b) Terms / Rights Attached to Equity Shares

The Company has only one class referred to as equity shares having a par value of ' 2/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Proposed Dividend

The Board of Directors at their meeting held on 25 May 2026 have recommended a payment of dividend of '7.00 (Rupees Seven only) per equity share of face value ' 2 each for the financial year ended 31 March 2026 amounting to ' 49.32 crores, subject to approval of members in ensuing Annual General Meeting of the Company and hence is not recognized as a liability.

Fair value hierarchy

Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.

as prices) or indirectly (i.e. derived from prices). 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 instrument are observable, the instrument is included in level 2.

Level 3 Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities included in level 3.

Financial instrument measured at amortised cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the company did not anticipate that the carrying amounts would be significantly different from the values that would be received or settled.

Note 34 - Financial Risk Management

Financial Risk Factors

The Company's financial liabilities comprises mainly of trade payables and other payables. The company's financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.

The Company's activities are exposed to market risk, credit risk and liquidity risk. The Company has set up Risk Management Committee to minimize any adverse effects of the risk exposure on the financial performance of the Company.

1. Market Risk

Market risk comprises of three types of risk: Currency Risk, Interest rate Risk and Other Price Risk.

a. Foreign Currency Risk

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate due to changes in foreign currency exchange rates. The carrying amounts of the Company's foreign currency denominated monetary items are as follows:

The Company has not entered into any forward contract during the year ended 31 March 2026 and 31 March 2025. The Company has not entered into any forward instrument for trades or speculation purpose.

b. Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Since the Company has NIL interest bearing borrowings, the exposure to risk of changes in market interest rate is NIL. The Company has not used any interest rate derivatives.

c. Other Price Risk

Other Price risk is the risk that fair value of a financial instrument will fluctuate due to changes in market traded price. Other price risk arises from both financial assets such as investments in equity instruments and bonds.

The Company invests in units of mutual funds including Fixed Maturity Plans, various debt funds and equity funds and hence is exposed to Other Price risk. Company's Treasury department manages investments portfolio diversification in order to minimize risk and ongoing monitoring of market prices of investments.

2. Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in financial loss. Trade receivables are typically unsecured and are derived from customers from four operations Realty lease, Bombay Exhibition Center (BEC) revenue, sale of Industrial Capital Goods and Foods.

The maximum exposure to credit risk on account of trade receivables, at the reporting date is ' 19.28 crores and ' 15.66 crores as on 31 March 2026 and 31 March 2025 respectively.

The Company minimizes credit risk relating to IT Park lease and BEC business as follows:

» The Company obtains security deposits from IT Park lessees and is entitled to terminate lease agreement in case lessee makes defaults in payment of lease for a period of two consecutive months.

» BEC customers are required to pay advance and place refundable security deposit with the Company.

» Hospitality customers are required to pay advances to the Company.

Whereas, in case of trade receivables from Industrial Capital Goods division for sale of machineries, credit risk is managed through credit approvals, establishing credit limits, and continuously monitored by creditworthiness of customers to whom credit terms are granted in normal course of business.

The Company takes into account available credit risk factors such as Company's historical experience for customers, customers' standing for credit defaults in market, etc.

The allowance for lifetime expected credit loss on customer balances as on 31 March 2026 and 31 March 2025 was ' 1.32 crores and ' 1.24 crores respectively.

Credit risk of financial assets other than Trade receivables

» Investments in mutual fund schemes are marked to market on ongoing basis, which is major part of total Non-current and current investments.

» Long term loans and advances include deposits with local authorities, electricity board, electricity companies, etc.

» Cash and Cash equivalents are balances with Public and Private Banks.

» Other current assets include lease rentals receivables and deposits with less than 12 months maturities with Public and Private Banks and Earnest Money Deposits with Government customer.

Credit risk arising from investment in mutual funds, financial instruments and other balances with banks is limited and there is no collateral held against these because the counterparties are banks and recognized financial institutions with high credit ratings assigned by the international credit rating agencies.

The allowance for lifetime expected credit loss on current license and other fees receivables as on 31 March 2026 and 31 March 2025 was ' 0.91 crores and ' 0.47 crores respectively.

3. Liquidity Risk

The Company's principal sources of liquidity are cash and cash equivalents, balances and cash flows that are generated from business. The Company does not have any borrowings. The Company believes that their working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived.

The Company manages the liquidity risk by maintaining adequate cash and cash equivalent of ' 14.26 crores and ' 13.83 crores as on 31 March 2026 and 31 March 2025 respectively.

The table below provides details regarding the contractual maturities of significant financial liabilities as on 31 March 2026:

4. Capital Management

For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.

As of 31 March 2026, the Company has only one class of shares referred to as Equity Shares and has nil debt. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Company allocates its capital for distribution as dividend or re-investment into business based on its long-term financial plans.

Note 35 - Contingent Liabilities and Commitments

1 Income tax and GST demand disputed by the Company ' 1.42 crores (previous year ' 1.52 crores).

2 Claims against the Company not acknowledged as debts ' 69.31 crores (previous year ' 58.96 crores)

Note : It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above contingent liabilities pending resolution of the respective proceedings, as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

3 Estimated value of contracts remaining to be executed on capital account and not provided for is ' 45.79 crores (previous year - ' 35.27 crores) against which an advance of ' 2.31 crores (previous year - ' 5.57 crores) has been paid.

4 Domestic Bank Guarantee given by bank on Company's behalf is ' 15.50 crores (previous year ' 21.29 crores) secured by lien of Mutual Fund of value ' 70.33 crores (previous year ' 38.43 crores) and Bank Fixed Deposit of ' 0.94 crores (previous year - ' 11.19 crores).

7. Nature of CSR Activities undertaken by the company

The Company's CSR activities primarily include one or more of the items covered under Schedule VII of the Act with special focus on the following:

(i) Promoting preventive health care and sanitation and making available safe drinking water;

(ii) Promoting education, including special education and employment enhancing vocation skills especially among children.

Note 40 - Leases

Pursuant to Ind AS 116 - Leases, following information is disclosed:

Company as Lessor

Ind AS 116 "Leases" requires the lessor to recognize income from operating leases on a straight-line basis over the lease term which includes rent free period. Thus, contracted lease rental income including future escalation is straight lined over the lease term. This has resulted in derecognizing unearned lease income amounting to ' 2.98 crores (Previous Year derecognizing ' 6.60 crores) for the year ended 31 March 2026.

The Company has entered into operating leases on its Investment Property located at Byculla and Goregaon IT Park premises:

Company as Lessee

The Company recognizes 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 Company has taken factory land at Karamsad, Gujarat under non-cancellable Operating Lease. During the year, the company has taken a possession of lease hold land on long term lease basis from NHML for development of Way Side Amenities on three Express Highways. These lease rentals are payable by the Company on a monthly basis. Company recognizes this lease as right-of-use assets and lease liability.

The Company recognises the lease payments associated with these leases as an expense over the lease term. There is no contingent rent payable to lessors under the lease agreements.

Note 43 - Employee Benefits

1. Post-employment benefits

a. Defined Contribution plan

Provident Fund and Employee State Insurance Scheme

Defined contribution plans are Provident Fund Scheme and Employee State Insurance Scheme. The Company contributes to the Government administered provident funds on behalf of its employees.

b. Defined Benefit plan

Gratuity scheme

The Company operates a defined benefit gratuity plan for employees. The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as at the Balance Sheet date, carried out by an independent actuary. The Company creates adequate provision in its books every year based on actuarial valuation. These benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk and investment risk.

Note 49 - Additional Regulatory Information required by Schedule III to the Companies Act, 2013.

(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

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

(iii) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(iv) Utilisation of borrowed funds and share premium

I 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 Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

II 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 behalf of the ultimate beneficiaries

(v) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.

(vi) The Company has not traded or invested in crypto currency or virtual currency during the year.

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

(viii) During the year, the Company had no transactions with struck off companies Note 50 - Previous year's figures have been regrouped / reclassified wherever necessary.

Note 51 - The financial statements are approved for issue by the Audit Committee and thereafter by the Board of Directors at its meeting held on 25 May 2026.