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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 Nimbus Projects Ltd.

Mar 31, 2025

xi) Provisions, contingent assets and contingent liabilities

A provision is recognized when:- the Company has a present obligation as a result of a past event;- it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation; and- a reliable estimate
can be made of the amount of the obligation.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the
likelihood of outflow of resources is remote, no provision or disclosure is made.

xii) Earnings per share

Basic earnings per share are calculated by dividing the profit attributable to equity shareholders by the weighted average
number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the profit attributable to equity shareholders and the weighted
average number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity
shares.

xiii) Lease

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification
of a lease requires significant judgment. The Company uses significant judgement in assessing the lease term (including
anticipated renewals) and the applicable discount rate. The discount rate is generally based on the incremental borrowing
rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

xiv) Income Taxes

Provision for current tax is made based on the tax payable under the Income Tax Act, 1961. Current income tax relating
to items recognised outside profit and loss is recognised outside profit and loss (either in other comprehensive income
or in equity).

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
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 carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting
period.

xv) Significant management judgment in applying accounting policies and estimation of uncertainty
Significant management judgments

When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions
about the recognition and measurement of assets, liabilities, income and expenses. The following are significant
management judgments in applying the accounting policies of the Company that have the most significant effect on the
financial statements.

Estimation of uncertainty

a) Recoverability of advances/receivables

At each balance sheet date, based on historical default rates observed over expected life, the management assesses
the expected credit loss on outstanding receivables and advances.

b) Defined benefit obligation (DBO)

Managementâs estimate of the DBO is based on a number of critical underlying assumptions such as standard
rates of inflation, medical cost trends, mortality, discount rate and anticipation of future salary increases. Variation
in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

c) Provisions

At each balance sheet date on the basis of management judgment, changes in facts and legal aspects, the Company
assesses the requirement of provisions against the outstanding warranties and guarantees. However the actual
future outcome may be different from this judgment.

(iv) Rights, preferences and restrictions attached to Equity shares and preference share

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

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

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

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

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

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

(b) Commitments

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

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

Note: 39 There are no amounts due to the suppliers covered under the Micro, Small and Medium Enterprises Development Act,
2006: this information takes into account only those suppliers who have responded to the enquiries made by the Company for
this purpose. This has been relied upon by the Auditors.

Note: 40 In the opinion of the management, the trade receivables, current assets, loans and advances and trade payables are
approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are
adequate.

Note: 41 Status of Various Projects

a) The Company has developed a Group Housing Project âExpress Park Viewâ at Plot No GH-10B, Sector CHI-V, Greater
Noida, U.P., located in main Noida-Greater Noida Expressway. This Group Housing Project has all important facilities and
amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed
services to give world class comfort feeling to the residents. Project has 332 flats & 4 shops, consisting of 2 Bed Rooms and
3 Bed Rooms in sizes varying from 831sq.ft. to 1458 sq.ft. Presently, the Project is fully complete in all respects. The
Company has booked total 332 Flats of varying sizes & 4 Shops, out of which the Company has given possession of 329
Flats & 4 Shops and has collected Rs. 92.84 crore against sale of flats & shops till 31.03.2025.

b) The Company had entered into a Partnership âIITL-NIMBUS THE HYDE PARK NOIDAâ in April 2010 with M/s IITL Projects
Ltd. & M/s Supertech Ltd. to develop the Group Housing Project âThe Hyde Parkâ at Plot No. GH-03, Sector 78, Noida. The
agreed Capital Ratio between the partners was 45:45:10 with profit to be shared in the said Capital Ratio. During the year
ended 31.03.2016, M/s Supertech Ltd. retired from the partnership firm and now the revised Ratio between remaining
partners is 50:50. The Hyde Park Project for Residential Development encompasses all important facilities and amenities
such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give
world class comfort feeling to the residents. Project consists of 2092 flats & 58 commercial units in totality. Apartments are
of IBHK/ 2BHK/ 3BHK & 4BHK with sizes varying from 525sq.ft. to 2428 sq.ft. The Partnership Firm has booked total 2092
Flats of varying sizes & 58 commercial units in the said Project and has collected Rs. 978.47 crore against sale/booking of
above said flats & commercial units till 31.03.2025.

c) The Company had entered into a Partnership âIITL-NIMBUS THE EXPRESS PARK VIEWâ with M/s IITL Projects Ltd. & M/s
Assotech Ltd. in April 2011, to develop the Group Housing Project âExpress Park View - IIâ at Plot No. GH-03, Sector CHI-V,
Greater Noida. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the said Capital
Ratio. w.e.f. 01.10.2018, M/s Assotech Ltd. retired from the partnership firm and the revised Ratio between remaining
partners become 50:50. Now during the previous year 2020-21, a Supplementary Partnership Deed was executed on
01.01.2021 and Profit sharing ratio is changed on the basis of Capital Contribution. Present ratio as on 31.03.2023 is 87.92
(Nimbus Projects Ltd.) : 12.08 (IITL Projects Ltd.). The Express Park View - II, Project for Residential Development shall
encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful
parks, street lights and well designed services to give world class comfort feeling to the residents. Project consists of 1320
flats & 40 Commercial Units and 312 Low Rise Apartments in totality. Apartments are of 2BHK/ 3BHK & 4BHK in sizes
varying from 984 sq.ft. to 2191 sq.ft. The Partnership Firm has booked total 1266 Flats of varying sizes & 40 Commercial
Units and 310 Low Rise Apartments in the said project and has collected Rs. 599.85 Crore against booking/sale of above
said flats till 31.03.2025.

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

The Firm applied for partial surrender of project land as provided in PSP vide their letter dated 30.05.2017 and alternatively
the firm has also requested for reschedulement of its entire liability if request for partial surrender of land is not accepted in
any case. As per letter dt. 12.06.17 from the Authority, Firmâs application was accepted by Board of YEIDA, which would be
processed as per terms and conditions of PSP. Yamuna Expressway Industrial Development Authority (YEIDA) vide its
letter no. YEA/Builders/315/2020 Dt. 16.10.2020, intimated for the allotment of 55,152 Sq. Mtrs land (out of 1,02,995.70 Sq.
Mtrs land held at present) under PSP which is in proportion to payment made by the firm. Surrender Deed is executed on
30.11.2021 and registered on 01.12.2021. thereafter a further Surrender cum Correction Deed is executed on 17.11.2022,
in which land Area is reduced from 55,152 Sq. Mtrs. to 47,776.52 Sq. Mtrs.

Firm has Launched its project in the name of âThe Palm Villageâ. Project consists of 702 Studio Apartment & 470 Low Rise
Apartments in totality. Apartments are of 3BHK in size varying from 2100 sq.ft. to 2175 sq.ft. The Partnership Firm has
booked total 579 Studio Apartments, 227 Low Rise Apartments & 4 Commercial Units in the said project and has collected
Rs. 148.42 Crore against booking/sale of above said flats till 31.03.2025.

e) The Company has a financial exposure of Rs. 50,00,000/- (Previous year Rs. 13,00,00,000/-) in its associate company, viz.
Capital Infraprojects Private Limited (âCIPLâ) - investment in equity shares of Rs. 50,00,000/- (Previous year Rs. 50,00,000/
-) and investment in preference shares of Rs. NIL/- (Previous year Rs. 12,50,00,000/-). during the quarter ended 31.03.2023,
Company has sold its Investment in Preference Shares of Rs. 12,50,00,000/- in CIPL. Considering that the Companyâs
investment in CIPL is of strategic and long term nature and having regard to the efforts being undertaken by CIPL, no
provision is considered necessary by the management for diminution in the value of the Companyâs investment in CIPL.

The company M/s âCapital Infraprojects Pvt. Ltd.â is developing a Group Housing Project at Plot No. GH-01/E, Sector - 168,
Noida. The Project âThe Golden Palmsâ encompasses all important facilities and amenities such as well laid out roads and
paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to
the residents. Project consists of 1408 Flats and 52 Commercial Units in totality. Apartments are Studio Appt. / 2BHK/ 3BHK
& 4BHK in sizes varying from 506sq.ft. to 2629 sq.ft. The company M/s âCapital Infraprojects Pvt. Ltd.â has booked total 1393
Flats of varying sizes and 49 Commercial Units in the said project and has collected Rs. 684.76 crore against booking/sale
of above said units till 31.03.2025. The Company M/s âCapital Infraprojects Pvt. Ltd.â has received Completion Certificate
(CC) for all 3 phases of the Project.

f) The Company has executed a Joint Development Agreement (âJDAâ) dated October 04, 2024 to act as Co-Developer (CD)
related to co-development of the Phase II of the project consisting of complete construction and development of 4 towers
(Towers 5,7,8 & 9) comprising 344 Flats along with club consisting a total of 12,161.97 Sq. mtr in Sunworld Arista Project
located at Plot No. GH-01C , Sector 168, Noida, Uttar Pradesh (the âProjectâ) with M/s Sunworld Residency Private Limited
(âPromoter of the said projectâ). NOIDA Authority vide its Letter dt. 23rd September, 2024, has approved the appointment of
Nimbus Projects Limited (âthe Companyâ) to act as a co-developer. With the execution of Joint Development Agreement
(and in lieu of total consideration), Sunworld Residency Private Limited has agreed to transfer entire development and sales
right of the development area exclusively and irrevocably in favour of the Company, to develop, market and transfer/sell the
completed structures of the development Area by way of sub-Lease/transfer deed etc. Thereafter, the Company has executed
a supplementary deed along with Noida Authority and Sunworld Residency Private Limited on 27.12.2024 and registerd on
28.12.2024. NOIDA Authority vide its letter dt. 24.01.2025 has approved the Validity Period of Drawings upto 23.01.2030.The

Company has applied to UP RERA to recognize the Company as promoter of the Project. The Company has awarded the
LOI on 20.01.2025, to carry out the Construction of Structure, Finishing and MEP Work of the Towers 5,7,8 & 9 of the
âAristaâ Project on Cost Plus Contract basis, Total Value of the Works Contract will be approx. Rs. 350 Crore excluding GST.
The Company has spent / made an Investment of Rs.184.48 Crore till 31.03.2025 in the said Project.

g) The Company had 98% share in Partnership Firm âINDOGREEN INTERNATIONALâ which is running a Hotel âThe Golden
Palms Hotel & Spaâ. The said hotel has started its operations in June 2013 and is successfully running . During the current
year, company has sold its 98% Share in Firm to M/s World Resorts Limited on 30.09.2024.

Note: 46: Business Combination

(i) The Board of Directors of the Company, in their meeting held on 07th July, 2022 considered the proposal of amalgamation
of 9 Companies ie. Gupta Fincaps Private Limited , Urvashi Finvest Private Limited, Intellectual Securities Private Limited.,
Happy Graphics & Exhibition Private Limited, Link Vanijya Private Limited, Dynamo Infracon Private Limited, Pushpak
Trading & Consultancy Private Limited, Mokha Vyapaar Private Limited, Padma Estates Private Limited with the Company,
in order to create more opportunities and simplify the organizational structure. The Scheme of Arrangement for Amalgamation
alongwith required documents was submitted with BSE on 12.10.2022. The Company received the queries from BSE from
time to time, replies of which are duly given to BSE, Last reply was filed on 31.07.2023 and NOC was received from BSE on
06.10.2023. Requisite applications have been filed with nClT (Delhi) & NCLT (Kolkata) on 16.12.2023 & 22.12.2023. First
Hearing in NClT (Delhi) was held on 30.01.2024 and order Pronounced on 20.02.2024 to convene the EGM of Nimbus
Projects Limited. EGM of Nimbus Projects Limited was successfully conducted on 25.05.2024. Second Motion Application

is filed with NCLT (Delhi) on 04.06.2024. First hearing was held on 14.06.2024, and thereafter held on 24.09.2024 &
19.11.2024, In which Order was reserved and thereafter Order is pronounced on 23.01.2025. First Hearing in NCLT (Kolkata)
was held in 05.02.2024 and order reserved. Second Motion Application is filed with NCLT (Kolkata)16.05.2024, thereafter
hearing was held on 10.07.2024, 02.08.2024,13.09.2024,19.11.2024 and 28.03.2025 In which Order was reserved and
thereafter Order is pronounced on 07.04.2025.

The scheme of Amalgamation (âthe schemeâ) pursuant to Section 230-232 and other applicable provisions of the Companies
Act 2013, âthe schemeâ for Amalgamation as approved by the Honâble National Company Law Tribunal (NCLT), New Delhi
vide its order dated 23rd January, 2025 & Honâble National Company Law Tribunal (NCLT), Division Bench, Kolkata vide its
order dated 07th April 2025, Nine companies namely M/s Gupta Fincaps Private Limited , M/s Urvashi Finvest Private
Limited, M/s Intellectual Securities Private Limited, M/s Happy Graphics & Exhibition Private Limited, M/s Link Vanijya
Private Limited, M/s Dynamo Infracon Private Limited, M/s Pushpak Trading & Consultancy Private Limited, M/s Mokha
Vyapaar Private Limited & M/s Padma Estates Private Limited (collectively referred to as the transferor companies) have
been merged with the Company.

(ii) IND AS 103 âBusiness Combinationsâ requires accounting treatment to be given from effective date i.e. the âAppointed Dateâ
is 01st April, 2022 which is approved by NCLT Kolkata & NCLT Delhi.

The scheme of amalgamation has been accounted under the âfair valueâ method as prescribed by Indian Accounting Standard
(IND AS 103) on âAccounting for Business Combinationsâ. The fair value of the identifiable assets and liabilities of the 9
transferor companies as at the effective date and purchase consideration is as follows:

Note: 1. Figures in brackets represent Previous year figures.

2. Transactions with Related Parties are shown inclusive of GST (wherever applicable) and net of TDS (wherever
applicable) Likewise, Outstanding Balances at the year-end are inclusive of GST and net of TDS.

3. As the future liability for gratuity and leave encashment is provided on an actuarial basis for the company as a whole,
the amount pertaining to the directors is not ascertainable and therefore, not included above.

Note 48: The Company holds 95% shares in partnership firm M/s IITL Nimbus The Express Park View & M/s IITL Nimbus The
Palm Village. Persuent to the agreement dated 12th February 2025, the other partner M/s Nimbus Propmart Private Limited, who
holds 5% shares in both the firms, has relinquished their management control in both the partnership firms w.e.f. 01st April 2024,
hence, both the above said firms became subsidiaries of the company w.e.f. 01st April 2024.

Note 49: Financial risk management

The Companyâs business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk. The
Companyâs senior management has overall responsibility for the establishment and oversight of the Companyâs risk management
framework. The Companyâs Board of Directors is responsible for developing and monitoring the Companyâs risk management
policies. The key risks and mitigating actions are also placed before the Audit Committee of the Company. The Companyâs 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 Companyâs activities.

â¢ protect the Companyâs financial results and position from financial risks

â¢ maintain market risks within acceptable parameters, while optimizing returns; and

â¢ protect the Companyâs financial investments, while maximizing returns.

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

A. Management of Liquidity Risk:

Liquidity risk is the risk that the company will face in meeting its obligations associated with its financial liabilities. The
companyâs 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 companyâs credit rating and impair investor confidence

B. Management of Market risks

Market risks comprises of:

â¢ price risk; and

â¢ interest rate risk

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

C. Management of Credit Risks

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

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

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

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

Our historical experience of collecting receivables, supported by the level of default, is that credit risk is low.Company is not
exposed to any other credit risks

Capital Management

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

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

The company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to
optimise returns to the shareholders. The capital structure of the company is based on managementâs judgment of the
appropriate balance of key elements in order to meet its strategic and day-to-day needs. The Company considers the
amount of capital in proportion to risk and manages the capital structure in light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the company may adjust the
amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

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

Note 50: Segment information

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

Note 51:

Other Statutory Information

i) The Company does not have any benami property, where any proceeding has been initiated or pending against the Company
for holding any benami property.

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

iii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (ultimate beneficiaries) or

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

iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

v) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961.

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

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

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

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

Note 52:

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

As per our report of even date attached

For Oswal Sunil & Company For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration Number: 016520N

CA Nawin K Lahoty BIPIN AGARWAL RAJEEV KUMAR ASOPA

Partner Managing Director Director

Membership Number: 056931 DIN - 00001276 DIN - 00001277

Place : New Delhi JITENDRA KUMAR RITIKA AGGARWAL

Date : 30-05-2025 Chief Financial Officer Company Secretary

M.No. - A69712

Mar 31, 2024

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

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

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

(vii) In the period of five years immediately preceding 31st Marchâ2024

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

Note 19: EMPLOYEE BENEFITS

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

Gratuity, Privilege Leave Benefit and Sick Leave Benefits

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

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

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

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

Note: DBO stands for Defined Benefit Obligation

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

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

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

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

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

Valuation processes :

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

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

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

Note: 21 (a) Contingent Liabilities - (to the extent not provided for)
Particulars	As at	As at
	31st March 2024	31st March 2023
a) Guarantees issued by Bank	Nil	Nil
b) Corporate Guarantee issued/ Commitments	Nil	Nil
c) Income Tax demands (under Income tax Act 1961):
- u/s 154 (2008-09)	Nil	Nil
- u/s 143(3) & 271(1)(c) (2009-10)	Nil	Nil
d) TDS Demand:
- TDS Default under Income Tax Act	Nil	Nil
e) Claims against the company not acknowledged as debt	29.88	72.63
f) Capital Commitments	Nil	Nil

(b) Commitments

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

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

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

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

Note: 24 Status of Various Projects

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

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

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

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

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

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

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

f) The Company has 98% share in Partnership Firm âINDOGREEN INTERNATIONALâ which is running a Hotel âThe Golden Palms Hotel & Spaâ. The said hotel has started its operations in June 2013 and is successfully running .

Notes:-

EBIT - Earnings before interest and taxes.

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

PAT - Profit after taxes

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

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

Explanation for variances exceeding 25%:

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

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

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

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

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

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

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

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

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

Note: 29: Earning per share

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

Note 31: Financial risk management

The Companyâs business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Companyâs senior management has overall responsibility for the establishment and oversight of the Companyâs risk management framework. The Companyâs Board of Directors is responsible for developing and monitoring the Companyâs risk management policies. The key risks and mitigating actions are also placed before the Audit Committee of the Company. The Companyâs 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 Companyâs activities.

The Risk Management Committee of the Company is supported by the Finance team and experts of respective business divisions that provides assurance that the Companyâs financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Companyâs policies and risk objectives. The activities are designed to:-protect the Companyâs financial results and position from financial risks -maintain market risks within acceptable parameters, while optimizing returns; and-protect the Companyâs financial investments, while maximizing returns.The Treasury department is responsible to maximize the return on companyâs internally generated funds.

A. Management of Liquidity Risk:

Liquidity risk is the risk that the company will face in meeting its obligations associated with its financial liabilities. The companyâs 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 companyâs credit rating and impair investor confidence

B. Management of Market risks

Market risks comprises of:

â¢ price risk; and

â¢ interest rate risk

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

C. Management of Credit Risks

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

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

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

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

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

Company is not exposed to any other credit risks Capital Management

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

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

The company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to the shareholders. The capital structure of the company is based on managementâs judgment of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. The Company considers the amount of capital in proportion to risk and manages the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

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

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

Note 32: Segment information

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

Note 33:

Other Statutory Information

i) The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.

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

iii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate beneficiaries) or

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

iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

v) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

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

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

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

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

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

Note 34:

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

Mar 31, 2023

x) Provisions, contingent assets and contingent liabilities

"A provision is recognized when:- the Company has a present obligation as a result of a past event;- it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and- a reliable estimate can be made ofthe amount ofthe obligation."

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made.

xi) Earnings per share

Basic earnings per share are calculated by dividing the profit attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the profit attributable to equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

xii) Lease

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgment. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate. The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

xiii) Income Taxes

Provision for current tax is made based on the tax payable under the Income Tax Act, 1961. Current income tax relating to items recognised outside profit and loss is recognised outside profit and loss (either in other comprehensive income or in equity).

"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 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 carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting period."

xiv) Significant management judgment in applying accounting policies and estimation of uncertainty Significant management judgments

When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgments in applying the accounting policies of the Company that have the most significant effect on the financial statements.

Estimation of uncertainty

a) Recoverability of advances/receivables

At each balance sheet date, based on historical default rates observed over expected life, the management assesses the expected credit loss on outstanding receivables and advances.

b) Defined benefit obligation (DBO)

Managementâs estimate of the DBO is based on a number of critical underlying assumptions such as standard rates of inflation, medical cost trends, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

c) Provisions

At each balance sheet date on the basis of management judgment, changes in facts and legal aspects, the Company assesses the requirement of provisions against the outstanding warranties and guarantees. However the actual future outcome may be different from this judgment.

Note: 23 In the opinion of the management, the trade receivables, current assets, loans and advances and trade payables are

approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

Note: 24 Status ofVarious Projects

a) The Company has developed a Group Housing Project âExpress Park Viewâ at Plot No GH-10B, Sector CHI-V, Greater Noida, U.P., located in main Noida-Greater Noida Expressway. This Group Housing Project has all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project has 332 flats & 4 shops, consisting of 2 Bed Rooms and 3 Bed Rooms in sizes varying from 831sq.ft. to 1458 sq.ft. Presently, the Project is fully complete in all respects. The Company has booked total 331 Flats of varying sizes & 4 Shops, out of which the Company has given possession of309 Flats & 4 Shops and has collected Rs. 91.08 crore against sale of flats & shops till 31.03.2023. The cost of unsold units has been considered as stock of units in completed project.

b) The Company had entered into a Partnership ''IITL-NIMBUS THE HYDE PARK NOIDA'' in April 2010 with M/s IITL Projects Ltd. & M/s Supertech Ltd. to develop the Group Housing Project âThe Hyde Parkâ at Plot No. GH-03, Sector 78, Noida. The agreed Capital Ratio between the partners was 45:45:10 with profit to be shared in the said Capital Ratio. During the year ended 31.03.2016, M/s Supertech Ltd. retired from the partnership firm and now the revised Ratio between remaining partners is 50:50. The Hyde Park Project for Residential Development encompasses all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consists of2092 flats & 58 commercial units in totality. Apartments are of IBHK/ 2BHK/ 3BHK & 4BHK with sizes varying from 525sq.ft. to 2428 sq.ft. The Partnership Firm has booked total 2090 Flats of varying sizes & 58 commercial units in the said Project and has collected Rs. 977.65 crore against sale/booking of above said flats & commercial units till 31.03.2023.

As per Note âBasis of Measurementâ of Financial Statements of the jointly controlled entity, viz., IITL-NIMBUS The Hyde Park Noida, - The firm''s inventory is not substantial enough to support its business operations in the foreseeable future as of March 31st, 2023. As a result, the financial statements have been prepared based on the assumption that the firm will not operate as a going concern and therefore, the current assets and liabilities have been valued based on their realistic realizable and payable amounts. Based on a management analysis of cash flow, the firm is projected to be capable of fulfilling both statutory and regulatory obligations in the near future.

c) The Company had entered into a Partnership ''IITL-NIMBUS THE EXPRESS PARK VIEW'' with M/s IITL Projects Ltd. & M/s Assotech Ltd. in April 2011, to develop the Group Housing Project ''Express Park View - II'' at Plot No. GH-03, Sector CHI-V, Greater Noida. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be

shared in the said Capital Ratio. w.e.f. 01.10.2018, M/s Assotech Ltd. retired from the partnership firm and the revised Ratio between remaining partners become 50:50. Now during the previous year 2020-21, a Supplementary Partnership Deed was executed on 01.01.2021 and Profit sharing ratio is changed on the basis of Capital Contribution. Present ratio as on 31.03.2023 is 87.92 (Nimbus Projects Ltd.) : 12.08 (IITL Projects Ltd.). The Express Park View - II, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consists of 1320 flats & 40 Commercial Units and 310 Low Rise Apartments in totality. Apartments are of 2BHK/ 3BHK & 4BHK in sizes varying from 984 sq.ft. to 2191 sq.ft. The Partnership Firm has booked total 1199 Flats of varying sizes & 40 Commercial Units and 70 Low Rise Apartments in the said project and has collected Rs. 446.16 Crore against booking/sale of above said flats till 31.03.2023.

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

The Firm applied for partial surrender of project land as provided in PSP vide their letter dated 30.05.2017 and alternatively the firm has also requested for reschedulement of its entire liability if request for partial surrender of land is not accepted in any case. As per letter dt. 12.06.17 from the Authority, Firmâs application was accepted by Board of YEIDA, which would be processed as per terms and conditions of PSP. Yamuna Expressway Industrial Development Authority (YEIDA) vide its letter no. YEA/Builders/315/2020 Dt. 16.10.2020, intimated for the allotment of 55,152 Sq. Mtrs land (out of 1,02,995.70 Sq. Mtrs land held at present) under PSP which is in proportion to payment made by the firm. Surrender Deed is executed on 30.11.2021 and registered on 01.12.2021. thereafter a further Surrender cum Correction Deed is executed on 17.11.2022, in which land Area is reduced from 55,152 Sq. Mtrs. to 47,776.52 q. Mtrs. Demarcation of the Land measuring 47776.52 Sq. Mtrs. (revised from 55152 Sq. Mtrs. as per letter dated 04.08.2022 from YEIDA) in favour of the Firm and The Physical possession of land given as per letter dated 18.01.2023.

e) "The Company has a financial exposure of Rs. 13,00,00,000/- (Previous year Rs. 13,00,00,000/-) in its associate company, viz. Capital Infraprojects Private Limited (""CIPL"") - investment in equity shares of Rs. 50,00,000/-

(Previous year Rs. 50,00,000/-) and investment in preference shares of Rs. 12,50,00,000/- (Previous year Rs. 12,50,00,000/-). Company has made provision for diminution in the value of the Companyâs investment in CIPL.During the year ended 31.03.2023, Company has sold its Investment in Preference Shares of Rs. 12,50,00,000/-in CIPL. "

The company M/s ''Capital Infraprojects Pvt. Ltd.'' is developing a Group Housing Project at Plot No. GH-01/E, Sector - 168, Noida. The Project ''The Golden Palms'' encompasses all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consists of 1408 Flats and 52 Commercial Units in totality. Apartments are Studio Appt. / 2BHK/ 3BHK & 4BHK in sizes varying from 506sq.ft. to 2629 sq.ft. The company M/s ''Capital Infraprojects Pvt. Ltd.'' has booked total 1375 Flats of varying sizes and 47 Commercial Units in the said project and has collected Rs. 661.27 crore against booking/sale of above said units till 31.03.2023. The Company M/s ''Capital Infraprojects Pvt. Ltd.'' has received Completion Certificate (CC) for all 3 phases of the Project.

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

Notes:

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

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

Explanation for variances exceeding 25%:

1 Current ratio has improved on account of short term loan given to related party during the year.

2 Debt equity ratio has improved due to increase in profit from jointly held partnership firm during the year. Therefore, accumulated losses reduced.

3 Debt Service Coverage ratio improved due to profit from jointly held partnership firm and repayment of secured & unsecured loans during the year.

4 Return on equity ratio has improved due to profit from jointly held partnership firm during the year. Therfore, accumulated losses reduced.

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

6 Net Capital turnover ratio has improved on account of short term loan given to related party during the year.

7 Net Profit ratio has improved due to profit from jointly held partnership firm during the year.

8 Return on capital employed ratio has increased due to increase in average shareholders equity on account of increase in retained earnings in current year.

9 Return on investment ratio has improved due to profit from jointly held partnership firm during the year and sale of investment in associate.

Note 29: Earning per share

Note 31: Financial risk management

The Companyâs business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company''s senior management has overall responsibility for the establishment and oversight of the Company''s risk management framework. The Company''s Board of Directors is responsible for developing and monitoring the Company''s risk management policies. The key risks and mitigating actions are also placed before the Audit Committee of the Company. The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

"The Risk Management Committee of the Company is supported by the Finance team and experts ofrespective 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 Companyâs financial investments, while maximizing returns.The Treasury department is responsible to maximize the return on company''s internally generated funds."

A. Management of Liquidity Risk:

Liquidity risk is the risk that the company will face in meeting its obligations associated with its financial liabilities. The companyâs 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 companyâs credit rating and impair investor confidence .

B. Management of Market Risks

"Market risks comprises of: - price risk; and- interest rate riskThe company does not designate any fixed rate financial assets as fair value through profit and loss nor at fair value through OCI.Therefore company is not exposed to any interest rate risks. Similarly company does not have any financial instrument which is exposed to change in price."

C. Management of Credit Risks

"Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations.Trade receivablesIn the case of sale of finished units, sale agreements are executed only upon/against substantial payment. Credit risk on trade receivables in respect of realty rentals is limited as the customers of the Company mainly consist of group Companies. Based on the past history of payments received, there have been no defaults.Credit risk on trade receivables in respect of other operating income is negligible since the terms of payment are immediate. Based on the above factors and historical data, loss on collection of receivables is not material and hence no additional provision was made.Our historical experience of collecting receivables, supported by the level of default, is that credit risk is low.Company is not exposed to any other credit risks"

Capital Management

"The company considers the following components of its Balance Sheet to be managed capital: Total equity as shown in the balance sheet includes retained profit and share capital.The company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to the shareholders. The capital structure of the company is based on managementâs judgment of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. The Company considers the amount of capital in proportion to risk and manages the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.The company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure. company is not subject to financial covenants in any of its significant financing agreements.The management monitors the return on capital as well as the level of dividends to shareholders. "

Note 32: Segment information

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

Note 33: Proposed Amalgamation

The Board of Directors of the Company, in their meeting held on 07th July, 2022, passed the resolution for amalgamation of 9 Companies ie. Gupta Fincaps Private Limited , Urvashi Finvest Private Limited, Intellectual Securities Private Limited., Happy Graphics Private Limited, Link Vanijya Private Limited, Dynamo Infracon Private Limited, Pushpak Trading & Consultancy Private Limited, Mokha Vyapaar Private Limited, Padma Estates Private Limited with the Company, in order to create more opportunities and simplify the organizational structure. The Scheme of Arrangement for Amalgamation alongwith required documents was submitted with BSE on 12.10.2022. Replies to the queries from BSE were submitted from time to time, Last reply having been filed on 26.03.2023. NOC awaited from BSE.

Note 34:

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

As per our report of even date attached

For Oswal Sunil & Company For and on behalf of the Board of Directors

Chartered Accountants

(Firm Registration Number: 016520N)

CA Sunil Bhansali BIPIN AGARWAL RAJEEV KUMAR ASOPA

Partner (Chairman & Mg. Director) (Director)

(Membership Number: 054645) DIN - 00001276 DIN - 00001277

Place : New Delhi JITENDRA KUMAR NISHA SARAYAN

Date : 29-05-2023 (Chief Financial Officer) (Company Secretary)

ICSI M. No. A57145

Mar 31, 2016

NOTES TO THE FINANCIAL STATEMENTS AS AT 31ST MARCH, 2016

f) The Company has 98% share in Partnership Firm ''INDOGREEN INTERNATIONAL'' which is running a Hotel ''The Golden Palms Hotel & Spa''. The said hotel started its operations in June 2013 and was successfully running during the previous year. The Firm is a jointly controlled entity and prepares its own separate financial statements and will be assessed as Firm under the Income Tax Act.

1 On 18.03.2015, the Company formed a wholly owned, non-material, subsidiary company namely ''M/s Golden Palms Facility Management Pvt. Ltd.'' to provide the maintenance facility to the Group Housing Project developed by the Company individually and also those projects which are being developed in Joint Venture. As on 31.03.2015, Company''s Contractual Liability was to subscribe the 1,00,000 Fully paid up Equity Shares @ Rs. 10/- per share and the said shares were actually subscribed by the Company on 21.04.2015. Subsequently, the company has transferred its 50% shareholding, i.e., 50,000 Equity Shares to M/s IITL Projects Ltd. and consequently M/s Golden Palms Facility Management Pvt. Ltd. became an Associate company.

2. Operating Lease

The Company has given Various office premises on operating lease and during the previous year, The company has received rental income of Rs. 1,38,66,340/- (P.Y. 1,24,78,440/-) from said leased premises.

The future minimum Lease Rent Income under operating lease for each of the following periods are as under

Notes:

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

b) Previous year figures are in brackets.

3 In terms of the accounting policy for revenue recognition, estimates of project costs and revenues are reviewed periodically by the management and the impact of any changes in such estimates are recognized in the period in which such changes are determined.

4 In accordance with the provisions of Companies Act, 2013, the Company had revised the useful life of its fixed assets to comply with the life as mentioned under Schedule II of the Companies Act, 2013, during the year ended 31.03.2015 and as per the transition provisions, the Company had adjusted net credit of Rs.2,15,149/- with the opening balances of retained earnings, i.e., surplus in the Statement of Profit and Loss.

5 The company is mainly engaged in Real Estate and Infrastructure Development activities which constitute Single Primary Business Segment as defined under As-17.

6 In the absence of sufficient profits, no provisions have been made for (a) Dividend for the year ended 31.03.2016, on 8% Non-Cumulative, Non-Convertible, Non-Participating, Compulsory Redeemable Preference Shares; (b) Additional Premium @ Rs. 4/- per share, per year, payable on redemption of preference shares till these preference shares are redeemed.

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

Mar 31, 2014

1. The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital:

The Company has one class of equity shares having a par value of ''10 per share. Each shareholder is eligible for one vote per share held. The Dividend proposed by the BOD is subject to the approval of shareholders in the ensuing AGM. In the event of liquidation, the equity shareholders are entiteled to receive the remaining assets of the company after distribution of all preferential amount in the proportion to their shareholding.

The Company has only one class of preference shares 8% Non - Cumulative, Non - Convertible, Non - Participating,Compulsory Redeemable Preference Shares of Rs. 10/- each at a premium of Rs. 40/- on each Preference Share to be redeemed after 15 years at a premium of Rs. 100/- on each Preference Share but which may be redeemed at the option of the Company at any time after 2 years at a fixed premium of Rs. 40/-on each Preference Share and an additional premium @ Rs. 4/- per year till these Preference Shares are redeemed. These shares carry no voting rights and the said shares are Non-convertible into equity shares.

As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

2. (A) CORPORATE INFORMATION

Nimbus Projects Limited is engaged in Real Estate Development, Trading of Properties & Real Estate Agent business etc. It is developing Residential Projects in National Capital Region (NCR). It has acquired plot of land, on long term lease basis under Builder Residential Scheme of Greater Noida Industrial Development Authority (GNIDA), New Okhla Industrial Development Authority (NOIDA) and Yamuna Expressway Authority (YEA). Apart from developing its own Project, the company is undertaking development through Special Purpose Vehicle (SPV). The company is engaged in four SPV for development of Residential complex.

3. Presentation and disclosure of financial statements:

During the year ended 31 March 2014, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the companies, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

4. The company had entered into a collaboration agreement, under joint control, to construct a commercial complex "Pearl Business Park" at Pitampura, Delhi. On revision of the project it was found that the project has been fully completed. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

5. The Company is developing a Group Housing Project "Express Park View" at Greater Noida. The Apartments are being planned on a Land admeasuring 9951.04 Sq. mtrs. Situated at Plot No GH-10B, Sector CHI-V, Greater Noida, U.P., located in main Noida- Greater Noida Expressway. The proposed Flatted Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 332 flats in totality, consisting of 2 Bed Rooms and 3 Bed Rooms in sizes varying 831sq.ft. to 1458 sq.ft. On revision of the project it was found that 95% of the Civil Construction Work & Finishing work has been completed as on 31st March, 2014 and project will be completed till September 2014.

The Company has booked total 275 Flats of varying sizes in the said project and has collected the booking amount of Rs. 53.69 Crore for the above said booking of flats till 31.03.2014.

6. The Company had entered into a Partnership "IITL-NIMBUS THE HYDE PARK NOIDA" in April 2010 with M/s IITL Projects Ltd. & M/s Supertech Ltd. to develop the Group Housing Project "The Hyde Park" at Plot No. GH-03, Sector 78, Noida. The agreed Capital Ratio between the partners is 45:45:10 and profit will be shared in the Weighted Average Capital Ratio. The Hyde Park Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 2044 flats in totality. Apartments shall be of IBHK/ 2BHK/ 3BHK & 4BHK in sizes varying 525sq.ft. to 2428 sq.ft.

The Partnership Firm has booked total 1173 Flats of varying sizes in the said project and has collected the booking amount of Rs. 344.10 Crore for the above said booking of flats till 31.03.2014.

7. The Company had entered into a Partnership IITL-NIMBUS THE EXPRESS PARK VIEW - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in April 2011, to develop the Group Housing Project "Express Park View - II" at Plot No. GH-03, Sector CHI-V, Greater Noida. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the Weighted Average Capital Ratio. The Express Park View II, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 1668 flats in totality. Apartments shall be of 2BHK/ 3BHK & 4BHK in sizes varying 984 sq.ft. to 2191 sq.ft.

The Partnership Firm has booked total 620 Flats of varying sizes in the said project and has collected the booking amount of Rs. 107.80 Crore for the above said booking of flats till 31.03.2014.

8. The Company had entered into a Partnership IITL-NIMBUS THE PALM VILLAGE - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in June 2011, to develop the Group Housing Project "The Golden Palm Village" at Plot No. GH-03, Sector 22A, Greater Noida of Yamuna Expressway Industrial Development Authority. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the Weighted Average Capital Ratio. The Golden Palm Village, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of approx. 2036 flats in totality. Apartments shall be of 2BHK & 3BHK in sizes varying 1021 sq.ft. to 1467 sq.ft.

The Partnership Firm has booked total 256 Flats of varying sizes in the said project and has collected the booking amount of Rs. 18.53 Crore for the above said booking of flats till 31.03.2014.

9. The company holds the 50% shareholding i.e. (500000 Equity Shares & 5000000 Preference Shares) of M/s "Capital Infraprojects Pvt. Ltd.". The company M/s "Capital Infraprojects Pvt. Ltd." is developing a Group Housing Project at Plot No. GH-01/E, Sector - 168, Noida. The Project "The Golden Palms" shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 1408 flats & 49 Commercial Units in totality. Apartments shall be of Studio Appt. / 2BHK/ 3BHK & 4BHK in sizes varying 506sq.ft. to 2629 sq.ft.

The Company M/s "Capital Infraprojects Pvt. Ltd." has booked total 783 Flats of varying sizes & 20 Commercial Units in the said project and has collected the booking amount of Rs. 220.87 Crore for the above said bookings till 31.03.2014.

10. The Company holds 90% share in Partnership Firm "INDOGREEN INTERNATIONAL" who is running a Hotel "The Golden Palms Hotel & Spa". The said hotel starts in June 2013 & successfully running during the previous year.

The Firm is a jointly controlled entity and prepares its own separate financial statements and will be assessed as Firm under the Income Tax Act.

11. The Company, during the Financial Year 2012-13, has issued 20000000, 8% Non-Cumulative, Non-Convertible, Non- Participating, Compulsary Redeemable Preference Shares of Rs. 10/- each at a Premium of Rs. 40/- on each Preference Shares to be redeemed after 15 years at a Premium of Rs. 100/- on each Preference Shares but which may be redeemed at the option of the Company at any time after 2 years at a fixed premium of Rs. 40 on each Preference Shares and an additional premium @ Rs. 4/- per year till these Preference Shares are redeemed out of which the company has received an application for 15800000 shares upto 31.03.2013 and the company has allotted the same till 31.03.2013. During the April 2013 the company has received the application for balance 4200000 shares and the same was allotted during April 2013.

12. The Company during the previous year has acquired 97.58% shares of M/s Hepta Developers Pvt. Ltd., which is also a Real Estate Development company and doing construction business currently at Ludhiana & Pinjore. Now M/s Hepta Developers Pvt. Ltd. Has become subsidiary of our company.

13. The company is mainly engaged in Real Estate and Infrastructure Development activities which constitute Single Primary Business Segment as defined under As-17.

i) The Company has given four office premises on operating lease for a period of thirty three (33) month from the date of execution of Leave and License Agreement. The company has received rental income of Rs. 23.01 Lacs from said three premises during the year.

The Company has also given three premises on rent for a period of eleven (11) month from the date of execution of Rent Agreement. The company has received rental income of Rs. 10.96 Lacs from the said premises during the year.

The Company during the previous year has given one office premises on operating lease for a period of 9 years from the date of execution of Lease Agreement. The company has received rental income of Rs. 43.33 Lacs from said three premises during the year.

14. 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.

15. Note:

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

2. Previous year figures are in brackets.

24) Figure of the previous year has been regrouped / rearranged / recasted wherever necessary to confirm the figures of the current year.

Mar 31, 2013

1.) Presentation and disclosure of financial statements:

During the year ended 31 March 2013, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the companies, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

2.) Basic and diluted earnings per share is computed by dividing profit after tax attributable to equity shareholders for the year 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 Disclosure

Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICA1 has been identified and given below on the basis of information available with the Firm and the same has been relied upon by the auditors.

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

Group Company: Nimbus India Limited

Nimbus Propmart Limited

Nimbus Multicommodity Brokers Limited

B) Names of other related parties and nature of relationship where entity has significant influence overparties:

Companies/Firms in which Directors: -IIT lnvestrust Ltd.

have significant influence -11T Insurance Broking and Risk Management Pvt. Ltd.

-IIT Media and Entertainment Pvt. Ltd. -World Resorts Ltd. -MRG Hotels Pvt. Ltd. -IITL Projects Ltd -Industrial Investment Trust Ltd -Capital Infra Projects Pvt. Ltd -IITL-Nimbus The Hyde Park -IITL-Nimbus, The Express Park View -IITL- Nimbus, The Palm Village -Indogreen International

Key Management Personnel: Mr. Bipin Agarwal (Managing Director)

4.) Defined Benefit Plan

The employee''s gratuity fund scheme managed by L.I.C. of India under a defined benefit plan. The present value of obligation is determined based on the actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation

5.) The company had entered into a collaboration agreement, under joint control, to construct a commercial complex "Pearl Business Park" at Pitampura, Delhi. On revision of the project it was found that the project has been fully completed. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

6.) The Company is developing a Group Housing Project "Express Park View" at Greater Noida The Apartments are being planned on a Land admeasuring 9951.04 Sq. mtrs. Situated at Plot No GH-10B Sector CHI-V, Greater Noida, U.P, located in main Noida- Greater Noida Expressway The proposed Flatted Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 332 flats in totality. Apartments shall be 2 Bed Rooms and 3 Bed Rooms in sizes varying 83 1 sq.ft. to 1458 sq.ft. On revision of the project it was found that 95% of the Civil Construction Workhas been completed as on 31 st March, 2013.

The Company has booked total 252 Flats of varying sizes in the said project and has collected the booking amount of Rs. 40.34 Crore for the above saidbooking of flats till 31.03.2013.

7.) The Company had entered into a Partnership "HTL-NIMBUS THE HYDE PARK NOIDA" in April 2010 with M/s IITL Projects Ltd. & M/s Supertech Ltd. to develop the Group Housing Project "The Hyde Park" at Plot No. GH-03, Sector 78, Noida. The agreed Capital Ratio between the partners is 45:45:10 and profit will be shared in the Weighted Average Capital Ratio. The Hyde Park Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 2044 flats in totality. Apartments shall be of IBHK/ 2BHK/ 3BHK & 4BHK in sizes varying 525sq.ft. to 2235 sq.ft.

The Partnership Firm has booked total 1081 Flats of varying sizes in the said project and has collected the booking amount of Rs. 265.56 Crore for the above saidbooking of flats till 31.03.2012.

8.) The Company had entered into a Partnership IITL-NIMBUS THE EXPRESS PARK VIEW - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in April 2011, to develop the Group Housing Project "Express Park View - II" at Plot No. GH-03, Sector CHI-V, Greater Noida. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the Weighted Average Capital Ratio. The Express Park View II, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 1668 flats in totality. Apartments shall be of 2BHK/3BHK & 4BHKin sizes varying 984 sq.ft. to 2191 sq.ft.

The Partnership Firm has booked total 527 Flats of varying sizes in the said project and has collected the booking amount of Rs. 44.98 Crore for the above said booking of flats till 31.03.2013.

9.) The Company had entered into a Partnership IITL-NIMBUS THE PALM VILLAGE - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in June 2011, to develop the Group Housing Project "The Golden Palm Village" at Plot No. GH-03, Sector 22A, Greater Noida of Yamuna Expressway Industrial Development Authority. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the Weighted Average Capital Ratio. The Golden Palm Village, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents Project consisting of approx. 3840 flats in totality. Apartments shall be of 2BHK & 3BHK in sizes varying 1021 sq.ft. to 1467 sq.ft. 3 B

10.) The company has purchased 50% shareholding (5000 Equity Shares) of M/s "Capital Infra projects Pvt. Ltd." in March 2011 and during the F.Y. 2011-12, the company has also purchased the 495000 Equity Shares. The company M/s "Capital Infraprojects Pvt. Ltd." is developing a Group Housing Project at Plot No. GH-01/E, Sector 168, Noida. The Project "The Golden Palms" shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 1408 flats in totality. Apartments shall be of Studio Appt. / 2BHK/ 3BHK & 4BHK in sizes varying 506sq.ft. to 2473 sq.ft.

The Company M/s "Capital Infraprojects Pvt. Ltd." has booked total 749 Flats of varying sizes in the said project and has collected the booking amount of Rs. 129.85 Crore for the above said booking of flats till 31.03.2013.

During the Previous Year the Company M/s "Capital Infraprojects Pvt. Ltd" has issued 10000000 Preference shares and out of which our Company has purchased the 50% i.e. 5000000 Preference Shares.

11.) The Company had entered into a Partnership with M/s. Green Meadows Private Limited under the name and style of "INDOGREEN INTERNATIONAL" to develop a Hotel Project "FORTUNE INN" at Mandawali Delhi.

As per the reconstitution of the partnership, the share of the company in the said partnership has been increased from 50% to 90% and M/s. Green Meadows Private Limited has been retired from the partnership firm w.e.f. 01/04/2011 and a new partner M/s RC J Investment Trust Pvt. Ltd. entered into the Partnership we. f. 01/04/2011.

The Firm is a jointly controlled entity and prepares its own separate financial statements and will be assessed as Firm under the Income Tax Act. On revision of the project it was found that all construction and finishing work is completed as on 31.03.2013. The Hotel is likely to start from June 2013 onwards.

12.) The Company, during the previous year, has issued 20000000, 8% Non-Cumulative, Non-Convertible, Non- Participating, Compulsary Redeemable Preference Shares of Rs. 10/- each at a Premium of Rs. 40/- on each Preference Shares to be redeemed after 15 years at a Premium of Rs. 100/- on each Preference Shares but which may be redeemed at the option of the Company at any time after 2 years at a fixed premium of Rs. 40 on each Preference Shares and an additional premium @ Rs. 4/- per year till these Preference Shares are redeemed. The company has received an application for 15800000 shares upto 31.03.2013 and the company has allotted the same till 31.03.2013. During the April 2013 the company has received the application for balance 4200000 shares and the same was allotted during April 2013.

13.) The company is mainly engaged in Real Estate and Infrastructure Development activities which constitute Single Primary Business Segment as defined under As-17.

14.) Leases:

i) The Company has taken land on finance lease which have been shown as inventory. The lease term is on the basis of the agreement entered into with the lessor. The future minimum lease payment under non cancelable finance lease for each of the following periods are as follows:

ii) The Company has given four office premises on operating lease for a period of thirty three (33) month from the date of execut.on of Leave and License Agreement. The company has received rental income of Rs 21,12,000/- from said three premises during the year.

The Company has also given one premises on rent for aperiod of eleven (11) month from the date of execution of Rent Agreement. The company has received rental income of Rs. 4,80,000/- from the said premises during the year.

The future minimum Lease Rent Income under operating lease for each of the following periods are as under: 15.) Figure of the previous year has been regrouped/rearranged / recasted wherever necessary to confirm the figures of the current year.

Mar 31, 2010

1.) The company had entered into a collaboration agreement, under joint control, to construct a commercial complex "Pearl Business Park" at Pitampura, Delhi and the construction work has been going on. On revision of the project it has been found that 85% of the project has been completed as on the 31st March, 2010. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

2.) The Company has launched a New Group Housing Project namely "Express Park View" at Greater Noida during Previous Year. The Apartments are being planned on a Land admeasuring 9951.04 Sq. mtrs., situated at Plot No GH-1 OB, Sector CHI-V, Greater Noida, U.P. strategically located in main Noida- Greater Noida Expressway. The proposed Flatted Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 320 flats in totality. Apartments shall be 2 Bed Rooms and 3 Bed Rooms in sizes varying 831 sq.ft. to 1458 sq.ft.

The Company has booked total 84 Flats of varying sizes in the said project and has collected the booking amount of Rs. 94 Lacs for the above said booking of flats till 31.03.2010.

3.) The Company has entered into a consortium Agreement with M/s Indo Green Projects Ltd. & M/s Supertech Ltd. with the specific objective of making a bid under the scheme for Allotment of Group Housing Plots for plotted and Flatted Development Scheme Code: GH-2010 (I) FOR PLOT NO. GH-003 AT SECTOR - 78, NOIDA, of New Okhla Industrial Development Authority (NOIDA). The agreed Capital Ratio is 45:45:10 and profit will be shared in the Weighted Average Capital Ratio. Abid application was made by the Consortium for allotment of a plot of land under the said Scheme of NOIDA, and the Consortium has been awarded the bid and has been allotted a piece of land admeasuring 60,348.53 Sq. Mtrs situated at GH-03, Sector 78, Noida for construction of Group Housing Projects under the said Scheme on 16th March 2010.

4.) The company has mainly engaged in Real Estate and Infrastructure Development activities which constitute Single Primary Business Segment as defined under As-17.

5.) Details of Related Party Transaction

Key Managerial Personnel

Mr. Bipin Agarwal, Chairman cum Managing Director and Company Secretary, he has been paid as managerial remuneration of Rs. 24,00, 000/-. During the period April 2009 to March 2010.

Relatives of Key Managerial Personnel

Mr. Praveen Tayal who is brother of Mr. Bipin Agarwal was director in the company till 25/03/2010. The Company has paid during the period April 2009 to March 2010 Rs. 13,35,605/- towards the construction work to M/s "Paras Realtech Ltd." in which Mr. Praveen Tayal is a Director.

6.) The Company has purchased, in 2008, one property which was already given, by the seller, on operating lease for a period of 36 months with monthly lease rental of Rs. 12,00,000/-. Now, on becoming the owner of the property, the company has been receiving lease rentals from the lessee since November, 2008 and will receive till lease expires on May, 2011. The property has been purchased as inventory and is capable of being sold in such condition. However, AS-13 requires to account for the investment property as long term investment. But AS-19, specifically requires to present the property given on operating lease under the head Fixed Assets separately and to make provision the depreciation. Though, the management of the companys view is that since the company itself has not given the property on lease, it is not an original lessor but being lessor in default and to comply with the specific provision of AS-19, the property has been presented / treated as Fixed Assets and accordingly depreciation of Rs. 37,17,585/- has been booked till 31.03.2010. The company will receive Rs. 1,44,00,000/- in next 12 months i.e. between April 2010 to March 2011 and Rs. 24,00,000/- in next 2 months i.e. balance lease term between April 2011 to May 2011.

The company has given another property on Operating Lease for a period of 36 months on a monthly rentals of Rs. 7,81,380/- starting from October, 2008. The property has been purchased as inventory and is capable of being sold in such condition. However, AS-13 requires to account for the investment property as long term investment. But AS-19, specifically requires to present the property given on operating lease under the head Fixed Assets separately and to make provision the depreciation. Hence to comply with the specific provision of AS-19, the property has been presented / treated as Fixed Assets and accordingly depreciation of Rs. 19,65,570/- has been booked till 31.03.2010. Operating Lease Term for the said Property was till September 2011, but due to some reason, the said leased property was sold in March 2010 and a book profit of Rs. 76,31,833/- was booked in the books of accounts of the company.

7.) Basic and Diluted Earning Per Share is Rs.2.53 (Previous Year: Rs. 0.80)

8.) The Deferred Tax Income of Rs. 2,93,477/- for the current year has been recognized in the Profit & Loss A/c and the Deferred Tax Liability has been re-assessed as on the Balance Sheet date at Rs. 6,08,068/-

9.) The company had entered into a Partnership Firm, "IndoGreen International" to develop a Hotel Project "The Fortune Hotel" at Mandawali, Delhi. The agreed Capital Ratio is 50: 50 and profit will be shared in the Weighted Average Capital Ratio. The Firm is a jointly controlled entity and prepares its own separate financial statements and will be assessed as Firm under the Income Tax Act. The construction work has been going on and on revision of the project it was found that 70% of the project has been completed as on 31st March, 2010. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

10.) The company, with Hepta Developers Pvt. Ltd. has been carrying on a business under a Partnership Firm namely M/s Venketashwara Constructions. The Companys capital and Profit sharing ratio is 75%. The Firm is a jointly controlled entity and prepares its separate financial statements and is assessed as firm under the Income Tax Act 1961. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

11.) A Contingent Liability of Rs. 22,44,904/- on account of Service Tax payable on Renting of Immovable Property has not been accounted for in the books of account of the Company.

12.) The company has a defined benefit employees scheme in the form of Gratuity and for this purpose it has entered into a Group gratuity cum Life Assurance Scheme to be approved under part C of the Fourth Schedule of Income Tax Act, 1961, with the Life Insurance Corporation of India to provide the Gratuity Benefits to the employees of the company under an Irrevocable Trust. The Trustees of the Scheme have entrusted the administration of related fund to L.I.C. The company shall pay to the trustee such contribution as are required to secure the benefits which will include the liberalized death cover to the employees. Expenses for the year is determined on the basis of actuarial valuation of the companys year-end obligation in this regard and the value of year end assets of the scheme. Contribution is deposited with L.I.C. based on intimation received by the Company.

13.) Figure of the previous year has been regrouped / rearranged / recasted wherever necessary to confirm the figures of the current year.

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