Notes to Accounts of IITL Projects Ltd.

Mar 31, 2025

d) Claims, Provisions and Contingent Liabilities

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outflow of funds
is believed to be probable and a reliable estimate of the outcome of the dispute can be made based on Management''s
assessment of specific circumstances of each dispute and relevant external advice, Management provides for its best
estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve
estimation uncertainty. Information about such litigations is provided in notes to the financial statements.

e) Tax Expenses

Significant judgment and estimates are involved in estimating of the budgeted profit for the purpose of advance tax,
determining the provision for income tax.

ii) Defined Benefit Plan

The Company offers its employees defined-benefit plan in the form of a Gratuity Scheme. Benefits under the defined benefits plan are
typically based on years of service and the employees compensation covering all regular employees. Commitments are actuarially
determined at year-end. The benefits vests upon completion of five years of continuous service and once vested it is payable to
employees on retirement or on termination of employment. The Company makes annual contribution to the group gratuity scheme
administered by the Life Insurance Corporation of India.

These plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary
risk.

Note 30 : Employee benefits (Contd.)

Investment Risk

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value
of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can
result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter¬
valuation period.

Market Risk (discount Risk)

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. The discount rate
reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits &
vice versa. This assumption depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed
to fluctuations in the yields as at the valuation date.

Longetivity Risk

The impact of longevity risk will depend on whether the benefits are paid before retirement age or after. Typically for the benefits paid
on or before the retirement age , the longevity risk is not very material.

Actuarial risk

Salary Increase Assumption: Actual Salary increase that are higher than the assumed salary escalation, will result in increase to the
obligation at a rate that is higher than expected.

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/period.

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 value for loans, security deposits and investments in preference share were calculated based on discounted cash flows using
a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs
including counterparty credit risk.

The fair value for preference share liabilities are based on discounted cash flows using a current lending rate. They are classified as level
3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

Note 34: 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 has constituted a Risk Management Committee, which 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 companies 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.

Note 34: Financial risk management (Contd.)

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. 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 aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to
our 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. We consider the amount of capital in proportion to risk and manage 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.

D. 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

Concentrations of credit risk with respect to trade receivables are limited, due to the company''s customer base being large and diverse
and also on account of member''s deposits kept by the company as collateral which can be utilised in case of member default. All trade
receivables are reviewed and assessed for default on a quarterly basis.

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.

Note 35 : Going Concern

As on 31.03.2025, the accumulated loss of '' 649.05 lakhs, exceeds the paid up capital and net worth of the company stands fully eroded.
The total liability of the company exceeds its total assets.

The company has no business of its own and at present there are no other cash flows. Thus, the company ceases to be a “Going Concern”
and accordingly these financial statements have been prepared on the basis that the company does not continue to be a “Going Concern”and
therefore all assets that have being valued at their realisation value where lower than cost and all known liabilities have been fully provided
for and recorded in the financial statements on the basis of best estimate of the Management.

Note 36 : Exceptional Item

The Board of Directors in its meeting held on December 06, 2024 has approved the variation in the terms of 70,00,000, 0% Non¬
Convertible Redeemable Preference Shares of the Company issued to the Holding company, Industrial Investment Trust Limited, subject
to the approval of Members of the Company and Industrial Investment Trust Limited, being the sole preference shareholder of the
Company. The revised terms shall be as under :-

a. The maximum period of redemption of the entire 70,00,000 Preference Shares shall be extended upto March 31, 2026.

b. Preference Shares to be redeemed at the rate of '' 50/- per share (including premium of '' 40/-) instead of, pre-determined rate of ''
110/- per share (face value of '' 10/- and premium of '' 100/-).

c. Save as what is mentioned hereinabove, all the other terms and conditions of the said preference shares shall remain the same.

IITL Projects Limited, have accorded their shareholders consent on 7^th January 2025 through postal ballot and Industrial Investment Trust
Limited holding company have accorded their shareholders consent on 7^th January 2025.

Consequently

The reduction in Fair Value of Preference Share is written back to exceptional items in statement of Profit & Loss during this quarter /
year.

Note 37 : Notes specific to Joint Ventures

The Board of Director in its meeting held on September 09, 2024 has approved for the sale of Equity Share held by the Company in the
Joint Venture Associate Company, Capital Infra Projects Private Limited (“CIPL”) to Medanta Realestate Private Limited.

IITL Projects Limited have accorded their share holder consent on 16^th November, 2024 through postal ballot. The Company received sale
consideration and shares have been transferred during this quarter.

Consequently

(i) The impairment provided for Capital Infraprojects Private Limited in the earlier year is reversed and credited to impairment loss in the
statement of profit and loss during the quarter/year under review.

(ii) The Company has exited from its Associate Joint Venture (“CIPL”) on 28^th January, 2025. Consolidated financial statement is not
prepared since equity method of consolidation is followed and entire investments has been impaired in earlier year itself and further
investment has been sold during this quarter.

Note 38 :

The promoters of the Holding Company (Industrial Investment Trust Limited), viz. Mr. Bipin Agarwal, M/s. N.N. Financial Services Private
Limited and M/s. Nimbus India Limited (Sellers) had entered into share purchase agreement on 08.02.2024 with Mr. Vikas Garg, M/s.
Vikas Lifecare Limited and Advik Capital Limited (hereinafter referred to as “Acquirers”) under which the acquirers proposed to acquire
9407067 equity shares representing 41.72% of the paid up share capital of the Holding Company at '' 275/- per each equity share
amounting to total consideration of '' 258.69 crores and consequent control of our company.

The Acquirers had triggered the requirement to make an open offer to the shareholders of our Company in terms of Regulation 5 of SEBI
(SAST) Regulations, 2011 and have made a public offer.

Application made by the Holding Company, to the Reserve Bank of India, for change in management control had been returned with their
observations, vide their letter 6^th May 2024, with their comment “due to lack of regulatory comfort on account of existence of more than
one NBFC in the resulting group, we are unable to accede to your request and hence captioned application is returned herewith”.

Consequent to the above development, the promoters of the Holding Company, viz. Mr. Bipin Agarwal, M/s N.N. Financial Services
Private Limited and M/s Nimbus India Limited (Sellers) have entered into Termination Agreement on July 26, 2024 for Termination of
Share Purchase Agreement dated 08.02.2024 and the Acquirers made withdrawal announcement on dt. 30.07.2024.

Note 39 : 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 Managing Director and CEO of the Company. The company has identified the company engaged only in real
estate development and related activities and hence there are no reportable segments as per Ind AS 108.

Note 40 : Lease

Effective 1^st April 2019, In AS 116 ''Leases'' became applicable wherein all leases on balance sheet date are required to be recognized by
a lessee as ''Right of Use'' (ROU) assets and corresponding amount as ''Lease liability'', and provide Depreciation for the ROU assets and
Finance cost for interest on accrued liability. However, the Company does not have any long term lease for own use or a lease to which
erstwhile In AS 17 on ''Leases'' used to apply and hence, the impact of In AS 116 is Nil.

Note 43 :

Additional disclosures as required under schedule III of the Companies Act 2013.

1. The company has no immovable property, hence title deed of immovable property is not held in the name of the company, not
applicable.

2. The company does not hold any Investment Property in its books of accounts, so fair valuation of investment property is not
applicable.

3. The Company has not revalued any of its Property, Plant & Equipment in the current year & last year.

4. The Company has not revalued any of its Intangible assets in the current year & last year.

5. The company has not granted any loans or advances to promoters, directors, KMP''s and the related parties that are repayable on
demand or without specifying any terms or period of repayment.

6. The company does not have any assets as capital working progress as at 31st March, 2025

7. The company does not have any intangible assets under development as at 31st March, 2025

8. No proceedings have been initiated or pending against the company under the Benami Transactions (Prohibition) Act,1988.

9. During the year 31st March, 2025 the company has not borrowed from banks or financial institution on the basis of security of current
assets.

10. The company has not been declared as a willful defaulter by any bank or financial institution or any other lender.

11. Company is not having any transaction with the Companies struck off under the Section 248 of the Companies Act 2013 or Section
560 of the Companies Act 1956.

12. There are no charges or satisfaction which are to be registered with ROC beyond statutory period.

13. The provisions of clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 are not
applicable to the company as per Section 2(45) of the Companies Act,2013.

14. Disclosure of Ratios (refer annexure below)

15. There were no scheme of Arrangements approved by the competent authority during the year in terms of section 240 to 247 of the
Companies Act, 2013.

16. 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 on behalf of ultimate beneficiaries.

Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year classification/
disclosure.

Note 45 :

The Financial Statement is approved by the Board of Directors of the Company in the meeting held on May 23, 2025.

Vide our report of even date attached For and on behalf of the Board of Directors

For Maharaj N R Suresh and Co. LLP DR. BIDHUBHUSAN SAMAL SHRIRAM KHANDELWAL

Chartered Accountants Chairman Director

Firm Registration No.001931S/S000020 DIN: 00007256 DIN: 06729564

K V SRINIVASAN SHIVANI KAWLE SAGAR JAISWAL

Partner Manager & Company Secretary Group CFO

Membership No. 204368

Chennai : May 23, 2025 Mumbai : May 23, 2025

---

Mar 31, 2024

d) Claims, Provisions and Contingent Liabilities

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outflow of funds
is believed to be probable and a reliable estimate of the outcome of the dispute can be made based on Management''s
assessment of specific circumstances of each dispute and relevant external advice, Management provides for its best
estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve
estimation uncertainty. Information about such litigations is provided in notes to the financial statements.

e) Tax Expenses

Significant judgment and estimates are involved in estimating of the budgeted profit for the purpose of advance tax,
determining the provision for income tax.

ii) Defined Benefit Plan

The Company offers its employees defined-benefit plan in the form of a Gratuity Scheme. Benefits under the defined benefits plan are
typically based on years of service and the employees compensation covering all regular employees. Commitments are actuarially
determined at year-end. The benefits vests upon completion of five years of continuous service and once vested it is payable to
employees on retirement or on termination of employment. The Company makes annual contribution to the group gratuity scheme
administered by the Life Insurance Corporation of India.

These plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.
Investment Risk

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value
of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can
result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter¬
valuation period.

Market Risk (discount Risk)

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. The discount rate
reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits &
vice versa. This assumption depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed
to fluctuations in the yields as at the valuation date.

Longetivity Risk

The impact of longevity risk will depend on whether the benefits are paid before retirement age or after. Typically for the benefits paid
on or before the retirement age , the longevity risk is not very material.

Actuarial risk

Salary Increase Assumption: Actual Salary increase that are higher than the assumed salary escalation, will result in increase to the
obligation at a rate that is higher than expected.

During the year/period 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/period.

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.

Note 26: 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 has constituted a Risk Management Committee, which 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 companies 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.

Note 26: Financial risk management (Contd.)

C. 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 aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise
returns to our 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. We consider the amount of capital in proportion to risk and
manage 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.

D. 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

Concentrations of credit risk with respect to trade receivables are limited, due to the company''s customer base being large and
diverse and also on account of member''s deposits kept by the company as collateral which can be utilised in case of member
default. All trade receivables are reviewed and assessed for default on a quarterly basis.

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.

Note 27 : Going Concern

The company has retired from 3 Joint Venture Partnership Firms viz. IITL Nimbus The Express Park View (EPV II) on 06.10.2023.
IITL Nimbus The Palm Village on 16.10.2023 and IITL Nimbus The Hyde Park on 16.01.2024

The company has also exited from its Associate, Golden Palms Facility Management Pvt. Ltd. on 12.01.2024. The company is
continuing with one Joint Venture viz. Capital Infraprojects Pvt. Ltd. and having adverse cash flow as at 31.03.2024

As on 31.03.2024, the accumulated loss of '' 3796.00 lakhs, exceeds the paid up capital and net worth of the company stands fully
eroded. The total liability of the company exceeds its total assets.

The company has no business of its own and also no other cash flow at present. Thus, the company ceases to be a “Going Concern”
and accordingly these financial statements have been prepared on the basis that the company does not continue to be a “Going
Concern”and therefore all assets that have being valued at their realisation value where lower than cost and all known liabilities have
been fully provided for and recorded in the financial statements on the basis of best estimate of the Management.

Note 28 : Exceptional Item

Nimbus Projects Limited, an existing partner in Joint Venture Partnership Firm/Special Purpose Vehicle (SPV) viz. IITL Nimbus
The Express Park View (EPV II), IITL Nimbus The Palm Village and IITL Nimbus The Hyde Park, have acquired the capital
investment contribution of the company in the Firms for an aggregate sale consideration of '' 302.38 lakhs, '' 2,200.00 lakhs and
'' 175.00 lakhs respectively.

As per the tripartite agreement entered between the continuing partner, the retiring partner and special purpose vehicles (SPV) all
liabilities of the retiring partner and SPV, past and future will be taken over by the continuing partner.

Consequently

(1) The impairment provided for the capital contribution in the earlier year is reversed and credited to impairment loss in the statement
of profit & loss during this year.

(2) The share of loss in the partnership firm which gets extinguished is credited to current account and is written back to exceptional
items in statement of profit & loss during this year.

Share of profit/(loss) from Joint Venture Partnership Firms for the year ended March 31, 2024 is based on its audited financial
results prepared under Indian Accounting Standards (“Ind As”) which have been audited by the respective Statutory Auditors of the
Joint Venture partnership firms.

Note 30

The promoters of the Holding Company viz. Mr. Bipin Agarwal, M/s. N.N. Financial Services Private Limited and M/s. Nimbus
India Limited (Sellers) have entered into share purchase agreement on 08.02.2024 with Mr. Vikas Garg, M/s. Vikas Lifecare
Limited and Advik Capital Limited (hereinafter referred to as “Acquirers”) under which the acquirers proposed to acquire 9407067
equity shares representing 41.72% of the paid up share capital at '' 275/- per each equity share amounting to total consideration
of '' 258.69 crores and consequent control of our company.

The Acquirers have triggered the requirement to make an open offer to the shareholders of our Company in terms of Regulation
5 of SEBI (SAST) Regulations, 2011 and have made a public offer.

Application made by the Holding Company, to the Reserve Bank of India, for change in management control has been returned
with their observations, vide their letter 6^th May 2024, with their comment “due to lack of regulatory comfort on account of existence
of more than one NBFC in the resulting group, we are unable to accede to your request and hence captioned application is
returned herewith.

However, the acquirers have vide their letter dated 14^th May 2024 are pursuing the subject matter of approval with the Reserve
Bank of India.

The open offer is subject to consent from Reserve Bank of India / Securities and Exchange Board of India which is pending.

Note 31 : 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 Managing Director and CEO of the Company. The company has identified the
company engaged only in real estate development and related activities and hence there are no reportable segments as per Ind
AS 108.

Note 32 : Lease

Effective 1^st April 2019, In AS 116 ''Leases'' became applicable wherein all leases on balance sheet date are required to be
recognized by a lessee as ''Right of Use'' (ROU) assets and corresponding amount as ''Lease liability'', and provide Depreciation for
the ROU assets and Finance cost for interest on accrued liability. However, the Company does not have any long term lease for
own use or a lease to which erstwhile In AS 17 on ''Leases'' used to apply and hence, the impact of In AS 116 is Nil.

Note 35 :

Additional disclosures as required under schedule III of the Companies Act 2013.

1. The company has no immovable property, hence title deed of immovable property is not held in the name of the company, not
applicable.

2. The company does not hold any Investment Property in its books of accounts, so fair valuation of investment property is not
applicable.

3. The Company has not revalued any of its Property, Plant & Equipment in the current year & last year.

4. The Company has not revalued any of its Intangible assets in the current year & last year.

5. The company has not granted any loans or advances to promoters, directors, KMP''s and the related parties that are repayable on
demand or without specifying any terms or period of repayment.

6. The company does not have any assets as capital working progress as at 31^st March, 2024

7. The company does not have any intangible assets under development as at 31^st March, 2024

8. No proceedings have been initiated or pending against the company under the Benami Transactions (Prohibition) Act,1988.

9. During the year 31^st March, 2024 the company has not borrowed from banks or financial institution on the basis of security of current
assets.

10. The company has not been declared as a willful defaulter by any bank or financial institution or any other lender.

11. Company is not having any transaction with the Companies struck off under the Section 248 of the Companies Act 2013 or Section
560 of the Companies Act 1956.

12. There are no charges or satisfaction which are to be registered with ROC beyond statutory period.

13. The provisions of clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 are not
applicable to the company as per Section 2(45) of the Companies Act,2013.

14. 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 on behalf of ultimate beneficiaries.

15. The company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessment under the Income Tax Act, 1961

16. The company has not traded or invested in Cyrpto Currency or Virtual Currency during the financial year.

17. There were no scheme of Arrangements approved by the competent authority during the year in terms of section 230 to 237 of the
Companies Act, 2013.

Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year classification/
disclosure.

Note 37 :

The Financial Statement is approved by the Board of Directors of the Company in the meeting held on May 30, 2024.

Vide our report of even date attached For and on behalf of the Board of Directors

For Maharaj N R Suresh and Co. LLP DR. BIDHUBHUSAN SAMAL BIPIN AGARWAL

Chartered Accountants Chairman Director

Firm Registration No.001931S/S000020 DIN: 00007256 DIN: 00001276

Place : Mumbai Place : Delhi

K V SRINIVASAN SHIVANI KAWLE

Partner Manager & Company Secretary

Membership No. 204368

Chennai : May 30, 2024 Mumbai : May 30, 2024

---

Mar 31, 2015

Note :1

Corporate information

IITL Projects Limited, is engaged in real estate business, construction of residential complexes in the National Capital Region. It has acquired plots of land, on long term lease, under Builders Residential Scheme of Greater Noida Industrial Development Authority(GNIDA). Apart from constructing its own project, the Company is undertaking development of real estate projects through Special purpose vehicles(SPV). The company holds around 45% of the capital in each of the SPV. A total of four SPV are engaged in construction of the residential complexes. As of March 31, 2015, Industrial Investment Trust Limited (Parent Company) owned 71.74% of the Company''s equity share Capital and has the ability to control its operating and financial policies. The Company''s registered office is in Mumbai.

Note :2

(a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

(i) Equity Shares

There is no movement in the number of shares and amount outstanding of Equity shares in current as well as previous year.

(ii) 12% Non Convertible Cumulative Redeemable Preference Shares

There is no movement in the number of shares and amount outstanding of Preference shares in current as well as previous year.

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

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after payment of all claims/liabilities.

(c) Rights, preferences and restrictions attached to Preference shares

The holder of the Preference Shares shall be entitled to receive cumulative dividend @12% per annum from the date of allotment till the date of redemption. The Preference Shares shall rank for capital and dividend (including all dividends undeclared upto the commencement of winding up) and for repayment of capital in a winding up pari pasu inter se and in priority to the Equity Shares of the Company, but shall not confer any further or other right to participate either in profits or assets. The Preference Shares shall be redeemable at the end of seventh year from the date of allotment at the rate of Rs. 85/- per share (including redemption premium of Rs. 75/- per share). The Company shall have the option to redeem, all or any part thereof, of the said Preference Shares, in one or more tranches, at the rate of Rs. 65/- per share (including redemption premium of Rs. 55/- per share) at the end of third year and/or at the rate of Rs. 75/- per share (including redemption premium of Rs. 65/- per share) at the end of fifth year. Every Preference shareholder of the Company has the right to vote only on resolution placed before the General Meeting which directly affect the rights attached to his Preference Shares. [Refer Note 3.32]

Arrears of fixed cumulative dividends on preference shares as at 31 March, 2015 Rs. 20,797,801 (As at 31 March, 2014 10,389,156)

(d) Shares held by the holding company Equity

Out of total 4,990,900 (previous year 4,990,900) Equity shares, 3,580,347 (previous year 3,580,347) Equity shares are held by the holding company, Industrial Investment Trust Limited.

12% Non Convertible Cumulative Redeemable Preference Shares

All 7,000,000 preference shares (previous year 7,000,000) are held by the holding company, Industrial Investment Trust Limited.

Note :3

Contingent liabilities

(a) Contingent liabilities not provided for in respect of

Particulars As at As at 31st March, 31st March, 2015 2014

Rs. Rs.

Disputed income-tax matters in appeal - 167,267

Disputed entry tax matter in appeal - 1,757,699

Few buyers of residential units have lodged a complaint during the year with the National Consumer Disputes Redressal Commission (NCDRC), alleging failure to comply with the terms of the Builder Buyer Agreement, and are seeking compensation. The matter has been listed for admission /hearing /directions, by NCDRC, in September, 2015. The Company perceives the said complaint as misconceived and not tenable, and does not foresee any financial impact, as of now.

Note :4

Related party disclosures:

(i) (a) Names of related parties and nature of related party relationship where control exists are as under:

Holding Company : Industrial Investment Trust Limited

(b) Names of other related parties and nature of relationship where there are transactions with related parties:

Fellow Subsidiaries : IIT Investrust Limited IIT Insurance Broking and Risk Management Private Limited

Jointly controlled Entities : IITL-Nimbus, The Hyde Park Noida - a partnership firm

IITL- Nimbus, The Express Park View - a partnership firm

IITL- Nimbus, The Palm Village - a partnership firm

Capital Infraprojects Private Limited

Key Management Personnel : D.P. Goyal, Managing Director

Company in which Nimbus Projects Limited directors have significant influence :

Note :5

The Company''s business activity falls within a single segment viz." Real Estate development and related activities" and the income there from being in the domestic market, the disclosure requirements of Accounting Standard 17 "Segment Reporting", notified by the Companies (Accounting Standard) Rules, 2006 are not applicable.

Note :6

Pursuant to the enactment of the Companies Act 2013 (the ''Act''), the Company has, effective 1st April 2014, reviewed and revised the estimated useful life of its fixed assets, in accordance with the provisions of Schedule II to the Act. The carrying amount of the assets as on that date has been depreciated over the remaining useful life of the assets as per Schedule II of the Companies Act, 2013. Consequently, depreciation for the year is higher by Rs. 1,02,554. Further, an amount of Rs. 5,255 has been recognized in the Deficit in the statement of profit and loss, where the remaining useful life of such assets is Nil as at 1st April, 2014 in line with the provisions of Schedule II to the Act.

Note :7

The Company has issued 7,000,000 12% Non Convertible Cumulative Redeemable Preference Shares of Rs. 10 each fully paid- up. As per the terms of issue the Preference Shares shall be redeemable at the end of seventh year from the date of allotment, however, the Company has an option to redeem, all or any part thereof, of the said Preference Shares, in one or more tranches, at the end of the third year and/or at the end of the fifth year. The amount of premium per share varies depending on the year of redemption. Till previous year the Company had provided for premium payable on redemption of these Preference Shares on prorate basis on the assumption that these Shares would be redeemed at the end of third year. However during the year, as per the current plan these Shares would be redeemed at the end of seventh year and accordingly the Company has provided for premium payable on redemption of these Shares based on this assumption.

Note :8

The Company is in the process of appointing a Chief Financial Officer as key managerial personnel.

Note :9

Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year classification / disclosure.

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Mar 31, 2013

1.1 Basic earnings per share have been calculated by dividing proft after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares and accordingly, the basic earnings per share and diluted earnings per share are the same. Values used in calculating earnings per share are as under:

1.2. The Company''s business activity falls within a single segment viz."Real Estate development and related activities" and the income there from being in the domestic market, the disclosure requirements of Accounting Standard 17 "Segment Reporting", notifed by the Companies (Accounting Standard) Rules, 2006 are not applicable.

1.3. In compliance with the Accounting Standard 27 on ''Financial Reporting of Interests in Joint Ventures'' as notifed by the Companies (Accounting Standards) Rules, 2006, the Company has interests in the following jointly controlled entities:

1.4 Employee Benefts

(a) Defned Contribution Plan

Contribution to defned contribution plan, recognised in the Statement of Proft and Loss under Contribution to provident fund and other funds in note 2.22 for the year are as under:

(b) Defned Beneft Plan (Contd.)

vi a. The estimates of rate of escalation in salary considered in actuarial valuation take into account infation, seniority, promotion and other relevant factors including supply and demand in the employment market.

b. The discounting rate is considered based on market yield on government bonds having currency and terms consistent with the currency and terms of the post-employment beneft obligations.

c. Expected rate of return on assets is determined based on expectation of the average long term rate of return expected on investments of the fund during the estimated term of the obligations.

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Mar 31, 2012

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

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

(b) Shares held by the holding company

Out of total 4,990,900 (previous year 4,990,900) Equity shares, 3,580,347 (previous year 3,580,347) Equity shares are held by the holding company, Industrial Investment Trust Limited.

# Premium for development rights is payable in half-yearly installments upto 9th March, 2017 to Greater Noida Industrial Development Authority, pursuant to the lease deed. The half-yearly installments payable within next 12 months, amounting to Rs. 14,532,484 (previous year Rs. 10,641,736) are classified as current trade payables under Note 2.5.

(a) 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.

(b) In respect of each of the above firms, which are engaged in developing real estate projects, the Company has in terms of the respective partnership deeds agreed to contribute further capital as and when needed for the real estate projects.

(c) The balances in current accounts of the Joint Venture partnership firms are based on the audited accounts of the respective entities for the current and previous year.

Particulars As at As at 31st March, 2012 31st March, 2011

1.1 Contingent liabilities and commitments

(a) Contingent liabilities not provided for in respect of 167,267 225,525 Disputed income-tax matters in appeal

In respect of above items, outflow of resources would depend upon the outcome of the appeal.

(b) Refer to Note 2.9(b) regarding commitments to contribute towards development of real estate projects.

1.2 Basic earnings per share have been calculated by dividing profit after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares and accordingly, the basic earnings per share and diluted earnings per share are the same. Values used in calculating earnings per share are as under:

1.3 Related party disclosures:

(i) (a) Names of related parties and nature of related party relationship where control exists are as under:

Holding Company: Industrial Investment Trust Limited

(b) Names of other related parties and nature of relationship where there are transactions with related parties:

Fellow Subsidiaries IIT Investrust Limited

IIT Insurance Broking and Risk Management Private Limited

Joint Venture Entities IITL Nimbus The Hyde Park Noida -a partnership firm (w.e.f 9th April 2010)

IITL- Nimbus The Express Park View -a partnership firm (w.e.f. 15th April 2011)

IITL- Nimbus The Palm Village -a partnership firm (w.e.f. 24th June, 2011)

Capital Infraprojects Private Limited (w.e.f 24th March 2011)

Key Management Personnel: T. M. Nagarajan, Executive Chairman. (upto 3rd July 2010)

D.P. Goyal, Managing Director (w.e.f 5th July 2010)

1.4 The Company's business activity falls within a single segment viz." Real Estate development and related activities" and the income there from being in the domestic market, the disclosure requirements of Accounting Standard 17 "Segment Reporting", notified by the Companies (Accounting Standard) Rules, 2006 are not applicable.

Notes:

a) The Company's share of assets, liabilities, income and expenditure has been included on the basis of audited financial information of its joint ventures.

b) Previous year figures are in brackets.

1.5 Employee Benefits

(a) Defined Contribution Plan

Contribution to defined contribution plan, recognised in the Statement of Profit and Loss under Contribution to provident fund and other funds in note 2.21 for the year are as under:

The Company expects to contribute Rs. 4,500 to its Defined Benefit Gratuity plan during the annual period beginning after the Balance Sheet date.

The major categories of Plan Assets as a percentage of the fair value of total Plan Assets are as follows:

Funds maintained with Life Insurance Corporation of India 100.00%

Note :The Company is unable to obtain the details of major category of plan assets from the insurance company (Life Insurance Corporation of India) and hence the disclosure thereof is not made.

vi a. The estimates of rate of escalation in salary considered in actuarial valuation take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

b. The discounting rate is considered based on market yield on government bonds having currency and terms consistent with the currency and terms of the post-employment benefit obligations.

c. Expected rate of return on assets is determined based on expectation of the average long term rate of return expected on investments of the fund during the estimated term of the obligations.

vii Net assets / (liabilities) recognised in the Balance Sheet as at respective year ends and experience adjustment:

Accounting Standard (AS) 15 (Revised) on Employee Benefits notified by The Companies (Accounting Standards) Rules, 2006 requires the disclosure of the above information for the past four years; however the information is available only since the date of implementing the Standard.

viii The above information is as certified by the actuary and relied upon by the auditors.

1.6 The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

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Mar 31, 2010

31-03-2010 31-03-2009 Rupees Rupees

(1) Contingent liability not provided for in respect of: 222,079 222,079

(a) Disputed income-tax matter under appeal. The outflow of resources would depend upon the 340,000 - outcome of the appeal.

(b) Claim not acknowledged as debt



(2) The Company was primarily engaged in dealing or trading in shares and other related financing activities which were discontinued consequent to the change in Management control during the course of the previous year, after which the Company is primarily engaged in Real Estate related activities. Accordingly, the segment disclosures in terms of Accounting Standard 17 on "Segment Reporting", notified under the Companies (Accounting Standard) Rules, 2006, are as under:

(i) Secondary segments - Geographical segments.

The revenue of the Company is only from the domestic market. Therefore, there are no reportable geographical segments.

(3) Related party disclosures:

(i) (a) Names of related parties and nature of related party relationship where control exists are as under.

Holding Company : Industrial Investment Trust Limited

(b) Names of other related parties and nature of relationship where there are transactions with related parties :

Fellow subsidiary company : IIT Investrust Limited

Companies in which directors

have significant influence : NCJ International Limited

Detco Polyesters Private Limited

(upto 4th August, 2008)

Key management personnel : T. M. Nagarajan, Executive Chairman.

Usha Singhania, Managing Director (upto 4th August, 2008)

(4) 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.

(5) Employee Benefits

Effective April 1,2009, the Company has adopted the Accounting Standard 15 "Employee Benefits". Upto the previous year, the number of employees were less than ten, hence provisions of the The Payment of Gratuity Act, 1972 were not applicable.

vi. a. The estimates of rate of escalation in salary considered in actuarial valuation take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

b. The discounting rate is considered based on market yield on government bonds having currency and terms consistent with the currency and terms of the post-employment benefit obligations.

vii. The above information is as certified by the actuary and relied upon by the auditors.

(6) Borrowing costs capitalised during the year is Rs.39,452 /-(previous year: Rs. Nil) and is included in Construction work-in-progress.

(7) The Company has taken an office premise on operating lease. The lease term is on the basis of the agreement entered into with the landlord. The agreement provides for increase in rent. There are no restrictions imposed by the lease arrangement. There are no sub leases. The lease rental expenses recognized in the profit and loss account for the year Rs. 429, ] 84/-(previous year: Rs Nil).

(8) The figures relating to the previous year have been regrouped wherever necessary.