Macrotech Developers Limited (EKA Lodha Developers Limited) MACROTECH DEVELOPERS LIMITED ANNUAL REPORT FOR THE FINANCIAL YEAR 2018-19Macrotech Developers Limited (F.K.A Lodha Developers Limited) BOARD OF DIRECTORS Mr. Mukund Chitale Chairman (Independent Director) Mr. Abhishek Lodha Managing Director & CEO Mr. Rajendra Lodha Whole time Director Mr. R. PSingh Non Executive Director Ms. Shyamala Gopinath Independent Director Mr, Berjis Desai Independent Director CHIEF FINANCIAL OFFICER Mr. Jayant Mehrotra COMPANY SECRETARY Ms. Sanjyot Rangnekar REGISTRAR AND TRANSFER AGENT Link Intime India Private Limited C101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083, Tel No: 022- 4918 6000 Email fd: [email protected] Website: www.linkintime.co. REGISTERED OFFICE 412, 176 Vardhaman Chamber, ate! Road, Horniman Circle, Fort, Mumbai-400 001 Tel.: 491.22.23024400 Fax: +91.22.23024550 Email: [email protected] www-lodhagroup.in CORPORATE OFFICE Lodha Excelus, P.2 Apollo Mills Compound, NN M Joshi Marg, Mahalaxmi, Mumbai 400 011 Tel.: +91.22.23024400 Fax: +91.22.2302 4420 DEBENTURE TRUSTEES IDBI Trusteeship Services Limited VISTRA ITCL (INDIA) LIMITED Asian Building, Ground Floor, The IL&FS Financial Centre, Plot no C-22, G Block, 7" floor, 17 R.Kamani Marg, Ballard Estate, Bandra Kurla Complex, Bandra (East), Mumbai - 400 052 Mumbai- 400 001, Tel No.: 022 26593535 Fax: 022 26533297 Tel No. 022-4080 7000 Email: Krunal shah@vistr Fax: 022-6631 1776 Email id: jatin.bhat @idbitrustee.comMacrotech Developers Limited ____{F-k:aLodha Developers Limited) DIRECTORS’ REPORT To the Members, The Directors are pleased to present the 24" Annual Report along with the Audited financial statements of the Company for the financial year ended March 31, 2019. FINANCIAL RESULTS - Rs in crore = ~~ standalone Consolidated _ Particulars 2018-19 2017-18 2o1g-19 | 201718 Revenue from operations 9515.48 7aaze1| 11,906.98 | 9,677.27 Other income 18.00 | 29.98 29.03 109.68 hare of profit/ (oss) in partnership firms 8.58 - - Total Revenue/Income 9,533.44 7,481.38 | 11,936.00 | 9,786.95 Cost of projects 6,151.60 5,166.21 7,388.34 | 6,629.45 Employee benefits expense 241.91 295.16 369.89 493.00 Finance costs (net) 412.18 178.16 510.98 202.95 Depreciation, impairment & amortization 351.45 384.95 180.49 395.05 Other expenses 735.98 616.06 974.69 884.57 Total Expenditure 7,663.12 6,440.53 9,aaa.a2 | 6,605.00 Profit Before Tax 1,870.32 300.84 2,491.57 | 4,181.94 Tax Expenses 653.40 320.08 (@44.90) |__ (387.90) Net Profit for the year 4216.82 520.76 1,606.67 794.04 | ‘Other Comprehensive income (0.37) (0.07) (237) (21.52) Minority interest : | (2.07) 8.13 Total Comprehensive Income for the year 1215.85 520.68 1,635.21 77252 REVENUE RECOGNITION UNDER IND AS 115 The financials for the current year are not strictly comparable with the previous year on account of IND. AS 115 “Revenue from contracts with customers” being recognized as per ‘Point in Time’ method during the year under review, as compared to recognition based on the “Percentage of Completion Method” in the previous year. REVENUE & PROFITABILITY ANALYSIS (STANDALONE) Total revenue increased by 27.43% to Rs 9,533.44 crore during the financial year 2018-19 from Rs 7,481.38 crore during the previous financial year. Finance costs increased to Rs 412.18 crore as compared to Rs 178.16 crore during the previous financial year, Profit for the year increased by 133.53% to Rs 1,215.95 crore during the financial year 2018-19 from Rs 520.68 crore during the previous financial year. The parameters for both years are strictly not comparable in view of the revenue recognition as explained above and merger of a major subsidiary with the Company during the current financial year. REVENUE & PROFITABILITY ANALYSIS (CONSOLIDATED) Total revenue increased by 22% to Rs 11,936 crore for the year ended March 31, 2019 from Rs 9,786.95 crore for the year ended March 31, 2018, primarily due to increase in revenue from operations.Macrotech Developers Limited (F.K.A Lodha Developers Limited) Total expenditure increased by 9.8% to Rs 9,444.43 crore for the year ended March 31, 2019 as against Rs 8,605.04 crore during the previous financial year, primarily due to increase in revenue. Finance costs increased by 151.8% to Rs 510.99 crore for the year ended March 31, 2019 from Rs 202.96 crore incurred during the previous financial year, primarily due to lower interest inventorisation. Profit for the year increased by 107.4% to Rs 1,646.67 crore for the year ended March 31, 2019 from Rs 794,04 crore during the previous financial year ‘The parameters for the year are not comparable with the previous year on account of application of IND AS 115 with effect from April 1, 2018, which has resulted in revenue and profitability being higher during the financial year 2018-19 by Rs 3,377.71 crore and Rs 1,057.08 crore respectively as compared to the previous financial year. DIVIDEND AND RESERVES The Board does not recommend any dividend for the financial year under review. An amount of Rs 80.86 crore was transferred to the Debenture redemption reserve. No other amount was transferred to reserves during the year. MAJOR EVENTS DURING THE YEAR a, The name of the Company was changed to ‘Macrotech Developers Limited’ with effect from May 24, 2019. b. Corporate reorganization: ‘The following schemes of arrangement were approved by the National Company Law Tribunal ("NLT") during the financial year 2018-19 under sections 230 to 232 of the Companies Act 2013, i. Amalgamation of Hi Class Buildcon Private Limited with the Company, approved by the NCLT, Mumbai Bench on September 3, 2018 and effective on September 12, 2018. fi, Amalgamation of Adinath Builders Private Limited and Bellissimo Vivek Enterprises Dwellers Private Limited with the Company, approved by the NCLT, Mumbai Bench on November 2, 2018 and effective on November 30, 2018, lil, Amalgamation of Bellissimo Developers Thane Private Limited with the Company, approved by the NCLT, Mumbai Bench on November 2, 2018 and effective on November 30, 2018. jv, Demerger of Bellissimo Mahavir Associates Dwellers Private Limited into the Company, approved by the NCLT, Mumbai Bench on September 4, 2018 and effective on October 27, 2018. v. Amalgamation of Shreeniwas Cotton Mills Limited and Suvidhinath Buildtech Private Limited with the Company, approved by the NCLT, Mumbai Bench on June 6, 2019 and effective on July 26, 2019. vi Amalgamation of Dalhousie Leasing Services Private Limited, Mandip Finserve Private Limited and Hotel Rahat Palace Private Limited with the Company approved by the NCLT, Mumbai Bench on August 1, 2019. Order is awaited,Macrotech Developers Limited (F.K.A Lodha Developers Limited) The Company has filed the following schemes of arrangements under Section 230 to 232 of the Companies Act, 2013, which are currently pending before the NCLT, Mumbai Bench. i. Amalgamation of Bellissimo Mahavir Associates Dwellers Private Limited, Shree Sainath Enterprises Construction and Developers Private Limited, Lodha Impression Real Estate Private Limited with the Company. No shares of the Company shall be allotted as consideration for the Scheme. ii. Amalgamation of Arihant Premises Private Limited and Siddhnath Residential Paradise Private Limited with the Company. No shares of the Company shall be allotted as consideration for the Scheme, iil, Separate schemes of demerger of commercial tower 1 of New Cuffe Parade project, Palava Xperia Mall and Palava | Think into 3 separate subsidiaries of the Company. No shares of the Company shall be allotted as consideration for the Scheme. ‘The Company has withdrawn the scheme of demerger of an identified business undertaking into IMSA Computer Education Private Limited on June 20, 2018 and the scheme of amalgamation of Cowtown Infotech Services Private Limited on June 21, 2019, c. Other corporate milestones i. The suspension in trading of securities of Sanathnagar Enterprises Limited (“SEL”), a listed subsidiary of the Company, was revoked by 8SE Limited on April 25, 2018 with effect from May 3, 2018. SEL achieved Minimum Public shareholding by way of offer for sale of shares of SEL by the promoters of SEL on May 18, 2018. The vacation order was issued by the SEB! Whole Time Member on June 13, 2018. ji. The Board and shareholders of National Standard (India) Limited (NSIL) had approved voluntary delisting of the equity shares of NSIL from BSE Limited and Calcutta Stock Exchange Limited on February 14, 2018 and March 17, 2018 respectively. These approvals have now lapsed. Further course of action in this matter is being evaluated. Iii, Roselabs Finance Limited, a listed subsidiary of the Company, had applied to RBI for voluntary deregistration from NBFC activities on July 3, 2017.This has been approved by RBI byits order dated July 18, 2018. iv. The Company has partnered with Warburg Pincus-backed logistics developer e-Shang Redwood, Singapore to develop a Grade A warehousing industrial park in Thane district over 90 acres of land, in a phased manner. CHANGES IN SHARE CAPITAL The authorized share capital increased by Rs 4.81 crore during the financial year on accouint of various mergers effected during the year. There were no capital issuances during the financial year. EXTRACT OF ANNUAL RETURN Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of annual return is annexed as Annexure IMacrotech Developers Limited (F.K.A Lodha Developers Limited) DIRECTORS AND KEY MANAGERIAL PERSONNEL ‘As on March 31, 2019, the Company had six Directors, of which two were Executive, one was Non executive and three were independent. No Director holds directorships in more than twenty companies or ten public companies. None of the Directors are related to each other. The Company has received declarations under section 149 of the Act from all independent directors confirming that they meet the criteria of independence prescribed under the Act and the Listing Regulations. None of the Non-Executive Directors had any pecuniary relationship or transaction with the Company which could potentially conflict with the interests of the Company at large, Mr. Rajendra Lodha retires by rotation and being eligible, offers himself for re-appointment. Necessary resolutions are included in the accompanying notice of the Annual General Meeting. Key Managerial Personnel as on March 31, 2019 as per Section 203 of the Act are: Mr. Abhishek Lodha, Managing Director & CEO Mr. Rajendra Lodha, Whole time Director Mr. Jayant Mehrotra, Chief Financial Officer Ms. Sanjyot Rangnekar, Company Secretary BOARD AND BOARD COMMITTEES Board Meetings Six Board meetings were held during the year; on May 25, 2018, June 19, 2018, August 17, 2018, October 29, 2018, February 22, 2019 and March 27, 2019. The gap between two meetings did not exceed 120 days. Attendance of Members during financial year 2018-19 is given in the table below. Name of Directors) Category of directorship in the | No. of Board ] Attendance | Director's and DIN Company meetings held during | at last AGM | Shereholding in the year: the Company (%) 6 ‘Attended ‘Mi. Mukand Chitale Chairman, Independent 6 ves Ni _| director | ‘Ms Shyamala Gopinath | Independent Director 5 No | Ni ‘Mr. Berjis Desai Independent Director 3 Yes | Nil [-Me. RP singh "Non-Executive Director 5 No | Ni ‘Me. Rajendra toda | _Whole time Director 2 No] 200shares Mr. Abhishek Locha ‘Managing Director and CEO 6 Yes: Board Committees Board Committees play a crucial role in the governance structure of the Company and have been constituted to deal with specific areas / activities which concern the Company and need a closer review. The Board Committees are set up under the formal approval of the Board to carry out clearly defined roles which are considered to be performed by members of the Board, as a part of good governance practice. The Board supervises the execution of its responsibilities by the Committees and is responsible for their actions. The minutes of the meetings of all Committees are placed before the Board for review. ‘The Board has currently established the following mandatory committees:Macrotech Developers Limited (F.KA Lodha Developers Limited) A. Audit Committee The Audit Committee comprises Mr. Mukund Chitale, Chairman & Independent Director, Ms Shyamala Gopinath, Independent Director and Mr. R P Singh, Non Executive Director. All the Members of the Committee have relevant experience in financial matters. Senior executives are invited to participate in the meetings of the Committee as and when necessary. The Managing Director & CEO and the CFO are permanent invitees and the Company Secretary acts as Secretary to the Committee. The terms of reference of Audit Committee of the Company are in line with the provisions of Section 177 of the Act. The Audit Committee met six times during the year; on May 25, 2018, June 19, 2018, August 17, 2018, October 29, 2018, February 22, 2019 and March 27, 2019. Attendance of Members during financial year 2018-19 is given in the table below. Name of the member | Number of Meetings which | Number of Meetings the director was entitled to attended attend Mr. Mukund Chitale 6 6 Mr RP Singh I 6 5 Ms, Shyamala Gopinath | 6 5 8B. Nomination & Remuneration Committee The Nomination & Remuneration Committee comprises Mr. Berjis Desai (Chairman), Mr. Mukund Chitale and Mr. R P Singh, The Company Secretary acts as the Secretary to the Committee. The terms of reference of the Nomination & Remuneration Committee of the Company are in ine with the provisions of Section 178 of the Act. The Nomination & Remuneration Committee met twice during the year i.e. on May 25, 2018 and July 24, 2018. Attendance of Members during financial year 2018-19 is given in the table below. Name of the member | Number of Meetings which | Number of Meetings the director was entitled to | attended attend Mr. Mukund Chitale 2 2 Mr. Berjis Desai 2 | 1 Mr. RP Singh 2 2 Corporate Social Responsibility Committee The CSR Committee comprises Ms. Shyamala Gopinath (Chairman), Mr. R P Singh and Mr. Berjis Desai. The Company Secretary acts as the Secretary to the Committee. The terms of reference of the CSR Committee of the Company are in line with the provisions of Section 135 of the Act. The CSR Committee met once during the year i.e, on June 19, 2018. Attendance of Members during financial year 2018-19 is given in the table below. Name of the member ‘Number of Meetings which | Number of Meetings the director was entitled to attended attend - Ms, Shyamala Gopinath 1 = Mr. RP Singh 1 1 Mr. Berjis Desai 1 1Macrotech Developers Limited (F.K.A Lodha Developers Limited} Details required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 are given in the CSR Report appended at Annexure II to this Report. The Board has adopted a CSR Policy which is available on the Company's website at www.lodhagroup.in. Salient features of the Policy are set out in Annexure Ill to this Report. Non mandatory committees The Company has constituted an Executive committee for ease of administration and smooth conduct of business. The Executive Committee comprises Mr. Abhishek Lodha, Mr. Rajendra Lodha and Mr. R P Singh. The Company Secretary of the Company acts as the Secretary to the Committee. BOARD EVALUATION The Board carried out an annual evaluation of its own performance, Chairman, board committees, and individual directors pursuant to the provisions of the Act. 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. Performance of committees was evaluated by the Board after seeking inputs from the committee members. The Board and the Nomination and Remuneration Committee 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 the Chairman, non-independent directors and the board as a whole was evaluated, taking Into account the views of executive directors and non-executive directors. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated, REMUNERATION POLICY FOR THE DIRECTORS, KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES In terms of the provisions of Section 1783) of the Act, the Nomination and Remuneration Committee is responsible for formulating the criteria for determining qualification, positive attributes and independence of a Director. The NRC is also responsible for recommending to the Board a policy relating to the remuneration of the 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 lodhagroup.in. Salient features of the Policy are reproduced in Annexure IV to this Report. ‘AUDITORS & AUDITOR'S REPORTS ‘+ Statutory Auditor MSKA & Associates (F.KA. MZSK & Associates), Chartered Accountants (Firm Registration No. 105047W), the statutory auditors, hold office until the conclusion of the 26" AGM to be held in the year 2021. Secretarial Auditor Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Makarand M. Joshi & Co. Practicing Company Secretary was appointed as Secretarial Auditor to conduct secretarial audit for the financial year 2018-19.Macrotech Developers Limited (F.KA Lodha Developers Limited) © Cost records and cost audit D.C. Dave & Co, Cost Accountants were appointed as Cost auditors to audit the cost records of the Company for financial year 2018-19. Auditor's Reports * The statutory auditor's report for financial year 2018-19 (standalone) does not contain any qualifications, reservations or adverse remarks. The Auditor's report is enclosed with the financial statements with this Annual Report. In the audit report for financial year 2018-19 (consolidated), the Statutory Auditor has commented that one of the directors on the Board of National Standard (India) Ltd (NSIL), a listed subsidiary was disqualified under Section 164 (2) (a) of the Companies Act 2013 on account of non compliance of this section by another company in which he is an independent director. He has since ceased to be director of NSIL. © The Secretarial Audit Report for financial year 2018-19 does not contain any qualifications, reservations or adverse remarks. The Secretarial Audit Report is provided in Annexure V of this Report. ‘* The Cost Audit Report for financial year 2017-18 was filed with the Ministry of Corporate Affairs on October 5, 2018. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS ‘The Company is in the business of providing “infrastructural facilities” as defined in Schedule VI of the Companies Act 2013 and therefore the provisions of Section 186 are not applicable to any loan made, guarantee given or security provided by the Company in terms of exemption provided u/s 186. Particulars of investments made by the Company are provided in the financial statements which may be read in conjunction with this Report. RELATED PARTY TRANSACTIONS Transactions/contracts/arrangements, falling within the purview of provisions of Section 188(1) of the Companies Act, 2013, entered by the Company with related parties as defined under the provisions of Section 2(76) of the Companies Act, 2013, during the financial year under review, were in the ordinary course of business and have been transacted at arm's length basis. Material contracts, arrangements or transactions with related parties referred to in Section 188, entered during the year ended March 31, 2019 in Form AC-2 are provided in Annexure VI. PARTICULARS OF REMUNERATION TO EMPLOYEES In terms of 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, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules are provided in the Annual Report, which forms part of this Report. The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the 9Macrotech Developers Limited (F.K.A todha Developers Limited) Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided ‘Annexure VI, The report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary. ‘SUBSIDIARIES, JOINT VENTURES, ASSOCIATES ‘The Company is a subsidiary of Sambhavnath Infrabuild and Farms Limited. The Company has 44 subsidiaries / associates on March 31, 2019. A statement containing the salient features of financial statements of the Company's subsidiaries and associates in Form AOC-1 is attached to the financial statements of the Company. CONSOLIDATED FINANCIAL STATEMENTS The Audited Consolidated Financial Statements for the financial year ended March 31, 2019 have been prepared in accordance with Indian Accounting Standard (Ind AS) - 110 on ‘Consolidated Financial Statement’ read with Ind AS-28 on ‘Investments in Associates and Joint Ventures’, notified under the Act, read with the Indian Accounting Standards Rules as applicable and same are in compliance with the Companies Act, 2013. RISK MANAGEMENT & INTERNAL CONTROLS Risk Management 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. The key risks and mitigating actions are also placed before the Board /Audit Committee from time to time. Adequacy of Internal 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 audited by Statutory as well as Internal Auditor and cover all offices, sites and key business areas. Significant audit observations and follow up actions thereon are reported to the Board/ Audit Committee. The Board / Audit Committee reviews adequacy and effectiveness of the Company's internal control environment and monitors the implementation of audit recommendations, including those relating to strengthening of the Company's risk management policies and systems. 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. Vigil Mechanism The Company has adopted a Transparency & Ethics Policy for directors and employees. This policy is the Company's statement of values and represents the standard of conduct which all employees are expected to observe in their business endeavours. The Policy reflects the Company's commitment to principles of integrity, transparency and fairness. It forms the benchmark against which the world at large is invited to judge the Company's activities. 10Macrotech Developers Limited (EK. Lodha Developers Limited) ‘The Company has adopted a Whistle Blower Policy, as part of vigil mechanism to provide appropriate avenues to the Directors and employees to bring to the attention of the management any issue which is perceived to be in violation of or in conflict with the Transparency & Ethics Policy of the Company. The Company has provided a dedicated e-mail address for reporting such concerns. Alternatively, employees can also send written communications to the Company. The Vigil Mechanism provides a mechanism for employees of the Company to approach the Ombudsman /Chairman of the Audit Committee of the Company for redressal CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND ouTGo Particulars as required under the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy, technology absorption, foreign exchange earnings and outgo etc. are furnished in below: A. Conservation of Energy i. Steps taken or impact on conservation of energy + Installation of solar water heaters for the residential buildings at our projects. + Installation of solar powered street lights at township projects. + Use of variable frequency drives for all elevators and air-conditioning equipment. + Installation of occupation censor controlled lighting and air-conditioning through home automation in our projects. + Use of extensive use of materials like fly ash, GGBS, etc. at all our projects, resulting in saving of cement thus indirectly saving energy consumed in manufacturing of cement. + Fine tuning of electrical designs at all major projects to contain the voltage drop to less than 5%. + Use of low voltage PL lamps Steps taken for utilizing alternate sources of enerey + Use of variable frequency drives for all elevators and air-conditioning equipment. + Home automation through use of censor controlled lighting and air-conditioning + Use of solar water heaters and solar powered street lights iii, Capital investment on energy conservation equipment ‘The Company continues to make project level investments for reduction in consumption of energy. The capital investment on energy conservation equipment cannot be quantified. iv. _ Impact of measures for reduction of energy consumption + Reduction in overall maximum demand for the electricity in all projects and consequent energy saving benefits to the residents ‘+ Measures to achieve eco balance have been taken at the major sites of large developments by providing extensive green cover and creating water bodies by treating waste water and rain harvesting, + Waste water equipment plants are installed at all major projects for treating waste water and utilising it for air-conditioning, watering of green spaces and flushing. + Providing dust control systems for the concrete batching plant across projects. + Complete ban on use of mud bricks in construction and using light weight blocks which helps soil conservation and utilization of material like fly ash which otherwise would cause air pollution aMacrotech Developers Limited (F.K.A Lodha Developers Limited) © Use of modern metallic form work instead of timber form work thereby helping conservation of forests + Prefabricated dwelling units for labour accommodation with bunkers to minimise the areas utilized by the camps and controlling environmental degradation by proper waste disposal facilities. = Minimise use of paper in its offices across all sites + Regulated water and power supply to labour camps across all sites. + Plantation of large number of trees and providing extensive green cover creating water bodies to enhance the ecology and environment. + Use of fly ash and other minerals in the construction to reduce cement consumption thus indirectly saving the energy used for manufacture of cement. + State of the art electronic parking management system installed to accommodate and control the movement of large number of vehicles thus helping de-congestion of the roads in the area resulting in smooth and faster passing of traffic thereby reducing fuel consumption and pollution caused due to carbon monoxide by idle running of vehicles. + Use of crushed sand in the construction instead of natural sand thus helping environmental degradation as natural sand is normally dredged from the river beds. * Crushing stones obtained from excavation at the construction site itself thus saving the transportation for disposal of stones as well as import of crush aggregate, saving both ways transportation and thus saving fuel. Technology absorption i. Efforts made towards technology absorption ‘The Company uses vacuum sewage systems, mechanical car parks, co-generation, solar power, top down construction, dry walls, optimization of water distribution systems for high rise buildings & automatic climbing formwork. ii. Benefits derived like product improvement, cost reduction, product development or import substitution The Company derives benefits in the form of cost reduction, fewer customer complaints and better quality of end products. Some measures are directed towards reduction in air pollution and fuel saving. in co-generation plants, heat generated by diesel generators is used to run the air conditioner plant or to create additional energy. Our “top down construction” approach reduces completion time and consequent costs due to saving of energy on more efficient use of plant and equipment by shorter duration of deployment. Imported Technology Nil Foreign Exchange Earnings & Outgo During financial year 2018-19, foreign exchange earnings and outgo was Rs 13.06 crore and Rs 428.81 crore respectively. 2Macrotech Developers Limited (F.KA Lodha Developers Limited) GENERAL DISCLOSURES Your Directors state that for the financial year ended March 31, 2019, no disclosures are required in respect of the following items and accordingly confirm as under: i. The Company has neither revised the financial statements nor the report of Board of Directors. ji, No cases were filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, iii, There are no material changes or commitments affecting the financial position of the Company between March 31, 2019 and the date of this report. iv. The Company has not accepted any deposits during financial year 2018-19. v. No instance of fraud has been reported to Board of Directors of the Company by the Auditors or any other person, vi. _ No significant or material orders were passed by the Regulators/Courts/Tribunals which impact the going concern status and Company's operations in future. vii. During the financial year 2018-19, there was no change in the nature of the business of the Company. vill, There has been no issue of equity shares with differential rights as to dividend, voting or otherwise during the financial year 2018-19. ix, The Company has not issued any shares (including sweat equity shares) to employees of the Company under any scheme during the financial year 2018-19. DIRECTORS’ RESPONSIBILITY STATEMENT Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that: a. in the preparation of the annual accounts for the financial year ended March 31, 2019, the applicable accounting standards read with the requirements set out under Schedule Il! 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, 2019 and of the profit of the Company for the financial year 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; 13Macrotech Developers Limited (F.K.A Lodha Developers Limited) fe. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively, 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 MANAGEMENT DISCUSSION AND ANALYSIS The Management Discussion and Analysis report forms a part ofthis Annual Report. ACKNOWLEDGEMENT Your Directors would like to express their grateful appreciation for the assistance and support extended by alll stakeholders. For and on behalf of the Board Date : August 9, 2019 Mukund Chitale Place : Mumbai Chairman Managing Director & CEO DIN: 00101008 DIN: 00266089 “Macrotech Developers Lit Form No. MGT-9 EXTRACT OF ANNUAL RETURN (F.K.A Lodha Developers Limited) ANNEXURE I as on the financial year ended on March 31, 2019 of {Pursuant to Section 92(1) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and MACROTECH DEVELOPERS LIMITED Administration) Rules, 2014] REGISTRATION AND OTHER DETAILS: a [aN Uasz00MHI995°LCOS3007 , Registration Date ‘September 25, 1995 ‘Name of the Company Macrotech Developers Limited (F.KA. Lodha Developers Limited) Category of the Company ‘Company limited by shares Sub-Category of the Company Indian Non-Government Company ‘Address of the Registered Office and contact details ‘412, Floor- 4, 176 Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai ~ 400001 Tel No.: 022 23024400 Fax No. 022 23024550 Email: [email protected] Whether listed company ‘The equity shares of the Company are not listed on ‘any exchange. The debt securities of the Company are listed on the WDM segment of NSE Ltd. Name, Address and contact details of Registrar & Transfer Agents (RTA, if any Link intime india Private Limited C101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083, Tel No: 022- 4918 6000 Email: :nt,helodesk@linkintime,co.in PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY Business activities contributing 10 % or more of the total turnover of the company: | Name and Description of main products / services| NIC Code of the % to total turnover of the Product/ service company Construction and development of real estate and ‘a0 700 allied activities 15Macrotech Developers Li ited (EKA Lodha Developers Limited) Il, PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES AS ON MARCH 31, 2019 Sr | Name of the Company ‘Address ofthe Company | CIN/GLN/UIN | Holding? [% of | Applicable No. Subsidiary/ | shares | Section | Associate | held _| Tambhavath Iniabuid and | #12, Hoar & 176 | Uas20OMHROOT® | Holeing 675% | 38) Farms Private Umited Vardhaman, Chamber, | 10173517 Cawasii Patel Rood, Horiman Clete, Fort, Mumbs- 00001 | INDIAN SUBSIDIARIES & ASSOCIATES. [Tt 3 | Atamount fosd Property de ‘UyoromanzoneP | Subsidy | a00% | 267K) Private United wel 1257055, 26/03/2019 to 29/05/2019) _ | 2 | Anantnath- Constructions. sna ae ‘vasaoonana0a7? | Subsidy | i00% | 287K) Farms Povate Umit - ser7ssi2 3. | Anant Premises — Private de ‘Uas200eAnI968 | Subsidiary | 00% | —27NAT mites eoissz8 | weilssime Constiucion and =o ‘U7ox00MHI6IR | Subsidy | 100% | 21671 Developers Private Limited (FK 1c733845, A lodha ‘Knowledge Foundation) (wet 01/02/2015), S| Belisimo Estate Private ae ‘Uyoro0NNa013° | Subsidiary | 00% | 267i LUmited (F K A Palawa Ciy Te249849 Management Association) (we 08/03/2019) | Belissimo. Manav Assadates de ‘Uvoxostanz0%7 | Subsidiary | 00% | 287K Dwellers Private Limited ‘re299063 7 | Bhyanderpada — Splandorrs ao ‘Ussaoonizou8P | Subsidiary | 100% | 2671) Complex Private Limited (we e206223, (08/03/2019) %, | Centre for urban novation ae ‘assOGNIRAOGEN | Subsidiary | 100% | 2187) (weet. 24/12/2018) PLat662 | Cowtown Infotech Services we UUvoxootRi9es? | Subsidiary | 100% | 287K Private United (Fexmecy yc038213 known as. Cowtown Land Development Private Limite) WO. | Cowtown Software Design e UUranosran006° | Subsidiary | 00% |B Private Lite (KA Nabhiraja ‘e160863 Software Design Private Limited) | ai. oahouste easing and Financial =a esBroNaNi9Ga> | Subsidiary [100% | 27K Services Private Limited ‘rczag0s Ta, | Grandezza_Supremous Thane =e ‘aszoarnnoia | Subsidiary | 100% | 287K) Private mites c305535, TE [Hotel Rahat Pace Private ee Ussz00MAIS7EP | Subsidiary | 100% | 27a) Limited co17810 Ta, | MMR Wousing Development os ‘rox02Nna0a7> | Subsidiary | 00% | 27ND Private Limited (PKA, Looh Te1ss919 uildcon Private tinted) L IS. P odha Impression Real Ete a ‘Vaszoonna007> | Subsidiary | 100% | 3 rate Limited ‘196830 6. Mandip— Finsewe — Pate a ss910Gii996P" | Subsidiary | 100% | 27H) Limited 031067 7, | National Standsré naa] =i Lari09WaiD6IAL | Subsidiary | 73585 | 27H _| united co7s60s TE] Odeon Theatres and Properties ae Fus2sioMni97ae | Subsidiary | 100% | 2187} Private mite coisas WB |Palova Cy — Management =e= ‘UaorooRz008" | Subsidiary [100% | 287K vate Limited yea77500 FO. Palava Owelers Private United % ‘U7ox00.H2005°" | Subsidy 96% | AB (FA Ele Trading Private re1s493 Lites Bi | Palava tnstitute of Advanced =e= TROEIORIAOTON | Subsidiary | 100% | 27H Skil Trang fw. PL319566 44/01/2019) 32. Reselabs Finance Limited =e> TETEROGHOSSPIC | Subsidiony | 74.25% | —2167H0 24070 16Macrotech Developers Limited (F.K.A Lodha Developers Ut ited) F_[Sonatinogar—— Enerpaes @ TORSOMNTBATA | Subsaary [75.00% | 2TH Limited c2sa76a a & Uss206MHTOLSF | Subsdary | 300% | 2 Construction and. Developers Tc2s0s00 TE] Siesniwss Coton Wile e TroroRRIGaGe | Subsany | —SOTHE | aH Umited(eged wet wcoon24s 2eyo7re039) 36. | Sdahnath hesdntal Parodie & UroxoannzGo7e | Sobadawy | soo | erm) arate united 1165967 “| Ba, Simtoos Private med = = = = oversew | Sear Wwasysez | Oar swueweei —[(poeee) | eo eeeie ‘nara | eniasoy enasoy sSuyuog | voucwapoy | uoydwepey | ensesoy | winwoig woyonjoney | peuicjey | joyco> | eimueqea | foudes | ssous | 0 wren ior 2019804 1240 snidins puo sonosey soja BTU Aina 83H10 (8) Ow Lee eed Guedes oy) pus oy > SDUBRE) = feu MUOG IO ones or ore'LL owneree Bek Buyodsi 04) 0 BuuuBeq euro 8240108 BruaIOWIE | éL-WOBWAE sy psy soinawo SOUL ‘wulay> 3avHs Auin3 (¥) #102 HOwWW ISL G30Na USA 3H1 YOd AlIND| NI SIONVHD 4O INAWaL¥IS (aauiwn suadowsnaa vH001 $0 umouy Ajowie3) aaUWn s¥adOTaNEG HOBLO¥DYW6102 ONY. GF si0 quinyy : 20014 ran snccina vase secon (Aipjai2a$ Auoduso>) (1921N0 112UDUY ¥2!D) Gaupog) Ca ote a mead ye - 1 NH ye 7, serra soto NE) een (uouyou5) Foe, vena Mcy0g01 sequin uowoHsIBOY Wy swupjune22y paispo4 (pajun ssedojeneq 8ypo1 so unouy fjsuii0s) payun sisdojonag 49}0100W S0jo}2088Y @ YISW 104 10 810)90110 Jo pibog au 0 #O4NG UO PUD so ‘2p Uana jo jodey pey>04o Ino 18d 8y[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES 10 THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 1 SIGNINCANT ACCOUNTING FOUICIES A Company's Background ‘Macrotech Developers Limited [Formery known as Locho Developers Limes) (the Company] Is ¢ publc imited company domiciled and incerporoted in Incia under the Companies Acl. 1956 vide CIN - U4S200MHI9PSPLCOPSDA]. The Company's registered offce & located of 412 . Floor - 4 17 G Vardhoman Camber, Cawas Patel 800d. Homimin Circle. Fort, Mumba 400001. The Company i pemarily engaged in the business of real estate development Significant Accounting Poticies | Basis of Preparation The Standaione fnencio!stolements of he Company have been prepared in accordance wilh Incion Accounting Slandaras (ne AS'] notified under section 133 of he Companies Act 2013, reo logether with the Componies (Indian Accounting Slendore) Rules, pois. These financial slolemen's Reve been prepared ond presented under the hislercal cost convention, on the occruol bass of ‘occounting except fer lond as cissfied uncer Property Plant and Equipment and certain fnencal ase's ond froncl felis that cre measured ot for valves cl the end of each reporting period, as sated in the accountng policies set Ou! below. Te ‘occounting pofcies have been applied consstenty over al the year presented in theve nancial stotements The financial stotoments are presented in ncion Rupees (2) and oil values ore rounded fo the neares!okns except when olherwise inaicates, | Summary of Signfcant Accounting Policies 1. Current and Non-Curent Classification The Company presen's assets and Sabithies in the Standolone Bolonce Shee! bared on curent/non-curent clasifcation, An asset 'staated os Curent when i |] Expected fo be reoizod or intonded fo be sold or consumed in normal operating cycle Hele primary fr the purpose of trading ii) Expected to he rectsed within twelve months ater the reporting petod or |) Cosh or cash equivalent unless restricted from being exchonged or ured to sete @ billy for ct leat wwelve manta ote he teporing period, Allother assets cre classiled os non-current Alicbity is curent when: INisexpected to be settad in nomal operating cycle |) Hishold primonty for the purpose of racing fil tis. due to be setied within hwoive moni ater the reporting period. or '¥) There's no uncendtioncl ight 0 cefer the setiement of the labiy fo o eos! twelve months citer the reporting period. The Company closes all thor labities os non-current, Detered tox osets and lilies re closifed es nor-current asiels ond Hanis expectvely. The operating cycle fhe fime between the acquisition of ostels for procastng ond thei reotsation in cosh end cash equivolen's The operating cyele of the Company’ real esiate operations varies from project to project depencing on the size ol the project, ty0 of development. project comolextes ond related approvals, Ash and Lobifies are closed info cunent and non current based on the operating cycle. 2 Property, Plant and Equipment | Recognition and measurement All property, plant ond equipment excep! freehold land are sioled al Hislorical cot less accumulated depceciation, Hétorical cost includes expendive thal is orecty olrbutable tothe acquisfions ofthe items. Cost includes leigh, dutles, axes bovowing cost ‘ond incidental expences reicted fo he acausiion and irstollation ofthe ase" Freehold Lond is mecsuted ol {ar value. Valuations ate performed vith sufcient fequency fo ensure that the coming valve of revalued asset does nol defer materially kom is foe woke, Revaluation sul isrecorded in OCI and crecied to the Revaluation reserve in Other Equly I. subsequent costs Subsequent expenditre & copitaisad only when is probable that the fulue economic bene of the expenditue wil ow tothe ‘Company. All ether repairs end moinienonce cre charged to the Stondelone Ind AS Statement of Prot ond Los curing the reporting periodin which fey ore incured-MACROTECH DEVELOPERS LIMITED (Formely known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENIS AS AT 31ST MARCH 2019 1M. Derecogniion The carrying amount ofan tem of Froperty, Plant and Equipment is derecognized on csposal or when no future economic benefits (Fe expecied ftom its use or csposa. Tha gain cx loss crking fom the derecogniion of an item of Properly, Pion! and Equioment is mecsuied as the difference belween the net cisposa! proceeds end the canying amount of the item and i recognized ia the Stondotone Statement of Profit and Loss when the tam is derecognized, |v. Capital workin progress Cost of ossels not ready forintended use. os on the Bolance Sheet date is shown as capital workin proaress ¥. Depreciation Depreciation is coleulated on o writen down value basis over the estimated utetul lives of the asses os specified in Schedule tof ‘Companies Act, 2013 excep! for Ste/Soles Offices ond Sample Flas wherein the estimated useful Ives 6 determined by Ihe mmonosomen [Efron rin an epmert Uist oan ees ce and Som Tae eben a0 it on aso He Toes taupe i See ona z [send oor Sete wens Tiers Bo a z [MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES 10 THE STANDALONE FINANCIAL STATEMENTS AS AT IST MARCH 2019| 13. Curent income Tax Current income tox fer the current and pric perioas ore mocsured at the amount expected to be recovered from or paid to the taxation authorities based on the taxable prot fe the povod. The tax rates ond lax laws used to comple the ernoust ore ose ‘ha! ore enacted by ihe reporting dete and applicable for the period Deteried Tax Delerted tars recognized using the balance shee! approach. Deferred fax assets and labities ore recognized for all deduesble fond foxobie temporary diferences arising between the fox bases of ostels and fabilies ond ther corying amount in financial statements, excep! when the deferred fox arses rom the ina! recognition of goodwil or on asset or habity ma Nensacton that & not a business combination ond atlects nether accounting nor taxobie profi: 0 loss a the Sime of Honsoetion, Deterted tax asses ond fatilties ore measured atthe tox oes thot are expected lo apply inthe pariog when the ass is ealzed ‘or he lobliy i selied, based' on toxroles nat have been enocled or substantively enacled at ine reporting dove. Delete tox cast in resoect of carry forwoxd of unused tex credls ond unused tax losses ore recognized to the extent that iis probable that texcble profil wil be available ogoinst which the deduetibe temporary aiferences, ond tne cary lorwexd of Unused fax crecils ond unused! tex losses con be ubaed. ‘he canying amount of deferred tax assets is reviewed ct each repoting date and reduced fo the extent tho! it ne longer probable that suficien!toxcble prof wil be avallosie to alow ol or part of the deferred tax asset fo be ullzeg. ‘The Company recognizes detered fax Fables fo all taxable temporary diferences except those assacioted withthe investments In subsioiories where the fming of he reversal ofthe lemporayy diference con be contiolled and iis probable that the ternporary iference vil not reverse in he foreseaatbie lure Minimum Alierate Tox (MAT) credit is recognited as an asset only when ond to the extant there is convincing evidence that the Company wil pay normal tax during the specified period. Such ose! i reviewed of each Balance Sheet date ond the coming ‘amount of ine MAT crecit eset is witlen down fo the exten! there is na longer 6 convincing evidence 10 the elfect that he ‘Company wi pay normal tox during the spaced period. Presentalion of Curent and Deferred Tax: Curren! ond detened tox re recognized os income or an expense in the Siclement of Profit and Loss, except when they velata fo items that are recognized in OCI, in which cose, the curent ond delered tar income/ expense cre recognized in OCI Te ‘Company offiets current fax assefs and curtent fax EobiFfes, where i! hat @ legaty enforceabe right fo set ell the recogrized ‘amoun's and where it ntends ether fo sella on @ net Basis. or fo realze the azset and sltle the ail simulloneousiy, In cone of Getered fox ossels ond deterred fax lobes, the same are ottset # the Company has a legaly enforceable right to set of Cconesponding curent iax assets ogainst curent fox abies ond the deferred tax axse's ond defered tox babies relate to income taxes levied by he some tox outnoaly on he Company. 14 Borrowing Costs Borrowing costs that ere directly atibutobie fo long term project development octiviles ae inventorsed / capitalized as pert of project cot. Borowing Coss ar inventoried / copitaised os port of project cost when the activites thot are neceisory to prepare the inventory 1 ose for is intended use o: sole are in progress. Borowing costs ofe suspended from inventorseion 7 capiioisation when development work on the project is inetupted for extended periods and there is na imminent Certainly of recommencemen! of werk All other borrowing costs ore expensed inthe period in which they occur. Borrowing costs consi of inerest and other cots that the Company incu in connection withthe borowing of func. 15 Leases ‘The determination of whether an aongement is {or contains) @ leate is based on the substance of the arangement at the inception of the lease. The arangemen! 5, of contains, a leo%e I fufiment of tne orangement is dependent on the use of 8 Specie asso or assets and the arongement conveys right fo use the asset or ostets, even f hat right not explicit specie’ in (on orcongement Company asa Lessee ‘Aleoie i clossifed atthe inception date os a finance lease or an operating ease, Lease arrangements where the Company has substatiay al the sks and rewards of ovmershin associated withthe leased o1sels {f6 classified as nance leases. Assets faken on fnance lease ce recognised of fixed ares, An equivaiont abil is created ot the Incepton of the leate, Renfals paid cre apportioned between france charge and prepa bosed on the impli rate 0 rturn in the contact, he finance charge is shown os inerest expense ond the princioal amount is reduced ftom the habily. Te arses ‘ocqired under the lease are depreciated over he lease 1m, which isralscive ofthe uiel/ He of fe leaved onset Operating lease poyments are recognised as cn expense in the Stondolone ind AS Statement of Profit ond Loss on « shaigh! ine boris unless payment fo the lessor ore structures 2 in the ine wh th[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LATED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2017 6 ” 18 Compony as a Lessor \eatesin which the Company does not tronser substan ol the risks ond rewards of ownenhip ostel associated wil the lsased ‘asses ate clsstied as operating leotes. Renial income from operating leave is recognized ono staightine boss over he term of {ne relevant lease. inital direct coss ncutted in negotiating ana arranging on operating lease ore aelded lo the conying amouet Of the leased asset ond recognised over the lease ferm on tne some bast at rental income. Contingenl rents ere tecopaived or revenve inthe period in which they ore earned, Leases ore clastied os tinonce leoses when substantialy al ofthe rss and rewards of ownership ronsfe tom the Company to the lessee. Amounts due from lesiges under fnonce leases ate fecarced a: recelvables al the Company's ne! investment the lacsos Finance lease income is allocated fo occounting petiods so os 1 reflect © Constant periodic rae of return on ‘the ne! investment ‘outsionging in respect of the lease Operating eose receipts ore recognised as an income in the Standotone ind AS Statement of Profitand Loss on a skeight fe boss Unless rocolot fom the lesiee fe sructued 10 increase in the line wih the expected gene‘el inflation to compensate forthe lessor's expected intotonary cart inereases Retirement and Other Employee Benefits Retirement and other Employee benefits ore accounted in occordonce with Ind AS 18- Employee Benefis €} Defined Contibution Plan ‘The Compony contibutes to @ recognised provident fund for otis employees. Contibuitons ore recognised es an expense when ‘employers have rendered services ening them fo such bene | Gratuiy Defines Benet Scheme} ‘The Company provices for is gratuity fbty based on actuarial valuation af ot the bolonce sheet dote which & cated out by an Independent actuary usng the Projected Unit Credit Method. Actual gains and losar are recognised in full in the Ol ‘or the etiodin which hoy occur .c} Compensated absences (Defined Bonet Scheme} Lobillyn respect of earned leave expected fo become due or expected fo be availed within one year fom the balance sheet ote is recognized on the basis of undiicounied valve of beneli! expected Io be availed by the employees, Lobity in respect of teamed leave expected to become dive or expected fo be availed Beyond one yeor after he balance shee! dale # estimated on ‘he basi of acivanal valuation perfoimed by on dependent actuary usng the projected uni creel! method, Business Combinations under Commen Contra! Business Combinations invoving ents or business under common cont! ore accounted for ving the pooling of ilerest metho, Under pooling of interest method . the ossets and fobiles of the combining entities or businesses ore reflecled ot Ihe conying ‘amounts after mating oalusiments necessary 10 harmonise the accounting poicies The financial infomation in the standolong financial statements in respect of prior periods i estoted os if the business combinotion hod occured from the beginning of the Preceding period in the slondoone financial statements, iespective of the actvol date of the combination. The identty of the ‘eserves preserved in the some form in which they appeared in the standolone financial sialemenls of the transferor ad the: liference, if any, between the amount recorded os shore capil issued pus any aditonal consideration inthe form of cash or ‘other asses ond omount of snare copa of he Forster fs ransferec to copitd reserves, Eamings Per Shore Basic earnings per share ore calcvialed by dividing the net prof or lost for the year (olier deducting pxelerence dvigends and hiouiable foxes) athiovlable equity shore holders to by the weighted averoge number cl equily shares outstanding donna ne Yyoot. The weighted average number of equity shares oulionding during the yeor is cgkstod “or events of bonus lave and au 190 YBNeRY rcs LoYorIONeY, ROSY BU JAPLN p=suBO30 5 UogERIOKe)| j90:2d © pe0> poy AuodLIeD au L [sus ware 5007 wee ae wie pore ates [FT = ree rare Dee ws wre arve [eevee = wie —|wroure roy arvare —arere weve arse [ieee - wee | vero BMT TH 5S trezss0t | zai a (orcoroi) |tereset fez or! eS LC Nia) : leozu) - 188104189 Jo junc990 U9 aL vee ov eras, | cozeie | [weer _ ayver ol woe Wwis9st seu | isto oeossey | ssoiBoug oa | wm ssimpaa puo|_yuowainbg somueig | wolseidwos pu | povses moe Uunom eiieon | Tse Pup jog Foupina | s92u0 sows / aus | "= puer senoued Rear Wudinbs pue WoN ARGO ‘6102 HRY Asie LY SY SINavAL¥AS 1WIOWYNE 3NOTWANVIS 3H O1 SHON (cauwn seaaoranaa yHaO1 50 umcu AveUo4) calTWN Si34019A30 HOALOWOYN[MACROTECH DEVELOPERS UMITED (Formesty known a3 LODHA DEVELOPERS UMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 3 investment Property Farieuas (A) Gross Coming Amount [as of 01-Apr-17 3785186 laditions - 5 at 31-March-18 arse lAdkstions : ‘As ot 31-Morch-19 37,851.85, (€) Depreciation and impalment [as ot O1-Apri-17. 4e7a7 [Depreciation charge for the yoor 1618.73, [As ot S1-Merch-18 629049 [Depreciation cha'ge forthe year 133785 [Az of 31-Marche19 7,828.34 (C) Net Conying Amount (A [as at 31-Mareh-19 30028.52 ot 3I-March. 18 31,561.37 (Dincome ond expenditure of Investment Propedies 7 Tin Lakhs Forthe ¥ Forthe Year Porticuars fended ‘ended si-Mareh-i9_|_31-Mareh-18 Zenfol ond Facies Income 6.76885 5827.54 less Direct Operating expenses for properties thai generate Rental ond FasitiesIncom: (issn) (1.41285) rot rom invesiment properties betore Depreciation and Impairment 5.61532 anaes Ibepreciation and imeoiment 159785 181873 oft rom Investment Propedies 4071.47 2798.96 (i) Fair valve hetrarchy & valuation fechnique AS ol 31-March-19. the fair value of the properties are & 71,128.00 Lakhs (31-March-18 € 64,413.70 Lokrs}. These valuations ore bbosed on valuations perloimed by an independen! voluer with experience of vauing Investment properties. Ihe foir valve hes bbeen arived wsing discounted cashflow projections based on relable estimates of future Cath flows, The Company has no restctions on the realsabilly of its investment properties and no ci Construct cr devolop investment properties or for repairs, mointeronce ond enhancements ‘onkisciual obligations to purchase, {i Buldings hypothecated with Banks in Lakhs (Porficvior. ‘Bi-March-19 —|~31-Moreh-16. [Co:nina omount of Sulcinas hypothecated wih Banks / Others agains leans. 78.7385 [31,561.37-MACROTECH DEVELOPERS UMITED (Formety known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 A Intangible Assets Ein toxne Paricvlow ‘Geodwil ‘Giher ntangibe Asset ] Software. rane Total (A) oss Camying Amount - [As of O1-Apl-17 venar2.74 iudo2s8) 10,306.10 | 11,708.48 [aaattions : 93 : 5.13 |Adjusmen’ on eccount of Demerger (Refer Note 59] (71.36) : 171.88) [as ot 31-Maxch-18 1,399.95, 10,306.10 | 11,646.05, lAditions “| s.08 : 51.08 Ioisposot / Adjustments - ~ jo-sall > (54) las at $1-March-19 169,412.74 1390.49 ios06.t0 | 11,696.59 (8) Amorisation and impaliment - Apa 4768.16 vovesa | 1,77430 [Amerisation choige 200621 13087 98194 unt of Demerger [Refer Note $9) —l 168. a 99,178 57 iasy.81 2,706.24 . 2673.20, 109.30 | 39785, ~ 6.00658, - : is / Adivsiments 7 | (6.44 — sof 31-March-19 i07855.16 1168.67 3.10409 [(C) Net Carrying Amount (A-B) - = al : a4 31-Morch-19 54,557.56 2183 7202.01 [as ot BI-Morch-18 63257 37 180.14 7599.86 Note: 4] Certain goodwill asing out of merger is amovised based on the accounting treatment as prescribed by the merger scheme, which has been approved by the Henaraible High Cour of Bombay, b) Brand aring out of merger wos capitalized ond amorised in accordance wih the merger scheme, which hot been ‘o0p:0ved by the Honcraole High Cour of Bombay.|MACROTECH DEVELOPERS UMITED (Formetty known as LODHA DEVELOPERS LIMITED) NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 Ascot S1-March-1¥ Fin Lakhs 5 Non-Cunent Investments (i) Unquoted Equity Shares, Fuly paid up, at cost Face Valve ine Subsidloties {unless othenwise stated) ‘Ananinath Constructions and Fexms Pv, Li. ‘Numbers 36,444,000 Amount 10 3648.40 [Asinant Premises Pt, Lc, Numbers 705,000 ‘Amount 100 70809 Cowtown infotech Services Put LI. fermeriy known as Cowlown Lond Development PV. Lid. Numbers 2.230 ‘Amount 1.000 084 Dothousie Leesing and nance Services Pvt Ut, Numbers 785,000 Amount 100, 7e072 Polave Dwellrs Pu. Lt. Numbers 3813 Amount 10 507.98 "Miu Social Housing Pilate Linvie {formerly known e Loaha Bulldcon Pvt Lic) Numbers 100.000 Amount 10 06s, Locha Developers Intemational Lia Numbers 9.102 ‘Amount uso 58 Lodhe Developers Intemotionat (Netherlands) BY Numbers 2.021.000 Amount veuR esi 34 Lodha Developers UK Ld Numbers 9,000 Amount 1car 783 Cowtown Sotfwore Design Pv Lid. (formerly known as Nabbhiraja Software Design Pv. Lt. | Numbers 10.000 Amount 10 1.00 (Odeon Ineates and Propertos Pvt Lid. Numbers 110 Amount 00 002 Polava Cily Monagement Pvt Lt. Numbers 50,000 Amount 10 501 Loca Developers internetional (Jersey) Il Lt, Numbers 500 Amount 1 ce ors. Shree Scinoth Enterprises Construction and Developers Pvt. Li. Numbers 10.000 amount 10 844 Sidchnotn Residentia Poracise Pv Li. Numbers 6,000,000 Amount 10 e005 Asot 31-March-18 Zin Lokhs 36,444,000 3548.00 705,000 70800 2.220 m4 785000 70 9.800 098 100,000 106s. 2.021.000 6636 9,000 783 10,000 1.00 140 0.02 50.000 501 a3 10.000 864 6,900,000 600.68MACROTECH DEVELOPERS LIMITED (Formerly known af LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 Face Volue in (unless otherwise stated) Belissimo Mohavie Associates Doves Pvt, Lich Numbers Amount 10 Lode impression Real Estate Pvt Lc Numbers Amount 10 Simigots Pvt Uc. Numbers Amount 10 Lodne Developers 1650 Holding lta ‘Numbers ‘Amount 1B Atiamount Rood Property Pv Lt. Numbers Amount 10 Asot 31-March-19 Bin takhe 10,000 1.00 100.000 1o73 oa? a0 1.00 Belisimo Constructions and Develoners Put Lid. (formerly krown a Lodha Knawlecige Foundation) Numbers Amount 10 Belisimo Estate Pv. Lic, (formery known os Polava Cily Monagement Association) Numbers Amount 10 Bhayanderpada Splondorra Complex Pv, Lt. Numbers Amount 10 Lodha Developess US. Ine. Numbers amount 1 usp Lodha Developers Canada lta Numbers Amount icAD Center for Urban Innovation Numbers Amount 0 Associates Locha Developers Intemational [Jersey] | Hovdings Lo, Numbers Amount 168 others PCL Developers (Maurits) Limited! Numbers Amount (Curent yeor: Ni Previous yeor: € 194) ro Belissimo Healthy Constuction and Developers Pv. Lid. Numbers Amount 10 1.000 0 20000 1.09 10.000 1.00 4,000 2620 091 0.000 100 345,454 45509 BaBT.50 Azot 31-Morch-18 Zin Lakhs 10000 1.00 10.000 10.73 19.357 194 oa7 40,000 26.20 4,050 4241[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS UMITED) NOTES TO THE STANDALONE FINANCIAL STATEMENIS AS AT 31ST MARCH 2019 Aso Ascot S1-Mareh-1 31-Mareh-18 Zintakhe Zintokne Face Value int {unless othenwite stated) (i) Quoted Equity Shares, Fuly pald up, at cost Subsidiary Sonthnagor Enterprises Ud Numbers 428 amount 10 oa 0.14 (fi) Unquoted Preference Shares, Fully paid up, a cost Subsicioies Loaho Deveropers Uk Ua, Numbers 1.308.000 1.308.000 ‘Amount car 183.42 1.20838 Others Susima Infotech Pvt. Li Numbers 100,000 00,000 Amount 1.000 1.90000 1,000.00 Less: Provsion for Diminution in the Value of Investments 41,090.00), ies. 1.20838 (lv) Unquoted Non Convertible Redeemable Debentures, Fully pold up, of amotized cost subsidiary Loca Developers Uk Uc Numbers 541,000 541,000 Amount 1 G8P 489,47 499.26 99.47 499.26 (¥)_ Unquoted Optionally Convertible Redeemable Debentures, Fully pold up.ot cos For Value others Lodha Buller Pvt. Uc Numbers 4510000 4510000 Amount 100 4208.00 4208.00 Bolisimo Healthy Construction and Developers Put. Lt. Numbers 25,000.000, 25,000,009 Amount 10 2,500.00 2,500.00 Mosul inves! ond Services Pvt. Uc. Numbers 1.000.000 Amount 100 : 1.00000 Less Provision for Dminution in the Valve of investments 12,0¢0.00) 5708.00. 6708.00 (1) Investment in Umited Labilty Parnership (LPs) (Trade), at cost Bolissimo Builstech LLP [Formery known as Ladha Finccep Distribution Services LLP) 0.00 0.00 [indicates 1,000) 007 00, (vi) Others Bellsimo Heotthy Construction and Developers Put. Lt eae ware “Represents Financial Guorantaes given by Group accounted ax Investments. i, Tea7d Total (176 vil 17,033.27, 16598.26 Aggregate cost of quoted investments ona ona 0.08 oa Agorogate market volue of quoted investments Aggregate value of unavoted investments 17.088.13 16,598.12 008.00 2,000.00[MACROTECH DEVELOPERS UNITED (Formerly known as LODHA DEVELOPERS UMITED) NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2079 6 Non-Curent Loans Unsecured considered good unless otherwise stated Loans! Itercorporate Deposits to Related Parties Subsiciories [Roter Note 50) Total 7. Other Non-Curtent Financiol Astels Interest Receivables (Refer Note 50) Fxed Deposis with maturity of more than 12months Total 8 Non-Current Tax Assets (net) ‘Advance income Tax (Net of Provision) Totat 9 Other Non-Current Assets Capital Advances Incitec! Tax Receivable Other Receivables Less: Provision fer Doubttul Advances Total 10 Inventories Building Materias Land and Froperty Development Workin Progress (Refer Note 44) Fished Slock (Refer Note 44) Totat The carrying amount of Inventories charged as secutites against borrowings 11. Conent investments (0. Unquoted Equty Shares, Fily paid up. at cost Face Value in & Subsidiary Hotel Rahat Paloce Pvt. Lc, Numbers ‘Amount 100 (Wt) Unquoted Optionally Convertible Redeemable Debentures, Fully poid up Holding Company Sombhavnath inffobuild ond Forms Pv. Ltd. (Refer Note 60) Numbers ‘Amount 100 (ii) Quoted investment ot fir value through Profit and Loss Equty Shores hen Bullécon inka Ltd Numbers Amount 10 Non Convertible Debentures FI Limited Numbers ‘Amount 1.000 Asot Asal S-Mareh-19 31-March-18 Zintokhs ____ intake 213,480.39 161.077.58 aaa rs is.o7027 20,289.97 4.50993 439055, 73,680.20 680.52 25,680.52 6205.89 25,680.52 6,205.89 3209.50 3209.50 420.40, 159.26 - 28597 co Besa73 3209.50) “420,40 1435451 1246381 2.236,382.27 1961 979.82 431,871.24 175,056.58 en 568.02" 3150.50.11 2.069.189.41 1.57608303 5000 5.000 _ho0275 002.75 1,002.75 68,418,260 68.418,260 6,418.25 aa18.26 302088 202088 as Er 25,000 25,000 25254 308.0[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS UMITED) NOTES 10 THE STANDALONE FINANCIAL STATEMENIS AS AT 31ST MARCH 2019 ‘Mutual Fund: Face Value in Relionce Liquid Fund Numbers Amount 1,000 Fearing Capital india EvoNving Fund Numbers Amount 1,000 L&T Opportuntes Fund-Dividend Numbers Amount 10 LB TLiquid Fund-Growth Numbers Amount 1.000 CIE} Prudentiol Funds Numbers Amount 10 Bio Sun ute Numbers ‘amount 10 Aggregate cost of quoted investments Aggregate marke! value of quoted investments Aggregate value of unquoted investments 12. Curent toons Unsecured considered good unless otherwise stated Considered Good Loan/ Inlercorporale Deposits fo Related Parties: (Reter Note 50) Subsideries Holding Company other Loans Considered Doubtful Less: Provsion for expected credit losses Totat 13 Trade Receivables (nel) (Refer Note $8) Unsecured Considered Good Consigered Doubttul Less: Provision for Doubtful Receivables Total (i) rade Receivables charged as secures against borowings. (il ade Receivables cre settled net of advances, os per agread terms, 14 Cashand cash Equivalents Cosh on Hora Baiances with Banks Asot Asot S1-March-19 S1-Moreh-18 Lok Zintokhs - 39.117 - 578.53 121.886 . 29782 : . 17,294,238 : 2556.06 137.408 351394 . 426.908 : 4775 24,909,808 25854218 2911.08, 2971.09 R56 «ASAT as 75BeO 2.15875 6,151.38 as2i.s6 6439.41 69.2101 69.421.01 20899.44 4252457 1261.13, 421656 2,986.89 1050787 701631 3.20024 "16377 60.529.24 701831), (3,780.24 35,147.46 357,249.00 26,741.30 71,138.17 S917) 7 5.43801 7283 5 1693.71) (1691.71), 24,741.30 71,138.17 22,368.50 $5968.70 40997 61.24 20,138.57, 13,455.19 20,408.54 3 16.43-MACROTECH DEVELOPERS LIMITED (Forme known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 16 Bonk Balances other than Cash and Cash Equivalents FFxed Deposis with atunty moze than 3 months anc less thon 12 Months Total 16 Other Curent Financial Assets Inleres Receivables Deposits (Refer note 50) ‘Accrued Revenue [Refer Note 58) COiners Advances Total 17 Other Current Assets ‘Advances/ Deposis 0 / for Suppliers ard Contractors [Reter tote 0) Employees Others Lease Equatisation Prepaid Excenses Inctect Tox Receivaoies Others Advances Total 18 shore Copal (A) Authorised share Copia (0. Equily Shores of #10 each Numbers Botonce ofthe beginning of he yeor Increase during the yeor ‘Agjuslment for Consolidation of Shares Bolance al the end of the year ‘Amount Balance ot the beginning of the year Increase during the year Balance al the end ofthe year (W) Preference Shares of 10 each Numbers Bolonce of the beginning of the yeor Increase during the yeor ‘Agjustment for Consolidation of Shares Amount Balance at the beginning of the year Increase during the yeor Bolonce al the end of the year (@) Issued Equity Copal Equiy Shares off 10 each Issued, subseribed and fully paid up Numbers Bolonce at the beginning of the year ‘Aghustment for consosation of shares Issue of bonus shares Bolance athe end of the year Asot Asot 31-Mareh-? S1-March-18 Zin Lakhs Zintokhs 3.99.20 4746.96 3,899.20 2.59477 vesir9 28,000.00 54.128.08 8691351 52,950.29 44274 ‘546.50 ars. 1 9.78- asa924 2006138 Sai e873 aes : ist 2739540 vars sowse2 reas 625 aa voois)2 ——sna720440 a7yost01meaaand {402,092,420} i750 7,021,051,250, 402,105.13, 15903602 87.069.1) 702,105.13 10,891,280 21,040,000 225,000 421,250 - (10570,c00) T.116 250 10,891,250 1039.13 1.05200 22.50 37.13, T1163 1,089.13 395,78.000 226.216,000 - (113,108,000) 282,770,000 395,878,000[MACROTECH DEVELOPERS LIMITED (Forme Known as LODHA DEVELOPERS LIMITED) NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 ico) © a) b (ol te) 0 ) ” ascot 31-Mareh-18 Ein lake “Amount Balance at the beginning of the yeor 99,587.80 131080) lssue of Bonus shares [Refer cloute [i] cf Note (F| below) - 28,277.00, Boionce at the end of the year 39,587.80 39,587.80 Teims/ rights attached to equity shores ‘The Company has only one class of equity shares having por value ot & 10 per share, ach Sharencider is entiled for one vote per shore. The shareholders hove the right to receive Interim dividends declared by the Board of Directors ond fina! cividend proposed by the Board of Directors and approved by the Shareholders, In the event of fquidotion, the shareholders will be entiled in propertion to the number of ecuiy shares held by them to receive remaining assets of the Compary, afer cistbution of all preferential amounts Shates held by Holding Company and/ or thelr subsidiaries Equity Shores : Sambhovnath infrobuld ond Farms Pv, Lid, (alongwith nominees) Numbers 267,297,300 267.297,300 ‘Amount 26,729.73 2679.73 Sombhovnath Trust (Formery known as Mangel Prabhat Leaha Fornily Discretionary Trt) Numbers 128,380,480 128,580,480 moun 12,858.05, 2888.05 Total Numbers 395 877,800 '395,677.800 Total Amount 39.58 Dela of shoreholders holding more han 5% shores in the company Equity Shares : Sombhavnath Infabulé and Fars Pv. Ud, alongwith nominees) Numoers 267 297;300 267:297,300 of Holding 675% 675% Somibhavnat Trust {Formerly krown os Mangal Prabhat Lacha Farry Discretionary Tus!) Numbers 128,580,480 128,580,480 ot Holding 50.48% 248%, {i During the FY17-18. the shareholders of the Company had apevoved the consolidation of equity shates of the Company from two {2} equity shore of face vaiue & 5 each fully poid up fo ene (1) equily share of fae value € 1D each fuly pod up. {it Pusuont to the opproval of the shareholders of the Company. the Company had alloted 222,770,000 fully poid up Bonus Equity Shores of face value of €10 each In FY 17-18. Except above there are no shaves ksues for consideration other than cash curing the petiod of five year, ESOP Scheme 2018 Pursuant fo the resolution passed by Board on 1é-February-8, the Company had nsiules the ESOP Scheme 2018 for ssue of options to clgibie employees. As on 31-March-19. no options have been granted uncer the ESO? Scheme 2018. Share Premium As al the beginning of the yeor increase decrease] during the year 21,229.08 49,506.03 - (28.277.00) FBS 2229.03 Retoined Eomings As ot the beginning of the yeor 275.58.) 291,582.25 Increate/ |decreaie) during he yeor [Refer Note {8) of Siclement of changes in equity) (143,400.40) (15.68404) Balance al the end of the yeor a ss-MACROTECH DEVELOPERS UMITED (Formerly known os LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 Asot Ascot SI-Moreh-19 S1-Mareh-18 Zin teks Zin Lakhe 21 Other Reserves () Copital Redemption Reserve {sat the beginning ofthe yeor 28.00 28.00 Increase/ (decrease) during the yeor - - Bolance ot the end ofthe year 78.00 728.00 () Copital Reserve As ol the beginning of the year (0204 (24745) Increose/ (decrease) during the year 154.59) Bolance af the end of the year (302.04) 302.04) Ail) Debenture Redemption Reserve As atthe begining of the year 122897.25, 5352699 Increose/ decrease) during the year ‘80860 69:360.28 Bolonce ot the end of the year 130,983.29 122,897.25 (Wv) Revetvation Reserve 48,099.35 Asal the beginning of the year Increose/ (decrease) curing he yeor Bolance ot the end of the year Totol Other Reserves (10) a” se The nature and purpose of other reserves: {Capital Reserve - Amount of Shore capital ésved on merger. {i Revolution Reserve - Goins ating onthe revaluation of certain class of Property Pant and Equipment (8) Copitol Redemption Reserve - Amount transfered! tom share capital on redemption of sued shores {w)_Detenture Reciomation Reserve - Reserve created for an omoun! which s equal fo 25% othe Valve of debentures oustanding 22 Non-Curren! Borrowings Secured Tern Loans From Banks - 16,986.16 From Others 50,258.50 : Vehicle Loone 8.88, 29.55 8067.38 aise Less: Curent maturities of non-eunten! borrowings (Refer Note 28) (1.67457) (1,567.46) Tolat a 15,448.35 ‘A. Term Loan trom banks and others Secured by: li Charge on certain land and building sivated at Mumbai and Thane $0258.49 16,986.15 {i} Charge over rent recelvabies Ii) Personcl Guarantee of e Director Terms of Repoyment Repayment ending on September 2033, Ettectve Rote of Interest Rote of Inletes! range from 10.00% to 10.50 % 1B Vehicle Loons 288 29.65 Secured by: Hypothecation of Venicles Terns of Renayment Repayment stortec from February: 2014 ond ended on August 2019 Effective Rote of Interest Rate of inetest range from 10.76% 10 11.40%-MACROTECH DEVELOPERS LIMITED (Forme known a: LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 Asot Asot 31-Moreh-19 31-March-18 Zintokhs ___ intake 23 Non-Cumrent Trade Payables ues to Micro and Sal Erterprias (Refer Note 56) 97.12 - Due to Ones 1g2113 247681 Total 1818.25 2476.81 24 Other Non-Current Financial bilities Deposits 138773 7984 Total 136773 729.84 25 Non-Curen! Provisions Employee Benet (Refer Note 45) Gratuity 1.59823 i278 Leove Entitlements 101591 82.69 Total 2 210.46 26 Cumen! Bonowings A. Secured 1} Non Convertible Debentures 50883683 497,122.82 1) Term toons Bons 415081.76 440,742.20 others s228)367 461,00887 Cosh Creat 75.41408 38,742.50 1,522,146.50° 1 445,811.41 B Unsecured: Loans) Intercorporate Deposits from Related Parties Refer Nole SO} 122,143.37 133428.12 AEA 123,428.12 Total a es ‘A Term Loan from banks and others* 1 Secured by: 297,865.29 327,651.10 (0) Charge on certain land ond bulging situated at Thene, Charge over project receivables, {ii Personal Guarantee of a Director Terns of Repayment Repayment State ffor June-2016 ending on Sep1-2023, Fffective Rate of Interest Rae of interes range from 10.50% to 13.65 % 2. Secured by: {i} Charge on certain land ond building situated at Mumbai 645,364.81 605,851.27 {il Charge over project receivables, {i} Personel Guarantee of a Director Terms of Repoyment Repayment stoted from June -2017 enaling on sune-2023 Effective Rate of Interest: Role of inieest range fiom 10.05% to 13.95 % 8 Non Convertible Debentures 496,800.56 490,858.96 Secured by: {i Chorge on land and building situated at Mumbai and Thane {i} Charge over project receivables, Ii) Personal Guarantee of o Director Terms of Repayment Repayment ot the end of the term upto suy 2023, Ellecive Rote of Interest Rate of Interest range ftom 12.50% to 16.50% XRR-MACROTECH DEVELOPERS UMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 © a 2» Cash Creett/ Overdral Facilty Secured by: {i} Chorge on land ard building sivated at Mumbai ond Thane (ij Charge over project eceivabies {i Personal Guorantee of a Drector Terms of Repoyment Repayabie on demand Effective Rate of Interest. Rate of Interest range fiom 820% f0 1375% Related Patties Repoyabie on demand Etfectve Rate of interest Rate of interest range trom 470 % to 12.85% Asot Asot S1-March-19 S1-Morch-18 __tintakhe Bin tokhs 75a1408 38 742.50 122,14337 123,428.12 * Above figures represent outstanding borowings betore adjusting loan isue Cost and premium on debentures. ‘Cument Trade Payables ves to Micro and Small Enterprises (Refer Note 56) Due to Reiated Parts [Refer Note 60} Due fo Overs Total ‘Other Financial Uabilties Current maturities of non-curent borrowings (Refer Note 22) Interes! acerved but not due Other Payebies: Deposits Employee Payabies (Refer Note 50) Payable on Cancellation of alotied units Related Padies Deferred Liability against Purchase of Lang Other Liabities Total Provisions Employee Benefits (Refer Note 45) Grotuity Leave Entitlements Total ther Curent Labitios Advances Received ftom Customers (Refer Note 56) Dutios and Toxes Other Contractual Payments ‘Accrued Liabilly ond Society Payatbes Total 1376.15 71040 96,633.88 3121.85, 76,300.15. 72,413.15. Ts4310, 156,245.40 \eras7 1.36746 25,598.26 90,748.48 579092 5.41620 12839.78 aisr78 N37 49 1083504 : 11272 174081.48, 23,703.76 216,471.91 3as,402.92- 7728 26.42 340.18, 3573 917.38 215 841,236.65 339,670.40 3.99.84 9.23295 1371.85 137185 215,960.45 118,765 98, 7a 208.79 59,041.38[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 Forthe Year Forthe Year ended ended 31-March-19 S1-March-18 Tin Lakhs Tin Lakhs 31 Revenue From Operations ~ Income From Property Development (Reter Note 58) 940,717.95 47007301 Sole of Bulking Materials 391.42 28,951.49 Sole of Land / Development Rights 1,858.60 1,504.57 Rent income 5.85860 5,210.76 Other Operating Revenue 277.46 18,541.63 Total 951,544.03 746 281.46 32 Other Income Profit on Sale of Investments 12167 - Gains arising trom fair valuation of financial Inskuments 161 185.28 Sundry Balances / Excess Provislons Written Back (Ne) - 1363.71 Dividend income on Current Investments 2746 330.73 Miscellaneous Income 1,399.22 Liga Total 1800.26 2,998.36 33. Share of Profit / (Loss) in Partnership Firms (Refer Note 50) Vivek Enterprises . 857.87 Mahavir Associates (0.08) Total _ 857.79 34 Cost of Projects Opening Stock Land and Property Development - Workin: Progress 1.961,979.42, 2.161.255.67 Finished stock 178,056.68 32,608.33 Effect of adoption of ind ASI (Refer Note 58) 559,111.00 Less On account of slump sale Lond ond Property Development - Work-in-Progress : (197,651.90) ‘Add: Expenciture dung the petiod / year Land, Constiction and Development Cost 328,962.79 32781551 Consumption of Building Materiais 70,67292 95:464.42 Purchase of Building Material 486.00 28777 57 ‘Other Construction Expenses 78,625.54 16,858.07 Overneads Allocated 190,336.63, ~2,655,484.30- Less: Ironsfers and Others (72,365.50) (25.67) ‘S20357434 «2. 654.657.63 Less: Closing Stock Land end Property Development - Work-in-Progress (2.236,342.27) (0.981,979.62) Finished Stock (431,871.24) (176,056.68) (2.668.213.81) (138,036.30) Total oes stb 2138[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) NOTES 10 THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 Forthe Year Forthe Year ‘ended ‘ended 31-Moreh-19 31-March-18 Ein Lakhs Fin Lakhs 35. Employee Benetis Expense TT (Net of Recovery) Soleries ond Wages" 35,125.42 9754258 Conttioution to Provident and Other Funds 1487.69 7.64 Stott Weare 938.53, 176.80 wa 777.02 Less: Allocated to Cost of Projects £19:330.31) (2821084 Total ass 9516.18 * Salaries & Wages includes reimbursable to subsidiores 70.20 36,882.12 386 Finance Costs (Net) Interest Expense on: Interest Expense on Borrowings ond others Dia 73665 219,685.14 (ther Borrowing Costs 7.48287 5.33489 Dana 395 02005 Less Interest income on: Locns / Advances/ Deposits (21.899.56) (776031) Customers! Overdves (9.35447) (2782.45), Others (723.79) (1.02307) 125.631.82) 1,565.83) Less: Alocated lo Cost of Projects (185.267.97) (185,698.40) Totat aa 7815.0 37 Other Expenses Rent 31875 232.00 Rotes and Taxes 196349 47958 Insurance 95.95 5397 Postoge / Telephone / internet 46037 25659 Printing ond Stationery 45165 785 Legal ond Protessionat 5472.88 334278 Payment to Auditors os: uci Fe 11990 15065 Taxation Matters 35.40 3465 ther Services 67.03 5.50 Advertsing expenses 11,502.98 9.57434 Brokerage and Commission 9.01038 5.108.469 Business Promotion 7,545.21 408207 TWoveling ond Conveyance 1490.35 60895 Infrastructure ond Focilly Expenses nais7 788063 Bonk Charges 49425 339.11 Donation 2.83202 576475 Foreign Exchange (Gain Los [net) 462707 (317.36) Loss on Sole of Property, Plant and Equipment (net) 26.38 6.26 Loss on Sole of investments (net - 200.96 Stamp Duty ond Registration Charges 6,482.43 oets.i4 Provision tor Doubt Receivables /Advances 7083.33 976.19 Sundry Balances / Excess Provisions writen Back (Net) 58475, - ‘Compensetion o customers 4980.06 13038 Miscellaneous Expenses 1.39170 1,481.45 7a76460 68,092.70 (5.16701) (6487.18) 73,597.59 61,405.52[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2039 36 Tax Expense: 4. The mojor components o income tax expense are as follows: Forthe Year Forthe Year fended ‘ended ST-March-1? —31-Moreh-18 Tintokhs ___ @ intake (Income tax reported inthe Statement of Prot and Loss Current Income Tax (expense) / benefit: Current Income Tax - (86,846.33) ‘Adjustments in spect of cuent Income Tax of previous yeors (2,280.28) - Total (2250.28) (36B46.33), Deterted Tax (expense) / benef: Crigination and reversal of temporary differences (671503, 4837.88 Acjusimonts in respect of defented tax of previous year 342559 < Toto! 644878 Income Tax (expense) / benef reported in the Slatement of Profi or Loss (359.85) ($2.008.45) (i) Income tax expenses reported in OCI section Deemed Tax benefit on remeasurements of defined benef pions 52.15 407 ‘S218 407 Income tox charged 0 OCI 'b. Reconciliation of ax expense and the accounting prot mullipied by Statviory income fax role: Forthe Year Forthe Year ‘ended ‘ended S1-Morch-19 — 31-Moreh-18 Zin lakhs # in Lakhs Accounting Profit Before Tax 67.0324 04,084.34 Income tax expense calculated at Statutory Income tax rate Tax effect of odsiments to reconcile expectec income tax expense reported (6556.42) (29.099.91) Profit (Loss from Partnership Firms - 296,86 Income fax expense: Deductible expenses for tax purpose: Other deductible expenses 72452 21880 \Non-deductible expenses for tax purposes: Permanent cisalowonce of Expenses -Deferted Tax on Brand 0137.89) - Donation /C8R Exoenses (970.74) (999.40) ther nen-deductbie expenses |a7e52) (1,965.57) Intorest on tox (459.23) _Aghuslments in espect of Curent Tox of previous year (2,280.25) Adjustments in respect of Detered Tax of previous yeor 3625.9 Total E989) __ 08 ‘The major components of Deterred Tax (iabliies)/Astet arising on account of temporary dferences ore as follows: Balance sheet Dotored taxrelotes to the folowing: B1-Morch-19—St-March-18 Eintokhs ein Lake Accelerated depreciation ang emorsation fot Tax purposes (2.00234) 2,064.30 Expenses allowable bu! not charged to Statement of Profit and Loss (4147784) (4604490) Carried Forward Business Loss / Unabsorbed Depreciation 1595847 Deterted Tax on Revaluation of Land fi2soez2) (12,908.22) Effect of adoption of nd AS 115 (Refer Note $8) 5437008 - ‘ite down of Inventories 1o Net Realioble Value 1083.35 Expected credit losses of Fnonciol Assels 3075.00 : MAT Credit 44775 4uar7s Others Lais.z2 1.23283 Net Deterred Tax (Lables) Assets[MACROTECH DEVELOPERS LIMITED (Formerly known as LODMA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 Profit & loss Forthe Year Forthe Yeor fended ‘ended 3t-March33 | 34-Marchas Rintakhs in tabs Accelerated depreciotion and emestisation for Tax purposes (4.066.64), 428282 Expenses cllowable but not chorged to Statement of Prof and Loss 4567.05 2.586.02 Carried Forward Business Loss / Unoosorbed Depreciation 15988.47 (2878.70) Flect of adoption of Ind aS115 (Refer Note 58) (esov9.74) ‘Write down of Inventories 1o Net Reolsable Value 1.08835 pected resi losses of Financial Assets 3075.00 : 17.181 e774 Others Detesied Tax Beneft/ (Expense) Reconciliation of Deferred Tax (Labiliies)/ Assets Bolance shee! S1-March-19— 3-Mareh-t8 Sintakhe intake pening bolonce 13130854) (6082208) Taxincome/lexperse) during he yeor recognised in Stalement of Proft and Loss (6308968) 4a5r88 Etfect of edopion of ind AST 1S= 138068.79 Taxincore/iexpense} ding the yeor recognised in OC! 2215 497 MAT Creat - auaras Deleted Tax on Intangible Assets - Brand 3709 ‘234 Closing balance Basis (51,500.54) *Deferred tax recognised as adjustment fo retained earring on account of adoption of ind ASITS.MACROTECH DEVELOPERS LIMITED (Fermedly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT IST MARCH 2019 139 Cotegory wise closstcaton of Fnanclal nskurents Asal sot S1-Moreh-1931-Moreh-18 ‘in Laks Tin Lakhs Financial Aselscanied at amorised cost Investments 6947 199.6 loons 2aa.2785 21892658 Trove Recevooles 2s7a30 7113817 Cosh and Cash Equivalents 280854 1as1K fank Sones other than Cash and Cash Equivalents 474695309920 Other Fnonclolasels 31ési22 20288030 Tole! Financial Asses conte of artic cost ars 33 si. 9 Financtal obits canied a amortized cost havene2a 15844288 Borowings Trade Payables ég29.43 "15872021 (Other Fnoneiol Usoitee 2178074 25038276 ‘eel Financial abies conled of omorsed cost Lorena — 93557 s 40 Significant Accouniing Judgements, éstmates And Assumptions Judgements, Estimates And Assumptions ‘Tne Compory mokes certo judgement, esimotes ond assumptions regarding the ule. Actual experience moy dif rom these judgements, Syeors Total ‘months Tintokhs flntokhs —FinLakhs Kin Lakhs Ein Lakhs Fin Lakhs As of 31-Moreh9 Borowings * 9757.4 288057 15788391 1.172797.14 —128.28077 1.486,360.80 Trade poyabi 366383 77,676.30 - Ve1825 166.128.43 (Other financial tobatios * 3468496 4087523 4185923 101,299.18 19334 21891195 37625 148,402.11 199,743.14 1.275,914.57 128.474.1171 70.1 As ot 31-March-18 46216562 3.25000 2aees 111708227 97.28225 —1.9922268) egizias 75.1235 - 247681 188,722.21 5445223__72,16378 3786500 135,718.37 13296 _250:35276 209,739.70 118.557 38 230,342.07 _1.255,227.45 97,415.21 2,001,301.[MACROTECH DEVELOPERS LIMITE (Formerly known as LODWA DEVELOFERS LIMITED) [NOTES 10 THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2017 4 Capital management Fer te purpose of Ihe Compony’s capital managemen', copia includes sued aquiy shore copie! and other eq reserves oftrbutable Eauty ‘tliouteble fo owners of he Comoony. The pimery dbjacive of Ihe Company's copie! management fo maxima he shareholder vue, he Cameany manages its copiolstuclre ond makes acusiments in Sant of changes 1 economic conditions and the requiements of the froncil covenanls. Te moniain or acs the capital siuciut, Ihe Company may adh the viens paymen| fo shaveholdersrelum capital to ‘shareholden or sme new shores The Compony mono copia sing @ gearing ‘oo, which ine! debt ded by tole captal plus net debt, The Comoony nciudes wh net debI.inerest bearing loans ard borowings lem corn ond cath equivalents ond Bank balances ole han eash and cosh equvclents 31-Moreh-1931-Moreh 18 ein lak $94 597.25 1 50605054 owowings (nekicing cunt motustes oflong frm dec) Lest: Camn ond Cath Equivalents (2osoase (1351643) ess: Bonk balonces other hon Cash ond Cash Equivalents 474595|__ (309, Net Debt Ye69.20178 156843471 au Shore Conia spsea 3958780 Other Reserves 3273544 46254980 Tota copia ‘sss82324 502.137 40 ‘Copitel end net debt Twas. 028.00 —z070 77731 ‘Gearing ratio 5 In order 0 achieve ths overall objective, the Company's cepa! manogemen!, amongst other things. cms to ensure thot if mes froncie ‘covenants ciiached {0 the inferec-oecring loons ona borewings that detne copia! stucture requirements. reaches in meating the financial! covenants wovld pemni the Donk to mmedilely cat loors end barowngs. exe hove been no Ersaches in ine fnancicl Covenonls of ory interes-beaing loars and banowng nthe cunent petiod-MACROTECH DEVELOPERS LIMITED (Formetly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 3IST MARCH 2019 50) Information on Reloted Posty Transactions os required by Ind AS 24” Related Party Disciosures" A. Us of other reloled patios: (As dentiied by the management), unless otherwise stated | Ferson having contol ot joint contol or significant influence Mangal Prabhat Loahe (MPL ‘bhisnek Lodo son Close tamily members of person having Centro! Manjula Lodtna ite ViniiLodha Son's wite IM Holding Company Samphevnath Initobuild ond Forms Pvt Lid IV Subsidiaries of Holding Company | Belisimo Propertios Development Pvt, is. 2 Grosvencr Shee! Aporimen's Lid. (Formely known os Holand Pork Residences Holdings Lid (Upto 3September-2017), 3 New Cour Developers Ltd. (Upto 28-May-2018) 4 New Court Holdings id. (Upto 28-May-2018) 5 PCL Developers [Mourus) Lic, jw.e.. 17-Jonvory-2019] Others (Enftes controlled by person having contol or jint contol (with whom the company hed transactions) 1 Belissimo Healthy Constuctions and Developers Pt, ic 2 Lodha Buiders Pv. Lc. 3 Lodna Charitable Tus! {Merged with Silaben Shah Memo‘ial Tus! w.ef.24-Jonvory-1). 44 Staben Shon Memorial Inst 5 Bion Consuting Pvt Ltd fupto 15-Apr-18) VI Subsidiaves | Adinath Bulders Pv. Lid. Merged with Macrotech Developers Lis, w.04. s0-Noverber-| 2 Alpana infracon Pv. Lid. 3 Anaininoth Consiuctions And Forms Pvt Lt 4 inant Premises Pv, Ui 5 Betisimo Facities Management Lid. (Merged with Cowtown Infotech Services Pv. Ltd. we 14:086+17) 6 Bellsseno Developers Thane Pu. Lid. (Formerly known as shwer Really And Technologies PMI 16, (Merged with Macrotech Devetopers Lid. wet. 20.November:18) 7 Bellisimo Land Dwellers Lid, (Formetly known os Patel Land Developers Ltd) (Merged with Bellisimo Developers Thane Pv, Lid. we. 13JUhy-18) 8 Bolissimo Mahavir Associates Dweller PU. Lc. 9 Botissimo Vivek Enteroises Dwellors Pv. Lid. [Merged with Mocrotech Developers Lid, we. XbNovember18) 10 Biightgold Construction Pv. Ltd* 11 Bonatce Buide Pv. Lid * 12. Chandrokrupa Developers And Fores Pv. Ltd. * 13 Cowtown Infotech Services Pv. Lid. (formerly tnown as Cowtown Land Development Pv. Ld.) 14 Dathousie Leasing And Farciol Services Pv. Ud 1S Flying Constructions Pvt. id.” 16 Grosvenor Street Aporiments Lid. (Formerly known os Holand Park Resldences Holdings Lic) lw.e. 1S-tanvay’ 2018) 17 Hi-Closs Buildcon Pv. Li. (Merged with Macrotech Developers Lid. w.e..12September 18) 16 Hotel Raho! Poiace Pu. Ll. 19 Kesrinandan Township Pvt. Lt * 20 MMR Social Housing Pvt.Ltd. [Formerly known os Ledho Bulidcon Pvt. Lich 21 Lodhe Developers 1GSQ Holdings Lc. (w.e 1 Ssanvery-18} 22 Lodhe Developers 1650 Ltd. (we. 9 Moreh-18) 23 Lodha Developers 48 CS Ltd (w.e# 14 February 18) 24 Locha Developers Dorset Close Lis{wie# O9-March-18) 25 Lodha Developers Internationa! Lid, 26 Lodna Developers international (Jersey) I Lc. 27 Ledha Developers international (Netnerionds)B. V. w.e4 7-Merch-16) 28 Lodhe Developers UK Ute. w.e. 15 Janvary-18) 29 Locha Deveiopess US. Inc. jw.et 3Oclober-17) 20 Loca impression Reel Estate Pv. Li. 37 1GSQ Leaseco Limited (m2. 30%May-2018) {32 Lokal nftacon Pvt. Lic" 33 Maheshvila Developers & Farms Pvt. Lid. * vile Corsictions Pr. id. (wie 30-.Decerber:2017| (se Cowown Infotech Services Put Lid, we! 13-Juy-18) Jn Software Design Pv. Lid. (Formerty known as Nebhitaja Software Design Pv id)-MACROTECH DEVELOPERS LIMITED (Formetly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 199 New Court Hollings Ltd. fw.e. 29.Moy-2018) 420 Nutech Rector: Pv Utd. * 4) Odeon Theales And Properties Put Uc. 42 Polovo City Manogement Pv. Lic, 43 Palava Dwellers PV id. [Formerty known as Eso Trading Pvt. Lc) 44 Roselaos Finance Li. 45 Sonathnogor Enterprises Lt, 46 Shonkeshwar Paraswonath Bullders Pv Lid.” 47 Sheaves Developers and Agro Pvt. Ltd. ** 48 Shreenivas Cotton Mil Lid. {Merged with the Compony w.6.f 26-Juy-19] 49 Shree Soinalh Enterprises Constuction And Developers Pv. Lt. 50 Sidcnnath Residential Povadize Pv. Lt, 5) Simfoote Pt. Lc, 52 Sitoldes Fstole Pvt. Lt '53 Sumongla Developers & Forms Pi. Liew! 30-December-2017] (Merged with Cowtown Infotech Senices Pv. Lid. wef )3:tuy-18) ‘54 Sumtinath Recity & Agro Pviltd. * ‘88 Suryoday Bulldwell and Forms Pu. Li.(w.¢ { 34December-2017) (Merged with Cowtown Infotech Services Pu Id. w.e. 13-Jul-18) £6 Suvichinaih Quaity Consiuction Pvt Utd. ™ 57 Sumo infribuld Anal Faxrs Pv. Lt, * 58 Suvrata Software Developmen! Pu ic, * 59 Suvidhinoln Buldlech Pvtlid, (xe. 28Seplember- 2017) {Merged with he Company w.2.£ 26-191 60 Vardhavinayok Township Development Pv. Lid." 61 Loche Developers Cancda Lid. (wie. 28 September 18) 62 Cenite fr Uroon innovation (we. 21-December-8) 63 Folava insite of Advanced Skil Training fae. 14-Jonuory.19] 64 Bollssimo Estate Pvt.Ltd. (Formerly known as Polava City Managemen! Asseciation){w.2. Maxcn-19) 65 Bhoyanderpade Splandora Complex PV. Ld, (we! 8 March-19) {6 Belissimo Conslruction and Developers Pv. Ltd, (Formerly known os Leche Knowledge Foundation)(w.6 1-Februcry-19) {67 Allomoun! Road Property Pv. id, [wet 26-Mar-19) + (Acquited on 01-Apsi-2017 and merged wilh « Subsiciary Lod lmpression Real Erlate Pvt 1d, W.6..02-February 2018) **(Acquited on 01-Apr-2017 and merges with a Subsidiary Locha Impression Rea! Eslate Pvt id, Wie. 24Febrvary-2018) VII Porinership Firms ond LLP 2 Vivek Enterprises |converled into elissimo Vivek Enterprises Dwellers Pviita. wie, 26-Decemer2017} 2 Mahavir Associates (converted info Bolissimo Mahovi Associotes Dwellers Pvt Lid we. 25-AUgUSt-2017] 3 Betissimo Buldtech LLP (Formerly known os Loaha FincompDistibution Services LP} Vill Astociotes 1 Kore Constuction Pvt th 2 Loche Developers International (Netherlands) 8. V {upto O8-Morcn-18) 3 Locha Deveiopers Inermationel Jersey! | Holdings Lid, (Merged with o Subsiciary Lodna Developers Inernotional [Jersey] Il Ld w.e 19-October-18) 4 Lodho Developers 48 CS Lid. upto 13-Februcry16) (Subsidiary of 8 above} 5 Lodhe Developers 1 GSQ Lid, (upto 08:Moreh-18) (Subsidiary of 2 above) $ Locha Developers Dorset Close Lid. (ypto O8-March-18) [Subsidiary of 5 above} 7 Logna Developers UK Lid. (From 4 September-17 to 14-Janvary-18) 8 Grosvenor Siteet Apartments Lic. [Formerly known as Hollond Park Residences Holdings Lt [from 4September-17 fo |4Janwary-18) {Subsidiary of 7 above) 9 Lodhe Developers 1 GS@ Holdings Lid. (From 30-November-17 10 14-Jenucry-18) [Subsichary of7 above} 10 tropical Adventures Ltd. [Merged with a Subsidiary, Lodba Developers iniemesionol Lid, w.e., 0-November17). 11 Logha Developers intemationc! Holding ia. (Merged with a Subsidiary, Locha Developer Intemational Ltd w.e.. 30-November-7) 1 Key Management Person (KMP) | Abhishek Ledho (Managing Director ond CEO) - wef. O1-Morch-18) 2 Rojendra Locha {Whole Time Director (w.¢..01-Morch: 18) 3 Miukund M. Chita independent Ditector and Chairmen) 4 Befjs Minoo Desai independent Director w.e.. 24.Febeuaty-17) 5 shyamala Gopinath (independent Diector w.e. 1éFebrvcry-18) 6 Rajinder Pal Singh (Non Executive Dvector)[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 ‘A. Bolances Outstanding with related partes and Transactions dung the year ended are at follows: )__Outstonding Botonces: Zin Laks Sf Nature of Transoclions Relationship ‘Ast ‘As at No, s1-Mateh-19 | 31-March-18 [tears Token [Sobsictaries /Subsiciary oF 106.6414] 107,685.80 1 IHoicing co, lotners 1sai9.29| _1s777.48 D [Rene Gwen Isvosdiores| 44.37783) 03,402.15, ding Comean, 1261.13, 421856 [Omer Fnanctal Asors Iubsiciores Bes601 | T0421 3 IHoicing Company 04s 488 _ ssociotes / Others 414 078 a [ivesimens Isubsiiores 1076.19 | 10,243.16 IHolcing Company e8.ai826 | ea,aiazs lassociates / Others 7387.83 7.357 85 3 [Other Curent Asses Iupsiciores 74855 6454 jotes / Others : 2087 fede Pavabies Isubsctares Beawae | asa as Joiner Finonciot Nabmes vbsitores| 12.262.42 | __17.257.08 7 IHolaing Company 703 - lassociates / Others 201886 178304 [Gifer Curent Uebitie: oidicres 281.88 394.80 [Guarantee given Iubsiciores 355317.69 | 76290485 [Guorantee token, IHolcing Company 128,670.56 : {)__ Disclosure in respect of transactions with pores: in takns ‘ JNature of Iransactions [Relationship Forthe year | Forthe year No ‘ended ‘ended B1-March9 | 31-Morch-18 1” [fale of Builing Mateiais= Palava Dveliers Pv. Lc, ubsiion, 199.38 B57 Kidcierpore Holdin Lt, ubsigia : as |National standord nai Ui, ipsichory 021 104624 IMM Sociol Housing Pv, Lic Isubsiciary - T196472 IPalave city Manogement Pv. Ud jsubsidiary | ‘B07 176 sitaben Shah Memorial Tryst lothers x o21| om [shee Soinath Enlercses Constucton and Developers Pu. Lid Is.bsieny 128 2a Locina impression Real Esiate Pvi. lic. [Subsicios - 9.55 2 interest income Lod Buisers Pv. Ud, loners 4D 451 Lodo Developers US Inc. Isubsicfory : 392 [Conousie Leasina ond Fancial Senices Pv. id Isuosiciary ° 4.28 [Cowtown intotech Services Pu. Lt, {subsidiary 2.483.30 744.38 lLodha Developers UK Uh —Bubsion. 47727 1.36135 [Polave Dweters Pui. Li. [subsiiony - : |Ccowiown sofware Desicn Pvt. Lid. —fsubsicteny - 98178 lLocho imeression Real Eslole Pv. Li, Isubsichory 45.44 simtools Pv. Lt. Isubsiciry - 501.32 Roseiabs Fnance U6, Isubsictary 15.20 164.78 lLoaha Deveropers Intemational Lid. Isubsiciary 197200 8036.20 [Sombhovnath infabuild and Farms Pvi Lid Holding Co, 050 - [odna Developers international (Jers) ll Lid Isvosidion 6728.21 asravs Jsotissimo auiidtech LLP lur - 10.97 |Locha Developers international [Netherlands| 6. V. sidiary ‘359735 | __ 10.9256 Ise Soinath Enfercrses Construction cnd Developers PVE Lid sich 1,180.85 3 [Salary and Wages, Marketing Expenses Recovered™ National Standare (incia Lid. ksubsidiany 17581 312 |Cowtown intotecr Services Pv. Utd subsidiary 1578657 - | ISonathnoger Entercsses Lt, fsubsidion 1698 ° lananinath Consiuctions And Fors Pu. Lid. ~fsubsiian, 666 - IBetssimo Propertis Develonment Pv. Lid Subsidiary of Hing Co. 728 - lroseiabs Fnance Us, Suesicion, 46 - 1 Scinath Enterorses Construction And Develogers Pv. Lt. |subsiciary 982 343 Palava Dweiers Pu. Li, Isubsiolary 1924196. 15744 Income from Provedy Development * InP Sociol Housing Pv. Ubsdiony ss Polave City Menagement PUG, dry 163.45 ‘ational Slondord jindin| La, Saskia 1301.52[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 32ST MARCH 2019 [ocho Deveioners International Holding Ltd. ‘Sr JNalute of Transcetions [Relationship Forthe year | Forthe year No ‘ended ‘ended Starch | 31-Mareh= 3 |Other Operating income (Rent income)” = ICowtown Software Design Pv. Lt. [subsicia 365312 3.58052 © |share of Profit / (Less) in Partnership Firs (Nal Wvivek Enterrises IPorinershio Firm - 857.78 IManavi associates lPorinersis Fern - 19.08} 7 |land. Consiuction and Development Cort [Cowtown Infotecn Senvices Pv. Ld, [subsicry irooweo| ao.866.64 [Purchase of Land / Development Righis = ICodnc tmpresion Real Estate Pv. Lic. Isubsicfary - 11370 7 [Purchase of freding and Building Moteicls= | INational stondord (indi) li bien, ow ail ion Consulting Pv. Uc, [ciners | 1952550 {Cowtown Infotech Services Pv. Lid Isubsiciony 74.88825| $4196.54 lbolissimo Heatny Constructions & Developers Pv. Lt. jothers 331 0.39 IPolove Owelers Pu. Ld. - Isubsigtary 63 685 {Loca imeression Reo! Esl Pui, id Isuosidiary Bir - tools PV. Li. Ibsen, - 079 [Matz Sociol Housing Pui Li. Subsidiary - 13.21.19 [Odeon Theotres and Properties Pui. id. [subsicion, 0.07 [shree Saincth Entercrses Construction and Davelopers Pv. Li Isvosiaion, | 137 kitaben shan Memorial Trust loners - ‘aai - Isonainnacar Enterrrisos Lid Isvosiiony (030 - ymbhovnath inroduid and Ferns Pui Lid Ihoicing Co, 381.26 211858 TO" [soleries and Wages Paid T— {Cowtown Software Desicn Pv. Lid - Subslcion 3651.48 ILodhe Developers UK LG. |subsias 30.64 TT interest expenses FPelova Dwellers Pu. Lt. Ubsony 27038 08031 |Cowtown Softwore Design Pu Li. Is bscion. - 289.59 Sowtown Infotech Services Pv. Lid. ISosidiony - 719.48 {samohavnath infrabuld and Forms Pv Ud lHolaing Co. 14706 3842 Jsotissimo Builsiech LL? lu 73.07 - |Nationai standard {ini Le. subsidiary "352.50 |Locna imeression Real Estate Pv. Lid Isubsiciary 70.00 [Belisimo Hecttn y Constructions & Developers Pv. Lid loners | p2ei7 Ina Sociol Housing Pv. Lic, Isubsician W |infrasructure and Facilly* |Cowiown softwere Design Pv. Ui Isvbsiaiony _|za7ea8 | 1768689 |Cowtown infolech Services Pv. Li. Isubsiciary - 156 73 |Donation/ Corporate Social Responsibly Expenses - cae Chotfabie Tus others 322500 Istoben shan Memovil st (Overs 120.00 14 investments C kocha developers Canada Lid [subsiiony ‘O61 [Conte for Urban innovation Isuosiciory 1.00 - [Dathousie Leasing and Financial Services Pvi. Li. Isubsicioy - [selisimo Properties Cevelopment Pv. Lt. [subsidiary of Holding Co : ymbhavnath infabuild and Forms Pvt. Ld IHoiaing Co, 15,000.00 |.ocho Develorersintemational (Jerse) Il ic. Isubsiion - = Lode Developers US Inc ubsiiony - : |Locho Deveiones 168 Holding Lid - suesicioy, - Loca Deveroners UK Lic {spss : 15 |Diveriments a [Stoldas Estate Pv. Li. - - Issbsiiony [— |.ocha Develorers UK Li, Isvosidion, - Isombhavnoth Infabuild and Farms Pu. Li Iholaina Co. 15,000.00 | lotisiro Heath Construction ond Oevelozer Put, Lc. loners|MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 'Sr_\Nature of Transactions lationship Forthe year | Forthe year No ‘ended ended | = 31-March-19 | 31-March-18 16 |loan/ intercorporate Deposits Given/ (Retumed) a lAnaninain Consituctions ar Fox Pv. LG. Isubsigiony _ BOB jasinani Premises Pvt. Lid, Isubsictory ~"57.10 ISubsiciny. [Cowtown Infotech Services Pvt. Lt. [Dainousie Leasing And Financial Services Pv}. Lid. lLodha Developers UK Lid. Loans Impression Real Estate Pvt. Lid INationat Standard (india) Lic, [Polava Dwellers Pi, Lc. [Polava City Management Pvt Lid 138.14] — (1,257.14) 42,160.81 (185.98 Polava Owelles Pv, Ui [Sanatnnagor Enterprises Lc. 1957.79) Sidahnath Residential Paracise Pvt. td, (43.35) 4972 Simtools Pvt. Lc. __(0.16)| 300.13, Isitaldas Estote Pvt.Ltd Isubsidiory 2067.91 1,864.53 Ishree Sainath Enterprises Construction And Developers Pvt. Lic ‘subsidiary [Tisia.1 | — sz0987 \Lodna Developers intemotionat Lid. [subsidiary 27,346.11 | (76,961.38) [Odeon theatres and Properties Pv. Lid subsidiary 37 236 [Sombhavnath Inrabuild and Farms Pv. Lic. Holding Co. (4138.96) 5.37509 lLodha Developers Intemational (Jersey) Il Lt. [susidiory 7103.12 | 3501291 lLodha Developers international (Nethevionds) 8. V. - |suosidiory voais? | (1531495) Loaha Builders Pvt Lt lothers - (817.68) Istabven Shah Memorial Trust lotners 0.00 : IHotel Rahat Palace Pu. ia, Isubsidiory 062 0.38 lLodno Developers US nc ISubsidiry 65371 130.09 lLodha Developers Conad Ltd. Isubsiaiary 3893 - {ellssimo Mahavir Associates Owellets Pv ia. Subsidiary 17.88 . Polave City Management Pvt Lid Isuosidiory 326 Cowtown Software Design Pv. Lid. Subsidiary 7366 | (229.82) lAltamount Road Property Pvt Lid Isubsidiory 022 Bellisimo Estate Pui Lia Isubsiiory 24) _ IMM Social Housing Pv. ic Isubsidiory 19.013 53 F194.53 17 jRelmbursement Token ‘Cowtown Software Design Pvt Ud, subsidiony 354.34 442.56 [Cowlown Infotech Services Pv. ic. Subsiciany 2071 1B [Reimbursement Given lLodha Developers Conada Lia. Isubsidtary on - lLodha Developers US inc Isubsiiory 662.10 . |altamount Road Properly Pv. Lid [subsidiar 2.60 19 lloan/ Intercorporate Deposits Taken / (Retumed) |Cowtown Sottware Design Pv. Uc. subsidiary (3.66) (11.35) INational Standord Ina Lt. Subsidiary (17,080.10]] (8,119.84), [Cowtown Infotech Services Pvt. Lic. Isubsiciany 90,726.74] 4301296 Sitalcas Estate Pvt. Lid. Subsciary : - JBelisimo Bulctecn LP lwp (36.77) 128.22 lSambnavnath infrabuild ond Farms Pv. Us, HHolcing Company (1,183.54) 1183.54 Betlssimo Healthy Constructions ond Developers Pv. Lid, [Others (328.25) 738.33 [Dathousie Leasing and Financial Services Pvt. Lid [Subsidiary 268.88 [Mme Social Housin Pu, Lid, {Subsidiary - : IPalova Dwekers Pvt. Lid. ___ [subsidiary (20.089.02}] 50,449.99 iPalave City, Management Pv. Lid, Subsidy (81.9 [Bellissimo Mahavir Associates Owellers Pvt. Ud, [Subsiciory : ielissimo Properties Development Pvt Lid. [Subsidiary of Holding Co (953.70) lLodha Developers 1GS@ Holdings Li Subsidy (0.5) ‘Mondip Finserve Put Lic. (subsiior 237.89 : 20 [Purchase of Tenancy Righis Loca Imoression Real Estate Pvt Ld. |subsiciar 876.00 21 [Purchase of Property, Plant and Equipment * —_ ‘a — = \Cowiown Infotech Services Pv. Lid. [Subsidiary 5,635.22 : !Bolissimo Healthy Constructions & Developers Ev. Lic loners 992 - 22 [Purchase of Mutual Funds ‘Samonovnath Introbulic and Forms Pvt Lid lHoidina Compan; 129782 - 23 [Purchase of Shares and Debentures lLodha Builders Pv. Ltd. (Shares) Joiners 3.10 - Polava Dwellers Pu. id, [Debenturg Z |subsigiar 354147 : 724 [Sole of Fixed Assets bee f \subsiaior 255.93 -[MACROTECH DEVELOPERS LIMITED (Formerly known 35 LODMA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 Sr Nature of ransoetions Relationship Torthe year | Forthe yeor No ‘ended ‘ended SieMarch-19 | 31-March-18 35 (Corporaie Guarantee Given [Poiova Dwellers Pu. Lt. — subsiiony 35,000.00 | 85,000.00 Ishrze Sainath En‘erprises Construction And Developers Put. Ud, [subsicion 11,000.00 LLodha Deveiocers 1GSQLid. Isubsioiony 17,082.24 | lLocho Developers Intemational id Isubsicrory . 127.52404 lLoana Developers 48CS ita Isubsitory 30,702.20 lLoohno impeession Real Estate Pvt. Lid bsidion 6.500000 : 26 [Guarantee Taken ISombhavnath infrabuild and Farms Pv. Uc, |Hotcing Company T32.500.00, zi "including taxes as applicable C. KMP, Conttoling Shareholder and his Relatives: Oulstandling Balances : Zin tokhs ise. ‘Aiat ‘As of INo._|Poricvers si-March-19 | 31-Mareh-18 7 fltode ReceWvabies - 374 2 Other Financial Liobities - 05.98, 3 Jother Curent tloblties 5415.62 4 [Guorantee Token 306,624.00 i) Disclosure In espect of transection: : Zin Lhe Sr. Nature of fransactions Forthe year | Forthe yeor Ino. ‘ended fended S1-March-19 | 31-Mareh-18 1” Income from Properly Development IMengol Prabhat Lode 781.00 127426 IMonisio Lodne 2749.50 : [Abnishek Lodno 2882.48 Ircjencra Loaha 215329 WintiLagha spasé} 1430.77 2 [Sale of Vehicle - _ IMangal Prabhat tadha 100. - 3 |Retund given on cancellation offiat - Loca Family Discretionary lust - as - 7 [Commission and siting Fees |sukuns Chitale 45.50 336 bers Desat 4185 ala Iivomoia Goginalh 42.25 520 3 [Remuneration paid - [Mangal Prabnat Lecha 7,000.40 )maniio teahe — [Abhishek Leche a 1900.40 Ivins Loch - — jlencka Lodo. © [Rent Expense IMongai Prabaat Leche W700 | Imonivio Loan ~ 2.0 : [Abhishek Lode i200] Wint toghe 22.00 - 7” [Advances received against Asreement To Sell ~ IMongal Prabhat Lede 3888.30 7892 IManivio Loghe 7389.65 -_| ‘phishek Lodo “886.53 3538 /atitodha — 2278.66 394.39 jolencto Lodha 1928.55 5719.04 B [Guarantee Taken I hishes Lochs. ‘iva | 994,900.00[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2039 4) Terms and conditions of outstanding bolances with related partios ©) Receivables rom Related parties The receivables from reloted pares ase moinly ftom sole Keansactions ond senvices rendered and ore received os per agreed terms. Ihe receivables or unsecured in nature anc interes is chorged on over due recievables, No provisons ore hele agains ecelvables from relotes partes, 'b) Payable fo related partes The poyobles 10 related partes arse moinly trom purchase transactions and services received ond ore poid os per agreed terms. The Inforest is charged on over due payables. €) loans to related party The loons fo related partes ore unsecured and receivable on demand becring effective interes! rate fi) Terms and conedtions of ransaction wih related porties The management is of he opinion thatthe transactions wih related parties are done al ors tengi ‘51. Segment information Formenegement purposes, he Company is into one repertable segment ie Real Estote development The Manoging Director is the Chie! Operating Decision Moker of the Company who moniter the operating resis of ts Company for the purpose of mcking decisions ebout resource allocation and performance assesment. Company’ perfarmmance os single segment evaluated and measured consstently with profit or loss in the standalone financial statements. Also, the Company's fmancing linctuging finance cos's ond finance income) and income taxes are managed on a Company bass.[MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LMTED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 52 The details of Donation given to paltical pares ss under Ein Lakhs Prerticutors ‘SiMarch19 | 31-Mareh-18 Ponatons given fo Palical Fortes 425.00 365.16 ‘53 Detalls of Corporat Socal Responsibility Expenditure (CSR) in Loki (Poricuiors Si-moreh:19 | 3i-Mareh-18 {Gross Amount required & be spantor Coe Aci 51455 108.48 [Amount Spent curna the yeor 2069.46 197.27 ‘54 Unhedged Foreign Curency Expo8e (Fetiewirs ‘Coveney BMareh-1F “-Mareh-18 lasses Fin aks [Foreign Cuvencyin| Fin lakis | Foreign Currency ake ‘inkokns. a Aor sir Tama 1a neo 654 326 31.12 ha cy e750 a7 ais 792 cor i138 190 391 ae. ladvances io supose / Vendors EUR oles 738, 19423 Das AD 01 0.00, 128s 025 cab 002 00 : . TAR 202 042 - sco 003 1.00. 019i 208 westments GaP, Ta Ta Za1A7) 25s interest Recaieobies ‘cae | ie7027 20.85 22.209 98 347.69 ftoans Given ‘cor [21700725 2ass36 | 13852421 T9051 USD. 1192 155 : otal Asset BvD. 94 eRe \iabites eo 3586 1# 7508 Tal car 223.41 253 15701 121 cur aie 57 25207 219 AED 1550 ow 26.10 var cr - 375 036 cap, ons, 000 490 as. Frode Payabies cap - 1%. ons Tag 074 ons. . Kes 070 192 : KW 378 02 - : an 66 007 - usd 120276 1738 240683 359 ftai Uabiivos THES 2566.70 55 Pursuant fo the Order of ne Collector of Stomps. levying of stamp duty and penalyin respect of Agreement fo Lease entecedin to with Mumbai ‘Mevovottan Regional Development Author (MMRDA), for Wadala Truck Temninal plo and the Order ofthe Hon'ble BomDay Hh Cour. the ‘Compony has deposited £20249 50 Lokhs wih the Office ofthe Collector of Stamps. Ihe Orcer of Chiet Contoling Revenue aurhory (CCRA] in ‘appeal upholding the Oxder of Cotector of Slomps levying panally of € 2713430 ahs nas been stayed by the Hon'ble Bombay High Cour.[MACROTECH DEVELOPERS LNtITED (Formerly known as LODHA DEVELOPERS LNMTED) [NOTES TO THE STANDALONE FINANGAL STATEMENTS AS AT 3157 MARCH 2015, 56 Detos of cas fo Micio, Small and Medium Enterprites = The informoion has beer determined 'o the exienc sich pores have been identified on the boss ot formato avaiicbie withthe Compony. the cmeunt of principal and interest cutsanng i given below Un takhs Aral eat fortes siemorch-ig | s1-Moreh-1é [hreunTunsad es at year end Pindipal 1737 71040 [Amount unpavd or ot year end iferest wa wa fine omourt ef rfees! pad by the buyetin tems oF secon 16, he Micro Smal and Mecham Ener] |Development Act, 2006 the ‘Acf}olong wi Ihe amounts of the payment mode 1o the supplier beyora| [ine oppointaa day duing each accounting yeor " “ Tha amount oF interest doe Gn payable Tor he year of delay ih mating payment [which have been pad] J beyond the appointed day dhving he year] but withou! edding he intrest spacifien under Act we we lite omaun ofineres? ccwued and remaining unpaid of he end of each accountng year NI ni [ine amun of fomher njeres remaining due ond payable even in ihe wecesang year, unl Hach date] |when the interest dues as above axe oclualy poid fo the small entarprise forthe purpose of allowonce| lesa deductible expenditre under section 231 the Act Ni wi [57 basic and Died Eamings Per Share Paricvion The year ended] forthe year ir fended at-march-19_|s1-Mmarch-16 lbosc earings per share: te Prof for he Yeor[&in Lak) vararass| 5207589 fio. of quty shores os at Beginning o he yeor a9sa7ac00] 226216000 hes: Acjusimen or consolidation of shoves (013,108,000) 1: sue of tonus Shores = | 282770000 lo. of Eouly Shores os at end ofthe year s9seracco| 395878000 ighled average no. of Equly Shares custonding dung the yeor sesera0ca| 395878200 Frace Valve per Eauty Shore fr) yoo 000 fssic earings per shore fn) a7 Iss (Divted earnings per share: ft Frit forthe Year (Rin Los) vararss| 2075.89 leighles average no. of EqulyShases oustoncing dung he yeor sesa7ecoo| — 295878,000 [buted Earrings Per shave Un 2) 3076 isis[MACROTECH DEVELOPERS LIMITED (Formerly known a¢ LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 158 Disclosure under Ind AS 115 -Revenve from Contracts wilh Customers Based on the contractual crongements withthe customers ond legal kamework where Compeny operates, Company salisies the citeria with respect fo recognition of revenue at point in time, Disclosures wih cespect to Ind AS 115 are 0s, folios: {0} Contoct Assets ond Controc’ Lobiies Zin Lakhs Praticulors ‘As at SieMarch-i9_[31-Mareh18 rade recelvabies Refer Note 13) 2674155 71,138.17 fontocl Assefs_ Accrued revenue Refer Nale 12] 6691881 52,980.29 [Coniract Labilties-Advance from customers (Refer Note 30 61.236.65 | 359,670.60, b|Movernent of Contact Liobitties Fin Lokhs PPoricviors ‘As ot SieMoreh 19 [Amounts included in contrac! tobilier athe beginning ofthe veer 1 253,127.42 lamouni received duing the yeor “546 7.18 | Foriormance obligations solstied in coment year ® 940,717.95) imounls included in contact abies of he end ofthe year Ba 23665 §§ Amount represent bolance at the beginning atter adopting ind AS 118 I includes ® 174,575.89 laths recognised out of epening contract lobiites, { Closing balances of asses recognised rom costs incured to obtcin @ contract with a customer Zin Lakhs [Poticuirs Bs ot ‘SieMarch-19_[31-March-18 [Grosing Baioncar of ewer reconnied, 27,395.40, 1275768 [Amodiéation recognised durng the yeor 15.9276 18 95083 {0} The transaction price of the remcining performance obiigations os of 31-Morch-19 i © 1,269.899.98 lakhs. The some is expected to be recognised within | 04 yaar, S s( AN- 98x 2 {spae0e?® JB a,_MACROTECH DEVELOPERS UMITED (Formerly known os LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 le) the cumulative effect of the changes mode fo Company’ financial stalemen's as on 1-Apri- 2018 on account of doption of new revenue standard are as follows Ein Lahe PParievion: Balance os on | Adjusiment due | Balance a: on ST-March-18 | tonew revenue | 1-Apii- stondard_ SSeS Inventories Ziwss00T1 Swe | —37RSTTT rode RSCeNODIS: 7113817 (9.70.6e[ 51.436.53 [other Financia ASSET 365.199 76, (27.390.23)| Tsao 55 [omer Cunent Assets 67,019.78 ‘63007 73,340.15 EQUITY AND UABIUTIES otal Oines Eau MISE | PST aT SH) IS 5O0TB (Defered Tox uabiifey Anou) 51,50854| (138,069.79 (85,561.25) [oiner Curent Liabities 69041 38, 915.486852 [138,498.20 {fl In occordonce with ihe requirements of the new revenue standard, the disclosuie of the impact of odoation on statement of profi and loss ond batance shee! wos as folows: {UBolance sheet Ein Lakhs ‘Ae at march 37,2019 Praricvior: ‘AsRepoted Bolancer Beet of ‘without change Adoption of new | Inereaze / Irevenue standard] (Decteate) SETS inion gble Asis TSE TOO. 31a ion Current Tox Aoi 25,480.52 T5381 64 To.s35.56 (Deferred Tox Assos (iobiifes) 7 D36s1.45 [47.29265)[ 70,984.10 [inventors ae2.56802 | 7.285.960.96 | 396.607 06 rade ReCoVOBIEE 2741.30 34,559.02 772] [other Finonciot Assets 107,951.02 720,098.18 T12147.16 her Curent Assels 30,111.84 74,792.30 T5319.52 EQUITY AND UABILTES foto Ctner Equi FORE ERTS TLTRE A lone: Curent Lobia 082 268,79 457,157.00 | 625,110.99 [i)Statement of Profit and Loss in Laks Forthe year ended 31 March 2017 Paticviers ‘Ae Reported Without EHect of ‘Adoption ot new | Change Ievenve standard] Increate / (Decresse) [Revenue fom Operations WET SUOS Cae] STS [foto exzenses 7ea311.85 | 591,799.80 | 175.01205 [rot before tox 7092.44 2437.84 | 162,559.50 [roi fore Year 12. 672.55, 1577328 | 105919.27-MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2019 57 0] Ihe Company hes withcrawn the scheme of demerger of cn identified business undertaking nto IMSA Computer Educetion Put. Lid. ftom the NCLI, Mumai bench on 20-June:18. 5] The Company hos made an application to the NCLT for withcrawal of the scheme of amalgamation of Cowiown Inotech Services Pvt, Lid, with the Company on 21-sune-19, <] The Notional Company Law Tibunal, Mumbai Bench (NCL) haz approved the scheme of Demerger of Betisime Mahavir Associates Dwellers Pvt. Us, [Effective date 27-October-18) for tronster of © Project and ifs reicted assels and lables inte ne Compory. The demerger refered to above, being "commen conto? ransactions, hove been oecounted for using tne "Pooling Of Interest” method! as preserioed! under Ind AS 103~ “Business Combination” for cormmon control transactions I accordance ‘withthe requirements of para 9 {i} of Appendix Cfo ne AS 103, the standalone fnancial ste-erts of the Company inrespect Of the prior periods have been resloted as if amalgamation had occured trom the beginning of the preceding ppetiod, lnespecive of the actual date of the combination, I The National Company Law Tribunal, Mumbai Bench (NCL) hos approved ihe scheme of amakjomalion of Hi Clos Buildcon Pvi. Ud. [fective dole 13September-8}. the amalgamation refered fo above, being ‘common contol Fonsactions, have ‘been accounted for using tne “Pooling of Interest" method as prescribed under ind AS 103 ~ "Business Combination" for commen conto! fronsoctions. In accordance with the requirements of pr $ fill Ff Appendix C fo Ind AS 105, the standalone financial statements ofthe Company in respect ofthe prior periods have been restoted es 1 amalgamation hod oxcurred fom the beginning of ihe preceding peticg,trespective of the actual date of the combination, ¢) The Notional Company Law Tibune!, Mumbai Bench INCL) hos approves the scheme of amoigamation of Acinath Builders Put Lia. (Efective date 20-November-18) and Bellisimo Vivek Enterprises Dwellers Pvt to, (fective date 30 November). The ‘amaigemation refeted to above, being “common conto!” Haniaciions. have been accounted for using the “Pooling oF Interest” meinod os prescribed under Ind AS 103~ "Business Combinotion" for commen contol ransactions In accordance with the requirements of pora 9 il! of Appendix C fo Ind AS 103, the standa‘one financial slotements of the Company in respect cf tne por petiods have been restoled as if amalgamation had occured from the Beginning of the preceding period. imespective ofthe actva! date of the combination. 4) The Nationol Compony Law Tribunel, Mumbai Bench |NCLT] has approved the scheme of omolgamation of Betisime Developers Thane Pvt 1d. [Etfective date 20-November-I8). The amalgamation refered fo above. being "common conor transactions, have been accounted for using the ‘Pooling of Interest method os prescribed under Ind AS 103 — "Business Combination” fer commen contol ransactions. In accordance with the recuirements of pora 9 (i) of Appendix Co Ind AS 103, the standalone financial statements of the Company in respect of the price periods have been restated os if malgamotion hod ‘SccurTed from the beginning of tne preceding period, inespective of the aciuol date of the combination, 9) the National Company Low Tibunal. Mumbai Bench (NCLT} hos opproved the scheme of amalgamation of Shreenivos Cotton Mils id. (fective date 26-Jly-19} and Suvichinath Budtech Pvt, Li (fective date 26uy.19), The amaigamation refered fo above, Being “common conto" fransactions, have been occounled for using the ‘Pooling of Interest" method os prescribes under Ind AS 103 = "Business Combination” fer common contol ransactions in cceordance with the reaultersents of ‘Bore 9 i) of Appendix Cfo Ind AS 103, the standalone fnencia statements of the Company in respec! ol the prior Derlods Nene ‘been restoted as if emolgomation had occured fiom the beginning of the receding perod, respective of the Oclual date of tne combination. ‘i The National Company Law Trbunal, Mumbai Bench (NCLT} has opproved the scheme of emalgomation of Polava Owellers Private Limited, Microtee Constructions Private Limited, Balissimo HiRise Builders Private Limted, Loch Esicle Prvote Limited cand Somvara Buldtech Private Limited with the Company and their respeciive shareholders and creditors (‘Scheme’), ond become effective from 16-Febrvary-2018. The amalgamation refered to above, being ‘common conto" transactions, have bbeon accovnied for using the ‘Pooling of Interest" method as prescribed under Ind AS. 103 ~ “Business Combination” for common contol transactions, Subsequently, ine Company hod transfered the “Identifed Business Undertaking” through Slump sole to Pelave Dwellers Pv Lid. The financials statements of the Company for the period ended March 31, 2018, do not include the operations oF the Polava Dwellers Pvt. Lt. |] he NCLI Mumbai bench ios approved the scheme of emaigamation of Dalhousle Leasing Services Pv Lid, Mandi Finserve Pvt. Lid. and Hotel Rohat Polace Pvt Lid. (Appointed Dat :2018) with the Company on T-August-2019 The Standalone financicl results hove however been prepared without g me asthe final order is waited from NCAT.|MACROTECH DEVELOPERS UMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE STANDALONE FINANCIAL STATEMENIS AS AT 31ST MARCH 2019 a @ % ic} @ ] The Company has fled tmee demerger schemes with the Nationel Company Law Tribunal, Mumbai Bench [NCLT) with respect to demerger of commercial iower of New Cutte Porade projec! inlo Bhoyanderpada Splandorro Complex Pr. Li. {Resulting Company) ,Palava Xperia Mal into Bellisimo Estate Py. Lid. [Resulting Compary) ond Polava Thinkin 1 Grondez2a Suptemous Thane Pui. Lt. (Resulting Company). The Standalone finoncialslalemen's have, however, been prepared without diving imooct of same cs the receipt of final oxeris pending for operoval By the NLT, Mumba Brann The Company has invested in 0.01% Optionally Convertible Debentures (OPCDs) of & 68,418.26 lakhs issued by Sombhavnoth Inftoouid and Fars Private Limited (SIFU). in December-2017, SIFPL end the Compony hos entered into an agreement 10 redeem OPCDs at carrying value and hence the for vave of OPCDs approximates is canying valve Good s tested for impaiment annually unles indicates of impaiment exits in inter period. The Company uses cash flow ‘projections based on the recent forecos! opproved by the management forthe purpose cl impaiment testing, Standards (including amendments) Issued but not yet efective The standords ond interpretations that are issued, bul no yet effective up fo the date of ksuonce ofthe financial statements are disclosed below. the Company intends o adop! these stands, appicabie. when they become effective. Ind AS 116- Leases (On March 30,2019, Ministry of Corperate Afis MCA’) hos notiied the Ind AS 116, Loates. This Stonciard sets out the principles {or the recognition. measurement, presentation and cisclosue of leases. The objective of the standaxd is 10 ensure thot Ieee: ‘ond iessors provide relevant information in c manner that taithtully represents those Kansactions. The effective date for adoption of ind AS 116 fnancial periods beginning on oF after April |, 2019.Ihe Company is curently evaluating the requirements of Comendments. The Compony believe tha the adoption of this amendment wil not have @ material effect on ifs fnonclal stotements Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments (On March 20, 2019, Ministy of Corporate Affais has nolifed Ind AS 12 Appenclx C, Uncertainty over Income Tox Tieatments which is 0 be applied while performing the determination of taxable profit (or los), fax Boses, unused fax loses, unused fox {ecils and lox rates. when there is uncertainty over income tox ireatmenls under Ind AS 12. According 10 the append ‘componies need fo determine the probobilty of the relevent tox authority accepting each lox lreolment. or group of tax ‘teciments, that the companies Nave used cr plan fo use in thet income tax fling which has to be considered fo compute the. most Ikely cmount othe expected vaiue ofthe fax treoiment when determining texable profi (tax loss, fox bases. unused fae losses, unused fox credis and fax rotes.the Company wil adopt tne standard on Apil |, 2019 and has decided to ads! the ‘cumbiative effect in equity on the dote of intial application ic, Apri, 2019 without adjusting comporatives, ‘The Company is curently evaluating the impact of this new slardord on its slandalone financial statements and expects thot the effect on adoption of ind AS 12 Appendix C would be insignificant in he standalone finane'l statements Amendment te Ind AS 12 Income taxes (On March 30, 2019, Ministry of Corporate AMfas sued amendments fo the guidance in tnd AS 12, ‘income Taxes, in connection with accounting for dividend istibution taxes The amendment clarifies that en entty shall Yecogrise the income tox consequences of dividends in prot or loss, alter comprenersive income o equity according fo where the entiy erginally recognised those Dos! liorsoctiors or events.Etfective doe for oppiication of this amendment is onnuol period beginning on oF ‘ter Apri 1, 2019. The Company is curently evaluating the effect ofthis amendment on the standa‘one financial statements, ‘Amendment fo Ind AS 23 ~ Borrowing cost The amendments clay thot it any specific borowing remains oustanding ater the related asset fs ready for is intended use or tale, that borowing becomes part of ine funds that on entity borows generally when colevialing the capitalization rote on {general berowings. The Compory does nol expec! any impact rom this amencment,MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) [NOTES 10 THE STANDALONE FINANCIAL STATEMENTS AS AT 31ST MARCH 2017 ‘As per our allached Repo of even doe Forand on behal of the Board of Oiectors of For MSKA 8 Astocites Macrotech Developers timed (ermery known as Lodo Chatered Accourtnts Developer: ined) aN Fim Regitration Nome: 1050470 ), \ pu 7 ibiahek todo © (Managing Diectr and CEO Din: ooaceoey Sonvot ronankor (Partner) (Company Secretary) ‘Membership No, 126118 Membership No, F4154LODHA BUILDING A BETTER LIFE ANNUAL ACCOUNTS FY 2018-19 MACROTECH DEVELOPERS LIMITED (formerly known as LODHA DEVELOPERS LIMITED) (CONSOLIDATED)Floor 3, Enterprise Centre Nehru Road, Near Domestic Airport ite Parte (€), Mumbai 400099, INDIA ‘Tel: +91 22 3358 9800 & Associates Chartered Accountants INDEPENDENT AUDITOR'S REPORT To the Members of Macrotech Developers Limited (formerly known as Lodha Developers Limited) Report on the Audit of the Consolidated Financial Statements Opinion We have audited the accompanying consolidated financial statements of Macrotech Developers Limited (formerly known as Lodha Developers Limited) (hereinafter referred to as the “Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”) and its associate, which comprise the consolidated balance sheet as at March 31, 2019, and the consolidated statement of profit and loss, the consolidated statement of changes in equity and the consolidated cash flows statement for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the consolidated financial statements"). {1 our opinion and to the best of our information and according to the explanations given to us, and based on consideration of reports of other auditors on separate financial statements and on the other financial information of subsidiaries and an associate, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so Fequired and give a true and fair view in conformity with the accounting principles generally accepted in India, of their consolidated state of affairs of the Group and its associate as at March 31, 2019, of consolidated profit, consolidated changes in equity and its consolidated cash flows for the year then ended Basis for Opinion We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group and its associate in accordance with the ethical requirements that S Issued by Institute of Chartered Accountant of India (“ICAI"), and the relevant provisions of ‘Act and we have fulfilled our other ethical responsibilities in accordance with these rements. We believe that the audit evidence we have obtained is sufficient and appropriate to ide a basis for our opinion. ead Office: Foor 3, Enterprise Centre, Nehru Road, Near Domestic Airport, Vile Parte (E), Mumbai 400098, INDIA, Tel: «91 22 3358 9800 Bengaluru | Chennat | Hyderabad | Kolkata | Mumbai | New Dethi-Gurugram | Pune mea.MSKA & Associates © Chartered Accountants — Key Audit Matters Key audit matters are those matters that, in our professfonal judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter |The Group has adopted Ind AS 115 - “Revenue from the contract with the customer’ from April 1, 2018 using the modified retrospective application, with the cumulative effect of initially applying the standard to be adjusted to the opening equity. We consider application of Ind AS 115 to be a key area of focus for audit in view of the | following: ‘* First time adoption of Ind AS 115 and therefore require significant audit attention during the year; * Application and transition to this accounting standard is complex and involves a number of key judgments and estimates including, alia, identification of distinct performance inter obligation, determine transaction price and determining the timing of the revenue recognition + The Application of Ind AS 115 impacted the Group's accounting for recognition of revenue from real estate projects, which | How our audit addressed the key audit matter ] Application of Ind AS 115 “Revenue from contracts with customers”: Our procedures included the following: + Evaluated that the revenue recognition accounting policies are in line with the applicable accounting standards and Group’s their application to the customer contracts; * Selected the sample of revenue contract for sale of residential and commercial units to identify the performance obligations of the Group under these contracts and assessed whether these performance obligations are satisfied over time or at a point in time based on the criteria specified under Ind AS 115; + Obtained and verified the computation of the adjustment to retained earnings balance as at April 1, 2018 on account of adoption of Ind AS 115 as per the modified retrospective method; + We have verified, on test check basis, revenue transaction with the underlying customer contract, Occupancy Certificates (00), OC and other application for& Associates Chartered Accountants Key Audit Matter How our audit addressed the key audit matter 'S now being recognized at a point in time upon the Group satisfying its performance obligation and the customer obtaining control of the underlying asset. Refer to Note 1(B)(III)(11) to the consolidated financial statements which includes the accounting policy followed by the Group for recognizing revenue on sale of residential and commercial properties and Note 61 to the consolidated financial statements which provides the impact and other disclosure of Ind AS 115. documents evidencing the transfer of control of the asset to the customer based on which the revenue is recognized; and + We assessed the consolidated financial statement disclosures arising on account of adoption of ind AS 115 to determine if they are in compliance with the requirements of Ind AS 115. Valuation of inventory: The Group's properties under development and completed properties are stated at the lower of cost and Net Realizable Value (NRV) As at March 31, 2019, the Group's properties under development and completed properties amounted to RS. 3,665,011.44 Lakhs and Rs. 469,768.78 Lakhs respectively The cost of the inventory is calculated using actual land acquisition costs, construction costs, and development related costs and interest capitalized for eligible project. We considered the valuation of inventory a key audit matter given the relative size of the balance in the consolidated financial statements and judgement involved in estimating future selling prices, significant costs to complete project and selling costs. to Note 1(B)(III)(5) to the consolidated Our procedures in relation to the NRV of the Properties under development and completed properties included: + Discussed with the to understand the process and methodology of using key assumptions for the determining management the valuation of the inventory as at the year- end; ‘+ Assessed the appropriateness of the selling mated by the management, on a price est sampling basis, by comparing the estimated selling price to recent market prices in the same projects or comparable properties; and ‘+ Compared the estimate construction cost to complete the project with the Group’s updated budget.INN & Associates Chartered Accountants I ~~ Key Audit Matter ‘financial statements which includes the accounting poticy followed by the Group for | valuation of inventory Assessment of claims & litigation: a In the normal course of the business, | potential exposures may artse from various legal procedures against the Group. Due to the range of the potential outcomes and the considerable the resolution of the determination of the amount, if any, to be recorded in the consolidated financial | statements inherently subjective. As at March 31, 2019, the Group was involved in a number of legal cases which uncertainty around various claims, in asa provision is are still ongoing and the financial impact of which cannot be currently determined, Refer Note 43(c) to the consolidated financial statements for the disclosures relating to v | contingent liabil | How our audit addressed the key audit matter Reviewed the minutes of the Board and Audit Committee meetings; Inquired with the in-house lawyers to determine any potential outcome of the cases and steps that will be undertaken in to the ongoing future with regards litigations; Obtained and reviewed confirmations of the external legal advisors of the Group; and Reviewed the relevant disclosure in the contingent liabilities note to ensure completeness and accuracy of the disclosure. Classification of investment in Optionally Convertible Debentures (OCDs): One of the investors invested Rs. 50,000 Lakhs in to one of the subsidiaries of the Group, namely Palava Dwellers Private Limited for development of 31.3 million square feet of saleable area of the Palava project. Pursuant to the terms of the OCDs, the | Investor only has the right to convert the | | 0CDs in to Equity Shares. Palava Dwellers Private Limited has the option but not an obligation to redeem the OCDs out of the available cash flow from the project over the | Our audit procedures included the following: We have obtained the shareholder subscription agreement and the related transaction document from the management; | Obtained accounting paper prepared by the management and reviewed the same to ensure that conclusion reached thereon is in compliance with the requirements of Ind AS 32; and the in-house lawyer to Inquired from& Associates Chartered Accountants Key Audit Matter | How our audit addressed the key audit matter ‘outstanding at the end of the tenure shall be | determine whether the Group does have converted into Equity Shares. Accordingly, the | legal or regulatory obligation to OcDs has been classified as equity in the | redeem/repay the invested amount under consolidated financial statements. any transaction related documents. | Due to the significance of amount involved and judgment involved in the determining the appropriate classification of optionally convertible debenture into equity or liability, we have considered this as key audit matter. Refer to Note 63 to the consolidated financial statements. Information Other than the Consolidated Financial Statements and Auditor’s Report Thereon ‘The Holding Company's Board of Directors is responsible for the other information. The other information comprises the notice of annual general meeting, Director’s Report and management discussion and analysis but does not include the consolidated financial statements and our auditor's report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.NaN & Associates Chartered Accountants Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements ‘The Holding Company's Board of Directors is responsible for the preparation and presentation of ‘these consolidated financial statements in term of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group including its associate in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; ‘making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid, In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the Group and of its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors of the companies included in the Group and of its associate are responsible for overseeing the financial reporting process of the Group and of its associate. % Auditor's Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to ‘issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing ”) will always detect a material misstatement when it exists. Misstatements can arise from or error and are considered material if, individually or in the aggregate, they couldMSKA & Associates ~ Chartered Accountents reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. We give in “Annexure A” a detailed description of Auditor's responsibilities for Audit of the Consolidated Financial Statements. Other Matters a. We did not audit the financial information of 14 subsidiaries whose financial statements reflect total assets of Rs. 1,940,588.84 Lakhs as at March 31, 2019, total revenues of Rs. 19,002.36 Lakhs and net cash flows amounting to Rs. 1,749.19 Lakhs for the year ended on that date, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, is based solely on the reports of the other auditors. b. The consolidated financial statements also include the Group’s share of net loss of Rs. 0.02, Lakhs for the year ended March 31, 2019, as considered in the consolidated financial statements, in respect of an associate, whose financial information have not been audited by Us. These financial information are unaudited and have been furnished to us by the ‘Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of an associate, and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid associate, is based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the Management, this financial information is not material to the Group. iancial statements, and our report on Other Legal and Our opinion on the consolidated Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial information certified by the Management. Report on Other Legal and Regulatory Requirements& Associates Chartered Accountants a, We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements. In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our ‘examination of those books and the reports of the other auditors. ‘The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, the Consolidated Statement of Changes in Equity and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements. In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. On the basis of the written representations received from the directors of the Holding Company as on March 31, 2019 taken on record by the Board of Directors of the Holding Company and the reports of the other statutory auditors of its subsidiaries none of the directors of the Group's companies incorporated in India is disqualified as on March 31, 2019 from being appointed as a director of that company in terms of Section 164 (2) of the Act except for 1 director of one of the Group’s subsidiary incorporated in India who is disqualified from being appointed as a director in terms of Section 164(2) of the Act, who has subsequently resigned. With respect to the adequacy of internal financial controls over financial reporting of the Group and the operating effectiveness of such controls, refer to our separate report in “annexure B”. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditor's) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:& Associates Chartered Accountants ‘The consolidated financial statements disclose the impact of ending litigations on the consolidated financial position of the Group and its associate - Refer Note 43(c) to the consolidated financial statements, The Group and its associate aid not have any material foreseeable losses on tong term contracts including derivative contracts. ‘There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Group and its associate incorporated in India. 2. AS required by The Companies (Amendment) Act, 2017, in our opinion, according to information, explanations given to us, the remuneration paid by the Group to its directors 'swithin the limits laid prescribed under Section 197 of the Act and the rules thereunder. For MSKA & Associates Chartered Accountants ICAI Firm Registration No.: 105047W Anita Somani Partner ‘Membership No.: UDIN: 19124118AAAACMS262 Place: Mumbai Date: August 09, 2019& Associates Chartered Accountants ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT ON EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS OF MACROTECH DEVELOPERS LIMITED (FORMERLY KNOWN AS LODHA DEVELOPERS LIMITED) Auditor's Responsibilities for the Audit of the Consolidated Financial Statements As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: + Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. + Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. + Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ‘+ Conclude on the appropriateness of management’s use of the going concern basis of accounting ‘and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concer. If we conclude that 2 material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.NaN & Associates Chartered Accountants Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements Fepresent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.& Associates Chartered Accountants From the matters communicated with those charged with governance, we determine those imatters that were of most significance in the auait of the consolidated financial statements of {he current period and are therefore the key audit matters. We describe these matters in our auctor’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our "ePort because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. For MSKA & Associates Chartered Accountants ICAI Firm Registration No.: 105047 Abenot. Anita Somani Partner Membership No.: 124118 UDIN: 19124118AAAACMS262 Place: Mumbai Date: August 09, 2019& Associates Chartered Accountants, ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS OF MACROTECH DEVELOPERS LIMITED (FORMERLY KNOWN AS LODHA DEVELOPERS LIMITED) [Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report of even date to the Members of Macrotech Developers Limited (formerly known as Lodha Developers Limited) on the consolidated Financial Statements for the year ended March 31, 2019] Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“‘the Act”) In conjunction with our audit of the consolidated financial statements of Macrotech Developers Limited formerly known as Lodhia Developers Limited) (hereinafter referred to as “the Holding Company”) as, of and for the year ended March 31, 2019, we have audited the internal financial controls with reference to consolidated financial statements of the Holding Company and Its subsidiaries, which are ‘companies incorporated in India, as of that date, ‘Management's Responsibility for Internal Financial Controls The respective Board of Directors of the Holding Company, its subsidiaries and its associate, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note on ‘Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (“the ICAI"), These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.MSKA & Associates Chartered Accountants Auditor's Responsibility Our responsibility is to express an opinion on the internal financial controls with reference to consolidated financial statements of the Holding Company, its subsidiaries and its associate, which are companies incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under section 143(10) of the Act, to the extent applicable to an audit of intemal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether internal financial controls with reference to consolidated financial statements was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, We believe that the audit evidence we have obtained fs sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements of the Holding Company, its subsidiaries and its associate, which are companies incorporated in india.NaN & Associates Chartered Accountants ‘Meaning of Internal Financial Controls with Reference to Consolidated Financial Statements ‘A company’ internal financial control with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the Preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control with reference to consolidated financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with guthorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements. Inherent Limitations of Internal Financial Controls with Reference to Consolidated Financial Statements Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial control with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the poticies or procedures may deteriorate.& Associates Chartered Accountants Opinion In our opinion, and to the best of our information and according to the explanations given to us, the Holding Company and its subsidiaries, which are companies incorporated in India, have, in all material Tespects, an internal financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial statements were operating ffectively as at March 31, 2019, based on the intemal control over financial reporting criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note issued by the ICAI. For MSKA & Associates Chartered Accountants Pires ‘Membership No.: 124118 UDIN: 19124118AAAACMS5262 Place: Mumbai Date: August 09, 2019[MACROTECH DEVELOPERS LIMITED (formely known az LODHA DEVELOPERS LIMITED) ‘CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2019 Nefes Asal ser SLMarch-19—S1-March-18 Fin Lakhs Zin toh esa Non-Curent Assets Property, Plant end Equipment 2 12588508 124,74808 Copital WorkimProgress 2 628.58, 59156 lnvesiment Property 3 19,330.43 193908.49 Good! 4 46.106.26 papla7e Other intongibie Aol: 4 168.48 23662 Investments accounted for using the Equity Method 5 1.36.05 1.39609 Financial Assets Investments ‘ 1215783, 1218783 Loans 7 19.4s2.28 454596 (ther Financial assets 8 5599.25 5107.49 Deferred Tox Assets (net) ea 32081.57 9,208.03 Non = Curent Tax Assets (ne!) 3 780.24 1499652 Other Non-Curent aseels 10 2.497 540298 Telel Non-Current Assets 315.06531 ——273,106.41 ‘current Asrets Inventories " 415124114 3.143,43508 Finonciol Asses Investments 2 12494241 2485780, Loans 13 4802067 5632177 Trade Receivables 1“ 31,208.77 7565.74 Cash ond Cas Equivalents 15 3525272 25:521.85 Bank Saiances other than Cosh and Cash Equivolents ie 30,501.53 26,7308 Cher Finonciol assets 7 75,083.21 89698.10, ‘Other Currant Assots 18 153.9640 __11881451 Tolol Curent Asrete Was1,716.05 3.761.287 88° Total Assets ara ass 9 EQUITY AND WABIUTIES Equity Equly shore Copital 9 9950780 39,587.80 Other Eauity| Share Premium 20 2iare.a7 2707 Retained Eorings 21 14296035 278,119.66 Otner Reserves 2 180,602.96 Equity otrbutable fo Owners of the Company 384,430.58 Non-Controling Interests 5,479.96 Total Equity 4s7,7i0s2 519,493.47 Non-Curent tiabtties Francia abies Bortowings 2 SU3514s 249,351.35 Wede Payables 24 ‘Due to Micro ond smal Enterprises 1.75400 1488.08 Due to Others asi669 2175669 ther Financial lobities 2 138773 729.84 Provisions % 281979 2476.60 Deterred Tox abilities (net) % 432 57,035.68 Tolal Non-Curent Libili 7599398 33284219 Curent Liabilities Fheanciol obties Borewinge 2 228488337 2010.491.97 Trade Poyabies 2 Due fo Micro and small Enterprises 7036.43 6724.18 Due to Others 198.7070 18573021, Other Financial abilties 2» 44124326 249/388.27 Provisions 30 919.83 s2a.12 CCuent Tox Uabites (net) 3) 8389 sau2.62 Other Curent Lebiltes 3 1,590.06379__ 719,713.26, 4452997.56 3 182,006.53— 4szee7lsd 351485062 nara ase Total Curent ibilties Total abiltiesSignificant Accounting Polites 1 ‘Sptaremcncmpsttennsae faesgn balan Sorkin a acs geet rere pects saeco eel eee See es nai : wh ‘Mukund Chitale ‘Abhishel - yy) Se easy clack Ban geabn a wolra ‘Sanjyot Rangnekar MeEtcrctonce (Cte acy ‘Membership No. F4154|MACROTECH DEVELOPERS LIMITED {formerly known as LODHA DEVELOPERS LIAITED) ‘CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2019 Faricwar Toles forthe Year ended forthe Year ended SMart? sh March-18 Tintalos inate TINCORE Revenve kom Opecalions 3 varaernsi women Cinerincome a 270316 TORT ge "etal income Tiaso0g7 Tass 1 exrenses Cost ol jects 3 rarr608 wsagssor Employee Bonet Expense a 3.96980 309 nonce Cost Nel ” Shores nas Deprecioton.Amertsction and inodimen Expense a3ee taoiss2 50820 Other Exersee x 7550801 eeasry Toto Expenses aa WOE 1) Po Bole Exceptional em and Tox ausasn76 nares Share of Losin Asociote 5 009 - IV. ro Before Tox Ze » 1906.0) (sor) Deter Tox 75.013 Tass Tole Tx expenie caro 78) a7.) i Proftforthe Year ao TRE Vi. Ofer Comprehensive income 0 's Hams that wil nat be reclosned to Stlemer f Poff an toss Temeotvrement of dein benel sans (1074) aaa income Txt! 3 14930. ran) 27091 8 ters tha wil be rected o Sateen! of Pt ond Loss Foreign Cunency FansationResowe 0677 (220.36 Teal Otner Comprehensive income (Los) (ne ot ox (A¥8) — ey Vi Tota Comerehensve Income forthe Year (Von) —aeaes oe Proftforthe Year etibuable 64ssr00 7940498 {0 Ones of he Company saan z2 res Finan Conon nest e278 107079 Tehuszo0, ants (ther Comprehensive Income / (oso the Yeo aibutabe fo (earen) (28245) {1 Owner of he Company (0274 (197651) {hiNon Contoting teres sar 25794) —ag ee Total Comprehensive income forthe Yeor atibuable fe: waaarss massa {1 Owes of he Company veaszias reasa.78 {9 Non Conkoting interes vo8s sizes Tass Tass omings per Equity Shore (in): a fFace wale of 10 pr Ey Share} Sone mn 40 Ww Dies ne osSignticant Accounting Policies 1 Scr eccompanyng ees the Contldeed Fence tlements 1s ‘sper ou attaches topo ofeven date forand on bell he Board of ecto of Mecrlech Developers Unted revs toes oomay known es och Dovlope pe Chorlered Accountants {/» Fim Regisoton Number 1050470 (Duiitale | ae . ‘owed Cre he (Chairman) (Managing Director and CEO) DIN: 00101004 IN: 00266089 q chao. ShRen ge eet Serpe! tngn (Sitbinenc! ofcey {aepeny Sereen) Membership No. FA154 Anita Somant (Parner) ‘Membership No, 124118 Place : Mumba 09 AUG 2-MACROTECH DEVELOPERS UMITED (lormerty known as LODHA DEVELOPERS LIMITED). ‘CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH, 2019 Forthe Yearended — Farthe Year SLMoreh-19 31-Morch- 18 Tintokhs Eintakhs (A) Operating Activities Prot before tox 289,577 11s.194.43 ‘Adjustments tor: Depreciation, Amorhstion and Impokment Gxpance 1804932 97.508.90 Los on Sole of Property, Plant and Equipment 26.45 628 Net Unreaised Foreign &xchonge Oilerences 3.68.44 3.50268 Interestincome 92.47) (4375.67, Finance Costs 3.00.143.70 293.446.47 [Goin Loss on Sale of nvestments (net) (11403) 27563 Sundry Balances / Excess Prowsions wien offf back 6476 11.780,78) Provision for Dovbtul Receivables ond Advances / Deposls ass 1,099.88 Goins arsing Fom fot valuation of nancial insrumenis sg) (118.28) Disiclenc on Curren! investments (258.37) (336.14) Working Capital Adjustment: (increase) / Decrease in Wade and Other Receivables (2404555) wo7ie78 {increase} / Decrease in Inventories (25487754 (1.893246) Increase / [Decrease] in rode ond Other payables 30470736) 144873.05) Cosh Generated from / (used in} Operating Activities 115,335.62) 126.02401 Income Tax Poids 1.157.0, [56.4672 Nel Cash Flows rom / (used in) Operating Activtios (ae a22) 955674 (®) investing Aetiviio Sole of Property. Plant and Equipment 6539 9.0 Purchote of Property. Plant and Equipment (00.558 64) (407.15) Net Investmertin Bank Deposit (42080) 293139 Purchase of Nor-Curtent Investments (1.07375) 152.492.08) Purchase of Current Investments (net) 927.55) (3139.19) Interest received 221798 636.1 Loans Given (6805.23) 1343696) Dividend on Curent investments Recelved 238.37 336.14 Net Cosh Flows used In Investing Activites eae 57 aay (©) Financing Activities Frnance Costs Pale (29673803) (3.020799) Proceeds om Borowings 110874648 129724058 Proceeds tom sve of Optionally Convertible Debentures 0,000.80 Repayment of Prt of Optionally Converlible Debentures (1,000.00) Repayment of Borowings 757,246.41 199270819) Net Cash Flows rom Financing Activities 7376298 2437.00 (0) Net increase in Cash ond Cash Equivalents (A*8#C): 45.51 sariae ‘Cosh and! Cash Equivalents atthe beginning of he year 25,521.86 1.58289 [Exchange difference on tonsatan 0 foreign currency cash and cash equivalent 885.35 10.265.29) ‘Cash and! Cosh Equivalen's acauired on account of Aceuison - \ea97 Cash and Cash Equivalents at year end (Note 15) s\n. Te Note ©. Cosh flow statement hes been prepared under the increct method 9s te! out in ind AS - 7 specified under Section 123 of the Companies Aci 2013, 1, Net Cash Flows from Operating Acivites for the year ended 3I-Morch-19 inchides #172865.07 Laths net Cash used in overseas projects 6, Reconciliation of abittes orsng ram Fnancing activites under Ind AS 7 March-18 jorch-19 22.81.81078 1,62.958.55| 321.498. 304536 39 19.0508 9411584 2.440501 261,610.78Significont Accounting Policies See eccomperying notes to the Consolidated Statemenls {As per our attached report of even date For MSKA 8 Associates Chartered Aceountonts Firm Registration Number: 1050470 Anita Soman (rarines) ‘Membership No. 124118 Place : Mumbet "09 AUG 2019 For and on behalf of he Board of Dractors of Macrotech Developers Limited (int rot ta Drea ’ f QW baile AC) utd Ce Forte io (onc ‘Meaghy rst ond #0) a seen cluold Sharpen, sotvstnonghocr ¢ Financial Officer). (Company Secretary) ‘Membership No, F4154uswoyp4s fo}24OUY PeIpYOHUED O44 2 s40U BuAUOduLC>0 205 WRIST — TWEET Ta sree “AOIpSGN5 16 OSH / LOHR UO (501 lewsvrer 97) eit sno19 aqs10 epioyoioys oo000 sdooi9 out j0 sie, Storer corse ‘Ainb3 401 a _| aT ‘uno wanuo (0) Sa pao 3 jo a=UER DUS yey W298 jo ra Battiaia sy POMP SSE Aste G3ON3 Wak HL 40% Aun YAN 50 UMmOUy AEE} 3H($240 foouEU 9K) ‘49 Sal (Mcv0s01 uequUNN voyo4sBay wy suoune22y paiopou n Sedo}an0q oypor so umouy Apou)) opyoorsy 9 WASW 103 ‘Pow sedojoneq y>e}0!20W 0 s0}20N0 fo piBO4 Bu JO KOU ve pul 304 ‘stop Ueno 0 Hoda poy>oio sn iad sy[MACROTECH DEVELOPERS LIMITED (formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2017 a SIGNIFICANT ACCOUNTING POLICIES Group's Background The Corsolialed financial statements compvse financial stotements of Macrotech Developers Uiited {formerly known cs Lodha Developess Limied) he Company) ts subside: and associates [calectively, the Group) lor he year ended ala Mach, 2019, The Company is 0 public limited company domiciled end Incomporoted in india under the Companies Act, 1986 vide CIN = U4S200MiH1995°L073041. The Company's egislered office is located ot 412. oor 4, 17 6 Vardhaman Chomber, Cameos} Potel Road, Homiman Gice, Fer, Mumbo! 400001. Me Company is prmenly engogedin the business of reo esate develooment Signticant Accounting Policies Basis of Preparation The Consoldoted financial statements ofthe Group hove been prepared in accotdance with Incfon Accounting Standards (Ind AS") notfied under seciion 138 of he Companies Act 2013, reas together wi the Companies indian Accounting Stone] Rules, 2915, These financial stalements have been prepared ond presented under the histofcal cos! convention. on the accrual bonis of ‘accounting excep! fer and os clasiied under Property, Plant and Equipment and certain inanccl ssset and fnenciol feos thet ‘re measured 0! far valves ot the end of each reporing year, 0: stated in the accounting poicies set oul below. The oecourting polcies have been apples consistently over al the yeors presented in these fnancil steternant, The financial statements oe presented in ncion Rupees (2) and al values fe sounded to the neorest lakhs except when otherwise Indicated, Principles of Consolidation and Equily Accounting ( Subsciaies Subsicires oe a antes over which the Group has contol The Group controls an ently, when the group ls exposed fo, or hos ight, vottabie relums irom its involvernent with the ently ond nas the cbilly lo affect the relums tough i power to direct the relevant ‘ociviies of he entity Subsciries ore fuly consolidated from the date on which contalis transfered to the Group. Controls easessed whenever focts and Cccumstances indicate that there may be a change in ony of these elements of conta, They ore deconsoldated irom Ine Joie thal contol ceases, The resus ond financial postion of foreign operations that have o functlanal cunency diferent om the presentation curency ore ‘rcnsloted int the presentation curancy ot follows ~ axe ond Fabifles cre trorsicled a he closing role at he date of the bolonce sheet = income and expenses are krarsicted af average exchange rales (unlett ths is nolo recsonable approximation of the cumulative effect of the rates prevaling on the tronsacton cates, in which cose income ond expenses ore Nonslated at te dstes of the Irensecons), and ~ Alresuling exchange ciferences are recogrisedin other comorehensve income, The Group combines the finoncicl statements of the Company and is subsidores fine by line adaing together like items of osets tobities, aqui. income end expenses. Infercompary varsaclons, balances and Unrealized gains of lesies on kansochons beeen ‘Group companies ae eliminated, 'Non-contrling interests inthe results ond equity of subslaves oe shown separately in the Consolidated Statement of Proft an Loss. Consolidated Statement of Changes in Equily and Corsoldoted Bolance sheet respectively {) Associotes ‘Associates Fe al enfies over which the Group hos significant intlence but no! contol or ont contol. Tiss generally the cose where the group holds between 208 ond S0% of he voting rights. Invesiment in axrociotes ore accounted for wing the equiy method ot ‘accounting atterinially Being recognized ot cost, Under the equity method of accountng. the excess of cost of investment over the proportionate share in equly ef the associate as at ‘he cote of acauisiion of stoke is idenified cs goodwill ar copia reserve asthe cate moy be end included ihe eanying volue ol the Investmentin the associate he carping amount of the investment is adjsted thereattero recognize the Group's shore ofthe post-ccqutiion profs oases of he investee in Consoidated Siotemen! of Proft and Less, and the Group's share of olher compechensve income oF He invesioe in Consoldated Other Comprehersive Income. However, the snore o losses is accounted for only fo the exten! ofthe cost of investment, Subsequent profs of such astociales ore not accounted for uniess the accumwicted losses not UccoUmled for By the Croup] ore Fecouped. Addona! losses ore provided foro the extent thot the Group has incuned obligations or made payments on bere a he Cs0ciote to sotisty obigotons of he astocicte thal the Group hos guaranised oF fo which the Group Is othenste comma, Unreatsed goins er loses on transactions between the Group ond is arsaciater cre elrinated fo the exlent of tne Group's interest in these onttes Summary of Signficant Accounting Policies Curent and Non-Curen! Classification ‘The Group presents assets and tebilies inthe Consoldated Solonce Shee! bared an curent/ non-cunentclasiication, An eset s ‘eeated os cunent when iti || Expected to bs rectsed or intended to be sold or consumed in nomal operating eye |) Held pximariy for he purpose 0 ading Ii) Expected to be reaised within twelve manths ater the reporting patiod. or ‘Cath or cosh equivalent uness resicted from being exchanged ar used fo sete a habit fora eas! Wvelve month after the reporing period. osses oe clasifed ae non-cumert,[MACHOTECH DEVELOPERS LIMITED (formerly known as LODHA DEVELOPERS LIMITED) [NOTES 10 THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 ‘Alobiilys curent when |) Mis expected to be sated in normal operating cycle |i) ttishela primety forthe purpose of ong, Bh It'¢due to be setted within twelve months after the eporing petod, ot M] There sno unconaitionoliigh!o defer the setiement o the ably for at east twelve months ater the reporting period. The Group clases at other tobias ex non-cunent Detened tox assets and Fables oe cosstied 0s non-cumant assets one Fobifties respectively ‘The operating cycle's the time between the acquiiton of ots forpocessing and ther reclsalion in cosh and cath equivalents The opercing cycle of the Group's eal estate operations varies irom project fo project depending on ihe sts of the project, type of evelopment, projec! complenies ond relaied approvals. Asal and Lobes ore closed ilo curent ond non-curent based onthe operating cycle 2 Property, Plan end Equipment | Recognion ond measurement Al property, plant ond equipment excep! treehold land ore slated at historical cost let accumblated deprectotion. Hitoricol cost Includes expenctiure thot i rect afributoble to the acquiifons af fhe items, Cost includes eight, dues taxes, mowing Cott ond Incidental expenses elated fo the ocaustion ond installation of he axe Freehold Lond is measured at foir vole. Valuations are performed with sulficient frequency to ensure that the camming value of fevolued osset does not defer materially fom iso volve. Revaluation surplus is fecordectin Omer Comprehensive Income (Cl and credited to he Revaluation reserve in Other Equity, 1 Subsequent costs Subsequent expencitwre copitofied only when itis proboble thot the fue economic benefs of the expendue wil flow to the Group, Al other repos and maintenance are charged fo the Consolidated Ind AS Staloment of Profit nc Less dung the reporting DPetiod in whicn they are incured. fi. Derecogntion ‘The carying omount ofan iter of Property, Plont and Equipments derecognized on cs~potal or when no futwre economic Benes ore ‘expected fiom is use or asposol. Me gain oF loss ating from the derecognition of an item of Propesty, Plont and Eeupment measured as the diference between the net dsposal proceeds ond the coming omount othe lem and i recognized Is the Consolcoted Statement of Pott ond Loss wen the tem i derecogrized. |v. Capitol workin progress Cost of esses nol ready forintencied use, a onthe Balance Sheet cote is shown os copie workin progress ¥. Depreciation Depreciation is calculated on o witen down value bast over the extmoted usell ives of the asiels as spectieg in Schedule W of Compories Act, 2013 excep! for Ste/Saies Offices and Somple Flals wherein the estmofed uselul fuer determined by the medorent XE propa Pont on euipment Use cea) Tar Oar nd angle Ha 3 i fresh bong a it an on oa ase | [oes ego z vi feompeis Se na 3 Berd Os ha aos gos SE § ani i in va fees MO cls iooiar on one m [lot bist otter le Con ond moa Depreciation on assets slo dtving Ihe years chorged fo the Consoldoted Statement of Profit ond Los up fo the month preceding the month of sale. 3 lnvesiment Properties The Froperty thats nels forlong tem rental yield or for copitol apaxecioton of both, and thot is not occupied by the Group i classed ‘tan Investment Property Investment properties ore measured iniialy at cost Including ontocton ond bonbwing costs. Subsequent to intial tecogriton, investment properties ae stoted of costless accumulated depreciation ond oscumuloted impaiment loves any, The Group depreciates investment properties over the Use ile of 0 yeas for the cate of ofginel purchase as presciived under Schedule Io the Companies Act, 2013 4 Intangible assets Intongible osiels acquired separately ore mectured on intel recognition ot co cored ot cost less any accurrulsied amortiaton and impolment losses, loning inlal recogniton, iniongible asets ove her finite or indefinite. Curenty the company hos not ideniied any Intangible ble oss: with ite ves ore amorised over the vsaful economic Hie. The usetul econenig gible ise! with fife use fle are reviewed af leas! atthe end of each tepering prison expense on ‘ostels wh finite ives is recognised inthe Consolidated Statement of Profone LoeMACROTECH DEVELOPERS LIMITED (lormerty known os LODHA DEVELOPERS LIMITED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT SIST MARCH, 2019 Goins or losis ating trom derecognion of an intangible ossel are mecsuted athe aiference between the ne! dipetal proceeds fond the carving amount of the asic! and are recognised in the Consolisated Statement of Proft and Loss wnen the ossel is derocognised, Intangible assets are amortized proportionately over a petiod of five yoors oF ever the useful economic ie ofthe outs os determined bby ine management, whicnover is ower Intangiole cssels with indefinite ie ore tested for impaiment onnvaly. Impairment losses, f any. ere recognised in Consoldoted Statement of Prot and Loss, 5 nventores |} Slack of Gung Moteria and traded Goods i vaved ot ower of cost and ne! eakzable vole. Costs generolty asceroines on weighted average bari i) Completed unsold inventory is valued at ower of Cot and Net Realizatle Valve. if) Cos tor this purpose includes cost of land, shores with occupancy rights ranslentable Development Righl, remium for evelopment fight. borowing costs. constuction / development cost and other overheads incidental tne. project Undertaken. Nel realzobie volves the estimated seling price in the ordinary couse of business, less estimated cost of completion and the estimated cost necessary fo make the sale, 6 Provisions and Contingencies ‘The Group recognizes provsions when a present obigotion (legal or constuctve) 0s 0 reiv of @ past event exists nd iis probable that ‘on outiow of resources embodying economic benefits wil be requited fo sala such obligction and the amount of hich oolgoton can be relobiy esimoted, Ir the effect of time value of money is matefol provsors ore discounted using a current pre-tax rate thot tetlect, when appropriate, Ihe tks specific fo the labity. When ccounting is used, the increase in the provision due fo Ine pasiage of ime s recognized of © finance cost {disclosure of contingent fobilyis clio mace when there is a posible obigaton or 6 present obgation mot may, but probably wil not, require on outlaw of rexources. Where there is posible eblgation oF © pretent obigoton in respec! of whch fae Ikebrace at ‘utlow of resources i remote, no provision orciclosue is made, 7. Impairment of Non-Financial Assets (excluding Inventories, Investment Properties ond Delerted Tax Assets) Nonfnancial assets are subject fo Imperment ‘esis wherever even's or changes in crcumtsances indicate thot theit cnying amount may not be recoverable. Where the caning valve ofan ossel exceed is recoverobla amount jie, Ihe righer of walue in we ora lot volve less cosis to sel). tha asetiswaiten down accorsrigly \inere its rot possible to estimate the recoverable amount of on individual ase, the impaiment tes ik canied out on the smatest {100 of ase fo which i belongs for whicn there ere separately idenfiable cash flows cash generating unis (CCU), 8 Financial nstuments 2 financial instument is ery contact thot gives rie to 6 financial asset of one entty ond @ financial Kabilly or equity insument of ‘oncthner entity Financial Assets Inia recosniion and mecsurement ‘he Group clase its nancial asstsin he folowing measurement categories * those fo be measured subsequently at for vale (ether ttrough other comprehensive income, or heough pratt els) ‘those measures at amorises cost Allfinoncial assets are recognised inayat fair value plus. in the cose of fnoncial axtets not recorded at flr value through profit orloss, ‘ronsacton costs that ae attibutable tothe acqusiion of ne nancial ase Subsequent measurement For purposes of subsequent meosurement,fhoncicl asta are classed in four eotegotes i} Debtinstuments ot omerfsed cost i) Debtinstuments ot far value heough other comprehensive income FOC) {iy Debt inshuments, derivatives and equiyinsruments a fai value trough profit or loss (VIP) iv) Eauityinsruments measured ot cir value rough other comerehensive income (FVIOCH ‘deb! instrument's meosured ot the amortsed cost both the following conditions are met: 6) The oxetis held wihin « business modal whose objective is to hold aes or collecing coakoctuel cash tows, and 1} Contracivol terms ofthe asset give re on speciied dates 1 cosh flows thal ore solely payments of pncfpal and interest on the Principal amount ou'stoncing, Aer inal measurement, such financiol ossets ore subsequently measured of omoriied Cost Ung the elective interes! cate {ER} method. Amorised cost is calculated by faking info account ery dlscount or premium on ocauison and fees or cost thot ro ot Integral port of the EIR. The ER amorfsaion is Inchided in france Income In the statement of pro or los. The lanes eng ror Impairment it ony, are racogrisedin the statement of proto os, Debt instuments at EVIOC! 1601 nsument is costed os atthe FYTOCIif bath of he folowing ertenc are met: Cl The objective of he business madells achieved btn by colecing conkacivel eash lo, ‘contractual cosh lows represen! solely payments of principal and interes x he Fronclolawets ant[MACROTECH DEVELOPERS LIMITED (lormerly known as LODWA DEVELOPERS LIMITED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 Deb! instruments included within the FVIOCI category ore menue infaly ar wel as at each reporting dote at foi value. Far volve ‘movements ore recognized inthe other comprehensive income (OCI). Howaver the Group does net hove ony Geb! nstumants Which ‘meets tne crterc for measuring the deb nsument at FYICC! Debt instnent ot FVIPL Any debt insument, which does nol meet the citer fer ealegortotion a: af amerized cost or as FVIOCL.is casi os ot VTL In osaiton, he Group may elec! to designate a debt instument, which otherwise meets amortzed cost or FVIOCI cei. at FVTPL However, sueh election is cllowed only if doing so reduces or elinates 0 measurement or tecognion inconsistency fretened 10.35 “accounting Mismatch’). he Group hos not designated ony debt isrument at FV7PL Debt instruments included sihin the FVIPL cotegory are mecsured a! fa value wih all changes in far volve recognized in the Slotement of Profit ana Los, Euiteinvestments ‘At ecuily investments, excep! investments in associates ore measured 0! FVTPL. The Group may moke on imevocable election on intial recognition fo present in OCl any subsequent changes in he far vole. The Group makes sch election on an insiumentby instrument bast Allinvesiments in Assoclotes are measured! ot Cos Detecognition of Financil Assets A fnoneiol asset or, where opplcable, @ pat ofc financial ose! er part of @ group of similar financial ose) is primerly derecogniied [le:temoved trom the Group's Consotdated Balance sheet) when. |} The ights fo receive cosh flows fom the asset hove exored, or 1) The Group has transiened its ghts to receive cosh flaws fom the osset or hos sumed an oblgaton to poy the recelved cash ‘lows in ful without mateo! delay to a hic party under a ‘pass-through’ arangement: and einer fo} the Group hax Wenstered substantally ll he tks ond rewards ofthe asset. or [b) tho Group has nether anelered nor retained substontaly oa the ts One rewards of the ossel, bul hos Fansfered control ol the ose. When the Group hos arsfened is right to receive cash flows fom an asse! of has entered info a passough enangement. it evolvates If ond 10 wha! exent it has retolned the rks and fewards of ownership. When it hos neiher Merstered noe retard substantia of the iss ond reworas ofthe asset, nor transfered contol ofthe ast, the Group continues fo recognise ihe ransione ‘ose! fo the extent ofthe Group's continuing involvement. In tho! cate the Group ako recognises on associated babily. Te anstered ‘ossel and the ossocioted febitly are meatvied on a basis that eacis he rights ond obigotons thatthe Group nas retained. Continuing involvement that fakes the form of ¢ guarantee over the Kansfened asset s measured at the lower of the exginal conving ‘omount of the asset and the moxmurn amount of corsideration thatthe Group could be equved fo reper. Impairment of Financial Assets ‘he Group asters on 0 forward looking bosl the expected creat loses ossocialed wit ts nancic! asses cared ot omorived cos! and FVIOCI debis instruments. Ihe impaiment methodology applad depends on whelnar inere hos been significant inctesie in cred ie For trade receivables the Group Is not exposed to ony credit isk of the legal ownership of residential ond commetciol units ore ‘ransfered fo the buyer ony ater al he instolimen's era recovered, For financial asse's comes ot amorised cos. he canying cmount is Yeduced and the omount of the loss is fecognited in the consolidates statement o prot ond los. Interest income cn such fnanciol asels continues fo be accrued on the redveed coming ‘amount and is aceved using the rate of interest used fo eiscount the fulure cath flows for ne purpose of mecsuing the mooiement toss. he inferest income is recorded 0s port of finonce income. nancial este! together withthe otsocioted allowance oe wifen off ‘when there is no realsic prospect of future recovery and all callaleal has been zeolzed or has been transfered fo the Group. Ha 3 subsequent yeor, the amount of the esimated mpciiment loss increates or decreases because of an event occuring cil the impcirment wos recognised, he previously tecognied impoimen' loss neeated or decteoted. Ita vito i later teeovered, the recovery s credited o nonce cost Financial abies Financial fobies re classed, at iitolecogniton, as financial Lables at FVTPL, loans and bonowings or payables, os appropiate, ‘All fnonciol fobiltes ae recognised inal a far valve ond, inthe case of fnancla tilly not recorded at for volve trough Prot or loss nel of ciectly atibutoble tansacton cost. The Group's frenciol tobilies inciide ade ond other payables, loans ond bomawings Inclicing bork overdrafis and financial ‘Qvoraniae contacts Subseauent measurement ‘The measurement of fnanciol fabittes depends on ther classicovon, os described below: ‘Ghonciol obits: af ic olve thrush profit orloss Financiol fotilfes of far value though profit o loss include fnancial Kabiles held for Hong and financial Kabities designated upon Intial recognition as at fa valve through profit o loss. Seporated embedded dedvatves are aio closed os held for hading Unless they ore desianates as eflecsve hedtaina insrurments. Gains orlsses on obilies held for acing are recagrised in the prior los. Financia fabities designated upon ina! recognition ot flr value through proft or lots re designated os such al the ital date of RSSOGRecarinon. onc only he estec in Ind AS 107 cre ttsfed. For bobillies designated os FVIPL lor value gons/ kssen oPbuIDDe Y BR aes in own credit sk ore recognized in OCL. These goin loss ore nol subceggemErPmored fo Siotement of Daft ond lo, NN. the Group may tanser he cumulative gain or os within equiy. AF oth tfumbot-28) 8 statement of roi or as. he Group has nol desgnoted ony inonetal feb ugh pro and los.[MACROTECH DEVELOPERS LIMITED (formerly known os LODHA DEVELOPERS LIMITED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT IST MARCH, 2019 10 ‘oan end borrowncs Aer inialrecegnition intees-bacsing loons and borowings are subsequently measured at amortsed cost using the ER method. Goins cond losses ore reconniic in xo or loss when the Habites ae derecoanised as well as throucththe ER ararsaton process ‘Amorised cos! is colcvloted by faing into account ony discount or premium on acauiiion and fees or Coss tho! ore on integiol port of he ER. The EI? omorsation is included es nance cos in he Cansakdated Stotement of Pol ond Loss Froncicl quorantze contacts Financial quarantes contacis issued by the Group are those contrac ht requte © payment to be mace to reimbutse the holder for 6 lossit incurs becouse the specied dabior falls fo mate © payment when due in cccordonce withthe forms of a Geb! inshurent Financial guarantee contacts ore recognised initoly os o Tbilty of fol Vole, adusted for transaction cost that ore ect ‘oftibutable fo the issuance of the guarantee. Subsequently, the Sabilly It measured at the higher of the omount cf less ellowarey \elermined as per impoirrent requirements of Ind AS 109 and the ammount recognised less eumulave ermeralion, Derecogntion of Financia abies {financial iabilty is derecognsed when the cbiigaton under the labity if dschorged or cancelled oF exrites. When on eaising ‘inancal hobilily is replaced by another from the some lender on substantaaly diferent ferns oF the ‘ers of cn existing Hoy oe substentally modified. such an exchange o: mociication i reated as he derecogriton ofthe onignalRabiily and the recognion of © new labifly. The difference In he espective canying amounts leracagnized in the Consoldcted statement o! Prof! an Los, Reclssticaion of Financial Assels and Financtol abies the Group determines clesiicatin of financial assets and Habits on inital recognition. Aer inal recogriion. no reclsilicaton is made for financial axe which ore equity instuments cnc financial labilies, For nancial awe's which ore debt inshuments, ‘eciasifeation is made ony there isc change in he business rade for managing thore a:eels Changes fo the business model ore ‘expected fo be infrequent. The Group's management determines change in the business model os result of external of intl ‘changes which ere signicant to he Group's operations. Such changes are evident fo extemal parties Achorge in the buness moe! occu when the Group either begins or ceases fo perform cn actly thot is significant fo is operotions Ifthe Group recloufies Fronciol ose. it apples the reclassification prospectively fom the reclosilication cate which i he fst day of the immediately next ‘eportng pers folowing Ihe chonge in business model, The Group does no restate any previously recognises gains owes inching impairment goins & lose) or interest Offseting of Financial Instruments Financial assets and froncla Fbilies ae ost cn the net amount is reported in the Consolidated ind AS Botance Sheet if here is @ Curren enforceable legol ight fo offset the recognised amounts and there isan intantion fo settle on a net boss fo reate the oise's ‘ond settle the Fobiites simultaneously, Flr Valve Measurement Ft value isthe price thot would be received fo sell on asse! o paid fo tronsler a Habity in an ord transaction between market Portcjpants o the measurement date. The fair value measurements based on the presumption tna fhe ransoction to sl the asset or ‘ronsfor he ably takes place either Il Inthe principal marke forthe aset or tabity,o- i) Inthe absence of o Principat marke. n the mae! advantageous motkel for he esse ofbily ‘he principal or he mast advantogeous matkat must be accersble by the Group. ‘he Ia volue of an osset ora billy is mecsured Using Ihe assumptions that morkel paricjpants woUkt use when picing the assel abil, assuming that morke! paricisants actin new economic bestintered, | fair valve meosurement of a non-financial asset takes nto account a markat parkcipant's obilly to generate economie benetis by ling the arse ints highest onc’ best vse or by seling tte another market parfeipant thot would vse the esse nit highest and bes? The Group uses volvaton techniques that are appropriate in the cicurrstonces and for wich sulfcient date ere ovelable fo mearure fair volue, maximising the vse of relevant observable inputs ond minimising the use of nobservcble inputs Al aste% ond fobiftes for which for vole is measured of disclosed in the fnoncial statements are categotsed within the fo value hierarchy. dese*bed ot follows, bosed on the lowes! levelinput tho is sgnificant fo the for valve mecsurement oso whole: ') Level — avotes (unadjusted) morte! pices in actve morte for dentcal aztes oriatities 4) Levet2— Valuation techniques for which the lowes! levelinput thats sgnificant fo the far valve measurement's drecty or Indirecty observable i@) Level 3— Volusion techniques for wrich the lowes! evelinput thats significant fo tne for valve measuiement Ik unobservable For assets and Fotis tho! ore recognised in the fnoncial statements on @ recuring bast, he Group determines whether tansfer have occurted between levels In the hierarchy by reassesing cotegorsction (oased on the lowes! level input tha! is glean te fhe Fair value measurement os whole) atthe end of each reportng neiod, Cosh and Cash Equivatents Cosh ond cash equivolantin the Consoldated selance Sheet compte cath at banks ond on hand end shorten depuis wth an ‘ginal motunty of three months orlss, which cre suBect fo on isigniicant rk of changes involve. Revenue Recognition Group hes edopied Ind AS 115 ‘Reverue from contracts with customer’ (ind AS 115) using modied rettospective epproach, with om Tst April 2018, eter Note 61 forthe tronston related caclosur,[MACROTECH DEVELOPERS LIMITED (lormery known as LODHA DEVELOPERS LIMITED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 3ISTMARCH, 2017 2 13 ©. The customer simulanacualy receives and consumes he benelis provided by the Group's perfomance os the Group performs: or 'b.The Group's performance creates or enhances on ose! tho! Ihe customer contro os Ihe osetis created or enhanced: et «. The Group's performance does not create an asset with an olfemotive use lo hha Group and the ently has on enforceable right fo payment for perlormance completed to dole, For perlormonce oblgoions where one of he cbove conciions are not met, revere is tecognised atthe point in fme of which the perlermance obligation i safsied Revenue isrecogrited either al point of fime and over 3 period of ime bosed on the conditions inthe contracts wih customers The specific revenue recognition etteio are deserbed below: (Income trom Property Development The Group nos determined thatthe exsing terms o the contract with customers dass not mee! Ne eiterio fo recognise revenue over a Deriod of ime. Revenwe is recogrized al point in ime wits respect To contac for sole of esidentiol one commeretol unis or and when ‘he contol passed on to the customers which s Inked tothe application and receipt of occupancy cerita, The Group provides rebates to the cuslorners. Rebates ore adjusted ogainst customer dues ond the revenue to be recognied. To esimote the variable consideration for the expacted fuluee ‘ebotes the Group uses ine "most ikely omovni" method or "expected value method” {Contract aolonces Contact asset The Group i entiled to invoice customers for consruction of residential and commercicl properties based on achieving © series of Consiuctominked milestones. A contract asset's the aight 10 consideration in exchonge for goods or services Ranslened To the ‘customer. Ifthe Group performs by Irensfening goocs or services to @ customer belore Ine payment is due © corel axet recogrized for he eamed consideration that is conditional. Ary receivable which represents the Group's ight 1 the consideration that Isunconditonalis reated os rade receivabie, Conhact abies ‘A contract fabilly's he obigation fo kansfer goods or services fo @ customer for wich the Group has received consideration from the: customer. if 0 customer pays consideration before the Group Horses good: of tervices to the customer, a contract Kobiy recogrited when the poymentis made. Contact labile ore recognised 05 revenue when the Group performs under the contract {ll) Sole of Materials, Land and Development Rights Revenue is recognized ot point in me wilh respect fo contrac fr sole of Matar, Lond and Development Righis 0s ond when the controls possed on fo he customers, (WV) interest Income For all debt insiuments measured at amortsed cos. nterest income Isrecotded using he ettecve interes rate (2) (V) Rent Income enlclincome aising fom operctng leores ie accounted over the lease terms (V0 Dividends Revenve isrecogrised when the Group's tight toreceive the payments estabished. Foreign Curency Translation Inet Recogetion Foreign curency Hansactions dung the period / year ae recorded inthe reporting currency at the exchange rates prevaling on the ‘date o! the Fantaction Conversion Foreign cumencies denominated monetory items or translated into pees at ine closing rates of exchange prevailing af the date of the bolonce see. Non-monetay items. which are came In tems of historical cort denominated in foreign eurtency, Ste reported Ung the exchange ate a Ine date of ine ransacton, Exchange Dilerences [Bichange diferences ariing. on the settlement of monetary items or teportng of monetary items of the end of the petied / year at ‘losing roes, at rates diferent fom those at which they were ial fecorded dung the peiod / yer or repered In preview: frencsal Holements, dre recognized os income or as exxenses in the petiod / Year in which they arse. ‘Curent income Tox Curent income tax for ne curent and prior pevods are measured at the amount expected to be recovered fom or poid to the taxation authorities based on the taxcble prot! for he period. The tax rates and tax lows used to compute the omaunt are those thal ‘fe enacted by the reporing date ond applcoble for he pon) Detered Tox Detered tox s recognized using he bolonce sheet cporoach. Defered tax asses ond labilies ore recognized forall deductible ond Joxabie temporery aiferences arsing between the fox bases of assels end lcbitfes ond their eonying amour in financial stotements ‘excep! when the detered tax ates from the infal recognition of goodwill or an ase! or Habily in @ hansacton thot fs not © business combination and effects ner accounting nor foxable pros orlas at the te of Fonsacion, ene © opplyn the petiod when the ouse! i reakzad or Jenown as Lodna Krewedge Foundation) * 34 else Gicie Pui. U6. [Fomery known or Faiove iy] Roaltilale | Irate TOOT} = !Monagement asocition) 35 Bhoyonderpoda Splordore Comex VLU Realeote_ [nao Too.0R = 35_[Alomount Rood Properly PL. ™ Real stato | neta 700.00 = 3 Loca Developers nlemational/Netherond 8 V Reolesiote | Netherande Toocox] to0003) 3 Lodhs Developers 1656 Uk Recléiote | Jere bione 76258] 7a 37 [Lodhes Developers 485 Real fitate | Jeneybiond 7425R] 7625 5 oda Developers Dass! Close Realistate | Jesey sland 7420 76255 4 [ororvenor Skee! Aporments Lid. Forney Known as Voland) Reolévote | Uniled 75.0% 75.00% Park Residences Holaings ts) Kingdom 2 [lodha Developers 1650 Holangs a Real fate | Jersey slong 7625% 76255 “® [[odha Develops Canada Na” ‘arkeing ond | Canad Too.00%| , Soles octvites @ |[odha Developer iniemaTional fiewey) WUE reel | ae Tae vail [[odha Developer ieratonol Marketing anc | Maui Toa Fa Soles octvies 7% [fpdhe Developers URS.” Supoar sence | United 7EnRR| FER ‘ecivites | kingdom W |[oaha Developen US, he * Morkeing ord [Unies Soler Tos0%] T0000} Soles oct W Rew Cont Developen tid Real stale | unfed 7500R| 1 Knacom W flew Con nares TE Realestate | — Uniea 75.00% ql Kingdom 3 ]icsOleasscoua* Reartate | — Usted 750% ql Kenriom 1 Aaoctate For ¢SeptembSri7 fo 1h Janvaty 18 and BUBSay Una SSepTeMBeAT? ond hots [> TGRVGATE 2. Acqueed on 25Seplember17 3 Acqured on SDecember17 ond merged wih Subsilery Blisimo Developers Tore P Ld. w.6 I-48 4 Acauted on October 5 Acquired on 30Decemiver17 and merged wih a Susiciory Cowlown infolech Services Pl. Ll. we 12-18 6 Acautedon S0May.18 7 equted on 28September 18 8 Incorporoied on 21-December-8 9 Incorporated on Metonuary 19 10 Acaued on Vebruoy9 I Acauited on Borer 12 Acauted on 26-Mar-19 15. Merged wh Holding Company we 12Septemberi8 1 Merged wth Holding Company wie! 30-NovemberI8 15. Merged with Holding Compony we 2619, b)_ Associ - lone ot he Compa County of | Peicenfaie a ling axon ofthe Company Incerperation [st-Mareh-19 | SI-Moreh-l8 Na Consiuions FU inca 4.00% oon Nha Developes iniemotonal vevey] Hodngs Ua Jaey blond = “sae 1 wth c subir Lodhe Developers intentional 19-0etober-MACROTECH DEVELOPERS LIMITED (lormerty known as LODHA DEVELOPERS LiMiTED) [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 )_limited ability Partnerships se Counliy of | Percentage of Halding as on | [Name of the Limited Liablity Partnerships aron No. of bay he Registration | ~31-March-19 | 31-March-T8 | 1 [Relisine Buigtech LP ini 00.00% 100.008 48. Commitments and Contingencies a. Leases ‘Operating Lease Commitments — Company at Lessee {he Group hos entered into cancellable ond non-cancellable operating leases on commercial premises, with the te-msbelween 3 ond 10 Years. Ihe Lease Agreement is usualy renewable by mutual consent on mutually agreeable terms. The Group hos paid folowing towards minimum lease payment during the year St-March-19— 31-Mareh-18 Fin okhs Zin lacs Cancellable operating lease 19852 156.28 Non-Cancellable operating lease 88822 1,503.44 2.05474 1859.68, Future minimum rentels poyable under non-cancellable operating leases ore, 0s follows: ST-March-19—31-March-18 —Finlokhs__Cin tokhs Within one year SATS 67.14 After one year but nal more thon five years 537044 60489 99 Mote thn five years 3,706.08, 11,423.16 Operating Lease Commitments — Company as Lessor The Group has entered into cancellable and non-cancellable operating leases on its commercial premises, These leases have terms of ‘between 5 and 20 years. All leases include a clause fo enable Upward revision of the rental chorge on an annucl bess sceording prevailing market canettions. S1-March-19—31-Morch-18 Zin lokhs Ein lakhs Cancellable operating lease 27 247 Non-Cancellable operating lease 297223 2,020.33 999.83 2047.80 Folure minimum rentais receivable under non-cancellable operating leares are, os follows: S1-March-19 31-March-18 Fin lakhs in lakhs Within one yeor 425997 1835.05 Aller one year but no! more than five years 5357.45, 5246.69 More than five yeors 3,446.79 3,240.31 11:230.25 10,322.05 b. Commitments Esfimated amount of contracts remaining fo be execuled on copifal account and nol provided for [Elimeted mount of contracts remaining To be executed on caplial accounts and rol provided for 1,634.48 [net of advances, Contingent Libitiies (Claims against the company not acknowledged as debls ‘BiMarch-19_ | 31-Morch-18 Zin lakes inlokhs Tj_Disputed Demands of Cuslomers excluding amounts not ascertainable. 1381176 6,053.52 Ti Corporate Guarantees Given” 16,285.73 | 26,150.00 [ill Disovfed Taxation Matters 2348687 | 24,567.19 [iv|_Dispuied Land related Legal cases 4137.21 41372 (v)_Others 150.0 150.00 * Represents Outstanding amount of the Loan / Balances guaranteed. (i) The Contingent Lobilies exclude undeterminable outcome of pending Itigations. (G1 the Group has assessed that its not probable that an outflow of resources embodying economic benefis wil be requited losettie the obligation. 44 Penalties under section 2710 ond 271E of the Income Tax Act, 1981 have been levied by the Income Tox Deportment for various Assessment years. Penalties levied by the deporiment on similar facts have been deleted by the Appellate authorities (CITA) & [TAT] i= various matters of the Group Companies on the basi of the decision of the Hon'ble Bombay High Court in the case of CIT vs Tiumph International Finance (incio} Limited. The cppeals prefered by the Income tax Deporimen! in some gioup compa, hove also ‘been dismissed by the Hon'ble Bombay High Court upholding Iho! the peraily should no! be leyiert-Ox lurtner of es. the “appeal filed by Income Tox Depariment before the Hon'ble Supreme Court have been cist) : 4 eis of considered necessary by the management, 45. In cose of pending appeals filed by the Income Tax Deporiment against the favourable tc ‘outcome would be favourable and no further Fobilly i likely 1 accrue,_MACROTECH DEVELOPERS LIMITED (formery known as LODMA DEVELOPERS LIMITED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 46 Lond ond Property Development Workin-rogress and Finlthed Goods includes: SteMoreh-19—aTarchei8 Tinks Fintokhs © Land for which conveyence i pening. SOs e196 08 Lond held inne nome of Promoter on beh ole Group pending execution of conveyance 366202] 4666938 Land aready ooqultes fer which Memorandum of Undentancng / consent ees oe pening ws _27asa85 1z26eas7 ——taa.izaee 47 ‘The detalsot Benation even‘ petal paresis os under {tintokts) Terie Year| Forfhe Yeo ‘ended roievor auMorenay Donations en 4 Groluty end Leave Obtgstion Ihe Group has «funded defined benef! rol lon. which fe final slay plan forts employees. he grhily plans governed bythe Payment of Gcluly Aci 1972 Under the Ael, employee wro hos completed hve years o sence venes lospectic vena Ine lvel oF berets provided depends on the member lengih of service ond sts veterent spe Ihe folowing tables summarises the compenens of nel benef expense recognised in he statement of pret erloss ond he funded sats cond amountsrecogaed in Ine bolonce shee or the respective plons eintakns) (ay Teave ObF gation Forthe Year| Tovthe Year ‘ended ended stitoren-ig_ | s1-rehtB Charges inthe presen vole ofthe deine benefit cbigation oe, 0 folows: Detnea bene obtgaion atthe Begining ot tne yeor rasa} tazza7 interest cont 3539 Er Caen! srice cost 5000 e274 “ranserin! fut} obFocton : 1990 Actua! gan andoses ies “0 Experience adrimants (ass) 675) Benefs :o.) seaza| 51852 Delined benef obRgaton othe snd che year sezed | asa (Gray Bona Fore Year ‘ended (9 obligation sieMorena? Defined bene abgaton atthe beginning ofthe yeor 2aezz | 220188 Cumenterice cost ‘743 szzer Pest Serie Cont : Voor interes cost sive 16080 Trorslernvoutebootion rans 087 Actua gain ondowes 29.48 (6.56) Experience adustments 21609 {ioe Senet pot (weea)| 2270 Defined benellobfgalion ofthe end ahs year Biase | aasa.ae rind Delned bene obigation a the begining ofthe year (49900| aan Cert sence cost - - Pros Sorc Cont : : Intro! con (e217) (s2as) Troster in/out eotgaton wri} 11350) Retin on pon one 1508 as Senet poi 179] Defined benef dblgaion ofthe end othe year ‘07. a8)| —— arr Defined Bene abigcion atthe Begining ofthe year 1196326] 178244 Cument service cost ‘783 ‘2267 Po! Senice Cost : vv007 Intro! cost 02 v2795 Tronterin/ow!ebigation 234 737 fetmon plan oxete, 15.08 as Actus goin oe exes was ves Experience acuriments nies (tone) BSAC Sots paid (486.44) (437.48) benef oblgtin che end ot he year Rie | 196326[MACROTECH DEVELOPERS LIMITED {formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 The mojor cotegaties of pln sets ofthe fo value of the foto plon assets are as follows Asat As ot 3i-March-19—31-Mareh: Zin Lakhs in Lakhs Ungucted investments: Poly of insurance 1,007.86) 1459.00 Total 007 se 499.00 {C)the grinelpal assumptions used in determining grclily and eave encashment obligations for the Group's plans are shown below: ‘BrMorch-1¥— 3T-Moreh-V) % | lbiscount rote: IGratuty 700% 7708 leave Obigation 740% 7709 |Foture salary increases: iGratuty 500% S008 eave Osigation 5.00%, 5.00% lortalty Rote: Indian Assured tives Mera (2006-08) Table {© Impact on defined benelt obligation [senstivty Level Fin teks impact 087 Increase of bixcoun Rote SL-March-19_31-March-16| \cratuiy 755466 2318.13 leave Obigation 130882 sae {impact of 0.5% Decrease of Discount Rate Gratuity 2884.13 2387.58 Leave Oetigotion 1426.80 1500.24 ina Maret \senstivty Level Impact of 0.5% Increase of Future Sotaries IGatuty 280621 2.53896 Leave Obligation 425.42 501.67 Impact of 0.5% Decrease of Future Saaties \crotuiy 259.10 238597 leave Obtigation 13a. 137231 The sersitly analyses above have been determined boxed on method that extapolaes the impact on defined benefit obligation os a rest ofreasonable changesin key ossumpiions occuring atthe end ofthe reporting period. _Elthe folowing pa nents or excected contibution to the defines benef pion in fle year ‘S-MareR-T9] — ST-Mareh- 18) Tinlokhs| Ginko |ithin the next 12 months next nual porting period 52136 52525 IBetwoen 20nd $ years 52083 57295 lpetween § ond 10 yeors 1431.04 1427.18 lseyond 10 years = = {otal expected payments 2873.05 TEES Marche 8 The average duration of the defined benefit pion obligation ws. fotuly el Ihe end of the reporting year i 12.41 yoors (3 11-38 yeom 48 Related Party Wansactions Information on Reloted Patty Transactions as requced by Ind AS 24. Related Party Discloses’ A. Un of Other Related Porte: (As identified by the monogemen!), unless otherwise stoted | Person having Contral ot Joint Contol or Significant inluence Mangel Prabhot Lodha (MPL) ‘Abhishek Lodho Son 1 Close family members of person having contol , wite Sons wie[MACROTECH DEVELOPERS LIMITED {formerly known az LODHA DEVELOPERS LIMITED) [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 8 IV Subsidiaries of Holding Company 1 Belisimo Properties Development Pvt. LId. (formerly known os Locha Properties Develooment Pv, Li) Grosvenor Site! Aportments Ld. (Formerly known os Holond Park Residences Holdings 1a) [Upto 3Seplember-17) 2 3. New Court Developes Limited (pte 28-May-18) 4 New Cou Holdings Limited (Upto 28-May-18) 5 PCL Developers (Moutus) Ls. (Upto 17 Jonucry-19} v Lodha Charitable ust {Merged with Staben Shoh Memorial Inst w.e. 24-Jonuary-16). Lodhe Builders Pv. Lodha Consituction Pvt Lid. (Werged with Lodhe Builders Pivate Umited we. 05-Juh+18) oth 1 2. Logha Fomily Discretionary Tt (cssolved we 18-Jul-18) 3 4 5 Staben Shoh Memes Trust 6 er (Elites controlled by person having contol or joint contol. wth whom the Group had transactions) Belisimo Healthy Constructions and Developers Pv. Lic, [Formerly known as Lodho Hedltay Constuctions ond Developers Put Ltd) 7 Pongeo Holdings Ud, 8 Piramal Choturohy) Tus Private Ts] 9 Esian Consulting Pvt. td. {upto 15-Apr-18) 10. Lodhi Global Li. cissolved wie 0S-November18) 17-45 Chester Square invastment Lt upte 30-March-16) WI Associate 1 Kora Constuction Pv. Li 2 Lodha Developer Infematona! [Jersey] Holdings Ld. (Merged with 0 subsidiary Loch Develope’s International (Jersey) Il Uc. w.e.4 s-0cteber18) Vil Key Management Person (KIP) 1 Abhishek Lode Managing Dector and CEO) = je. 01-March-2018}, 2 RelaneLoho wna tin Das “brat Otuesce an 3 htund Che posoponiononecs aches { toptnineo bana ncosenontbreciawwat autebe tn {Strate Goon fndeooaanronectesel osecer oe & Selmar seen bas Sstonces sanding and Tensocon ng he yer ended ltd paris ows Sinema crintob tating / compan En, pte ot tonsoctone son | “Coaring” | Moke ond vache ang] OMe reel aa Tentac] ass ee 7 fanaa pice s—|—Tsarts : eee} Bore : Fa Ce Ra pees ue] aT] eee : ae 1 eC: peace - : paves ssn] seas 5 lore mca sae 7 _ fiche eet —as 7a ieee et techy | —assa| teas 7 ese Faraaer pa Re ; pecs : ; + fhe GRIST fives | samo} seas saa oa 7 oer Cerra: Be ae : poe ae : Tr aera ae paces tet : et :[MACROTECH DEVELOPERS LIMITED (Hormerly known o3 LODHA DEVELOPERS LIMMTED) [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 {Disclosure in respect of ransactions wih Relaled Patties: (in Lakhs) eT Forthe Year| forthe Year 1 [Porticwtors Relationship ‘ended ‘ended 3-March-19 | 31-Moreh-18 T income tom Property Development ~ IMangol Prashat Lodhe [Person having control [___7ei.00 Laz [Abhishek Loco Ike - 2.882.48 IRajencra Loch ewe 5,903.44 IMoniy Lodna [Others - inti tadho jothers L307? 2 [Purchase of Properly, Pant and Equipment Belissime Heats, Constructions ond Developer Pvt lots 992| 3 [Sole of fulaing Materials — - Istaben Snoh Memorol Trust lothers 1507 : [selliss mo Properies Develocment Pv, Ud [subsidion of Holding Company | : 1s 73 \Lecha Chaftable Tus! — Others = [bs ‘Sombhovnath iniabuld ond Farms Pv. Uc. * Kolaing Company = [387396 7 Interest Income \oaha Builders Pie, lothers 450 451 15 Chester Scuore Investment Lid Others - 21873] ISombhovaoth inabul ond Farms Pu, Uh IHolaing Company 1608 2781 5 Purchase of Construction materials. Belissimo Healthy Consmuctions and Developers Pul. loners 351 0x9 Iitaben shah Memovial Test [others E O31 =] [sombhavnoth infiobuid and Forms Pvt. Lid * Holding Comeany 7370, 350287 © [Refund received on Cancellalion of Fat purchared _ [seisimo Hectthy Constructions and Develovers ul. Ud. loners 281.93 - 7 amount paid for Purchose of ats ielissimo Healthy Constructions end Developee Pvi Lid loihers = 2193, @ [Remuneration paid i Imonsol Probe! Lodhe - |Person having contol 1,000.40 S5.a1406 lAbhshe Locha Iku | 1900.40 371289 IRojendra Locha ke 791.29 | 225400 IRajnder Pal Singh lee 180.40 180.40 IManiule Loan. [Omer - 91266 Wvin Lode lOthers 591.05 ¥ [Commission and Siting Fees 7 Iwukund Critaie - lke 4630 4030 lees Desai fre 4195 4170 yomala Gopinath MP 4225 520 YO [interest Expenses — elisimo Proceries Davelopment Pvt Lid [Subsidiary of Holding Compony : 250.94 ILoaho Consiruction Pv. Lc. _ Jorrers - - 6.7 [teltssrmo Healthy Consirsctions ond Develoners Pul Ud. loners 2awro2| 194782 IsombhavnatnInfrabuld and Farms Pu! IHolaing Company _| 708 : FPongeo Holdings Pv. Li. [omer : 227) TT Rent Expenses IMongolcrobnai todha \Person having contol 1700. = [abhishek Locha - lke 12.00 | Irajendro Leah Kem | 9.00 - Wvint Loa _ (others 22.00 < Pangea Holdings Pi Li. lamers TH [Ponation / Corcorate Social Responsbiiy [saben shah Memol Trust lothers lLodro Crastable Trust lothers 13 |Purchare of Mutual Fund ;ombhavnathinfrabuild and Forms Pui. te IHolaing Compon 1.29782 - 14 [Purchose of shares - [— ~ lLoahe Builders Pv. Lid —loters 310 - elisimo Proverties Develocment Pu, Ltd [subs diay af Hoiains Compan, - 6196 5 jRefund given on cancellation offiat lLodina Family Discreonory Trust lothore - T6 [Sale of vehicle langal Prabhat Lech [Posen having control = loans / Advances given /(ielumed) Person having conival 508.33 lem = (7.032.86 | lem is71.85) lothere (3.52674) loiners | "oi. Joiners as 24) others 6476 790.43 Isubsidien/ of Haina omen, : (1902.52[MACROTECH DEVELOPERS LIMITED {formerly known as LODHA DEVELOPERS LIMITED) [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENIS AS AT 31ST MARCH, 2019 e Forthe Year] Farthe Year) Fortevtors Reotionship fended ‘ended ne |_semorchay | st-Mareh-16 romal ChaiohU| Tat FrvaTs Ta [omen ~ (Ae [sombhavnath inkabuie ond Forms Pv Ua Iheting Company ratios] $400.00 Loca Giabal ua loners (3092) D2 Te |loans / Advances taken / (elumed) — betssmo Heath Corstuctions ond Developer Pv Ud Other iaar75) 70208 olssiroPoparies Development Pvt. Ud. Suesiciary offoigins Comoony | 1782.4) Pangea tctincs Pd. others — 792.63) |samohavneth inkabule ond Farms Pvt Ud eleing Compan a] 1 JRedempfon of Debentures Iambnewnatniniabuid and Forms Puli Hoiang Company 190000 - WD /Advances Received agains! Agreeren!to Sel ie. Mon golpcabre! Lode Person having Conteh 39850 W739 Ine. Abhsheck Leche ie enss3 | 3.5738 hs. Many todhe lomner 7389.65 - Ia. Vint Loca others 229866 3939 hat :encro Lod kw 132856 | 371984 i JReimburzemen! Token Ielissinc Healthy Corsiuctions and Develogen Pv. Uid [Others - 2097 BZ ewesimenke [samphovnoth infabuld and Farms Pi Ud Holding Comsony ‘0000 - 33 |Guorantees token cinch tabu and Farms Plc lang Company 1950000 - [Athshek Lodha Mb ais.1so.00 | 116090000 i} Terms and conditions of ovlsanding bolances with Related Parties ©) Receivables trom related parties “Includes iransaction made on behalf of Bien Consuling Pv Ud, pursuant fe merger orderw.e 2December-I7 The teceivobles om relofed parties orise mainly om sole torsactlens and services rendered and are recelved o: per agteed terms. [No provsions exe eld cgoins! receivables om related parties, 'b) Payable to Related Pasties The payobies fo reloted partes crise mainly rom purchase transactions and services received and ore noid os per agreed terms. €) Loans to Related Parties The loons fo related parties ore unsecured and receivable on demand bearing effective interest rate, iv] Terms and conditions ofransaction with Reloted Parties The management sof the opinion that ine transactions wth elated porles are done ot arms length 50 Financial Instrument measured ot Amorised Cost The corying amount of financial assels and financial abilities measured ot amorised cox in the financial statements are o reosonable ‘approximation of thet for values since the Group dees not anticipate thot the carrying amounts would be signficantly diferent fom the values that would eventually be received or seed. 51 Fale Value Measurement The folowing table provides the fir volue measurement hierarchy of the Group's financial assets and Fanci abilities. T Fairvalve mearvement using Particulars ‘Guoled prices | Signiflcant | —Sigalfcant Tetel inactive | observable | unobservable markets inputs Inputs (level (level 2) evel) Tinlakhs | @iniakhs | inlokhe —| tin faihe las ot 31-March-19 Financial Azets mearured otal val Investment in Mutual Funds 815818 8,159.16 . - Investment in Euily Shores as Ba : : Invesiment in Debentures 362.54 36254 - _| BS24.15 Bs2415 : = (Av of 31-Mareh-16 Frnonciel Assels measured a fl value through proft and loss Bapwestment in Mutvel Funds 6125.51 612541 - - Ce Seeiment in Eauily Shares eas Ba . 2 jentin Debentures, 305.50, 205.50, = : y waste) ean : :MACROTECH DEVELOPERS LIMITED (formerly known as LODHA DEVELOPERS LIMITED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT31ST MARCH, 2019 52. Financial Risk Management Objectives and Policies The Group's principal financial abilities comprise mainly of borrowings, rade ond other payables. The main purpose of these financial {iabitties 's 10 finance the Group's operations. the Group's principal financial assets include loans and advances, trade and other receivables, cash ond cash equivalents and Other balances with Bank The Group Is exposed through its operations to the following financial ss = Market risk Credit risk, ana = Liquiliy risk. The Group has evolved a risk mitigation framework to identity, assess and mitigate financial rsk in orler fo minimize potential adverse effecis on the Group's financial performance. There have been no substantive changes in the Group's exposure fo financial insirument ‘sks, its objectives. policies and processes for monaging ihose risks or the methods used fo measute them from previous periods unless otherwise stated herein, {c) Market Risk ‘Marke! risk is the rok thot the fair value of fulure cash flows of a finarciol instrument will luctuate because of changes in market prices. Marke! risk comprises three types of risks: interes rate rst, curtency risk and other price rik. Financial instruments offecled by markel risk Includes borrowings, investments. trade payables, rade receivables. loans ond derivative financial instruments. (i) interest Rate Risk ‘The Group is exposed to cash flow interest rate risk rom long-term borrowings at voriable rate, Curenity the Group has extemal borrowings (excluding short-term overdtatt facilities) which are fixed and floaling rote borowings. The Group achieves the optimum interest rate profile by refinancing when the interest rales go down. However this does not protect Group entirely from the risk of paying rates in excess of curent market rates nor eliminates fully cash flow risk associaied with variability in interest payments, it considers that it achioves an ‘oppropriate balance of exposure fo these risks. ti) Foreign Currency Rsk Foreign Currency Risk is the risk that the Foir Volue or Future Cash Flows of an exporure will fluctuate because of changes in foreign ‘currency rates. Exposures can arise on @ccount of the various ossels cnd liabilties which are denominated In currencies other than indian Rupee. b) Creat Risk (Credit rs is the risk that counterparty will nol meet its obligations under a financial instrument or customer contract, leading to a financial loss. the Group is exposed to credit sk rom ils operating activities (primarily hade receivables) and trom its francing octivities, including eposits with fsanks and financial institutions foreign exchange transactions and other fnancicl instuments The Group's exposure fo credit risk is influenced moiniy by the individual characteristics of each customer. The demographics of the Group's customer bose. including the default risk of the industry and courity in which customers operate, has les influence on the credit The Group has entered info contracts for the sole of residential and commercial units on on installment basis. The installments ore specified in the contracts. The Group is exposed to credit risk in respect of instalments due. However, the legal ownership of residential ‘end commercial units ore transferred to the buyer only ater all the inslaliments are recovered. In addition, istallment dues ore monitored ‘on an ongoing bosis wth the result hal the Group's exposure fo credit risk s nol significant. The Group evaluates the coneentfation of risk with respect fo trade receivables 0s low, as ils customers ore located in several jurisdictions ond industiies and operate in lxgely (Credit risk rom bolances with banks ond financial situs is managed by Group's freesury in accordance with the Group's policy. the: Group limits its exposure to credit sk by only placing balances with locol banks and international banks of good repute. Given the profie of its Bankers, management does not expect any counterparly to fail in meeting ils obligations, <)Liquitty Risk Liguicity rk is the tsk thal the Group will encounter dificult in raising funds to meet commitments associated with financial insluments thot ore settled by delivering cosh or another financial asset. Liquidity sk may result Kor an inability to sell a financial asset quiclty af close 10 is far valve. The Group has cn eslabished Iiquiciy sk monogement framework for managing its short term, medium term and long term funding and liquidity management requirements. The Group's exoosure to liquidity risk ores primarily from mismatches of the maturities of financial aisels and fibiliies. The Group manages the liauidiy rsk by maintaining adequate funds in cash ond cash equivalents. The Group isin the process of making necessary atrengement and expects to meet is financial commitments in a fimely and cost-etfective manner The fable below summarises the matuily profile of the Group's financial fobilies naked on contractual undiscounted payments less than 3 Pradiculars On demand | ‘SIN | sto1zmonths | Itosyeas | >Syear Total Zinlokhs | Fintokhs | Vinlokhs | @iniokhe | in lakhs Tin lakhs jvear ended 31-March-19 laonowings* 1.0309082| 29.88057| — 1,70,89391 | 1905.9518| —1.33,23069| 28.42,141.17 rade Payables 205,743.52 - 20,570.89 . 22631421 4195199) 7.37 her financial abies ** 2sas373 | 42.54120| 27oe52.46| _1.07.70462 - 3,28.084.55 | 2.78.13529 | 441,386.35 | 20.28.770.49 | 1.33.93049 | 30,1 WYear ended 31-March-18 laorrowings* sap96.53| 3076000] 1,81,873.58| 18,96,65019| —1,15,843.02| 22.60,043:32 rade Payables 192.4549 23.244.72 : 2.15699.11 % 111539.36 3385.29 | 1,797.70 vsoso| 249,868.21 69.32 175.58, 244.90 23477375 | 1,65.328.19 | 20,99,782.19 | 1.160039 | _97,25,855,54 Fssve cost and premium on debentures.-MACROTECH DEVELOPERS LIMITED (formerly known as LODHA DEVELOPERS UMNTED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 53 Capital Management For the purpose of the Group's copital management. cepitol includes issued equity shore capitol and other equity reserves othibutable to the owes of the Group. The primary objective of the Group's capital maregement Ife maximize ine shareholder vol. The Group manages ils capital structure and mates adjustments in ight of chonges in economic consdions ond the requirements of the financial covenants. To mainiain o* adjust ihe copital stucture, ine Group may adjus the oivdend poyment fo shareneldes, return Capital fo shoreholdess or issue new shores. The Group monitors Capital sing @ gearing rao, which is net debt divided by total capital plus net debt. The Group includes within net debt, interest bearing loans and bonawingg les cosh ond cosh equivalents. Tea wach hiss | emote | horevins ncn cor ake orgie deh SER ar] Ee Perce ses caneeetane ier] eso ay [es so ceca a hon cab occa eons fama) Govou Nera za zie | —aaonsus a Ley sae coi wesw) soe ory Shores muma| san jah aetna Conon et ct ganar | zane scant ta inode hve i vac he G's capi monanemer oneness eee ha re rane Ccvernsaioene obo mresing nt ons Canoga Pal dere cap ico onloness tceches nese ee iran esr wos por aban vodaay tae a onan, a ere ooos mo Besar ae Soanslanytisertosing ters ra vane sine co toe + Unedoed Fon Coen one ‘Epes {Fin Lakhs) ea SHC alsiaiach a cueney | as] Cae Sune ass 0 aar| ——wor re = tes ee} "a0 = x ise] sae "rt 9 ; hoverestsiorsContocon meres |= a me oa : t a oe 2 : : er wn #8 ara 7 ee a r on z Jonk Bolonce: oP 3.26 Cod Te CIT TOTAL ASSETS: TEBE 270055 reg meta Particulars Currency befovign net Esmee oo} a9 wxsr| —a513 a oT m5 aise] tes] oa ea} ane] te Ea wat 308 hos ross a : : a a Sof : : a ‘ait aap : : ob af ase = me E ; — air eT es ror Tab e708 55. The Group has invested in 0.01% Optionally Convertible Debentures (OPCDs) of € 118,418.26 Laths lized by Sambhaynatn Inabuild and Forms Pvt. (SFP. In Merch-18 SIFL and the Group has entered into on agreement to redeem OPCDs at conying valve ard hence the {oir valve of FCs approximates is conying vole, S.guont to the Order of the Collecicr of Stamps, levying of stamp duly and penoly In respect of Agreement to Lease entered in fo with DXi Metropoitan Regional Development Authority (MMRDA) for Wodla Tusigtagina! plot ond the Order of the Hon'ble Bombay the Company hos deposited © 20.249.50 Lakhs wits the Office g of Siomps. The Order of Chie? Contraling ly 01 827,134.30 Lokns has been stayed by-MACROTECH DEVELOPERS LIMITED (Iormerly known as LODHA DEVELOPERS UNITED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT STST MARCH, 2017 ‘57 0} Pusuont to Scheme of Amcigomation entered belween Lodha Developers Intematonal UJersey{ | Holdings Limited {LOU} {amalgamating Company) with Logna Developers Intemational (Jersey) I Lmited {L013} [omslgomoted Company) (DiJ1 got merged With LDU wef 19-October-18. ‘The amalgamation being common contol ansactions, have been eccounted for using the ‘Pooling of Interest’ method as prescribed Under Inc AS 103 ~ “Business Combination” for common contol krensactions. In accordance with Ihe requrements of paro 9 (i) of ‘Appendix C to nd AS 103, the Consolidated FinoncialStotements ofthe Compony in expec! o! Ine prior periods Nave been restated os if ‘omalgamation had occured from the beginning of ne preceding period, imespectve ofthe actual date of Ihe combination, ') On 20-hine-I8, the Compony has withckawn the scheme of demercer of identied business undertaking [Demerged Company] into IMMSA Computer Education Pu Ld, (Resulting Company) from the NCL Miumeol bench, 58 Goodwill on consoldation i tested for impairment annually orf here ore indications thal! might be impeired. The Group uses cosh flow projections basedt on the recen!fnencial forecast approved by the menagement lor the purpore of mparment testing, 59 On December 20,2017 ("Acquisfon Date"), he Group ocquited oll oulslanding equity shares of Muzcovite Consuctions Pu. Li. Puzcovite") «General Consituction Company, fora total consideration af € 1200 Laths. Allidentiiabie assels ocquired and liabiies assumed hove been mecsured inticlly other fair value as on acaustion date. The purchase Price was alocated, of set oul below, tothe a:sels acquired ard lobilies essumedin he business combination, (in tokhs) Potonce as ot: December-17 [Assets Required roperly, plont ond FauBmert S079] invesimonis 3003557 [Cash and Cosh Equivalents 1,731 32 [Giner Asser 150,001.92 [Total Assets 207 17679 iebiies rade PavoBer SD \Ciner bites 790.228.15) ofa obilies 2132 IPurchare Consideration 12.00 [Add Pre-enisng retoionship 2080.07 falalPurchare consideralion 2,062.07 [Goodwil on acquisition 162.79 Goodwill was ottinutable minty to benefits rom expected synergies cnd wil not be deductible for ox puposet. Impact of ‘ocquisiion on the results of he Group for ne year endec March 31, 2018 isnot materiel Fos this acaustion occured on Apt I, 2017, impact on Group's revenue and profit forthe year ended March $1, 2018 would not have been materi! 60. Segment Information {o} For management purposes, the Group isinto one reperiable segment ie. Real Estate development The Managing Director isthe Chief Operating Decision Maker ofthe group who monitors the operating resulls of he group fer the purpose ‘of making decisions about retoutce allocation and performance assessment. Group's perfomance os single segment Ir evaluated and ‘measured consistently with profit or loss in the consolidctec! nancial statements. Ako, the Group’ financing including finance costs ang fincnce income) and income taxes are monaged on a Company basi, fo) The Group is engaged in the business of real estate property development in india ond United Kingdom. The Group's Revenue from Extemal Customers, Fri before tax and Non-Curent Assets by geographical areas ore as follows (Ein Lakhs) Pater Thala | Uivied Kingdom | Tofal Revenues = STM T190.655.15 4206 1.190.697 51 S1-Mareh-18) 368.505 78 WoraBI.24 | 967.777 07 rot Before Tax SI-Marcr19 PSE 0SE.0) (2.a80.86]| 709,157.74 SieMoreh= 18 110,236.24 7,988.19 [118,194.43 ~ CoTent RSET ‘3iMorer19 2S0I768 20569.08| 27084591 [excluding Deferred Tox and Final —al-Morer-18 22410887 1263545] 73474402 ("Revenues ore alirbules to countres on the bass Gf lecalion where fie sole Secured. 61, Disclosure under ind AS 115 -Revenve from Contracls wih Customers Based on the contractual arengements withthe customers and legol framework where Group operates, Group saisies the criteria with respect io recognition of revenue at point in ime. Diclosuros with respect to Ind AS 115 ore os lolows (0) Contract Assets and Contract Lobiliies (in tokns) [Particuors Aral ‘As of siemorch-i9 | s1-March-18 [ade receivables [Rafer Nove 14 3120877|—__75.868.74 iact Asseis- Accrued revenue Refer NoTe 17] $8956 72| TAT. BI4 9 oct Lables -Adwonce fom customers ReferNote 3] 120677409 | 34.48.16[MACROTECH DEVELOPERS LIMITED (Hormetty known as LODHA DEVELOPERS LIMITED) [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 {b) Movement of Contract lisbilies in bokhe) Patlicvlare ‘Asa EMerch-i9 lamounis included coniroct tables othe besinring ofthe years T67E190.75 [amount receves durins the year 75711322 Performance eblationssolsfied ih curenl year (172339 39] [Amounis included in coniroctlabifies atthe end olhe year 1:208,77408 $$ Amount represent balance ot the beginning otter adopting nd AS 115 4 Includes € 239,719.84 lokhs recognised out of opering contract laaites. {] Closing balances of asses recognised irom coxtsincured to ebtein¢ contract with a customer (Pin Lakhs) Paricuiors Beat As of S1-Morch-19_|_31-Morch-16 (Clesing balance: of exetsrecognied 40,376.00] 18,420.46 [Amorisofon recognised ding the veer 21,007.58 | 2297121 [d)_The transaction price of the remaining perlormance obligations os ot SI-Morch-|9 fs 2087.48.12 ls. The some is expected ‘o be recognised within Ito & years {2}, The cumulative etfect of the changes made to Group's fnancial statements os on I-ApikI8 for the adoption on account of new revenue standard are 05 follows: {tin Lakhs) Faticuons folance as on | fllstment Ye | potance as on SteMarch-1@ | #2ReW revenue | A Cag asses lnvenioes aia | rapier | apes ade ReceVvables Tesss74 | — (9 ose] 65010 (GiterFinancos Asa 169.6960 lar. 97636][ si 72172 Deteres Tox ase 9.0503 | 15815898 | 167366598 (ther Conon Arb Tisatasi Saizar| 12800678 EGU AND ABIES Total Other Eau waar | —peazsara| Taare fn onal ners A772 56 esa7i [3 sae 87 [Other Financial bites Tip 83.27 = [zea [cunent roxtabites 3542.52 = B22 [otrer Curent vabitfes Fis71326 | —Warerea | 1796 89.36 IN| in accordance with the requirements of the new reverve stondard, the disclesute ofthe impact of adoption on statement of oft ‘ond loss and bolance shee! are fotos: Bolonce Sheet (tin tokhs) AEST ST-MGERTT Petticulars Bolonces Hoc or Without eked AsRepotted | Adoption fnew] increase) (Decrease) ‘ASSETS — ion Curent TaxAsel 7a PODE6SE 7a etorted Tax Ase “S208 7, 977.82| 30,088 75 inventores isi 24i14| —3aBs.e2481 | dos.ci6s rade Receivabies 320877 39,847 30 [2.638.53] her Financiol Asso 7505321 | 749.2012 1174 249 91) her Curent Asses 753.456.40| 133809.39 | 19,487.01, ITY AND LIABILITIES jotal her Ea Sawa TE | —__sa7 9564S | [SST [Ner-Coniroling inereas SBAT96 56,004.68 (2.52474 [Beferred tax iobities = 432 50,086.87 | 50,082.50 (Curent Tax abies 3.89 845.40. 75571) (Giner Curen’ lobes 570106379 | FIT. 751 | 808 946.28,[MACROTECH DEVELOPERS LIMITED (lormenly known as LODHA DEVELOPERS LIMITED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2079 4i)_Stotement of Proft and Lose (in tok) [____forthe year ended s1-March-19 Particulors Askeporied | without eect ot |Adoption ofnew| Change revenve | Increase / stondard | (Decrease) revenue Tom OBeoTERE TLDTST | ear s9098 | 5s. 10a.SS foie! Bpensos ‘944.442.89| 01705996 | 127,380.95 [Prof before Tox BAB.1S7 4 7344123 | 17571651 yiMor The Yeo? 168667.00, 55,419.98] 108 247.02 62 Basic ond Diluted Eamings Per Share Particvire Forthe ear | forthe Year ‘ended ‘ended Si-Morch-19 | 31-Mareh-18 [Basic comings per share: fo) Proll forthe Yeor fia COR] Tessa | TE] 1b). No. of Equity Shores 0: ot beginning of ne yeor 395872,000 | 728,216,000 ‘Add: No of Shores issued dung the year - : Less: Adjustment for consoldation of Shores Refer Note 9 (O)) = | 113.108.0001 ‘Add: Issue of Bonus Shares (Reter Note |? 0} | 282770,000 No, of guiy Shores oso! end of the yeor 395878000 | 395,878,000 Weignled overage no. of Equiy shares outstanding during the yeat 395,876,000 | 395,878,000 ¢} Foce Value per Equty shore [@} 10 10 ) Basic earnings per shove (@) 41.40 W979 [Diuted earrings per share: — ‘o} Prof for the Yeor fin Lake) TESBBEDE | TERS 'b}_ No. of Equily Shores os of beginning of ne yeor 395878.000} 226,216,000 Less: Adjustment for consoldation of shares (Refer Note 19 (0)) = | 113.108.0001 Ade: lve of Bonus Shores { Refer Note 19 (0)) - | 28270000 Weighted overage no. of €quty Shores outstanding during the year 395,878,000] 395,878,000 .¢}_Dilvied earnings pershare (@) 4140 19.79 {63 During the year, a Subsiciony has issued 45,632 Series 'A’ % Optionally Converlble Debentures (Seties“A’ OCDs) having face value of & 100,000 each and 4.240 Series '8! % Optionally Convertibie Debentures (Series "8” OCDs) having face value of €100000 each to the Investors, These Series A ond Series B Debentures were ised of per In accordance withthe Secures Subscription Agreement (Agreemen', Ihe Investor may exercise the Conversion Right with respect fo: = Series A Debentures of ony ime unl he expiry of is 8 years tenure from the date of ssve ~Sefies 8 Debentures {ion ne expiry of 2 (0) years trom the Allotment Date, i there is increase in Investor Share os per terms of the agreement (i ot the end ofthe Tenure there is no increase in Investox Share os per Clause (i) bove in the agreed ratio ot 100 equity shores for each lo of 128 Series A and Series B Debenlure. Further, the Subsidiary has an option but net (on obligation of early redemption of these Debentures. Accordingly, hese Debenkres have been classified os eausty ishument. In he ‘event such Conversion Right isnt exercised wih respect to Series A Dcbantures ond Series 6 Debentures fil end of the Tenure. Ines ne ulsianging Debentures shall stond converted info Equity Shores cf ne Company in the proportion provided under the Agreement on the. lost date othe Tenure 464, Standard issued but not yet etective The standards and interpretations inet are issued. but not yet effective up to the date of isuance ofthe nancial statements ore sclosed below. The Group intends fo adopt these stands, i applicable, when they become eilective. (a) Ind AS 116- Leases (On March 30, 2019, Miniity of Corporate Affais ("MCA has notified the Ind AS 116, Leares. Tis Stand sels out the principles for ihe recognition, meosurement, presentation and disclosure of leases. The objective ofthe standard sto ensure thal lessees ond lesson provide: relevant information in 6 manner thet laihluly represents those Kansactions The effective date for adapion of Ind AS I1é is fnancial ‘periods beginning on or attr Api 1, 2019..he Group is curenily evaluating the requrements of amendments, ihe Group believe thot the ‘odoption ofthis amendment wil not have a material eflect on is nancial stotemen's,[MACROTECH DEVELOPERS LIMITED (formerly known as LODHA DEVELOPERS UMNTED) NOTES To THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH, 2019 : (©) nd AS 12 Appendix C, Uncertainty ever Income Tex Treatments (On Moreh 30,2079, Minsry of Corporate Atfais hos oiled Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments which is fo be ‘oppiied while performing the determination ol foxable froft (or los) ix bases, unused tor losses, unuiedt tax credits ond tox fetes. when ‘ete s uncertainty over income tox ectments under Ind AS 12. Accodng to the appendix, companies need to determine the prebobitty ofthe celevant tax authority accepting each fax heatment, or group of fox treatments tna! Ine compories have used or plan fo vse in ‘heir income fox fitng which hos {o be considered to compute the mos! lly amount or the expected value of the fax treatment when, {determining taxoble prot (tox loss), tox bases, unused tox losses, unused tox credils and tax rates.The Group will op! the siandord on Api |, 2019 and hos deciced to adjust the cumulative effect in equity on the date o! nial application .e. Api 1.2019 without adjusting comparatives The Group is curently evaluating the Impact of ths new standord on its Consolidated financiel statements and expects thot the effect on ‘adoption of ind AS 12 Appendix C would be irsignifcont (6) Amendment to Ind AS 12-Income taxes (On March 20, 2019, Misty of Copporoie Alfoirsisued amendments 10 the guidance in Ind AS 12, “Income Taxes’. in connection with accounting for dividend (harmon) (Moneshe bret and Eo) ceoatoe Di oascer ot anforgele ‘efoto ‘Sanjyot Rangnekar [Financial Officer) (Company Secretary) Membership No, F154