(iv) Rights, preferences and restrictions attached to Equity shares/ Preference shares -

a) The Company has equity shares having a face value of Rs. 10/- per share. On a show of hands, every holder of equity shares is entitled for one vote and upon a poll shall have voting rights in proportion to the shares of the paid up capital of the Company held by them. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting.

b) The Company has preference shares having a face value of Rs. 10/- per share. On a show of hands, every holder of preference shares is entitled for on vote and upon a poll shall have voting rights in proportion to the shares of the paid up capital of the Company held by them.

(vii) In the period of five years immediately preceding 31st March’2024

- Nil Number and class of shares allotted as fully paid up pursuant to contract without payment being received in cash. -Nil Number and class of shares allotted as fully paid up by way of bonus shares; and -Nil Number and class of shares bought back.

Note 19: EMPLOYEE BENEFITS

During the year, Company has recognised the following amounts in the financial statements as per Ind AS - 19 “Employees Benefits” as specified in the Companies (Indian Accounting Standards) Rules, 2015:

Gratuity, Privilege Leave Benefit and Sick Leave Benefits

The following tables set out the funded status of the gratuity plans and the amounts recognized in the company’s financial statements as at 31st March, 2023 and 31st March 2024:

A description of methods used for sensitivity analysis and its Limitations:

Sensitivity analysis is performed by varying a single parameter while keeping all the other parameters unchanged.Sensitivity analysis fails to focus on the interrelationship between underlying parameters.

Hence, the results may vary if two or more variables are changed simultaneously. The method used does not indicate anything about the likelihood of change in any parameter and the extent of the change if any.

Note: DBO stands for Defined Benefit Obligation

During the year there are no financial instruments which are measured at Level 1 and Level 2 category.

The fair value of financial instruments referred above have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active market for identical assets or liabilities (level 1 measurements) and lowest priority to unobservable inputs (level 3 measurements). The categories used are as follows:

Level 1: This 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 instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. There are no transfers between the levels during the year.

Valuation processes :

For level 3 financial instruments the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk.

The carrying amounts of trade receivables, trade payables, short term security deposit ,bank deposits with more than 12 months maturity, capital creditors and cash and cash equivalents are considered to be the same as their fair values due to short term nature.

The fair values of non-current security deposits are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to inclusion of unobservable inputs, including own credit risk.Furtherance, effective rate of interest has been considered for interest on loan instead of bank interest.

(b) Commitments

Related party transaction with Partnership Firm M/s IITL-Nimbus Express Park View: In terms of Tripartite Agreement dated 06th October, 2023, the Continuing Partner, viz., Nimbus Projects Ltd has agreed that all liabilities of the Retiring Partner and SPV, past, present and future, will be taken over by the Continuing Partner and that the Continuing Partner shall always keep the Retiring Partner indemnified against any loss, damage or costs on account of the Agreement.

Related party transaction with Partnership Firm M/s IITL-Nimbus The Palm Village: In terms of Tripartite Agreement dated 16th October, 2023, the Continuing Partner, viz., Nimbus Projects Ltd has agreed that all liabilities of the Retiring Partner and SPV, past, present and future, will be taken over by the Continuing Partner and that the Continuing Partner shall always keep the Retiring Partner indemnified against any loss, damage or costs on account of the Agreement. Related party transaction with Partnership Firm M/s IITL-Nimbus The Hyde Park Noida: In terms of Tripartite Agreement dated 13th January, 2024, the Continuing Partner, viz., Nimbus Projects Ltd has agreed that all liabilities of the Retiring Partner and SPV, past, present and future, will be taken over by the Continuing Partner and that the Continuing Partner shall always keep the Retiring Partner indemnified against any loss, damage or costs on account of the Agreement.

Note: 22 There are no amounts due to the suppliers covered under the Micro, Small and Medium Enterprises Development Act, 2006: this information takes into account only those suppliers who have responded to the enquiries made by the Company for this purpose. This has been relied upon by the Auditors.

Note: 23 In the opinion of the management, the trade receivables, current assets, loans and advances and trade payables are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

Note: 24 Status of Various Projects

a) The Company has developed a Group Housing Project “Express Park View” at Plot No GH-10B, Sector CHI-V, Greater Noida, U.P., located in main Noida-Greater Noida Expressway. This Group Housing Project has all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project has 332 flats & 4 shops, consisting of 2 Bed Rooms and 3 Bed Rooms in sizes varying from 831sq.ft. to 1458 sq.ft. Presently, the Project is fully complete in all respects. The Company has booked total 332 Flats of varying sizes & 4 Shops, out of which the Company has given possession of 329 Flats & 4 Shops and has collected Rs. 92.86 crore against sale of flats & shops till 31.03.2024.

b) The Company had entered into a Partnership ‘IITL-NIMBUS THE HYDE PARK NOIDA’ in April 2010 with M/s IITL Projects Ltd. & M/s Supertech Ltd. to develop the Group Housing Project “The Hyde Park” at Plot No. GH-03, Sector 78, Noida. The agreed Capital Ratio between the partners was 45:45:10 with profit to be shared in the said Capital Ratio. During the year

ended 31.03.2016, M/s Supertech Ltd. retired from the partnership firm and now the revised Ratio between remaining partners is 50:50. The Hyde Park Project for Residential Development encompasses all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consists of 2092 flats & 58 commercial units in totality. Apartments are of IBHK/ 2BHK/ 3BHK & 4BHK with sizes varying from 525sq.ft. to 2428 sq.ft. The Partnership Firm has booked total 2090 Flats of varying sizes & 58 commercial units in the said Project and has collected Rs. 977.77 crore against sale/booking of above said flats & commercial units till 31.03.2024.

c) The Company had entered into a Partnership ‘IITL-NIMBUS THE EXPRESS PARK VIEW’ with M/s IITL Projects Ltd. & M/s Assotech Ltd. in April 2011, to develop the Group Housing Project ‘Express Park View - II’ at Plot No. GH-03, Sector CHI-V, Greater Noida. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the said Capital Ratio. w.e.f. 01.10.2018, M/s Assotech Ltd. retired from the partnership firm and the revised Ratio between remaining partners become 50:50. Now during the previous year 2020-21, a Supplementary Partnership Deed was executed on

01.01.2021 and Profit sharing ratio is changed on the basis of Capital Contribution. Present ratio as on 31.03.2023 is 87.92 (Nimbus Projects Ltd.) : 12.08 (IITL Projects Ltd.). The Express Park View - II, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consists of 1320 flats & 40 Commercial Units and 312 Low Rise Apartments in totality. Apartments are of 2BHK/ 3bHk & 4BHK in sizes varying from 984 sq.ft. to 2191 sq.ft. The Partnership Firm has booked total 1261 Flats of varying sizes & 40 Commercial Units and 164 Low Rise Apartments in the said project and has collected Rs. 532.57 Crore against booking/sale of above said flats till 31.03.2024.

d) The Company had entered into a Partnership ‘IITL-NIMBUS THE PALM VILLAGE’ with M/s IITL Projects Ltd. & M/s Assotech Ltd. in June 2011, to develop the Group Housing Project ‘The Golden Palm Village’ at Plot No. GH-03, Sector 22A, Greater Noida of Yamuna Expressway Industrial Development Authority. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the said ratio. w.e.f. 01.01.2019, M/s Assotech Ltd. retired from the partnership firm and the revised Ratio between remaining partners become 50:50. Now during the previous year 2020-21, a Supplementary Partnership Deed was executed on 01.01.2021 and w.e.f. 01.10.2020 the revised ratio between remaining partners become 50.56 (Nimbus Projects Ltd.) : 49.44 (IITL Projects Ltd.). Now therefater, a Supplementary Partnership Deed is executed on 16.10.2023, in which the existing Partner IITL Projects Limited is retired and new Partner M/s Nimbus Propmart Pvt. Ltd. is admitted and Profit sharing ratio is changed on the basis of Capital Contribution, current ratio is 95.00 (Nimbus Projects Ltd.) : 05.00 (Nimbus propmart Pvt. Ltd.).’The Golden Palm Village’, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Due to Real Estate Market conditions, low demand and consequent delay, the Firm, During the FY 2016-17, started refunding booking amount along with interest to the customers, pursuant to the provision to that effect in Builder Buyer Agreement, as per which, the total consideration received (including service tax) against the apartment shall be refunded along with the simple interest @12% p.a. from the date of receipt of each payment from the allottee. Interest payable on booking amount to be refunded as on 31.03.2019 has been provided in books of account.

The Firm applied for partial surrender of project land as provided in PSP vide their letter dated 30.05.2017 and alternatively the firm has also requested for reschedulement of its entire liability if request for partial surrender of land is not accepted in any case. As per letter dt. 12.06.17 from the Authority, Firm’s application was accepted by Board of YEIDA, which would be processed as per terms and conditions of PSP. Yamuna Expressway Industrial Development Authority (YEIDA) vide its letter no. YEA/Builders/315/2020 Dt. 16.10.2020, intimated for the allotment of 55,152 Sq. Mtrs land (out of 1,02,995.70 Sq. Mtrs land held at present) under PSP which is in proportion to payment made by the firm. Surrender Deed is executed on

30.11.2021 and registered on 01.12.2021. thereafter a further Surrender cum Correction Deed is executed on 17.11.2022, in which land Area is reduced from 55,152 Sq. Mtrs. to 47,776.52 q. Mtrs. Demarcation of the Land measuring 47776.52 Sq. Mtrs. (revised from 55152 Sq. Mtrs. as per letter dated 04.08.2022 from YEIDA) in favour of the Firm and The Physical possession of land given as per letter dated 18.01.2023.

On 14.08.17 the Firm got registered with Real Estate Regulatory Authority (RERA), U.P. As per registration, start date of the Project was 01.05.18 and end date was 01.05.2023. Though Surrender Deed dated 30.11.2021 has been executed & balance Plot i.e.7375.48 sq. mtrs has been surrendered vide Surrender deed dated 17th Nov 2022 with YEIDA., fresh registration shall be sought by the firm from RERA. The firm applied for withdrawal of earlier registration which was duly approved by RERA on 15.01.2021. The firm had applied for the fresh registration from RERA dated 01.02.2024 and received certificate of registration w.e.f. 17.04.2024.

e) The Company has a financial exposure of Rs. 50,00,000/- (Previous year Rs. 13,00,00,000/-) in its associate company, viz. Capital Infraprojects Private Limited (“CIPL”) - investment in equity shares of Rs. 50,00,000/- (Previous year Rs. 50,00,000/ -) and investment in preference shares of Rs. NIL/- (Previous year Rs. 12,50,00,000/-). during the year ended 31.03.2023, Company has sold its Investment in Preference Shares of Rs. 12,50,00,000/- in CIPL.

The company M/s ‘Capital Infraprojects Pvt. Ltd.’ is developing a Group Housing Project at Plot No. GH-01/E, Sector - 168, Noida. The Project ‘The Golden Palms’ encompasses all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consists of 1408 Flats and 52 Commercial Units in totality. Apartments are Studio Appt. / 2BHK/ 3BHK & 4BHK in sizes varying from 506sq.ft. to 2629 sq.ft. The company M/s ‘Capital Infraprojects Pvt. Ltd.’ has booked total 1394 Flats of varying sizes and 53 Commercial Units in the said project and has collected Rs. 681.61 crore against booking/sale of above said units till 31.03.2024. The Company M/s ‘Capital Infraprojects Pvt. Ltd.’ has received Completion Certificate (CC) for all 3 phases of the Project.

f) The Company has 98% share in Partnership Firm ‘INDOGREEN INTERNATIONAL’ which is running a Hotel ‘The Golden Palms Hotel & Spa’. The said hotel has started its operations in June 2013 and is successfully running .

Notes:-

EBIT - Earnings before interest and taxes.

EBITDA - Earnings before interest, taxes, depreciation and amortisation.

PAT - Profit after taxes

Capital employed refers to sum of tangible net-worth, total debts and deferred tax liability as at close of year.

All figures related to profit and loss have been extrapolated for the purpose of calculation of ratios.

Explanation for variances exceeding 25%:

¹ Current ratio is decreased on account of short term loan received back from related party during the year.

² Debt Service Coverage ratio is decreased due to Loss from jointly held partnership firm .

3 Return on equity ratio is decreased due to loss from jointly held partnership firm during the year.

⁴ Inventory Turnover ration ratio is improved due to increase in Turnover during the year .

⁵ Trade Receivables turnover ratio has reduced due to reduction in sale of flats/shops in current period.

⁶ Net Capital turnover ratio has improved on account of increase in sales during the year.

⁷ Net Profit ratio is decreased due to loss from jointly held partnership firm during the year.

⁸ Return on capital employed ratio is decreased due to reduction in EBIT.

⁹ Return on investment ratio is decreased due to loss from jointly held partnership firm during the year .

Note: 29: Earning per share

The amount considered in ascertaining the Company’s earning per share constitutes the net profit/loss after tax. The number of shares used in computing basic earning per share is the weighted average number of shares outstanding during the Year. The number of shares used in computing diluted earning per share comprises the weighted average number of shares considered for deriving basic earning per share and also the weighted average number of shares which could have been issued on conversion of all dilutive potential shares.

Note 31: Financial risk management

The Company’s business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company’s senior management has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company’s Board of Directors is responsible for developing and monitoring the Company’s risk management policies. The key risks and mitigating actions are also placed before the Audit Committee of the Company. 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 Risk Management Committee of the Company is supported by the Finance team and experts of respective business divisions that provides assurance that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. The activities are designed to:-protect the Company’s financial results and position from financial risks -maintain market risks within acceptable parameters, while optimizing returns; and-protect the Company’s financial investments, while maximizing returns.The Treasury department is responsible to maximize the return on company’s internally generated funds.

A. Management of Liquidity Risk:

Liquidity risk is the risk that the company will face in meeting its obligations associated with its financial liabilities. The company’s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the company’s credit rating and impair investor confidence

B. Management of Market risks

Market risks comprises of:

• price risk; and

• interest rate risk

The company does not designate any fixed rate financial assets as fair value through profit and loss nor at fair value through OCI. Therefore company is not exposed to any interest rate risks. Similarly company does not have any financial instrument which is exposed to change in price.

C. Management of Credit Risks

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations. Trade receivables

In the case of sale of finished units, sale agreements are executed only upon/against substantial payment. Credit risk on trade receivables in respect of realty rentals is limited as the customers of the Company mainly consist of group Companies. Based on the past history of payments received, there have been no defaults.

Credit risk on trade receivables in respect of other operating income is negligible since the terms of payment are immediate.

Based on the above factors and historical data, loss on collection of receivables is not material and hence no additional provision was made.

Our historical experience of collecting receivables, supported by the level of default, is that credit risk is low.

Company is not exposed to any other credit risks Capital Management

The company considers the following components of its Balance Sheet to be managed capital:

Total equity as shown in the balance sheet includes retained profit and share capital.

The company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to the shareholders. The capital structure of the company is based on management’s judgment of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. The Company considers the amount of capital in proportion to risk and manages the capital structure in 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 or issue new shares.

The company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure. company is not subject to financial covenants in any of its significant financing agreements.

The management monitors the return on capital as well as the level of dividends to shareholders.

Note 32: Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) of the Company The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chairman & Managing Director of the Company. The Company is primarily engaged in the business of Real estate development and related activities, which the CODM recognises as the sole business segment. Hence disclosure of segment wise information is not required and accordingly not provided.

Note 33:

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.

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

iii) 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

iv) 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) 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 Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

vi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

vii) The Company is not declared wilful defaulter by and bank or financials institution or lender during the year.

viii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

ix) The Company does not have any immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) as at the balance sheet date.

x) The Company does not have any transactions with companies which are struck off.

Note 34:

Previous year figures have been regrouped, rearranged and/or reclassified wherever necessary to conform to current year’s classification.