Nimbus Projects Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018

1. The company has adopted Indian Accounting Standards ("Ind As") from 01.04.2017 and accordingly standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind As 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in india. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 05.07.2016.

2. The above financial results of the Company for the quarter and year ended 31st March 2018 were reviewed by the Statutory Auditors, Audit Committee and then approved by the Board of Directors at its meeting held on 30th May, 2018. The Ind As compliant corresponding figures for the quarter and year ended 31.03.2017 have not been subjected to audit as per the exemption given in SEBI Circular number CIR/CFD/FAC/62/216 dated 5th July, 2016, however the Company has exercised necessary due diligence to ensure that such financial results provide a true and fair view of its affairs in accordance with Ind AS.

3. Reconciliation between the results as reported under previous Generally Accepted Accounting principles (GAAP) and Ind As are summarised below:

Particulars Profit / Loss Reconciliation Reserve Reconciliation

STANDALONE CONSOLIDATED STANDALONE CONSOLIDATED

Corresponding 3 months ended 31.03.2017 Year to date for Year ended 31.03.2017 Year to date for Year ended 31.03.2017 Year to date for Year ended 31.03.2017 Year to date for Year ended 31.03.2017

Loss/Reserve as per previous IGAAP -279.42 -314.32 -417.40 -65.81 -112.01

Impact of Share of profit/(loss) from joint venture partnership firms -15.74 -17.04 -17.04 -19.95 -19.95

Impact of Changes in Employee benefit expenses 0.3 -0.5 -0.5 -0.45 -0.45

Impact of measuring financial assets (investments) at Fair value 106.74 426.96 426.96 2607.47 2607.47

Impact of reinstatement of premium payable on redemption of preference shares - - 8000.00 8000.00

Interest cost on preference shares liability per Effective Interest Rate (EIR) -121.49 -485.96 -485.96 -5366.70 -5366.70

Impact of Changes in Other expenses -2508.84 -2508.84 -2508.84

Impact of Other Comprehensive Income (OCI) 0.27 -0.02 -0.02 -0.51 -0.51

Effect of remeasurement in adoption of IND AS in CFS - - -78.47 -105.29



Total -2818.18 -2899.72 -3081.27 5154.05 5002.57



4. Pursuant to Notice under section 153A of the Income Tax Act, 1961 during the F.Y. 2017-18, the company filed return of Income U/s 153A for the F.Y. 2009-10 to F.Y. 2015-16. Income tax Department completed the assessment thereof u/s 153A read with section 143(3) of the Income Tax Act on 30.12.2017. The company has filed appeal against I. Tax demand aggregating Rs. 3524.76 Lakh, relating to F.Y. 2009-10 to 2013-14.

5. Share of loss from Partnership Firms for the quarter and year ended 31.03.2018 is based on its audited financial results prepared under Indian Accounting Standards("Ind as"), which have been subjected to audit by the respective Statutory Auditors of the Partnership Firms.

6. a.) Due to Real Estate market condition, low demand and consequent delay, IITL Nimbus The Palm Village "the Firm" has temporarily suspended the operation / activities in the project. No substantial administrative and technical work was carried out in the project.

b.) Yamuna Expressway Industrial Development Authority (YEIDA) came out with Project Settlement Policy (PSP) dated 15.12.16, to allow partial surrender of project land, due to slow down and recession in Real Estate Industry. The Firm applied for partial surrender of project land as provided in PSP vide their letter dated 30.05.2017 and alternatively the firm has also requested for reschedulement of its entire liability if request for partial surrender of land is not accepted in any case. As per letter dt. 12.06.17 from the Authority, Firm’s application was accepted by Board of YEIDA, which would be processed as per terms and conditions of PSP.

7. Greater Noida Industrial Development Authority (GNIDA) came out with Project Settlement Policy (PSP) dated 15.12.16, to allow partial surrender of project land, due to slow down and recession in Real Estate Industry. The Firm applied for partial surrender of project land as provided in PSP, vide their letter dated 07.06.2017 and as per letter dt. 26.06.17 from the Authority, Firm’s application was accepted by Board of GNIDA, which would be processed as per terms and conditions of PSP. In letter dt 07.06.2017 the Firm has made two proposals to surrender the remaining land under PSP.`In the application dated 07.06.2017 (requesting for partial surrender of project land as provided in PSP dated 15.12.16), the Firm has requested the Authority to accept either of the two proposal. Pending approval from GNIDA, no adjustments have been made in books of account as on 31.03.18, for Interest payable to Authority for delay in principal and interest, Current maturity of Premium for development rights, Annual Lease Rent and Interest cost in Estimated Project Cost. Auditors of the firm have been drawn attention to this matter in their review report on the financial statements of the firm as at and for the year ended 31.03.2018.

8. The Company is engaged only in real estate development and related activities and hence there are no reportable segments as per Ind As 108 - Operating segments.