The Directors are pleased to present the 62^nd Annual Report of the Company along with the Audited financial statements
for the financial year ended March 31,2025.

FINANCIAL HIGHLIGHTS

REVIEW OF PERFORMANCE AND FUTURE OUTLOOK

Revenue from operations during the financial year 2024-25 was ' 2,232.97 lakhs as against ' 2,137.32 lakhs during the
previous financial year. Total income increased to ' 4,046.37 lakhs for the year ended March 31,2025 as compared to '
3,789.26 lakhs during the year ended March 31,2024. The net profit after tax for the financial year 2024-25 was ' 1,319.92
lakhs as compared to the ' 1,473.86 lakhs during the financial year 2023-24.

The Company does not have any ongoing project nor is any new project envisaged in the near future.

DIVIDEND AND RESERVES

The Board does not recommend any dividend for the financial year under review. No amount is proposed to be transferred
to reserves during the year.

DIVIDEND DISTRIBUTION POLICY

In terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, (‘Listing Regulations') the Board of Directors of the Company (the ‘Board') has formulated and adopted
the Dividend Distribution Policy (the ‘Policy') which sets out the parameters and circumstances to be considered by the
Board in determining the distribution of dividend to its shareholders and/or retaining profits earned by the Company. The
Policy is available in the investor section of the Company's website at www.nsil.net.in.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return for FY25, in Form MGT-7 is available
on the Company's website at www.nsil.net.in

VOLUNTARY DELISTING FROM CALCUTTA STOCK EXCHANGE

The equity shares of the Company were voluntarily delisted from the Calcutta Stock Exchange with effect from February 1,
2025 vide their approval letter no. CSE/LD/DLL/1014/2025 dated January 31,2025.

CHANGES IN SHARE CAPITAL

There was no change in the authorized and paid-up share capital of the Company during financial year 2024-25.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Directors:

Retirement by rotation:

Mr. Ravi Dodhia, Non-Executive Non-Independent Director retires by rotation and being eligible offers himself for
re-appointment. Necessary resolution for his re-appointment forms part of the accompanying AGM notice. A brief resume,
nature of expertise, details of directorships held in other companies along with his shareholding in the Company, as
stipulated under the Secretarial Standards and Listing Regulations is appended as an Annexure to the Notice of the
ensuing AGM.

Key Managerial Personnel:

Mr. Hitesh Marthak was appointed as Company Secretary and Compliance Officer of the Company w.e.f. January 16, 2025
in place of Ms. Sheetal Hambarde who resigned w.e.f. November 19, 2024.

Key Managerial Personnel of the Company as per Section 203 of the Act, as on March 31, 2025 are as follows:

• Mr. Darshan Multani, Chief Executive Officer

• Mr. Rameshchandra Chechani, Chief Financial Officer

• Mr. Hitesh Marthak, Company Secretary and Compliance Officer

Declarations by Independent Directors

The Company has received declarations from all Independent Directors, confirming that they meet the criteria of
independence as specified in Section 149(6) of the Act, as amended, read with Rules framed thereunder and Regulation
16 of the Listing Regulations. In terms of Regulation 25(8) of the Listing Regulations, the Independent Directors have
confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could
impair or impact their ability to discharge their duties with an objective independent judgement and without any external
influence and that they are independent of the Management.

The Independent Directors have also confirmed that they have complied with the Company's Code of Conduct and that
they have registered their names in the Independent Directors Databank.

FAMILIARIZATION PROGRAMMES

The Familiarization program aims to provide insight to the Independent Directors to understand the business of the
Company. Upon induction / appointment, the Independent Directors are familiarized with their roles, responsibilities and
duties. Details of the familiarization programmes imparted to independent directors can be accessed at www.nsil.net.in/
investor-relation/ policies.

BOARD AND BOARD MEETINGS

The Board has an optimum combination of Executive and Non-Executive Directors including woman directors and conforms
to the provisions of the Act and Listing Regulations. As on March 31,2025, the Board comprised seven Directors, out of
which three are Non-Executive Non-Independent Directors and four are Non- Executive Independent Directors. There is
one-woman independent director on the Board. The composition of the Board of the Company as on March 31,2025 was
as under: -

Details on board composition, attendance, evaluation and board committees are provided in the Report on Corporate
Governance which forms a part of this Annual Report.

Independent Directors’ Meeting

In compliance with Schedule IV to the Act (Code for Independent Directors) and the Listing Regulations, the Independent
Directors of the Company met separately on Tuesday, March 25, 2025.

BOARD EVALUATION

The Board carried out an annual evaluation of its own performance, board committees, and individual directors pursuant
to the provisions of the Act and the Listing regulations. Performance of the board was evaluated after seeking inputs
from all the directors on the basis of criteria such as board composition and structure, effectiveness of board processes,
information and functioning, etc. The performance of the committees was evaluated by the Board after seeking inputs from
the committee members. The Board and the NRC reviewed the performance of individual directors on the basis of criteria
such as the contribution of the individual director to the board and committee meetings.

In a separate meeting of independent directors, performance of non-independent directors, Chairperson and the Board as
a whole was evaluated, taking into account the views of the directors. Performance evaluation of Independent directors
was done by the entire Board, excluding the Independent director being evaluated.

CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility (CSR) Committee has been constituted in accordance with Section 135 of the Act. The
Annual CSR Report is attached as Annexure I to the Board's report. The Board has adopted a CSR Policy which is
available on the Company's website at https://www.nsil.net.in/investor-relation/policies. Salient features of the Policy are
set out in Annexure II to the Board's Report.

POLICY ON NOMINATION & REMUNERATION OF DIRECTORS, KMPS & OTHER EMPLOYEES

In terms of the provisions of Section 178(3) of the Act and Regulation 19 read with Part D of Schedule II to the Listing
Regulations, the NRC is responsible for formulating the criteria for determining qualifications, positive attributes and
independence of a Director. The NRC is also responsible for recommending to the Board, a policy relating to remuneration
of Directors, Key Managerial Personnel and other employees. In line with this requirement, the Board has adopted a
Nomination and Remuneration Policy which is available on the Company's website at www.nsil.net.in. Salient features of
the Policy are reproduced in Annexure III to the Board's Report.

AUDITORS & AUDIT REPORT
Statutory Auditors & Auditor’s Report

MSKA & Associates, Chartered Accountants were re-appointed as Statutory Auditors of your Company at the 58^th Annual
General Meeting held on September 24, 2021, for a second term of five consecutive years and hold office till the conclusion
of the Annual General Meeting to be held in the FY 2026.

The statutory auditor's report for financial year 2024-25 does not contain any qualifications, reservations or adverse
remarks. The Auditor's report is enclosed with the financial statements with this Annual Report. No frauds have been
reported by the Auditor during financial year 2024-25.

Secretarial Auditor & Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, Shravan A. Gupta & Associates, Practicing Company Secretaries (PCS no. 9990) was appointed
as Secretarial Auditor to conduct a secretarial audit of records and documents of the Company for financial year 2024-
25.The Secretarial Audit Report for financial year 2024-25 does not contain any qualifications, reservations or adverse
remarks, which is annexed as Annexure IV the Board's Report.

Further, in terms of the regulatory requirements, Shravan A. Gupta & Associates, Practicing Company Secretaries (PCS
no. 9990) has issued the Annual Secretarial Compliance Report for financial year 2024-25, confirming compliance by the
Company of the applicable SEBI regulations and circulars/guidelines issued thereunder.

In terms of the Listing Regulations, with effect from April 1,2025, a listed entity is required to seek shareholders' approval
for appointment of Secretarial Auditor. Accordingly, the Board has approved and recommended the appointment of
Shravan A. Gupta & Associates, Practicing Company Secretary (ICSI Unique Number: S2013MH230000/Peer Review No.
2140/2022), as Secretarial Auditor of the Company for a first term of 5 (five) years beginning from financial year 2025-26.
Necessary resolution for this appointment forms part of the accompanying Notice of the AGM.

Cost Auditor & Cost Audit Report

The provisions of Cost audit as prescribed under Section 148 of the Act are not applicable to the Company for the financial
year 2024-25.

PARTICULARS OF LOANS, GUARANTEES, SECURITIES AND INVESTMENTS

In terms of Section 134 of the Companies Act, 2013, the particulars of Loans, Guarantees and Investments made by the
Company under Section 186 of the Companies Act, 2013 are detailed in Notes to the standalone financial statements.

RELATED PARTY TRANSACTIONS

Transactions/contracts/arrangements, falling within the purview of provisions of Section 188(1) of the Act, entered by
the Company with related parties as defined under the provisions of Section 2(76) of the Act, during the financial year
under review were in the ordinary course of business and have been transacted at arms' length basis. The Related Party
Transactions Policy is available on our website at http://www.nsil.net.in/investor-relation/policies. Disclosures as required
pursuant to Para A of Schedule V of the Listing regulations form part of the Audited Financial Statements for financial year
2024-25.

All Related Party Transactions are placed before the Audit Committee/Board, as applicable, for their approval. There are no
related party transactions during the financial year 2024-25 which are required to be reported in Form AOC-2.

HOLDING COMPANY, SUBSIDIARIES, JOINT VENTURE AND ASSOCIATES

The Company is a subsidiary of Lodha Developers Limited (Formerly known as Macrotech Developers Limited). During the
year, under review, the Company did not have any subsidiary, joint ventures or associate companies. The ultimate holding
company is Sambhavnath Infrabuild and Farms Private Limited.

RISK MANAGEMENT AND INTERNAL CONTROLS

Risk Management

Your Company has robust process in place to identify key risks and to prioritize relevant action plans to mitigate these
risks. Your Company has adopted a Risk Management policy which is based on three pillars: Business Risk Assessment,
Operational Controls Assessment and Policy Compliance processes. Major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis.

Adequacy of Internal Financial Controls

The Company's internal control systems are commensurate with the nature of its business and the size and complexity
of operations. These systems are routinely tested and certified by the Statutory as well as the Internal Auditor. The Board
/ Audit Committee reviews adequacy and effectiveness of the Company's internal control environment. These systems
provide a reasonable assurance in respect of financial and operational information, complying with applicable statutes,
safeguarding of assets of the Company, prevention & detection of frauds, accuracy & completeness of accounting records
and ensuring compliance with corporate policies.

WHISTLE BLOWER POLICY AND VIGIL MECHANISM

The Company's Whistle Blower Policy is in line with the provisions of Section 177 of the Act and as per Regulation
22 of the Listing Regulations. This Policy establishes a vigil mechanism for Directors and employees to report genuine
concerns regarding unethical behaviour, actual or suspected fraud or violation of the Company's Code of Conduct. The
said mechanism also provides for adequate safeguards against victimization of persons who use such mechanism and
makes provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases. The Vigil
Mechanism / Whistle Blower Policy is posted on the Company's website at http://www.nsil.net.in/investor-relation/policies.
During the year, the Company did not receive any complaint/ concern under Vigil Mechanism.

DISCLOSURE UNDER SECTION 197(12) OF THE ACT AND OTHER DISCLOSURES AS PER RULE 5 OF COMPANIES
(APPOINTMENT & REMUNERATION) RULES, 2014

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) 2014 is not relevant to the Company as the Company has no employees, directors do not draw
any remuneration (other than sitting fees) and Key Managerial Personnel have been deputed by the Holding Company. The
provisions of Section 197(12) of the Act read with rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, as amended from time to time also do not apply as there are no employees.

DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO

The Company currently has no ongoing project and therefore disclosures pertaining to conservation of energy and
technology absorption are not applicable to your Company during the year under review. The Company remains committed
to optimization of energy usage. During the financial year 2024-25, the Company neither earned any foreign exchange in
terms of actual inflows nor is there any foreign exchange outgo in terms of actual outflows.

CORPORATE GOVERNANCE REPORT

The Corporate Governance Report, pursuant to the requirements of Regulation 34 of the Listing Regulations, forms part
of this Annual Report. A certificate from Shravan A Gupta & Associates, Practicing Company Secretary, Secretarial auditor
confirming compliance of conditions of Corporate Governance during financial year 2024-25 as stipulated under the Listing
Regulations is included therein this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34 of the Listing Regulations, the Management Discussion and Analysis for the year under review,
is presented in a separate section and forms part of this Annual Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report pursuant to Regulation 34 of the Listing Regulations, forms part
of this Annual Report. The Company does not have any ongoing project nor is any envisaged in the near future. The
revenue is derived from sale of inventory of a past real estate project which was completed in 2018. The Company has no
employees or workers. The Key Managerial Personnel are on deputation from the holding company, Lodha Developers
Limited (Formerly known as Macrotech Developers Limited). In view of this, the Company is reporting only on Essential
Indicators and Leadership Indicators to the extent applicable for FY25.

GENERAL

Your Directors state that for the financial year ended March 31,2025, no disclosure is required in respect of the following
items and accordingly confirm as under:

1. The Company has neither revised the financial statements nor the Board's report.

2. There was no change in the authorized and paid-up share capital of the Company.

3. As there are no employees, the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and Maternity Benefits Act, 1961 were not applicable to the Company.

4. There are no material changes or commitments affecting the financial position of the Company between March 31,
2025 and the date of this report.

5. The Company has not accepted any deposits.

6. No instance of fraud has been reported to Board of Directors of the Company by the Auditors or any other person.

7. No significant or material orders were passed by the Regulators/Courts/Tribunals which impact the going concern
status and Company's operations in future.

8. There was no change in the nature of the business of the Company.

9. There has been no issue of equity shares with differential rights as to dividend, voting or otherwise.

10. No petition/application has been admitted under Insolvency and Bankruptcy code by the Honorable NCLT.

11. The Company has complied with applicable Secretarial Standards issued by the Institute of the Company Secretaries
of India.

12. There were no instances of one-time settlement with any bank or financial institution.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement of clause (c) of sub-section (3) of Section 134 of the Act, your Directors confirm that:

a. In the preparation of the Annual accounts for the Financial Year ended March 31, 2025, the applicable accounting
standards read with the requirements set out under Schedule III to the Act, have been followed and there are no
material departures thereof;

b. they have selected such accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,
2025 and of the profit and loss of the Company for the FY ended on that date;

c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;

d. they have prepared the annual accounts on a going concern basis;

e. they have laid down internal financial controls to be followed by the Company and that such internal financial controls
are adequate and were operating effectively; and

f. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively.

ACKNOWLEDGEMENTS

Your Directors would like to express their grateful appreciation for the assistance and support extended by all stakeholders.

For and on behalf of the Board
National Standard (India) Limited

Smita Ghag Ravi Dodhia

Chairperson Director

DIN: 02447362 DIN: 09194577

Date : July 17, 2025

Place : Mumbai