(j) Provision, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a present legal or
constructive obligation as a result of past events, it is probable that an
outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. Provisions are measured at the
present value of management's best estimate of the expenditure
required to settle the present obligation at the end of the reporting
period.

A contingent liability exists when there is a possible but not probable
obligation, or a present obligation that may, but probably will not, require
an outflow of resources, or a present obligation whose amount cannot be
estimated reliably.

All known Liabilities, wherever material, are provided for and Liabilities,
which are disputed, are referred to by way of Notes on Accounts.
Contingent assets are not recognized in the financial statements.

(k) Taxes on Income

Tax expense comprises of current and deferred tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act, 1961. Deferred income
taxes reflect the impact of current year timing differences between
taxable income and accounting income for the year and reversal of
timing differences of earlier years.

Deferred tax is measured based on the tax rates and the tax laws enacted
or substantively enacted at the balance sheet date. Deferred tax assets
and deferred tax liabilities are offset, if a legally enforceable right exists
to set off current tax assets against current tax liabilities and the deferred
tax assets and deferred tax liabilities relate to the taxes on income levied

by same governing taxation laws. Deferred tax assets are recognized
only to the extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized. In situations where the company has unabsorbed
depreciation or carry forward tax losses, all deferred tax assets are
recognized only if there is virtual certainty supported by convincing
evidence that they can be realized against future taxable profits.

Minimum Alternate Tax (MAT) Credit is recognized as assets only when
and to the extent there is convincing evidence that the company will pay
normal income tax during the specified period. In the year in which MAT
credit becomes eligible to be recognized as an asset in accordance with
the recommendations contained in Guidance Note issued by the Institute
of Chartered Accountants of India, the said asset is created by way of
credit to the profit and loss account and shown as MAT credit
entitlement. The company reviews the same at each balance sheet date
and writes down the carrying amount of MAT Credit Entitlement to the
extent there is no longer convincing evidence to the effect that Company
will pay normal Income Tax during the specified period.

(l) Loans and Receivables

Trade receivables and loans are initially measured at transaction value,
which is the fair value and subsequently retained at cost less appropriate
allowance for credit losses as most loans and receivable of the Company
are current in nature. Where significant, non-current loans and
receivables are accounted for at amortized cost using effective rate
method less appropriate allowance for credit losses. Interest is
accounted for on the basis of contractual terms, where applicable and is
included in interest income. Impairment losses are recognized in the
profit or loss where there is an objective evidence that the Company will
not be able to collect all the due amounts.

(m) Investments

At initial recognition, the Company measures its investments at its fair
value plus costs that are directly attributable to the acquisition of the
financial asset. Investments are designated as subsequently measured
at fair value through profit or loss. The transaction costs are expenses
immediately in statement of profit or loss. Movements in fair value of
these assets re taken in profit or loss.

Investment in Limited Liability Partnership (LLP) firm is carried at cost in
the separate financial statements. The share in profit/loss in LLP is
recognised as income/expense in the standalone statement of profit and
loss and is recorded under other current financial asset/liabilities as the
right to share the profit/loss is established as per the LLP's agreement.

(n) Segment reporting
Identification of segments:

The Company's operating businesses are organized and managed
according to the nature of products and predominant source of the risk
for the Company is business product, therefore business segment has
been considered as primary segment. The analysis of geographical
segments is based on the areas in which the Company operates.

Segment policies:

The Company prepares its segment information in conformity with the
accounting policies adopted for preparing and presenting the financial
statements of the Company as a whole.

(o) Earning per share

Basic earnings per share are calculated by diving the net profit or loss for
the period attributable to equity shareholders after deducting preference
dividends and attributable taxes by the weighted average number of
equity shares outstanding during the period.

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, if any.

(p) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or
production of an asset that necessarily takes a substantial period of time
to get ready for its intended use or sale are capitalized as part of the cost
of the respective asset. All other borrowing costs are expensed in the
period they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds.

(q) Leases:-

Policy applicable before April 1, 2019

Leases are classified as finance leases whenever the terms of lease
transfer substantially all the risks and rewards of ownership to the lessee.
Leases where a significant portion of the risks and rewards of ownership
are retained by the lessor are classified as operating leases.

(i) Operating Lease:

Operating lease payments are recognised as an expense in the
Statement of Profit and Loss on a straight-line basis over the lease term
except where another systematic basis is more representative of the time
pattern in which economic benefits from leased assets are consumed.
The aggregate benefit of incentives (excluding inflationary increases
where rentals are structured solely to increase in line with the expected
general inflation to compensate for the lessor's inflationary cost
increases, such increases are recognised in the year in which the benefits
accrue) provided by the lessor is recognized as a reduction of rental
expense over the lease term on a straight-line basis.

(ii) Finance Lease:

Assets held under finance leases are initially recognised as assets of the
Company at their fair value at the inception of the lease or, if lower, at the
present value of the minimum lease payments. The corresponding
liability to the lessor is included in the Balance Sheet as a finance lease
obligation.

Assets held under finance leases are depreciated over their expected
useful lives on the same basis as owned assets or, where shorter, the
term of the relevant lease. Lease payments are apportioned between
finance expenses and reduction of the lease obligation so as to achieve a
constant rate of interest on the remaining balance of the liability. Finance
expenses are recognized immediately in profit or loss, unless they are
directly attributable to qualifying assets, in which case they are
capitalized in accordance with the Company's general policy on
borrowing costs. Contingent rentals are recognized as expenses in the
periods in which they are incurred.

Policy applicable after April 1, 2019

The Company has adopted Ind AS 116 effective from April 1 2019 using
modified retrospective approach. For the purpose of preparation of
Standalone Financial Information, management has evaluated the
impact of change in accounting policies required due to adoption of lnd
AS 116 for year ended March 31 2020.

The Company assesses whether a contract contains a lease, at inception
of a contract. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether a contract conveys the
right to control the use of an identified assets, the Company assesses
whether: (i) the contact involves the use of an identified asset (ii) the
Company has substantially all of the economic benefits from use of the

asset through the period of the lease and (iii) the Company has the right
to direct the use of the asset.

As a lessee, the Company recognises a right-of-use asset and a lease
liability at the lease commencement date. The right of-use asset is
initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs incurred and an
estimate of costs to dismantle and remove the underlying asset or to
restore the underlying asset or the site on which it is located, less any
lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line
method from the commencement date to the earlier of the end of the
useful life of the right of-use asset or the end of the lease term. The
estimated useful lives of right-of-use assets are determined on the same
basis as those of property and equipment. In addition, the right-of-use
asset is periodically reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company's incremental borrowing rate. Generally, the
Company uses its incremental borrowing rate as the discount rate.

Lease payments included in the measurement of the lease liability
comprise the fixed payments, including in substance fixed payments;

The lease liability is measured at amortised cost using the effective
interest method.

The Company has used number of practical expedients when applying
Ind AS 116: - Short-term leases, leases of low-value assets and single
discount rate.

The Company has selected not to recognise right-of-use assets and lease
liabilities for short-term leases that have a lease term of 12 months or
less and leases of low-value assets. The Company recognises the lease
payments associated with these leases as an expense on a straight line
basis over the lease term.

The Company's leases mainly comprise land and building for office use.

(r) Employee benefits

Retirement benefits in the form of Provident Fund contributed to
Statutory Provident Fund is a defined contribution scheme and the
payments are charged to the Profit and Loss Account of the year when
the payments to the respective funds are due. There are no obligations
for contribution payable to Provident Fund Authorities.

Superannuation Fund and Employees' State Insurance Corporation
(ESIC) are defined contribution schemes and the contributions are
charged to the Profit and Loss Account of the year when the contributions
to the respective funds are due. There are no other obligations for the
contribution payable to the respective funds.

The company does not have gratuity Liability.

(s) Foreign Currency Transactions

Transactions in foreign currencies are accounted at the exchange rates
prevailing on the date of transaction or at rates that closely approximate
the rate at the date of the transaction.

(t) Project Development Expenses Pending Adjustment
Expenditure incurred during development and preliminary stages of the
Company's new projects are carried forward. However, if any project is
abandoned, the expenditure relevant to such project is written off
through the natural heads of expenses in the year in which it is so
abandoned.

Notes to Accounts:

1) Contingent Liability : Nil

2) The balances of sundry debtors, sundry creditors, loans and
advances are subject to confirmation.

3) As explained to us, the provisions of Provident Fund Act, ESI Act,
and Gratuity Act are not applicable to the Company.

4) The Company at present is engaged in providing management
consultancy services, which constitutes a single business segment.

5) The public issue expenses and deferred revenue
expenditure incurred are written off over a period of 10 years.

6) According to the information available with the Company, there are
no amounts as at 31st March, 2024 due to suppliers in amounts
outstanding for more than Rs.1,00,000/- for more than 45 days
who constitute a "Micro, Small and Medium Enterprises" as per
MSMED Act, 2006.

7) The Board of Directors is of the opinion that all the liabilities have
been adequately provided for.

8) There is no operational activity in the business of shares and
securities, lease and in finance field.

9) Earnings Per Share (EPS)

P.N.: Deferred tax is measured based on the tax rates and the tax laws
enacted by the Finance Act, 2023 @22% and education
cess/health and education cess @4% payable on taxable profits
under the Income Tax Act, 1961.

13) Related Parties Disclosure

1) Name of related parties and nature of relationships under Ind AS 24
and Companies Act, 2013

--Aalps Infraspace LLP, of which the Company is partner in
profit/loss at 19%

14) The figures of the previous years have been regrouped/rearranged
wherever necessary. The figures of the previous years are given in
brackets. The Company has compiled the above accounts based on the
revised/Modified schedule III applicable for the accounting period 2023¬
24. The disclosure requirements are made in notes to accounts or by way
of additional statements. The other disclosures as required by the
Companies Act are made in the notes to accounts.

15) Financial Instruments and Related Disclosures

I. Capital Management

The Company does not have borrowing and aims at maintaining a strong
capital base so as to maintain adequate supply of funds towards future
growth plans as a going concern.

II. Categories of Financial Instruments

The carrying amounts of trade payables, other financial liabilities, cash
and cash equivalents, other bank balances, trade receivables and other
financial assets are considered to be the same as their fair values due to
their short term nature.

Fair value in Mutual Funds has been considered as Level 1 as Hierarchy
for the same are based on unadjusted prices in active market.

III. Expected Credit Loss

The company has receivable balances on commercial trades, which are
generally short term in nature. Further, financial instruments such as
mutual funds and tax free bonds are made in high quality
papers/counterparties. Accordingly, the Company has concluded that no
provision for expected credit loss is required.

IV. Financial Risk Management

There are no significant market risk or liquidity risk to which the Company
is exposed.

16) The financial statements were approved for issue by the Board of
Directors on 29th April, 2024.

The reasons for change in key ratios exceeding 25% as compared to preceding year was due to higher current assets on liquidity, increase in profit,
management services rendered during the year, increase in debt, income increase from investment and reversal of MAT Credit.

18) Undisclosed Income:

The management informs that there were no transactions which were not recorded in the books of account which have been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.

19) Spent amount on Corporate Social Responsibility:

The management of the Company is of the opinion that based on financials of the Company, it is not required to spend fund as prescribed
under the provisions of Sec.135 of the Companies Act, 2013.

20) Details of Crypto currency or virtual currency

As the Company has not traded nor invested in Crypto currency or Virtual Currency during the year, hence no information relevant thereto is
furnished.

21) Wilful Defaulter List

As per the extant information made available by the management of the Company, the Company is not listed under Wilful Defaulter List by
Reserve Bank of India.

22) Relationship with Struck Off Companies

The Company has not entered into any transaction with Companies whose name are struck off as per the records of RoC, hence no information
is reported thereof.

23) Proceedings for Benami Property Held

The management of the Company informs that no proceedings have been initiated or are pending against the Company for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence no information is
furnished hereunder.

24) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies (ROC) beyond the
statutory period.

25) The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013 read with
Companies (Restrictions on number of Layers) Rules, 2017.

26) 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;

- 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 to or on behalf of the Ultimate Beneficiaries.

27) The Company has not received any funds 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;

- 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 to or on behalf of the Ultimate Beneficiaries.

28) As per the proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has
a feature of recording audit trail ( Edit Log) facility is compiled by the company.

29) The financial statements are prepared in INR which is the functional and presentation currency. All amounts are rounded to the nearest lacs,
except when otherwise mentioned.

Signature to Notes 1 to 24

In terms of our report of even date

For Nitin K. Shah & Co. For & on behalf of the Board

Chartered Accountants

Firm Reg. No. 107140W Vipul H. Raja Bhavin D Mashruwala

C M D DIN- 00055910

CA Vaibhav N. Shah DIN NO.00055770

Proprietor

Mem. No. 116817 Nidhi K. Shah Manish Mishra

UDIN: 24116817BKDHYV8533 _C s _{C F O}

29th April, 2024 at Ahmedabad, ACS: 33325

ACS :33325