j Provisions, contingent assets and contingent liabilities
A provision is recognised when:
•The Company has a present obligation (legal or constructive) as a result of a past event;
•It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
•A reliable estimate can be made of the amount of the obligation.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably may not, require an outflow of resources. A contingent liability also arises in extreme cases where there is a
probable liability that cannot be recognised because it cannot be measured reliably.
Where there is a possible obligation or a present obligation such that the likelihood of outflow of resources is remote,
no provision or disclosure is made.
Contingent assets are neither recognised nor disclosed except when the realisation of income is virtually certain, and
the related asset is disclosed.
k Taxation
Income tax expense comprises of current tax expense and deferred tax expense/benefit. Current and deferred taxes are
recognised in the standalone statement of profit and loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity.
a) Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities using the tax rates and tax laws that are in force at the reporting date.
Current income tax relating to items recognised outside the statement of profit and loss is recognised outside the
statement of profit and loss (either in other comprehensive income or in equity). Current tax items are recognised in
correlation to the underlying transaction either in OCI or directly in equity.
The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to set offthe
recognised amounts and where it intends either to settle on a net basis, or to realise the assets and settle the liability
simultaneously.
b) Deferred tax
Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the
tax bases of assets and liabilities and their corresponding carrying amounts for financial reporting purposes.
Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of:
1 .deductible temporary differences;
2. the carry forward of unused tax losses; and
3. The carry forward of unused tax credits.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
1. When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss.
2. In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in
joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that
the temporary differences will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilised. 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 profit or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction
either in OCI or directly in equity.
l Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the
purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, net of outstanding bank overdrafts, as they are considered an integral part of the Company’s cash
management.
m Segment accounting
As per the requirements of Ind AS 108 on “Operating Segments”, the Company operates on a single segment “, Real
Estate” and no other segment. Hence, no segmental Reporting is prepared for the year.
n Revenue recognition
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 entitled in exchange for those goods or services. The Company
is generally the principal as it typically controls the goods or services before transferring them to the customer
Revenue is measured at the amount of consideration which the Company expects to be entitled to in exchange for
transferring distinct goods or services to a customer as specified in the contract, excluding amounts collected on
behalf of third parties (for example taxes and duties collected on behalf of the government). Consideration is
generally due upon satisfaction of performance obligations and a receivable is recognised when it becomes
unconditional.
i) Revenue from real estate projects
Ind AS 115 has been notified by the Ministry of Corporate Affairs (MCA) on March 28, 2018 and is effective from
the accounting period beginning on or after April 01, 2018.
The Company has applied a full retrospective approach in adopting the new standard and accordingly recognised
revenue in accordance with Ind AS 115.
The Company derives revenues primarily from the sale of properties comprising both commercial and residential
units. The Company recognises revenue when it determines the satisfaction of performance obligations at a point in
time. Revenue is recognised upon transfer of control of promised products to the customer in an amount that reflects
the consideration which the Company expects to receive in exchange for those products.
In arrangements for the sale of units, the Company has applied the guidance in Ind AS 115, Revenue from contracts
with customers, by applying the revenue recognition criteria for each distinct performance obligation. The
arrangements with customers generally meet the criteria for considering the sale of units as distinct performance
obligations. For allocating the transaction price, the Company has measured the revenue in respect of each
performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an
item when sold separately is the best evidence of its standalone selling price. The transaction price is also adjusted for
the effects of the time value of money if the contract includes a significant financing component. Any consideration
payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service
from the customer.
For the sale of units, the Company recognises revenue when its performance obligations are satisfied and the
customer obtains control of the asset.
Revenue is recognised net of indirect taxes.
Land cost includes the cost of land, land-related development rights and premium.
ii) Interest income
For all financial instruments measured either at amortised cost or at fair value through other comprehensive income
(‘OCI’), interest income is recorded using the effective interest rate (EIR), which is the rate that exactly discounts the
estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period,
where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability.
Interest income is included in other income in the statement of profit and loss.
iii) Other income
Other incomes are accounted on an accrual basis, except interest on delayed payment by debtors and liquidated
damages, which are accounted on acceptance of the Company’s claim
o Borrowing costs
Borrowing costs that are directly attributable to the acquisition/construction of qualifying assets or for long-term
project development are capitalised as part of their costs. Borrowing costs are considered part of the asset cost when
the activities that are necessary to prepare the assets for their intended use are in progress. Borrowing costs consist of
interest and other costs that the Company incurs in connection with the borrowing of funds. Other borrowing costs
are recognised as an expense in the period in which they are incurred.
p Impairment of non-financial assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair
value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless
the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is
written down to its recoverable amount.
Recoverable amount is determined:
1 .In case of an individual asset, at the higher of the fair value less cost to sell and value in use; and
2. In case of a cash-generating unit (a group of assets that generates identified, independent cash flows), at the
higher of the cash-generating unit's fair value less cost to sell and the value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions
can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples,
quoted share prices for publicly traded companies or other available fair value indicators.
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared
separately for each of the Company’s CGUs to which the individual assets are allocated. These budgets and forecast
calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and
applied to project future cash flows after the fifth year.
Impairment losses of continuing operations, including impairment on inventories, are recognised in the statement of
profit and loss, except for properties previously revalued with the revaluation surplus taken to OCI. For such
properties, the impairment is recognised in OCI up to the amount of any previous revaluation surplus.
q Earnings per share
Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the period. Earnings considered in ascertaining the
Company's earnings per share are the net profit for the period after deducting preference dividends and any
attributable tax thereto for the period. The weighted average number of equity shares outstanding during the period
and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential
equity shares that have changed the number of equity shares outstanding, without a corresponding change in
resources.
For the purpose of calculating diluted earnings per share, the 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.
r Statement of cash flows
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of
transactions of a non-cash nature, any deferrals of accruals of past or future operating cash receipts or payments and
items of income or expenses associated with investing or financing cash flows. The cash flows from operating,
investing and financing activities of the Company are segregated.
s Key accounting estimates and Judgements
The preparation of financial statements in conformity with Ind AS requires management to make judgments,
estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of
contingent assets and liabilities at the reporting date. However, uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in
future periods.
Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting estimates and
assumptions is recognised prospectively, i.e. recognised in the period in which the estimate is revised and future
periods affected.
The following are significant management judgements in applying the accounting policies of the Company that have
a significant effect on the financial statements.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the
Company’s future taxable income against which the deferred tax assets can be utilised. In addition, significant
judgment is required in assessing the impact of any legal or economic limits or uncertainties in various tax
jurisdictions.
Classification of assets and liabilities into current and non-current
The management classifies the assets and liabilities into current and non-current categories based on the operating
cycle of the respective business/projects.
Impairment of assets
In assessing impairment, management estimates the recoverable amounts of each asset or CGU (in case of non-
fmancial assets) based on expected future cash flows and uses an estimated interest rate to discount them. Estimation
relates to assumptions about future cash flows and the determination of a suitable discount rate.
i) Revenue recognition
The Company applies the revenue recognition criteria to each nature of revenue transaction as set out below:
Revenue from real estate projects
Revenue from real estate projects
Ind AS 115 has been notified by the Ministry of Corporate Affairs (MCA) on March 28, 2018 and is effective from
the accounting period beginning on or after April 01, 2018.
The Company has applied full retrospective approach in adopting the new standard and accordingly recognised
revenue in accordance with Ind AS 115.
The Company derives revenues primarily from the sale of properties comprising both commercial and residential
units. The Company recognises revenue when it determines the satisfaction of performance obligations at a point in
time. Revenue is recognised upon transfer of control of promised products to the customer in an amount that reflects
the consideration which the Company expects to receive in exchange for those products.
In arrangements for the sale of units, the Company has applied the guidance in Ind AS 115, Revenue from contracts
with customers, by applying the revenue recognition criteria for each distinct performance obligation. The
arrangements with customers generally meet the criteria for considering the sale of units as distinct performance
obligations. For allocating the transaction price, the Company has measured the revenue in respect of each
performance obligation ofa contract at its relative standalone selling price. The price that is regularly charged for an
item when sold separately is the best evidence ofits standalone selling price. The transaction price is also adjusted for
the effects of the time value of money if the contract includes a significant financing component. Any consideration
payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service
from the customer.
For the sale of units, the Company recognises revenue when its performance obligations are satisfied and the
customer obtains control of the asset.
Revenue is recognised net of indirect taxes.
Land cost includes the cost of land, land-related development rights and premium.
1.3 RECENT ACCOUNTING PRONOUNCEMENT
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st March, 2024,
MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
The fair values of the financial assets and liabilities are included at the amount 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.
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at
fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability
of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Ind AS. An explanation
for each level is given below.
Fair Value Hierarchy
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of
observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instruments are observable,
the instrument is included in level 2. Instruments in the level 2 category for the Company include foreign exchange forward contracts and investments in unit
linked insurance policy.
The carrying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, current loans, other current
financial assets, current borrowings, trade payables and other financial liabilities approximates the fair values due to the short-term maturities of these
financial assets / liabilities.
Transfers between Levels 1 and 2
There were no transfer from Level 1 to Level 2 or vice versa in any of the reporting periods.
B. Market Risk
The Company has exposure to the following risks arising from financial instruments:
Ý Credit risk ;
Ý Liquidity risk ; and
Ý Market risk
i. Risk management framework
The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and for
developing and monitoring the Company’s risk management policies.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls
and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the
Company’s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and obligations.
The Board of Directors oversees how management monitors compliance with the company’s risk management policies and procedures, and reviews the
adequacy of the risk management framework in relation to the risks faced by the Company. The board is assisted in its oversight role by internal audit. Internal
audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Board.
(a) Interest Rate Risk
Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed
interest bearing finacial instruments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating
interest bearing financial instruments will fluctuate because of fluctuations in the interest rates.
Exposure to interest rate risk
The company is not exposed to any market risk with reference to interest rate risk, as per the opinion of the board of Directors of the company.
C. Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and
arises principally from the Company's receivables from customers and investments in debt securities.
As per the opinion of the management, the company does not have any exposure towards credit risk.
Cash and cash equivalents
The company maintains its Cash and cash equivalents and Bank deposits with banks having good reputation, good past track record and high quality credit
rating and also reviews their credit-worthiness on an on-going basis.
(iv) Expected Credit Losses:
D. Liquidity Risk
iii. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by
delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to
meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s
reputation.
The Company uses product-based costing to cost its products and services, which assists it in monitoring cash flow requirements and optimizing its cash
return on investments. The Company monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade
and other payables.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include
estimated interest payments and exclude the impact of netting agreements.
Maturities of Financial Liabilities
The gross inflows/(outflows) disclosed in the table below represent the contractual undiscounted cash flows relating to derivative financial liabilities held for
risk management purposes and which are not usually closed out before contractual maturity. The disclosure presents net cash flow amounts for derivatives that
are net cash-settled, as well as gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement.
44 Disclosure where company has given loan or invested to other person or entity to lend or invest in another person or entity
(A) During the year, 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:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries)
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
45 Disclosure where company has received fund from other person or entity to lend or invest in other person or entity
(B) During the year, the Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party(Ultimate
Beneficiaries)
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
46 Undisclosed Income
The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year
in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
47 Details of Crypto Currency Rs. in Lacs
The Company has not traded or invested in cryptocurrency or Virtual Currency during the current financial year or any of the previous financial years.
48 Other Statutory Disclosures as per the Companies Act, 2013
Compliance with approved Scheme(s) of Arrangements
No Scheme of Arrangements has been approved by/ pending with the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during
the year as well as previous year
49 Regrouping
As per the requirements of Ind AS 108 on “Operating Segments”, the Company operates on a single segment “, Real Estate” and no other segment. Hence, no
segmental Reporting is prepared for the year.
50 Foreign Currency Earnings and Expenditure
Earnings in Foreign Currency: Nil (P.Y. Nil)
Expenditure in Foreign Currency: Nil (P.Y. Nil)
51 Forward Exchange Contracts
No forward exchange contracts are outstanding on the balance sheet date which is entered to hedge foreign exchange exposures of the Company.
52 Impairment of Property, Plant and Equipment
The Company has carried out Impairment test on its Fixed Assets as on the date of Balance Sheet and the management is of the opinion that there is no asset
for which provision of impairment is required to be made as per applicable Indian Accounting Standard.
53 Balances Subject to Confirmation and Reconciliation
Balance of Receivables and Payables, including borrowings taken, loans & advances given, payable to vendors, security deposits given, other advances given,
other liabilities, advances from customers, etc, are subject to confirmation and consequent reconciliation and adjustments, if any. Hence, the effect thereof, on
Profit/ Loss, Assets and Liabilities, if any, is not ascertainable, which may be considerable. The Board of the Directors has established a procedure controls to
review the reconciliation and recoverability of all the assets and payability of all the liabilities, on a regular basis, based on the formal/ informal agreements/
arrangements with the respective parties involved. As per the opinion of the Board, there will be no substantial impact on their reconciliation with their
balance confirmations as on the reporting date.
54 Reconciliation with Statutory Submissions (including GST)
Balance appearing in the financial statements are subject to reconciliation with the returns and submissions made with statutory authorities, including GST
department. Hence, the effect thereof, on Profit/ Loss, Assets and Liabilities, if any, is not ascertainable.
55 Realisable Value of Current Assets
In the opinion of the board, the current assets, loans and advances are approximately of the value state, if realized in ordinary course of business. The provision
for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.
56 Status of Ongoing Real Estate Projects
There are two ongoing real estate projects with the company, namely (a). Pittie Paradise (earlier known as Victoria Elegance), Dadar, Mumbai, and (b). Pittie
Chambers, BKC, Mumbai. As on the date of the Balance Sheet, a part (PC-1) of Project Pittie Chambers, BKC has been completed, while the remaining part
(PC-2) of Project Pittie Chambers, BKC is still under progress. Pittie Paradise is still in the stage of completion. In the opinion of the Board of Directors of the
company, both Real Estate Projects are compliant of all regulatory and statutory requirements. The cost incurred by the company till 31.03.2024 for their
development has been properly accounted for in the books of accounts by the company and segregated between Finished Goods and Work in Progress as per
the applicable accounting standards and practices.
The Board of Directors of the company also acknowledge that due to some unavoidable business reasons, including overall unfavorable market volatility in the
real estate sector, lack of working capital funds, etc, the above projects could not be completed in pre-decided timelines. The Board of Directors of the
company are regular in reviewing the project status and is hopeful to complete these projects in a reasonable time frame.
Further regarding the Advance received from the customers for the delivery of possession of the booked units, the management of the company has obtained
informal approval from the respective customers for the condonation of the delay in delivery of possession of the booked units, however the same is yet to be
documented as per the regulatory requirements. The management of the company is hopeful for delivery of possession of the booked units to the customers in
agreed time frame.
57 Work-in-Progress Valuation and NRV Assessment
The company has recognised the carrying amount of the Work in Progress towards two ongoing real estate projects (namely (a) Pittie Paradise and (b) Pittie
Chambers) at cost. In the opinion of the Board of Directors of the company, they regularly carry out assessments of the Net Realisable Value of these projects,
based on the estimated project completion method. The evaluation is based on the opinion of the company's technical team, which is primarily informed by the
forecast of future market conditions and an assessment of future selling prices and completion costs for all projects.
In the opinion of the Board of Directors of the company, considering the net realisable value of both projects, based on their assessment as mentioned above,
they confirm that the cost incurred by the company against each project is less than the net realisable value of both projects. Hence, in the opinion of the
Board, the value of inventory is to be taken as the cost incurred in the projects, as on 31.03.2024.
58 Refunds Payable on Cancellation of Customer Agreements
The amount refundable to customers due to the cancellation of the agreement is payable as and when demanded by the respective customer, and the company
has recognised full liability in this respect in its financial statements. According to the board of directors' opinion, there is no outstanding demand from any
customer that has not been paid, and no interest is payable on any unpaid refundable amount to customers, as per the informal agreement between
management and the respective customers.
59 GST Input Tax Credit Adjustments
According to change in statutory provisions regarding the availability of the tax credits under goods and service tax, the recognised the tax credits availed
during the earlier and current year as expenses and debited to profit & loss account during the financial year 2023-2024.
60 Impairment of Financial Assets — Expected Credit Loss (ECL)
With the applicability of Ind AS 109, the recognition and measurement of impairment of financial assets is based on credit loss assessment by expected credit
loss (ECL) model. The ECL assessment involve significant management judgement. The Company’s impairment allowance is derived from estimates
including the historical default and loss ratios. Management exercises judgement in determining the quantum of loss based on a range of factors. The most
significant areas are loan staging criteria, calculation of probability of default / loss and consideration of probability weighted scenarios and forward looking
macroeconomic factors.
The board acknowledges and understands that these factors, since there is a large increase in the data inputs required by the ECL model, which increases the
risk of completeness and accuracy of the data that has been used to create assumptions in the model. Based on the internal management analysis, as per Board
Opinion, there is no requirement of provision for expected credit loss in several financial assets including the loans and advances and other receivables of the
Company and all are on fair value, based on the assessment and judgement made by the board of the company.
61 Events Occurring After the Reporting Period
There have been no events after the reporting date that require disclosure in this financial statement
62 Revenue Recognition in Real Estate Projects (Ind AS 115)
As per the accounting policies adopted by the company, the Company recognises revenue from sale of real estate units, when it determines the satisfaction of
performance obligations at a point in time, as per the requirement of Ind AS 115. Revenue is recognised upon transfer of control of promised products to
customer in an amount that reflects the consideration which the Company expects to receive in exchange for those products.
In the Financial Year 2019-20, the company achieved Part Completion of one of the Project 'Pittie Chambers". Hence the company recognised the cost
incurred on construction of the Part Completed as "Finished Goods", and kept the construction cost of uncompleted portion as "Work in Progress". The Cost of
Construction of Finished Goods was measured by the company, based on the bifurcation of actual cost between completed and non-completed portions, as per
the opinion and calculations made by the technical and financial teams of the company and approved by the Board. Further, the salable units, where the
controls were transferred to the customers during the year were recognised as Revenue from Operations and proportionate developement cost towards such
units were adjusted with the value of "Finished Goods" under Inventories.
During the Financial Year 2023-24, no further completion/part-completion of the ongoing projects ("Pittie Chambers" and "Pittie Paradise") were achieved but
some of the control of promised products were transferred to the customer. Hence revenue was provided by the company for the year ended 31st March 2024,
pertaining to the ongoing projects and all the direct and indirect costs incurred towards the constructions were represented as Work In Progress under
Inventories.
63 Revaluation/ Fair valuation of PPE / Intangible assets/ Investment property
The company has not carried out any revaluation of its Property, Plant and Equipment (including Right-of-Use Assets) and intangible assets during the current
year as well as previous year. The company also does not have any Investment property during the current year as well as previous year.
64 Rounding Off
These financial statements are presented in Indian Rupees (INR), which is also the functional currency. All values are rounded to the nearest Lakh, except
when otherwise indicated. The amounts which are less than Rs. 0.01 Lakhs are shown as Rs. 0.00 Lakhs.
65 Regrouping
Previous year's figures have been regrouped or reclassifed wherever necessary
For & on Behalf of For and on behalf of Board of Directors,
Mahesh Chandra & Associates Victoria Enterprises Limited (CIN: L65990MH1982PLC027052)
Chartered Accountants
FRN: 112334W
Rajesh Maheshchandra Bohra Krishna Kumar Pittie Satish Sharma
Partner 102587 Director 00023052 Director 010603829
Place: Mumbai Place: Mumbai
Date: 05-September-2025 Date: 05-September-2025
| 