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NOTES TO ACCOUNTS

Nila Spaces Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 654.25 Cr. P/BV 4.60 Book Value (₹) 3.61
52 Week High/Low (₹) 19/10 FV/ML 1/1 P/E(X) 44.59
Bookclosure 16/09/2024 EPS (₹) 0.37 Div Yield (%) 0.00
Year End :2025-03 

l) Provisions and contingencies

A provision is recognized if, as a result of past events, the Company has a present Legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will
be required to settle the obligation. Provisions are determined by discounting the expected future cash flows
(representing the best estimate of the expenditure required to settle the present obligation at the balance
sheet date) at a pre-tax that reflects current market assessments of the time value of money and the risks
specific to the liability.

The unwinding of the discount is recognized as finance cost. Expected future operating losses are not provided
for.

Contingent liabilities are disclosed in the Notes to the Standalone Financial Statements. Contingent liabilities
are disclosed for:

i. possible obligations which will be confirmed only by future events not wholly within the control of the
Company, or

ii. Present obligations arising from past events where it is not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

m) Borrowing Cost

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement
of borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs, if any, directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized, if any.
All other borrowing costs are expensed in the period in which they occur.

n) Investments in subsidiaries, joint venture and associates

The Company has elected to recognise its investments in subsidiary and associate and joint venture companies
at cost in accordance with the option available in Ind AS 27, Separate Financial Statements.

o) Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

I. Company as a lessee

The Company applies a single recognition and measurement approach for all leases, except for short¬
term leases and leases of low-value assets. The Company recognizes lease liabilities to make lease
payments and right-of-use assets representing the right to use the underlying assets.

i) Right of use assets

The Company recognizes right-of-use assets at the commencement date of the Lease (i.e. the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred
and lease payments made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the lease term.

If ownership of the Leased asset transfers to the Company at the end of the Lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment. Refer to the accounting policies in note 3(f) on
impairment of non-financial assets.

ii) Lease Liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in-substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The
lease payments also include the exercise price of a purchase option reasonably certain to be exercised
by the Company and payments of penalties for terminating the lease, if the lease term reflects the
Company exercising the option to terminate. Variable lease payments that do not depend on an index or
a rate are recognized as expenses in the period in which the event or condition that triggers the payment
occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at
the lease commencement date because the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g.
changes to future payments resulting from a change in an index or rate used to determine such lease
payments) or a change in the assessment of an option to purchase the underlying asset.

iii) Short term leases and leases of low value assets

The Company applies the short-term lease recognition exemption to its short-term leases (i.e. those
leases that have a lease term of 12 months or less from the commencement date and do not contain a
purchase option). It also applies the lease of low-value assets recognition exemption to leases of assets
that are considered to be low value. Lease payments on short term leases and leases of low value assets
are recognized as expense on a straight-line basis over the lease term.

II. Company as a lessor

Leases in which the Company does not transfer substantially all the risks and rewards incidental to
ownership of the asset are classified as operating leases. Assets subject to operating leases are included
under Investment property.

Lease income from operating lease is recognized on a straight-line basis over the term of the relevant
lease including lease income on fair value of refundable security deposits, unless the lease agreement
explicitly states that increase is on account of inflation. Costs, including depreciation, are recognized as an
expense in the statement of profit and loss. Initial direct costs incurred in negotiating and arranging an
operating lease are added to the carrying amount of the leased asset and recognized over the lease term
on the same basis as rental income.

p) Advance paid towards land procurement

Advances paid by the Company to the seLLer/intermediary towards outright purchase of Land is recognized
as land advance under other assets during the course of obtaining clear and marketable title, free from
all encumbrances and transfer of legal title to the Company, whereupon it is transferred to land stock under
inventories. Management is of the view that these advances are given under normal trade practices and are
neither in the nature of loans nor advance in the nature of loans.

q) Segment reporting

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 is responsible for allocating resources and
assessing performance of the operating segments of the Company.

r) Earnings per share

Basic earnings per share is computed by dividing the net profit for the year attributable to the equity
shareholders of the Company by the weighted average number of equity shares outstanding during the year.
The weighted average number of equity shares outstanding during the year and for all the years presented is
adjusted for events such as bonus shares, other than conversion of potential equity shares that have changed
the number of equity shares outstanding, without a corresponding change in resources.

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

In a capitalization or bonus issue or share split, ordinary shares are issued to equity shareholders for no
additionaL consideration. The number of ordinary shares outstanding before the event is adjusted for the
proportionate change in the number of ordinary shares outstanding as if the event had occurred at the
beginning of the earLiest period presented.

s) Cash and Cash equivalents

Cash and Cash equivalents for the purpose of Cash Flow Statement comprise cash and cheques in hand, bank
balances, demand deposits with banks where the original maturity is three months or less and other short
term highly liquid. which are subject to insignificant risk of changes in value

t) Recent pronouncements issued but not effective

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024
The Company has determined, based on its evaluation, that it does not have any Material impact in its
financial statements

u) New Amendments not yet adopted by the Company
i. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the
contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment
had released draft rules for the Code on Social Security, 2020 on 13 November 2020, and invited suggestions
from stakeholders which are under consideration by the Ministry. The Company will assess the impact
and its evaluation once the subject rules are notified. The Company will give appropriate impact in its
financial statements in the period in which, the Code becomes effective and the related rules to determine
the financial impact are published.

(d) Terms / rights attached to Equity shares

(i) The company has only one single class of equity shares referred to as equity share having a par value of
? 1 per share. Each shareholder is eligible for one vote per share held.

(ii) The Company declares and pay dividend in Indian Rupees. The dividend proposed by the Board of Director
is subject to the approval of the Shareholder in the Annual General Meeting except in case of interim
dividend.

(iii) In the event of liquidation of the company, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The sensitivity analyses presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be co-related. Further more, interpreting the above sensitivity analysis,the present value of the
defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting
period, which is the same as that applied in calculating the defined benefit obligation liability recognized in the
balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis
from prior years.

The obligations are measured at the present value of estimated future cashflow by using a discount rate that
is determined with reference to the market yields at the Balance Sheet date on Government Bonds which is
consistent with the estimated terms of the obligation. The estimate of future salary increase, considered in the
actuarial valuation, takes account of inflation, security, promotion and other relevant factors such as supply and
demand in the employment market.

B. Other long term employee benefits
Compensated absences

The accrual for unutilised Leave is determined for the entire available Leave balance standing to the credit of the
employee at the year end. The value of such leave balances that are eligible for carry forward is determined by
actuarial valuation as at the end of the year and acturiaL gains and Loss are charged to the statement of profit
and Loss amount of ? 4.14 Lakhs (31 March 2024 : ? 4.39 Lakhs) towards Leave benefits is recognized as an expense
and induded in the Statement of Profit and Loss.

The Company is primarily engaged in the development of real estate comprising of residential and commercial
projects. Company’s performance of operation as defined in Ind AS 108 are evaluated as a whole by chief operating
decision maker (’CODM’) of the company based on which development of real estate activities are considered
as a single operating segment. The Company reports geographical segment which is based on the areas in which
major operating divisions of the company operate and the entire operations are based only in India. None of
the customers for the year ended 31 March 2025 constituted 10% or more of the Total revenue of the company.

I) Commitments

There are no commitments as at 31 March 2025 as well as 31 March 2024

II) Contingent Liabilities

A. The company has received opinion from the office of the superintendent under Gujarat Stamp Act,

1958 wherein it has assessed Stamp Duty amounting to ? 651.88 Lakhs with reference to demerger

transaction undertaken by the company vide National Company Law Tribunal, Order No. CP(CAA) No. 56/
NCLT/AHM/2018 and CA(CAA) No. 14/NCLT/AHM/2018. Based on Legal Opinion, the company has filed writ
petition in Hon. Gujarat High Court vide Special Civil Application No. 1042/2023 against the said assessed
duty. Moreover, based on the legal opinion, the company has made provision of stamp duty amounting
to ? 39.38 Lakhs in the books of accounts. The said liability will be discharged once final assessment
order is issued by the stamp duty authority.

B. The Hon’ble Supreme Court of India (“SC”) by their order dated 28 February 2019, in the case of Surya

Roshani Limited & others v/s EPFO, set out the principles based on which allowances paid to the

employees should be identified for inclusion in basic wages for the purposes of computation of
Provident Fund contribution. The Company has provided the impact of the said supreme court
judgement with effect from 1 January 2020. In view of the management, any additional liability for the
period from date of the SC order (28 February 2019) to 31 December 2019 is not material and

hence have not been provided in the books of account. In addition, management is of the view that there
is a considerable uncertainty around the timing and extent in which the judgement will be interpreted and
applied by the regulatory authorities and accordingly, the impact for periods prior to the date SC order (28
February 2019), if any, is not ascertainable and consequently no financial effect has been provided for in the
standalone financial statements. Accordingly,this has been disclosed as a contingent liability in the standalone
financial statements.

C. In the above cases, settlement of liability may result in outflow of additional cash than the amount disclosed
in the note as contingent liabilities owing to interest component on such liability outstanding. Wherever
interest rate is determinable for any specific liability, the amount so disclosed is after considering
interest on such liability up to the reporting date.

Note 1: Investments in associate, joint ventures and subsidiary have been accounted at historical cost. Since
these are scoped out of Ind AS 109 for the purposes of measurement, the same have not been disclosed in the
tables above.

Fair value hierarchy

The fair value of financial instruments as referred above have been classified into three categories depending
on the inputs used in valuation technique. The hierarchy gives the highest priority to quoted prices in active
markets for identical assets or liabilities (Level I measurements) and lowest priority to unobservable inputs (Level
III measurements).

The categories used are as follows:-

Input Level I (Directly Observable) : which includes quoted prices in active markets for identical assets such as
quoted price for an equity security on Security Exchanges.

Input Level II (Indirectly Observable) : which includes prices in active markets for similar assets such as quoted
price for similar assets in active markets, valuation multiple derived from prices in observed transactions involving
similar businesses, etc.

Input Level III (Unobservable): which includes management’s own assumptions for arriving at a fair value such as
projected cash flow used to value a business, etc.

B. Measurement of fair values

i) Valuation techniques and significant unobservable inputs

The fair value of the investment in quoted investment in equity shares is based on the current bid price
of investment at balance sheet date

ii) Transfer between Level I and II

There has been no transfer in between Level I and Level II

iii) Level III fair values

Inputs based on unobservable market data.

C. Financial risk management

The Company has a well-defined risk management framework. The Board of Directors of the Company
has adopted a Risk Management Policy. The Company has exposure to the following risks arising from
financial instruments:

Ý Credit risk ;

Ý Liquidity risk ; and

Ý Market risk

Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s
risk management framework. The board of directors evaluate and exercise independent control over the entire
process of risk management. The board also recommends risk management objectives and policies.

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
Company, through its training and management standards and procedures, aims to maintain a disciplined and
constructive control environment in which all employees understand their roles and obligations.

The audit committee oversees how management monitors compliance with the company’s risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks
faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit
undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are
reported to the audit committee.

i) Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk primarily trade receivables and other
financial assets including deposits with banks. The Company’s exposure and credit ratings of its counterparties
are continuously monitored and the aggregate value of transactions is reasonably spread amongst the counter
parties.

Other Financial Assets

This comprises mainly of deposits with banks and retention money receivables. Credit risk arising from
deposits with banks is limited as the counterparties are banks . Banks have high credit ratings assigned by the
credit rating agencies. Credit risk arising from retention money is included in trade receivables.

Trade and other receivable

Customer credit risk is managed by each business unit subject to the Company’s established policy and
procedures. Credit limits are established for all customers based on flat booking terms. Outstanding customer
receivables are regularly monitored and any shipments to major customers are generally covered by letters of
credit. The Company has no concentration of credit risk as the customer base is widely distributed economically.

An impairment analysis is performed at each reporting date based on the facts and circumstances existing
on that date to identify expected losses on account of time value of money and credit risk. For the purposes
of this analysis, the receivables are categorised into groups based on types of receivables. Each group is
then assessed for impairment using the Expected Credit Loss (ECL) model as per the provisions of Ind
AS 109 -Financial instruments. The calculation is based on provision matrix which considers actual historical
data adjusted appropriately for the future expectations and probabilities. Receivables from group companies
and secured receivables are excluded for the purposes of this analysis since no credit risk is perceived on
them. Proportion of expected credit loss provided for across the ageing buckets is summarised below:

Impairment

Credit risk arising from trade receivables is managed in accordance with the Company's established
policy, procedures and control relating to customer credit risk management. An impairment analysis
is performed at each reporting date based on the facts and circumstances existing on that date to
identify expected losses on account of time value of money and credit risk. The calculation is based
on defined percentage based on past experiences in the business ascertained by the management.

Cash and bank balances

The Company is also exposed to credit risks arising on cash and cash equivalents and term deposits with
banks. The Company believes that its credit risk in respect to cash and cash equivalents and term deposits is
insignificant as funds are invested in term deposits at pre-determined interest rates for specified period of
time. For cash and cash equivalents and other bank balances, only high rated banks are accepted.

Other Financial Assets

Other financial assets includes loan to employees and related parties, security deposits, etc. Credit risk arising
from these financial assets is limited and there is no collateral held against these because the counterparties
are group companies, banks. Banks have high credit ratings assigned by the international credit rating agencies.

ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are proposed to be settled by delivering cash or other financial asset. The Company’s
financial planning has ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever
due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Company’s reputation. In addition to the Company’s own liquidity, it enjoys credit facilities with the reputed bank
and financial institutions.

Management monitors the Company’s liquidity position and cash and cash equivalents on the basis of expected
cash flow. The Company’s liquidity management policy involves periodic reviews of cash flow projections and
considering the level of liquid assets necessary, monitoring balance sheet, liquidity ratios against internal and
external regulatory requirements.

iii) Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates and interest rates -
will affect the Company’s income. Market risk is attributable to all market risk sensitive financial instruments
including foreign currency receivables and payables and debt. The company does not have any foreign currency
exposure as at balance sheet date. Accordingly, company does not have currency risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate
because of changes in market interest rates. The Company's liquidity and borrowing are managed by professional
at senior management level. The interest rate exposure of the Company is reduced by matching the duration of
investments and borrowings. The interest rate profile of the Company’s interest - bearing financial instrument
as reported to management is as follows:

Interest rate sensitivity

Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of change in interest rates.
The following table demonstrates the sensitivity of floating rate financial instruments to a reasonably possible
change in interest rates. The risk estimates provided assume a parallel shift of 100 basis points interest rate
across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has
been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily
representative of the average debt outstanding during the period.

36. Capital management

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business. The board of directors seeks to maintain a
balance between the higher returns that might be possible with higher levels of borrowings and the advantages
and security afforded by a sound capital position. The Company monitors capital using a ratio of ‘Debt’ to ‘Equity’.
For this purpose, ‘Debt’ is meant to include long-term borrowings, short-term borrowings and current maturities
of long-term borrowings. ‘Equity’ comprises all components of equity. The Company’s debt to equity ratio as at
the end of the reporting periods are as follows:

37. Leases

a) As a Lessor

The Company’s significant leasing arrangements are in respect of operating leases for commercial premises.
Lease income from operating leases is recognised on a straight-line basis over the period of lease. The
aggregate lease rental income including maintenance of ? 359.34 Lakhs (31 March 2024:^ 70.26 Lakhs) is
accounted in the statement of profit and loss.

There are no contingent rents which are recognised in statement of profit and loss. The future minimum lease
receivables of non-cancellable operating leases are as under:

b) As a Lessee

The company has taken office premises on Lease. The terms of Lease incLudes terms of renewaLs, increase
in rent in future periods, terms of canceLLation, etc. The agreement is executed for a period of 3 years with a
renewabLe clause and also provide for termination at will by either party giving a prior notice of 1 months at
any time during the lease term and hence considered the same to be of short term lease in nature under Ind
AS 116. Accordingly, no further disclosures are applicable.

Performance obligation

The Company is engaged primarily in the business of real estate construction, development and other related
activities.

All the Contracts entered with the customers consists of a single performance obligation thereby the consideration
allocated to the performance obligation is based on standalone selling prices.

The Company recognises revenue from contracts with customers when it satisfies a performance obligation by
transferring promised goods or service to a customer. The revenue is recognised to the extent of transaction price
allocated to the performance obligation satisfied. Performance obligation is satisfied over time when the transfer
of control of asset (goods or service) to a customer is done over time and in other cases, performance obligation
is satisfied at a point in time. For performance obligation satisfied over time, the revenue recognition is done by
measuring the progress towards complete satisfaction of performance obligation

For contracts where the aggregate of contract cost incurred to date plus recognised profits (or minus recognised
losses as the case may be) exceeds the progress billing, the surplus is shown as contract asset and termed as
“Due from customers”. For contracts where progress billing exceeds the aggregate of contract costs incurred to-
date plus recognised profits (or minus recognised losses, as the case may be), the surplus is shown as contract
liability and termed as “Due to customers”. Amounts or Contract Assets received before the related work is
performed are disclosed in the Balance Sheet as contract liability and termed as “Advances from customer”. The
amounts billed on customer for work performed and are unconditionally due for payment i.e. only passage of
time is required before payment falls due, are disclosed in the BalanceSheet as trade receivables. The amount
of retention money held by the customers pending completion of performance milestone is disclosed as part of
contract asset and is reclassified as trade receivables when it becomes duefor payment.

(ii) Reconciliation of contract revenue recognised in the Statement of Profit and Loss

There are no adjustments made to the contracted price with customers which need to be reconciled to revenue
recognized in the statement of profit and loss. The revenue is recognised over a period of time in accordance with
the principles outlined in Ind AS 115.

(iii) Movement of Impairment allowances during the year

For the year ended 31 Mar 2025, ? 4.50 Lakhs (31 Mar 2024, ? 4.50 Lakhs) was recognised as provision for
Impairment allowances on Trade Receivables.

ALL Loans are given for the purposes of the business and are repayabLe as per agreed scheduLe of repayment.

DetaiLs of Investments made by the company are given in Note 6.

41. No Material event have occurred between the Balance sheet date to the date of issue of this standalone

financial statement that could affect the values stated in the financials statements as at 31 March 2025

42. Other Statutory Information

a. The Company has not availed Loans from banks on the basis of security of current assets.

b. The company has not been declared a wilful Defaulters by any bank or financial institution or consortium
thereof in accordance with the guidelines on wiLfuL defaulters issued by the RBI.

c. There are no proceedings initiated or pending against the company for hoLding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

d. The company has not traded or invested in Crypto currency or Virtual Currency during the reporting periods.

e. The company has neither advanced, Loaned or invested funds nor received any fund to/from any person or
entity for lending or investing or providing guarantee to/on behalf of the ultimate beneficiary during the
reporting periods.

f. There is no immovable property whose title deed is not held in the name of the company.

g. There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory
period.

h. 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.

i The company has not entered into any scheme of arrangement in terms of sections 230 to 237 of the
Companies Act, 2013.

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

k The Company has not entered into any transaction with struck off companies under section 248 of
Companies Act, 2013 or section 560 of Companies Act, 1956. Further, there is no balance outstanding with
struck off companies.

l There are no intagible assets under developement as at 31 March 2025 and 31 March 2024

43. The figures for the previous year have been regrouped/reclassified wherever necessary to confirm with the
current year’s classification.

44. Audit Trail

As per the requirements of Rule 3(1) of the Companies (Accounts) Rules 2014, the Company uses an accounting
software for maintaining its books of account that have a feature of, recording audit trail of each and every
transaction, creating an edit log of each change made in the books of account along with the date when such
changes were made and who made those changes within such accounting software. This feature of recording
audit trail has operated throughout the year and was not tampered with during the year. In respect of aforesaid
accounting software, after thorough testing and validation, it was noted that audit trail was not available for
changes made in master data. In respect of master data changes, the Company has established and maintained
an adequate internal control framework and based on its assessment, believes that this was effective for the year
ended March 31, 2025. The Company hase preserved audit trail’s edit log as per statutiory requirnments.

As per our report of even date attached

For Dhirubhai Shah & Co. LLP For and on behalf of the Board of Directors of

Chartered Accountants Nila Spaces Limited

Firm’s Registration No: 102511W/W100298 CIN No. :L45100GJ2000PLC083204

Parth S Dadawala Deep Vadodaria Anand B Patel

Partner Wholetime Director Director

Membership No: 134475 DIN : 01284293 DIN : 07272892

Prashant H Sarkhedi Gopi V Dave

Chief Financial Officer Company Secretary

Place : Ahmedabad Place : Ahmedabad Place : Ahmedabad

Date : 05 May 2025 Date : 05 May 2025 Date : 05 May 2025

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