the absence of Service
Organisation Controls report (SOC I type 2 report), we are unable to comment on the compliance
of the audit trail related requirements as prescribed under Rule 11 (g) of Companies (Audit and
Auditors) Rule, 2014.

For S.R. Batliboi & Co. LLP

Chatiered Accountants
!CAI Firm Registration Number: 30 I 003E/E300005

per Amit G , pht

Partner
Membership Number: 501396
UDIN: 2450 I 396BKFZOU6008

Place of Signature: Gurugram

Date: May 03, 2024
S.R. BATLIBOI & Co. LLP
Chartered Accountants

Annexure 1 referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirement' section
of our report of even date

Re: Paliwal Real Estate Limited ("the Company")

In terms of the information and explanations sought by us and given by the company and the books of
account and records examined by us in the normal course of audit and to the best of our knowledge and
belief, we state that:

i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details
and situation of property, plant and equipment and investment property.

(8) The Company has not capitalized any intangible assets in the books of the Company and accordingly,
the requirement to report on clause 3(i)(a)(B) of the Order is not applicable to the Company.

(b) Property, Plant and Equipment and Investment property has been physically verified by the management
during the year and no material discrepancies were identified on such verification.

(c) Lease deed of Leasehold Land and buildings thereon included in Investment Property are pledged with
the lender as security for securing long-term borrowings availed by the Company and are not available with
the Company. The same has been confirmed by the lender at the year end.

( d) The Company has not revalued its Property, Plant and Equipment during the year ended March 31, 2024.

(e) There are no proceedings initiated or are pending against the Company for holding any benami property
under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the
year. In our opinion the coverage and the procedure of such verification by the management is appropriate.
No material discrepancies were noticed on such physical verification.

(b) The Company has not been sanctioned working capital limits in excess oft five crores in aggregate from
banks or financial institutions during any point of time of the year on the basis of security of current assets.
Accordingly, the requirement to report on clause 3(ii)(b) of the Order is not applicable to the Company.

iii) (a)During the year, the Company has not provided loans, advances in the nature of loans, stood guarantee or
provided security to companies, firms, limited liability partnerships or any other parties. Accordingly, the
requirement to report on clause 3(iii)(a) of the Order is not applicable to the Company.

(b)During the year, the Company has not made investments, provided guarantees, provided security and
granted loans and advances in the nature of loans to companies, firms, limited liability partnerships or any
other parties. Accordingly, the requirement to report on clause 3(iii)(b) of the Order is not applicable to the
Company.

(c) The Company has not granted loans and advances in the nature of loans to companies, firms, Limited
Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(c) of the
Order is not applicable to the Company.

(d) The Company has not granted loans and advances in the nature of loans to companies, firms, Limited
Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(d) of the
Order is not applicable to the Company.

(e) There were no loans or advance in the nature of loan granted to companies, firms, Limited Liability
Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(e) of the Order is
not applicable to the Company.
S.R. BATLIBOI & Co. LLP
Chartered Accountants

(f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand
or without specifying any terms or period of repayment to companies, firms, Limited Liability Partnerships
or any other paities. Accordingly, the requirement to report on clause 3(iii)(t) of the Order is not applicable
Lu Lht: Cumpa11y.

iv) There are no loans, investments, guarantees and security in respect of which provisions of sections 185 and
186 of the Companies Act, 2013 are applicable and accordingly, the requirement to report on clause 3(iv) of
the Order is not applicable to the Company.

v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed
to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder,
to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable
to the Company.

vi) The Central Government has not specified the maintenance of cost records under section 148( I) of the
Companies Act, 2013, for the products/services of the Company.

vii) (a) The Company is regular in depositing with appropriate authorities undisputed statuto1y dues including
goods and services tax, income-tax, cess and other statutory dues applicable to it. According to the
information and explanations given to us and based on audit procedures performed by us, no undisputed
amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more
than six months from the date they became payable.

The provision relating to provident fund, employees state insurance, sales - tax, service tax, value added
tax, duty of excise and duty of customs are not applicable to the Company.

(b) There are no dues of goods and services tax, income tax, cess and other statutory dues which have not
been deposited on account of any dispute. The provision relating to provident fund, employees state
insurance, sales - tax, service tax, value added tax, duty of excise and duty of customs are not applicable to
the Company.

viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of
account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly,
the requirement to repmt on clause 3(viii) of the Order is not applicable to the Company.

ix) (a) Loans amounting to ~ 36,517.00 lacs are repayable on demand and such loans thereon have not been
demanded for repayment during the relevant financial year. The Company has not defaulted in repayment
of other bon-owings or payment of interest thereon to any lender, including the interest payable on loans
repayable on demand.

(b)The Company has not been declared wilful defaulter by any bank or financial institution or government
or any government authority.

(c) The Company has not obtained and utilized term loans during the year hence, the requirement to report
on clause (ix)(c) of the Order is not applicable to the Company.

(d) On an overall examination of the financial statements of the Company, the Company has used funds
raised on sho1t-term basis in the form of loans repayable on demand taken from related parties and other
current liabilities aggregating to~ 53,466.43 lacs (excluding current maturities oflong-term borrowings) for
long-term purposes representing acquisition of investment property, Investment property under
development, other assets and repayment of long term bank loans.

(e) The Company does not have any subsidiary, associate or joint venture. According ly, the requirement to
report on clause 3(ix)(e) of the Order is not applicable to the Company.
S.R. BArL1B01 & Co. LLP
Chartered Accountants

(t) The Company does not have any subsidiary, associate or joint venture. Accordingly, the requirement to
report on Clause 3(ix)(t) of the Order is not applicable to the Company.

x) (a) The Company has not raised any money tluring Lhe year by way of initial public offer/further public offer
(including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable
to the Company.

(b) The Company has not made any preferential allotment or private placement of shares /fully or partially
or optionally conve1tible debentures during the year under audit and hence, the requirement to report on
clause 3(x)(b) of the Order is not applicable to the Company.

xi) (a) No material fraud by the Company or no material fraud on the Company has been noticed or reported
during the year.

(b)During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been
filed by secretarial auditor or by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received by the
Company during the year.

xii) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013 . Therefore, the
requirement to rep01t on clause 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.

xiii) Transactions with the related parties are in compliance with section 188 of the Companies, Act, 2013 where
applicable and the details have been disclosed in the notes to the financial statements, as required by the
applicable accounting standards. The provisions of section 177 are not applicable to the company and
accordingly the requirement to report under clause 3(xiii) of the ortler in so fur as il relates to section 177 of
the Act is not applicable to th e Company .

xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.

(b) The internal audit reports of the Company issued till the date of the audit report, for the period under
audit have been considered by us.

xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its
directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to
the Company. Accordingly , the requirement to report on clause 3(xvi)(a) of the Order is not applicable to
the Company .

(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly,
the requirement to report on clause 3(xvi)(b) of the Order is not applicable to the Company

(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank
of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the
Company.

(d) There is no Core Investment Company as a part of the Group, hence, the requirement to report on clause
3(xvi)(d) of the Order is not applicable to the Company.

xvii) The Company has not incurred cash losses in the current financial year and in the immetlialely preceding
financial year.
S.R. BATLIBOI & Co. LLP
Chartered Accountants

xviii)There has been no resignation of the statutory auditors during the year and accordingly requirement to report
on Clause 3(xviii) of the Order is not applicable to the Company.

xix) On the basis of the financial ratios disclosed in Note 33 to the financial statements, the ageing and expected
dates of realization of financial assets and payment of financial liabilities, other infonnation accompanying
the financial statements, our knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions and considering the Company's current liabilities
exceeds the current assets by~ 58,681.91 lacs, the Company has obtained the letter of financial support from
the Holding Company, nothing has come to our attention, which causes us to believe that Company is not
capable of meeting its liabilities, existing at the date of balance sheet, as and when they fall due within a
period of one year from the balance sheet date.

We, further state that this is not an assurance as to the future viability of the Company and our reporting is
based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that
all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the
Company as and when they fall due.

xx) The provisions of Section 135 of the Companies Act, 2013 in relation to Corporate Social Responsibility is
not applicable to the Company. Accordingly, the requirement to report on clause 3(xx)(a) and clause 3(xx)(b)
ofthe Order are not applicable to the Company.

xxi) The reporting under clause 3(xxi) of the Order is not applicable in the respect of audit of standalone financial
statements. Accordingly, no comment in respect of the said clause has been included in this report.

For S.R. Batliboi & Co. LLP

Chartered Accountants
!CAI Firm Registration Number: 30 I 003E/E300005

per Ami Gupta

Partner
Membership Number: 501396
UDIN: 24501396BKFZOU6008

Place of Signature: Gurugram

Date: May 03, 2024
S.R. BATLIBOI & Co. LLP
Chartered Accountants

Annexure 2 to the Independent Auditor's Report of even date on the financial statements of Paliwal Real
Estate Limited ("the Company")

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 ("the Act")

We have audited the internal financial controls with reference to financial statements of Paliwal Real Estate
Limited ("the Company") as of March 31, 2024 in conjunction with our audit of the financial statements of the
Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internal financial controls based on
the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India ("!CAI"). These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under the Companies
Act, 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls with reference to these
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, as
specified under section 143( 10) of the Act, to the extent applicable to an audit of internal financial controls, both
issued by !CAI. Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with
reference to these financial statements was established and maintained and if such controls operated effectively
in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls with reference to these financial statements and their operating effectiveness. Our audit of internal
financial controls with reference to financial statements included obtaining an understanding of internal financial
controls with reference to these financial statements, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditor's judgement, including the assessment of the risks of material
111 isstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Company's internal financial controls with reference to these financial statements.

Meaning of Internal Financial Controls With Reference to these Financial Statements

A company's internal financial controls with reference to financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A company's internal financial
controls with reference to financial statements includes those policies and procedures that ( 1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of
the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the
financial statements.
S.R. BATLIBOI & Co. LLP
Chartered Accountants

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including
the possibility of collusion or improper management override of controls, material misstatements due to error or
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with
reference to financial statements to future periods are subject to the risk that the internal financial control with
reference to financial statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to
financial statements and such internal financial controls with reference to financial statements were operating
effectively as at March 31, 2024, based on the internal control over financial reporting criteria established by the
Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For S.R. Batliboi & Co. LLP

Chartered Accountants
!CAI Firm Registration Number: 301003E/E300005

per Amit upta

Partner
Membership Number: 501396
UDIN: 24501396BKFZOU6008

Place of Signature: Gurugram

Date: May 03, 2024
Paliwal Real Estate Limited
Balance Sheet as at March 31, 2024
(All amounts inf lacs, unless otherwise sintctl)
Notes March 31, 2024 March 31 2023

ASSETS
Non-current assets
Property, plant and equipment J 107.70 167 35
Investment property 4 2,00,388.04 2,04,384. 76
Investment property under development 4 1,039.71 1,144 04
Fin3ncial assets
Investments 5 116.95 110 37
Other financial assets 6 1173.94 871 80
Deferred tax assets (net) 8 6,554.06 442 77
Non current tax assets (net) 9 1,179.19 1,831.85
Other non current assets 10 382.13 300 76
Total non current assets 2,10,641. 72 2,09,255 .70

Current assets
Inventories II 72.58 78 18
Financial assets
Trade receivables 12 2,045.94 1,912 35
Cash and cash equivalents 13 195.00 49 12
Other bank balances !4 1,152.03 6,343 16
Other financial assets 7 15.67 2,419.74
Other current assets 10 1,080.70 78 1.75
Total current assets 4,561.92 11,584 30
TOTAL ASSETS 2,15,203.64 2 20 840.00

EQUITY AND LIABILITIES

Equity
Equity share capital !5 10,100.00 10, 100.00
Instrument entirely equity in nature 15 65,000.00 65 ,000 00
Other equity 16 (70.481.59) (83 ,646 10)
Total equity 4,618.41 (8 ,546. 10)

Non-current liabilities
Financial liabilities
Borrowings 17 1,33,948.29 1,39, 163 83
Lease liabilities 19 10,403.77 10,140.05
Other financial liabilities 18 2,279.32 3,935 01
Other non-current liabilities 20 710.02 93492
Total non current liabilities 1,47 .341.40 1,54 173.81

Current liabilities
Financial liabilities
Borrowings 17 41,732.48 56,851.29
Lease liabilities 23 973.18 648.79
Trade payables 21
Total outstanding dues of micro enterprises and small enterprises 167.82 257 .68
Total outstanding dues of creditors other than micro enterprises and small enterprises 1,789.57 1,326.43
Other financial liabilities 22 16,564.29 I 4,508 .94
Other current liabilities 24 2,016.49 I 619. 16
Total current liabilities 63,243.83 75,21229
TOT AL LIABILITIES 2, I 01585.23 2,29 ,3 86. I 0
TOTAL EQUITY AND LIABILITIES 2,15,203.64 2.20 .840 00

Summary of material accounting policies 22

The accompanying notes forms an integral part of these financial statements.

As per our report of even date attached

For S.R. Batliboi & Co. LLP

Chartered Accountants
I 30 I 003E/ E300005

Membership Number: 501396

~
Ankur Mnhcshwnri
Chief rinnncfat Officer

Place : Gurugram Place : Gurugram

Date • May 03, 2024 Date: May 03 , 2024
Paliwal Real Estate Limited
Statement of profit and loss for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)
Notes March 31, 2024 March 31 , 2023

Revenue
Revenue from operations 25 45,339.88 40,901 16
Other income 26 522.26 395 70
Total income 45,862.14 41 296.86

Expenses
Cost ofpow~r. fu~l and facility maintenance expenses 27 11,702.72 10,980 72
Finance costs 28 17,240.74 17,829 23
Depreciation expense 29 5,534.91 5,496 60
Other expenses 30 2,832.67 2 906.38
Total expenses 37,311.04 37,212 93

Profit before tax 8,551.10 4,083.93

Tax expense 31
Current tax 1,497.88 713 55
Deferred tax (income)/expenses (including creation of MAT credit entitlement on (6,111.29) 485.48
2,026.74 lacs (March 31, 2023 ~ Nil))
Profit after tax 13,164.51 2 884.90
Other comprehensive income
Total comprehensive income for the year 13,164.51 2,884 90

Earnings per equity share (Face value per share f 10 (March 31, 2023: f 10)( 32
Basic earnings per equity share (t) 1.33 0.29
Diluted earnings per equity share (~) 1.33 0.29

Summary of material accounting policies 2,2

The accompanying notes fonn an integral part of these financial statements

As per our report of even date attached

For S.R. Batliboi & Co. LLP For and on behalfofthe Board of Dir
Chartered Accountants
IC I Firm Registration No.: 301003E/ E300005 • ; J•mtt Llmired

Partner
Membership Number: 501396
•7
L1~ 1,;,,,s;,..
n:cior
DIN-071562(v

~
Ankur M1t.hel,hwuri
Chi~f Financial Oflic~r

Place : Gurugram Place : Gurugram

Date : May 03, 2024 Date : May 03, 2024
Paliwal Real Estate Limited
Statement of cash flow for the year ended March 31, 2024
(All 1m1 ou11L~ int hies, unless ol hcnvisc statctl)
March 31, 2024 March 31 , 2023
A. Cash flow from operating activities
Net Profit before tax 8,551.10 4,083.93
Adjustment for :
Interest expense 15,500.08 15,800.70
Provision for doubtful debts 10.15
Unclaimed balances written back (24.70) (31 90)
Depreciation expense 5,534.91 5,496 60
Straightlining of rental income 92.23 215 48
Net block of investment property written off 110.17 98 34
Amount forfeited on the Properties (11.39)
Financial liability measured at amortised cost (net) (203.68) 173 34
Finance cost on lease liability of lease rental 1,236.90 1, 173 09
Interest income (196.20) (283.37)
Operating profit before working capital changes 30,599.57 26,726 21
Adjustment for change in working capital :
(Increase) /decrease in trade receivables (143.75) 581 82
Decrease in financial and other current assets 2,087.04 632 59
Decrease/ (increase) in inventories 5.60 (12 29)
Increase/ (decrease) in trade payables 422.29 (836 67)
Increase in financial and other liabilities 1,322.31 1, 199.14
Cash flow from operations 34,293.06 28,290.80
Income tax paid (net of refunds) (845.22) (939 30)
Net cash flow from operating activities (A) 33,447.84 27,351 50

B. Cash flow from investing activities

Purchase of investment property, investment property under development, property, plant and equipment (1,717.24) (337 19)
Sale of investment property, investment property under development, property, plant and equipment 26.03 38 14
Decrease/ (increase) in other bank balances 5,097.57 (5 ,946 60)
Interest received 289.63 173.45
Net cash flows from/ (used in) investing activities (8) 3,695.99 (6,072 20)

C. Cash flow from financing activities

Repayment of short term borrowing (16,700.00) (12,000.00)
Repayment of long term bank borrowing (4,437.68) (2 , 187 50)
Proceeds from short term borrowing 800.00 10,500 00
Payment for lease liability (648.79) (648 79)
Interest paid (16.0lt.48) (16.908 88)
Net cash used in financing activities ( C) (36,997.95) (21 ,24517)

Net increase in cash and cash equivalents (A+B+C) 145.88 34.13

Cash and cash equivalents at the beginning of the year 49.12 14 99
Cash and cash equivalents at the end of the year (refer note 13) 195.00 49J2

Summary of material accounting policies 2.2

The .iccompanying note5 forrn5 un integral purt of thc50 finunciul 3tutcmcnt3

As per our report of even date attached

For S.R. Batliboi & Co. LLP

Cl r,,,,~,•C'""
For and o~j c;:~fofthe Bo,
Llrul"d
ofDlrcctors /

0
/

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30 I003E/ E300005

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Q;' ( ~ : ~,gh
vi [ Director
. DIN - 07156209
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Place : Gurugram Place : Gurugram

Date: May 03, 2024 Date : May 03, 2024
Paliwal Real Estate Limited
Statement of changes in equity for the year ended March 31, 2024
(All amounts int lacs, unless otherwise stated)

Balance as at Changes during the Balance as at

A ril I, 2023 veer March 31, 2024
ital t l O each 10,10000

Changes duting the Balance as at

A vear March 3 t, 2023
ital t IO each 10.100,00

l'rcrerence 8ht11·e canit,tl

Particulars Balance as at Changes during the Balance as at
Aoril I, 2023 vear March 31, 2024
5% Non-cumulative compulsorily convertible preference 65,000 00 . 65,000 00
shares oft I00 each

Particulars Balance as at Changes d111 ing the Ba1ance as at

April I, 2022 year March 31, 2023
5% Non-cumulative compulsorily convertible preference 65,000 00 - 65,000.00
shares oft I 00 each

B Other equity
Particulars Reserves and surplus
Capital reserve - Equity component of Retained earnings Equity component Total other
deficit account compound financial (refer note 16) of compulsorily equity
instruments convertible
debentures
Balance as at Aoril I, 2022 (95.369 24) 23 01 (15,184 77) 24,000.00 (86.531.00)
Profit for the year . . 2.884.90 - 2.884.90
Balance as at March 31, 2023 (95,369 24) 23.01 (12,299 87) 24.000 00 (83.646 10)
Profit for the year - - 13,164.51 - 13,164.51
Balance as at March 31, 2024 (95,369.24) 23.01 864.64 24.000.00 (70,481.59)

The accompanying notes forms an integral part of these financial statements

As per our report of even date

For S.R. Batliboi & Co. LLP

Chartered Accountants
IC 30 l 003E/ E300005
For and on behalf of the Board of Directors ol

~": £ C Llm;rnd .Y/

v1."
,. L,~t et Singh
per Amit UJllfl
/ 'O Shi ' Khan
Partner r 'I•r ~ tor
Membership Number: 501396 DIN - 07156209 v
• l • " l , - - ~ r I 1-

~ ri
Chief Financial Officer

Place : Gurugram Place : G urugram

Date: May 03, 2024 Date: May 03, 2024
Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in ~ Lacs unless otherwise state,l)

1. Corporate information

Paliwal Real Estate Limited ("the Company") is an public company domiciled in India and is incorporated
under the provisions of the Companies Act, 1956 applicable in India. The Company's registered office is
situated at DLF Centre, Sansad Marg, New Delhi -110001, India.

The Company is primarily engaged in Real Estate Development and owns a Shopping mall-cum-
entertainment complex named Mall of India at Noida, consisting of shops, commercial spaces,
entertainment centre including but not limited to eateries, restaurants etc. and basement for parking and
other spaces etc. and further leases it to intending tenants.

The financial statements for the year ended March 31, 2024, were authorized, and approved for issue by
the Board of Directors on May 03, 2024.

2. Material accounting policies

2.1 Basis of preparation

The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS)
specified under section 133 of the Companies Act, 2013 (the ' Act'), read with Companies (Indian
Accounting Standards) Rules, 2015, (as amended from time to time) and presentation requirements of
Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to
the standalone fmancial statements.

The financial statements have been prepared on going concern basis in accordance with accounting
principles generally accepted in India. Further, the financial statements have been prepared on historical
cost basis except for certain financial assets and financial liabilities which are measured at fair values as
explained in relevant accounting policies.

The financial statements have been presented in Indian Rupees (t) and all values have been rounded to the
nearest lacs, except when otherwise indicated.

2.2. Summary of material accounting policies

a) Current and non-current classification

All assets and liabilities have been classified as current or non-current as per the Company's normal
operating cycle and other criteria set out in the Companies Act, 2013. Deferred tax assets and liabilities are
classified as non-current assets and non-current liabilities, as the case may be. The company has identified
its operating cycle as twelve months.

b) Revenue from contracts with customers and other streams of revenue

Revenue comprises the consideration received or receivable for providing retail spaces on operating lease,
rendering of maintenance service and other income in the ordinary course of the Company's activities.
Revenue is presented, net of taxes, rebates and discounts (if any).

Revenue is recognized as follows:

Revenue from contracts with customers is recognised when control of the goods or services are transferred
to the customer at an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services. The Company has generally concluded that it is the principal in its
revenue arrangements because it typically controls the goods or services before transferring them to the
customer.
 Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(A ll amounts in r lacs, unless otherwise stated)

i) Rental income is recognised on a straight-line basis over the term of the lease, except for contingent
rental income which is recognised when it arises. Refer note 2(k) for policy relating to recognition of
rental income.
ii) Revenue in respect of maintenance services is recognised over time, in accordance with the terms of
the respective contract.
iii) Interest income is recorded on accrual basis using the effective interest rate (EIR) method. Interest from
customers is accounted for on accrual basis except in case where ultimate collection is considered
doubtful.
iv) Other operating income primarily comprises of advertisement/promotional income recognised over
period of time and parking income which is recognised when the services are rendered.

Contract balances

Contract assets
A contract asset is the right to consideration in exchange for goods or services transferred to the customer.
If the Company performs by transferring goods or services to a customer before the customer pays
consideration or before payment is due, a contract asset is recognised for the earned consideration that is
conditional. The same has been included under the head "unbilled receivables" in the financial statements.
Trade receivables
A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only
the passage of time is required before payment of the consideration is due).
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has
received consideration (or an amount of consideration is due) from the customer. If a customer pays
consideration before the Company transfers goods or services to the customer, a contract liability is
recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are
recognised as revenue when the Company performs under the contract. The same has been included under
the head "advance from customers" in the financial statements

c) Business combinations

The Company applies the acquisition method in accounting for business combinations. The consideration
transferred by the Company to obtain control is calculated as the sum of the acquisition-date fair values of
assets transferred, liabilities incurred, and the equity interests issued by the Company. Acquisition costs
are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their acquisition-date fair values.

Goodwill is measured as excess of the aggregate of the consideration transferred and the amount recognised
for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration
transferred, the resulting gain on bargain purchase is recognised in OCI and accumulated in equity as capital
reserve. However, if there is no clear evidence of bargain purchase, the entity recognises the gain directly
in equity as capital reserve, without routing the same through other comprehensive income.

Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition
date. Contingent consideration classified as an asset or liability that is a financial instrument and within the
scope of Ind AS I 09 Financial Instruments, is measured at fair value with changes in fair value recognised
in profit or loss. Jf the contingent consideration is not within the scope of Ind AS I 09, it is measured in
accordance with the appropriate Ind AS. Contingent consideration that is classified as equity is not re-
measured at subsequent reporting dates and subsequent its settlement is accounted for within equity.

If the initial accounting for a business combination is incomplete by the end of the reporting period in
which the combination occurs, the Company reports provisional amounts for the items for which the
~ :----:: accounting is incomplete. Those provisional amounts are adjusted through goodwill during the
~ ·~'° nea urement period, or additional assets or liabilities are recognised, to reflect new information obtain e ~ 1 "
7i ~ ut facts and circumstances that existed at the acquisition date that, if known, would have affected e"Or"u -1,>.

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Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in ~ Lacs, unless otherwise stated)
amounts recognized at that date . These adjustments are called as measurement period adjustments. The
measurement period does not exceed one year from the acquisition date.

Business combinations involving entities or businesses under common control have been accounted for
using the pooling of interest method. The assets and liabilities of the combining entities are reflected at
their carrying amounts. No adjustments are made to reflect fair values, or to recognise any new assets or
liabilities.

d) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production ofa qualifying asset are
capitalized during the period of time that is necessary to complete and prepare the asset for its intended use
or sale. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended
use. Capitalisation of borrowing costs is suspended in the period during which the active development is
delayed due to, other than temporary, interruption. All other borrowing costs are charged to the statement
of profit and loss as incurred.

e) Property, plant and equipment

Recognition and initial measurement

Property, plant and equipment are stated at their cost of acquisition. The cost comprises purchase price,
borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its
working condition for the intended use. Any trade discount and rebates are deducted in arriving at the
purchase price. Subsequent costs are included in the asset's carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that incremental future economic benefits associated with
the item will flow to the Company. When significant parts of plant and equipment are required to be
replaced at intervals, the Company depreciates them separately based on their specific useful lives.
Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant
and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance
costs are recognised in statement of profit or loss as incurred.

Subsequent measurement (depreciation and use/iii lives)

Property, plant and equipment are subsequently measured at cost less accumulated depreciation and
impairment losses, if any. Depreciation on prope1ty, plant and equipment is provided on a straight-line
basis, computed on the basis of useful lives (as set out below) prescribed in Schedule II to the Companies
AcL, 2013 :
Asset category Management estimated useful Estimated useful life as per
life (in yea rs) Schedule II to the Companies
Act, 2013 (in years)
Furniture and fixtures 5-15 10
Office equipment 5-20 5
Computers 3-6 3-6

The Company, based on technical assessment made by technical expert and management estimate,
depreciates certain items of furniture and fixtures and office equipment over estimated useful lives which
are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management
believes that these estimated useful lives are realistic and reflect fair approximation of the period over
which the assets are likely to be used.

De-recognition
An item of property, plant and equipment and any significant part initially recognised is de-recognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss
arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and
the carrying amount of the asset) is included in the income statement when the asset is derecognised.
Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in l' Lacs, unless otherwise stated)
f) Investment property under development

Investment property under development represents expenditure incurred in respect of capital projects under
development and are carried at cost less accumulated impairment loss, if any. Cost includes development/
construction costs and other direct expenditure.

g) Investment property

Recognition and initial measurement

Investment properties are held to earn rentals or for capital appreciation, or both. Investment properties are
measured initially at their cost of acquisition including transaction costs. The cost comprises purchase price,
borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its
working condition for the intended use. Any trade discount and rebates are deducted in arriving at the
purchase price.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that incremental future economic benefits associated with the item
will flow to the Company. All other repair and maintenance costs are recognised in statement of profit or
loss as incurred.

Subsequent measurement (depreciation and useful lives)

Investment properties are subsequently measured at cost less accumulated depreciation and impairment
losses. Depreciation on investment properties is provided on the straight-line method, computed on the
basis of useful lives (as set out below) prescribed in Schedule II to the Companies Act, 2013:

Asset category Management estimated useful Estimated useful life as per

life (in years) Schedule II to the Companies Act,
2013 (in years)
Leasehold land 90 90
Building 60 60
Plant and equipment 5-15 15

The Company, based on technical assessment made by technical expert and management estimate,
depreciates certain items of furniture and fixtures and office equipment over estimated useful lives which
are different from the useful life prescribed in Schedule II to the Companies Act, 2013 . The management
believes that these estimated useful lives are realistic and reflect fair approximation of the period over
which the assets are likely to be used.

De-recognition
Investment properties are derecognised either when they have been disposed of or when they are
permanently withdrawn from use and no future economic benefit is expected from their disposal. The
difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or
loss in the period of de-recognition.

h) Income Taxes

Tax expense recognized in statement of profit and loss comprises the sum of deferred tax and current tax
except the ones recognized in other comprehensive income or directly in equity.

Current tax is determined as the tax payable in respect of taxable income for the year and is computed in
accordance with relevant tax regulations. Current income tax relating to items recognised outside profit or
loss is recognised outside profit or loss (either in other comprehensive income or in equity).

Deferred tax

Deferred tax is recognised in respect of temporary differences between carrying amount of assets and
liabilities for financial reporting purposes and corresponding amount used for taxation purposes. Deferred~
tax a· ets on unrealised tax loss are recognised to the extent that it is probable that the underlying tax losst". r ::: S r-1
• be utilised against future taxable income. This is assessed based on the Company's forecast of fut r:~! 0 1 . ,
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Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in ~ Lacs, unless otherwise stated)
operating results, adjusted for significant non-taxable income and expenses and specific limits on the use
of any unused tax loss. Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date. Deferred tax relating to items recognised outside statement of
profit and loss is recognised outside statement of profit and loss (i.e. either in other comprehensive income
or in equity).

Unused tax credit (Minimum Alternate Tax, 'MAT') credit entitlement is recognised as a deferred tax asset
only when and to the extent there is convincing evidence that normal income tax will be paid during the
specified period. In the year in which unused tax credit becomes eligible to be recognised as an asset, the
said asset is created by way of a credit to the statement of profit and loss and shown as unused tax credit
entitlement. This is reviewed at each balance sheet date and the carrying amount of unused tax credit
entitlement is written down to the extent it is not reasonably certain that normal income tax will be paid
during the specified period.

i) Provisions, contingent assets and contingent liabilities

Provisions are recognized only when there is a present obligation, as a result of past events, and when a
reliable estimate of the amount of obligation can be made at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted
to their present values, where the time value of money is material.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only by future events not wholly within the control of the
Company; or
• Present obligations arising from past events where it is not probable that an outflow ofresources will be
n:yuin:J lo st:lllt: lht: obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are neither recognised nor disclosed except when realisation of income is virtually
certain, related asset is disclosed.

j) Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.

Company as a lessee
The Company applies a single recognition and measurement approach for all leases, except for short-term
leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and
right-of-use assets representing the right to use the underlying assets.

Right to use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right-of-use assets
are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of
the assets, i.e. Land is 76 years.
 Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in ~ Lacs, unless otherwise stated)

Lease liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in-substance fixed payments) less any lease incentives receivnhle, vnrinhle lense pc1yments that
depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option reasonably certain to be exercised by the
Company and payments of penalties for terminating the lease, if the lease term reflects the Company
exercising the option to terminate.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the
lease commencement date because the interest rate implicit in the lease is not readily determinable. After
the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if
there is a modification, a change in the lease term, a change in the lease payments or a change in the
assessment of an option to purchase the underlying asset. The Company's lease liabilities are included in
interest-bearing loans and borrowings.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its shoit-term leases of machinery and
equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and
do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to
leases of office equipment that are considered to be low value. Lease payments on short-term leases and
leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Company as a lessor
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an
asset are classified as operating leases. The respective leased assets are included in the balance sheet based
on their nature. Rental income is recognized on straight line basis over the lease term and is included in
revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the carrying amount of the leased asset and
recognised over the lease term on the same basis as rental income.

Leases which effectively transfer to the lessee substantially all the risks and benefits incidental to ownership
of the leased item are classified and accounted for as finance lease. Lease rental receipts are apportioned
between the finance income and capital repayment based on the implicit rate of return.

k) Impairment of non-financial assets

At each reporting date, the Company assesses whether there is any indication based on internal/external
factors, that an asset may be impaired. If any such indication exists, the Company estimates the recoverable
amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced
to its recoverable amount and the reduction is treated as an impairment loss and is recognised in the
statement of profit and loss. All assets are subsequently reassessed for indications that an impairment loss
previously recognised may no longer exist. the recoverable amount is reassessed and the asset is reflected
at the recoverable amount. Impairment losses previously recognized are accordingly reversed in the
statement of profit and loss.

I) Financial instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the Company becomes a patty to the
contractual provisions of the financial instrument and are measured initially at fair value adjusted for
transaction costs, except for those carried at fair value through profit or loss which are measured initially
at fair value. Subsequent measurement of financial assets and financial liabilities is described below.

Non-derivative financial assels

Suhsequent measurement
Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in l" Lacs, unless otherwise stated)
i.Financial assets carried at amortised cost- a financial asset is measured at the amortised cost if both the
following conditions are met:
• The asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows; and
• Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amo1tised cost using the
effective interest rate (EIR) method.

ii.Investment in equity investments: Investments in equity instruments in scope oflnd AS 109 are measured
at fair value. Equity instruments which are held for trading are classified as at fair value through profit or
loss (FVTPL). For all other equity instruments, the Company makes an irrevocable choice upon initial
recognition, on an instrument by instrument basis to classify the same either as at fair value through other
comprehensive income (FVOCI) or fair value through profit or loss (FVTPL). Amounts presented in other
comprehensive income are not subsequently transferred to profit or loss. However, the Company transfers
the cumulative gain or loss within equity. Dividends on such investments are recognised in profit or loss
unless the dividend clearly represents a recovery of part of the cost of the investment.

De-recognition offinan cial assets

A financial asset is primarily de-recognised when the contractual rights to receive cash flows from the asset
have expired or the Company has transferred its rights to receive cash flows from the asset.

Non-derivative financial liabilities

Subsequent measurement
Subsequent to initial recognition, all non-derivative financial liabilities are measured at amortised cost
using the effective interest method.

De-recognition offinancial liabilities

A linarn:ial liability is <le-recognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the de-recognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle
on a net basis, to realise the assets and settle the liabilities simultaneously.

m) Compound financial instrument

Compound financial instrument are separated into liability and equity components based on the terms of
the contract. The equity component is assigned the residual amount after deducting from the fair value of
the instrument as a whole the amount separately determined for the liability component. Under this
approach, the Company determines the carrying amount of the liability component by measuring the fair
value of a similar liability (including any embedded non-equity derivative features) that does not have an
associated equity component. No gain or loss arises from initially recognising the components of the
instrument separately.

n) Impairment of financial assets

In accordance with Ind-AS 109, the Company applies expected credit loss (ECL) model for measurement
and recognition of impairment loss for financial assets.

ECL is weighted average of difference between all contractual cash flows that are due to the Company i~
accordance with the contract and all the cash flows that the Company expects to receive, discounted {J \_ E: • r:1
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Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in c Lacs, unless otherwise stated)
original effective interest rate, with respective risks of default occurring as the weights. When estimating
the cash flows, the Company is required to consider
• All contractual terms of the financial assets (including prepayment and extension) over the expected life
of the assets.
• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual
terms.

Trade receivables
In respect of trade receivables, the Company applies the simplified approach of Ind AS 109, which requires
measurement of loss allowance at an amount equal to lifetime expected credit losses. Lifetime expected
credit losses are the expected credit losses that result from all possible default events over the expected life
of a financial instrument.

Other financial assets

In respect of its other financial assets, the Company assesses if the credit risk on those financial assets has
increased significantly since initial recognition. If the credit risk has not increased significantly since initial
recognition, the Company measures the loss allowance at an amount equal to I 2-month expected credit
losses, else at an amount equal to the lifetime expected credit losses.

When making this assessment, the Company uses the change in the risk of a default occurring over the
expected life of the financial asset. To make that assessment, the Company compares the risk of a default
occurring on the financial asset as at the balance sheet date with the risk of a default occurring on the
financial asset as at the date of initial recognition and considers reasonable and supportable information,
that is available without undue cost or effort, that is indicative of significant increases in credit risk since
initial recognition. The Company assumes that the credit risk on a financial asset has not increased
significantly since initial recognition if the financial asset is determined to have low credit risk at the
balance sheet date.

o) Fair value measurement

The Company measures its financial instruments at fair value at each balance sheet 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. The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the asset or liability, assuming that market
paiticipants act in their economic best interest. A fair value measurement of a non-financial asset takes into
account a market pa1ticipant's ability to generate economic benefits by using the asset in its highest and
best use or by selling it to another market participant that would use the asset in its highest and best use.

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:
• Level I - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of
each reporting period.
External valuers are involved for valuation of significant assets, such as properties and unquoted financial
assets. Valuers are selected based on market knowledge, reputation, independence and whether
professional standards are maintained. For other assets management carries out the valuation based on its
experience, market knowledge and in line with the applicable accounting requirements.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy as explained above.

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Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in t Lacs, unless otherwise stated)
This note summarises accounting policy for fair value. Other fair value related disclosures are given in the
relevant notes.
• Quantitative disclosures of fair value measurement hierarchy
• Investment properties
• Financial instruments (including those carried at amortised cost)
. Investment in unquoted equity shares

p) Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted average number of equity shares
outstanding during the period. The weighted average number of equity shares outstanding during the period
is adjusted for events including a bonus issue.

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

q) Foreign currencies

Functional and presentation currency

The financial statements are presented in Indian Rupee('~') which is also the functional and presentation
cun-ency of the Company.

Transactions and balances

Foreign currency transactions are recorded in the functional cun-ency, by applying to the exchange rate
between the functional currency and the foreign cun-ency at the date of the transaction.

Foreign currency monetary items outstanding at the balance sheet date are converted to functional currency
using the closing rate. Non-monetary items denominated in a foreign cun-ency which are can-ied at
historical cost are reported using the exchange rate at the date of the transaction.

Exchange differences arising on monetary items on settlement, or restatement as at reporting date, at rates
different from those at which they were initially recorded, are recognized in the statement of profit and loss
in the year in which they arise.

r) Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, demand deposits with banks/corporations and short-term
highly liquid investments (original maturity less lhan 3 monlhs) that are readily convertible into known
amount of cash and are subject to an insignificant risk of change in value.

The Statement of Cash Flows has been prepared under the indirect method set out in Indian Accounting
Standard (Ind AS)- 7 "Statement of Cash Flow".

2.3. Significant management judgement in applying accounting policies and estimation uncertainty

The preparation of the Company's standalone financial statements requires management to make
judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities, and the related disclosures.

Judgements
Determining tlte lease term of contracts with renewal and termination options- Company as lessee
The Company determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered
by an option to terminate the lease, if it is reasonably certain not to be exercised. The Company has several
lease contracts that include extension and termination options. The Company applies judgement in
evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the

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lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the
renewal or termination. After the commencement date, the Company reassesses the lease ter11

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Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in ~ Lacs, unless otherwise stated)
significant event or change in circumstances that is within its control and affects its ability to exercise or
not to exercise the option to renew or to terminate.
The Company included the renewal period as part of the lease term for leases of land. The Company
typically exercises its option to renew for these leases because there will be a significant negative effect on
provision of service if a replacement asset is not readily available. Furthermore, the periods covered by
termination options are included as part of the lease term only when they are reasonably certain not to be
exercised.

Property lease classification - Company as lessor

The Company has entered into commercial property leases on its investment property portfolio. The
Company has determined, based on an evaluation of the terms and conditions of the arrangements, such as
the lease term not constituting a major part of the economic life of the commercial property and the present
value of the minimum lease payments not amounting to substantially all of the fair value of the commercial
property, that it retains substantially all the risks and rewards incidental to ownership of these properties
and accounts for the contracts as operating leases.

Determining the lease term of contracts with renewal and termination options- Company as lessor
As a lessor, the Company determines the lease term as the non-cancellable term of the lease, together with
any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Company
has several lease contracts that include extension and termination options. The Company applies judgement
in evaluating whether it is reasonably certain whether or not the lessee shall exercise the option to renew or
terminate the lease. That is, it considers all relevant factors that create an economic incentive for the lessee
to exercise either the renewal or termination.

The Company has neither included the renewal period nor the period covered by an option to terminate the
lease as part of the lease term for buildings given to leases to tenants considering the following:
• Option of renewal of lease term is solely at the option of lessee and the Company is not reasonably
certain that the lessee may exercise the option of renewal, as this is outside the control of the
Company.
• Considering the current market dynamics of rental market, the Company has estimated that lease
term for the leases will be 'non- cancellable' period.

Estimates

Recognition of deferred tax assets - The extent to which deferred tax assets can be recognized is based
on an assessment of the probability of the future taxable income against which the deferred tax assets can
be utilized.

Evaluation of indicators for impairment of assets - The evaluation of applicability of indicators of

impairment of assets requires assessment of several external and internal factors which could result in
deterioration ofrecoverable amount of the assets.

Impairment of financial assets - At each balance sheet date, based on historical default rates observed
over expected life, the management assesses the expected credit loss on outstanding financial assets.

Provisions -At each balance sheet date basis the management judgment, changes in facts and legal aspects,
the Company assesses the requirement of provisions against the outstanding warranties and guarantees.
However, the actual future outcome may be different from this judgement.

Valuation of investment property - Investment property is stated at cost. However, as per Ind AS 40 there
is a requirement to disclose fair value as at the balance sheet date. The Company engaged independent
valuation specialists to determine the fair value of its investment property as at reporting date.

The determination of the fair value of investment properties requires the use of estimates such as future cash ' - ~ f~
flows from the assets (such as lettings, future revenue streams, capital values of fixtures and fittings, a11)(o· 1,>-
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Paliwal Real Estate Limited
Notes to the Financial Statements for the year ended March 31, 2024
(All amounts i11 l' Lacs, unless otherwise staled)
environmental matters and the overall repair and condition of the property) and discount rates applicable to
those assets. In addition, development risks (such as construction and letting risk) are also taken into
consideration when determining the fair value of the properties under construction. These estimates are based
on local market conditions existing at the balance sheet date.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques
including the DCF model. The inputs to these models are taken from observable markets where possible, but
where this is not feasible, a degree of judgement is_required in establishing fair values. Judgements include
considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these
factors could affect the repmted fair value of financial instruments.

Contingent consideration, resulting from investments in equity instruments, is valued at fair value at the
acquisition date as part of consideration transferred . It is subsequently remeasured to fair value at each
reporting date using cost based approach, using changes in financial asset or liability as part of the cost or
reduction of the cost of the investment in equity instruments. The determination of the fair value is based on
discounted cash flows. The key assumptions take into consideration the probability of meeting each
performance target and the discount factor.

Leases - Estimating the incremental borrowing rate

Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have
to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a
similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the
Company 'would have to pay', which requires estimation when no observable rates are available or when
they need to be adjusted to reflect the terms and conditions of the lease. The Company estimates the IBR
using observable inputs (such as market interest rates) when available and is required to make certain
Company-specific estimates.

Useful lives of depreciable/amortisable assets - Management reviews its estimate of the useful lives of
depreciable/amortisable assets at each reporting date, based on the expected utility of the assets. Unce1tainties
in these estimates relate to technical and economic obsolescence that may change the utility of certain
software, customer relationships, IT equipment and other plant and equipment.

Defined benefit obligation (DBO)- Management's estimate of the DBO is based on a number ofunderlying
assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary
increases. Variation in thcse assu111µtiu11s 111ay sig11ifi1.:a11lly imµad tlw DBO amount an<l the annual <lcfinc<l
benefit expenses.

2.4. Changes in accounting policies and disclosures

New and amended standards that have an impact on the Company's financial statements,
performance and/or disclosures.

There are certain amendments that apply for the first time for the year ending March 31, 2024, but do not
have a material impact on the financial statements of the Company. The Company has not early adopted any
standards or amendments that have been issued but are not yet effective.

I. Ind AS 1: Presentation of Financial Statements

The amendments aim to help entities provide accounting policy disclosures that are more useful by
replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement
to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy disclosures. Consequential amendments have been
made in Ind AS I 07 also.

The amendments have had an impact on the Company's disclosures of accounting policies, but not on the
measurement, recognition or presentation of any items in the Company's financial statements. /-C-Es7:~
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Notes to the Financial Statements for the year ended March 31, 2024
(All amounts in ~ Lacs, unless otherwise stated)

II. Ind AS 8: Accounting Policies, Changes in Accounting Estimates and Errors

The am •ndments clarify th e distin tion between changes in accounting estimates and changes in accounting
policie and the correction of errors. lt has also been clarified how entities use measurement techniques and
input lo devel p accounting estimates.

The amendments had no impact on financial statements of the Company.

III. Ind AS 12: Income Taxes

The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer
applies to transactions that give rise to equal taxable and deductible temporary differences.

The amendments should be applied to transactions that occur on or after the beginning of the earliest
comparative period presented. In addition, at the beginning of the earliest comparative period presented, a
deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability should also
be recognised for all deductible and taxable temporary differences associated with leases and decommissioning
obligations. Consequential amendments have been made in Ind AS 101.

The Company had no impact on financial statements of the Company.

2.5. Standards issued but not yet effective

There is no standard issued but not yet effective as on date which is effective from next year.

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)

3 Property, plant & equipment

Computer Office eguiement Furniture & fixture Total

C.ross hlor.k
As at April I, 2022 124 98 411.72 721 .53 1,258.23
Additions 34.99 34.99
As at March 3 I, 2023 124.98 446.71 721.53 1,293.22
Additions 23.05 23.05
As at March 31, 2024 124.98 446.71 744.58 1,316.27

Accumulated depreciation
As at April I, 2022 118.42 403 90 508.53 1,030.85
Charge for the year 1.10 8.07 85.85 95 .02
As at March 31, 2023 119.52 411.97 594.38 1,125.87
Charge for the year 1.10 11.86 69.74 82.70
As at March 31, 2024 120.62 423.83 664.12 1,208.57

Net block
As at March 3 I, 2023 5.46 34.74 127. 15 167.35
As at March 31, 2024 4.36 22.88 80.46 107.70

(i) Contractual obligations

The Company does not have any contractual commitments for acquisition of property, plant and equipment as at March 3 I, 2024 and March
31, 2023.

(ii) Capitalised borrowing cost

The Company has not capitalised any borrowing cost during the years ended March 31, 2024 and March 31, 2023 .

(This space has been intentionally left blank)

Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)

4 Investment property

Right to use Buildings Plant and Total Investment Total

Leasehold land equipments property under
development

Gross block
As at April l, 2022 57,130.29 1,53,783.1 l 30,492.35 2,41,405. 75 1,671.26 2,43,077.0 I
Additions 1,490.55 58.98 1,549.53 722.78 2,272.31
Disposals/adjustment (41.53) (246.70) (288.23) (1,250.00) (1 ,538.23)
As at March 31, 2023 57,130.29 1,55 ,232.13 30,304.63 2,42,667.05 1,144.04 2,43,811.09
Additions 1,554.91 36.75 1,591.66 1,430.72 3,022.38
Disposals/adjustment (127.67) (103.19) (230.86) (1,535.05) (1,765.91)
As at March 31, 2024 57,130.29 1,56,659.37 30,238.19 2,44,027.85 1,039.71 2,45,067.55

Accumulated depreciation
As at April 1, 2022 4,139.81 16,160.59 12,732.06 33,032.46 33,032.46
Charge for the year 726.37 2,632.83 2,042.38 5,401.58 5,401.58
Disposals/adjustment (41.53) (l 10.22) (151.75) (151.75)
As at March 31 , 2023 4,866. 18 18,751.89 14,664.22 38,282.28 38,282 .28
Charge for the year 728.36 2,700.18 2,023.67 5,452.21 5,452.21
Disposals/adjustment (41.04) (53.64) (94.68) (94.68)
As at March 31, 2024 5,594.54 2),411.03 16,634.24 43,639.81 43,639.81
Net block
As at March 31 , 2023 52,264. 11 1,36,480.24 15,640.4 I 2,04,384.76 1, 144.04 2,05,528.80
As at March 31, 2024 51,535.75 1,35,248.34 13,603.95 2,00,388.04 1,039.71 2,01,427.75

(i) Contractual obligations

Refer note 42 for disclosure of contractual commitments for the acquisition and construction of investment property.
(ii) Capitalised borrowing cost
The Company has not capitalised any borrowing cost during the year ended March 31, 2024 and March 31, 2023 .

(iii) Investment property pledged as security

Refer note 17 for information on investment property pledged as security by the Company.

(iv) Amount recognised in profit and loss for investment property

Particulars March 31, 2024 March 31. 2023
Rental income 32,428.96 29,366.11
Direct operating expenses that generated rental income (1,445.51) (1,434.41)
Direct operating expenses that did not generated rental income
Profit from leasing of investment properties before depreciation 30,983.45 27,931.70
Depreciation expense (5,452.21) (5,401.58)
Profit from leasing of investment property after depreciation 25,531.24 22,530.12

(This space has been intentionally left blank)

Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)
(v) Investment property under development
As at March 31, 2024
Amount in investment property under development for the period of
Less than 1 }'f':1 r 1-2 y,•nrs Mort' than 3 }'<'llf Total
Mall of India, NO IDA - Enhancement Work 1,039.71 1,039.71
Total 1,039.71 1,039.71

As at March 31 , 2023
Amount in investment property under development for the period of
Less than I year 1-2 years 2-3 years More than 3 years Total
Mall oflndia, NOIDA- Enhancement Work 548.85 201.92 234.10 159.17 1,144.04
Total 548.85 201.92 234.10 159.17 1.144.04

As on March 31. 2024 and March 31, 2023, there is no project classified as investment properties under development whose completion is
overdue or has exceeded the cost, based on original approved plan.

(vi) Operating lease commitments- as a lessor

Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. The Company has given
building and related equipment on lease. The Company has entered into non- cancellable lease agreements with the tenants to whom it has
leased out shops in DLF Mall of India-NO IDA. The details of future minimum lease rentals receivable under operating lease for each of the
following periods as on March 31, 2024 and March 31, 2023 are mentioned below:

Particulars March 31, 2024 March 3 I. 2023

Upto one year 14,413.29 14,896.03
After one year but not more than 5 years 4,838.98 5,004. 12
More than five years 2,065.28 1,825.23
Tota l 21,317.55 21,725 .38

(vii) Fair value of investment proprrty

Particulars March 31, 2024 March 31 , 2023
Fair value 3,77,370.00 3,60,640.00

The fair value of investment property has been determined by external, independent registered property valuers as defined under rule 2 of
Companies (Registered Valuers and Valuation) Rules, 2017, having appropriate recognised professional qualification and recent experience in
the location and category of the property being valued in conjunction with valuer assessment services undertaken by an international property
consultant. The Company obtains independent valuation for its investment property at least annually and fair value measurements are
categorized as level 3 measurement in the fair value hierarchy.
Following are the valuation models which have been applied by the independent valuer:
(A) Discounted cash flow method, where net present value is determined based on projected cash flows discounted at an appropriate rate.
(B) Sales comparable method, which compares the price or price per unit area of similar properties being sold in the marketplace.
The fair value of investment property has been computed by the valuer as an average of fair values derived using above two methods.
Further, inputs used in the above valuation models are as under:
(a) Property details comprising of total leasable area, area actually leased, vacant area, parking slots etc.
(b) Revenue assumptions comprising of market rent, market parking rent, rent growth rate, parking income growth rate, market lease tenure,
market escalations, CAM income prevailing in the market etc.
(c) Cost assumptions comprising of brokerage cost, transaction cost on sale, cost escalations etc.
(d) Discounting assumptions comprising of terminal cap rate, discount rate
(e) Estimated cash flows from lease rentals, parking income, operation and maintenance income etc. for the future years.
Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)

(viii) Investment property under developme nt

Particulars March 31 , 2024 March 3 I . 2023
Development and construction charges* 1,039.71 1,144.04
Interest cost - -
Total 1,039.71 1.144.04

* During the current year ~ 32. 15 lacs (March 31 , 2023: ~ 679.28 lacs) incurred for additional construction and alternation in top floor of the
mall for a specific requirement of a tenant as per the lease agreement entered between the Company and the tenant. The same has been
capitalised.
Further, during the current year, the Company has capitalised the cost incurred in respect of enhancement and renovation of mall under the
head "Investment property" in accordance with the provisions of Ind AS 40 "Investment Property" . The cost amounting to Rs. 232.28 lacs
(March, 3 I 2023 : Rs 176.48 lacs) has been incurred during the current year which has now been capitalised under the head "Investment
Property". (refer note 46).
(ix) Additions to building during the year includes ~ 26.39 lacs capitalised as brokerage under the head "Investment Property" in accordance
with Ind AS 116 "Leases" and amortised over the non-cancellable period.
(x) Company as a lessee
In earlier year, the Company acquired from DLF Limited, 54,320. I 8 square meters of land in Gautam Budh District, NO IDA, Uttar Pradesh,
which was obtained by DLF Limited on a 90 years lease from NO IDA authority vide lease agreement dated February 25, 2005 for a lumpsum
consideration (including amount paid for development rights) of~ 47,053 .91 lacs and an annual premium of~ 648.79 lacs which shall be
increased by SO% every 10th year. Accordingly amount of~ 47,053 .91 lacs representing gross block of leasehold land as on March 31, 2018
has been reclassified as leasehold land as at April 01, 2018 as a business combination under common control (refer note 4S), further annual
premium have been accounted for as Right of Use asset - Leasehold Land under the head "Investment Properties" on adoption of Ind AS 116
frnm Anril 1 ?OIQ
The Company applies the 'short-term lease' and 'lease of low-value assets' recognition exemptions for leases other than above lease.
Set out below are the can'ying amounts of righl-of-ust!: assets recognised and the movements during the period:
Particulars Ri!!ht to use Right to use
Leasehold land Leasehold land
March 31, 2024 March 3 I. 2023
Opening balance 52,264.11 52,990.48
Additions - -
Depreciation expense (728.36) (726.37)
Closing balance 51,535.75 52,264.11

Set out below are the carrying amounts of lease liabilities (included under other financial liabilities) and the movements during the period:
Particulars March 31, 2024 March 3 1, 2023
Opening amount 10,788.84 10,264.54
Accretion of Interest 1,236.90 1,173.09
Payments (648.79) (648.79)
Closin!! amount 11,376.95 10,788.84
-Current 973.18 648.79
-Non-current 10,403.77 10.140.05

The fo llowing are the amounts recognised in profit or loss:

Particulars March 31, 2024 March 3 I, 2023
Depreciation expense of right-of-use assets
(included in depreciation on investment
'
728.36 726.37
Interest expense on lease liabilities 1,236.90 1,173.09
Total amount reco!!nised in profit or loss 1,965.26 1,899.46

The contractual future minimum lease payments in respect of these leases as at March 31, 2024 and March 31, 2023 are:
Particulars March 31, 2024 March 3 I, 2023
Upto one year 973.18 648.79
One to five years 3,892.72 3,892.72
More than five years 3,08,224.34 3,09, I 97.S2
Total 3,13,090.24 3,13,739.03
Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in t lacs, unless otherwise stated)
March 31 , 2024 March 3 1, 2023

5 Investments - non current

In equity instruments (unquoted)
Equity shares of AMPSolar Urja Private Limited 28.00 28,00
1,80,UUO loquity shares of, IO each (March 31 , 2023 : <IO each
In Compulsorily Convertible Debentures (CCD), valued at amortised cost
Investment in O OI% CC Os of AMPSolar Urja Private Limited 88.95 82.37
25 ,200 CCDs on 1000 each

116.95 110.37
5. 1 Equity Instruments
Carrying amount of equity shares is based on higher of face value and fair value as on March 31, 2024 as assessed by the expert valuer in its report,

Terms of equity instruments

(i) The shares have been held to comply with provisions of the Electricity Act, 2003 relating to captive generation and consumption of power.
(ii) In the event of termination or expiry of the agreement, the shares shall be transferred at fair market value or cost, whichever is higher.

5.2 Compulsorily Convertible Debentures

As per the terms and conditions of Option Agreement between AMPSolar Technology Private Limited (holding company of the investee) and the Company.
CCDs are redeemable at par, therefore, these are to be carried at amortised cost.

Non-current
March 31, 2024 March 31. 2023
6 Other financial assets
(Unsecured, considered good unless otherwise stated)
Security deposits 871.21 871.21
Other bank balances• 2.73 2.59
873.94 873 ,80
*Deposits with banks with remaining maturity of more than 12 months
Current
March 31, 2024 March 31, 2023
7 Other financial assets

Amount recoverable from related party (refer note 43 and 46) 15.67 2,419.74
15.67 2,419.74

Non-current
March 31, 2024 March 31, 2023
8 Deferred tax assets (net)
Deferred tax assets arising on account of:
Brought forward losses 3,726.95
Lease liabilities 3,975.56 3, 141 71
Expenses allowed in subsequent years on payment basis 48.06
Financial asset measured at amortised cost 2.42
Deferred tax liabilities arising on account of:
Unbilled receivables (34.22) (47 31)
Financial liability measured at amortised cost (84.37) (25 .80)
Right to use (3,107.09) (2 ,625.83)
4,527.32 442 .77
Minimum alternate tax credit entitlement* 2,026.74
Net deferred tax assets 6,554.06 442 77

The Company offsets tax assets and liabilities ifit has a legally enforceable right to set off current tax assets and current tax liabilities
*In accordance with IND AS- 12 "Income Taxes" notified under Section 133 of the Companies Act 2013, the Company has a net deferred tax asset, primarily
comprising of unabsorbed losses, MAT credit entitlement, and provisions carried forward from the previous years.

During the current year, the Company has recognised net deferred tax assets on lossess amounting to~ 3,726 95 lacs and MAT credit entitlement amounting to
~ 2,026.74 lacs which the Company based on the board approved future projections believes that it is probable that there will be sufficient future profits
against which the deductible temporary differences and carried forward tax losses can be utilised and thus, the deferred tax assets recognized on losses under
Income from house property and profit and gains from business and profession are fully recoverable.
Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)

Movement in deferred tax nssrts/(liabililies)

Recognised in
Particulars April 1, 2023 statement of profit March 31, 2024
and loss
Assets
Brought forward losses - 3,726.95 3,726.95
Right to use (2,625.83) (481.26) (3,107.09)
Unbilled receivables (47.31) 13.10 (34.22)
Financial asset measured at amortised cost - 2.42 2.42
Liabilities
Expenses allowed in subsequent years on payment basis - 48.06 48.06
Lease liabilities 3,141.71 833.84 3,975.56
Financial liability measured at amortised cost (25.80) (58.57) (84.37)
Minimum alternate tax credit - 2,026.74 2,026.74
Net 442.77 6,111.29 6,554.06

Movement in deferred tax •1ssc!s/{li11 bilitks)

Recognised in
Particulars April I , 2022 statement of profit March 3 I, 2023
and loss
Assets
Brought forward losses 762.59 (762.59) -
Right to use (2,543 .47) (82.36) (2,625.83)
Unbilled receivables (87.16) 39 .85 (4731)
Liabilities
Lease liabilities 2,855.60 286.11 3,141.71
Financial liability measured at amortised cost (59.31) 33 ,51 (25.80)
Net 928.25 (485.48) 442.77

March 31, 2024 March 31, 2023

9 Non current tax assets (net)
Advance income tax (net of provisions for tax) 1,179.19 1,831.85
1,179.19 1,831.85

Non-current Current
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
10 Other assets
Advance to suppliers 52.43 35 .03
Capital advances 172.98 5.95
Unbilled trade receivables * 56.24 126.27 125.83 120.94
Prepaid expenses 152.91 168.54 557.70 453 .35
Balance with statutory authorities
Unsecured considered good 344.74 172.43
Unsecured considered doubtful 25.68 25.68
Less: Allowances for expected credit loss (25.68) (25.68)

382.13 300.76 1,080.70 781.75

*Includes amount off 139.88 lacs (March 31 , 2024: Non-current: f 56.24 lacs, Current: f 83,64 lacs); March 31, 2023: f 232.12 lacs (Non-
current: ~ 126.27 lacs, Current: f 105.85 lacs) on account ofstraightlining of rental income,

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)
March 31, 2024 March 3 I. 2023
11 Inventories
(Valued at cost or net relisable value, whichever is lower)
Diesel and consumables 72.58 78 18
72.58 78 18

March 31, 2024 March 3 I, 2023

12 Trade receivables
Related parties (refer note 43)
Secured, considered good 7.53 17 13
Others
Secured, considered good 1,878.79 1,500 60
Unsecured
- Considered good 159.62 394.62
- Considered doubtful 61.61 51 45
2,107.55 1,963 80
Less • Allowance for expected credit loss (61.61) (51 45)
2,045. 1)4 1,9 12.35
No trade or other receivables are due from directors or other officers of the company either severally or jointly with any other person Nor any trade or other receivables
are due Ii-om !inns or private companies respectively in which any director is a partner, a director or a member

Agei ng of trade receivable as at March 31, 2024•

OuLsfandini: for followlnl( 11~riods from due date of payment
Particulars Less than 6 month~ 6 months - 1 year I - 2 vciu-~ 2-3 }"enrs More than 3 years Total
(i) Undisputed Trade receivables - considered good 1,710.06 154.67 155.47 5.96 19.78 2,045.94
(ii) Undisputed Trade Receivables - which have . - . - . .
significant increase in credit risk
(iii) Undisputed Trade Receivables - credit impaired 49.19 . 2.23 9.08 . I.II 61.61
(iv) Disputed Trade Receivables- considered good . . .
(v) Disputed Trade Receivables - which have . . . . .
significant increase in credit risk
( vi) Disputed Trnde Receivables - credit impaired . . - . . .
Total 1,759.25 154.67 157.70 15.04 20.89 2,107.55

A~cing of trade receivable as at March 3 1, 2023•

Outstanding for fo llowint, penods from due date of pnymcnt
Particulars Less than 6 months 6 months - I year I - 2 years 2 - 3 years More than 3 years Total
(i) Undisputed Trade receivables - considered good 1,643 83 106.07 124 81 27 29 10.35 1,912 35
(ii) Undisputed Trade Receivables - which have - - . - .
significant increase in credit risk
(iii) Undisputed Trade Receivables - credit impaired 23 50 10 93 4 57 10 62 I 83 51 45
(iv) Disputed Trade Receivables- considered good - . . -
(v) Disputed Trade Receivables - which have . . - .
significant increase in credit risk
l vi/ L!is plltcd l rade Kece1vables - credit 11111mn'e<l - . . . -
Total 1,667.33 117 .00 129 38 37 91 12 18 1,963 80

• Unadjusted credit in the customer account has been adjusted in the earlier outstanding for the respective customers
13 Cash and cash equivalents March 31, 2024 March 31, 2023

Cash in hand 12.93 7.85

Balances with banks
In current account 182.07 41 27
195.00 49 .12

(/'h,., space has heen intentionally /e/i blank)

Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts int lacs, unless otherwise stated)

13.1 Changes in liabilities arising from financing activities

April 1, 2023 Cash flows Charged to March 31, 2024

statement of Profit
& Loss
Borrowings from bank (including interest) 1,43,598.12 (16,022.82) 11,588.47 1,39,163. 77
Borrowings from related parties 52,417.00 (15,900.00) 36,517.00
lnterest accrued on borrowings 4,148.28 (4,426.34) 3,911.61 3,633.55
Lease liability on leasehold land 10,788.85 (648.79) 1,236.90 11,376.96
Total liabilities from financing activities 2, 10,952.25 (36,997.95) 16,736.98 1.90.691.28

April I, 2022 Cash flows Charged to statement March 31 . 2023

of Profit & Loss

Borrowings from bank 1,45,782 53 (13,518.16) 11,333 75 1,43,598.12

Borrowings from related parties 53,917 00 (1,500 00) 52,41 7 00
lnterest accrued on borrowings 5,259.55 (5,578 22) 4,466.95 4,148.28
Lease liability on leasehold land I0.264.55 (6118.79) I 173.09 10,788.85
Total liabilities from financing activities 2, 15,223.63 (2 1.2<15,17) 16.973.7') 2, I0,952.25

14 Other bank balances March 31, 2024 March 31 , 2023

Bank deposits with original maturity of more than 3 months but less than 12 months 1,103.46 6,306.08
In escrow account 48,57 37.08
I 152.03 6,343 16

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in ~ lacs, unless otherwise stated)

March 31, 2024 March 31 , 2023

No of shares Amount No of shares Amount
15 Share capital
15.1 Equity share capital
(a) Authorised equity share capital
Equity shares of~ 10 each 1,00,33,50,000 1,00,335.00 1,00,33,50,000 1,00,335.00
1,00,33,50,000 1,00,335.00 1.00,33 .50.000 1.00 ..>35.00

(b) Issued, subscribed and paid up

Equity shares of~ IO each 10, 10,00,000 10,100.00 I 0, I 0,00,000 10,100.00
10,10,00,000 10,100.00 I0, I0,00,000 10, 100.00

(i) Reconciliation of number of equity shares outstanding at the beginning and at the end of the year
At the beginning of the year 10, 10,00,000 10,100.00 I 0, 10,00,000 10,100.00
Issued during the year
Outstanding at the end of the year 10, 10,00,000 10,100.00 I0, I0,00,000 10, 100.00

(ii) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a face value of~ 10 per share. Each holder of equity share is entitled to one
vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.

(iii) Details of shares held by holding company and shareholders/ promoters holding more than 5% shareholding in the Company
Name of the shareholder March 31, 2024 March 31 , 2023
Equity Shares No of shares % holding No of shares % holding
DLF Cyber City Developers Limited, holding company 10,10,00,000 100.00% 10,10,00,000 100.00%
and its nominees
As per the records of the Company, the above shareholding represents both legal and beneficial ownership of shares.

(iv) The Company has not issued any shares without cash consideration or any bonus shares and there has not been any buy-back of shares
in the five years immediately preceding the balance sheet date.

15.2 Instruments entirely equity in nature

March 31, 2024 March 31, 2023
No of shares Amount No of shares Amount

(a) Authorised preference share capital

Non-cumulative redeemable preference shares of~ 100
1,35,000 135.00 1,35,000 135.00
each
5% Non-cumulative compulsorily convertible 10,00,00,000 1,00,000.00 I 0,00,00,000 1,00,000.00
preference shares on I 00 each
I 0,0 I .35,000 1100,135.00 10.01,.35,000 1.00. 135.00

(b) Issued, subscribed and fully paid up

5% Non-cumulative compulsorily convertible 6,50,00,000 65,000.00 6,50,00,000 65,000.00
preference shares on 100 each (CCPS-2019/1)

6,50,00,000 65,000.00 6.50,00,000 65,000.00

Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in~ lacs, unless otherwise stated)
(i) Reconciliation of number of preference shares outstanding at the beginning and at the end of the year
March 31, 2024 March 3 I. 2023
No of shares Amount No of shares Amount
5% Non-cumulative compulsorily convertible
preference shares (CCPS-2019/1)
At the beginning of the year 6,50,00,000 65,000.00 6,50,00,000 65,000.00
Issued during the year
Outstanding at the end of the year 6,50,00,000 65,000.00 6,50,00,000 65,000.00

(ii) Rights, preferences and restrictions attached to preference shares

5% Non-cumulative compulsorily convertible preference shares (CCPS-2019/1)
(a) The 'CCPS-2019/1' shall carry a fixed dividend at the rate of 5% per annum on the capital for the time being paid up thereon and
shall at the option of the issuer be compulsorily convertible into IO equity shares of~ I 0/- each, at any time on or before IO years from
the date of allotment, at par and which shall rank pari-passu in all respect with the existing equity shares;
(b) The 'CCPS-2019/1' shall rank for dividend-in priority to the equity shares;
(c) 'CCPS-2019/1' shall in winding up be entitled to rank, as regards repayment of capital, in priority to equity shares but shall not be
entitled to any further participation in profits or assets; and
(d) ' CCPS-2019/1 'shall not carry any voting rights except as provided under the provisions of Section 47 of the Act and Articles of
Association of the Company.
(e) 'CCPS-2019/1' have been issued for consideration other than cash as a modification in terms of OCRPS
In accordance with provisions of IND AS 109 "Financial instruments" and IND AS 32 "Financial instruments : presentation", the
Company has classified the above instruments as entirely equity in nature.

Non-cumulative redeemable preference shares (refer note 15 and 16 for accounting of equity and liability component)
The preference shares issued by the Company are carrying 9% non-cumulative dividend rights. The shares are redeemable on or before
January 29, 2024. These preference shares have been redeemed during the earlier year.

(iii) Details of share holder holding more than 5% shareholding in the ompany
Name of the shareholder March 31, 2024 March 31. 2023
Equity Shares No of shares % holding No of shares % holding
5% Non-cumulative compulsorily cunverlible
preference shares (CCPS-2019/1)
DLF Emporio Limited 6,50,00,000 100.00% 6,50,00,000 100.00%

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)

IS A Equity component of compulsorily convertible debentures

During the earlier year, in compliance to the provisions of the Companies Act, 2013 and the rules made thereunder, the Company issued
24,00,00,000 0.01 % Compulsorily Convertible Debentures (CCDs) of~ IO each amounting to~ 24,000.00 lacs to DLF Assets Limited
('DAL'), a fellow subsidiary company, by way of private placement on preferential allotment basis. For this purpose, existing unsecured
loan (repayable on demand) amounting to ~ 24,000.00 lacs had been adjusted as subscription money for the CCDs.

Since DAL has a right to convert these CCDs into fixed number of equity shares at any time within a period of 10 years from the date of
allotment of the CCDs and the CCDs being compulsorily convertible into equity shares at the expiry of 10 years, these CCDs meet the
definition of 'equity' as prescribed in Ind AS I 09, hence, the same has been accounted as equity capital and disclosed under 'other
equity' in these financial statements.
The consideration is on the basis of fair valuation report obtained from an external valuer, relevant terms of which are as under:
a. The CCD holders shall be entitled to convert the CCDs in one or more tranches within a period often years from the date of the
allotment of the CCDs by issuing a written notice to the Company specifying the number ofCCDs proposed to be converted. The
Company shall accordingly, issue and allot the equal number of Equity Shares on 10/- each to the CCD holders;
b. The CCDs shall be compulsorily convertible into Equity Shares on the date of expiry of ten years from the date of allotment of the
CCDs:
c. The CCDs shall carry a coupon rate of0 .01 % per annum, payable annually, up to the date of conversion into Equity Shares of the
Company and the CCDs shall be unsecured;
d. That the CCDs until converted and Equity Shares against the same are allotted do not give any rights to the CCD holders with respect
to that of a shareholder of the Company.

16 Other equity March 31, 2024 March 31, 2023

Reserves and surplus
Capital reserve - deficit amount (95,369.24) (95,369.24)
Equity component of compound financial instrument 23.01 23.01
Retained earnings 864.64 (12,299.87)
Equity component of compulsorily convertible debentures (refer note 15A) 24,000.00 24,000.00
(70,481.59) (83,646.10)

Nature and purpose of other reserves

Capital reserve-deficit account
Capital reserve - deficit account was created on purchase of mall business under common control business transaction from May 29,
2019. It is akin to debit balance of profit and loss account/ debit balance of retained earnings.

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)

Non - Current Current

March 31, 2024 March 31 , 2023 March 31, 2024 March 31, 2023
17 Borrowings
Secured Loan from others (refer 17. 1) 1,33,948.29 1,39, 163.83
Current maturities of long•terrn borrowings 5,215.48 4,434.29
Unsecured loans from related parties (refer 17.2) 36,517.00 52,417.00
1,33,948.29 1,39, 163 .83 41,732.48 56,851.29

17.1 Repayment terms and security disclosure for the outstanding long term borrowings ( excluding current maturities) as on March 31,
2024:
From Bank :
Secured INR borrowings :-
Facility on 133,948.29 lacs ( March 31 , 2023 : ~ 139,163.83 lacs), balance amount is repayable in 74 monthly instalments starting from April
2025.
The term loan on 139,163 .77 lacs (non-current: ~ 133,948.29 lacs and current~ 5,215.48 lacs) (March 31, 2023: ~ 1,43,598.12 lacs (non-
current: ~ 1,39, 163.83 lacs and current ~ 4,434.29 lacs) is secured by way of :-
1) Equitable mortgage of immovable property situated at Noida owned by the Company.
2) Charge on receivables pertaining to the aforesaid immovable property owned by the Company.
3) Corporate guarantees provided by the DLF Cyber City Developers Limited.

Rate of interest- The Company's total borrowings from bank has a effective weighted contractual average rate of 8. 15 % per annum (March 31 ,
2023 : 8.15 % per annum) calculated using the interest rates effective as on March 31 , 2024 for the respective borrowing.

Loan covenants:
The Company has satisfied all debt covenants prescribed in the terms of term loans. The Company has not defaulted on any loan payments

17.2 Loan outstanding amounting to ~ 36,517.00 lacs (March 31 , 2023 ~ 52,417 .00 lacs) from related parties is repayable on demand and carry
interest @ 8.50 % p.a. (March 31, 2023 @ 8.50% p.a.)
Non - Current
March 31, 2024 March 31, 2023
18 Other financial liabilities
Security deposit received from tenants 2,279.32 3,935 .01
2,279.32 3,935.01

March 31, 2024 March 31, 2023

19 Lease liability on leasehold land
I ,eAse liflhility nn leAsehnld liind 10,'103.77 10,1~0.05
10,403.77 10. 140.05

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Paliwal Real Estate Limited
Notes lo the financial statements for the year ended March 31, 2024
(All amounts in { lacs, unless otherwise stated)

March J I, 2024 March 31 , 2023

20 Other non-current liabilities

Defened income 710.02 934 92
710.02 934 92

Current
21 Trade payables March 31, 2024 Match 31, 2023
Total outstanding dues of micro enterprises and small enterprises (refe1 note 37) 167.82 257 68
Total outstanding dues ofcredito1 s othe1 than micro enterprises and small enterptises
Others 1,789.57 1,326 43
1,957.39 1,584.11

Ageing of trade 1mv11blc as at March Jl ,2024

O11LU<111tllu~ for full uwlnr. period, from the invoice tlJJ I<
Particulars Nor Due Less limn 1 ycnr I - 2 years 2 - 3 yca,·s More than 3 yen rs. Total
(i) Total outstanding dues ofmicto enterp1ises and small enterprises* 1.27 166.SS . 167.82
(ii) Total outstanding dues of creditors other then micro enterprises and
small enterprises 54.36 1733.70 I.SI - - 1,789.57
(i i[) Disputed dues of micro cutcrpnscs and small c111011irlsos - - .
(iv) Disputed dues of creditors other then micro enterprises and small .
enterprises - -
Total SS.63 1,900.2S I.SI - - 1,9S7.39

A~el11g of trade JHIInhle as al March 31,2023

Out~'tm1ding for follm,•log poriods from the invoice dote.
Particulars No t Due Less than I yc:u 1 - 2 ycru·s 2 • 3 yc:11·• More than 3 yenro Total
(i) Total outstanding dues of micro enterprises and small enterp1ises"' 12 94 239 24 I 66 3.84 - 257 68
(ii) Total outstanding dues of creditors other then micro enterprises and
small enterprises 524 06 794 ,80 7 37 - 0 20 1,326.43
(iii) Disputed dues of micro enterprises and small enterprises
(iv) Disputed dues of creditors other then micro enterprises and small
- - - - -
-
enterp1 ises - . -
Total 537 00 1,034 04 9 03 3-84 0 20 1,584. 11
*In respect of total outslandmg dues of micro enterpnses and small enterpnses beyond the penod of 45 days from the due date and also us mentioned m the Fonn MSME-1 lilod ll
the Company with RegislTat of Compai,ies, there has been delay in payment to these MSME vendors due to non-submission of requisite documents l,y the respective vendors.
Hence, the Company has been un able to process their payments and thus, has not accounted for interest on such delay, which is not attributable to the Company

Current
22 Other financial liabilities March 3 I, 2024 March 3 I , 2023

lnte1es1 accrued on borrowings (refer note 17) 3,633.SS 4, 14828

Security deposits received from tenants 12,118.48 9,514 42
Capital creditors• SSS.70 669 54
Other payable# 2S6.S6 176 70
16,S64.29 14,508 94

• Capital creditors includes f 459. 12 lacs (March 31 , 2023 f 422 81 lacs) payable 10 micro enterprises and small enterprises

#Other payable includes renlention money f 195 94 (March 31 , 2023 f 97 61) It also includes f 150.53 lacs (March 31, 2023 ~ 52 38 lacs) payable lo micro enterprises and small
enterpnses.

Current
March J I, 2024 March 3 I, 2023
23 Lease liability
Lease liability on leasehold land 973.18 648 79
973.18 648 79

Current
24 Other current liabilities March 31 , 2024 March 3 I. 2023
Deferred income 36S.51 365 08
Advance from customers 924.40 907 29
Statutory dues payable 726.S8 346.79
2,016.49 1,619 16

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts inf lacs, unless otherwise stated)

March 31, 2024 March 31 2023

25 Revenue from operations
Operating revenue
Rental income* 32,428.96 29,366 11
Revenue from contracts with customers
Service income 10,984.29 9,953 91
Other operating revenue
Other operating income 1,926.63 1,581 14
45,339.88 40 901.l6
• It includes ~ 707 18 lacs (March 31 , 2023 : ~ 651.33 lacs) income on account of financial liability measured at amortised cost and income reversal of
t (92 23) lacs (March 31 , 2023 : t (215 48) lacs) on account of straightlining of rental income
Other disclosures required under Ind AS I 15 "Revenue from contracts with customers"
March 31, 2024 March 31 2023
SI, Timing of revenue recognition
Revenue recognised over period of time 11,798.32 10,593 00
Revenue recognised at a point of time 1,112.60 942.05
12,910.92 11,535.05
b. Contract balances
Trade receivable from contracts with customers 692.27 1, 160.20
Contract assets 26.60
Contract liabilities 382.77 692.77

Contract assets are initially recognised for revenue earned from maintenance services and other operating income as receipt of consideration is
conditional on successful provision of serv ices Upon completion of services, the amounts recognised as contract assets are reclassified to trade
receivables.
c. Significant changes in contract assets and contract liabilities during the year March 31, 2024 March 31 , 2023
i) Movement of contract liabilities
Amounts included in contract liabilities at the beginning of the year 692.77 361 81
Amount received against contract liabilities during the year (692.77) 330.96
Revenue recognised in the current year for the performance obligations satisfied in previous year 382.77
Amounts included in contract liabilities at the end of the year 382.77 692.77

ii) Movement of contract assets March 3 I, 2024 March 3 I , 2023

Amounts included in contract assets at the beginning of the year 8 33
Amount received / adjusted during the year 26.60
Amount billed in current year for the performance obligations satisfied in previous year (8.33)
Amounts included in contract assets at the end of the year 26.60

d. Set out below is the amount of revenue recognised from: March 31, 2024 March 3 I , 2023
Amounts included in contract liabilities at the beginning of the year
Performance obligations satisfied in previous years 382.77

Reconciling the amount of revenue recognised in statement of profit and loss with the Morch 31, 2024 March 31 , 2023
e. contracted orice
Revenue as per contract price 11,798.32 10,593 00
Adjustment (if any)
I 1,798.32 10,593 00

f. Performance obligation
The performance obligation of the Company in case of maintenance services is satisfied over-time, using an input method to measure progress towards
complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Company. The Company
raises invoices as per the terms of the contracts, upon which the payment is due to be made by the tenants.
As per the terms of the service contracts with the customers, the Company has right to consideration from customers in an amount that directly
corresponds with the value to the customers of the Company's performance obligation completed till date. Accordingly, the Company has used the
practical expedient under Ind AS 115 "Revenue from contracts with customers" and has disclosed information relating to performance obligations to
the extent required under Ind AS 115
Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts inf lacs, unless otherwise stated)
26 Other income March 31, 2024 March 31. 2023
Interest income on
Bank deposits 196.20 168 42
Income-tax refunds 128.78 80 95
Others 70.78 40 95
Financial asset measured at amortised cost 6.58 2.53
Unclaimed balances/provision written back 24.70 31 90
Miscellaneous income 95.22 70 95
522.26 395 70

27 Cost of power, fuel and facility maintenance expenses

Generation/ production of electricity, heating, ventilation and air conditioning expenses 3,576.46 4,074 95
Facility maintenance expenses 8,126.26 6,905 77
11 ,702.72 10 ,980.72

28 Finance costs March '· 2024 March 31 . 2023

Interest expense on :
Loan from bank 11,588.47 11 ,333 75
Loan from related party 3,906.48 4,464 55
Compulsorily Convertible Debentures 2.40 2 40
Other 2.74
Financial liability measured at amortised cost 498.60 819 55
Guarantee and bank charges 5.15 35 89
Finance expense on discounting oflease liability 1,236.90 1.173 09
17,240.74 17,829.23

29 Depreciation expense March 31, 2024 March 31. 2023

Depreciation on property, plant and equipment 82.70 95 02
Depreciation on investment property 5,452.21 5,401 .58
5,534.91 5,49660

30 Other expenses March 31, 2024 March 31. 2023

Rates and taxes 293.97 15 .52

Advertisement and publicity 1,445.51 1,434.41
Repair & maintenance
- others 144.27 516.60
Payment to auditors (refer note 30 I) 36.68 35 16
Legal and professional fees 25.48 52 72
Business support service charges 466.22 465.24
Provision for doubtful debts 10.16
Net block of investment property written off 110.17 98.34
Facility Management - Insurance 292.96 280. 12
Printing and stationery 5.70 6.23
Miscellaneous expenses 1.55 2.04
2,832.67 2,906.38

30.1 Payment to auditor* March 31, 2024 March 31 , 2023

Audit fees (including limited review) 29.22 29 22
Tax audit fees 4.41 4 41
Other certifications 1.00
Reimbursement of expenses 2.05 I 53
36.68 35 16
• exclusive of applicable taxes

The Company did not have average net profits over the three immediately preceding financial years, therefore there was no obligation for the Company
to allocate any funds towards CSR activities for the FY 2023-24, in accordance with Section 135(5) of the Companies Act 2013 and Rules made
thereunder
Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)

March 31, 2024 March 3 I, 2023

31 Tax expense
Current tax (including earlier years) 1,497.88 713.55
Deferred tax charge (4,084.55) 485.48
Minimum alternative tax credit entitlement (2,026.74)
(4,613.41) 1.199.03

The major components of income tax expense and the reconciliation of expense based on the domestic effective tax rate at 29.12% (March
31 , 2023 : 29. I 2%) and the reported tax expense in profit or loss are as follows :
Particulars March 31, 2024 March 31 , 2023
Accounting profit before income tax 8,551.10 4,083.93
At country's statutory income tax rate of29. 12% (March 31 , 2023 : 29.12%) (A) 2,490.08 1,189.24
Adjustments
Non deductible expense for tax purposes:
Expenses relating to income chargeable under "Income under the head House Property" and 2,282.61 2,298 . 15
"Profit and Gains from Business and Profession"
Expenses allowable for tax purposes:
Standard deduction under Section 24(a) of Income-tax Act, 1961 (2,713.39) (2,457.30)
Others
Impact of tax on rental income not recognised during the year (69.03) (98.25)
Deduction claimed during the year in respect of income not recognised in the previous year
Tax impact of unrecognised deferred tax on brought forward lossess and MAT credit entitlement (5,849.12)
Impact on account of di fferent tax nue used for computOLion of de fe rred tnx (754.56) 267. 19
Total adjustment (B) (7,103.49) 9.79
Income tax expenses recognised in the books (A+B) (4,613.41) 1,199.03
The Company continues to pay income tax under older tax regime and has not opted for lower tax rate pursuant to Taxation Law
(Amendment) Ordinance, 20 I 9 considering the losses and other benefits under the Income Tax Act, 1961. The Company plans to opt for
lower tax regime once these benefits are utilised.

32 Earning per equity share March 31, 2024 Mardi 3 I, 2023

A Earnings/ (loss) attributable to equity shareholders 13,164.51 2,884.90

Net profit/ (loss) attributable to equity shareholders 13,164.51 2,884.90
Weighted average number of equity shares outstanding (in numbers) (A) 10,10,00,000 10,10,00,000
Weighted average number of non-cumulative compulsorily convertible preference shares 65,00,00,000 65,00,00,000
outstanding (in numbers) (B)

Weighted average number of compulsorily convertible debentures (in numbers) (C) 24,00,00,000.00 24,00,00,000
Weighted average number of equity shares outstanding (in numbers)(A+B+C) 99,10,00,000 99, 10,00,000
Nominal value of equity share (~) 10.00 10.00
Earnings per equity share (~)
- Basic 1.33 0.29
- Diluted 1.33 0.29
Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amollllts int lacs, unless otherwise stated)

Analytical ratios/financial ratios Numerator Denominator March 31, 2024 March 31, 2023 % variance Reason for variance*
33

1 ;:,mce mere 1s aecrease m oamc aeposl( wtth ongmal manmty m current assets ano otner
(a) Current ratio Current assets Current liabilities 0 07 0,15 (53 17%) financial assets due to which there is changes in the ratio.
1 oral oorrowmgs (mcmamg
(b) Debt-equity ratio interest accrued thereon) Total equity 38 83 (23.42) 265 77% This is due to decrease in accumulated lossess which has resulted in increase in total equity
Loss after tax +depreciation Finance costs +Principal Revenue has increased significantly in the current year and also company has created
expenses and amortisation repayments (excluding deferred tax asset on broughtforward losses and MAT credit entitlement which resulted in
expenses+ finance costs+loss prepayments and short-term significant increase profit after taxes,
on sale of PPE/IP+ creation / borrowings)
(c) Debt service coverage ratio (reversal of impainnent) 1.66 I 31 26 52%
K.evenue nas mcreased s1gn1hcantly m the current year ana also company nas created
deferred tax asset on broughtforward losses and MAT credit en:itlement which resulted in
(d) Return on equity ratio Profit/(loss) after taxes Average Total Equity (6.70) (0 ,29) 2220 97% significant increase profit after taxes.
(e J Inventory turnover ratio Revenue from Operations Average Inventory Not Applicable Not Apphcable Not Applicable
(fJ Trade receivables turnover ratio Net credit sales Average trade receivables 22 ,04 17.93 22 .94%
(g) Trade payables turnover ratio Net credit purchases Average trade payables Not Applicable Not Applicable Not Applicable
won<1ng cap1tai {Lurrent
(h) Net capital turnover ratio Revenue from operations assets - current liabilities) (0,77) (0.64) 20.20%
Revenue has increased significantly in the current year and also company has created
deferred tax asset on broughtforward losses and MAT credit entitlement which resulted in
significant increase profit after taxes.
(i) Net profit ratio Profit/(Loss) after taxes Revenue from operations 0,29 0.07 311 65%
Capital employed (Tangible
Net Worth+ Total Debt
Earning before interest and including interest accrued+
(j) Return on capital employed taxes Deferred Tax Liability) 0,14 0 15 (4 16%)
(k) Return on investment Interest (Finance income) lnvesrment Not Applicable Not Applicable Not Applicable
'ifexcffiled more tban -B%
Note:
(i) As per Guidance Note on Division II-Ind AS Schedule III to the Companies Act, 2013, for the purpose of computing debt service coverage ratio, 'debt service' shall include 'interest', 'lease payments' and 'principal repayments' Considering the business
operations of leasing of commercial space by the Company, the management is of the view that the lease liability and lease payments appearing in the Company's financial statements pursuant to provisions of Ind AS 116 wherein the Company has also
recognized corresponding Right of Use Assets, are not required to be considered for compmation of debt service coverage ratio and debt equity ratio and thus, the same has not been considered in computation above.

(This space has been intenlionally left blan,1

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in t lacs, unless otherwise stated)

34 Fair value disclosures

i) Fair values hierarchy
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three Levels of a fair value hierarchy. The
three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level I: quoted prices (unadjusted) in active markets for financial instruments.

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 rely as little as possible on entity specific estimates .
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

(ii) Valuation technique used to determine fair value

Fair value of investment in equity shares have been determined based on discounted cash flow method (income approach)

(iii) Investment in equity instruments

Particulars Level Amount
As at March 31, 2022 FVTPL Level3 28 .00
Purchase of investments -
Gain/(loss) recognised through profit and loss -
As at March 31, 2023 FVTPL Level3 28.00
Purchase of investments -
Gain/(loss) recognised through profit and loss -
As at March 31, 2024 28.00

(iv) Financial instruments by category

Particulars March 31 2024 March 31. 2023

Level Carrving value Amortised cost Level Carrving value Amortised cost
Financial assets
Security Deposit Level 3 871.21 871.21 Level3 871.21 871.2 l
Deposits with banks Level3 2.73 2.73 Level3 2.59 2 59
Investments in CCDs Level3 88.95 88.95 Level 3 82.37 82.37
Total financial assets 962.89 962.89 956. l 7 956.17
Finandal liabilities
Borrowings Level 3 1,33,948.29 1,33,948.29 Level3 1,39,163.83 1,39, 163.83
Lease liability on leasehold land Level3 10,403.77 10,403.77 Level3 10,140.05 10,140.05
Security deposit Level3 2,279.32 2,279.32 Level 3 3,935 .01 3.935.01
Total financial liabilities 1,46,631.38 1,46,631.38 1.53,238.89 1.53.238.89
The above disclosure is presented for non-current financial liabilities and non current financial assets. Carrying value of current financial assets and current
financial liabilities (cash and cash equivalents, other bank balance, trade receivables, other current financial assets, trade payables and other current financial
liabilities) represents the best estimate of fair value.
The fair value uf Lhe financial assets and financial liabilicies is Included at the amount at which the instrument could be exchanged in a current transacuon
between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values.
- The fair values for security deposits received were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair
values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk
- The Company's borrowings from bank and others are variable interest rate bearing hence representing the fair value. The fair values of the Company's
compound instruments are based on cash flows discounted using a current lending rate.

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)
35 Financial risk management
i) Financial instruments by category
Financial instrumt:nls carrying value r~presents the best estimates of fair values
March 31, 2024 March 31 , 2023
Particulars Amortised cost Amortised cost
Financial assets
Trade receivables 2,045.94 1,912.35
Cash and cash equivalents 195.00 49.12
Investment in CCDs 88.95 82 37
Other bank balances 1,152.03 6,343 . 16
Deposits with banks 2.73 2.59
Security Deposit 871.21 871.21
Other financial assets 15.67 2.419.74
Total 4,371.53 11,680.54
Financial liabilities
Borrowings including interest accured 1,79,314.32 2,00, 163.40
Trade payable 1,957.39 1,584.11
Security deposit 14,397.81 13,449.43
Lease Liability on leasehold land 11,376.95 10,788.83
Other financial liabilities 812.26 846.23
Total 2,07,858.73 2.26.832.00

ii) Risk Management

The Company's activities expose it to market risk, liquidity risk and credit risk. The Company's board of directors has overall responsibility for the
establishment and oversight of the Company's risk management framework. This note explains the sources of risk which the entity is exposed to and how the
entity manages the risk and the related impact in the financial statements.

A) Credit risk
Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company's exposure to credit risk is influenced mainly by cash
and cash equivalents, trade receivables and financial assets measured at amortised cost. The Company continuously monitors defaults of customers and other
counterparties and incorporates this information into its credit risk controls. Credit risk related to cash and cash equivalents and bank deposits is managed by
only accepting highly rated banks and diversifying bank deposits. Other financial assets measured at amortized cost includes loans and advances , security
deposits and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the
same time internal control system in place ensure the amounts are within defined limits.

a) Credit risk management

I) Credit risk rating
The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial
assets.
A: Low credit risk on financial reporting date
B: Moderate credit risk
C: High credit ri~k

The Co111panv provides for t:xpcotcd credit loss based on the fol lowing;
Asset group Basis of categorisation Provision for expenses credit loss
Low credit risk Cash and cash equivalents, other bank 12 month expected credit loss/life time expected credit loss

balances, investments, loans

Moderate credit risk Other financial assets 12 month exoected credit loss/life time exoected credit loss
High credit risk Loan, trade receivables and other Life time expected credit loss fully provided for
financial assets

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.
Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in ~ lacs, unless otherwise stated)

Assets under credit risk -

Credit rating Particulars March 31, 2024 March 31, 2023
A: Low credit risk Cash and cash equivalents, other bank balances, loans, trade receivables, other 4,399.53 11,708.54
assets and other financial assets
8: High credit risk Trade receivables 61.61 51.45
b) Credit risk exposure
Provision for expected credit losses
The Company provides for expected credit loss based on lifetime expected credit loss mechanism for loans and advances, trade receivable, deposits and other
investments.
March 3 1, 2024
Particulars Gross carryin2 amount Expected credit losses Carrvinl? amount net of orovision
Trade receivables 2,107.55 61.61 2,045.94
Cash and cash equivalents 195.00 - 195.00
Other bank balance 1,152.03 - 1,152.03
Other financial assets 15.67 - 15.67
Investments 116.95 - 116.95
Deposits with banks 2.73 " 2.73
Securitv Deoosit 871.21 - 871.21 I

March 31 2023
'
Particulars Gross carrving amount Expected credit losses Carrving amount net of provision
Trade receivables 1,963.80 51 45 1,912.35
Cash and cash equivalents 49.12 - 49.12
Other bank balance 6,343 .16 - 6,343 16
Other financial assets 2,419.74 - 2,419.74
Investments 110.37 - 110.37
Deposits with banks 2.59 - 2.59
Securitv Deposit 871 21 - 871.21 I
In respect of trade receivables, the Company considers provision for lifetime expected credit loss. Given the nature of business operations, the Company's trade
receivables have low credit risk as the Company holds security deposits equivalents ranging from three to six months rentals. Further historical trends indicate
any shortfall between such deposits held by the Company and amounts due from customers have been negligible.

The credit risk for cash deposits with banks and cash and cash equivalents is considered negligible, since the counterparties are reputable banks with high
quality external credit ratings. Also, no impainnent loss has been recorded in respect of fixed deposits that are with recognized commercial banks and are not
past due. The carrying amounts disclosed above are the Company's maximum possible credit risk exposure in relation these deposits.

Other financial assets being security deposits, investment and others are also due from several counterparties and based on historical infonnation about defaults
from the counterparties, management considers the quality of such assets that are not past due to be good.

B) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable secU1 ities and the availability uf furn.ling through an auequate amount of
committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining
availability under committed facilities .

Management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows . The Company
takes into account the liquidity of the market in which the entity operates. In addition, the Company's liquidity management policy involves projecting cash
flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and
external regulatory requirements and maintaining debt financing plans.

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in ~ lacs, unless otherwise stated)

Maturities of financial liabilities

The tables below analyse the company's financial liabilities into relevant maturity based on their contractual maturities for all non-derivative financial liabilities.
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of
discounting is not significant.

March 31, 2024 Less than l vear 1-5 year More than 5 Total
Non-derivatives
Borrowings including interest 16,340.15 68,435.04 1,21,419.22 2,06,194.41
Unsecured loan from related parties 36,517.00 - - 36,517.00
Interest accrued on unsecured loan to related parties 3,602.48 - - 3,602.48
Trade payable 1,957.39 - - 1,957.39
Security deposits 11,863.98 2,655.24 1,299.02 15,818.24
Lease Liability of right to use 973.18 3,892.72 3,08,224.34 3,13,090.24
Capital creditors 555.70 - - 555.70
Other financial liabilities (included retention money) 256.56 - - 256.56
Total 72,066.43 74,983.00 4,30.942.58 5,77,992.02

March 3 1. 2023 Less than I year 1-5 vear More than 5 years Total
Non-derivatives
Borrowings including interest 15,991.82 65,197.03 1,40,997.67 2,27,186 52
Unsecured loan from related parties 52,417.00 . - 52,417.00
Interest accrued on unsecured loan to related parties 4,148.28 - - 4,148.28
Trade payable 1,584. 11 - - 1,584. 11
Security deposits 6,519.45 6,900.60 1,444.59 14,864.64
Lease Liability of right to use 648.79 3,892.72 3,09, 197.52 3,13,739.03
Capital creditors 669.54 - - 669.54
Other financial liabilities (included retention money) 176.70 . - 176.70
Total 82.155.69 75 ,990.35 4,51,639.78 6.09. 785.82

C) 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
two types of risk: interest rate risk and price risk. Financial instruments affected by market risk include fixed rate borrowings, fixed deposits and FVTOCI
investments.

a) Interest rate risk

i) Liabilities
Interest rate risk exposure
The Company's policy is to minimise interest rate cash flow risk exposures on long term financing. As at March 31, 2024, the Company is exposed to changes
in market interest rates through bank borrowings at variable interest rates. Below is the overall exposure of the borrowings:

Particulars March 31, 2024 March 3 I, 2023

Variable rate borrowing 1,39,163. 77 1,43,598.12
Fixed rate borrowing - -
Total borrowings 1,39,163.77 1,43,598.12

Sensitivity
Profit or loss and equity is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates.

Particulars March 31, 2024 March 31, 2023

Interest sensitivity
Interest rates - increase by 100 basis points ( I 00 bps) 1,391.64 1,435.98
Interest rates - decrease by I 00 basis points ( 100 bps) (1,391.64) (1,435.98)

ii) Assets
The Company's fixed deposits, interest bearing security deposits and loans are carried at fixed rate. Therefore not subject to interest rate risk as defined in Ind
AS I 07, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.
Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in t lacs, unless otherwise stated)

36 Capital management
(a) Risk management
The Company's capital management objectives are to ensure the Company' s ability to continue as a going concern as well as to provide a balance between
financial flexibility and balance sheet efficiency. In determining its capital structure, Company considers the robustness of future cash flows, potential funding
requirements for growth opportunities and acquisitions, the cost of capital and ease of access to funding sources.
Management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage_ This
takes into account the subordination levels of the Company's various classes of debt. 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. In order to maintain or adjust the capital structure, the Company
may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

Particulars
March 31, 2024 March 31, 2023
Total borrowings• 1,79,314.32 2,00,163.40
Less : Cash and cash equivalent (195.00) (49. 12)
Net debt 1,79,119.32 2,00, 114.28
Total equity# 4,618.41 (8,546.10)
Net debt to equity ratio 38.78 (23.42)
..
*Total borrowing includes interest accrued on borrowings and current matun!Jes of long term borrowings
#Total equity is inclusive of capital reserve - deficit account (refer note 45)

Note:
For the purpose of above debt equity ratio, the Company has not considered lease payments and lease liability in respect of leases wherein the Company has
recognised corresponding Right of Use Assets pursuant to provisions of Ind AS 116.

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in ~ lacs, unless otherwise stated)

37 Disclosure under the Micro. Small and Medium ~n1erpris1.: s Devel opment Act, 2006 ('"MSMED Acl, 2006' ) is as unc
Particulars March 31, 2024 March 3 I, 2023
i) the principal amount and the interest due thereon remaining unpaid to 777.47 732.87
any supplier as at the end of each accounting year; *

ii) the amount of interest paid by the buyer in terms of section 16, along Nil Nil
with the amounts of the payment made to the supplier beyond the
appointed day during each accounting year;
iii) the amount of interest due and payable for the period of delay in Nil Nil
making payment (which have been paid but beyond the appointed day
during the year) but without adding the interest specified under this Act;
iv) the amount of interest accrued and remaining unpaid at the end of each Nil Nil
accounting year; and

v) the amount of further interest remaining due and payable even in the Nil Nil
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise, for the purpose of disallowance as a
deductible expenditure under section 23.
The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such
parties have been identified on the basis of information available with the Company. The same has been relied upon
by the auditors.
* includes outstanding for capital creditors amounting to ~ 459. 12 lacs (March 31, 2023 ~ 422.81 lacs) and retention
creditor amounting to~ 150.53 lacs (March 31, 2023 ~ 52.38 lacs)

38 Segment reporting
The Company is primarily engaged in the business of leasing of constructed properties (including provision of
linked services like facility management services) which is considered to be the only reportable business segment.
Further, the revenues of the Company are derived primarily from leasing of real estate and no customer represents
sales of more than 10% of total sales. Also, the Company operates within India and does not have operations in
economic environments with different risks and returns. Hence, it is considered operating in single geographical
segment. Accordingly, there are no other separate reportable segments in terms of Ind AS 108 on "Operating
Sepment".

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(AU amounts in f lacs, unless otherwise stated)

39 Contingent liabilities
(a) Others
During the year emit:l.l Mardi 31, 2020, the Company had acquired immovablt: properties from DLF Limited, its
erstwhile holding company having 100% stake of the Company as at the date of transfer via transfer deed dated May
1, 2019 at the consideration amount of ~ 2,95,000.00 lacs without paying any stamp duty on the said transaction.
The Company had filed an application seeking the exemption available via Finance Department Notification Number
M. 599/X-501 dated March 25, 1942 whereby the State of Uttar Pradesh at its discretion can exempt duties to be
paid on certain instruments, the said application has been acknowledged by the NOIDA via letter dated April 23,
2019. Also, as per the indemnification clause of the said deed, DLF Limited has taken the full responsibility of any
liability which may arise on such transaction.

Further, DLF Limited has also indemnified the Company in respect of any liability arising on account of stamp duty,
interest and penalty payable to any order in relation to the notice dated May 1, 2006 by the district magistrate under
section 33 and 47 A of the Indian Stamp Act, 1989.

(b) Guarantees
There are no guarantees issued by the Company on behalf of loan taken by others.

(c) During the previous year, December 23, 2022, New Okhla Industrial Development Authority ("Noida") authority
demanded ~ 23,421.31 lacs against DLF Limited on account of payment of enhanced compensation to farmer
regarding land acquired by it. As per NOIDA, land which was acquired by it, falls under the plot taken by DLF
through auction. While passing judgment dated May 05,2022 the Hon'ble Supreme Court directed as: - "Since the
acquisition of land in question was made by NOIDA which was purchased by DLF through a public auction,
therefore the liability to pay compensation would be of NOIDA". NOIDA filed a review petition which was
dismissed vide Order dated August I 0, 2022. Even after this the NO IDA issued a Demand Notice dated December
23, 2022 demanding a sum of~ 23,421.31 lacs. DLF Limited challenged the said demand through filing writ no.
2275 of 2023 before High court of Allahabad (the Hon'ble court) The Hon'ble court has stayed operation of this
demand notice.
Based on the advice of legal counsel, management believes that chances of any liability devolving upon the
Company is not probable and accordingly, no adjustment has been considered in these financial statements. Also, as
per the indemnification clause of the said deed, DLF Limited has taken the full responsibility of any liability which
may arise on such transaction.

40 In the opinion of the board of directors, cun-ent assets, loans and advances have a value on realization in the ordinary
course of business at least equal to the amount at which they are stated in the Balance Sheet and provisions of all
known liabilities have also been made.

41 All loans, guarantees and securities as disclosed in respective schedules/ notes are given for business purposes.

42 Capital commitments:
Estimated amount of contracts remaining to be executed on capital account and no! provided for (net of capital
advances) relating to completion of a project classified under investment property under development as on March
31, 2024 is~ 391.48 lacs (March 31, 2023 is~ 93.31 lacs).

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in f lacs, unless otherwise stated)
43 Related party disclosures
In accordance with Ind AS-24 "Related Party Disclosures" of the Companies (Indian Accounting Standard) Rules,
2015 and Companies (Indian Accounting Standards)(Amendment) Rules 2017, the names of related parties along
with aggregate amount of transactions and year end balances with them are given as follows:

i) Related parties
a) Holding Company
DLF Cyber City Developers Limited

b) Entity having joint control over the holding company

DLF Limited
Reco Diamond Private Limited.

c) Additional related party as per the Companies Act, 2013

'Holding Company of the entity having joint control over the Company's holding company
Rajdhani Investments & Agencies Private Limited

d) Fellow subsidiary company

DLF Power & Services Limited
DLF Assets Limited
DLF Emporio Limited
DLF Infocity Developers (Chandigarh) Limited

e) Enterprises under the control of Key managerial personnel (KMP) of entities having joint control over
the holding company or their relatives at any time during the year
Pure Home & Living Private Limited (formerly known as DLF Brands Private Limited)
Rod Retail Private Limited (till May 24, 2022)
Kiko Cosmetics Retail Private Limited
DLF Urban Private Limited
Shopping Centre Association of India
Cloteq Apparels Private Limited
Typsy Beauty Procurement Service Private Limited
Urvashi Infratech Pvt Ltd
Ambrin The Fragnance (Prop) Rahat Khan

t) Additional related parties as per the Companies Act, 2013

Chief Financial Officer - Mr. Ankur Maheshwari (w.e.f. May 09, 2023)
Manager - Mr. Shibli Khan (w.e.f. October 23, 2023)
Company Secretary - Ms. Yogita Fogla (till April 04, 2024)

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts inf lacs, unless otherwise stated)

ii) The following transactions were carried out with related parties during the year:
Description Holding Company Entity having joint control over the Fellow subsidiary companies Key managerial personnel (KMP) or Total
holding company enterprises under the control of KMP of
entities having joint control over the holding
company or their relatives at any time during
the year
March 31. 2024 March 31 , 2023 March 31, 2024 March 31. 2023 March 3 I. 2024 March 31. 2023 March 31, 2024 March 31 . 20?3 March 3 I, 2024 March 31. 2023
Transactions during the year
Rental income
Kiko Cosmetics Retail Private Limited . . . . . 37.17 36. IO 37.17 36 10
DLF Power & Services Limited
Pure Home & Living Private Limited
.
.
.
-
.
.
-
.
2.13
.
2. 13
.
-
68.32 117.80
. 2.13
68.32
2 13
117.80
Cloteq Apparels Private Limited - - - - - . 38.01 20 ?6 38.01 20.?6
DLF Urban Private Limited - . - - . . 16,94 - 16 94
Typsv Beautv Procurement Services Private Limited - - - - - - 1.00 - 1.00 -
Urvasi lnfratech Private Limited - - - - - - 33.00 - 33.00 -
Ambrin The Fragnance (Prop) Rahal Khan . . . . . . 4.78 . 4.78
Rod Retail Private Limited . - - . . . - 2.41 - 2 41
Maintenance incomes
Kiko Cosmetics Retail Private Limited . . . . . - 8.41 7.70 8.47 7.70
DLF Power & Services Limited - - - . 1.31 1.19 - - 1.31 I 19
Rod Retail Private Limited . -
-
. .
-
- - 0.57 - 0.57
Pure Home & Living Private Limited - - - 13.27 18.52 13.27 18 52
Typsy Beautv Procurement Services Private Limited
Ambrin The Fragnance (Prop) Rahal Khan
-
-
.
-
-
-
.
.
.
.
.
-
0.10
0.5 1
. 0.10
0.51
-.
Cloteq Apparels Private Limited . - . . - . 4.75 2.76 4.75 2.76
Chilling service charees
Kiko Cosmetics Retail Private Limited - - - . - - 1.64 1.62 1.64 I 62
Pure Home & Living Pnvate Li mited - - . - . 2.59 3 89 2.59 3 89
Rod Retail Private Limited . .
- .
.
.
.
- - 0 15 - 0.15
Cloteq Apparels Private Limited . . - - 0.95 0 54 0.95 0.54
Internal liehtine income-service business
Kiko Cosmetics Retail Private Limited . . . . . . 1.34 1.54 1.34 1.54
Pure Home & Livin)! Private Limited . . . . . 3.00 5. 65 3.00 5 65
Rod Retai I Private Limited - - . . . - 0 13 - 0 13
Tyosy Beautv Procurement Services Private Limited . - . . - - 0.05 - 0.05 .
Ambrin The Fra!.-mance (Prop) Rahal Khan - -- - - - . 0.08 . 0.08 .
Cloteq Apparels Private Limited - - - - . L41 0 89 1.41 0.89
Ground rent
Kiko Cosmetics Retail Private Limited . . . . . . 0.63 0 62 0.63 0.62
DLF Power & Services Limited . . - . - 0,09 . . . 0 09
Pure Home & Living Private Limited . - . . . 1.45 I 50 1.45 I 50
Rod Retail Private Limited -I - . . . . . 0.25 . 0.25
Cloteq Apparels Private Limited . - - - - 0.35 0.?1 0.35 0.21

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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts inf lacs. unless otherwise slaledl

ii) The following transactions were carried oul with related parties during th e -n'8r:
Description Holding Company Entity having joint control over the Fellow subsidiary companies Key managerial personnel (KMP) or Total
holding company enterprises under the control of KMP of
entities having joint control over the holding
company or their relatives at any lime during
the year
March 31. 2024 March 31. 2023 March 31, 2024 March 31. 2023 March 31. 2024 March 31 . 7023 March 31. 2024 March 31. 2023 March 31. 2024 March 3 I. 2023
Transactions durine: the vear
Delayed interest income
Pure Home & Living Private Limited - 0.24 - 0 24
Kiko Cosmetics Retail Private Limited
Interest pavment
2.63 - 2.63 -
DLF Cvber City Developers Limited 232.7S - - - - - - 232.7S -
DLF Asset Limited - - - 3,915.53 5,259.55 - 3,915.53 5.259 55
Interest expense
DLF Asset Limited - - - - 3.903.30 4,208.33 - - 3 903.30 4.208 33
DLF Cyber Citv Developers Limited 5.57 258.62 - - - - - 5.57 258 62
DG run nine: & maintenance expense
DLF Power & Services Limited - - - - 216.37 202.42 - - 216.37 202 42
Business nromolion
DLF Power & Services Limited - - - - 357.66 193 .99 - 357.66 193.99
Parkine: maintenance
DLF Power & Services Limited - - - - 437.05 485 ,05 - - 437.05 485 05
Service and maintenance exnense
DLF Power & Services Limited -I - - . 7.344.48 6.345 ,68 - - 7,344.48 6.345.68
Business suonort service chare:es
DLF Power & Services Limited - - - - 61J.19 523 53 - - 611.19 523 53
Chilline: service Expenses
DLF Power & Services Limited - - 495.08 267 45 - - 495.08 267 45
Annual fees for founder membershin
Shopping Centre Association of India
Sale of Assets
- - - - - - - 0,10 - 0.10

DLF Cvber City Developers Limited -- 38. 14 - - - - - - - 38.14

DLF lnfocitv Developers(Chandigarh )Limited - - - 25.42 - - - 25.42 -
Purchase of Assets
DLF lnfocity Developers(Chandigarh)Limited - - - - 12.71 - - 12.71 -
Reimbursement of capital exnenditure
DLF Limited - - 275.67 1,007.60 - - - 275.67 1,007.60
Loan taken
DLF Asset Limited - - - . 800.00 2.500,00 - . 800.00 2 500.00
DLF Cyber Citv Developers Limited - 8,000 00 - . - - - . - 8,000.00
Loan repayment
DLF Cvber Citv Developers Limited 1,000.00 7,000 00 - - - - - - 1.000.00 7.000.00
DLF Asset Limited - - - - 15.700.00 5.000.00 - - 15,700.00 5.000.00

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Paliwal Real Estate Limited.
Notes to the financial statements for the year ended March 31, 2024
(All amounts in tlacs. unless otherwise stated )
(iv) Bu lance 111 year eud
Description Holding Company Entity having joint control over Fellow subsidiary companies Key managerial personnel (KMP) Total
the holding company or enterprises under the control of
KMP of entities having joint
control over the holding company
or their relatives at any time
during the year
March 31. 2024 March 3 1. 2023 March 31, 2024 March 3 I. 2023 March 31 , 2024 March 3 I. 2023 March 31. 2024 March 31 . 2023 March 31 , 2024 March 31. 2023
Security denosits accented
Kiko Cosmetics Retail Private Limited - . . . - - 19.97 19,97 19.97 19.97
Pure Home & Liv ine. Private Limited - -. . - - - 23.03 23 08 23.03 23 08
Ambrin The Frae.nance (Prop) Rahat Khan .
- - - . 1.37 - 1.37 -
DLF Power & Services Limited . . . - 1.66 1 45 - - 1.66 1.45
Cloteq Apparels Private Limited . - - - - - 9.75 9 75 9.75 9 75
Trade receivables (including receivables
pertaining to revenue not recognised due to lack
of certaintv of collection of lease navments)
Kiko Cosmetics Retail Private Limited - - - - - - 1.08 - 1.08 -
Pure Home & Li vine. Pri vate Limited - .
- - . - 6.07 15 45 6.07 15 45
Cloteq Apparels Private Limited
Trade pavables
- - - - - - 0.38 I 68 0.38 1.68

DLF Power & Services Limited - - . - 1,547.33 465.15

.
- -. 1,547.33 465 15
DLF Cyber Citv Developers Limited - 27.00 . - - - 27.00
Kiko Cosmetics Retail Private Limited . - . . - - - 0 02 - 0.02
Amount Recoverable
DLF Limited (refer note 7)
Loan taken
- . )5.67 2.419 74 - . . - 15.67 2.4 1974

DLF Assets Limited . . . - 36,517.00 51.41700 - . 36,517.00 51.417.00

DLF Cyber Citv Developers Limited . 1,000.00 - . - - - . - 1.000.00
Corporate 2uarantee taken
DLF Cvber City Developers Limited 1.39. 187.32 1.43.625.00 . . . . . - 1,39.187.32 1.43.625.00
Bank 2uarantee taken
DLF Cyber Citv Developers Limited 10.00 1000 . . - 10.00 1000
Interest accrued but not due (pavable)
DLF Assets Limited . - . 3.597.46 3.915.53 - - 3.597.46 3,915 53
DLF Cyber City Developers Limited
5% Non-cumulative compulsorily convertible
5.02 232 75 - . . . - - 5.02 232 75

preference shares oft 100 each (CCPS-2019/1)

DLF Emporio Limited . . . - 65.000.00 65.000 00 . . 65.000.00 65.000 00
0.01 % Compulsorilv convertible debenture
DLF Assets Limited . - - - 24,000.00 24.000 00 . - 24,000.00 24.000.00
Enuitv share capital - .
DLF Cyber Citv Developers Limited 10 100.00 10. 10000 - . . - . . 10,100.00 10,100 00

Terms and conditions of transactions with related parties

i) The transactions with related parties as stated above are made on terms equivalent to those that prevail in arm ' ~ length transactions
ii) The Company has taken unsecured loan from related party which is repayable on demand. The loan has been utilised by the Company for its business purposes. \.--'--- '.:: s .,._

iii ) Rod Retails Private Limited ceased to exist as related party w.e fMay 24, 2022
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Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in~ l~c,s, unless otherwise stated)

44 During the current year. the Company has charged the Common Area Maintenance ("CAM") revenue (included under the head "Revenue from
Operations") from tenants on provisional basis, based on management 's estimate of cost incurred. However, post the year-end, the Company will
obtain an independent party certificate of actual expenditure incurred towards maintenance charges for the year ended March 31, 2024 The
111a11age111enl believes lhal nu 111ale1ial aJjusl111e11ls will arise i11 CAM n:venut! whidt will affocl lhe current period financial statements

45 In the financial year 2019-20, DLF Limited ( ' DLF') erstwhile holding company had entered into "Transfer Deed" with the Company pursuant to
which the Company acquired leasehold right, title and interest in the Mall of India, Noida ('MOIN ') to the Company. The Company believes the
assets along with the leasehold rights, title and interest in MOIN collectively constitute as inputs for carrying on the business of running the mall
Also, since DLF as a group has a common system and standard protocol, the processes to run the business shall be continued to be governed by the
Company Accordingly, the transfer of above assets collectively meets the definition of business as per the provisions of Ind AS I 03: Business
combinations. Further, since the business of MOIN was ultimately controlled by DLF both pre and post the transfer of the business to the Company,
the Company has accounted for the acquisition, in accordance with Appendix C to IND AS 103: Business combination of entities under common
control, and accordingly, has recorded the assets and liabilities of MOIN at their respective book values as was appearing in the books of DLF as at
April 0 I, 2018 , The difference off 75,455.73 lacs in book values of assets and liabilities acquired and consideration paid has been recorded as
"Capital Reserve-Deficit account" in financial statements of the Company

Subsequently, on May 29, 2019, the Company, DLF, DLF Cyber City Developers Limited ('DCCDL') and Reco Diamond Private Limited ('Investor')
have entered into a Share Purchase and Subscription Agreement ("SPA") wherein DCCDL has acquired 100% equity stake in the Company from its
erstwhile holding company. The management believes that subsequent transfer of control to DCCDL was not transitory in nature since, the same is
assessed by looking at the duration of control in the period both before and after the transaction and is not limited to an assessment of the duration of
control only after the transaction. Accordingly, the above transaction has been accounted as business combination under common control.

As per the Transfer Deed, DLF shall indemnify the Company for any losses, liabilities, fines, penalties that the Company may suffer due to any levy by
the government or any other government authority on account of non-fulfilment of any of its obligations.

Further, as per SPA, taxes for the period prior to date of transfer of securities; transfer taxes and other losses related to project transfer documentation;
stamp duties, interest and penalties payable further to any order or loss of OST input credit on purchase of assets of MOIN by the Company has been
indemnified by the DLF to the Company

46 During the earlier year, the Company based on their internal assessment has decided to undertake the enhancement and renovation in the mall to
upgrade the existing mall structure. During the earlier year, the Company has re-estimated the initial cost of restoration and enhancement works of
the mall to f 6,227 84 lacs

Pursuant to the Share Purchase and Subscription Agreement ('SPSA ' ) dated May 29, 2019, DLF Limited has agreed to reimburse the cost off
4,700 65 lacs to be incurred on the restoration and renovation of the mall and accordingly, amount onts 67 lacs (March 31, 2023: f2 ,419 74 lacs)
being the proportionate cost incurred on renovation as on March 31, 2024, agreed to reimbursed by DLF has been shown as recoverable in these
financial statements

47 During the year ended March 31 , 2024, the Company has a negative other equity on 70,481 59 lacs (March 31 , 2023 f 83,646 IO lacs) against the
share capital and other equity instruments of~ 75 , I 00.00 lacs (March 3 I, 2023:f 75, I 00.00 lacs). As at March 31 , 2024, net current liabilities of the
Company is~ 58,681 91 lacs (including security deposits received from tenants on 12,483 99 lacs)
Considering the expectation of renewal of security deposits from leasing and commitment of financial support provided by the Holding Company (in
form of parent support letter) to meet the obligations of the Company till May 31 , 2025, these financial statements have been prepared on going
concern assumption

48 In accordance with applicable Ind AS and relevant provisions of Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", the
Company has made following major reclassifications in the following statements:

Amount Classification in financial Classification in comparative Remarks

Particular (Rs, In lacs) statements of March-23 financial statements of March-
Maturity of Fixed Deposit 2 59 Other bank balances - Other financial assets - non- These deposit have a
current under note no. 14 current under note no . 6 remaming maturity of more
than 12 months

The above reclassification does not have any impact on the company's profit, EBITDA, and earnings per share for the current and the previous year

49 Rule 11 (g) of Companies (Audit and Auditors) Rule, 2014 (" rule") stipulates that where the Company has used accounting software for maintaining
its books of account whether it has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all
transactions recorded in the software among other requirements, as prescribed in the aforesaid Rule The Company has used an accounting software
which is operated by a third-party software service provider, for maintaining its books of account Management is not in possession of Service
Organisation Controls report (SOC! type 2 report) to determine whether the requirements of above rule has been met

(This space has been intentionally left blank)

Paliwal Real Estate Limited
Notes to the financial statements for the year ended March 31, 2024
(All amounts in i lacs, unless otherwise stated)

50 Other statutory information:

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
(ii) The Company does not have any transactions with companies struck off under Section 248 of the Companies Act, 20 I 3.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period .
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year
(v) The Company has 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
(b) provide any guarantee, security or the like to or on behalfofthe Ultimate Beneficiaries
(vi) 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 :
(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 behalfofthe Ultimate Beneficiaries,

(vii) The Company does not have 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 lncome-tax Act, 196 l (such as, search or survey or any other relevant provisions of the Income-tax
Act, 1961),

(viii) The Company has not been declared wilful defaulter by any bank or financial institution or Government or any government authority or other lender,
in accordance with the guidelines on wilful defaulters issued by the Reserve Bank oflndia.

As per our report of even date attached

For and on behalfofthe Board of Directors of
For S.R. Batliboi & Co. LLP
Chartered Accountants
I 301003E/ E300005

~ ~,s;.,,
Partner Direc tor
Membership Number: 501396 DIN - 07156209
V

A~
Chief Financial Officer

Place : Gurugram Place • Gurugram

Date : May 03, 2024 Date . May 03 , 2024