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A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Notes to Accounts of Industrial Investment Trust Ltd.

Mar 31, 2025

The Company had issued 4,888,775 Global Depository Shares (''GDSs'') representing 9,777,550 equity shares of the Company of nominal value ?10 each, aggregating to US$ 59.89 millions equivalent to ?3,377,606,725 (including shares premium of ?3,279,831,225). The GDSs are listed on Luxembourg Stock Exchange. 3,419,390 GDRs were converted into 68,38,780 Equity shares. During the year end March 31, 2020 2,000,000 equity shares, during the year end March 31,2021, 1,500,000 equity shares and during the year ended March 31,2024 3,338,780 equity share respectively.

b) Rights, preferences and restrictions attached to equity shares

Equity shares of the Company are issued at a par value of '' 10 per share.

(i) Equity Shares represented by GDS - Holders of the GDSs will have no voting rights with respect to the underlying equity shares. The Depository will not exercise any voting rights with respect to the deposited shares. Other rights, preferences and restrictions are same as other equity shares.

(ii) other equity Shares - Each holder of other equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting

disclosures required as per division III of Schedule III objectives, policies and processes for managing capital.

For the purpose of the Company''s capital management, capital includes paid-up equity securities capital, securities premium and all other equity reserves attributable to the equity holders. The primary objective of the Company''s capital management is to maximise the shareholders'' value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust its dividend payment ratio to shareholders, return capital to shareholders or issue fresh shares.

Nature and purpose of each reserve Securities Premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. In case of equity settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve. This reserve is utilised in accordance with the provisions of the Companies Act 2013.

General Reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to the statement of profit and loss.

Special Reserve (as per the RBI regulations)

This Reserve is created as per Sec 45IC of Reserve bank of India Act 1934. This Reserve is utilised only as per manner mentioned in RBI Act 1934.

Retained earnings

Retained earnings are the profits that the Company has earned till date and is net of amount transferred to other reserves such as general reserves, Special Reserve etc. opening Impact of Ind AS is adjusted in Retained Earnings.

Note 30 : Contingent liabilities and commitments		('' in Lakhs)
Particulars	As at	As at
Particulars	March 31, 2025	March 31, 2024
(I) Contingent liabilities
(a) Claims against the Company not acknowledge as debt
(i) Disputed property tax levied by Mumbai Municipal Corporation (MMC) based on enhanced ratable value for the period 1st April 2007 to 31st March 2010 in respect of the Company''s Investment Property in Atlanta Building, Nariman Point net of provision	-	230.58
(ii) Disputed income-tax matters	162.01	162.01

Notes

(i) In earlier financial years, the Company had disclosed a contingent liability of ?2,30,57,661 in respect of disputed property tax levied by the Municipal Corporation of Greater Mumbai (MCGM) based on enhanced ratable value for the period 1st April 2007 to 31st March 2010, pertaining to the Company''s investment properties at Atlanta Society, Nariman Point, Mumbai.

Upon sale of eight units of the said property during FY 2015-16, 2017-18, and 2019-20, the Company had deposited a cumulative amount of ?2,80,57,991 with Atlanta Premises Co-operative Society Limited towards the disputed tax demand. This amount was placed in fixed deposits by the Society. The Company had also made a provision of ?50,00,000 as a matter of abundant caution in respect of the units sold. The full amount of ?2,80,57,991 was recoverable from the ex-licensee under Leave and License Agreements.

The matter, which was under appeal before the Hon''ble Bombay High Court, culminated in a settlement facilitated by the Liquidator of the ex-licensee. Consent Terms were filed and accepted by the Hon''ble High Court, leading to the deposit of the entire amount of ?2,80,57,991 with the Prothonotary and Senior Master of the Bombay High Court.

Subsequently, by order dated 24th February 2025, the Hon''ble High Court permitted the Company to withdraw the amount of ?62,19,219 (inclusive of consultant fees reimbursed), thereby concluding the matter. In light of this final resolution, there is no longer any contingent liability in this regard as on 31st March 2025.

(ii) IITL Management and Consultancy Private Limited had received demand pertaining to AY 2012-13 amounting to Rs 162.01 Lakh against which the Company has filed an appeal with the Income tax department. Pursuant to the NCLT order dated 19.03.2025, since IITL Management and Consultancy Private Limited has been amalgamated with the Parent Company (IITL), this demand is now reflected as a contingent liability in IITL

(ii) Commitments

Non-cancellable contractual commitments - refer note 33 (e)

Note 33 : Disclosure in accordance with Ind AS 116 (A) Transition to Ind AS 116

(a) Effective 1 April 2019, the Company adopted Ind AS 116 ''Leases'' and applied the standard to all lease contracts existing on 1 April 2019, using the modified retrospective method. Accordingly, the comparatives as at and for the year ended 31 March 2019 have not been restated. On the date of initial application, the Company recorded the lease liability at the present value of the remaining lease payments discounted at the incremental borrowing rate at the date of initial application and a corresponding right-of-use asset adjusted for the amount of prepaid or accrued payments on the lease.

(b) The Company has applied the following practical expedients on initial application of Ind AS 116:

(i) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.

(ii) Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term on the date of initial application.

(iii) Excluded the initial direct costs, if any, from the measurement of the right-of-use asset at the date of initial application.

(iv) Elected to use the practical expedient not to apply this Standard to contracts that were not previously identified as containing a lease applying Ind AS 17. Accordingly, Ind AS 116 is applied only to contracts that were previously identified as leases under Ind AS 17.

(v) Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

(c) On transition to Ind AS 116, the Company has recognised lease liabilities and equivalent amount of right-of-use assets amounting to ?85,12,880

(d) On transition to Ind AS 116, the weighted average incremental discounting rate applied to lease liabilities recognised under Ind AS 116 is 15% .

The company''s lease asset classes primarily consist of leases for buildings taken on lease for operating its head office and providing accommodation to KMPs. The company assesses whether a contract contains a lease, at inception of a contract. At the date of commencement of the lease, the company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases.

B) 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 intervaluation 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 following table summarizes the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet.

Disclosure as required by Ind AS 108 âOperating Segmentâ, of the Companies (Indian Accounting Standards) Rules, 2015.

Based on the âmanagement approachâ as defined in Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the Company''s performance in accordance with Ind AS âOperating Segmentâ, the Company has only one reportable operating segment i.e. Investment Activity. The additional disclosure is being made in the consolidated financial statements.

Note 38 : Note on Subsidiaries and associate a) IITL Projects Limited

As at March 31, 2025, the Company carrying amount of investment in its subsidiary IITL Projects Limited amounting to ''1,361.23 lakhs in the equity shares. The net worth of the subsidiary is negative as on March 31,2025.

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.

IITL Projects Limited has no business of its own and also no other cash flow at present. Thus, the company ceases to be a âGoing Concernâ and accordingly these financial statements have been prepared on the basis that the company does not continue to be a âGoing Concernââand 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 39 :

The promoters of the Company 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 February 08, 2024 with Mr. Vikas Garg, M/s. Vikas Lifecare Limited and Advik Capital Limited (hereinafter referred to as âAcquirersâ) under which the acquirers proposed to acquire 94,07,067 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 have made a public offer.

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

Application made by the Company, to the Reserve Bank of India, for change in management control has been returned with their observations, vide their letter May 06, 2024, with their comment âdue 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 herewithâ.

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 February 08, 2024 and the Acquirers made withdrawal announcement dated July 30, 2024.

note 40 :

The Board of Directors in its meeting held on December 06, 2024 has approved the variation in the terms of 70,00,000, 0% NonConvertible Redeemable Preference Shares Investment issued by IITL Project Limited, subject to the approval of members of the company and the revised term shall be as under:-

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

ii. 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/-).

iii. Save as what is mentioned hereinabove, all the other terms and conditions of the said preference shares shall remain the same. The Company has accorded its Shareholders Consent on 07.01.2025 through Postal Ballot.

iv. Industrial Investment Trust Limited have accorded their shareholders consent on 7^th January 2025 through Postal Ballot.

(B) Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level is given below:

For all the financial assets and liabilities referred above that are measured at amortised cost, their carrying amounts are reasonable approximations of their fair values. Fair values were measured by using level 3 inputs

For all the financial assets and liabilities referred above that are measured at fair value through profit or loss, their fair values were measured by using level 3 inputs

The fair value of financial instruments are classified into three categories i.e. Level 1, 2 or 3 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).

There were no transfers between any levels during the year

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an 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. This is the case for unlisted equity securities, preference shares and debentures which are included in level 3.

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 Committee for Investment/Loans and Risk Management, 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 Committee for Investment/Loans and Risk Management 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. Credit Risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations. Investment in debt instrument:

The Company assesses and manages credit risk based on credit quality review process to provide early identification of possible changes in the creditworthiness of counterparties. The Company has accounted impact of credit risk wherever requires.

Loan :

The assessment of credit risk of a portfolio of assets entails further estimations as to the likelihood of defaults occurring of the associated loss ratios and of default correlations. The Company measures credit risk using Expected Credit Loss (ECL) under Ind AS 109. Also, the Company adheres to guidelines on provisioning for non-performing assets as defined by the RBI.

Expected credit loss measurement

Ind AS 109 outlines a ''three-stage'' model for impairment based on changes in credit quality since initial recognition as summarised below The objective of the impairment requirements is to recognise lifetime expected credit losses for all financial instruments for which there have been significant increases in credit risk since initial recognition - whether assessed on an individual or collective basis - considering all reasonable and supportable information including that which is forward-looking.

A financial instrument that is not credit-impaired on initial recognition is classified in ''Stage 1'' and has its credit risk continuously monitored by the Company.

If significant increases in credit risk (''SICR'') since initial recognition is identified the financial instrument is moved to ''Stage 2'' but is not yet deemed to be credit-impaired.

If the financial instrument is credit-impaired the financial instrument is then moved to ''Stage 3''. Financial instruments in Stage 1 have their ECL measured at an amount equal to 12 month ECLs. Instruments in Stages 2 or 3 have their ECL measured based on expected credit losses on a lifetime basis. Purchased or originated credit-impaired financial assets are those financial assets that are credit impaired on initial recognition. Their ECL is always measured on a lifetime basis (Stage 3).

The measurement of ECL is calculated using three main components: (i) Probability of Default (PD) (ii) Loss Given Default (LGD) and

(iii) the Exposure At Default (EAD).

Probability of default (PD) represents the likelihood of a borrower defaulting on its financial obligation either over the next 12 months (12M PD) or over the remaining lifetime (Lifetime PD) of the obligation.

Exposure At default (EAD) is the total amount of an asset the entity is exposed to at the time of default. EAD is defined based on the characteristics of the asset. EAD is dependent on the outstanding exposure of an asset sanctioned amount of a loan and credit conversion factor for non-funded exposures.

Loss given default (LGD) It is the part of an asset that is lost provided the asset default. The recovery rate is derived as a ratio of discounted value of recovery cash flows (incorporating the recovery time) to total exposure amount at the time of default. Recovery rate is calculated for each segment separately. Loss given default is computed as (1 - recovery rate) in percentage terms.

B. Management of Market risks

- 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 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.

The Company is exposed to liquidity risk principally as a result of lending and investment for periods which may differ from those of its funding sources. The management actively manage asset liability positions in compliance with the ALM policy of the company laid down in accordance overall guidelines issued by RBI in the Asset Liability Management (ALM) framework.

D. 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 optimise returns for 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. 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. The 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.

43(G): Details of financing of parent company products

The Company does not have any Parent Company, hence not applicable.

43(H): Details of Single Borrower Limit (SGL) / Group Borrower Limit (GBL) exceeded by the applicable NBFC

The Company has not exceeded the prudential exposure limits for Single Borrower Limited (SGL) / Group Borrower Limited (GBL).

43(I): Unsecured Advances

The Company has not granted unsecured advances against collateral of intangible securities such as charge over the rights, licenses or authority.

43(J): Registration/ licence/ authorisation obtained from other financial sector regulators:

In addition to registration with RBI as NBFC-NDSI, the Company has not obtained any registration/ licence/ authorisation, by whatever name called, from other financial sector regulators

43(K): Ratings assigned by credit rating agencies and migration of ratings during the year:

The Company has not obtained credit ratings from credit rating agencies during the year

43(L): Disclosure of Penalties imposed by RBI or other regulators:

No penalties were imposed by RBI or SEBI (being the regulator for the Company) for the year ended 31^st March, 2023.

43(M): related Party transactions:

Please refer to note no 36

Two Subsidiaries, namely IIT Investrust Limited and IITL Manahgement and Consultancy Private Limited amalgamated with parent company

(IITL) and appointed date of amalgamation was 01.04.2024 and the effect of amalgamation was given effect after receiving NCLT order dated 19.03.2025. The Company is in process of transferring the Title deeds.

(ii) Investment property is Nil and hence fair value of investment property is not applicable

(iii) The Company has not revalued its property, plant and equipments.

(iv) The Company has not revalued its intangible assets.

(v) There are no loans or advances in the nature of loans that are granted to promoters, directors, key managerial personnel (KMPs) and the related parties either severally or jointly with any other person, that are: a) Repayable on demand or b) Without specifying any terms or period of repayment.

(vi) Capital Work-in-Progress (CWIP) ageing schedule / completion schedule - NIL

(vii) Intangible assets under development ageing schedule / completion schedule - NIL

(viii) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property

(ix) The company has no borrowings from Banks / Financial Institutions on the basis of security of Current Assets

(x) The Company is not declared wilful defaulter by any bank or financial Institution or other lender.

(xi) There are no balances outstanding on account of any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956

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

(xiii) Complaince with number of layer of companies - not applicable

(xiv) The Board of Directors of the company at its meeting held on 09.09.2024 considered and approved the amalgamation of two wholly owned subsidiaries, namely, IIT Investrust Limited and IITL Management and Consultancy Private Limited with the parent company (IITL) with the appointed date being 01.04.2024. As part of the scheme of this amalgamation, Equity shares if any held by the company in the above subsidiaries shall stand cancelled, and no shares of the company shall be issued nor any cash payment shall be made whatsoever by the company in cancellation of shares of IIT Investrust Limited and IITL Management and Consultancy Private Limited. The amalgamation of two subsidiary with parent company will result in operational synergize resulting in cost optimization. The above scheme were filed with the Hon. National Company Law Tribunal (NCLT) Mumbai and scheme of amalgamation has been approved and sanctioned by the NCLT Mumbai bench on 19.03.2025 with the appointed date being 01.04.2024.

As per the requirement of accounting for common control transactions, contained in Ind AS 103 - Business Combination, the company has accounted for amalgamation sanctioned by the NCLT using pooling of Interest method. However, the financial information in the Financial statement in respect of prior periods are not restated since it is not material

(xv) 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

(xvi) 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,

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

(xviii) 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 assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

Note 49 :

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

Note 50 :

The financial statement is approved by the Board of Directors of the Company in the meeting held on May 24, 2025.

Mar 31, 2024

Details of investments subsidiary/ joint venture/ associate (at cost/fair value):

IIITL Projects Limited

This company was incorporated on 26.10.1994 under the provisions of the Companies Act, 1956. It was acquired in the year 2008. The company is engaged in real estate business, construction of residential complexes in the National Capital Region. Apart from constructing its own project, the Company is undertaking development of real estate projects through Special purpose vehicles (SPV).

The company has retired from 3 Joint Venture Partnership Firm 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 existed 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

IIT Investrust Limited

This company is incorporated on 31.12.1992 under the provisions of the Companies Act, 1956. The company was the business of Stock broking, depository services and arbitrage. The Company has applied for surrender of stock broking license to Securities and Exchange Board of India, and National Stock Exchange and cancellation has been approval on June 23, 2021. It is wholly owned subsidiary of Industrial Investment Trust Limited.

IITL Management and Consultancy Private Limited

World Resort Limited (WRL)

WRL was incorporated on 27.04.1995 under the provision of the Companies Act, 1956. The Company had acquired 25% equity shares in the year 2012 .During the year the Company has sold entire holding in WRL to one of the existing shareholder of WRL for a considaration of Rs. 1,552.00 lakhs.

The Company had issued 4,888,775 Global Depository Shares (''GDSs'') representing 9,777,550 equity shares of the Company of nominal value '' 10 each, aggregating to US$ 59.89 millions equivalent to ''3,377,606,725 (including shares premium of ''3,279,831,225). The GDSs are listed on Luxembourg Stock Exchange. 3,419,390 GDRs his converted into 6838780 Equity shares, during the year end March 31, 2020 2,000,000 equity shares. During the year end March 31, 2021, 1,500,000 equity shares and during the year ended March 31,2024 3,338,780 equity share respectively.

b) Rights, preferences and restrictions attached to equity shares

Equity shares of the Company are issued at a par value of '' 10 per share.

disclosures required as per division III of Schedule III objectives, policies and processes for managing capital.

Nature and purpose of each reserve Securities Premium

General Reserve

Special Reserve (as per the RBI regulations)

This Reserve is created as per Sec 45IC of Reserve bank of India Act 1934. This Reserve is utilised only as per manner mentioned in RBI Act 1934.

Retained earnings

A new Section 115BAA was inserted in the Income Tax Act, 1961, by the Government of India which provides an option to companies for paying income tax at reduced rates in accordance with the provision/conditions defined in the said section. The Company has decided to continue with the existing tax structure for the year ended March 31, 2024.

(I) Contingent liabilities

(a) Claims against the Company not acknowledge as debt

- Disputed property tax levied by Mumbai Municipal Corporation (MMC) based on enhanced 23,057.99 23,057.99

ratable value for the period 1^st April 2007 to 31^st March 2010 in respect of the Company''s Investment Property in Atlanta Building, Nariman Point net of provision*

* details of contingent liabilities as under

The amount of '' 23,057,661 disclosed as Contingent Liability is towards the disputed property tax levied by MMC based on enhanced ratable value for the period 1^st April 2007 to 31^st March 2010 in respect of the Company''s Investment Properties at Atlanta Society, Nariman Point, Mumbai.

During the financial year 2015-16, 2017-18 and 2019-20, the Company sold eight units of the said property. Upon sale of said units the Company was required to deposit '' 28,057,991 with Atlanta Premises Co-operative Society Limited (the society) towards the disputed property tax related to units sold. The said amount has been placed by the society in Fixed Deposits with Bank.

The disputed property tax issue is still subjudice and the order is awaited from the Mumbai High court. Pending the outcome of the matter, out of abundant caution, the Company has made a provision of '' 5,000,000 in respect of the units sold.

However, the total amount of '' 28,057,991 is fully recoverable from the ex-Licensee as per the Leave and License Agreements entered by the Company with them from time to time. The ex-Licensee has filed for voluntary winding up and appointed the liquidator. The Company has filed the said claim with the liquidator.

Due to COVID-19, the appeal did not come up for hearing in the High Court for a period of two years. Once the lock downs were lifted, the matter came up for hearing in the High Court. However, the Liquidator suggested that instead of pursuing the matter by way of appeal it would be prudent to enter into Consent Terms for recovery of the said amount. The Consent Terms was filed in the High Court of Judicature at Bombay and the Order was passed in the said matter on August 29, 2022.

Pursuant to the said Order, the Liquidator deposited the amount of '' 2,80,57,991/- vide 3 Pay Orders of '' 99,00,000/-, '' 99,00,000/-and '' 82,57,991/- with Prothonotary and Senior Master, High Court, Bombay.

The final outcome will be decided once the Bombay High court passes the final order.

(b) Guarantees

Guarantees given to banks on behalf of associate company

The Company has received counter-guarantees from other parties against the aforesaid guarantees given by the Company to the banks.

The outstanding amount of loan availed by the associate company

(ii) Commitments

Non-cancellable contractual commitments - refer note 33(e)

Note 33 : Disclosure in accordance with Ind AS 116 (A) Transition to Ind As 116

(b) The Company has applied the following practical expedients on initial application of Ind AS 116:

(i) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.

(ii) Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term on the date of initial application.

(iii) Excluded the initial direct costs, if any, from the measurement of the right-of-use asset at the date of initial application.

(v) Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

(c) On transition to Ind AS 116, the Company has recognised lease liabilities and equivalent amount of right-of-use assets amounting to '' 8,513.00.

(d) On transition to Ind AS 116, the weighted average incremental discounting rate applied to lease liabilities recognised under Ind AS 116 is 15% .

B) Defined Benefit Plan

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

Investment Risk

Market Risk (discount Risk)

Longetivity Risk

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 following table summarizes the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet.

Disclosure as required by Ind AS 108 âOperating Segmentâ, of the Companies (Indian Accounting Standards) Rules, 2015.

Revenue from two Customer contributed 10% or more to the Company''s revenue for 2021-22.

note 38 : note on Subsidiaries and associate a) IITL Projects Limited

As at March 31, 2024, the Company carrying amount of investment in its subsidiary IITL Projects Limited amounting to ''1,361.23 lakhs in the equity shares. The net worth of the subsidiary is negative as on March 31,2024.

IITL Projects Limited has retired from 3 Joint Venture Partnership Firm 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.

IITL Projects Limited has also existed 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.

b) IITL Management and Consultancy Private Limited (Formerly known as IIT Insurance Broking and Risk Management Private Limited)

As at March 31, 2024, the Company is carrying impairment provision of ''128.48 lakhs on equity investment based on the audited net worth as at March 31, 2024. The management of the Company is of view of that the said impairment provision is considered adequate.

c) World Resorts Limited (WRL)

WRL was incorporated on 27.04.1995 under the provision of the Companies Act, 1956. The Company had acquired 25% equity shares in the year 2012. The Company entered into share purchase agreement on November 30, 2023 for sale of equity shares and preference shares, and recieved considaration of '' 1,552.00 Lakhs towards equity and '' 5000.00 lakhs towards preference shares. Consequently the impairement provided for the equity capital in the earlier year is now reversed and credited to impairment of financial instruments in the statement of profit and loss account during this year and the fair value changes accounted for the preference capital in the earlier years now reversed and credited to fair value changes in the statement of profit and loss account during this year.

Note 39 :

The promoters of the 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 âAcquirersâ) 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 have made a public offer.

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

Application made by the 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 âdue 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 (RBI).

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

(B) Fair Value Hierarchy

For all the financial assets and liabilities referred above that are measured at fair value through profit or loss, their fair values were measured by using level 3 inputs

There were no transfers between any levels during the year

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

The Treasury department is responsible to maximize the return on companies internally generated funds.

A. Credit Risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations. Investment in debt instrument:

Loan :

Expected credit loss measurement

A financial instrument that is not credit-impaired on initial recognition is classified in ''Stage 1'' and has its credit risk continuously monitored by the Company.

If significant increases in credit risk (''SICR'') since initial recognition is identified the financial instrument is moved to ''Stage 2'' but is not yet deemed to be credit-impaired.

The measurement of ECL is calculated using three main components: (i) Probability of Default (PD) (ii) Loss Given Default (LGD) and (iii) the Exposure At Default (EAD).

B. Management of Market risks

- price risk; and

- interest rate risk

C. Management of Liquidity Risk:

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

The above maturity pattern of assets and liabilities has been prepared by the Company after taking into consideration structural liquidity guidelines for assets-liabilities management (ALM) system in non-banking financial companies issued by RBI, best practices and best estimate of the Assets-Liability Committee with regard to the timing of various cash flows, which has been relied upon by the auditors.

42(G): Details of financing of parent company products

The Company does not have any Parent Company, hence not applicable.

42(H): Details of Single Borrower Limit (SGL) / Group Borrower Limit (GBL) exceeded by the applicable NBFC

The Company has not exceeded the prudential exposure limits for Single Borrower Limited (SGL) / Group Borrower Limited (GBL).

42(I): Unsecured Advances

The Company has not granted unsecured advances against collateral of intangible securities such as charge over the rights, licenses or authority.

42(J): Registration/ licence/ authorisation obtained from other financial sector regulators:

In addition to registration with RBI as NBFC-NDSI, the Company has not obtained any registration/ licence/ authorisation, by whatever name called, from other financial sector regulators

42(K): Ratings assigned by credit rating agencies and migration of ratings during the year:

The Company has not obtained credit ratings from credit rating agencies during the year

42(L): Disclosure of Penalties imposed by RBI or other regulators:

No penalties were imposed by RBI or SEBI (being the regulator for the Company) for the year ended 31^st March, 2023.

42(M): related Party transactions:

Please refer to note no 36

The Company do not have overseas subsidiaries.

Note 44 : A comparison between provisions required under IRACP and impairment allowances made under Ind AS 109 :

In terms of the requirement as per RBI notification no RBI/2019-20/170 DOR (NBFC). CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020 on Implementation of Indian Accounting Standards, Non-Banking Financial Companies (NBFC) are required to create an impairment reserve for any shortfall in impairment allowances under Ind AS 109 and Income Recognition, Asset Classification and Provisioning (IRACP) norms (including provision on standard assets).

Note 47: Other Statutory Information

(i) There is no immovable property (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) whose title deeds are not held in the name of the Company.

(ii) Investment property is Nil and hence fair value of investment property is not applicable

(iii) The Company has not revalued its property, plant and equipments.

(iv) The Company has not revalued its intangible assets.

Note 47 : Disclosure as required by Para 18 of Non-Banking Financial Company - Systematically Important and Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Direction, 2016 is as under : (Contd.)

(vi) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property

(vii) The Company does not have borrowings from banks or financial institutions on the basis of security of current assets.

(viii) The Company is not declared wilful defaulter by any bank or financial Institution or other lender.

(ix) There are no balances outstanding on account of any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956

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

(xi) Complaince with number of layer of companies - not applicable

(xii) Complaince with approved scheme of arrangements - not applicable

(xiii) 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

(xiv) 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,

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

(xvi) 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 assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

Note 48 :

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

Note 49 :

The financial statement is approved by the Board of Directors of the Company in the meeting held on May 28, 2024.

Mar 31, 2023

2.13 Provisions, contingent liabilities and contingent assets Provisions

Provisions are recognized when there is a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and there is a reliable estimate of the amount of the obligation.

If the effect of the time value of money is material, provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

Contingent liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

Contingent assets

Contingent asset is disclosed when there would be a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

2.14 Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the end of financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.

2.15 Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM) as defined by Ind AS- 108, âOperating segmentâ.

Company''s income and expenses including interest are considered as part of un-allocable income and expenses which are not identifiable to any business segment. Company''s asset and liabilities are considered as part of un-allocable assets and liabilities which are not identifiable to any business.

2.16 Employee Benefit Expense

a) Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised at an undiscounted amount in respect of employees'' service up to the end of the year and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligation in the balance sheet.

b) Long-term employee benefits

1) Defined contribution plan

The eligible employees of the Company are entitled to receive post employment benefits in respect of provident and family pension fund, in which both employees and the Company makes monthly contributions at a specified percentage of the employees'' eligible salary (currently 12% of employees'' eligible salary). The contributions are made to Employees Provident Fund Organisation. Provident Fund and Family Pension Fund are classified as Defined Contribution Plans as the Company has no further obligation beyond making the contribution. The Company''s contributions to Defined Contribution Plan are charged to Statement of Profit and Loss as incurred.

2) Defined benefit plans

i) Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The Company makes contribution to a fund managed by LIC of India based on management estimate made at the end of the year. Gains and losses are recognised in the Statement of Profit and Loss.

ii) Compensated absences

The Company provides for the encashment of leave or leave with pay subject to certain rules. The Employees are entitled to accumulate leave subject to certain limits for future encashment/availment. The Company makes provision for compensated absences based on management estimate made at the end of the year. Gains and losses are recognised in the Statement of Profit and Loss.

2.17 Leases

a) where the Company is the lessee

The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset. At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs. The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease

2.17 Leases (Contd.)

or, if not readily determinable, using the incremental borrowing rates in the country. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

b) where the Company is the lessor

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the rightof-use asset arising from the head lease. For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

2.18 Taxation

Taxes on income comprise of Current Tax and Deferred Tax.

a. Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from ''profit before tax'' as reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations is subject to interpretations. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.

b. Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities are offset when entity has legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Minimum Alternate Tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The Company recognises MAT credit available as an asset only to the extent that there is reasonable certainty that the Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. The MAT credit to the extent there is reasonable certainty that the Company will utilise the credit is recognised in the statement of profit and loss and corresponding debit is done to the deferred tax asset as unused tax credit.

2.19 Earnings per share

Earnings per share is calculated by dividing the net profit or loss before Other Comprehensive Income (OCI) for the year by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss before OCI for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

2.20 Other revenue recognition

(i) Rental income is accrued on the basis of the agreement.

(ii) Dividend income is accounted for when the right to receive is established.

B Key Accounting Estimates and Judgments

2.21 Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates, judgements and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of financial statements and reported amounts of revenues and expenses during the period.

Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of circumstances surrounding the estimates. Changes in estimates are reflected in the financial statement in the period in which changes are made and if material, their effects are disclosed in the notes to the financial statements.

The financial statements require management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosures of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

2.22 Key sources of estimation uncertainty

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key assumption concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is as given below.

a) Fair value measurement and valuation processes

Some of the Company''s assets and liabilities are measured at fair value for financial reporting purposes. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Company engages third party qualified valuers to perform the valuation. The Management works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model.

b) Useful life of Property, Plant and Equipments

The Company reviews the estimated useful lives of Property, Plant and Equipment at the end of each reporting period. During the current year, there has been no change in useful life considered for the assets.

c) Actuarial valuation

The determination of Company''s liability towards defined benefit obligation to employees is made through independent actuarial valuation including determination of amounts to be recognised in the State of Profit and Loss and in Other Comprehensive Income. Such valuation depend upon assumptions determined after taking into account inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market. Information about such valuation is provided in notes to the financial statements.

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.

IIT Investrust Limited

This company is incorporated on 31.12.1992 under the provisions of the Companies Act, 1956. The company is in the business of Stock broking, depository services and arbitrage. IITL hold 99% of Shares in the Company. The Company has applied for surrender of stock broking license to Securities and Exchange Board of India, and National Stock Exchange and cancellation has been approval on June 23, 2021.

IITL Management and Consultancy Private Limited

(Formerly Known as IIT Insurance Broking and Risk Management Private Limited)

This company was incorporated on 25.09.2008 under the provisions of the Companies Act, 1956. The company is in the business of insurance broking. It is wholly owned subsidiary of Industrial Investment Trust Limited. The Company applied for surrender of insurance broking licence to Insurance Regulatory Development Authority of India.

IIT Insurance broking and Risk Management Private Limited changed its name to IITL Management and Consultancy Private Limited and also changed its Object Clause. The fresh Certificate of Registration (COR) was received from Ministry of Corporate Affairs. The Company sent a copy of certificate to IRDAI. IRDAI granted certificate of surrender to the Company vide email dated November 15, 2021. The Company ceases to be an Insurance Broking company.

Future Generali India Life Insurance Company Limited (FGIL)

FGIL is in the business of Life Insurance Sector and registered with Insurance Regulatory Development Authority of India. The Company had acquired 22.5% equity shares in the year 2014, during the previous year ended March 2022 the Company sold its stake of 16.62 to Future group on March 28, 2022.

World Resort Limited (WRL)

WRL was incorporated on 27.04.1995 under the provision of the Companies Act, 1956. The Company had acquired 25% equity shares in the year 2012 . however as on balance sheet date, the Company hold 24.62% equity shares of WRL.WRL is in the business of Hospitality Sector. It is an Associate Company of IITL.

The Company had issued 4,888,775 Global Depository Shares (''GDSs'') representing 9,777,550 equity shares of the Company of nominal value '' 10 each, aggregating to US$ 59.89 millions equivalent to '' 3,377,606,725 (including shares premium of '' 3,279,831,225). The GDSs are listed on Luxembourg Stock Exchange. 1,750,000 GDRs had converted into 35,00,000 equity shares, during the year ended March 31, 2020 20,00,000 equity share and during the year ended March 31, 2021 15,00,000 equity share respectivley, remaining 3,138,775 GDRs are yet to be converted into equity shares. Amount of Investment represents to total GDRs including converted.

b) Rights, preferences and restrictions attached to equity shares

Equity shares of the Company are issued at a par value of '' 10 per share.

(ii) Other Equity Shares - Each holder of other equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting

Disclosures required as per Division III of Schedule III Objectives, policies and processes for managing capital.

Nature and purpose of each reserve Securities Premium

General Reserve

Note 18 : Other equity (Contd.)

Special Reserve (as per the RBI regulations)

This Reserve is created as per Sec 45IC of Reserve bank of India Act 1934. This Reserve is utilised only as per manner mentioned in RBI Act 1934.

Retained earnings

(I) Contingent liabilities

(a) Claims against the Company not acknowledge as debt

- Disputed property tax levied by Mumbai Municipal Corporation (MMC) based on enhanced 23,057.99 23,057.99

ratable value for the period 1^st April 2007 to 31^st March 2010 in respect of the Company''s Investment Property in Atlanta Building, Nariman Point net of provision*

* details of contingent liabilities as under

The final outcome will be decided once the Bombay High court passes the final order.

(b) Guarantees

Guarantees given to banks on behalf of associate company - -

The Company has received counter-guarantees from other parties against the aforesaid - -

guarantees given by the Company to the banks.

The outstanding amount of loan availed by the associate company - -

Note 31 Disclosure of fair value changes in preference shares :

During the current quarter the company has rectified the presentation and disclosure relating to the notional interest and impairment in fair value of investments in preference shares in Associates, in accordance with Ind AS 8, read with Ind AS 27. However this does not have any impact on the profits / losses determined in the previous periods, networth and the carrying amount of the investments.

Note 33 : Disclosure in accordance with Ind AS 116 (A) Transition to Ind AS 116

(b) The Company has applied the following practical expedients on initial application of Ind AS 116:

(i) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.

(ii) Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term on the date of initial application.

(iii) Excluded the initial direct costs, if any, from the measurement of the right-of-use asset at the date of initial application.

(v) Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

(c) On transition to Ind AS 116, the Company has recognised lease liabilities and equivalent amount of right-of-use assets amounting to '' 8,513.00.

(d) On transition to Ind AS 116, the weighted average incremental discounting rate applied to lease liabilities recognised under Ind AS 116 is 15% .

B) Defined Benefit Plan

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

Investment Risk

Market Risk (discount Risk)

Longetivity Risk

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 following table summarizes the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet.

Note 36 : Related party disclosures

(i) Names of related parties:

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

Subsidiary companies: IIT Investrust Limited

IITL Projects Limited

IITL Management and Consultancy Private Limited

(Formerly Known as IIT Insurance Broking and Risk Management Private

Limited)

Joint venture: Future Generali India Life Insurance Company Limited (Upto March 28, 2022)

(b) Names of other related parties and nature of relationship:

Key management personnel: Dr. B. Samal, Executive Chairman

Cumi Banerjee, CEO (Secretarial, Legal and Admin) & Company Secretary Rajev Adlakha, CEO- NBFC Operations (w.e.f. February 10, 2023)

Kamlesh Agrawal, CFO (Resigned on February 16, 2023)

Ajit Mishra, COO (from November 21, 2022 till February 16, 2023)

Ajit Mishra, CFO (w.e.f. February 17, 2023)

Associate company: World Resorts Limited

Entities over which the Company can IITL Nimbus The Express Park View - a partnership firm

exercise significant influence: IITL Nimbus The Palm Village - a partnership firm

IITL Nimbus The Hyde Park Noida -a partnership firm

Capital Infraprojects Private Limited

Golden Palms Facility Management Private Limited

Note 37 :

The Company has made an investment of '' 34,000.00 lakhs in Future Generali India Life Insurance Company Ltd. (FGILICL), a jointly controlled entity of the Company, acquiring 22.5% of its equity capital in the financial year 2012-2013. Between August 2016 to December 2021 FGILICL made various Rights Issues. The Company did not subscribe in any of the Rights Issues. With the increase in paid up capital on account of the Rights issue, the Company''s equity stake in FGILICL has reduced to 16.62 %. The Company has valued its equity shares at cost as per Ind AS. On December 06, 2021 the Board of Directors of the Company have accepted the offer made by Generali Participations Netherlands N.V. one of the Joint Venture Partner of FGILICL, for acquiring the company''s equity stake of 32,67,00,000 equity shares of '' 10 each representing 16.62% of the equity share capital of FGILICL, the transaction was subject to approvals, consents, permissions, etc (including any conditions stipulated in relation therto) by Insurance Regulatory and Development Authority of India, Reserve Bank of India, the Registrar of Companies, Competition Commission of India and all other authorities, as may be applicable and subject to execution of transaction documents and recognised impairment amounting to '' 10,170 lakhs during the quarter ended December 31, 2021. Further during the quarter ended March 31, 2022, after obtaining the necessary approval, the Company has sold the equity investment of FGILICL at '' 22,500 lakhs on 29^th March 2022. Company has recognised additional loss of '' 225.00 lakhs for the year ended 31^st March 2022 after considering the earlier impairment. So total loss of ''10,395.00 has been considered as exceptional item for the year 2021-22.

Note 38 : One time settlement against loan

In its meeting held on 8th March, 2017, the Board of directors approved the proposal of One-Time Settlement (âOTSâ) with IITL Projects

Limited (IPL), the subsidiary company, in relation to unsecured outstanding loan given along with the outstanding interest thereon, as

under :-

(i) Loan of '' 364,800,000/- along with outstanding interest as on 31^st March, 2016 amounting to '' 36,106,588/- (Net of TDS) aggregating '' 400,906,588/- would be adjusted against the transfer of assets of IPL namely 5,000,000 Zero % Non-Convertible Redeemable Preference Shares of World Resorts Limited and 10,849,120 Zero% Non-Convertible Redeemable Preference Shares of Capital Infraprojects Private Limited based on its value determined by independent valuers amounting to '' 283,314,407/- and '' 117,592,181/-respectively (in favour of the Company).

(ii) The Company to waive off Interest accrued for the period April, 2016 to March, 2017 amounting to '' 54,720,000/-.

(iii) IPL to agree to recompense the Company in one or more installments, as may be mutually agreed between the parties at the relevant time the interest amount of '' 54,720,000/- which has been waived off as part of One Time Settlement in case IPL turns profitable in future and has adequate cash flows.

The above proposal was approved by the members of IPL and those of the Company on 18^th April, 2017 and 21^st April, 2017 respectively. Subsequently the company entered into OTS agreement on 18^th May, 2017 with IPL to transfer the said shares in name of the Company.

Note 39 : One Time settlement of loan/ Repayment of loan

A) IITL-Nimbus The Hyde park Noida, Joint venture vide their letter dt. 18.06.2022 to Industrial Investment Trust Limited (IITL), proposed to settle the unsecured loan of '' 1,627.95 lakhs in following manner.

i) The Firm will repay the outstanding loan on or before December 31, 2022.

ii) To waive the total outstanding interest amount of '' 263.71 lakhs as on June 30, 2022 and all future interest amount thereafter up to December 31, 2022.

iii) The Firm reiterates their commitment to remit the outstanding loan amount.

iv) In the unlikely scenario of the amount not being remitted by December 31, 2022, the Firm will without any further request or extension, transfer the flats of equivalent of outstanding loan amount, with completion certificates obtained and facilitate registration of the same. In such eventuality, no maintenance charges will be levied on the flats until the time they are sold or for a period of 12 months ending December 31,2023 whichever is earlier.

IITL in its Annual General Meeting held on September 24, 2022, have accorded their consent for One Time Settlement of the total outstanding loan of '' 1,627.94 lakhs granted by the Company to IITL Nimbus The Hyde Park and waive interest outstanding thereon amounting to '' 263.71 lakhs as on June 30, 2022 and all future interest amount thereafter up to December 31, 2022. The Firm has repaid the outstanding loan of '' 1,627.94 lakhs on 21.10.2022. Consequently impairment provision of '' 1,627.95 lakhs is reversed.

B) IITL Nimbus The Express Park View, Joint Venture vide their letter dated 18.06.2022 to Industrial Investment Trust Limited (IITL), proposed to settle the unsecured loan of '' 2,477.51 lakhs in following manner:

i) The Firm will repay the outstanding loan on or before December 31, 2022.

ii) In the unlikely scenario of the amount not being remitted by December 31,2022, the Firm will transfer the flats of equivalaent value outstanding loan amount.

iii) Waiver of interest '' 943.57 lakhs for the period October 01,2017 to September 30, 2021.

iv) No interest shall be charged for the period starting immediately after the expiry of Restructuring agreement i.e w.e.f. October 01, 2021 to up to December 31, 2022.

IITL in its Annual General Meeting held on September 24, 2022, have accorded their consent for One Time Settlement of the total outstanding loan of '' 2,477.51 lakhs granted by the Company to IITL Nimbus The Express Park View and waive interest outstanding there. The Firm has repaid the outstanding loan of '' 2,477.51 lakhs on 29.11.2022 and 30.12.2022 respectively. Consequently impairment provision of '' 2,477.51 lakhs is reversed.

C) IITL-Nimbus The Palm Village, Joint venture vide their letter dated 01.07.2022 to Industrial Investment Trust Limited (IITL), proposed for an One Time Settlement (OTS) for '' 300.00 lakhs in following manner:

i) 25% of the outstanding loan amount to be paid upfront by IITL Nimbus the Palm Village

ii) Pursuant to the approval of the shareholders, the Company will enter in to One Time Settlement with IITL Nimbus the Palm Village on the following terms:

a) The firm will repay the balance outstanding loan amount on or before March 31, 2023.

b) The entire amount of accrued interest outstanding up to September 30, 2022 amounting to '' 242.14 lakhs to be waived off.

c) The amount of interest payable from 01.10.2022 to 31.03.2023 also waived off.

d) The firm has reiterated their commitment to remit the outstanding principal amount.

The shareholders of IITL through Postal ballot on January 10, 2023, have accorded their consent for One Time Settlement of the total outstanding loan of '' 300.00 lakhs granted by the Company and waive Interest outstanding thereon and all future interest amounts thereafter up to March 2023. The firm has repaid '' 300.00 lakhs. Consequently impairment provision of '' 300.00 lakhs is reversed.

Note 40 : Segment Reporting

Disclosure as required by Ind AS 108 âOperating Segmentâ, of the Companies (Indian Accounting Standards) Rules, 2015.

Revenue from two Customer contributed 10% or more to the Company''s revenue for 2021-22.

Note 41 : Note on Subsidiaries and associate a) IITL Projects Limited

As at March 31, 2023, the Company has carrying amount of investment in its subsidiary IITL Projects Limited amounting to '' 581.80 lakhs in the equity shares.

The financial results of the subsidiary have been prepared on a going concern basis, although the subsidiary is incurring continuous losses. The net worth of the subsidiary is negative as on March 31, 2023.

In view of the adverse cash flows of the joint ventures namely IITL - Nimbus The Express Park View IITL - Nimbus. The Palm Village, IITL Nimbus. The Hyde Park and Capital Infra Project Limited, their ability to continue on a going concern is doubtful. Further as at 31^st March, 2023, the accumulated losses of '' 6,079.83 lakhs exceeds the paid up equity capital and the net worth of the company stands fully eroded. The current liabilities of the company exceeding its total assets indicates that material uncertainty exists that may cause significant doubt on the company''s ability to continue as a going concern.

The Management is seized of the matter that the networth of the Company is completely eroded. In the light of the above, the Company is exploring options to infuse funds or exiting loss making JVs to reduce any further losses. One of the JVs, IITL Nimbus Palm Village has commenced its Projects and the Management is closely monitoring the development of the same and its impact on the cash flows. Another JV, IITL Nimbus The Express Park View projects is under progress and its cash flow will depend upon the market condition. Accordingly the financial statements have been prepared on going concern basis. Considering the above the company is carrying impairment provision of '' 779.42 lakhs towards equity investments in subsidiary and in respect of preference share of the subsidiary company, the Company had provided Impairement Provision of '' 4,002.27 lakhs fully on account of change in fair value. The management of the Company is of view of that the said impairment provision is considered adequate.

b) IITL Management and Consultancy Private Limited (Formerly known as IIT Insurance Broking and Risk Management Private Limited)

As at March 31,2023, the Company is carrying impairment provision of ''127.07 lakhs on equity investment based on the audited net worth as at March 31, 2023. The management of the Company is of view of that the said impairment provision is considered adequate. IIT Insurance broking and Risk Management Private Limited changed its name to IITL Management and Consultancy Private Limited and also changed its Object Clause. The fresh Certificate of Registration (COR) was received from Ministry of Corporate Affairs. The Company sent a copy of certificate to IRDAI. IRDAI granted certificate of surrender to the Company vide email dated November 25, 2021. The Company ceases to be an Insurance Broking company.

(c) IIT Investrust Limited (IITIL)

As at March 31, 2023, the Company is carrying impairment provision of '' 344.61 lakhs on equity investment based on the audited net worth as at March 31, 2023. The management of the Company is of view of that the said impairment provision is considered adequate.

d) World Resorts Limited (WRL)

The Company has investment in equity shares and preference shares of WRL. WRL has incurred loss in the current year and the net worth of the associate is negative as on March 31, 2023.

Considering the above, the Company has provided loss of '' 1,551.81 lakhs toward entire equity investment and '' 1,099.14 lakhs toward preference share investment on account of change in fair value as at March 31, 2023.

Note 42 :

The Company had received letter from the Reserve Bank of India (RBI) dated June 25, 2018. Vide said letter, the RBI has prohibited the Company to expand its credit/investment portfolio other than investment in Government Securities till Net Non-performing Assets (NPA''s) are brought down to below 5%. The Board of the Company in its meeting held on August 13, 2018 discussed and deliberated on the issues raised by RBI. The board of the Company drew an action plan for the same and submitted response to the RBI accordingly. Further RBI vide their e-mail dated October 06, 2022 interalia advised the Company to rectify the imbalance in financial assets to total assets criteria. The Company has taken necessary steps (Including making investments in G-Secs) and has met the Financial assets to Total assets criteria from Quarter 3 of 2022-23 and has met both Financial Assets to Total Assets and Financial Income to Total Income criteria for Quarter 4 of 2022-23.

(B) Fair Value Hierarchy

For all the financial assets and liabilities referred above that are measured at fair value through profit or loss, their fair values were measured by using level 3 inputs

There were no transfers between any levels during the year

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Note 44 : Financial risk management

The Treasury department is responsible to maximize the return on companies internally generated funds.

A. Credit Risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations. Investment in debt instrument:

Loan :

Expected credit loss measurement

A financial instrument that is not credit-impaired on initial recognition is classified in ''Stage 1'' and has its credit risk continuously monitored by the Company.

If significant increases in credit risk (''SICR'') since initial recognition is identified the financial instrument is moved to ''Stage 2'' but is not yet deemed to be credit-impaired.

The measurement of ECL is calculated using three main components: (i) Probability of Default (PD) (ii) Loss Given Default (LGD) and (iii) the Exposure At Default (EAD).

B. Management of Market risks

- price risk; and

- interest rate risk

C. Management of Liquidity Risk:

D. 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.

45(G): Details of financing of parent company products

The Company does not have any Parent Company, hence not applicable.

Mar 31, 2018

1.1 Corporate Information

Industrial Investment Trust Limited (the Company) is a Public company incorporated under the provisions of the Companies Act, 1956. The Company is a Systemically Important Non-Deposit taking Non-Banking Financial Company registered with the Reserve Bank of India. The Company has been classified as an Investment Company.

The Company had issued 4,888,775 Global Depository Shares (''GDSs'') representing 9,777,550 equity shares of the Company of nominal value Rs. 10 each, aggregating to US $ 59.89 millions equivalent to Rs. 3,377,606,725 (including share premium of Rs. 3,279,831,225). The GDSs are listed on Luxembourg Stock Exchange.

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

Equity shares of the Company are issued at a par value of Rs. 10 per share.

(i) Equity Shares represented by GDS - Holders of the GDSs will have no voting rights with respect to the underlying equity shares. The Depository will not exercise any voting rights with respect to the deposited shares. Other rights, preferences and restrictions are same as other equity shares.

(ii) Other Equity Shares - Each holder of other equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

* The Company does not have details of individual holders.

(d) The Company has not allotted any equity shares for consideration other than cash, bonus shares, nor have any shares been bought back during the period of five years immediately preceding the Balance Sheet date.

Notes :

# Details of terms of repayment and security provided: Kotak Mahindra Prime Limited Terms of Repayment:

Repayable in 35 Equated Monthly Installments (EMI) each of Rs. 76,133; Number of Installments outstanding as at 31st March, 2018: Nil (As at 31st March 2017: 4)

Security Provided:

Secured by hypothecation of the vehicle purchased from the loan.

* Investor Education and Protection Fund is being credited as and when due.

Footnote:

1. During the previous year the Company vide its Board resolution dated 8th March, 2017 and 9th February, 2017 consented to the variation of rights relating to 12% Non-Convertible Cumulative Redeemable Preference shares issued by IITL Projects Limited (IPL) and 10% Cumulative Redeemable Preference shares issued by World Resorts Limited (WRL) respectively by extending the period of redemption, increasing the premium on redemption, waiver of dividend till 31st March 2016 and reducing the coupon rate from 12% & 10% respectively to 0% w.e.f 1st April 2016. The nomenclature of the shares has also been changed from 12% Non-Convertible Cumulative Redeemable Preference shares and 10% Cumulative Redeemable Preference shares to 0% Non-Convertible Redeemable Preference shares and 0% Redeemable Preference shares respectively.

2) The financial statements of the IITL Projects Limited (âSubsidiary companyâ) have been prepared on a going concern basis, although the networth of the Company is negative as on 31st March, 2018. The Subsidiary company has through its joint ventures adequate unsold inventories which on sale is expected to generate profits based on, interalia, Management''s estimate of sale price and cost escalations. Considering the business plan and future cash flows of the various projects of the subsidiary company, management is of the opinion that, there is no dimunition in value of the investment and no provision is required to be made for the year ended 31/03/2018.

2. Employee Benefits

(a) Defined Contribution Plan

The Company makes Provident Fund contributions which are defined contribution plans, for qualifying employees. The Company recognised Rs. 837,333 (previous year Rs. 809,654) for Provident Fund contributions in the Statement of Profit and Loss. (See ''Contribution to provident and other funds'' in Note 2.17)

(b) 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.

vi a. The estimate of rate of escalation in salary considered in actuarial valuation takes 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 the average long term rate of return expected on investments of the fund during the estimated term of the obligations.

* Provision for has been made for Non-performing assets against these loans.

# During previous year the Company had waived off interest of Rs. 54,720,000 for the period from 1 April 2016 to 31 March 2017 on this loan as part of the One-time settlement (refer note 2.35).

Above disclosures exclude related party transactions in the nature of reimbursements.

Figures in brackets are for the previous year.

3. Details of leasing arrangements

The Company has taken an office premise and residential premises on operating lease. There are no restrictions imposed by the lease arrangement. There are no sub-leases. The lease rental expense recognised in the Statement of Profit and Loss for the year is Rs. 5,627,180 (previous year: Rs. 4,550,700) [net of recoveries Rs. 624,000(previous year: Rs. 732,000)].

Notes:

1. The above maturity pattern of assets and liabilities has been prepared by the Company after taking into consideration structural liquidity guidelines for assets-liabilities management (ALM) system in non-banking financial companies issued by RBI, best practices and best estimate of the Assets-Liability Committee with regard to the timing of various cash flows, which has been relied upon by the auditors.

2. Additional disclosures in term of Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2016, are provided in Annexure-I and Annexure-II.

4. (e) Details of financing of parent company products -NA

5. (f) Details of Single Borrower Limit (SGL) / Group Borrower Limit (GBL) exceeded by the applicable NBFC -NIL

6. (g) Unsecured Advances- NA

7. The Company is engaged in Investment activities and in Insurance business undertaken through the joint venture company FGILICL. Hence there are two reportable business segments as per Accounting Standard-17 Segment Reporting. The Company operates only in one geographical segment i.e. India. The segment information has been provided in the consolidated financial statements.

8. The Company had entered into Share Purchase Agreement with Pantaloon Retail India Limited (now known as Future Retail Limited) to acquire 22.5% of its equity stake in Future Generali India Life Insurance Company Ltd (FGILICL). Pursuant to approval received from CCI, RBI & IRDA the transaction was consummated on 17th December 2013 for a total consideration of Rs. 340 crores. FGILICL became a joint venture of the Company.

In August 2016 and December 2016 FGILICL came out with Rights Issues of 30,000,000 and 25,508,850 equity shares respectively of Rs. 10 each at par aggregating to Rs. 300,000,000 and Rs. 255,088,500, in the ratio of 10:484 and 21:1220 respectively. The Company did not subscribe to both the rights issues. The total subscription amount received from the other shareholders was Rs. 299,414,160 equivalent to 29,941,416 equity shares and Rs. 255,088,500 equivalent to 25,508,850 equity shares. The resultant effect is, the Company''s stake in FGILICL reduced to 22.05% after the first rights issue and 21.67% after the second rights issue.

Subsequent to the year end, in April 2017, August 2017 and February 2018 FGILICL came out with three rights issue of 75,372,514, 99,997,829 and 55,000,000 equity shares respectively of Rs. 10 each at par aggregating to Rs. 753,725,140, 999,978,290 and 550,000,000. The Company did not subscribe to these rights issue and the resultant effect is, the Company''s stake in FGILICL reduced from 21.67 to 18.80% after these three rights issue.

The management views the investment in positive light as insurance industry plays a crucial role in the growth and development of the overall economy. There is a huge potential to be tapped across India for life insurance. Life Insurance Industry has a long gestation period and the Company views this as a long term investment. Having regard to the projections and future business plan provided by FGILICL to the Company and based on management''s assessment of the same, the management of the Company is of the view that, although the net-worth of FGILICL as at 31st March 2018 has substantially eroded, there is no diminution other than temporary in the value of investment of the Company in FGILICL as at 31st March 2018.

9. There are no amounts due to the suppliers covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). The identification of vendors as a âSupplierâ under the Act has been done on the basis of the information to the extent provided by the vendors to the Company. This has been relied upon by the auditors.

10. The amount of Rs. 19,869,855 disclosed as Contingent Liability (See note 2.20(i)(a)) is towards the disputed property tax levied by MMC based on enhanced ratable value for the period 1st April 2007 to 31st March 2010 in respect of the Company''s Investment Property in Atlanta Building, Nariman Point.

During the financial year 2015-16, the Company sold four units of the said property. Upon sale of said units the Company was required to deposit Rs. 10,028,864 with Atlanta Premises Co-operative Society Limited (the society) towards part of the disputed property tax related to units sold.

During the current year, the Company has sold one unit of the said property. Upon sale of said unit the Company was required to deposit Rs. 4,678,352 with Atlanta Premises Co-operative Society Limited (the society) towards part of the disputed property tax related to unit sold.

The total amount of Rs. 14,707,216 has been placed by the society in Fixed Deposits with Bank.

The disputed property tax issue is still subjudice and the order is awaited from the Mumbai High court. Pending the outcome of the matter, out of abundant caution, the Company has made a provision of Rs. 5,000,000 in respect of the units sold.

However, the total amount of Rs. 24,869,855 is fully recoverable from the ex-Licensee as per the Leave and License Agreements entered by the Company with them from time to time.

11. In its meeting held on 8th March, 2017, the Board of directors approved the proposal of One-Time Settlement (âOTSâ) with IITL Projects Limited (IPL), the subsidiary company, in relation to unsecured outstanding loan given along with the outstanding interest thereon, as under :-

(i) Loan of Rs. 36.48 crores along with outstanding interest as on 31st March, 2016 amounting to Rs. 3.61 crores (Net of TDS) aggregating Rs. 40.09 crores would be adjusted against the transfer of assets of IPL namely 5,000,000 Zero % Non-Convertible Redeemable Preference Shares of World Resorts Limited and 10,849,120 Zero% Non-Convertible Redeemable Preference Shares of Capital Infraprojects Private Limited based on its value determined by independent valuers amounting to Rs. 28.33 Crores and Rs. 11.76 crores respectively (in favour of the Company).

(ii) The Company to waive off Interest accrued for the period April, 2016 to March, 2017 amounting to Rs. 5.47 Crores.

(iii) IPL to agree to recompense the Company in one or more installments, as may be mutually agreed between the parties at the relevant time the interest amount of Rs. 5.47 Crores which has been waived off as part of One Time Settlement in case IPL turns profitable in future and has adequate cash flows.

The above proposal was approved by the members of IPL and those of the Company on 18th April, 2017 and 21st April, 2017 respectively. Subsequently the company entered into OTS agreement on 18th May, 2017 with IPL to transfer the said shares in name of the Company.

12. Pursuant to the approval received from the shareholders and resolution passed at the 84th Annual General Meeting of the Company, the unsecured loan of Rs. 23,19,87,365/- granted to IITL Nimbus the Express Park View (EPV-II) has been restructured according to the following terms and condition.

a) Moratorium of four years for a period beginning October 01, 2017 and ending on September 30, 2021 on repayment of outstanding loan of Rs. 23,19,87,365/-

b) Interest outstanding upto March 31, 2016 amounting to Rs. 1,57,64,094/- to be converted into Funded Interest Term Loan (FITL) and a Moratorium to be granted for its repayment and the interest thereon for a period of 4 years ending on September 30, 2021. The rate of interest to be charged on FITL will be 12%.

c) Interest outstanding from April 01, 2016 upto September 30, 2017 amounting to Rs. 5,22,44,826/- to be waived off and interest rate change from @15% to @12% with Recompense Clause.

d) Promoters'' contribution amounting to Rs. 3,06,60,032/- has been brought jointly by the Promoters in EPV II i.e. to the extent of 20% of the total sacrifice amount on account of Diminution in Fair Value of Loan and waiver of interest; and has given Corporate Guarantee, to the extent of outstanding loan including FITL amounting to Rs. 24,77,51,459/- and accumulated interest thereon to be calculated (On Loan & FITL) upto the end of moratorium period or repayment whichever is earlier from the Promoters'' of EPV II in compliance with the relevant provisions of the Prudential Norms of the Reserve Bank of India pertaining to Restructuring of Loans, as amended from time to time.

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

Mar 31, 2016

1. The Company is engaged in Investment activities and in Insurance business undertaken through the joint venture company FGILICL. Hence there are two reportable business segments as per Accounting Standard-17 Segment Reporting. The Company operates only in one geographical segment i.e. India. The segment information has been provided in the consolidated financial statements.

2. The Company had entered into Share Purchase Agreement with Pantaloon Retail India Limited (now known as Future Retail Limited) to acquire 22.5% of its equity stake in Future Generally India Life Insurance Company Ltd (FGILICL). Pursuant to approval received from CCI, RBI & IRDA the transaction was consummated on 17th December 2013 for a total consideration of Rs. 340 crores. FGILICL became a joint venture of the Company.

The management views the investment in positive light as insurance industry plays a crucial role in the growth and development of the overall economy. There is a huge potential to be tapped across India for life insurance. Life Insurance Industry has a long gestation period and the Company views this as a long term investment. Having regard to the projections and future business plan provided by FGILICL to the Company and based on management''s assessment of the same, the management of the Company is of the view that, although the net-worth of FGILICL as at 31st March 2016 has substantially eroded, there is no diminution other than temporary in the value of investment of the Company in FGILICL as at 31st March 2016.

3. Pursuant to the enactment of the 2013 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 2013 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 2013 Act. Consequently, depreciation for the previous year was higher by Rs. 431,067. Further, an amount of Rs. 181,804 (net of deferred tax of Rs. 93,615) was recognized in the Surplus in the statement of profit and loss, where the remaining useful life of such assets was Nil as at 1st April, 2014 in line with the provisions of Schedule II to the 2013 Act.

4 There are no amounts due to the suppliers covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). The identification of vendors as a "Supplier" under the Act has been done on the basis of the information to the extent provided by the vendors to the Company. This has been relied upon by the auditors.

5. The amount of Rs. 19,869,855 disclosed as Contingent Liability (See note 2.19(i)(a)) is towards the disputed property tax levied by MMC based on enhanced ratable value for the period 1st April 2007 to 31st March 2010 in respect of the Company''s Investment Property in Atlanta Building, Nariman Point.

During the financial year 2015-16, the Company sold four units of the said property. Upon sale of said units the Company was required to deposit Rs. 10,028,864 with Atlanta Premises Co-operative Society Limited (the society) towards part of the disputed property tax related to units sold. The said amount of Rs. 10,028,864 has been placed by the society in Fixed Deposits with Bank. The disputed property tax issue is still subjudice and the order is awaited from the Mumbai High court. Pending the outcome of the matter, out of abundant caution, the Company has made a provision of Rs. 5,000,000 in respect of the units sold.

However, the total amount of Rs. 24,869,855 is fully recoverable from the ex-Licensee as per the Leave and License Agreements entered by the Company with them from time to time.

Mar 31, 2015

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

Equity shares of the Company are issued at a par value of Rs. 10 per share.

(i) Equity Shares represented by GDS - Holders of the GDSs will have no voting rights with respect to the underlying equity shares. The Depository will not exercise any voting rights with respect to the deposited shares. Other rights, preferences and restrictions are same as other equity shares.

(ii) Other Equity Shares - Each holder of other equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. 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 and preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(B) Rights, preferences and restrictions attached to preference shares

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.

2.1 Contingent liabilities and commitments not provided for

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

(i) Contingent liabilities:

(a) Claims against the Company not acknowledged as debt

- Disputed income-tax matters in appeal 13,101,449 13,101,449

- Disputed wealth-tax matter in appeal 3,250,246 3,250,246

- Disputed property tax levied by Mumbai Municipal Corporation based on enhanced ratable value for the period 1st April 2007 to 31st March 2010 in respect of the Company''s Investment Property; the Co- operative Society of the Investment Property 24,869,855 24,869,855

is acting as an intervener in a petition with the Supreme Court on the matter. The said disputed property tax is recoverable from the ex-Licensee as per the Leave and License Agreements entered into between them and the Company.

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

(b) Guarantees

Guarantees given to banks on behalf of associate company 253,400,000 253,400,000

The Company has received counter-guarantees from other parties amounting to Rs. 190,050,000 (previous year Rs. 190,050,000) against the aforesaid guarantees given by the Company to the banks. The outstanding amount of loan availed by the associate company as at 31st March 2015 is Rs. 142,563,425 (as at 31st March 2014Rs.180,564,848).

(ii) Commitments:

(a) Other Commitments

Non-cancellable contractual commitments - See Note 2.25

(a) Defined Contribution Plan

The Company makes Provident Fund contributions which are defined contribution plans, for qualifying employees. The Company recognised Rs. 673,457 (previous year Rs. 628,040) for Provident Fund contributions in the Statement of Profit and Loss. (See ''Contribution to provident and other funds'' in Note 2.16)

(b) 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.

vi a. The estimate of rate of escalation in salary considered in actuarial valuation takes 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 the average long term rate of return expected on investments of the fund during the estimated term of the obligations.

2.2 Related party disclosures:

(i) Names of related parties:

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

Subsidiary companies:

IIT Investrust Limited

IITL Projects Limited

IIT Insurance Broking and Risk Management Private Limited

IITL Marketing Management Private Limited (Formerly IIT Media and Entertainment Private Limited upto 19th Nov 2014)

IITL Corporate Insurance Services Private Limited (w.e.f. 22nd Jan 2014)

Joint venture :

Future Generali India Life Insurance Company Limited (w.e.f. 17th December, 2013)

(b) Names of other related parties and nature of relationship:

Key management personnel : Dr. B. Samal, Executive Chairman

Associate company : World Resort Limited Entities over which the company can exercise significant influence :

IITL Nimbus The Express Park View - a partnership firm

IITL Nimbus The Palm Village - a partnership firm

IITL Nimbus The Hyde Park Noida -a partnership firm

Capital Infraprojects Private Limited

MRG Hotels Limited

2.3 Details of leasing arrangements

The Company has taken an office premise and residential premise on operating lease. There are no restrictions imposed by the lease arrangement. There are no sub-leases. The lease rental expense recognised in the Statement Profit and Loss for the year is Rs. 2,942,700 (previous year: Rs. 1,824,367). [net of recoveries Rs. 840,000 (previous year: Rs. 1,000,000)]

The future minimum lease payments under non-cancellable operating leases for each of the following periods:

Note: The Company has given unsecured short term loans to its subsidiary and joint ventures of that subsidiary engaged in real estate business of construction of residential complexes which are not covered by the above mentioned categories. The outstanding balance of such loans is Rs. 680,869,727 (Previous year Rs. 650,000,000). The Company also has long-term equity investments in the said subsidiary of Rs. 136,123,073 (Previous year Rs. 136,123,073).

Note:

The above maturity pattern of assets and liabilities has been prepared by the Company after taking into consideration structural liquidity guidelines for assets-liabilities management (ALM) system in non-banking financial companies issued by RBI, best practices and best estimate of the Assets-Liability Committee with regard to the timing of various cash flows, which has been relied upon by the auditors.

2.4 The Company is engaged in Investment activities and in Insurance business undertaken through the joint venture company FGILICL. Hence there are two reportable business segments as per Accounting Standard-17 Segment Reporting notified by the Companies (Accounting Standards) Rules, 2006. The Company operates only in one geographical segment i.e. India. The segment information has been provided in the consolidated financial statements.

2.5 The Company had entered into Share Purchase Agreement with Pantaloon Retail India Limited (now known as Future Retail Limited) to acquire 22.5% of its equity stake in Future Generali India Life Insurance Company Ltd (FGILICL). Pursuant to approval received from CCI, RBI & IRDA the transaction was consummated on 17th December 2013 for a total consideration of Rs. 340 crores. FGILICL became a joint venture of the Company.

The management views the investment in positive light as insurance industry plays a crucial role in the growth and development of the overall economy. There is a huge potential to be tapped across India for not only life but also micro insurance. Life Insurance Industry has a long gestation period and the Company views this as a long term investment. Having regard to this and the projections made by FGILICL, the management of the Company is of the view that, although the networth of FGILICL as at 31st March 2015 has substantially eroded, there is no diminution other than temporary in the value of investment of the Company in FGILICL as at 31st March 2015.

2.6 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. 431,067. Further, an amount of Rs. 181,804 (net of deferred tax of Rs. 93,615) has been recognized in the Surplus 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.

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

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

Mar 31, 2014

1.1 Corporate Information

Industrial Investment Trust Limited (the Company) is a Public company incorporated under the provisions of the Companies Act, 1956. The Company is a Systemically Important Non-Deposit taking Non-Banking Financial Company registered with the Reserve Bank of India. The Company has been classified as an Investment Company.

2.1 Contingent liabilities and commitments not provided for

Particulars As at As at 31st March 31st March 2014 2013 (i) Contingent liabilities:

(a) Claims against the Company not acknowledged as debt

- Disputed income-tax matters in appeal 1,31,01,449 1,18,63,325

- Disputed wealth-tax matter in appeal 32,50,246 32,50,246 In respect of above items, outflow of resources would depend upon the outcome of the appeal.

(b) Guarantees

Guarantees given to banks on behalf of associate company 25,34,00,000 25,34,00,000

The Company has received counter-guarantees from other parties amounting to Rs. 190,050,000 (previous year Rs. 190,050,000) against the aforesaid guarantees given by the Company to the banks.

(ii) Commitments:

(a) Other Commitments

Non-cancellable contractual commitments - See Note 2.24

2.3 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 2.16 for the year are as under:

(b) 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.

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 estimate of rate of escalation in salary considered in actuarial valuation takes 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

2.4 Related party disclosures:

(i) Names of related parties:

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

NT Investrust Limited

IITL Projects Limited

IIT Insurance Broking and Risk Management Private Limited

IIT Media and Entertainment Private Limited

Joint venture:

Future Generali India Life Insurance Company Limited (w.e.f. 17th December, 2013)

(b) Names of other related parties and nature of relationship where there are transactions with related parties: Key management personnel: Dr. B. Samal, Executive Chairman

Associate company: World Resort Limited (w.e.f. 28th August, 2012)

Entities over which the company

can exercise significant influence:

IITL Nimbus The Express Park View - a partnership firm

IITL Nimbus The Palm Village - a partnership firm

IITL Nimbus The Hyde Park Noida -a partnership firm

Capital Infraprojects Private Limited

MRG Hotels Limited (w.e.f. 28th August, 2012)

2.5 Details of leasing arrangements

The Company has taken an office premise and residential premise on operating lease. There are no restrictions imposed by the lease arrangement. There are no sub-leases. The lease rental expense recognised in the Statement Profit and Loss for the year is Rs.1,824,367 (previous year: Rs.962,700). [net of recoveries Rs.1,000,000 (previous year: Rs. 1,320,000)]

The future minimum lease payments under non-cancellable operating leases for each of the following periods:

Note: The Company has given unsecured short term loans to its subsidiary and joint ventures of that subsidiary engaged in real estate business of construction of residential complexes which are not covered by the above mentioned categories. The outstanding balance of such loans is Rs. 650,000,000 (Previous year Rs. 527,500,000).

Note:

The above maturity pattern of assets and liabilities has been prepared by the Company after taking into consideration structural liquidity guidelines for assets-liabilities management (ALM) system in non-banking financial companies issued by RBI, best practices and best estimate of the Assets-Liability Committee with regard to the timing of various cash flows, which has been relied upon by the auditors.

2.27 The Company is engaged in Investment activities and in Insurance business undertaken through the joint venture company FGILICL. Hence there are two reportable business segments as per Accounting Standard-17 Segment Reporting notified by the Companies (Accounting Standards) Rules, 2006. The Company operates only in one geographical segment i.e. India.

The segment information has been provided in the consolidated financial statements.

2.28 The Company had entered into Share Purchase Agreement with Pantaloon Retail India Limited (now known as Future Retail Limited) to acquire 22.5% of its equity stake in Future Generali India Life Insurance Company Ltd (FGILICL). Pursuant to approval received from CCI, RBI & IRDA the transaction was consummated on December 17, 2013 for a total consideration of? 340 crores. FGILICL has now become a joint venture of the Company.

The management views the investment in positive light as insurance industry plays a crucial role in the growth and development of the overall economy. There is a huge potential to be tapped across India for not only life but also micro insurance. Life Insurance Industry has a long gestation period and the Company views this as a long term investment. Having regard to this and the projections made by FGILICL, the management of the Company is of the view that, although the networth of FGILICL as at March 31, 2014 has substantially eroded, there is no diminution other than temporary in the value of investment of the Company in FGILICL as at March 31, 2014.

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

Mar 31, 2013

1.1(a) The Company has taken an offce premise on operating lease. The lease term is on the basis of the agreement entered into with the landlord. There are no restrictions imposed by the lease arrangement. There are no sub leases. The lease rental expense recognised in the Statement Proft and Loss for the year Rs. 962,700 (previous year: Rs. 1,520,015). [net of recoveries Rs. 1,320,000 (previous year: Rs. 2,683,694)]

The future minimum lease payments under non-cancellable operating leases for each of the following periods:

1.2 Contingent liabilities not provided for in respect of

(a) Taxation

Particulars As at As at 31st March, 2013 31st March, 2012

(a) Disputed income-tax matters in appeal 11,863,325 11,863,325

(b) Disputed wealth-tax matter in appeal 3,250,246 3,250,246

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

(b) Guarantees

Guarantees given to banks on behalf of third party. 253,400,000 353,400,000

The Company has received counter-guarantees from other parties amounting to Rs. 190,050,000 against the aforesaid guarantees given by the Company to the banks.

1.3 Related party disclosures:

(i) Names of related parties:

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

Subsidiary companies: IIT Investrust Limited

IITL Projects Limited

IIT Insurance Broking and Risk Management Private Limited IIT Media and Entertainment Private Limited

Associate company: World Resort Limited (w.e.f. 28th August, 2012)

(b) Names of other related parties and nature of relationship where there are transactions with related parties: Key management personnel: Dr. B. Samal, Executive Chairman

Entities over which IITL Projects Limited,

a subsidiary company, can exercise

signifcant infuence: IITL Nimbus The Express Park View - a partnership frm

IITL Nimbus The Palm Village - a partnership frm IITL Nimbus The Hyde Park Noida - a partnership frm Captial Infraprojects Private Limited

1.4 Since the Company has disclosed segment information in the consolidated accounts the same have not been disclosed in the aforesaid fnancial statements in terms of Para. 4 of Accounting Standard (AS) 17 on Segment Reporting as notifed under The Companies (Accounting Standards) Rules, 2006.

1.5 Previous year''s fgures have been regrouped/reclassifed wherever necessary to correspond with the current year classifcation/ disclosure.

Mar 31, 2012

1. Defined Contribution Plan:

The eligible employees of the Company are entitled to receive post employment benefits in respect of provident and family pension fund, in which both employees and the Company makes monthly contributions at a specified percentage of the employees' eligible salary (currently 12% of employees' eligible salary). The contributions are made to Employees Provident Fund Organisation. Provident Fund and Family Pension Fund are classified as Defined Contribution Plans as the Company has no further obligation beyond making the contribution. The Company's contributions to Defined Contribution Plan are charged to Statement of Profit and Loss as incurred.

2. Defined Benefit Plans:

i. Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The Company makes contribution to LIC of India based on an independent actuarial valuation made at the year-end. Actuarial gains and losses are recognised in the Statement of Profit and Loss.

ii. Compensated absences

The Company provides for the encashment of leave or leave with pay subject to certain rules. The Employees are entitled to accumulate leave subject to certain limits for future encashment/availment. The Company makes provision for compensated absences based on an actuarial valuation carried out at the end of the year. Actuarial gains and losses are recognised in the Statement of Profit and Loss.

3. Contingent liabilities not provided for in respect of

(a) Taxation

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

(a) Disputed income-tax matters in appeal 11,863,325 17,120,115

(b) Disputed wealth-tax matter in appeal 3,250,246 3,250,246

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

Guarantees given to banks on behalf of third party. 353,400,000 -

(c) Intial Margin on Equity Stock Futures paid in cash as at 31st March, 2012 Rs. Nil (previous year Rs. 1,050,000)

4. Since the Company has disclosed segment information in the consolidated accounts the same have not been disclosed in the aforesaid financial statements in terms of Para. 4 of Accounting Standard (AS) 17 on Segment Reporting as notified under The Companies (Accounting Standards) Rules, 2006.

5. 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 classification/disclosure.

Mar 31, 2011

1) Contingent liabilities not provided for in respect of:

Particulars 31st March, 2011 31st March, 2010

Rs. Rs.

(a) Disputed income-tax matters in appeal. 17,120,115 24,684,042

(b) Disputed wealth-tax matter in appeal. 3,250,246 3,250,246 In respect of above items, outflow of resources would depend upon the outcome of the appeal.

2) Related party disclosures:

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

Holding Company : N. N. Financial Services Private Limited

Subsidiary companies : IIT Investrust Limited

IITL Projects Limited (Formerly known as Indo Green Projects Limited)

IIT Insurance Broking and Risk Management Private Limited

IIT Media and Entertainment Private Limited. (w.e.f. 15.04.2010)

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

Key management personnel : Dr. B. Samal, Executive Chairman

Company in which directors have significant influence : Nimbus Projects Limited (Formerly known as NCJ International Limited)

3) 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.

4) 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 expense recognised in the Profit and Loss Account for the year Rs.1,497,726/- (previous year: Rs.759,000). [net of recoveries Rs.2,607,186/- (previous year: Rs.1,200,000)]

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.

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

(b) Initial margin on Equity Stock Futures has been paid in cash.

(5) Since the Company has disclosed segment information in the consolidated accounts the same have not been disclosed in the aforesaid financial statements in terms of Para. 4 of Accounting Standard (AS) 17 on Segment Reporting as notified under The Companies (Accounting Standards) Rules, 2006.

(6) Out of total 10,000,000 (previous year: 10,000,000) Equity shares, 5,112,960 (previous year: 5,112,960) Equity shares are held by the Holding Company N. N. Financial Services Private Limited.

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

Mar 31, 2010

31st March, 31st March, 2010 Rs. 2009 Rs.

(1) Contingent liabilities not provided for in respect of

(a) Disputed income-tax matters in appeal. 24,684,042 24,684,042

(b) Disputed wealth-tax matter in appeal. 3,250,246 3,250,246

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

(2) Basic earnings per share has 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

(3) Related party disclosures:

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

Subsidiary companies : IIT Investrust Limited

Indo Green Projects Limited

IIT Insurance Broking and Risk Management Pvt. Limited

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

Key management personnel : Dr. B. Samal, Executive Chairman

Companies in which directors have significant influence: N.N. Financial Services Pvt. Limited.

NCJ international Limited

(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.

vi. a. The estimates of rate of escalation in salary considered in actuarial valuation take into accountinflation, 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.

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.

(10) Since the Company has disclosed segment information in the consolidated accounts the same have not been disclosed in the aforesaid financial statements in terms of para. 4 of Accounting Standard (AS) 17 on Segment Reporting as notified under The Companies (Accounting Standards) Rules, 2006.

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

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