Marathon Nextgen Realty Ltd — Annual Report 2021

Sep 7, 2021

Regd. Address : Marathon Futurex, Mafatlal Mills Compound. N. M. Joshi Marg, Lower Parel (W).

September 0.7, 2021

To BSE Limited Dept. of Corporate Services P. J. Towers, Dalal Street Mumbai 400 001 Scrip Code: 503101

To National Stock Exchange of India Limited Listing Department BKC, Bandra (E) Mumbai 400 051 Symbol: MARA THON

Subject: 44th Annual Report - Reg-34 of SEBI( LODR) 2015.

Dear Sirs,

We are attaching herewith the 44th Annual Report (soft copy) of the Company for the Financial Year ended 2020-2021.

Kindly take note of the same.

Thanking you,

Yours faithfully,

K. S. Raghavan Company Secretary & Compliance Officer

Encl.- 44th Annual Report (soft copy)

Marathon Nextgen Realty Limited 702. Marathon Max, Mulund - Goregaon Link Road,

Mulund <:N). Mumbai - 400080

T : +91 22 6724 8484 I 88 E : marathon@marathonrealty.com

CIN: L65990MH1978PLC020080 WEB: www.marathon.in www.marathonnextgen.com

•	Board of Directors	3
•	Chairman's and Vice Chairman's Message	4
•	Notice	5
•	Director's Report	16
•	Corporate Governance	25
•	Management Discussion & Analysis Report	42
	Results
	Standalone Results
•	Independent Auditor's Report	47
•	Balance Sheet	53
•	Profit & Loss Statement	54
•	Cash Flow Statement	55
•	Notes to Accounts	65
	Consolidated Results
•	Independent Auditor's Report	92
•	Balance Sheet	98
•	Profit & Loss Statement	99
•	Cash Flow Statement	101
•	Notes to Accounts	110

DIRECTORS

• Mr. Chetan R. Shah Chairman & Managing Director
• Mr. Mayur R. Shah Vice Chairman & Director
• Mr. S. Ramamurthi Whole Time Director & CFO
• Mrs. Shailaja C. Shah Director
• Mr. Atul Mehta Independent Director
• Mrs. Parul Shah Independent Director
• Mr. Ashwin M. Thakker Independent Director
• Mr. Deepak R. Shah Independent Director

COMPANY SECRETARY

• Mr. K.S. Raghavan

AUDITORS

• STATUTORY AUDITORS
• RAJENDRA & CO.

Chatered Accotants

1311 Dalamal Tower, 211, Nariman Point, Mumbai - 400021. Tel: 22855770 E-mail: contact@rajendraco.com

• SECRETARIAL AUDITORS

• NITIN R. JOSHI

415, Marathon Max, Next to Udyog Kshetra, Jn. Of L.B.S. Marg & Goregoan Link Road, Mulund (W), Mumbai - 400 080. E-mail: n_r_joshi@yahoo.com Tel. 2562 5660

BANKERS :

• Axis Bank Limited
• Kotak Mahindra Bank Limited

REGISTERED OFFICE : CORPORATE OFFICE :

Marathon Futurex 702, Marathon Max, N. M. Joshi Marg, Lower Parel, Goregaon Link Road, Mulund, Mumbai - 400 013. Mumbai - 400 080.

CIN : L65990MH1978PLC020080 Website : http://www.marathonnextgen.com

Chairman's and Vice Chairman's Message

Dear Shareholder

It gives us an immense pleasure to address you and share our thoughts with you.

We wish that you are safe, healthy and taking all precautions for your well being.

As the mid-year dawns on 2021, the pandemic that swept across the globe continues to be of concern. In India, the second wave became yet another reminder of the fragility of human lives and livelihoods. The Government at the Centre and States, businesses, institutions and civil society organisations rose as one to address the myriad and unprecedented challenges. Doctors, healthcare professionals and workers fought in unimaginable circumstances and selfless ways to save lives, even as the deluge tested every sinew of their tireless endeavours. The future continues to be threatened by the possibility of more virus outbreaks and challenges for every one.

This challenging situation made everyone more empathetic and sensitive towards life and the world at large. Even though the pandemic led to a lockdown for almost six months during FY21, the crisis only made us stronger and smarter in managing our lives and our business in an uncertain environment. Such challenges always compel us to innovate, take initiative and become more resilient for the future.

We continued to work from home and ensured all our stakeholder requirements were addressed. We also made sure that our labour force and security staff were provided with requisite essentials regularly. All our sites have been following the safety guidelines since the pandemic, and we have been constantly updating them thus offering our workforce a safe environment to function.

To ensure the safety and wellbeing of the employees and their families, the Company conducted a vaccination drive and most of the workforce made use of this drive across Marathon Group.

In line with the recognition of the services of our worksforce and to partake in the Growth of the Group, your Company has implemented an Employees Stock Option Plan-2020 for the eligible employees of the Company, its holding and subsidiary companies .

The decade ahead holds great promise for us as the Company has already forayed into the new age customer experiences. As it will be a buyers market for now and empowering the customers to enable decision making will be the best interest of the real estate stake holders. As the world in general and real estate in particular grapples with the impact of COVID-19,the tradionally old fashioned "touch-and-feel" sector has been forced to reinvent itself quickly to stay relevant. Tech savvy organisations will continue to stay resilient against all odds. Social influence and empathetic brand identity will click well customers. Analytical thinking and hard core technology capabilities will see great results.

We are reinventing ourselves in order to conquer a brand NEW phygital frontier and envisages to boldly go where no one else has gone before.

Customer's comfort to deal with developers like us with high brand equity, financial prudence, proven track record of construction quality and delivery the financial stability will ensure a consolidation of demand in our favour.

While the first half of FY21 was subdued because of the lockdown constraints, however the initiatives taken by Central and State governments, RBI and other regulatory authorities offered great support which ensured that the second half made up for the whole year. We would also like to thank all our shareholders, customers, and partners for their confidence in the brand and continuous support. It was very encouraging and helped us to continue our fight against the pandemic during these demanding situations.

At Marathon , our vision is to respond to the seamless changes and to reinvent the "Real estate" that offers a better quality of life for our customers. We are certain that our customer-centric approach, strong corporate governance, and deep understanding of consumer behaviour will only make us more aware, robust and resilient.

Our only wish at this juncture is COVID appropriate behaviour from all. Such a united purpose, spirit and action indeed lie hope for a healthier tomorrow for the people, for enterprises and for the nation.

Stay Safe and Be Positive.

Best Wishes

Chetan R Shah Mayur R Shah

Chairman Vice Chairman

August 12, 2021

Dear Member,

You are cordially invited to attend the 44thAnnual General Meeting of the members of MARATHON NEXTGEN REALTY LIMITED ("the Company") to be held on Wednesday, September 29, 2021 at 03:00 p.m. IST through video conference and other audio visual means (VC).The Notice of the meeting, containing the business to be transacted, is enclosed herewith. As per Section 108 of the Companies Act, 2013, ('the Act') read with the related Rules and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is pleased to provide its members the facility to cast their vote by electronic means on all resolutions set forth in the Notice.

Very truly yours, Sd/- K. S. Raghavan Company Secretary

Enclosures:

• 1. Notice to the 44th Annual General Meeting
• 1. Instructions for participation through VC
• 1. Instructions for e-voting

NOTICE OF THE 44thANNUAL GENERAL MEETING

Notice is hereby given that the 44thAnnual General Meeting (AGM) of the members of MARATHON NEXTGEN REALTY LIMITED("the Company") will be convened on Wednesday, September 29, 2021 at 03:00 p.m. IST through Video Conferencing / Other Audio Visual Means (VC) to transact the following business:

A. ORDINARY BUSINESS :

• 1. To receive, consider and adopt the Financial Statements for the year ended on March 31, 2021 and the reports of the Directors and Auditors thereon.
• 2. To appoint a Director in place Mr. Mayur R Shah, who retires by rotation and being eligible offers himself for re-appointment.

B. SPECIAL BUSINESS :

3. Appointment (Regularizing) of Mr. Ashwin Mohanlal Thakker (DIN 00686966) as an Independent Director of the Company:

To consider and if thought fit to pass with or without modifications the following resolution as an Ordinary Resolution:-

"RESOLVED THAT pursuant to the provisions of Section 149, 150, 152,161(1) read with Schedule IV, Companies (Appointment and Qualification of Directors) Rules, 2014, and other applicable provisions, sections, rules of the Companies Act, 2013 (including any statutory modifications or re-enactment thereof for the time being in force), Mr. Ashwin Mohanlal Thakker (DIN 00686966) be and is hereby appointed as an Independent Director of the Company, not subject to retirement by rotation, to hold office with effect from November 13, 2020 for a period of five years till November 12, 2025."

4. To consider the continuation of Office of Whole Time Director & CFO by Mr. S. Ramamurthi (DIN 00135602) as who will attain the age of Seventy (70) years in the Financial Year (2021-22) and in this regard, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: -

"RESOLVED THAT pursuant to section 196(3) read with Schedule V and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), approval of the Members of the Company be and is hereby granted for continuation of holding of office of the Whole Time Director & CFO by Mr. S. Ramamurthi (DIN 00135602) who will attain the age of 70 (Seventy) years on November 08, 2021,the date occurring, during his present term of 5 years i.e. until April 30, 2025, on the existing terms and conditions as mentioned in the agreement dated May 01, 2020 duly approved by the shareholders through a special resolution passed at the Annual General Meeting held on September 30, 2020."

"RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to do all acts and take all such steps as may be necessary, proper or expedient to give effect to this resolution."

5. To consider Related Party Transaction (RPT) with "United Builders" (UB) (Part of the Marathon Group) and in this regard, if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:-

"RESOLVED THAT pursuant to the provisions of Section 188 of the Companies Act, 2013 ("Act") and other applicable provisions, if any, read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, as amended till date and Regulation 23(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and the Company's policy on Related Party transaction(s), approval of Shareholders, is accorded to the Board of Directors of the Company to enter into contract(s)/ arrangement(s)/ transaction(s) with United Builders (UB), a related party within the meaning of Section 2(76) of the Act and Regulation 2(1)(zb) of the Listing Regulations, on such terms and conditions as the Board of Directors may deem fit, up to a maximum aggregate value of Rs. 20 Crore, provided that the said contract(s)/ arrangement(s)/ transaction(s) so carried out shall be at arm's length basis and in the ordinary course of business of the Company.

RESOLVED FURTHER that the Board of Directors be and is hereby authorised to delegate all or any of the powers conferred on it by or under this resolution to any Committee of Directors of the Company and to do all acts and take such steps as may be considered necessary or expedient to give effect to the aforesaid resolution."

5

6. To consider the Matter relating to Sanvo Resorts Private Limited ('SANVO), a subsidiary of the Company and in this regard, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: -

RESOLVED THAT the approval of the shareholders of the Company is be and hereby accorded to the Board for providing necessary additional comfort documents, in favour of lenders of, its subsidiary company, viz., Sanvo Resorts Pvt Ltd, for Marathon Nexzone Project at Panvel, in connection with the availing of Funds as and when demanded /required by the lenders in the best interest of the Company."

RESOLVED FURTHER THAT necessary Pledge relating to its equity holding in SANVO be created, if need be., as a part of the documentation process in favour of the Lenders, or its Trustee, or in favour of any authorised person/body in line with the terms of sanction, as and when required and to provide any other undertaking in the capacity of the Holding Company, for the purpose of sanction and disbursement of the said Funds so provided for the completion project"

RESOLVED FURTHER THAT the Board of Directors of the Company through Mr. Chetan R Shah, Managing Director or any other authorised signatory be and are hereby authorised severally to undertake necessary things, deeds and action in connection with the lenders requirements and further authorised to sign, execute necessary documents in connection with the creation and /or cancellation of Pledge, upon happening of the event as mentioned in the respective loan agreement, for on behalf of the Company."

Registered Office: By Order of the Board

Marathon FutureX, NM Joshi Marg, Lower Parel, Sd/- Mumbai - 400 013. K. S. Raghavan Date: August 12, 2021 Company Secretary

Notes:

• 1. In view of the massive outbreak of the COVID-19 pandemic, social distancing is a norm to be followed and pursuant to the Circular No. 14/2020 dated April 08, 2020, Circular No.17/2020 dated April 13, 2020 issued by the Ministry of Corporate Affairs followed by Circular No. 20/2020 dated May 05, 2020 and Circular No. 02/2021 dated January 13, 2021 and all other relevant circulars issued from time to time, physical attendance of the Members to the AGM venue is not required and general meeting be held through video conferencing (VC) or other audio visual means (OAVM). Hence, Members can attend and participate in the ensuing AGM through VC/OAVM.
• 1. Pursuant to the Circular No. 14/2020 dated April 08, 2020, issued by the Ministry of Corporate Affairs, the facility to appoint proxy to attend and cast vote for the members is not available for this AGM. However, the Body Corporates are entitled to appoint authorised representatives to attend the AGM through VC/OAVM and participate there at and cast their votes through e-voting.
• 1. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will be made available for 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the AGM without restriction on account of first come first served basis.
• 1. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
• 1. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and the Circulars issued by the Ministry of Corporate Affairs dated April 08, 2020, April 13, 2020 and May 05, 2020 the Company is providing facility of remote e-Voting to its Members in respect of the business to be transacted at the AGM. For this purpose, the Company has entered into an agreement with National Securities Depository Limited (NSDL) for facilitating voting through electronic means, as the authorized agency. The facility of casting votes by a member using remote e-Voting system as well as venue voting on the date of the AGM will be provided by NSDL.
• 1. In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13, 2020, the Notice calling the AGM has been uploaded on the website of the Company at https://www.marathonnextgen.com. The Notice can also be accessed from the websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively and the AGM Notice is also available on the website of NSDL (agency for providing the Remote e-Voting facility) i.e. www.evoting.nsdl.com.
• 1. AGM has been convened through VC/OAVM in compliance with applicable provisions of the Companies Act, 2013 read with MCA Circular No. 14/2020 dated April 08, 2020 and MCA Circular No. 17/2020 dated April 13, 2020, MCA Circular No. 20/2020 dated May 05, 2020 and MCA Circular No. 2/2021 dated January 13, 2021.

THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING AND JOINING GENERAL MEETING ARE AS UNDER:-

The remote e-voting period begins on Sunday, September 26, 2021 at 09:00 a.m. and ends on Tuesday, September 28, 2021 at 05:00 p.m. The remote e-voting module shall be disabled by NSDL for voting thereafter. The Members, whose names appear in the Register of Members / Beneficial Owners as on the record date (cut-off date) i.e. September 17, 2021, may cast their vote electronically. The voting right of shareholders shall be in proportion to their share in the paid-up equity share capital of the Company as on the cut-off date, being September 17, 2021.

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of "Two Steps" which are mentioned below:

Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode

In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

Login method for Individual shareholders holding securities in demat mode is given below:

Type of shareholders	Login Method
Individual Shareholders holding securities in demat mode with NSDL.	1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https:// eservices.nsdl.com either on a Personal Computer or on a mobile. On the e Services home page click on the "Beneficial Owner" icon under "Login" which is available under 'IDeAS' section , this will prompt you to enter your existing User ID and Password. After successful authentication, you will be able to see e-Voting services under Value added services. Click on "Access to e-Voting" under e-Voting services and you will be able to see e-Voting page. Click on company name or e-Voting service provider i.e. NSDL and you will be re directed to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
	2. If you are not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com. Select "Register Online for IDeAS Portal" or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
	3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is launched, click on the icon "Login" which is available under 'Shareholder/Member' section. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number held with NSDL), Password/OTP and a Verification Code as shown on the screen. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
	4. Shareholders/Members can also download NSDL Mobile App "NSDL Speede" facility by scanning the QR code mentioned below for seamless voting experience.
	NSDL Mobile App is available on ti
	~· Google Play App Store rl lBI
Individual Shareholders holding securities in demat mode with CDSL	1. Existing users who have opted for Easi / Easiest, they can login through their user id and password. Option will be made available to reach e-Voting page without any further authentication. The URL for users to login to Easi / Easiest are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click on New System Myeasi.
	2. After successful login of Easi/Easiest the user will be also able to see the E Voting Menu. The Menu will have links of e-Voting service provider i.e. NSDL. Click on NSDL to cast your vote.
	3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.com/myeasi/Registration/EasiRegistration
	4. Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN No. from a link in www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the demat Account. After successful authentication, user will be provided links for the respective ESP i.e. NSDL where the e-Voting is in progress.

C) 7

Individual Shareholders (holding securities in demat mode) login through their depository participants

You can also login using the login credentials of your demat account through your Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging in, you will be able to see e-Voting option. Click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting feature. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

--------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

Login type	Helpdesk details
Individual Shareholders holding securities in demat mode with NSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending a request at evoting@nsdl.co.in or call at toll free no.: 1800 1020 990 and 1800 22 44 30
Individual Shareholders holding securities in demat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending a request at helpdesk.evoting@cdsl india.com or contact at 022- 23058738 or 022-23058542-43

B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.

How to Log-in to NSDL e-Voting website?

• 1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
• 1. Once the home page of e-Voting system is launched, click on the icon "Login" which is available under 'Shareholders' section.
• 1. A new screen will open. You will have to enter your User ID, your Password and a Verification Code as shown on the screen.

Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.

1. Your User ID details are given below :

	Manner of holding shares i.e. Demat (NSDL or CDSL) or Physical	Your User ID is:
a)	For Members who hold shares in demat account with NSDL.	8 Character DP ID followed by 8 Digit Client ID
		For example if your DP ID is IN300 and Client ID is 12 then your user ID is IN30012**.
b)	For Members who hold shares in demat account with CDSL.	16 Digit Beneficiary ID
		For example if your Beneficiary ID is 12** then your user ID is 12**
c)	For Members holding shares in Physical Form.	EVEN Number followed by Folio Number registered with the company
		For example if folio number is 001 and EVEN is 101456 then user ID is 101456001

1. Password details for shareholders other than Individual shareholders are given below :

a) If you are already registered for e-Voting, then you can user your existing password to login and cast your vote.

b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the 'initial password' which was communicated to you. Once you retrieve your 'initial password', you need to enter the 'initial password' and the system will force you to change your password.

c) How to retrieve your 'initial password'?

• (i) If your email ID is registered in your demat account or with the company, your 'initial password' is communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The .pdf file contains your 'User ID' and your 'initial password'.

• (ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders whose email ids are not registered.

• 1. If you are unable to retrieve or have not received the " Initial password" or have forgotten your password:
• a) Click on "Forgot User Details/Password?" (If you are holding shares in your demat account with NSDL or CDSL) option available on www.evoting.nsdl.com.
• b) Physical User Reset Password?" (If you are holding shares in physical mode) option available on www.evoting.nsdl.com.
• c) If you are still unable to get the password by aforesaid two options, you can send a request at evoting@nsdl.co.in mentioning your demat account number/folio number, yourPAN,your name and your registered address.
• 1. After entering your password, tick on Agree to "Terms and Conditions" by selecting on the check box.
• 1. Now, you will have to click on "Login" button.
• 1. After you click on the "Login" button, Home page of e-Voting will open.

Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.

How to cast your vote electronically and join General Meeting on NSDL e-Voting system?

• 1. After successful login at Step 1, you will be able to see all the companies "EVEN" in which you are holding shares and whose voting cycle and General Meeting is in active status.
• 1. Select "EVEN" of company for which you wish to cast your vote during the remote e-Voting period and casting your vote during the General Meeting. For joining virtual meeting, you need to click on "VC/OAVM" link placed under "Join General Meeting".
• 1. Now you are ready for e-Voting as the Voting page opens.
• 1. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you wish to cast your vote and click on "Submit" and also "Confirm" when prompted.
• 1. Upon confirmation, the message "Vote cast successfully" will be displayed.
• 1. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
• 1. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

General Guidelines for shareholders

• 1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to n_r_joshi@yahoo.com with a copy marked to evoting@nsdl.co.in.
• 1. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such an event, you will need to go through the "Forgot User Details/Password?" or "Physical User Reset Password?" option available on www.evoting.nsdl.com to reset the password.
• 1. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user manual for Shareholders available at the download section of www.evoting.nsdl.com or call on toll free no.: 1800 1020 990 and 1800 22 44 30 or send a request to Mr. Amit Vishal at evoting@nsdl.co.in.

Process for those shareholders whose email ids are not registered with the depositories for procuring user id and password and registration of e mail ids for e-voting for the resolutions set out in this notice :

• 1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by email to shares@marathonnextgen.com / cs@marathonrealty.com.
• 1. In case shares are held in demat mode, please provide DPID-CLID (16-digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) to shares@marathonnextgen.com / cs@marathonrealty.com. If you are an Individual shareholder holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.
• 1. Alternatively shareholder/members may send a request to evoting@nsdl.co.in for procuring user id and password for evoting by providing above mentioned documents.
• 1. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access e-Voting facility.

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE AGM ARE AS UNDER:-

• 1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-voting.
• 1. Only those Members/ shareholders, who will be present in the AGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the AGM.
• 1. Members who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will not be eligible to vote at the AGM.
• 1. The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the AGM shall be the same person mentioned for Remote e-voting.

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:

• 1. Member will be provided with a facility to attend the AGM through VC/OAVM through the NSDL e-Voting system. Members may access by following the steps mentioned above for Access to NSDL e-Voting system. After successful login, you can see link of "VC/OAVM link" placed under "Join General meeting" menu against company name. You are requested to click on VC/OAVM link placed under Join General Meeting menu. The link for VC/OAVM will be available in Shareholder/Member login where the EVEN of Company will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
• 1. Members are encouraged to join the Meeting through Laptops for better experience.
• 1. Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.
• 1. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
• 1. Shareholders who would like to express their views/have questions may send their questions in advance mentioning their name demat account number/folio number, email id, mobile number at shares@marathonnextgen.com / cs@marathonrealty.com.. The same will be replied by the company suitably.

EXPLANATORY STATEMENT PURSUANT TO SECTION 102(2) OF THE COMPANIES ACT, 2013.

Item No-3:

Appointment (Regularizing) of Mr. Ashwin Mohanlal Thakker(DIN 00686966) as an Independent. Director of the Company

The Board had, on the recommendation of the Nomination, Remuneration and Compensation Committee, appointed Mr. Ashwin Mohanlal Thakker(DIN 00686966) as an Additional Director (Non-Executive and Independent) of the Company with effect from November 13, 2020 . Pursuant to the provisions of Section 161 of the Companies Act, 2013, he is holding office up to the date of this Annual General Meeting. In terms of the provisions of Sections 149, 152, Schedule IV and all other applicable provisions of the Companies Act, 2013, read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015("Listing Regulations"), it is proposed to appoint him as an Independent Director of the Company to hold office for a period of five consecutive years from November 13,2020 to November 12, 2025 (both days inclusive). He shall not be liable to retire by rotation during this period. In terms of the provisions of Section 164 of the Companies Act, 2013, he has submitted a declaration that he is not disqualified from being appointed as a Director of the Company along with his consent to act as such. He has also submitted a declaration about his meeting the criteria of independence as stipulated under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of Listing Regulations. In the opinion of the Board, he fulfils the conditions specified in the Companies Act, 2013 and rules made thereunder for his appointment as an Independent Director of the Company and is independent of the management. Draft letter of appointment setting out the terms and conditions of his appointment is available for inspection by the Members without any fees at the Registered Office of the Company between 11:00 a.m. and 01:00 p.m. on all working days except Saturday up to the date of the Annual General Meeting and same has also been uploaded on the Company's Website i.e. https://www.marathonnextgen.com/ In terms of the Regulation 36(3) of the Listing Regulations, a statement containing his brief resume, nature of expertise in specific functional areas, disclosure of relationships with other Directors, name of listed entities in which he holds the directorship along with the membership of Committees of the Board and shareholding in the Company is annexed to this Notice. The Board considered that his continued association as an Independent Director will be of immense benefit to the Company. Accordingly, the Board recommends the resolution as an Item No-3 in the notice for the approval of the Members. None of the Directors of the Company are directly, or indirectly, concerned or interested in the Resolution.

The Section 149 of the Act, inter-alia provides that an independent director shall hold office for a term up to five consecutive years on the Board of a company, but shall be eligible for reappointment for a further term of up to 5 years on passing of a special resolution by the Company and disclosure of such appointment in the Board's report. No independent director shall hold office for more than two consecutive terms, but such independent director shall be eligible for appointment after the expiration of three years of ceasing to become an independent director.

The Board of Directors at their meeting held on November 13, 2020 had appointed Mr. Ashwin Mohanlal Thakker, (Independent Director) as an Additional Director of the Company. Pursuant to Section 161 of the Companies Act 2013, he holds office with effect from November 13, 2020 till the date of this 44th AGM. His 1st term of appointment ends on November 12, 2025. The Board considers that his continued association as an Independent Director will be of immense benefit to the Company. Accordingly, the Board recommends the Ordinary Resolution set out at Item No. 3 for the approval of the Members.

Brief Profile:

Mr. Ashwin Mohanlal Thakker, a real estate professional associated with realty companies/projects in Mumbai and Bangalore cities. He has a rich experience of more than 3.5 decades in sourcing land, real estate assets and other allied business. His exposure includes conceiving of real estate projects both commercial and residential and completion till the last mile connectivity. He has many accomplishments to his credit as a real estate professional.

Date of Birth & Age	13/02/1956: 64 yrs.
Academic Qualification	B.Com from Mulund College of Commerce, Mumbai 400080. University of Bombay.
Year of Completion	1977.
Work experience	Around 36 years.
Professional expertise	Started his entrepreneurial journey since 1984 in building and construction industry.

Upon the approval of the appointment by the shareholders necessary appointment letter signifying the appointment as Independent Director will be issued to him.

Disclosure of Interest:

Item No.4:

To consider the continuation of Directorship of Mr. S. Ramamurthi (DIN 00135602) as Whole Time Director & CFO of the Company who will attain the age of Seventy (70) years in the Financial Year (2021-22).

Mr. S. Ramamurthi was appointed as Whole Time Director & CFO of the Company by the Members at the 43rdAnnual General Meeting held on September 30, 2020 for a period of 5 years from May 01, 2020 to April 30, 2025. He will attain the age of 70 years on November 08, 2021. As a matter of abundant caution, it is proposed to obtain approval of the shareholders as per the provisions of Section 196(3) of Companies Act, 2013 for continuation of his employment as a Whole Time Director, on the same terms of appointment and remuneration as approved by members earlier in September 30, 2020.

Mr. S. Ramamurthi is a graduate in Economics and a Chartered Accountant with post-graduation in Systems Management. He has over three decades of post-qualification experience in general management with large organizations in real estate, construction, infrastructure, engineering, textiles, manufacturing, service, trading and electronics in India and abroad. Mr. Ramamurthi has extensive experience in finance and accounts, encompassing the secretarial, legal and commercial aspects, including raising equity and debt, managing investment finance, tax management, financial re-engineering, liaisoning and setting up new organizations.

His association and continuation with the Company is immensely helpful for the overall growth and his guidance on the overall management and other aspects are critically required at this point of time.

Hence, the Board recommends Members approval through a Special Resolution as proposed at Item No. 4 of the Notice.

Brief profile of Mr. S. Ramamurthi as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given as an Annexure to this Notice.

Disclosure of Interest:

Mr. S. Ramamurthi is interested in this resolution. None of the other Directors, Key Managerial Personnel and their relatives are concerned or interested, in any way, in this resolution.

Item No.5:

Related Party Transactions (RPT) with "United Builders" (UB)( Part of Marathon Group):

The Management and United Builders (UB) (Part of Marathon Group) are developing different Slum Rehabilitation Projects under the aegis of SRA at Bhandup and Mulund respectively under the new Development Control and Promotional Regulations (DCPR)- 2034.These projects are being developed under different Regulations i.e. u/r 33/10 & u/r 33/11 of the said DCPR. The Project "Marathon Neo-Square (Embrace)" by the Company is u/r 33/10 and "Marathon Zaver Arcade" by United Builders is u/r 33/11.

As part of business strategy, the Management has decided to club both the schemes taken up for development(SRA) as such clubbing is allowed under the DCPR-2034.This clubbing would provide synergy for both the parties and is in the best interest of the Company.

The necessary MOU / terms of agreement is executed between Marathon Nextgen Realty Limited (MNRL) and United Builders (UB) on 31st March 2021.

The broad contour of the understanding will be:

• a. MNRL shall construct rehabilitation component area admeasuring 1221.60 sq mts. on behalf of UB and handover to SRA Authority.
• b. UB shall be entitled to construct free sale component Rera area admeasuring 1150 sq mts.
• c. UB shall execute the agreement for sale with allottees in respect of free sale component and shall share the sale revenue in at mutually accepted ratio depends upon the market situation and conditions.

The outer limit of the transaction value will be around Rs. 20 crore.

Upon the recommendation of Audit Committee, the Board at its meeting held on June 28, 2021 had approved Related Party Transactions (RPT) with "United Builders" (UB)( Part of Marathon Group).

Accordingly, transaction(s) entered into with UB comes within the meaning of Related Party transaction(s) in terms of provisions of Section 188 (1)(d) of companies Act 2013 , applicable Rules framed thereunder read with the Regulation 23(4) of SEBI (LODR) Regulations 2015.Accordingly this item of business is recommended by the Board for the approval of the shareholders.

Pursuant to Rule 15 of Companies (Meetings of Board and its Powers) Rules, 2014, as amended till date, particulars of the transactions with UB are as follows :

Sr. No.	Particulars	Remarks
a	The name of the related party and nature of relationship;	"United Builders" (UB)( Part of Marathon Group)
b.	Name of the Director or KMP who is related	1. Mr. Chetan R Shah - CMD.
		2. Mr. Mayur R Shah - Vice Chairman & Director.
		3. Ms. Shailaja C Shah - Director
c.	Nature of Relationship	Mr. Chetan R Shah, being a partner in UB
d.	Nature, material terms, monetary value and particulars of the contract or arrangement	1. Transaction between Marathon Nextgen Realty Limited (MNRL) and United Builders (UB) vide MOU dated 31st March 2021.
		2. MNRL is undertaking SRA Project named "Marathon Neo-Square (Embrace)" Under regulation 33 (10) of DCPR 2034 of the land admeasuring 2556 sq mts at Bhandup.
		3. UB is undertaking development named "Marathon Zaver Arcade" under regulation 33 (11) of DCPR 2034 of the land admeasuring 1221.60 sq mts at Mulund.
		4. Under DCPR regulation 33(11), clubbing of the two or more scheme taken up for development is allowed.
		5. UB approached MNRL for the same.
		6. Both the parties agreed as under :
		a. MNRL shall construct rehabilitation component area admeasuring 1221.60 sq mts. on behalf of UB and handover to SRA Authority.
		b. UB shall be entitled to construct Free sale component Rera area admeasuring 1150 sq mts.
		c. UB shall Execute the agreement for sale with allottees in respect of free sale component and shall share the sale revenue in ratio of 40% to UB and 60% to MNRL.
		The outer limit of the transaction value will be around Rs.20 crore .
e.	Any other information relevant or important for the members to take a decision on the proposed resolution	Transaction(s) entered into with UB comes within the meaning of Related Party transaction(s) in terms of provisions of the Companies Act, applicable Rules framed thereunder read with the Listing Regulations. Hence, the approval of the shareholders will be sought for the said Related Party Transaction(s) proposed to be entered into by Company with UB.

Memorandum of Interest:

Except, Mr. Chetan R. Shah, Mr. Mayur R. Shah and Ms. Shailaja C. Shah, Directors and shareholders of the Company, none of the other Directors and the KMPs of the Company and their relatives are concerned or interested in this resolution.

Marathon Realty Pvt Ltd, a Promoter shareholder is also deemed to be interested in this matter and will not participate in approving the said resolution.

The above "Related Parties" are deemed to be interested in the resolution and shall NOT vote to approve the said resolution.

The proposed transaction is in the Ordinary course of business.

Item No.6

SANVO is developing a large parcel of land track at Panvel, Maharashtra.

The project is christened as "Marathon Nexzone" the entire Project falls under Affordable and Mid Income segment .

The details of the Project are:

Name : "Marathon Nexzone "

Projects under construction(Towers) :Presently the construction activities are underway in 12 Towers.

Location: At Village Kolkhe, Taluka Panvel, District Raigad),Maharashtra.

Area: Admeasuring in aggregate about 29 lacs sq. ft.

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Land Track:"Marathon Nexzone" is being constructed over all that piece or parcel of non-agricultural leasehold land or grounds admeasuring around 7 acres out of all that piece and parcel of total land admeasuring about 18 acres.

Pursuant to Regulation 24 of SEBI(LODR) Regulations2015, governing the matters of material subsidiary of the listed entity, the following information are provided:

To part fund the projects under construction at Panvel, SANVO has been approaching lenders and in the process of finalization of terms/conditions of the loan in its the best interest.

As per the basic tenets of funding requirements and apart from the regular adequate mortgages of assets of the Company by creation of charge/s as a security cover/s, certain additional pre funding requirements like Corporate Guarantee/s and creation of pledge on the existing equity holding of the Company(Marathon Nextgen Realty Ltd) are being insisted by all the lenders, as a norm and conditions precedent to look upon any loan proposal/s.

The management, being the holding Company, felt that in line with the vision of the Group, and keeping the view of timely execution and the delivery of Units to the unit holders is paramount importance decided to provide necessary comfort as and when needed for the proposed term loan/s of SANVO. Accordingly, the Board recommends the Special Resolution set out at Item No. 6 for the approval of the Members.

Disclosure of Interest:

Mr. Chetan R Shah, Mr. Mayur R Shah and Ms. Shailaja Shah the Directors of the Company are deemed to be interested in this resolution.

The said Directors of Company, being shareholders will not vote for approval of the resolution.

Also, Marathon Realty Pvt Ltd, the holding company ,being interested and a related party will not vote for approval of the resolution,

Other than above no other directors are interested in this item of business.

Marathon FutureX, NM Joshi Marg, Lower Parel, Sd/- Mumbai - 400 013. K. S. Raghavan

Registered Office: By Order of the Board

Date: August 12, 2021 Company Secretary

Additional information on directors recommended for appointment / reappointment as required under Regulation 36 of the Listing Regulations and applicable Secretarial Standards

(i). Mr. Mayur R Shah (DIN : 00135504)

Name of Director	Mr. Mayur R Shah
Qualification	Civil Engineering from Bombay University and M.S in Structural Engg. from the USA
Expertise in specific functional areas	Having rich and relevant experience in the Construction and Real Estate Sector
Other Companies in which Directorship held	1. Columbia Chrome(I) Pvt Ltd. 2. Cornell Housing & Infrastructure Pvt Ltd. 3. Lark Consultancy Pvt Ltd. 4. Marathon Fiscal Pvt Ltd. 5. Marathon Nexzone Infrastructure Pvt Ltd. 6. Marathon Panvel Infrastructure Pvt Ltd. 7. Marathon Realty Pvt Ltd. 8. Matrix Enclaves Projects Developments Pvt Ltd. 9. Matrix Land Hub Pvt Ltd. 10. Nextgen Land Pvt Ltd. 11. Svarnim Enterprises Pvt Ltd. 12. Terrapolis Assets Pvt Ltd.
No. of shares held as on 31.3.2021	300

(ii). Mr. Ashwin Mohanlal Thakker (DIN: 00686966)

Name of Director	Mr. Ashwin Mohanlal Thakker
Qualification	B.Com from Mulund College of Commerce, Mumbai 400080, University of Bombay.
Expertise in specific functional areas	Mr. Ashwin Mohanlal Thakker, a real estate professional associated with realty companies/projects in Mumbai and Bangalore cities. He has a rich experience of more than 3.5 decades in sourcing land, real estate assets and other allied business. His exposure includes conceiving of real estate projects both commercial and residential and completion till the last mile connectivity. He has many accomplishments to his credit as a real estate professional.
Other Companies in which Directorship held	1. Gecorp Realty Private Limited 2. The Bombay Sugar Market Limited 3. Zenith Shelters Private Limited 4. Safron Realty Private Limited 5. Enamour Realty Private Limited 6. Prestige Land Developers Private Limited 7. Sunvenn Advisors Private Limited
No. of shares held as on 31.3.2021	NIL

(iii). Mr. S. Ramamurthi (DIN : 00135602)

Name of Director	Mr. S. Ramamurthi
Qualification	B.A, FCA, PG in System Management from Jamnalal Bajaj Institute of Management
Expertise in specific functional areas	He has over three decades of post-qualification experience in general management with large organizations in real estate, construction, infrastructure, engineering, textiles, manufacturing, service, trading and electronics in India and abroad. Mr.Ramamurthi has extensive experience in finance and accounts, encompassing the secretarial, legal and commercial aspects, including raising equity and debt, managing investment finance, tax management, financial reengineering, liaisoning and setting up new organizations.
Other Companies in which Directorship held	Citadel Realty & Developers Ltd Sanvo Resorts Pvt Ltd
No. of shares held as on 31.3.2021	5

INFORMATION AT A GLANCE

Particulars	Details
Time and date of AGM	Wednesday, September 29, 2021 at 03:00 PM
Mode	Video conference and other audio-visual means
Cut-off date for e-voting	September 17, 2021
start time and date	9.00 a.m. IST, September 26, 2021
E-voting end time and date	5:00 p.m. IST, September 28, 2021
E-voting website of NSDL	https://www.evoting.nsdl.com/
Name, address and contact details of e-voting service provider	Contact name : Amit Vishal Senior Manager Pallavi Mhatre Manager National Securities Depository Limited, 4th Floor, A Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400013, India Contact details : Email id : AmitV@nsdl.co.in; pallavid@nsdl.co.in; evoting@nsdl.co.in; Contact number : +91-22-24994360 or +91-22-24994545
Name, address and contact details of Registrar and Transfer Agent.	Contact name : N.Surreash ADROIT CORPORATE SERVICES PVT. LTD., 19/20, JAFERBHOY INDUSTRIAL ESTATE, MAKWANA ROAD, MAROL NAKA, ANDHERI (E), MUMBAI 400059 Contact details: Email id : N.Surreash@adroitcorporate.com Contact number : +022 42270426

DIRECTORS REPORT

The Directors have pleasure in submitting their 44th Annual Report together with the Audited Financial Statements of your Company for the year ended March 31, 2021.

WORKING RESULTS:

		(Rs. in lacs)
Particulars	Year ended March 31, 2021	Year ended March 31, 2020
Total Income	7,745.94	10,003.45
Profit / (Loss) before Depreciation, interest and Taxation	6956.51	7202.91
Less: Depreciation	500.05	455.74
Less: Interest/Fin. Cost	3054.07	2866.34
Profit before Taxation	3402.39	3880.83
Less / (Add) Tax Expenses	560.53	440.34
Profit / (Loss) after tax after adjustment	2841.86	3440.49
Add/(less): Other Comprehensive income/(loss)	21.37	(11.69)
Total Comprehensive Income	2863.23	3428.80
Earning Per Equity Share (Face Value of Rs.5)
Basic (in Rs.)	6.18	7.48
Diluted (in Rs.)	6.17	7.48

DIVIDEND:

In order to conserve cash flows of the Company during these testing times of the pandemic, the Board of Directors have decided not to recommend any dividend on the equity shares for the F.Y.2020-21.

AMOUNT PROPOSED TO BE CARRIED TO GENERAL RESERVE: NIL

OPERATIONS:

Your Company continues to do the Re-development and Rehabilitation of Slums segment in and around Bhandup area of Mumbai and the revenue under these segment is yet to be recognised.

The construction activities of Project at Byculla, Mumbai, known as "MONTE SOUTH" of the SPV (a LLP) wherein your Company holds 40% equity stake has been progressing well.

Projects

Terrapolis Assets Private Limited (TAPL), a Wholly Owned Subsidiary of the Company is developing a Project comprises of rehab building for slum dwellers and free sale Commercial building named "Marathon Millennium" having area of around 3 lakhs sq. ft. being constructed on the said Project Land. The building is being constructed into two phases consisting of Slum rehabilitation building (SRA)and Commercial building.

The SRA has given necessary approvals for the construction of Rehab building and to support initially the construction related activities, the Project needs timely funding. TAPL has already approached FIs/Banks for funding requirements.

Sanvo Resorts Pvt Ltd (SRPL), a subsidiary of the Company has been reporting good numbers on the sale front. Its Project development at "Marathon Nexzone" at Panvel is progressing well and necessary Completion certificates were also issued by the Authorities for handing out the units.

Sanvo is presently developing a residential cum commercial complex in Panvel, District Raigad, contiguous to Mumbai. The total saleable area of the project is around 41 lac sq.ft of mixed development. The project is registered under MAHA RERA. The entire project is to be developed in phases and the revenue will be recognized based on percentage of completion method.

DIRECTORS AND CHANGES IN INDEPENDENT DIRECTORSHIP:

In accordance with the applicable provisions of the Companies Act, 2013, Mr. Mayur R. Shah, who retires by rotation and being eligible offers himself for re-appointment.

Mr. Ashwin Mohanlal Thakker (DIN: 00686966)was appointed as an Additional Director at the Board Meeting held on November 13, 2020.

His appointment is being regularised at this 44th AGM .He will be holding the office of Independent Director for a 1st term from the November 13,2020 till November 12,2025.

The brief resume of Mr. Ashwin Mohanlal Thakker, nature of his experience in specific functional area is mentioned and forms part of this Annual Report.

Mr. S. Ramamurthi was appointed as Whole Time Director & CFO of the Company by the members at the 43rdAnnualGeneral Meeting held on September 30, 2020 for a period of 5 years from May 01, 2020 to April 30, 2025. He will attain the age of 70 years on November 08, 2021. As a matter of abundant caution, it is proposed to obtain approval of the shareholders as per the provisions of Section 196(3) of Companies Act, 2013 for continuation of his employment as a Whole Time Director, on the same terms of appointment and remuneration as approved by members earlier in September 30, 2020 is recommended by the Board of Directors.

16

AUDITORS

M/s. Rajendra& Co., Chartered Accountants, who has been appointed as Statutory Auditors for a term of 5 years with effect from F.Y. 2017- 18,will continue to be the Statutory Auditors for the FY 2021-22. Vide MCA notification dated May 7,2018 the requirement of yearly ratification by the shareholders at every general meeting as per Sec 139 of the Companies Act 2013 is dispensed with.

PARTICULARS OF EMPLOYEES:

Except the Chairman & Managing Director none of the employees are covered under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 .The other details of disclosures pertaining to the Managerial personnel is dealt in the annexure which forms part of this Directors Report.

EMPLOYEE STOCK OPTION PLAN:

An "EMPLOYEE STOCK OPTION PLAN" 2020 ("ESOP-2020") was framed with an object of encouraging higher participation on the part of employees in the Company's financial growth and success. An effective stock option scheme enables retention of talent and aligning employee interest to that of the Shareholders.

"EMPLOYEE STOCK OPTION PLAN" 2020 ("ESOP-2020") was approved by the shareholders at their meeting held on September 30, 2020 and total number of 23,00,000 Options were approved.

The Nomination, Remuneration and Compensation Committee at their meeting held on February 12, 2021, has approved the grant of 3,41,000 stock options, out of 23 lacs Options, at a price of Rs.20 /- (per option) to the eligible employees of the company, its holding company and its subsidiaries. Accordingly, 19,59,000 Options remained outstanding as on March 31, 2021.

All Options vests in a graded manner and are required to be exercised within a specific period in accordance with "EMPLOYEE STOCK OPTION PLAN" 2020 ("ESOP-2020") and Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014, as amended from time to time.

The details and disclosures with respect to the said ESOP as required under Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and circulars issued thereunder, have been uploaded on the Company's website: https:// www.marathonnextgen.com/.

The Disclosures pursuant to Regulation 14 of the SEBI (Share Based Employee Benefits) Regulations, 2014 are detailed under:

Sl. No	Particulars	Status of compliance
1.	The Board of Directors in their report shall disclose any material change in the scheme(s) and whether the scheme(s) is/ are in compliance with the regulations.	The scheme is in compliance with SEBI (Share Based Employee Benefits) Regulations, 2014.
2.	Further, the following details, inter alia, shall be disclosed on the company's website and a weblink thereto shall be provided in the report of board of directors.
A.	Relevant disclosures in terms of the 'Guidance note on Accounting for employee share-based payments' issued by ICAI or any other relevant accounting standards as prescribed from time to time.	Disclosed in Notes to the Financial Statements FY 2020-21.
B.	Diluted EPS on issue of shares pursuant to all the schemes covered under the regulations shall be disclosed in accordance with 'Accounting Standard 20 - Earnings Per Share' issued by ICAI or any other relevant accounting standards as prescribed from time to time.	Disclosed in Notes to the Financial Statements FY 2020-21.

C.	Details related to Employees Stock Option Plan (ESOP) : EMPLOYEE STOCK OPTION PLAN" 2020 ("ESOP")
(i)	A description of each ESOP that existed at any time during the year, including the general terms and conditions of each ESOP, including -
	a	Date of shareholders' approval	September 30, 2020
	b	Total number of options approved under ESOP	23,00,000
	c	Vesting requirements	The Nomination, Remuneration and Compensation Committee, shall in its absolute discretion, have the authority to fix the vesting period in relation to Options and shall communicate to the Eligible Employee, at the time of grant, the time and the manner of vesting of options, subject to a minimum vesting period of one year
	d	Exercise price or pricing formula	Exercise Price is with reference to the previous day's Closing Market Price Rs. 77.50 NSE. That stock exchange is to be selected which has the highest trading volume on previous day. The Nomination, Remuneration and Compensation Committee has a power to provide suitable discount or
			charge premium on the price as arrived above.

	e	Maximum term of options granted	5 years from the date of vesting of options.
	f	Source of shares (primary, secondary or combination)	Primary
	g	Variation in terms of options	The ESOP Scheme was extended to the employees of Holding and Subsidiary Companies on the same terms which was approved by the Members of the Company at the 43rd Annual General Meeting held on September 30, 2020.
(ii)		Method used to account for ESOP - Intrinsic or fair value.	Fair value method/Market Price
(iii)	Where the company opts for expensing of the options using the intrinsic value of the options, the difference between the employee compensation cost so computed and the employee compensation cost that shall have been recognized if it had used the fair value of the options shall be disclosed. The impact of this difference on profits and on EPS of the company shall also be disclosed.		Not Applicable
(iv)		Option movement during the year (for each ESOP):	23,00,000
		Number of options outstanding at the beginning of the period	NIL
		Number of options granted during the year	3,41,000
		Number of options forfeited / lapsed during the year	NIL
		Number of options vested during the year	NIL
		Number of options exercised during the year	NIL
		Number of shares arising as a result of exercise of options	NIL
		Money realized by exercise of options (INR), if scheme is implemented directly by the company	NIL
		Loan repaid by the Trust during the year from exercise price received	NIL
		Number of options outstanding at the end of the year	19,59,000
		Number of options exercisable at the end of the year	NIL
(v)		Weighted-average exercise prices and weighted-average fair values of options shall be disclosed separately for options whose exercise price either equals or exceeds or is less than the market price of the stock.	Employee wise details (name of employee, designation, number of options granted during the year, exercise price) of options granted to -
(vi)		Employee wise details (name of employee, designation, number of options granted during the year, exercise price) of options granted to -
	a	senior managerial personnel;	-
	b	any other employee who receives a grant in any one year of option amounting to 5% or more of option granted during that year; and	NIL
	c	identified employees who were granted option,during any one year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant.	NIL
(vii)	A description of the method and significant assumptions used during the year to estimate the fair value of options including the following information:
	a	the weighted-average values of share price, exercise price, expected volatility, expected option life, expected dividends, the risk-free interest rate and any other inputs to the model;	The fair value at grant date is determined as per certified by Merchant Banker
	b	the method used and the assumptions made to incorporate the effects of expected early exercise;	Not Applicable
	c	how expected volatility was determined, including an explanation of the extent to which expected volatility was based on historical volatility; and	The scheme was drawn up in accordance with the guidelines of SEBI as such this assumption was not applicable
	d	whether and how any other features of the option grant were incorporated into the measurement of fair value, such as a market condition.	Not Applicable

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Further, disclosure as per the 'Guidance Note on Accounting for Employee Share-based Payments' issued by the Institute of Chartered Accountants of India, as appearing in the Notes to the Standalone Financial Statements of Marathon Nextgen Realty Limited, and forms part of this Annual Report.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

During the year under review, change in the joint venture SPV agreement that the company had entered into for investment in two properties - Byculla and Borivali. Borivali property has been in a long drawn litigation with Government of Maharashtra and the investment has not been generating returns for many years now. While the company would continue to execute as a partner the ongoing Byculla project, the Company would withdraw its investment from the Borivali project and let its partner develop the Borivali Project.

• The Company has entered into a RPT with United Builders for undertaking clubbing of development of SRA projects with each other, subject to necessary approvals. The outer limit of the value of transaction is Rs.20 crore.

SCHEME OF MERGER- MARATHON NEXTGEN TOWNSHIPS PRIVATE LIMITED:

During the year under review, your Company has filed a Company Scheme Petition during the last quarter of FY:2021 for seeking Final sanction of the Scheme of Merger of Marathon Nextgen Townships Private Limited, a WOS with Marathon Nextgen Realty Limited and their respective shareholders.

The matter is yet to be disposed by the Hon'able NCLT, Mumbai bench.

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

The Company undertakes necessary Energy conservation and technology absorption methods while executing the projects by implementing advanced building system and usage of energy efficient materials during the construction of Projects.

There were no foreign exchange earnings and outgo during the current period.

LISTING :

The Equity Shares of the Company are listed with the BSE Limited & National Stock Exchange of India Limited. The Company has paid the Annual Listing Fees for both the Exchanges for the year 2021-22.

DEMATERIALIZATION OF SHARES:

The members are aware that the Company's equity shares are under compulsory trading in dematerialized form for all categories of investors. The shareholders, who are holding the shares of the Company in physical mode, are requested to Demat their holding at the earliest, so as to reap the corporate benefits like Transfer, Dividends, Bonus etc without loss of time. SEBI has already mandated that wef April 2019 sale/ transfer of securities in physical mode is NOT PERMITTED.

REPORT U/S 134 (3) OF THE COMPANIES ACT 2013:

A report containing relevant information as required by the said section of the Companies Act 2013 is dealt separately and forms part of this Directors Report.

FIXED DEPOSITS:

Your Company has not accepted any deposits from the public or its employees during the period under review.

DISCLOSURE UNDER THE SEXUAL HARASSEMENT OF WOMEN AT WORK PLACE (PREVENTION , PROHIBITION AND REDRESSAL ) ACT, 2013:

The Company has in place a Policy in line with the requirements of "The Sexual Harassment of Women at the Workplace (Prevention, Prohibition &Redressal) Act, 2013". Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

No Complaints were received, during the year under review.

CSR POLICY INITIATIVES SPENDING:

The Company has a CSR policy. For the FY 2020-21, the amount spent on the CSR related activities amounting to Rs.70,70,000/- was contributed to a recognized Trust .

CORPORATE GOVERNANCE:

A separate section on disclosures specified in Companies Act 2013 along with other requirements, as amended and as specified in Regulations 17 to 27 and 46(2)(b) to(i) of SEBI (LODR) Regulations 2015 forms part of this Annual Report.

SECRETARIAL AUDIT REPORT FOR THE YEAR ENDED MARCH 31, 2021

As required under provisions of Section 204 of the Companies Act, 2013 and pursuant to Regulation 24A of Listing Regulations, the reports in respect of the Secretarial Audit for FY 2020-21 carried out by Mr. Nitin R, Joshi, Practicing Company Secretary, in Form MR-3 forms part to this report.

Also, the Secretarial Audit Reports for FY 2020-21 in Form MR-3 in respect of Sanvo Resorts Private Limited, a material unlisted subsidiary of your Company, forms part of this report.

The said reports do not contain any adverse observation or qualification or modified opinion.

19

BUSINESS RESPONSIBILITY REPORT(BRR)/COMMITMENT TOWARDS SUSTAINABILITY WHILE UNDERTAKING PROJECTS:

In terms of Regulation 34 of SEBI (LODR) Regulations 2015 ("LODR"),effective from FY:2019-20 the Top 1000 listed Companies are required to submit as a part of their Annual Report, a Business Responsibility Report describing the initiatives taken by them from an environment, social and governance perspective, in the format given under the LODR. This becomes a channel for the Company to communicate its commitment towards sustainability while undertaking projects.

The submission of the BRR for the year under review is not applicable to the Company.

ANNUAL RETURN FY. 2020-2021

Annual return in accordance with the Companies Act, 2013, the annual return in the prescribed format is available at https:// www.marathonnextgen.com/.

ACKNOWLEDGEMENTS:

The Board of Directors take this opportunity to place on record their sincere appreciation for the excellent support and co-operation extended by the shareholders, bankers, customers, suppliers / associates during the year under review.

The Board whole heartedly acknowledges the dedicated and sincere efforts and services put in by the employees at all levels in the Company during very trying times. Their dedicated efforts and enthusiasm has been integral to your Company's growth.

For and on behalf of the Board

Place: Mumbai	Chetan R. Shah
Date: August 12, 2021	Chairman & Managing Director

REPORT U/S 134(3) OF THE COMPANIES ACT 2013 FORMING PART OF DIRECTORS REPORT

a. The web address of the annual return referred to in sub-section (3) of section 92 is: www.marathonnextgenrealty.com

b. Number of Meetings of the Board:

Four Board meetings were held on the following dates during the year under review.

June 29, 2020, August 26, 2020, November 13, 2020 & February 12, 2021.

c. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 134 (3)(c) of the Companies Act, 2013 with respect to Directors responsibilities it is hereby confirmed that:

• (i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.
• (ii) proper accounting policies were followed and applied 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 at the end of the financial year and of the profit or loss of the Company for that period.
• (iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of this Companies Act 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
• (iv) the annual accounts were prepared on a going concern basis.
• (v) necessary internal financial controls were laid down for ensuring the orderly and efficient conduct of its business, including the adherence to Company's policies, the safe guarding 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;
• (vi) proper systems were devised to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.
• (ca) There are NO instances of frauds reported by auditors under sub-section (12) of section 143 other than those (NONE)which are reportable to the Central Government:

d. Statement of declaration given by the Independent Directors under section 149(6) of the Companies Act 2013:

All the Four Independent Directors of the Company have complied with Section 149(6) of the Companies Act 2013, by submitting the Annual declaration for the financial year 2020-21.

e. The Company has a policy on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters and the Nomination and Remuneration Committee of the Company ensures that the policy guidelines are followed.

Matters relating to determination of payment of Commission to Mr. Chetan R Shah Chairman & Managing Director –KMP of the Company for the year 2020-21:

As approved by the shareholders (Reappointment)of the Company, at their 41st AGM held on 19/9/2018, Mr. Chetan Shah, CMD of the Company is entitled for Commission of 1% on the Net Profit calculated as per section 198 of the Companies Act 2013. However, for the FY 2020-21, despite adequate profits, he was not paid any commission in line with the rest of the employees who have all taken significant reductions in their remuneration.

F. Explanations or comments by the Board on every qualification, reservation or adverse remarks or disclaimer, if any, made by the Auditor in his report:

No qualification, reservation or adverse remarks or disclaimer is made by the Statutory Auditors in their report.

-Explanations or comments by the Board on every qualification, reservation or adverse remarks or disclaimer, if any, made by the Secretarial Auditor in his report:

No qualification, reservation or adverse remarks or disclaimer is made by the Secretarial Auditors in his report.

G. Particulars of loans, guarantees or investments under section 186:

The provisions of the section 186 of the Companies Act 2013 are not applicable to the Company .

h. Particulars of contracts or arrangements (COA) with related parties referred to in subsection (1) of section 188:

The Management, as part of the business strategy, has entered into a MOU with United Builders (UB)(Part of Marathon Group) for developing Slum Rehabilitation Projects under the aegis of SRA at Bhandup and Mulund respectively in line with the new Development Control and Promotional Regulations (DCPR)- 2034.

This arrangement would likely to provide the required synergy for both the parties and is in the best interest of the Company.

SRA Projects under this arrangement:

Project "Marathon Neo-Square (Embrace)" by the Company at Bhandup &

Project "Marathon Zaver Arcade" by United Builders at Mulund(W)

There is no new COA with related parties exceptas referred above during the year under review.

i. The state of Company's affairs:

The state of Company's affairs during the FY 2020-21:

The Company's Operating Profit before Tax expenses: Rs.1095.68 lacs

Segment wise Operating Profit before Tax expenses: Rs. 1095.68lacs

The Company's Other Income: Rs. 2,306.71 lacs

The Profit before Interest , Tax, depreciation & amortization(EBITDA): Rs. 6956.51 lacs

The Profit after Interest Tax, depreciation & amortization(EAITDA): Rs. 3402.39 lacs

The Share in JV Profit stood at: Rs.437.10 lacs

Other Comprehensive Income/(Loss):Rs.21.37 lacs

The Net profit for the Year ended: Rs.2863.23lacs

The Company's basic and diluted Earnings Per Share (EPS) for year ended on March 31,2021: Rs. 6.18 & 617

j. Amount proposed to be carried to General Reserve: NIL

k. Dividend details:

In order to conserve cash flow of the Company during these testing times of the pandemic, the Board of Directors have decided not to recommend any dividend on the equity shares for the F.Y.2020-21.

l. Material changes and commitments affecting the financial position of the Company:

• During the year under review, change in the joint venture SPV agreement that the company had entered into for investment in two properties -Byculla and Borivali. Borivali property has been in a long drawn litigation with Government of Maharashtra and the investment has not been generating returns for many years now. While the company would continue to execute as a partner the ongoing Byculla project, the Company would withdraw its investment from the Borivali project and let its partner develop the Borivali Project.

• The Company has entered into a RPT with United Builders for undertaking clubbing of development of SRA projects with each other, subject to necessary approvals. The outer limit of the value of transaction is Rs.20 crore.

m. Conservation of Energy etc.

The Company undertakes necessary Energy conservation and technology absorption methods while executing the projects by implementing advanced building system and usage of energy efficient materials during the construction of Projects.

n. Visualization of Potential Risk:

During the year under review, the Company has ventured into the SRA segment in the realty vertical by undertaking the development of Projects at Bhandup (W), Mumbai.

The process of identification of Risks elements in developing the said projects are initiated and are in place .The risk containment measures will be addressed along with the project mile stones identified thereon .No potential threat is envisaged.

o. CSR Policy initiatives Spending:

The Company has a CSR policy. For the FY 2020-21, the amount spent on the CSR related activities amounting to Rs.70,70,000/ was contributed to a recognized Trust .

p. Evaluation Mechanism of Directors and Directors Familiarization Initiatives:

The performance evaluation of all the Directors was undertaken as per the prescribed standards. The Independent Directors of the Company at their meeting held on February 25, 2021 have carried out such evaluation of all the directors for the year under review and submitted their report to the Chairman of the Company .

The Board, has also undertaken the "Performance Evaluation" of all of its Independent Directors pursuant to the Clause VIII of Schedule IV of the Companies Act 2013( Code for Independent Directors) at their Meeting held on February 25, 2021.

Meeting of IDs for the FY: 2020-21:

A separate Meeting of IDs for the FY 2020-21 held on February 25, 2021.

Appointment and Remuneration of Managerial Personnel) 2014) Rules:

Details as per Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) 2014) Rules:

• i. The ratio of the remuneration of CMD to the median remuneration of the employees of the Company for the FY: 2020-2021: 1:15
• ii. The % age increase /(decrease) of remuneration:

a) CMD- % age of increase/decrease, in the FY 2020-21 - 42.86% age decrease, in the FY 2020-21

• b) CS -20 % age decrease, in the FY 2020-21
• iii. % age in the median remuneration of the Employee- NIL
• iv. The no. of permanent employees of the company are : 55
• v. The explanation of the relationship between average increase in remuneration and the Company's performance: Not Applicable
• vi. Comparison of remuneration of the KMP against the performance of the Company.

KMP	%age of Increase in Remuneration	Remarks
1. CMD	42.86% age decrease	-
2. CS	20 % age decrease	-

vii. Variation of market cap, P/E at the closing of FY etc.,

Details	FY:	FY:	FY:	FY:	FY:	FY:	FY:	FY:	Variation
	2020-21	2019-20	2018-19	2017-18	2016-17	2015-16	2014-15	2013-14
Market Cap
(Rs in Crore)	284.51	190	566	962	746	398	281	234	66%
Closing Price (Rs)	BSE-61.85	BSE-40.90	BSE-122.95	BSE-417.20	BSE-262.40
Rs.5 –FV	NSE- 62.40	NSE- 41.40	NSE-121.45	NSE-418.55	NSE-262.50	140-	148-'	123.50
EPS	6.18	7.48	7.44	12.20	30.93	26.51	20.26	19.25
P/E	10.10	5.54	16.51	34.30	8.49	5.28	7.31	6.42

Total no. of equity shares listed:4,60,00,000 of face value of Rs.5/-each.

• x. The key parameters for any variable component of remuneration availed by the directors: Not Applicable
• xi. The ratio of remuneration of the highest paid director to that of employees who are not directors but receive remuneration in excess of the highest paid director during the year: None of the employee in this category.
• (i) Affirmation that the remuneration is as per the remuneration policy of the company: The Managerial Remuneration paid during the FY 2020-21 is as per the Remuneration policy of the Company.
• b. Details as per Rule 5 (2)of the Companies (Appointment and Remuneration of Managerial Personnel) 2014) Rules:
• Except the Chairman & Managing Director(CMD) none of the employees are covered under Rule 5(2 Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

THE ANNUAL REPORT ON CSR ACTIVITIES

1. A brief outline of the company's CSR policy, including overview of projects or programs proposed to be undertaken and a reference to the web-link to the CSR policy and projects or programs.

Marathon Nextgen Realty Limited (MNRL) is a part of "Marathon Group" and "Marathon Group" believes that corporate organisations should think beyond profit and look out for the wellbeing of society. Guided by the vision of its founder Chairman, Ramniklal Z. Shah - 'profit is not just a set of figure but of values' – "Marathon Group" has over the years working on a modest informal CSR agenda. One of the obligations of the "Group" is to contribute certain percentage of the net profit to the developmental activities.

Generally, the activities/projects are undertaken at "Marathon Group" level and includes, providing basic education and Slum Rehabilitation & development etc for over four decades.

Some of the activities are either direct or through a registered Trust viz., "R Z Shah Trust", established in October 17, 1991 at Mumbai.

2. The Composition of the CSR Committee.

Sl. No.	Name of Director	Designation / Nature of Directorship	Number of meetings of CSR Committee held during the year	Number of meetings of CSR Committee attended during the year
1	Mr. Mayur R. Shah	Non-Executive Director	1	1
2	Mr. Chetan R. Shah	Managing Director	1	1
3	Mrs. Parul A. Shah	Independent Director	1	1

1. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company.

Website of the Company: https://www.marathonnextgen.com/

1. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report).

Not Applicable.

• 1. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any Not Applicable.
• 1. Average net profit of the company as per section 135(5)–Rs. 3535 Lacs
• 1. (a) Two percent of average net profit of the company asper section 135(5)- Rs. 70,70,000/-
• (b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years. Not Applicable
  • (c) Amount required to be set off for the financial year,if any

Not Applicable

• (d) Total CSR obligation for the financial year (7a+7b+7c).- Rs. 70,70,000/-
• 1. (a) CSR amount spent or unspent for the financial year:

Total Amount Spent for the Financial Year. (in Rs.)	Amount Unspent (in Rs.)
		Total Amount transferred to Unspent CSR Account as per section 135(6).	Amount transferred to any fund specified under Schedule VII as per second proviso to section 135(5).
Amount Date of transfer		Name of the Fund	Amount	Date of transfer
Rs. 70,70,000/-	NA	NA	NA	NA	NA

(b) Details of CSR amount spent against ongoing projects for the financial year:

Sl. No	Name of the Project	Item from the list of activities in Schedule VII to the Act	Local area (Yes/ No)	Location of the project		Project duration	Amount allocated for the project (in Rs.)	Amount spent in the current financial Year (in Rs.)	Amount transferred to Un-spent CSR Account for the project as per Section 135(6) (in Rs.)	Mode of Implemen tation - Direct (Yes/No)		Mode of Implementation - Through Implementing Agency
				State	District						Name	CSR Registration Number
1.	Next School Projects Mulund (W), Mumbai, Maharashtra 400080	Promoting Education & Skill Development Schedule VII (ii)	Yes	Maharashtra	Mumbai	NA	Rs. 70.70 Lac	Rs. 70.70 Lac	NA	Yes	R.Z.Shah Trust's	CSR00010894

Sl. No	Name of the Project	Item from the list of activities in Schedule VII to the Act	Local area (Yes/No)	Location of the project		Amount allocated for the project (in Rs.)	Mode of Implemen tation - Direct (Yes/No)		Mode of Implementation - Through Implementing Agency
				State	District			Name	CSR Registration Number
	Not Applicable

(c) Details of CSR amount spent against other than ongoing projects for the financial year:

(d) Amount spent in Administrative Overheads - Not Applicable

• (e) Amount spent on Impact Assessment, if applicable Not Applicable
• (f) Total amount spent for the Financial Year 70.70 Lac

(g) Excess amount for set off, if any

Sl. No	Particular	Amount (in Rs.)
i	Two percent of average net profit of the company as per section 135(5)
ii	Total amount spent for the Financial Year
iii	Excess amount spent for the financial year [(ii)-(i)]	Not Applicable
iv	Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any
v	Amount available for set off in succeeding financial years [(iii)-(iv)]

9. (a) Details of Unspent CSR amount for the preceding three financial years

Sl. No.	Preceding Financial Year	Amount transferred to Unspent CSR Account under section 135 (6) (in Rs.)	Amount spent in the reporting Financial Year (in Rs.)	Amount transferred to any fund specified under Schedule VII as per section 135(6), if any			Amount remaining to be spent in succeeding financial years. (in Rs.)
	Name of Amount Date of the Fund (in Rs) transfer
	Not Applicable

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

Sr. No.	Project ID	Name of the Project	Financial Year in which the project was commenced	Project duration	Total amount allocated for the project (in Rs.)	Amount spent on the project in the reporting Financial Year (in Rs)	Cumulative amount spent at the end of reporting Financial Year. (in Rs.)	Status of the project - Completed/ Ongoing
Not Applicable

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year

(asset-wise details).

• (a) Date of creation or acquisition of the capital asset(s). NA
• (b) Amount of CSR spent for creation or acquisition of capital asset. NA
• (c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc. - NA
• (d) Provide details of the capital asset(s) created or acquired (including) NA

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5).

Taking into account the commitments made at the "Marathon Group" level for the CSR projects/programmes which are in progress, and considering the project mode of CSR activity, where the project at times extends beyond the financial year there is no shortfall as such in the CSR expenditure as compared to the stipulated 2% of the average net profits of the last three financial years.

There are also certain philanthropic/CSR activities/initiatives undertaken by "Marathon Group" for the substantial well-being of the people in the community, which are not getting covered under the above CSR report due to the specified format under the applicable Rules.

Sd/- Sd/- Managing Director Chairman CSR Committee

24

Report on Corporate Governance 2020-21

The Directors present the Company's Report on Corporate Governance for the year ended 2020-21.

(1) PHILOSOPHY ON CORPORATE GOVERNANCE:

The Marathon Group is committed to providing and adhering of the highest standards of Customer Service in the sector. The vision of the Company is to provide the customer a product, meeting the highest standard of excellence at the most reasonable price.

The Marathon Group in general and Marathon Nextgen Realty Limited in particular is committed to the adherence of all compliances in true spirit, at all times and the adoption of the best practices conducive to maintain good governance. Our inherent desire to improve and innovate brings out good governance practices which reflect and redefine the Marathon culture at every point of time – all this is deeply ingrained in our value system and forms part of the strategic thought process – our philosophy mainly rests on five basic concepts, viz., i) Board accountability to the Company and its stakeholders as a whole, ii) guidance and effective monitoring by the Board in strict terms, iii) protection of minority interests and rights (iv) equitable treatment to all concerned and v) transparency and timely disclosure.

Keeping in view of the above philosophy, the Company has been striving continuously for maintaining excellence through adoption of good governance and disclosure practices. The Company has complied and/or has been complying with the provisions Corporate Governance mandated by Regulations 17 to 27, 46(2) (b to i) of SEBI(LODR) Regulations 2015.

The following are the broad categories of Governance perceptive:

• Proper composition of the Board of Directors
• Timely dissemination of material information to the shareholders concerning their interests
• Transparency and accountability
• Adequate internal control measures
• Compliance with the applicable laws and regulations

(2) BOARD COMPOSITION AND PARTICULARS OF DIRECTORS:

(i) The present strength of Board of Directors of the Company are Eight Directors the composition of which is as follows:

	Name	Category	Designation
1.	Mr. Chetan R. Shah	Promoter	Chairman & Mg. Director
2.	Mr. Mayur R. Shah	Promoter	Vice Chairman & Director
3.	Mr. S. Ramamurthi	Non – Promoter	Whole Time Director
4	Ms. Shailaja C. Shah	Promoter	Director
5.	Mr. Deepak R. Shah	Non – Executive	Independent Director
6.	Mrs. ParulAbhoy Shah	Non – Executive	Independent Director
7.	Mr. AtulJayantilal Mehta	Non – Executive	Independent Director
8.	Mr. Ashwin M. Thakker	Non – Executive	Independent Director

The Board of Directors of the Company are well qualified and adequately experienced.

(ii) Board/Committee Meetings and Proceedings:

The Company has a process of placing vital and sufficient intimation before the Board pertaining to business to be considered at each Board Meeting. This enables the members of the Board to actively and freely participate in discussions in the meeting and the Board in turn is able to take corrective and appropriate decision based on the available inputs from the Members of the Board. The Members of the Board are also updated upon various events as are required under the SEBI(LODR) Regulations 2015.

On the advice of the Managing Director of the Company and in line with the compliance of the Secretarial Standards, the Company Secretary after collecting and collating details and information from the concerned departments finalizes the agenda for the Board Meeting which is distributed to all Members of the Board in advance.

(iii) Number of Board Meetings and other details held and the dates on which held:

Four Board Meetings were held during the Financial Year ended 31st March, 2021 on the following dates:

June 29, 2020, August 26, 2020, November 13, 2020& February 12, 2021.

The Company has obtained the requisite disclosures from the Directors in respect of their directorship in other companies. Composition of Board of Directors and their attendance at the Board meetings during the period and at the last Annual General Meeting as also number of other directorship/ membership of committees of other companies are as under:

Name of Director	Director Number(DIN)	Category of		including private companies in India Identification Directorship Directorship in other Companies No. of Board Meetings attended Chairman/ Member (other than Attendance at the last AGM No. of Committees in which		Marathon Nextgen Realty Limited)	Director holds Directorship Listed Entities in which th
		Executive or Non Executive	Independent				ber	Mem- Chair man
Mr. Chetan R. Shah Director	00135296	Promoter –	-	4	Yes	18	Nil	Nil	Citadel Realty & Developers Ltd
Mr. Mayur R. Shah Vice-Chairman & Director	00135504	Promoter – Non Executive	-	3	Yes	12	Nil	Nil	NONE
Mr. S. Ramamurthi Whole time Director	00135602	Executive-WTD	-	4	Yes	2	2	Nil	Citadel Realty & Developers Ltd
Ms. Shailaja C Shah	00215042	Promoter- Non Executive	-	4	Yes	3	-	-	NONE
Dr. Anup P. Shah*	00293207	Non-Executive	Independent	2	No	11	0	0	NONE
Mr. Deepak R. Shah	06954206	Non-Executive	Independent	4	Yes	2	2	2	1.Ruby Mills Ltd 2. Siyaram Silk Mills Limited
Mr. Atul Jayantilal Mehta	08697102	Non-Executive	Independent	4	Yes	1	Nil	Nil	NIL
Mrs. Parul Abhoy Shah	02899386	Non-Executive	Independent	4	Yes	NIL	Nil	Nil	NIL
Mr. Ashwin M. Thakker**	00686966	Non-Executive	Independent	2	No	7	Nil	Nil	NIL

*ID Tenure ended wef August 27, 2020

**Appointed wef November 13, 2020

The particulars of Directors who are proposed to be re-appointed/appointed at this AGM is given below:

(i). Mr. Mayur R Shah( DIN:00135504)

Name of Director	Mayur R . Shah
Qualification	Civil Engineering from Bombay University and M.S in Structurl .Engg from the USA
Expertise in specific functional areas	Having rich and relevant experience in the Construction and Real Estate Sector
Other Companies in which Directorship held	1. Columbia Chrome (I) Pvt Ltd. 2. Cornell Housing & Infrastructure Pvt Ltd. 3. Lark Consultancy Pvt Ltd. 4. Marathon Fiscal Pvt Ltd. 5. Marathon Nexzone Infrastructure Pvt Ltd. 6. Marathon Panvel Infrastructure Pvt Ltd. 7. Marathon Realty Pvt Ltd. 8. Matrix Enclaves Projects Developments Pvt Ltd. 9. Matrix Land Hub Pvt Ltd. 10. Nextgen Land Pvt Ltd. 11. Svarnim Enterprises Pvt Ltd. 12. Terrapolis Assets Pvt Ltd.
No. of shares held as on 31.3.2021	300

(ii). Mr. Ashwin Mohanlal Thakker (DIN: 00686966)

Name of Director	Mr. Ashwin Mohanlal Thakker
Qualification	B.Com from Mulund College of Commerce, University of Bombay.

Expertise in specific functional areas	Mr. Ashwin Mohanlal Thakker, a real estate professional associated with realty companies/projects in Mumbai and Bangalore cities. He has a rich experience of more than 3.5 decades in sourcing land, real estate assets and other allied business.His exposure includes conceiving of real estate projects both commercial and residential and completion till the last mile connectivity. He has many accomplishments to his credit as a real estate professional.
Other Companies in which Directorship held	1. GECORP REALTY PRIVATE LIMITED 2. THE BOMBAY SUGAR MARKET LIMITED 3. ZENITH SHELTERS PRIVATE LIMITED 4. SAFRON REALTY PRIVATE LIMITED 5. ENAMOUR REALTY PRIVATE LIMITED 6. PRESTIGE LAND DEVELOPERS PRIVATE LIMITED 7. SUNVENN ADVISORS PRIVATE LIMITED
No. of shares held as on 31.3.2021	NIL

iii. Mr. S. Ramamurthi (DIN:00135602)

Name of Director	Mr. S. Ramamurthi
Qualification	B.A, FCA, PG in System Management from Jamnalal Bajaj Institute of Management
Expertise in specific functional areas	He has over three decades of post-qualification experience in general management with large organizations in real estate, construction, infrastructure, engineering, textiles, manufacturing, service, trading and electronics in India and abroad. Mr.Ramamurthi has extensive experience in finance and accounts, encompassing the secretarial, legal and commercial aspects, including raising equity and debt, managing investment finance, tax management, financial re engineering, liaisoning and setting up new organizations.
Other Companies in which Directorship held	Citadel Realty & Developers Ltd Sanvo Resorts Pvt Ltd
No. of shares held as on 31.3.2021	5

(v) Number of Shares held by the Non –Executive Directors as on March 31, 2021 :

Name of Non –Executive Directors	No. of Shares held
Mr. Deepak R. Shah	NIL
Mr. Atul Jayantilal Mehta	NIL
Mrs. Parul Abhoy Shah	224
Mr. Mayur R. Shah	300
Ms. Shailaja C Shah	300
Mr. Ashwin Mohanlal Thakker	NIL

(vi) Directors' Familiarization Programme:

Upon induction, the Directors are provided with an induction kit which, inter alia, includes the Company's Memorandum and Articles of Association, Corporate Governance Policies , Terms of references of Board Committees, Code of Conduct, Code of Conduct for Prevention of Insider Trading ,Prevention of Sexual Harassment Policy and other policies alongwith the last 2 years' Annual Reports.

The Company at its Board meeting held on 25/2/2021, met at the Regd. Office of the Company and a detailed presentation was made by the Company about the ongoing projects (SRA). The procedures and the process of the execution of the projects were explained to them.

The feedback received from them were noted by the Management.

The Company usually holds Board Meetings at its registered office and also in other locations within Mumbai. The Directors periodically review the various businesses of the Company, in the context of the industry scenario, competitive environment and regulatory framework.

Presentations are also made to the Board / Board Committees; inter alia, on CSR initiatives, quarterly and annual results, annual business plan etc. The Directors are briefed periodically on the risk assessment & minimization procedures, changes in organizational structure, and Company's succession planning & management development processes. The Directors are also provided with adequate opportunity to interact with the senior managers of the Company.

-Web link of the Company regarding the familiarization programme imparted: www. marathonnextgen.com

(vii) Matrix representing the skill/expertise/competence of the Board of Directors in the context of the business of the Company:

Governance	Experience in developing and continuing the governance practices, serving the best interests of all stakeholders, maintaining Board and management accountability, building long-term effective stakeholder engagements and driving corporate ethics and values.
Strategy and Planning	Understanding of long-term trends, strategic choices and experience in guiding and leading management teams to make decisions in uncertain environments.
Advisory	Updates and adaptation of strategies relating to Construction, Designing, Financing, Tax planning, Customer relations and their Satisfaction.

Director	Governance	Strategy and Planning	Advisory
Mr. Chetan R. Shah	9	9	9
Mr. Mayur R. Shah	9	9	9
Mr. S. Ramamurthi	9	9	9
Ms. Shailaja C Shah	9	9	9
Dr. Anup P Shah*	9	9	9
Mr. Deepak R Shah	9	9	9
Ms. Parul A Shah	9	9	9
Mr. Atul Mehta	9	9	9
Mr. Ashwin M. Thakker**	9	9	9

*ID Tenure ended wef August 27, 2020

**Appointed wef November 13, 2020

3. Audit Committee:

(a) Brief description of terms of reference:

The terms of reference of the Audit Committee of the Company shall inter-alia include the following and review of :

• (1) management discussion and analysis of financial condition and results of operations;
• (2) statement of significant related party transactions (as defined by the audit committee), submitted by management;
• (3) management letters / letters of internal control weaknesses issued by the statutory auditors;
• (4) internal audit reports relating to internal control weaknesses; and
• (5) the appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the audit committee.
• (6) statement of deviations:
• (b) Quarterly statement of deviation(s) including report of monitoring agencyas per Regulation 32 of SEBI(LODR) Regulation 2015 is/ are not applicable to the Company.

(c) Composition, name of the members and Chairperson of Audit Committee:

The constitution of the Committee and the attendance of each Member of the committee is given below:

Name	Designation	Executive/Non-Executive /Independent	Committee Meeting attended (No.of Meetings held)
Mr. Deepak R.Shah	Chairman	Independent	4 (4)
Mr.Chetan R. Shah	Member	Executive- CMD	4(4)
Dr.Anup P Shah *	Member	Independent	2(4)
Mr. Atul Mehta**	Member	Independent	2(4)

*ID Tenure ended wef August 27, 2020

**Appointed wef November 13, 2020

(c) During the Year ended March 31, 2021 Four Audit Committee Meetings were held on the following dates:

June 29, 2020, August 26, 2020, November 13, 2020 & February 12, 2021.

The Audit Committee during the year ended 31st March 2021 reviewed:

• (i) the Company's financial reporting process.

• (ii) disclosure of financial information.

• (iii) the periodical and annual financial statements.

• (iv) related party transactions
• (v) risk assessment
• (vi) adequacy of internal control
• (vii) performance of Auditors
• (viii) vigil mechanism process

4. Nomination, Remuneration and Compensation Committee of Directors.

(a) Brief description of terms of reference:

Role of committee shall, inter-alia, include the following:

• (1) formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees;
• (2) formulation of criteria for evaluation of performance of independent directors and the board of directors;
• (3) devising a policy on diversity of board of directors;
• (4) identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board of directors their appointment and removal.
• (5) whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors.
• (b) The following is the composition of Nomination, Remuneration and Compensation Committee of Directors.

Name	Category	Position	Committee Meeting attended (No.of Meetings held)
Dr. Anup P. Shah*	Independent Director	Chairman	3 (4)
Mr. Deepak R Shah**	Independent Director	Chairman	4(4)
Mr. Mayur R Shah	Non Executive-Promoter	Member	4(4)
Ms. Parul A Shah \$	Independent Director	Member	2(4)

*ID Tenure ended wef August 27, 2020

** elected as Chairman wef November 13, 2020

\$ Appointed as Member wef November 13, 2020

During the Year ended March 31, 2021 Four Nomination, Remuneration and Compensation Committee Meetings were held on the following dates:

June 29, 2020, August 26, 2020, November 13, 2020 & February 12, 2021.

5. CSR Committee:

The Company has CSR policy. In line with the requirements a CSR Committee is in place.

Following is the composition of the CSR Committee:

Name	Category	Position
Dr. Anup P Shah*	Independent Director	Chairman
Mr. Chetan R Shah	Executive-Promoter	Member
Mr. Mayur R Shah**	Non Executive-Promoter	Chairman
Ms. Parul A Shah \$	Independent Director	Member

*ID Tenure ended wef August 27, 2020

** elected as Chairman wef November 13, 2020

\$ Appointed as Member wef November 13, 2020

A meeting of the CSR Committee was held on March 22, 2021 to review the CSR related activities of the Company. The Committee approved the contribution of Rs. 70,70,000/- to a recognized Trust in line with its CSR Policy.

Performance evaluation criteria for Independent Directors:

The evaluation of IDs has been done by the entire Board of Directors, on February 25, 2021 excluding the director being evaluated. The Board will keep in view the report of performance evaluation while determining the suitability of extending or continuing the term of appointment of the IDs.

The role of the Committee is also to lay down the criteria for performance evaluation of Board of Directors as a whole, individual Directors and the committees of the Board. Under the said performance evaluation framework, the Committee has identified the criteria upon which every Director, every Committee, and the Board as a whole shall be evaluated.

6. Remuneration of Directors:

Details of the remuneration paid to the Directors of the Company during the period ended March 31, 2021 are given below:

					(Amount in Rs.)
Name of Director	Salary	Perquisites	Commission	Sitting fees (Rs.)	Total
Mr. Chetan R. Shah	7526400	Nil	Nil	Nil	7526400
Mr. S. Ramamurthi	Nil	Nil	Nil	Nil	Nil
Mr. Mayur R Shah	Nil	Nil	Nil	130000	130000
Ms. Shailaja C. Shah	Nil	Nil	Nil	90000	90000
Dr. Anup P. Shah	Nil	Nil	Nil	100000	100000
Mr. Deepak R. Shah	Nil	Nil	Nil	210000	210000
Mr. Atul Jayantilal Mehta	Nil	Nil	Nil	120000	120000
Mrs. Parul Abhoy Shah	Nil	Nil	Nil	110000	110000
Mr. Ashwin M Thakker	Nil	Nil	Nil	40000	40000

6. Stakeholders Relationship Committee:

The following is the composition of Stakeholders Relationship Committee of Directors:

Name	Category	Position
Mrs. Shailaja C. Shah	Non- Executive Director	Chairperson
Mr. Deepak R Shah	Independent Director	Member
Mr. S. Ramamurthi	Executive-Whole Time Director	Member

The Committee met on June 28, 2021 to look into the various aspects of interest of shareholders. During the Financial Year ended 31st March 2021 : - ZERO - complaint was received by the RTA and no complaint is pending as on date.

7. GENERAL BODY MEETINGS

Venue and time of last three Annual General Meetings:

Year /no.	Location	Date	Time	Special Resolutions
2019-20 43rd AGM	Video Conferencing / Other Audio Visual Means(VC)	September, 30 2020	3.00p.m.	1. Re-appointment of Mr. S. Ramamurthi (DIN 00135602) as Whole Time Director & CFO of the Company.
				2. To consider and approve Employees' Stock Option Plan 2020.
				3. To consider and approve extending benefits of the Employees' Stock Option Plan 2020 to the Employees of the Holding Company and the Subsidiary Companies of the Company.
				4. To consider and approve Draft scheme of Amalgamation of Marathon Nextgen Townships Private Limited (MNTPL) the wholly owned subsidiary of the Company ("Transferor Company") with the Company their respective shareholders under sections 230 to 232 of the Companies Act, 2013.
2018-19 42nd AGM	2nd Floor, Babubhai Chinai Committee Room, Churchgate, Mumbai - 400 020	September 26, 2019	3.00 p.m.	None
2017-18 41st AGM	WalchandHirachand Hall, 4th Flr., IMC Building, IMC Chambers, Churchgate, Mumbai- 400 020	September 19, 2018	3.30 p.m.	None

8. Means of Communication:

The quarterly and half-yearly results are regularly submitted to the Stock Exchanges in accordance with the Listing regulations and are published in one English daily newspaper i.e. 'Business Standard' and one vernacular daily news paper i.e. 'Lakshadweep' having adequate circulation.

9. GENERAL SHAREHOLDERS INFORMATION

• Annual General Meeting : 44th Annual General Meeting
• Date and Time : Wednesday, September 29, 2021 at 03:00 PM
• Venue : Video Conferencing / Other Audio Visual Means (VC).
• Financial Year : April 1, 2020 to March 31, 2021
• Date of Book Closure : September 23, 2021 to September 29, 2021
• Listing on Stock Exchanges : BSE LTD & NSE LTD
• Stock Code : BSE- 503101: NSE –Symbol: "Marathon"
• ISIN in NSDL & CDSL : INE182D01020
• CIN : L65990MH1978PLC020080
• Stock Price Data:

Table below gives the monthly highs and lows of the Company's shares on the BSE Limited for the FY 2020-21 : Face Value – Rs.5 per equity share.

MONTHS(FY: 2020-2021)	HIGH(Rs.)	LOW(Rs.)		SENSEX
			High	Low	Close
April-2020	59.15	41.20	33,887.25	27,500.79	33,717.62
May	47.45	42.20	32,845.48	29,968.45	32,424.10
June	67.00	45.85	35,706.55	32,348.10	34,915.80
July	54.50	47.10	38,617.03	34,927.20	37,606.89
August	66.75	46.35	40,010.17	36,911.23	38,628.29
September	60.85	48.50	39,359.51	36,495.98	38,067.93
October	59.60	47.50	41,048.05	38,410.20	39,614.07
November	77.50	50.35	44,825.37	39,334.92	44,149.72
December	109.60	74.10	47,896.97	44,118.10	47,751.33
January-2021	103.50	76.90	50,184.01	46,160.46	46,285.77
February	79.90	69.00	52,516.76	46,433.65	49,099.99
March	85.40	61.25	51,821.84	48,236.35	49,509.15

• Registrar & Transfer Agents : Adroit Corporate Services Pvt Ltd.

19/20 Jaferbhoy Industrial Estate, 1st Floor,

Makwana Road, Marol Naka, Andheri (East), Mumbai 400 059.

Email: adroits@vsnl.net

Distribution of shareholding as on March 31, 2021:

Category (Shares) Nominal values(Rs.)	No. of Shareholders	Percentage (%)	No. of Shares of Rs.5/each	Amount (Rs.)	Percentage (%)
UPTO - 100	3866	51.65	164519	822595	0.36
101 - 500	2349	31.38	594430	2972150	1.29
501 - 1000	589	7.87	458888	2294440	1.00
1001 - 2000	286	3.82	427872	2139360	0.93
2001 - 3000	121	1.62	302196	1510980	0.66
3001 - 4000	48	0.64	171652	858260	0.37
4001 - 5000	40	0.53	186255	931275	0.40
5001 - 10000	86	1.15	627629	3138145	1.36
10001 - 20000	42	0.56	619156	3095780	1.35
20001 - 50000	22	0.29	699789	3498945	1.52
50001 & Above	36	0.48	41747614	208738070	90.76
Total	7485	100.00	46000000	230000000	100.00

Dematerialization of Shares and Liquidity:

The status of Dematerialized/ Physical shares of the Company as on March 31, 2021 is as under:

Categories	Physical	Demat	Total (Category)	% age to the total	% in physical	% in Demat
Resident Individual	137254	10054740	10191994	22.16	0.30	21.86
Non Resident Indians (Individuals )	0	370422	370422	0.81	0	0.81
Corporate Bodies(Promoter)	0	34482646	34482646	74.96	0	74.96
Corporate Bodies	189446	343021	532467	1.16	0.41	0.75
Mutual Funds	200	44	244	0	0.00	0.00
Banks	990	3464	4454	0.01	0	0.01
Directors(Promoter)	0	1800	1800	0	0	0.00
Trusts	0	6248	6248	0.01	0	0.01
Clearing Member	0	294751	294751	0.64	0	0.64
Corporate Body - Broker	0	50	50	0	0	0.00
Investor Education And Protection	0	114124	114124	0.25	0	0.25
NBFCs	0	800	800	0	0	0.00
Total	327890	45672110	46000000	100.00	0.71	99.29

Categories of Shareholders as on March 31, 2021 :

Sr.no	Category	Folios	%age	Shares	%age
1	Resident Individual	7280	97.26	10191994	22.16
2	Non Resident Indians (Individuals )	91	1.22	370422	0.81
3	Corporate Bodies(Promoter)	1	0.01	34482646	74.96
4	Corporate Bodies	65	0.87	532467	1.16
5	Mutual Funds	2	0.03	244	0.00
6	Banks	2	0.03	4454	0.01
7	Directors(Promoter)	6	0.08	1800	0.00
8	Trusts	2	0.03	6248	0.01
9	Clearing Member	33	0.44	294751	0.64
10	Corporate Body - Broker	1	0.01	50	0.00
11	Investor Education And Protection Fund (IEPF)	1	0.01	114124	0.25
12	NBFCs	1	0.01	800	0.00
	Total	7485	100.00	46000000	100.00

Outstanding GDRs/ ADRs/ Warrants or any convertible instruments conversion date and likely impact on equity: Not Applicable.

Additional shareholder information:

Unclaimed dividend

Pursuant to Section 124 of the Companies Act, 2013, amounts lying unpaid or unclaimed in the Unpaid Dividend Account of the Company for a period of seven years from the date of transfer of the dividend amount to the Unpaid Dividend Account shall be transferred by the Company to the Investor Education and Protection Fund established by the Central Government.

During financial year 2020-21, the Company was required to transfer to the Investor Education and Protection Fund dividends declared in the Annual General Meeting held on September 20, 2013. Accordingly, the Company transferred an amount of Rs. 2,39,535/- to the Investor Education and Protection Fund.

In accordance with the provisions of Sec 124 of the Companies Act 2013, the company has transferred unpaid dividends FY 2012-13 to the Investor Education and Protection Fund (IEPF) based on the certificate received from the Registrar and Transfer Agent. Subsequent to this payment , Few credits are appearing in the bank Account amounting to Rs. 3,00,483/- which is subject to reconciliation with the banker and Company will discharge the liability once it is reconciled.

The details of the unclaimed dividends along with the names and addresses of the shareholders were published on the website of the Company. Individual communication to each of the shareholders, who had not claimed the dividend continuously for the previous seven years was sent to their registered addresses. The said details were also uploaded on the website of the Ministry of Corporate Affairs.

The following table provides the dates of declaration of dividend and the corresponding date when unclaimed dividends are due to be transferred to the Central Government:

Financial year	Date ofdeclaration of dividend	Last date for claiming unpaid dividend	Due date for transfer to IEPF Fund
2013-14	September 24, 2014	October 23, 2021	November 21, 2021
2014-15	August 28, 2015	September 26, 2022	October 25, 2022
2015-16	September 27, 2016	October 26, 2023	November 24, 2023
2016-17	September 20,2017	October 19, 2024	November 17, 2024
2017-18	September 19,2018	October 18, 2025	November 16, 2025
2018-19	September 26, 2019	October 25, 2026	November 23, 2026

Members can claim the unpaid dividend from the Company before transfer to the Investor Education and Protection Fund. Members who have so far not encashed the dividend warrant(s) are requested to make their claim to the Secretarial Department at the Registered and Corporate Office of the Company or send an e-mail to shares@marathonnextgen.com.

Summary of equity shares transfer in IEPF Account

Pursuant to the notification issued by Ministry of Corporate Affairs, Government of India, the Company has transferred the following equity shares to the designated demat account of the IEPF:

MODE	No.of Shareholders	No.of Equity Shares
CDSL	2	20
NSDL	0	0
PHYSICAL	30	6240
TOTAL	32	6260

Note:

Shareholders may note that the shares/dividend transferred to IEPF can be claimed by making an application to the Authority in Form IEPF 5 (to be filed online) at the following link http://www.iepf.gov.in/IEPF/refund.html

Address for correspondence:

The Shareholders may send their queries to the e-mail address, shares@marathonnextgen.com, proactively managed by the Company, under the Shareholders' / Investors' Grievance Committee at :

The Company Secretray, Marathon Nextgen Realty Limited 8th Floor, Marathon Max, Jn of MulundGoregaon Link Road, Mulund (W), Mumbai 400080. Tel.:022 67728474

Registered Office :

The Company Secretary Marathon Nextgen Realty Limted Marathon FutureX, N.M. Joshi Marg, Lower Parel (West), Mumbai 400018. Tel.: 022 24925869/ 24963547 Fax: 022 2496 3560 Email:shares@marathonnextgen.com Website: https://www.marathonnextgen.com/

Corporate office address:

702, Marathon Max Junction.ofMulund-Goregaon Link Rd., Mulund (W), Mumbai 400080 Ph. 022-67728484, Fax.:022-67728408

Registrar and Share Transfer Agents:

Adroit Corporate Services Private Limited, UNIT: Marathon Nextgen Realty ltd 19/20 Jaferbhoy Industrial Estate, 1st Floor, Makwana Road, Marol Naka, Andheri (East), Mumbai 400 059 Tel.: 022 2859 4060/ 6060/ 4442 Fax: 022 2850 3748 e-mail: adroits@vsnl.net

33

10. Other Disclosures-

- Annual Secretarial Compliance Report:

The Annual Secretarial Compliance report under Regulation 24A of SEBI(LODR) Regulations 2015 for the FY: 2020-21 in the prescribed format has been submitted to the Stock Exchanges.

- Related Party Transactions:

Related Party Transaction is defined under Regulation 2 (zc) of SEBI(LODR) Regulations -2015 as ," a transfer of resources ,services or obligations between a listed entity and a related party, regardless of whether a price is charged and a "transaction" with a related party shall be construed to include a single transaction or a group of transactions in a contract".

Transaction with a related party shall be considered material if the transaction/transactions to be entered into individually or taken together with previous transactions during the financial year, exceeds 10% of the annual consolidated turnover of the Company as per the last audited financial statements.

There were no material transactions with related parties during the financial year ended on 31st March 2021 which are prejudicial to the interest of the Company and its shareholders

Also Transactions with related parties as per Accounting standard-Ind AS-24 are disclosed in Note No. 50 of the accounts in the Annual Report-2020-21.

• Details of non compliance, penalty, strictures imposed by BSE,NSE & SEBI or any statutory authority, on any matter related to capital markets, during the last three years:
• 1. Under regulation 29(2)(Prior Intimations) of SEBI(LODR) Regulations 2015, the Company on May 21,2019 had informed the Stock Exchanges about Board Meeting held on May 29,2019 .Our intimation to SEs stated, that the purpose of the Board meeting held on May 29,2019,inter-alia to consider the Audited Accounts for the FY: 2018-19.

However, the SE had informed us, that the prior specific intimation as required u/r 29(2) of SEBI(LODR) Regulations, for recommendation of Dividend was not given to them, hence committed "Non-Compliance wrt., to Reg 29(2) of the said regulations and a penalty was levied.

• 1. The SEs had ,under regulation 17(1) of SEBI(LODR) Regulation informed us, that the Board Composition was not in-line with the said Regulation , hence committed "Non-Compliance wrt., to Reg 17(1) of the said regulations and a penalty was levied.
• Details of vigil mechanism whistle blower policy and affirmation that no personnel have been denied access to the Audit Committee: Furnished.
• weblink of availability of policy for determining the material subsidiaries and RPT policy: www.marathonnextgenrealty.com
• Details of compliance with mandatory requirements and adoption of non mandatory requirements: Mandatory requirements as per the SEBI(LODR)Regulations-2015 are adhered with.
• Web link of the Company regarding the Policy determining "material" subsidiaries: www. Marathonnextgen.com
• Web link of the Company regarding the Policy on RPTs: www. Marathonnextgen.com
• Disclosure of Commodity price risks and commodity hedging activities –NONE and N/A
• Utilization of funds raised through Pref. allotment or QIP as specified u/r 32(7A) of SEBI(LODR)Regulations-2015: No funds raising activity undertaken during the year under review
• A certificate from Mr.Nitin R Joshi, Company Secretary in Practice, stating that none of the directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority forms part of this report.
• All the recommendations of the Committees were accepted by the Board in total.
• The particulars of total fees for all services paid to the statutory auditor on a consolidated basis to M/S. Rajendra& Co., Chartered Accountants and all entities in the network firms/network entity of which the statutory auditor is a part (firm registration no. 108355W)

		(` in Lakhs)
Particular	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Services as statutory auditors	13.80	13.59
(b) Tax audit	2.50	2.50
(c) Others matters - certification service	1.73	1.45
Total	18.03	17.53

• No fees other than the Statutory Audit Fees paid to the Statutory Auditors of the Company

- DISCLOSURE UNDER THE SEXUAL HARASSEMENT OF WOMEN AT WORK PLACE (PREVENTION ,PROHIBITION AND REDRESSAL ) ACT, 2013:

The Company has in place a Policy in line with the requirements of "The Sexual Harassment of Women at the Workplace (Prevention, Prohibition &Redressal) Act, 2013". Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year under review No Complaints were received.

• Number of complaints filed during the financial year - None
• Number of complaints disposed of during the financial year - N/A
• Number of complaints pending as on at the end of the financial year - N/A

11. Statutory Compliance, Penalties and Strictures:

The Company has complied with all the requirements of the Corporate Governance as per the Schedule -V (paragraphs 2 to10) of SEBI(LODR)Regulations 2015.

• 12. Adoption of discretionary requirements specified in Part E of Schedule II on Corporate Governance as per SEBI(LODR) Regulations 2015:
• A. The Board:The Chairman of the Board is executive Chairman and do not maintain a separate office,
• B. Shareholders Rights: A half yearly declaration of financial performance including summary of significant events to be sent to Shareholders: Yet to be initiated.
• C. Modified Opinion in Audit Report : Efforts are made to move towards unmodified audit opinion regime.
• D. Reporting of the Internal Auditor : The Internal Auditors are reporting directly to the Audit Committee of the Company.
• 13. Necessary disclosures have been made in this report regarding the compliance with Corporate Governance requirements specified in SEBI (LODR) Regulations 2015.
• The Management Discussion and Analysis Report forms part of this Annual Report.
• There were no presentations made to the institutional investors or analysts separately.
• 14. Reconciliation of Share Capital Audit:

As required Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018-the Quarterly "Reconciliation of Share Capital" Report pertaining for the financial year: 2020-21 were furnished to the BSE Ltd & NSE Ltd on the following dates:

Quarter ended on	Furnished on
	BSE	NSE
June 30, 2020	10-07-2020	10-07-2020
September 30, 2020	13-10-2020	13-10-2020
December 31, 2020	12-01-2021	12-01-2021
March 31, 2021	15-04-2021	15-04-2021

CERTIFICATES

To

The Members of Marathon Nextgen Realty Ltd.

Sub: Declaration by the Managing Director under Schedule V (D) of SEBI (LODR) Regulations 2015.

I, Chetan R Shah, Managing Director of Marathon Nextgen Realty Ltd hereby declare that all members of the Board of Directors and Senior Management Personnel have affirmed compliance with the Code of Conduct for the year ended March 31, 2021.

Place : Mumbai Chetan R. Shah Date : August 12, 2021 Managing Director

CERTIFICATE ON COMPLIANCE FROM THE PRACTICING COMPANY SECRETARY

Sub: Compliance Certificate under Schedule V (E) of SEBI (LODR) Regulations 2015.

Certificate of the Practicing Company Secretary has been obtained on the compliance of conditions of the Corporate Governance and the same forms part of this Directors Report.

For and on behalf of the Board of Directors

Place : Mumbai Chetan R. Shah Date : August 12, 2021 Managing Director

CERTIFICATE ON CORPORATE GOVERNANCE

To

The Members of Marathon Nextgen Realty Limited Mumbai.

I have examined the compliance of the conditions of Corporate Governance by Marathon Nextgen Realty Limited ('the Company') for the year ended on March 31, 2021, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub- regulation (2) of Regulation 46 and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

The compliance of the conditions of Corporate Governance is the responsibility of the management of the Company. My examination was limited to the review of procedures and implementation thereof, as adopted by the Company for ensuring compliance with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

In my opinion and to the best of our information and according to the explanations given to us, and the representations made by the Directors and the Management and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India warranted due to the spread of the COVID-19 pandemic, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations for the year ended on March 31, 2021.

I further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

(NITIN R. JOSHI) FCS : 3137 CP : 1884 UDIN: F003137C000800615

Place : Mumbai Date : August 18, 2021

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2021

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To

The Members, Marathon Nextgen Realty Limited

Marathon Futurex, Mafatlal Mill Compound, N.M. Joshi Marg,Lower Parel (W), Mumbai 400 013.

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Marathon Nextgen Realty Limited(hereinafter called the Company).Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on my verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the Company, to the extent the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, the explanations and clarifications given to me and the representations made by the Management and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India warranted due to the spread of the COVID-19 pandemic, I hereby report that in my opinion, the Company has during the audit period covering the financial year ended on March 31, 2021, complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March, 31, 2021 according to the provisions of:

• (i) The Companies Act, 2013 (the Act) and the Rules made under that Act;
• (ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the Rules made under that Act;
• (iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed under that Act;
• (iv) The Foreign Exchange Management Act, 1999 and the Rules and Regulations made under that Act;to the extent applicable to Foreign Direct Investment (FDI), Overseas Direct Investment (ODI) and External Commercial Borrowings (ECB);
• (v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India ('SEBI')Act, 1992:
• (a) TheSEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
• (b) The SEBI (Prohibition of Insider Trading) Regulations, 2015;
• (c) The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018;(Not applicable to the Company during the Audit Period)
• (d) The SEBI (Share Based Employee Benefits) Regulations,2014;
• (e) The SEBI (Issue and Listing of Debt Securities) Regulations, 2008;(Not applicable to the Company during the Audit Period)
• (f ) The SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
• (g) The SEBI (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the Company during the Audit Period)and
• (h) The SEBI (Buyback of Securities) Regulations, 2018;(Not applicable to the Company during the Audit Period)
• (vi) I further report that, having regard to the compliance system prevailing in the Company, considering and relying upon representation made by the Company and its officers for system and mechanism formed by the Company, I am of the opinion that the Company has complied with the following laws applicable specifically to the Company:
• (a) The Real Estate (Regulation and Development) Act,2016;
• (b) The Maharashtra Ownership Flats (Regulation and Promotion of Construction, Sale, management, Transfer) Act, 1963 and its Rules;
• (c) The Maharashtra Apartment Ownership Act ,1970;

I further report that the Company has complied with the applicable clauses/regulations of the following:

• (a) Applicable clauses of Secretarial Standards issued by The Institute of Company Secretaries of India;
• (b) The Equity Listing Agreement, to the extent applicable, entered in to by Company with National Stock Exchange of India Limited and BSE Limited; and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

During the period under review and as per the explanations and clarifications given to me and the representations made by the Management, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above except to the extent as mentioned below:

(i) Whereas under Regulation 44(3) of SEBI (LODR) Regulations, 2015 the Company could not submit voting results within forty-eight hours of conclusion of Postal Ballot, due to Covid related restrictions imposed by the Government of Maharashtra, after written submissions made by the Company for waiver of penalty on account of inconsistency with the compliance of Regulation 44(3), the stock exchange(s) has considered the matter and waived the penalty imposed on the Company.

37

(ii) Key Managerial Personnel (KMP) holding similar position of another Company, which is inconsistent with the provision of Section 203 of the Companies Act, 2013.

I further report that

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act;

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

All decisions at Board meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be.

I further report that based on review of compliance mechanism established by the Company and on the basis of the Compliance Certificate(s) issued by the Managing Director/Company Secretary and taken on record by the Board of Directors at their meeting(s), I am of the opinion there are adequate systems and processes in place in the Company which is commensurate with its size and operations, to monitor and ensure compliance with applicable laws, rules, regulations and guidelines; and the Company has responded appropriately to notices received from various statutory/regulatory authorities including initiating actions for corrective measures, wherever found necessary.

I further report that during the financial year under review, following events/actions having a major bearing on the Company's affairs in pursuance of the above referred Laws, Rules, Regulations, Guidelines, Standards,etc., have occurred:

• (a) Revised Petition for merger of Wholly Owned Subsidiary of the Company Marathon Nextgen Township Private Limited with itself was filed during the last quarter of FY-2021 with NCLT for seeking Final Sanction of the Scheme of Merger. The matter is yet to be heard by the Hon'ble NCLT, Mumbai Bench.
• (b) "EMPLOYEE STOCK OPTION PLAN" 2020 ("ESOP") was approved by the shareholders at their meeting held on September 30, 2020 and total number of Options approved was 23,00,000. The Nomination, Remuneration and Compensation Committee at its meeting held on February 12, 2021,out of 23 lakhs Options, has approved the grant of 3,41,000 stock options at a price of Rs.20 /- (per option) to the eligible employees. Accordingly, 19,59,000 Options remained outstanding as on March31, 2021.

All Options vests in a graded manner and are required to be exercised within a specific period in accordance with "EMPLOYEE STOCK OPTION PLAN" 2020 ("ESOP-2020") and Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014, as amended from time to time.

(NITIN R. JOSHI) Date : August 18, 2021 Practicing Company Secretary Place: Mumbai FCS No. 3137., CP No. 1884 UDIN :F003137C000800582

Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

'Annexure A'

To The Members, Marathon Nextgen Realty Limited Marathon Futurex, Mafatlal Mill Compound, N.M. Joshi Marg, Lower Parel (W), Mumbai 400 013.

My report of even date is to be read along with this letter.

• 1. Maintenance of secretarial record is the responsibility of the management of the Company. My responsibility is to express an opinion on these secretarial records based on my audit.
• 1. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices, I followed provide a reasonable basis for our opinion.
• 1. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
• 1. Wherever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
• 1. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. My examination was limited to the verification of procedures on test basis.
• 1. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

(NITIN R. JOSHI) Date : August 18, 2021 Practicing Company Secretary Place: Mumbai FCS No. 3137., CP No. 1884 UDIN :F003137C000800582

Secretarial Audit Report of Material Subsidiary - Sanvo Resorts Private Limited under Regulation 24A SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2021

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To, The Members, Sanvo Resorts Private Limited 702, Marathon Max, Jn. of Mulund-Goregaon Link Road, Mulund (West), Mumbai 400080.

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Sanvo Resorts Private Limited ("the Company"). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on my verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the Company, to the extent the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, the explanations and clarifications given to me and the representations made by the Management and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India warranted due to the spread of the COVID-19 pandemic, I hereby report that in my opinion, the Company has during the audit period covering the financial year ended on March 31, 2021, complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the Financial Year according to the provisions of:

• i) The Companies Act, 2013 ("the Act") and the rules made thereunder;
• ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made thereunder-

(Not Applicable to the Company during the Audit Period;)

• iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
• iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings; (Not Applicable to the Company during the Audit period)
• v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India ('SEBI) Act, 1992:
• (a) The SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (Not Applicable to the Company during the Audit period)
• (b) The SEBI (Prohibition of Insider Trading) Regulations, 2015; * (Not Applicable to the Company during the Audit period)
• (c) The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018; (Not applicable to the Company during the Audit Period)
• (d) The SEBI (Share Based Employee Benefits) Regulations, 2014;
• (e) The SEBI (Issue and Listing of Debt Securities) Regulations, 2008; (Not applicable to the Company during the Audit Period)
• (f ) The SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
• (g) The SEBI (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the Company during the Audit Period) and
• (h) The SEBI (Buyback of Securities) Regulations, 2018; (Not applicable to the Company during the Audit Period)

* The Company being a material subsidiary of Marathon Nextgen Realty Limited ("MNRL"), directors and certain employees of the Company have been categorised as Designated Persons and are covered by the Code of Conduct under The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, of MNRL.

I have also examined compliance with the applicable clauses of the following:

• i) Secretarial Standards issued by The Institute of Company Secretaries of India;
• ii) The Listing Agreements entered into by the Company with Stock Exchange(s) and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, if applicable – (Not Applicable to the Company during the Audit Period.)

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.

I further report that the Company has identified the following laws as specifically applicable to the Company:

• (a) The Real Estate (Regulation and Development) Act,2016;
• (b) The Maharashtra Ownership Flats (Regulation and Promotion of Construction, Sale, management, Transfer) Act, 1963 and its Rules;
• (c) The Maharashtra Apartment Ownership Act ,1970;

I further report that-

The Board of Directors of the Company is duly constituted. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent in advance and a System exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

All decisions made at Board Meetings have unanimous consent as recorded in the minutes of the meetings of the Board of Directors.

I further report that having regard to the compliance system prevailing in the Company and as per explanations and management representations obtained and relied upon by me the Company has adequate systems and processes commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

I further report that, during the audit period the Company has done the following transactions in due compliance with the applicable provisions of Act-

• I. The appointment of Mr. Atul Mehta, as an Independent Director of the Marathon Nextgen Realty Limited (MNRL), on the Board on M/s. Sanvo Resorts Private Limited, a "Material Subsidiary" of the MNRL under Regulation 24 SEBI (LODR) Regulations, 2015.
• II. During the year under review the Company has allotted 2523 senior, unlisted, redeemable non-convertible debentures, each of a face value of Rs. 10,00,000/- (Rupees Ten Lakh) aggregating to INR 2523,000,000 (Indian Rupees Two Hundred Fifty Two Crores and Thirty Lakhs)) on a private placement basis to Asia Real Estate II India Opportunity Trust under IDBI Trusteeship Services Limited (Debenture Trustee).
• III. Share Pledge Agreement executed between Sanvo Resorts Private Limited (SRPL), Marathon Nextgen Townships private Limited (MNTPL), holder of 67% shareholding and Marathon Nextgen Realty Limited (MNRL)-holder of 24% shareholding dated March 12,2021

(NITIN R. JOSHI) Date : August 18, 2021 Practicing Company Secretary Place: Mumbai FCS No. 3137., CP No. 1884 UDIN No.: F003137C000800659

Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

'Annexure A'

To, The Members, Sanvo Resorts Private Limited 702, Marathon Max, Jn. of Mulund-Goregaon Link Road, Mulund (West), Mumbai 400080.

My report of even date is to be read along with this letter.

• 1. Maintenance of secretarial record is the responsibility of the management of the Company. My responsibility is to express an opinion on these secretarial records based on my audit.
• 1. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices, I followed provide a reasonable basis for our opinion.
• 1. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
• 1. Wherever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
• 1. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. My examination was limited to the verification of procedures on test basis.
• 1. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

(NITIN R. JOSHI) Date : August 18, 2021 Practicing Company Secretary Place: Mumbai FCS No. 3137., CP No. 1884 UDIN No.: F003137C000800659

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To, The Members of MARATHON NEXTGEN REALTY LIMITED Marathon Futurex N. M. Joshi Marg, Lower Parel, Mumbai-400 013.

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of MARATHON NEXTGEN REALTY LIMITED having CIN L65990MH1978PLC020080 and having registered office at Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai-400 013 (hereinafter referred to as 'the Company'), produced before me by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In my opinion and to the best of my information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company & its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31st March, 2021 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs.

Sr. No.	Name of Director	DIN	Date of appointment in Company
1	MAYUR RAMNIKLAL SHAH	00135504	31/03/2003
2	SUNDARAM RAMAMURTHI	00135602	01/05/2008
3	CHETAN RAMNIKLAL SHAH	00135296	01/07/2010
4	SHAILAJA CHETAN SHAH	00215042	25/03/2015
5	DEEPAK RAMESHCHANDRA SHAH	06954206	09/02/2017
6	ATUL JAYANTILAL MEHTA	08697102	13/02/2020
7	PARUL ABHOY SHAH	02899386	13/02/2020
8	ASHWIN MOHANLAL THAKKER	00686966	13/11/2020

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

(NITIN R. JOSHI) Date : April 27, 2021 Practicing Company Secretary Place: Mumbai FCS No. 3137., CP No. 1884 UDIN : F003137C000187497

MANAGEMENT DISCUSSION & ANALYSIS REPORT - FY 2020-21

The Management of the Company is pleased to present this report covering the activities of the Company during the year ended on 31st March 2021.

MANAGEMENT DISCUSSION AND ANALYSIS

MACROECONOMIC OVERVIEW

Global economy

Global economic activity — which was already under protracted pressure since 2018 contracted sharply in 2020 due to the Covid-19 pandemic. According to the IMF, decline in global output in 2020 is estimated at 3.3 per cent, which is unprecedented in the manner it impacted economic performance across sectors and geographic regions.

The output loss was even higher for advanced economies which contracted by 4.7 per cent, compared to the 2.2 per cent decline in emerging market and developing economies. India also recorded a steep contraction in output in 2020-21. According to the provisional estimates released by the Central Statistics Office (CSO) on 31 May 2021, decline in India's Gross Domestic Product (GDP) for 2020-21 is estimated at 7.3 per cent, compared to a 4 per cent growth in the previous year. Both industry and services were severely impacted. In contrast, agriculture grew at 3.6 per cent in 2020-21

Even as the uncertainty and challenges posed by the Covid-19 pandemic continue, the world is better placed today than a year ago — armed with multiple vaccines and more effective therapies to combat the infection as well as having gradually adapted to a pandemic-appropriate way of going about its business. Significant policy support by governments across the globe have also contributed to an improved outlook.

Considering this. the IMF has projected a stronger recovery for the global economy in its most recent World Economic Outlook published in April 2021 compared to its earlier assessments in October 2020 and January 2021. According to IMF's latest estimates published in April 2021, global output will grow at 6 per cent in 2021 and 4.4 per cent in 2022. India, too, is expected to record a signi-ficant increase in activity with GDP growth estimated at 9.5 per cent in 2021-22 by the Reserve Bank of India in its latest Report released on 4 June 2021.

Indian economy

India has emerged as the fastest growing major economy in the world and is expected to be strong and resilient. It could be called one of the Formidable Five, out from the Fragile five as listed in 2013 among, Turkey, South Africa, Brazil and Indonesia.

In 1991, India's capita income was just USD360 a year, having been overtaken by several "miracle economies" of Asia growing at 7% per year or more. Three decades later: before Covid hit. India's per capita income was up to USD2100.GDP has grown at 7% for two decades, making India a miracle economy too.

However, the impact of Covid has reduced the growth and decline witnessed. It is only as statistical aggregate on that does not fully mirror the larger human costs of disruptions in normal life. The decline appear as to have arrested in Q3 and Q4 of 2021-21.Private consumption has been the main pillar of GDP for many years.

From the real estate industry's perspective, the construction sector — which accounts for around 7.5 per cent of GDP — contracted by 8.6 per cent in 2020-21, compared to a growth of 1.0 per cent in 2019-20. However, what is heartening to know is that the sector revived considerably once construction activity resumed as the lockdown was gradually lifted — growing at 10.7 per cent in the second half of 2020-21, compared to a 29.1 per cent decline in the first half of the year.

INDUSTRY REVIEW

The real estate sector is one of the most globally recognized sectors. The real estate sector comprises four sub sectors - housing, retail, hospitality and commercial. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.

In the recent years, India's realty sector has shown the largest improvements globally. However, till the beginning of last year, it was lacking in digital infrastructure and technology. Disruption induced by new normal compelled the industry to embrace digital transformation and ushered to a new era for the sector and is marching towards a global benchmark with the perfect mix of technology and real estate. The COVID-19 pandemic has brought "short-term blip" in the sector, however that long-term growth potential remains intact.

The Indian real estate market is estimated to touch USD 1 trillion by 2030 driven by rising demand and various reforms in the past seven years, like new realty law RERA and would contribute 13% to the country's GDP by then. Indian real estate is expected to increase by 19.5% CAGR. The size of the real estate sector was around USD 200 billion 2-3 years ago.

The number of people employed in the sector is also expected to rise to 7 crore in coming years, from 5.5 crore in 2019.

Also, the Model Tenancy Act, which was passed by the Union Cabinet in June this year, once implemented by the states will be prospective in nature. The Model Tenancy Act as another reform that would create a lot of demand for rental housing in the country. The Central Govt has asked all states to implement this law at the earliest.

According to a recent estimates from the Govt, the real estate sector creates demand for about 270 other industries, including cement and steel.

It is estimated that around 88 crore people will be living in urban areas by 2051 as against the current 46 crore, creating huge potential for real estate development.

"RERA has transformed this sector and changed the perception of this industry. Consumers now have confidence that their investments are safe.

With around 67,000 projects and 52,000 property agents registered under this law, as on end of June 21. More than 70,000 cases have been disposed of by the real estate authorities established under this law.

42

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Below are some of the other major Government initiatives in Realty sector:

• The Atmanirbhar Bharat 3.0 package announced by Finance Minister Ms. Nirmala Sitharaman in November 2020 included income tax relief measures for real estate developers and homebuyers for primary purchase/sale of residential units of value (up to Rs. 2 crore from November 12, 2020 to June 30, 2021).
• In October 2020, the Ministry of Housing and Urban Affairs (MoHUA) launched an affordable rental housing complex portal-. The Affordable Rental Housing Complex (ARHC) scheme launched by the government to develop homes for migrant workers will also create business opportunities for the sector.
• In order to revive around 1,600 stalled housing projects across top cities in the country, the Union Cabinet has approved the setting up of Rs. 25,000 crore alternative investment fund (AIF)- the launch of stress fund named SWAMIH to complete stalled housing projects
• Under Pradhan Mantri Awas Yojana (Urban) (PMAY (U)), 1.12 crore houses have been sanctioned in urban areas, creating 1.20 crore jobs.
• Government has created an Affordable Housing Fund (AHF) in the National Housing Bank (NHB) with an initial corpus of ' 10,000 crore (US\$ 1.43 billion) using priority sector lending short fall of banks/financial institutions for micro financing of the HFCs
• Introduction of Real Estate Investment Trust (REIT)

MUMBAI REAL ESTATE

It has been a challenging year for the Indian economy with a sharp slowdown in economic growth even before this unprecedented economic hit from the pandemic.

Property markets of Mumbai Metropolitan Region (MMR) and Pune are driving the most housing sales among the country's top seven cities as indicated by the rising contribution of these markets in total sales led by reduction in stamp duty, discounts and appropriate product strategies of developers. The stamp duty cut is effective till March and while it rose from 2% to 3% starting January, it is still lower than 5% prior to the pandemic. The state had slashed the levy to aid the housing sector that was grappling with a prolonged slump even prior to the pandemic.

The city's real estate market has bounced back from the brief slump with a roar owing to sharp sales jumps and affordability showing an improvement by 32% since 2010.

Registration of property transactions in Mumbai, the country's biggest and costliest realty market, continued to grow at a rapid pace for the seventh successive month in March driven by record-low home loan rates, discounts and reduction in stamp duty charges.

Mumbai Metropolitan Region (MMR) has emerged as one of the most buoyant residential property markets in the country in the first quarter of 2021 with seven-year high decline in unsold units led by sales momentum despite new launches.

The Development Control and Promotion Regulations -2034:

The recently unveiled Mumbai Development Plan (DP) 2034 speaks about creating 1 million affordable houses and 8 million jobs in the city of Mumbai. Will allow all under-construction and ongoing projects across Mumbai to be built higher than what was approved under the earlier Development Control Regulations, 1991.The DP envisages creating of theatres, museums, parks, play grounds, theme gardens, old age homes and shelters for homeless. However the effectiveness of the DP remains to be seen as the execution is always the crux of the issue.

The DP talks of utilizing slat pan lands for affordable housing. According to the plan, out of 3,355 hectares in no-development zone, BMC has earmarked 2,100 hectares as well as 330 hectares of salt pan lands for affordable housing provided the environment activists allow the smooth transition. To create more jobs, the DP has given incentives for commercial structures to have extra FSI. Residential further the housing sector will be given extra FSI subject to road width. Data centers have been encouraged to set up more centers.

THE GROUP

Marathon Group has been in the real estate sector for over five decades. It has successfully weathered many a storm and have consolidated their position in the Mumbai /MMR region Real Estate Sector. The Group offers a wide spectrum of products ranging from affordable housing to state of the art uber luxury homes using state of the art cutting edge technology.

The group has earned tremendous laurels in the commercial sector, its offerings have been sought after and the who's who of Industry have their offices in these structures.

Marathon Nextgen Realty Ltd (MNRL) Projects "Era", the residential tower and "Innova", the commercial project was recognized as an excellent "Private Technology Park" in Mumbai region.

While the start of FY-21 could be muted, we expect that our brand, our balance sheet, our strategic spread and our project portfolio will enable us to deliver sustained growth in the years ahead.

Currently the Company is engaged in the rehabilitation of a large swathe of land in Bhandup and Mulund. It is actively involved in a Joint Venture where it is constructing luxury apartments in South Mumbai. In Lower Parel, it continues to construct state of the art commercial structure.

OPPORTUNITIES:

As the year started with the economy under complete lockdown and unprecedented uncertainty, the focus initially was on health risks posed by the Covid-19 pandemic. The market for real estate, and indeed for all high-value and discretionary spend categories, saw extremely limited activity in the first quarter (Apr-Jun) of 2020-21 as both consumers and businesses adjusted to the emerging realities of living and operating under the pandemic.

The government has taken steps to provide online permission for construction, which will eliminate delays and corrupt practices.

Other reforms like introduction of Real Estate Investment Trust (REIT) and the launch of stress fund named SWAMIH to complete stalled housing projects, would help to complete the projects and improved business opportunities for the sector.

According to CREDAI/MCHI , the State government's decision to reduce real estate premiums by 50% is expected to generate economic activity worth Rs. 10 lakh crores in the Mumbai Metropolitan Region (MMR). This is primarily owing to the significant multiplier effect of the real estate industry on the economy, with over 270 allied industries directly or indirectly dependent on the sector.

43

The improved focus on affordability of residential properties to attract buyers and the planned capital to fuel growth would improve the productivity.

The recent announcement by the World Bank arm,viz.,The International Finance Corpn, the worlds largest finance development institution has tied up with HDFC to promote green housing through lending for affordable and low income housing will encourage and boost the thrust on the Affordable housing sector. As this being one of the vital components of economic growth.

CHALLENGES:

Disruption and Uncertainty in Business due to Covid-19 pandemic:

The Company's operations might be adversely impacted due to incapacitation of sections of the construction workforce due to exposure to the pandemic, reduced productivity due to employee stress and impact on emotional wellbeing while under local lockdowns or quarantines, inability to provide work from home access to some employees due to logistical or security or contractual reasons, and suppliers' inability to service our Projects. These could impact revenue growth and lead to contraction of cash flows and delays in deliveries.

Funds under the Special window for affordable and mid-income housing can well be raised from the current Rs.10,000 crore to at least twice the figure to better coagulate resources on the ground. Further the centre surely needs to open up the stressed real estate fund to overseas invetsors,on the lines of the National Investment and Infrastructure Fund(NIIF).In tandum, foreign direct investment (FDI) norms for real estate requires to be liberalised to increase the cross border funds flow.

While ,the Affordable Rental Housing Complex (ARHC) scheme launched by the government to develop homes for migrant workers will also create business opportunities for the sector, high government charges and finance cost in the sector will impacts affordability

Stalled Real Estate Growth:

Greenfield projects are indeed important, but shovel ready projects are imperative to give economy the stimulus it requires. The size, structure and scope of stressed real estate fund surely needs to be promptly revisited on concrete terms to absorb capital first.

While the management of your Company is resilient and confident of creating and exploiting the opportunities, it also finds the following challenges:

• Unanticipated delays in Project approvals
• Availability of trained labour force
• Availability of Land
• Increased cost of man power
• Rising cost of Construction

-Over regulated environment

COMPANY STRENGTHS:

Your Company continues to capitalize on the market opportunities by leveraging its key strengths. These include:

• 1. Brand Reputation: Enjoys higher recall and influences the buying decision of the customer. Strong customer connects further results in higher premium realizations.
• 2. Execution: Possesses a successful track record of quality execution of projects with contemporary architecture.
• 3. Significant leveraging opportunity: Follows conservative debt practice coupled with enough cash balance which provides a significant leveraging opportunity for further expansions.
• 4. Outsourcing: Operates an outsourcing model of appointing some of renowned architects / contractors that allows scalability and emphasizes contemporary design and quality construction – a key factor of success.
• 5. Transparency: Follows a strong culture of corporate governance and ensures transparency and high levels of business ethics.
• 6. Digitalalization : Company has already forayed into the new age customer experiences. As it will be a buyers market for now and empowering the customers to enable decision making will be the best interset of the real estate stake holders. Tools that stimulates the product digitally, enables online decision making facilities easy transactions hand –in- hand curated and secure sampling at the physical site.
• 7. Phygital front: Plans are on anvil to go fully on Phygital.

HUMAN RESOURCES:

Employee Engagement and Talent:

It is the people that make an Organisation. With human resources department being the custodian of all people related processes, it becomes the critical success factor in organisational success. The HR works with an objective of aligning the aspirational needs of the people with the organizational objectives of sustained growth, market leadership and cost competitiveness. Its sole aim is to build "Marathon Group" as an exemplary organisation that inspires excellence every day.

Our employees are customer-centric as well as future ready and are able to compete in a fast-changing world characterized by digitilisation and increased competition. Our employees are empowered to act like entrepreneurs and business owners.

We consider people as our biggest assets and we have put concerted efforts in talent management practices and in learning and training initiatives to ensure that we consistently develop an inspiring, strong and credible leadership. We ensure that young talent is nurtured and mentored on a regular basis, that rewards and recognition are commensurate with their performance and that employees have an opportunity to develop and grow. We have an organizational structure that is agile and focused on delivering business results. With regular communication and sustained efforts, we ensure that we align our employees with Marathon Group overall objectives.

We strongly believe in fostering a culture of trust and mutual respect in all our employees and ensuring that they understand and follow our values and principles. We have been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all areas and efficient utilization of our resources for sustainable and profitable growth.

44

Training and Development

Training and developing employees is a must for any organization to be successful. This can be done through ensuring that the employee's skills, abilities and knowledge are constantly updated both to meet world standards and also to satisfy discerning and demanding customer's needs. Training also helps employees move up in their career path.

This training as it helps it to plan succession roles, address the challenges of changing technologies and opens up the possibilities of widening the scope of the work that it does. At Marathon, the organisational training and development plan includes in-house and external workshops/ seminars as per need. However, the continuing pandemic has resulted in slowing down the physical training programmes.

Sales volume:

The volume of bookings depends on the ability to design projects that will meet customer preferences, getting various approvals in time, general market factors, project launch and customer trust in entering into sale agreements well in advance of receiving possession of the projects. Your Company sells its projects in phases from the time it launches the project, based on the type and scale of the project and depending on market conditions.

Execution:

Execution depends on several factors which include labour availability, raw material prices, receipt of approvals and regulatory clearances, access to utilities such as electricity and water, weather conditions and the absence of contingencies such as litigation. Your Company manages the adversities with cautious approach, meticulous planning and by engaging established and reputed contractors. As your Company imports various materials, at times execution is also dependent upon timely shipment and clearance of the material.

Rental realizations:

The rental realizations on the space leased depends upon the project location, design, tenant mix, prevailing economic conditions and competition. As far as the office space rentals are concerned, the same depends on demand and supply, general economic conditions, business confidence and competition. The Rental realizations, however got affected due to this continuing pendamic, wherten some of the customers reneged their payments to the future dates.

Land / Development rights, costs and availability:

The cost of land forms a substantial part of the project cost, particularly in Mumbai. It includes amounts paid for freehold rights, leasehold rights, fungible FSI, construction cost of area given to landlords in consideration for development rights, registration and stamp duty. Your Company acquires land / land development rights from private parties. It ensures that the consideration paid for the land is as per the prevailing market conditions, reasonable and market timed. Your Company also enters into MOUs and makes advances for the land / land development rights prior to entering into definitive agreements. The ensuing negotiations may result in either a transaction for the acquisition of the land / land development rights/revenue sharing or the Company getting a refund of the moneys advanced.

Financing costs:

The acquisition of land and development rights needs substantial capital outflow. Inadequate funding resources and high interest costs may impact regular business and operations. Your Company has always tried to build sufficient reserves resulting out of operating cash flows to take advantage of any land acquisition or development opportunity. Availability of right type of land for development (including Slum Redevelopment) is a major issue. Apart from the increase in land prices, inputs costs have also been increasing. Higher interest cost would dent margins and may have a direct effect on the customers' cash flow as well. Increase in end product prices coupled with tight liquidity may impact demand. The Company has a Risk Management Policy, which is being periodically reviewed.

a. Internal control systems and their adequacy

The internal control is supplemented by an internal audit and are reviewed by the management. Documented policies and guidelines and procedures are in place. The internal auditor covers all activities of the Company. The internal control system is designed to ensure that every aspect of the Company's activity is properly monitored. Despite the satisfactory functioning of the control systems the Company is reviewing the same and may even go for external consultants to critically examine the existing systems and suggest changes if any to make them more contemporary in case the need arise

b. Operational Performance:

Particulars	Year ended March 31, 2021 (in lacs)	Year ended March 31, 2020 (in lacs)
Total Income	7,745.94	10,003.45
Profit / (Loss) before Depreciation, interest and Taxation	6956.51	7202.91
Less: Depreciation	500.05	455.74
Less: Interest/Fin. Cost	3054.07	2866.34
Profit before Taxation	3402.39	3880.83
Less / (Add) Tax Expenses	560.53	440.34
Profit / (Loss) after tax after adjustment	2841.86	3440.49
Add/(less): Other Comprehensive income/(loss)	21.37	(11.69)
Total Comprehensive Income	2863.23	3428.80
Earning Per Equity Share (Face Value of Rs.5)
Basic (in Rs.)	6.18	7.48
Diluted (in Rs.)	6.17	7.48

c. Material developments in Human Resources/Industrial Relations front, including the no. of people employed:

The Company has harmonious relations with employees and there is close interaction between the management and employees to facilitate smooth functioning of your Company. The Company facilitates consistent improvement in performance, productivity and effectiveness by setting targets through an interactive process. Human resources are being recognized as one of the critical areas to the success of our organization. They are subject to constant training to augment their skills to effectively carry out their assignment.

The present strength of Human Resources on the roll of the Company is 55 in numbers.

Details of significant changes (i.e change 25% or more as compared to the immediately previous financial year) in key financial ratios, alongwith detailed explanation there for including :

	Significant Changes in Key Financial Ratios : Formula
(i)	Debtors T/over: Net Credit sales / Average Account Receivable		NA
(ii)	Inventory T/over:	Sales / Avg Inventory	NA
(iii)	Interest Coverage Ratio:	Interest expenses/ EBIT	0.51
(iv)	Current Ratio:	Current Assets/ Current Liabilities	6.87
(v)	Debt equity Ratio:	Debt/ Equity	0.58
(vi)	Operating Profit Margin(%):	Operating profit/ Operating Revenue	20.14%
(vii)	Net profit Margin(%):	Net Profit / Turnover	38.89%

Disclosure of Accounting Treatment:

In preparation of these financial statements, the Company has followed the prescribed Accounting Standards and no different treatment had been followed.

OUTLOOK

As we enter FY 2021, the momentum of historic sales could slow a bit but will remain strong to narrate a positive story. Unlike the past year, the real estate sector is now picking up with home buyers willing to make the move. With most workers displaced during the lockdown now back, construction activity has resumed and work is moving at a faster pace to fulfil commitments.

In Mumbai, there are a lot of properties which were unsold but ready to move in, with no GST to be paid because occupation certificates were already issued. This has also helped home buyers look at real estate proactively and as an investment.

The demand for residential property has in fact also been guided by the concept of work from home — as families are now looking out for an upgrade as individual space becomes a crucial factor.

Focus on Mumbai and beyond

We shall continue to explore development opportunities in and around Mumbai and explore hubs in the nearby regions on a case-by-case basis.

Cautionary Statement:

Statements in this report on Management Discussion and Analysis describing the Company's objectives, projection, estimates, expectations or predictions may be forward looking statements within the meaning of applicable laws or regulations. These statements are based on certain assumptions and reasonable expectation of future events. Actual results could however differ materially from those expressed or implied. Important factors that could make a difference to the Company's operations include material availability and prices, cyclical demand and pricing in the Company's principal markets, changes in government regulations, tax regimes, economic developments within India and other incidental factors. The Company assumes no responsibility in respect of the forward-looking statements herein, which may undergo changes in future on the basis of subsequent development

INDEPENDENT AUDITOR'S REPORT

To

The Members of Marathon Nextgen Realty Limited Report on the Audit of theStandalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Marathon Nextgen Realty Limited("the Company"), which comprise the Balance Sheet as at 31st March 2021, the Statement of profit and loss(Including Other Comprehensive Income), Statement of changes in equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, and its Profit including Other Comprehensive Income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of Standalone Financial Statementsin accordance with the Standards on Auditing 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 theStandalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and theICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Financial Statements for the financial year ended March 31, 2021. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the Standalone Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Standalone Financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Standalone Financial Statements.

1. Investment in subsidiaries and joint ventures and loans/financial instruments to group entities

(Refer note no 5A, 5B, 6 and 15 of standalone financial statements)

Recoverability of investment in subsidiaries and joint ventures: The Company's investments in subsidiaries and joint ventures are carried at cost less any diminution in value, if any. The investments are assessed for impairment at each reporting date. The impairment assessment involves the use of estimates and judgements. The identification of impairment event and the determination of an impairment charge also require the application of significant judgement by the Company. The judgement, in particular, is with respect to the timing, quantity and estimation of projected cash flowsof the real estate projects in these underlying entities. In view of the significance of these investments and above, we consider valuation / impairment of investments in subsidiaries and joint ventures to be a key audit matter.

How the matter was addressed in our audit

Our audit procedures included:

• Evaluating design and implementation and testingoperating effectiveness of controls over the Company'sprocess of impairment assessment and approval offorecasts.
• Assessing the financial position of the subsidiaries and joint ventures, assessingprofit history and project details of those subsidiaries and joint ventures.
• Verifying the inputs used in the projected profitability.
• Testing the assumptions and understanding theforecasted cash flows of subsidiaries andjoint ventures based on our knowledge of the Companyand the markets in which they operate.
• Assessing the comparability of the forecasts withhistorical information.
• Analysing the possible indications of impairmentand understanding Company's assessment of thoseindications.
• Considering the adequacy of disclosures in respect of the investment in subsidiaries and joint ventures.

Recoverability of loans in the nature of project advances to and investment in financial instruments of group entities: The Company has extended loans to and invested in financial instruments of group entities. These are assessed for recoverability at each period end. Due to the nature of the business in the real estate industry, the Company is exposed to heightened risk in respect ofthe recoverability of the loans/financial instruments granted to the aforementioned parties. In addition to nature of business, there is also significant judgment involved as to the recoverability of the project specific loans/financial instruments. This depends on property developments projects being completed over the time period specified in agreements. We have identified measurement of loans/financial instruments to group entities as key audit matter because recoverability assessment involves Company's significant judgement and estimate.

47

How the matter was addressed in our audit

Our procedures included:

• Evaluating the design and implementation and testing operating effectiveness of key internal controls placed around the impairment assessment process of the recoverability of the loans/financial instruments.
• Assessing the net worth of subsidiaries and joint ventures on the basis of latest available financial statements.
• Assessing the controls for grant of new loans/financial instruments and sighting the Board approvals obtained.
• Tracing loans/financial instruments advanced / repaid during the year to bank statement.
• Obtaining confirmations to assess completeness and existence of loans/financial instruments and advances given to subsidiaries and joint ventures as on 31 March 2021.

Other Information

The Company's Board of Directors is responsible for the Preparation of other information. The other information comprises of the information included in theAnnual Report, but does not include the Financial Statements and our auditor's report thereon. Our opinion on theStandalone 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 Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with theStandalone 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.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company's Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of theseStandalone Financial Statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including theIndian Accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of theStandalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing theStandalone Financial Statements, the Board of Directors is responsible for assessing the Company's ability 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 Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of theStandalone Financial Statements

Our objectives are to obtain reasonable assurance about whether theStandalone 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 fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of theStandalone 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 Companies Act, 2013 as amended, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system 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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in theStandalone 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 Company to cease to continue as a going concern.
• · Evaluate the overall presentation, structure and content of theStandalone Financial Statements, including the disclosures, and whether theStandalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in

(i) Planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's 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 report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

• 1. As required by the Companies (Auditor's Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
• 1. As required by Section 197(16) of the Act, we report that the company has paid remuneration to its directors during the year in accordance with the provisions of the limits laid down under Section 197 read with Schedule V of the Act.
• 1. As required by Section 143(3) of the Act, we report that:
• (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.
• (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
• (c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
• (d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2015, as amended.
• (e) On the basis of the written representations received from the directors as on 31st March, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2021 from being appointed as a director in terms of Section 164(2) of the Act.
• (f ) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
• (g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us :
  • 1. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements – Refer Note no 39 to the Standalone Financial Statements
  • 1. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
  • 1. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

For Rajendra & Co

Chartered Accountants Firm's Registration No. 108355W

Akshay R. Shah Partner Membership No. 103316 UDIN21103316AAAAHS2881

Place: Mumbai Date: 28th June 2021

"ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT ON THE STANDALONE FINANCIAL STATEMENTS OF MARATHON NEXTGEN REALTY LIMITED

(Referred to in Paragraph 1 under the heading of "Report on other legal and regulatory requirements" of our report of even date)

i. In respect of its fixed assets :

• a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.
• b. As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.
• c. The title deeds of immovable properties recorded as fixed assets in the books of account of the company are in the name of the company, except for the details given below:

Land/Building	Total number of cases	Leasehold/ Freehold	Gross block as on March 31, 2021 (Rs. In lakhs)	Net Block as on March 31, 2021 (Rs. In Lakhs)	Remarks
Land	1	Freehold	1.49	1.49	Unused FSI of self-developed project

• ii. Inventories comprise of car parking units, unsold inventory, expenditure incurred on acquisition of land, development rights, and other expenditure on construction and development of the project of the company. As explained to us, physical verification of the inventories have been conducted at reasonable intervals by the management, which in our opinion is reasonable, having regard to the size of the Company and nature of its inventories. No material discrepancies were noticed on such physical verification.
• iii. The company has granted unsecured loans to Companies and a Limited Liability Partnerships covered in the register maintained under Section 189 of the Act.
• (a) According to the information and explanations given to us and based on the audit procedures conducted by us we are of the opinion that, the terms and conditions of the aforesaid loans granted by the Company are not prejudicial to the interest of the Company.
• (b) According to the information and explanations given to us and based on the audit procedures conducted by us, the unsecured loans granted to companies and limited liability partnership and interest thereon are repayable on demandand schedule of repayment of principal and payment of interest in respect of such loans has not been stipulated and hence, we are unable to comment whether the repayments or receipts are regular and report on amounts overdue for more than ninety days, if any, as required under Paragraph 3(iii) of the Order.
• iv. According to the information and explanations given to us in respect of loans granted, investments made, guarantees provided and securities provided, the Company has complied with the provisions of Section 185 of the Act. Further, the provisions of section 186 of the Act except Sub section 1 are not applicable to the Company as it is engaged in the business of providing infrastructural facilities.
• v. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Therefore, the clause (v) of paragraph 3 of the Order is not applicable to the Company.
• vi. The Central Government has prescribed the maintenance of cost records under sub section (1) of Section 148 of the Act and rules framed there under. However, at present the Company does not fall under the criteria for which such records are required to be maintained. Hence, the said rules are not applicable to the Company.
• vii. In respect of Statutory dues :
• a. According to the records of the Company, undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty , Value Added Tax, Cess, Goods and Service tax and any other statutory dues have been generally regularly deposited with appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues, were outstanding as at 31st March, 2021 for a period of more than six months from the date becoming payable except for advance tax dues of Rs. 250.05 Lakhs for the financial year 2020-21
• b. According to the information and explanations given to us, the dues outstanding with respect to, Income tax, Excise duty, Sales tax, Value added tax on account of any dispute are as follows:

Name of the statute	Nature of dues	Amount (Rs.in Lakhs)#	Period to which the amount relates	Forum where dispute is pending
Central Excise Act, 1944	Excise duty including penalty	24.58	1994-95, 1995-96	Central Excise & Service tax Appellate Tribunal (CENSTAT)
Central Excise Act, 1944	Penalty	0.15	1998-99	Commissioner of Central Excise (Appeal)
Central Excise Act, 1944	Excise duty	14.63	1977-78, 1983-84	Deputy Commissioner of Central Excise (Appeal)
The Maharashtra Value Added Tax Act, 2002	Value Added Tax	164.43*	2008-09	Deputy Commissioner Sales Tax (Appeal)
The Maharashtra Value Added Tax Act, 2002	Value Added Tax	4131.10*	2006-07, 2007-08, 2009-10	Deputy Commissioner Sales Tax (Appeal)

*Excluding applicable interest and penalties

Net of Amount paid under protest.

• viii. In our opinion and according to the information given to us, the Company has not defaulted in repayment of loans or borrowings to financial institution or bank and did not have any outstanding dues payable to Government or to debenture holders.
• ix. In our opinion and according to the information and explanations given to us, the money raised by way of term loan has been applied by the Company for the purpose for which they were raised. The Company has not raised money by way of initial public offer or further public offer (including debt instruments)
• x. In our opinion, based on the audit procedures performed for the purpose of reporting the true and fair view of the Standalone Financial Statements and as per information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
• xi. According to the information and explanations given to us, managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions by the provisions of Section 197 read with Schedule V to the Act.
• xii. In our opinion Company is not a Nidhi Company and hence reporting under, the provisions of clause (xii) of paragraph 3 of the Order is not applicable to the Company.
• xiii. In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with sections 177 and 188 of the Act and details of related party transactions have been disclosed in the Standalone Financial Statements etc., as required by the applicable accounting standards.
• xiv. In our opinion and according to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year and hence reporting under clause (xiv) of paragraph 3 of the Order is not applicable to the Company.
• xv. In our opinion and according to the information and explanations given to us, during the year, the Company has not entered into any non-cash transaction with the directors or persons connected with him and covered under section 192 of the Act and hence reporting under clause (xv) of the paragraph 3 of the Order is not applicable to the Company.
• xvi. In our opinion and according to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For Rajendra & Co Chartered Accountants Firm's Registration No. 108355W

Akshay R. Shah Partner Membership No. 103316 UDIN21103316AAAAHS2881

Place: Mumbai Date: 28th June 2021

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT ON THE STANDALONE FINANCIAL STATEMENTS OF MARATHON NEXTGEN REALTY LIMITED

(Referred to in paragraph 3 (f) under 'Report on Other Legal and Regulatory Requirements' of our report of even date)

Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the Internal Financial Control with reference to standalone financial statements of MARATHON NEXTGEN REALTY LIMITED ("the company") as of 31st March, 2021 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such internal financial controls were operating effectively as at March 31, 2021, based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls With reference to standalone financial statements issued by the Institute of Chartered Accountants of India (the "Guidance Note").

Management Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls With reference to standalone financial statements (the "Guidance Note") issued by the Institute of Chartered Accountants of India ("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 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note issued by ICAI and the Standards on auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal 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 adequate internal financial controls with reference to standalone 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 adequacy of the internal financial controls system with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to standalone 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 judgment, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A company's internal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to standalone 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 Standalone Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to standalone 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 standalone financial statements to future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For Rajendra & Co

Chartered Accountants Firm's Registration No. 108355W

Akshay R. Shah Partner Membership No. 103316 UDIN21103316AAAAHS2881

Place: Mumbai Date: 28th June 2021

Standalone Balance Sheet as at 31 March, 2021 Particulars Note No. As at As at 31 March 2021 31 March 2020 ASSETS 1 Non-current assets (a) Property, Plant and Equipment 3 69.19 102.21 (b) Rights-of-use assets 40 - 237.40 (c) Investment Property 4 15,459.95 15,715.69 (d) Financial Assets (i) Investment in Joint Ventures 5A 1,672.19 1,835.09 (ii) Investments 5B 20,484.07 20,458.96 (iii) Loans 6 22,903.19 36,975.32 (iv) Other Financial Assets 7 117.40 229.39 (e) Deferred Tax Assets (Net) 8 553.93 174.25 (f ) Income Tax Assets (Net) 9 185.83 587.83 (g) Other Non-current Assets 10 - - Total Non - Current Assets 61,445.75 76,316.14 2 Current assets (a) Inventories 11 28,079.09 24,763.95 (b) Financial Assets (i) Trade Receivables 12 759.07 278.28 (ii) Cash and Cash Equivalents 13 48.33 47.53 (iii) Bank Balances other than above 14 22.27 21.71 (iv) Loans 15 14,675.82 4,663.22 (v) Other Financial Assets 16 6,332.86 2,592.05 (c) Other Current Assets 17 738.20 609.60 Total Current Assets 50,655.64 32,976.34 Total Assets (1+2) 1,12,101.39 1,09,292.48 EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 18 2,300.00 2,300.00 (b) Other Equity 19 63,698.13 60,809.66 Total Equity 65,998.13 63,109.66 LIABILITIES 2 Non-current liabilities (a) Financial Liabilities (i) Borrowings 20 38,033.03 29,874.76 (ii) Other Financial Liabilities 21 530.47 657.96 (b) Provisions 22 116.05 135.14 (c) Other Non Current Liabilities 23 54.26 143.36 Total Non - Current Liabilities 38,733.81 30,811.22 3 Current liabilities (a) Financial Liabilities (i) Borrowings 24 1,988.05 - (ii) Trade Payables Total outstanding dues of micro and small enterprises 25a 23.08 5.32 Total outstanding dues of other than micro and small enterprises 25b 1,990.06 10,499.83 (iii) Lease Liabilities 40 - 257.96 (iv) Other Financial Liabilities 26 1,973.40 3,974.72 (b) Provisions 27 12.15 24.47 (c) Current Tax Liabilities (Net) 9A 555.67 - (d) Other Current Liabilities 28 827.04 609.30 Total Current Liabilities 7,369.45 15,371.60 Total Equity and Liabilities (1+2+3) 1,12,101.39 1,09,292.48 (` in Lakhs)

See accompanying notes forming part of the financial statements

As per our report of even date attached. For Rajendra & Co. For and on behalf of the Board of Directors Chartered Accountants ICAI Firm Registration No. 108355W

Place: Mumbai Place: Mumbai

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602 Date: June 28, 2021 Date: June 28, 2021

53

Standalone Statement of Profit and Loss for the year ended 31 March, 2021

(` in Lakhs except Earning Per Share)

Particulars	Note	For the year ended	For the year ended
	No.	31 March 2021	31 March 2020
I Revenue from Operations	29	5,439.23	8,127.00
II Other Income	30	2,306.71	1,876.45
III TOTAL INCOME (I+II)		7,745.94	10,003.45
IV Expenses
(a) Project Development Expenses	31	3,315.14	2,155.61
(b) Changes in inventories of finished goods and constructionwork-in-progress	32	(3,315.14)	(999.05)
('c) Employee Benefits Expense	33	300.65	627.76
(d) Depreciation and Amortization	36	500.05	455.74
(e) Finance Costs	34	3,054.07	2,866.34
(f ) Other Expenses	35	488.78	1,016.22
TOTAL EXPENSES		4,343.55	6,122.62
V PROFIT BEFORE TAX (III-IV)		3,402.39	3,880.83
VI Tax Expense:
(a) Current Tax	37	897.00	537.00
(b) Deferred Tax	37	(386.86)	(96.31)
('c) Tax (credit) / charge of earlier years		50.39	(0.35)
TOTAL TAX EXPENSES		560.53	440.34
VII PROFIT FOR THE YEAR(V-VI)		2,841.86	3,440.49
VIII OTHER COMPREHENSIVE INCOME (OCI)
A Items that will not be reclassified subsequently to Profit or Loss
(i) Re-measurement Gain/(Loss) on defined benefit plans		28.55	(16.49)
(ii) Income Tax effect on above remeasurement	8	(7.18)	4.80
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) [NET OF TAX]		21.37	(11.69)
IX TOTAL COMPREHENSIVE INCOME FOR THE YEAR		2,863.23	3,428.80
X EARNING PER EQUITY SHARE (FACE VALUE OF 5) IN
(1) Basic	38(e)	6.18	7.48
(2) Diluted	38(f)	6.17	7.48

See accompanying notes forming part of the financial statements

As per our report of even date attached. Chartered Accountants ICAI Firm Registration No. 108355W

For Rajendra & Co. For and on behalf of the Board of Directors

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602

Place: Mumbai Place: Mumbai Date: June 28, 2021 Date: June 28, 2021

Standalone Cash Flow Statement for the year ended 31 March 2021

(` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax:	3,402.39	3,880.83
Adjustment for:
Depreciation/Amortisationc	500.06	455.74
Finance Cost	4,795.06	4,365.36
Interest Income	(1,169.04)	(967.80)
Profit on sale of Properties, Plants and Equipments	7.95	-
Provision for doubtful debt and other provision	10.08	19.20
Fair value of investment through Profit and Loss Account	(25.12)	(30.08)
Share of Profit/(loss) of Joint Ventures	(437.10)	(754.73)
Share based payments to employees	3.65	-
Operating profit before Working Capital changes	7,087.93	6,968.52
Adjustments for changes in Working capital
(Increase)/Decrease in Inventories	(3,324.33)	(989.86)
(Increase)/Decrease in Trade Receivables	(480.79)	(184.53)
(Increase)/Decrease in Other Financial Assets - Non current and current	(3,628.82)	(2,553.53)
Increase/(Decrease) in Other Non current and current Assets	(128.60)	152.77
Increase/(Decrease) in Trade Payables and other Payable	(8,492.01)	483.17
(Increase)/Decrease in Other Financial Liabilities - Non current and current	(131.22)	1,324.86
Increase/(Decrease) in Other Non current and current Liabilities	108.08	149.38
Increase/(Decrease) in Provisions - Non current and current	(20.12)	(8.16)
Cash generated from/ (used in) operations	(9,009.88)	5,342.62
Income taxes (paid) (Net)	17.46	420.52
Net Cash from / (used in) operating activities	(8,992.42)	5,763.14
B CASH FLOW FROM INVESTING ACTIVITIES
Proceeds / (Acquisition) from sale of property, plant & equipment	27.35	(2.86)
Withdrawal of share from Joint Venture	600.00	-
Acquisition of Non-current investments	-	(7,435.14)
Movement in other Bank Balances	(0.56)	15.49
Interest received on Investments	1,169.04	967.80
Loan and advances given (Net)	4,081.13	4,822.53
Net Cash from/(used in) investing activities	5,876.96	(1,632.18)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceed /(Repayment) of Long term and short term borrowings (Net)	6,172.86	574.16
Dividend (Including Tax on Dividend) paid	-	(277.28)
Finance cost paid	(2,748.90)	(4,365.36)
Payment of lease Liabilities	(271.44)	(230.88)
Net Cash from/(used in) financing activities	3,152.52	(4,299.36)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C)	37.06	(168.40)
Cash and Cash Equivalents (Opening balance) Cash and Cash Equivalents (Closing balance)	(43.71) (6.65)	124.69 (43.71)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS	37.06	(168.40)

Reconciliation of cash and cash equivalents with the balance sheet

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
Cash and cash equivalents	3.15	3.65
Balances with banks
- In current accounts	45.18	43.87
- Margin money with Bank and NBFC - original maturity of 3 months or less	-	-
Sub Total	48.33	47.52
Less:- Book Draft	(54.98)	(91.23)
Total	(6.65)	(43.71)

Standalone Cash Flow Statement for the year ended 31 March 2021

DISCLOSURE AS REQUIRED BY IND AS 7

Reconciliation of liabilities arising from financing activities

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
1. Long term and short term Borrowings
Opening Balance	32,848.42	30,881.15
Cashflow (outflow)/inflow	5,857.09	1,892.53
Fair Value Changes	(2,327.89)	(74.75)
Closing Balance	41,033.40	32,848.42
2. Lease Liabilities
Opening Balance	631.24	326.31
Cash flow (outflow)/inflow	(44.32)	440.14
Fair Value Changes	(85.02)	(191.10)
Closing Balance	501.90	631.24

Note A:- The amount of undrawn Borrowing Facility & Bank overdraft is `. 21,242.35/- Lakhs that will be available for future operating activities and settle the capital commitments.

Note B:- Previous year's figures have been regrouped /reclassified wherever necessary to corresponds with the current year's classification / disclosures.

Note C:- The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Accounting Standard (IND AS) 7 - "Statement of Cash Flows".

As per our report of even date attached. Chartered Accountants ICAI Firm Registration No. 108355W

For Rajendra & Co. For and on behalf of the Board of Directors

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602

Place: Mumbai Place: Mumbai Date: June 28, 2021 Date: June 28, 2021

Standalone Statement of Changes in Equity for the year ended March 31, 2021

a) Equity Share Capital
Particulars	No. of Shares	Amount
Balance As at March 31, 2019	4,60,00,000	2,300.00
Change for the year	-	-
Balance As at March 31, 2020	4,60,00,000	2,300.00
Change for the year	-	-
Balance As at March 31, 2021	4,60,00,000	2,300.00

b) Other Equity

For FY 2019-20						(` in Lakhs)
Particulars	Capital Reserve	Capital Redemption Reserve	General Reserve	Retained Earnings	Other Comprehensive Income	Total other Equity
i Balance as at April 1, 2019	(1,301.19)	543.73	19,478.71	38,953.07	13.31	57,687.63
ii Adjustment on initial application of IND AS 116 (net of tax)	-	-	-	(29.49)	-	(29.49)
iii Profit for the Year	-	-	-	3,440.49	-	3,440.49
iv Remeasurement of defined benefit plan (net off deferred tax)	-	-	-	-	(11.69)	(11.69)
v Dividend paid (Including Dividend Distribution Tax)	-	-	-	(277.28)	-	(277.28)
Balance as at March 31,2020	(1,301.19)	543.73	19,478.71	42,086.79	1.62	60,809.66

For FY 2020-21

Particulars	Capital Reserve	Capital Redemption Reserve	Share Option Outstanding Account	General Reserve	Retained Earnings	Comprehensive Income	Other Total other Equity
i Balance as at April 1, 2020 ii Amortised amount of share based payments to employees [Refer Note 19.1] iii Profit for the Year	(1,301.19) - -	543.73 - -	- 25.24 -	19,478.71 - -	42,086.79 - 2,841.86	1.62 - -	60,809.66 25.24 2,841.86
iv Remeasurement of defined benefit plan (net off deferred tax) Balance as at March 31,2021	- (1,301.19)	- 543.73	- 25.24	- 19,478.71	- 44,928.65	21.37 22.99	21.37 63,698.13

The accompanying notes are an integral part of financial statements.

As per our report of even date attached. For Rajendra & Co. For and on behalf of the Board of Directors Chartered Accountants ICAI Firm Registration No. 108355W

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602

Place: Mumbai Place: Mumbai

Date: June 28, 2021 Date: June 28, 2021

(` in Lakhs)

Notes forming part of the standalone financial statements

NOTE 1. NATURE OF OPERATIONS

I Corporate Information:-

Marathon Nextgen Realty Limited ("the Company") was incorporated under the provision of the Companies Act, 1956 on 13 January 1978. The Company is a public limited Company domiciled in India and having its registered office at Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai 400 013

The equity shares of the Company are listed on Bombay Stock Exchange of India Limited (BSE) and National Stock Exchange of India Limited (NSE). The Company is registered with the Ministry of Corporate Affairs under CIN L65990MH1978PLC020080.

The Company is primarily engaged in the business of construction, development and sale of commercial and residential real estate projects. The core business activities are carried out under various business model likes own development, through joint ventures and joint development and other arrangements with third parties.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES :-

2.1 Basis of preparation of the Financial Statement and its measurement :-

(a) Statement of Compliance :

These Standalone Financial Statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) to comply with the Section 133 of the Companies Act, 2013 ("the 2013 Act") read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016, and the relevant provisions and amendments, as applicable. The Standalone Financial Statements have been prepared on accrual basis under the historical cost convention except for certain financial instruments which are measured at fair values at the end of each reporting period, as explained in the accounting policies below.

These standalone financial statements were authorised for issue by the Company's Board of Directors on June 28, 2021.

(b) Functional and presentation currency :

These standalone financial statements are presented in Indian rupees (INR), which is the Company's functional currency. All financial information have been presented in Indian rupees (INR) and all amounts have been rounded-off to the nearest Lakhs, unless otherwise stated.

(c) Operating Cycle:-

The normal operating cycle in respect of operation relating to under construction real estate project depends on signing of agreement, size of the project, phasing of the project, type of development, project complexities, approvals needed. Accordingly, project related assets & liabilities have been classified into current & non-current based on operating cycle of the respective projects.

(d) Use of estimates and judgments :

The preparation of the Standalone financial statements in conformity with recognition and measurement principles of Ind AS requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. Estimates and underlying assumptions are reviewed on an ongoing basis. They are based on the historical experience and other factors, including expectations of future events that may have financial impact on the Company and are believed to be prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/ materialise.

The areas involving critical estimates and judgments are:

(i) Evaluation of Percentage Completion:-

Determination of revenues under the percentage of completion method necessarily involves making estimates, some of which are of a technical nature, concerning, where relevant, the percentages of completion, costs to completion, the expected revenues from the project or activity and the foreseeable losses to completion. Estimates of project income, as well as project costs, are reviewed periodically. The effect of changes, if any, to estimates is recognised in the financial statements for the period in which such changes are determined.

(ii) Impairment of Non Financial Assets:

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's fair value less costs of disposal and its value in use. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

(iii) Impairment of Financial Assets:

The impairment provisions for financial assets are based on assumptions about the risk of default and expected loss rates. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

(iv) Estimation of useful life of property, plant and equipments:

Useful lives of tangible assets are based on the life prescribed in Schedule II of the Companies Act, 2013. In cases, where the useful lives are different from that prescribed in Schedule II, they are based on technical advice. Assumptions also need to be made, when the Company assesses, whether an asset may be capitalised and which components of the cost of the asset may be capitalised.

(v) Recognition and Measurement of Defined Benefit Obligations:

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, expected return on plan assets, trends in salary escalation and attrition rate. The discount rate is determined by reference to market yields at the end of the reporting period on government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post employment benefit obligations.

(vi) Fair Value Measurement of Financial Instruments:

When the fair values of the financial assets and liabilities recorded in the Balance Sheet cannot be measured based on the quoted market prices in active markets, their fair value is measured using valuation technique. The inputs to these models are taken from the observable market wherever possible, but where this is not feasible, a review of judgment is required in establishing fair values. Any changes in assumptions could affect the fair value relating of financial instruments.

(vii) Classification of Investment property:

The Company determines whether a property is classified as investment property or as inventory:

• (a) Investment property comprises land and buildings that are not occupied for use by, or in the operations of, the Company, nor normally for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation. These buildings are rented to tenants and are not intended to be sold in the ordinary course of business.
• (b) Inventory comprises property that is held for sale in the ordinary course of business. Principally these are properties that the Company develops and intends to sell before or on completion of construction.
• (viii) Estimation of recognition of deferred tax assets, availability of future taxable profit against which tax losses carried forward can be used.
• (ix) Estimation on discounting of retention money payable.

(e) Measurement of fair values :

The Company's accounting policies and disclosures require the measurement of fair values, for financial instruments:-

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/ or disclosure purposes in these financial statements is determined on such a basis, except leasing transactions that are within the scope of Ind AS 17, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in Ind AS 2 or value in use in Ind AS 36.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date
• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

2.2 Property, Plant and Equipment :-

All the items of property, plant and equipment are stated at cost less depreciation and impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.

Depreciation methods, estimated useful lives and residual value

The Company depreciates its property, plant and equipment (PPE) over the useful life on straight line method in the manner prescribed in Schedule II to the Act. Management believes that useful life of assets are same as those prescribed in Schedule II to the ActThe residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and

59

adjusted if appropriate, at the end of each reporting periodDepreciation on additions / deletions is calculated pro-rata from the date of such addition / deletion, as the case maybe.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.

2.3 Investment Properties :-

Investment property is property held to earn rental income or for capital appreciation or for both, but normally not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes.

Upon initial recognition, an investment property is measured at cost. Subsequent to initial recognition, investment property is measured at cost less accumulated depreciation and accumulated impairment losses, if any.

Based on technical evaluation and consequent advice, the Management believes a period of 60 years as representing the best estimate of the period over which investment properties are expected to be used. Accordingly, the Company depreciates investment property over a period of 60 years. Any gain or loss on disposal of investment property is recognised in the Statement of Profit and Loss.

2.4 Inventories :-

• a. Inventories comprise of : (i) Finished Inventories representing unsold premises in completed projects (ii) Construction Work in Progress representing properties under construction / development and
• b. Inventories are valued at lower of cost and net realisable value
• c. Cost of construction / development is charged to the Statement of Profit and Loss in proportion to the revenue recognised during the period and the balance cost is carried over under Inventory as part of either Construction Work in Progress or Finished inventories. Cost of construction / development includes all costs directly related to the Project (including finance cost attributable to the project) and other expenditure as identified by the Management which are incurred for the purpose of executing and securing the completion of the Project (net off incidental recoveries / receipts) up to the date of receipt of Occupation Certificate of Project from the relevant authorities.Construction Work in Progress includes cost of land, premium for development rights, construction costs, allocated interest and expenses incidental to the projects undertaken by the Company.

2.5 Investments in subsidiaries, joint ventures and associates :-

Investments in subsidiaries, joint ventures and associates are recognised at cost as per Ind AS 27. Except where investments accounted for at cost shall be accounted for in accordance with Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations, when they are classified as held for sale.

2.6 Financial Instruments:

(a) Financial Assets:-

(i) Classification

The Company classifies financial assets as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

(ii) Initial Recognition and Measurement

All financial assets (not measured subsequently at fair value through profit or loss) are recognised initially at fair value plus transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

(iii) Subsequent Measurement

For purposes of subsequent measurement financial assets are classified into two broad categories:

• a. Financial asset at fair value
• b. Financial asset at amortised cost

Where assets are measured at fair value, gains and losses are either recognised entirely in profit or loss (i.e. fair value through profit or loss), or recognised in other comprehensive income (i.e. fair value through other comprehensive income).

(iv) Equity Investments

All equity investments other than investment in subsidiaries and joint venture are measured at fair value. Equity instruments which are held for trading are classified as at Fair Value Through Profit & Loss (FVTPL). For all other equity instruments, the Company decides to classify the same either as at Fair Value Through Other Comprehensive Income (FVTOCI) or FVTPL. The Company makes such selection on an instrument by instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in Other Comprehensive Income (OCI). There is no recycling of the amounts from OCI to the Statement of Profit and Loss, even on sale of such investments.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognised in the Statement of Profit and Loss.

Investment in equity instruments of Subsidiaries, Joint Venture and Associates are measured at cost.

• (v) A financial asset mainly debt that meets the following 2 conditions is measured at amortised cost (net of any write down for impairment) unless the asset is designated at fair value through profit or loss under the fair value option.
• Business Model Test : the objective of the Company's model is to hold the financial asset to collect the contractual cash flows (rather than to sell the instrument prior to its contractual maturity to realise its fair value changes)
• Cash Flow Characteristics Test: The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding.

A financial asset that meets the following 2 conditions is measured at fair value through other comprehensive income unless the asset is designated at fair value through profit or loss under the fair value option.

Business Model Test : the financial asset is held within a business model whose objective is achieved both by collecting contractual cash flows and selling the financial assets

Cash Flow Characteristics Test: The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding.

Even if an instrument meets the two requirements to be measured at amortised cost or fair value through other comprehensive income, a financial asset is measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an 'accounting mismatch') that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on them on different basis.

All other financial assets are measured at fair value through profit or loss.

(v) De-recognition:

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:

• The rights to receive cash flows from the asset have expired, or
• The Company has transferred its rights to receive cash flows from the asset.

(vii) Impairment of Financial Asset

The Company assesses impairment based on expected credit losses (ECL) model to the following:

• Financial asset measured at amortised cost
• Financial asset measured at fair value through other comprehensive income

Expected credit losses are measured through a loss allowance at an amount equal to:

• 12 months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date); or
• Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument)

For financial assets other than trade receivables, as per Ind AS 109, the Company recognises 12 month expected credit losses for all originated or acquired financial assets if at the reporting date the credit risk of the financial asset has not increased significantly since its initial recognition. The expected credit losses are measured as lifetime expected credit losses if the credit risk on financial asset increases significantly since its initial recognition.

The Company follows 'simplified approach' for recognition of impairment loss allowance on trade receivables, considering historical trend, industry practices and the business environment in which the Company operates or any other appropriate basis.

The Company's trade receivables do not contain significant financing component and loss allowance on trade receivables is measured at an amount equal to life time expected losses i.e. expected cash shortfall.

The impairment losses and reversals are recognised in Statement of Profit and Loss.

(b) Financial Liabilities:-

(i) Classification

The Company classifies all financial liabilities as subsequently measured at amortised cost or at fair value through profit or loss.

(ii) Initial Recognition and Measurement

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs

(iii) Subsequent Measurement

After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in the Statement of Profit and Loss when the liabilities are derecognised.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.

61

Any difference between proceeds (net of transaction cost) and the redemption amount is recognised in profit or loss over the period of borrowing using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction cost of the loan to the extent that it is probable that some or all of the facility will be drawn down.

(iv) Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

(c) Equity Instruments

An equity instrument is a contract that evidences residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments are recognised at the proceeds received net off direct issue cost.

2.7 Cash and Cash Equivalents :-

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, bank overdraft, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.8 Revenue Recognition :-

(a) Revenue from contracts with customers :-

The company undertakes the business of construction of residential and commercial properties. The ongoing contracts with customers are construction of residential & commercial buildings, and others.

The Company has adopted Ind AS 115, Revenue from Contracts with Customers, with effect from 01 April 2018. The Company has applied the following accounting policy for revenue recognition:Revenue from contract with customer is recognised, on execution of agreement when control of the goods or services are transferred to the customer, at an amount that reflects the consideration to which the Company is expected to be entitled in exchange for those goods or services excluding any amount received on behalf of third party (such as indirect taxes). An asset created by the Company's performance does not have an alternate use and as per the terms of the contract, the Company has an enforceable right to payment for performance completed till date. Hence the Company transfers control of a good or service over time and, therefore, satisfies performance obligation and recognises revenue over time. The Company recognises revenue at the transaction price which is determined on the basis of agreement entered into with the customer. The Company recognises revenue for performance obligation satisfied over time only if it can reasonably measure its progress towards complete satisfaction of the performance obligation.

The specific recognition criteria described below must also be met before revenue is recognised.

The Company recognises revenue from contracts with customers for ongoing contracts with customers based on a five step model as set out in Ind AS 115:

The Company Recognised the revenue using cost based input method. Revenue is recognised with respect to stage of completion, which assessed with reference to the proportion of contract cost incurred for work performed to the estimated total cost of completion of contract. The Company would not be able to reasonably measure its progress towards complete satisfaction of a performance obligation if it lacks reliable information that would be required to apply an appropriate method of measuring progress. In those circumstances, the Company recognises revenue only to the extent of cost incurred until it can reasonably measure outcome of the performance obligation

The management reviews and revises its measure of progress periodically and are considered as change in estimates and accordingly, the effect of such changes in estimates is recognised prospectively in the period in which such changes are determined.

Consideration is adjusted for the time value of money if the period between the transfer of goods or services and the receipt of payment exceeds twelve months and there is a significant financing benefit either to the customer or the Company.

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.

Consideration is adjusted for the time value of money if the period between the transfer of goods or services and the receipt of payment exceeds twelve months and there is a significant financing benefit either to the customer or the Company.

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to

62

the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs under the contract. A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section 2.7 financial instruments - initial recognition and subsequent measurement.

(b) Dividend Income :-

Dividend Income is accounted when the right to receive the same is established.

(c) Interest Income

Interest income is accounted on accrual basis on a time proportion basis.

(d) Rental Income :-

Rental Income from investment property is recognised in standalone statement of profit and loss on straight-line basis over the term of the lease except where the rentals are structured to increase in line with expected general inflation.

(e) Share in Profit from LLP:-

Share in Profit from partnership is recognised when rights to receive is established

2.9 Current and Deferred Taxes :

(a) Current Tax:

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to / recovered from the tax authorities, based on estimated tax liability computed after taking credit for allowances and exemption in accordance with the tax laws as applicable.

(b) Deferred Tax:

Deferred tax is recognised using the balance sheet approach. Deferred tax assets and liabilities are recognised for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount.

Deferred tax asset are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

Deferred tax liabilities and assets measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities

Current and deferred tax for the year:

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively

2.10 Employee Benefits :

(a) Short term employee benefits:

Short term Employee Benefits are recognised as an expense on accrual basis at the undiscounted amount in the statement of profit and loss of the year in which related service is rendered.

(b) Post Employment Benefits

Unfunded Post employment and other long term employee benefits are recognised as expense in the statement of profit and loss for the year in which the Employees have rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuationtechniques as per actuary report obtained at the year end.

Re-measurement of Defined Benefit Plans in respect of post-employment are charged to the Other Comprehensive Income.

2.11 Share-Based Payments

Employees of the Company also receive remuneration in the form of share based payments in consideration of the services rendered.

Equity settled share based payments to employees are measured at fair value in accordance with Ind AS 102, share based payments. The fair value determined at the grant date of the share based payment is expensed over the vesting period, based on the Company estimate of equity instruments that will eventually vest, with a corresponding increase in equity

2.12 Leases:

Operating Lease

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

63

As a lessee:-

The Company applies a single recognition and measurement approach for all leases, except for short - term leases and leases of lowvalue assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Subsequently, the right of use asset are measured at cost less accumulated depreciation and any accumulated impairment loss. Lease liability are measured at amortised cost using the effective interest method. The lease payment made, are apportioned between the finance charge and the reduction of lease liability, and are recognised as expense in the Statement of Profit and Loss.

Lease deposits received are a financial liabilities and are measured at amortised cost under Ind AS 109 since it satisfies Solely Payment of Principal and Interest (SPPI) condition. The difference between the present value and the nominal value of deposit is considered as deferred rent and recognised over the lease term. Unwinding of discount is treated as finance expenses and recognised in the Statement of Profit and Loss.

The Company has elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option (short-term leases), and lease contracts for which the underlying asset is of low value (low-value assets).

As a lessor:-

Lease income from operating leases where the Company is a lessor is recognised in income on a straight-line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases. The respective leased assets are included in the balance sheet based on their nature.

Lease deposits received are financial instruments (financial liability) and are measured at fair value on initial recognition. The difference between the fair value and the nominal value of deposits is considered as rent in advance and recognised over the lease term on a straight line basis. Unwinding of discount is treated as interest expense (finance cost) for deposits received and is accrued as per the EIR method.

2.13 Borrowing Cost

Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing of funds and is measured with reference to the effective interest rate applicable to the respective borrowing.

Borrowing costs, allocated to qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset up to the time all the activities necessary to prepare the qualifying asset for its intended use or sale are complete.

All other borrowing costs are recognised as an expense in the period which they are incurred.

2.14 Earnings Per Share :

The Company reports basic and diluted earnings per share in accordance with Ind AS - 33 on 'Earnings per Share'. Basic earnings per share is computed by dividing the net profit or loss for the year by the weighted average number of Equity shares outstanding during the year. Diluted earnings per share is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all diluted potential equity shares except where the results are antidilutive

2.15 Provisions, Contingent Liabilities and Contingent Assets :

A provision is recognised when the Company has a present obligation as a result of past event and it is probable than an outflow of resources will be required to settle the obligation, in respect of which the reliable estimate can be made. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material) and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits. Contingent Assets are not recognised though are disclosed, where an inflow of economic benefits is probable

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

2.16 Segment Reporting

The Chief Operational Decision Maker (CODM) monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. The operating segments are identified on the basis of nature of product/services.

Notes forming part of the standalone financial statements for the year ended March 31, 2021

Note - 3 :- Property, Plant and Equipment						(` in Lakhs)
Particulars	Freehold Land	Plant and Machinery	Office Equipments	Motor Vehicles	Computers	Total
Gross Block
At 1st April 2020	2.58	151.19	8.62	47.64	1.92	211.94
Add:- Acquisition		0.12				0.11
Less:- Sale/ Discard		(48.77)				(48.78)
As at March 31,2021	2.58	102.54	8.62	47.64	1.92	163.27
Accumulated depreciation
At 1st April 2020 (Including Impairment)	-	62.13	3.10	42.84	1.66	109.73
Depreciation for the year		14.34	1.64	-	0.11	16.09
Disposal / Reclassification		(31.74)				(31.74)
As at March 31,2021	-	44.73	4.74	42.84	1.77	94.08
Net Block	2.58	57.81	3.88	4.80	0.15	69.19

					(` in Lakhs)
Freehold Land	Plant and Machinery	Office Equipments	Motor Vehicles	Computers	Total
2.58	151.19	5.89	47.64	1.79	209.08
-	-	2.73	-	0.13	2.86
-	-	-	-	-	-
2.58	151.19	8.62	47.64	1.92	211.94
-	37.51	1.64	42.84	1.22	83.21
-	24.62	1.46	-	0.44	26.52
-	-	-	-	-	-
-	62.13	3.10	42.84	1.66	109.73
	89.06	5.52	4.80	0.26	102.21

Note 3.1:- The Company has no restrictions on the realisability of its Property, Plant and Equipments and the same are free from any encumbrances.

Note 4 - Investments Properties		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Gross carrying amount at the beginning of the year	15,715.69	11,226.67
Add:- Transferred from Stock in Trade	-	4,717.61
Less:- Depreciation	(255.74)	(228.59)
Net Carrying Value at the end of the year	15,459.95	15,715.69

Note 4.1:- Fair Value :-

The Company measures investment properties using cost based model. The fair value of investment property is based on the rate published by Government in ready recknor and its measurement is categorised in level 3 fair value hierarchy.

Particular	Valuation Method	Fair Value as on 31 March 2021	Fair Value as on 31 March 2020
(i) Commercial Properties :- 108,840 [PY: 108,840] sq.fts. of saleable area in Marathon Future X	Ready Recknor published by Government	18,415.70	18,415.70
(ii) 100 [PY: 100 No's] Car parks in Marathon Future X		650.00	650.00

Note 4.2:- Contractual Obligation:-

Company does not have any contractual obligation to purchase, construct or develop the investment properties or its repairs, maintenance or enhancement except Society maintenance charges and property tax.

Note 4.3:- Amounts recognised in profit and loss for investment properties		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Rental income derived from investment properties	1,591.41	1,489.93
Direct operating expenses ( incl. repairs maintenance) generating rental income	147.31	331.05
Direct operating expenses ( incl. repairs maintenance) not generating rental income	48.60	41.51
Profit arising from invested properties before depreciation	1,395.50	1,117.37
Depreciation for the year	(255.74)	(228.59)
Profit arising from invested properties	1,139.76	888.78

Note 4.4:- Leasing arrangement:-

Company as a lessor:- Company has recognised the Lease rent income of 95,002 [PY: 95,002] sq.fts. of area given under operating lease

Particulars	As at 31 March 2021	As at 31 March 2020
Not later than one year	1,580.08	1,600.00
Later than one year and not later than five years	3,214.52	5,179.58
later than five years	-	-
Lease income recognised during the year in the statement of profit and loss	1,591.41	1,489.93

Note 4.5:- Restriction on Realisability of investment property:-

Company has no restriction on the realisability of its investment properties except as disclosed in Note. 20.1

Note 5A - Investment in Joint Ventures		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Investment in equity instruments at cost- Unquoted
Equity Shares of Columbia Chrome (I) Private Limited	5.21	5.21
5,208 [5,208 as at 31st March 2020] Equity shares of `. 100/- each]
Investment in Limited Liability Partnership at cost- Unquoted
Swayam Realtors & Traders LLP	42.40	42.40
Share in Profit from LLP	1,624.58	1,787.48
Total	1,672.19	1,835.09
Aggregate amount of quoted investment and market value thereof	-	-
Aggregate amount of unquoted investment	1,672.19	1,835.09
Aggregate amount of impairment in value of investment	-	-

Note 5B - Investments (Financial)		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
A) Non- Trade Investments
Unquoted Investment in Subsidiary
(i) Investment in Equity instrument (Fully paid up unless stated otherwise)
(a) Marathon Nextgen Township Pvt. Ltd. [Refer Note 5.5]	1.00	1.00
(10,000 [PY: 10,000] Equity Shares of `.10/- each)
(b) Sanvo Resorts Private Limited. [Refer Note 5.5]	4,645.20	4,645.20
(240 [PY: 240] Equity Shares of `.100/- each)
(c) Terrapolis Assets Private. Limited. [Refer Note 5.5]	2,789.98	2,789.98
(5,17,500 [PY: 5,17,500] Equity Shares of `.100/- each]
(ii) Investment in Debenture (Fully paid up unless stated otherwise)
Investment in Non Convertible Debentures (NCD)
(a) 12,663 [PY: 12,663] of 7% of `.1,00,000/- each
NCD of Marathon Nextgen Township Private Limited	12,663.00	12,663.00
B) Trade investment
(a) Investment in Mutual Fund - Quoted (fair value through Statement of profit or loss)
18,45,557.286 [PY: 18,45,557.286] Units of L&T Short Term Opportunities Fund - Reg - Growth	384.61	359.50
(b) Investment in Government Securities at amortised cost- Unquoted
National Savings Certificate [Refer Note 5.7]	0.28	0.28
Total	20,484.07	20,458.96

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Note 5B:-		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Aggregate amount of quoted investment and market value thereof	384.61	359.50
Aggregate amount of unquoted investment	20,099.46	20,099.46
Aggregate amount of impairment in value of investment	-	-

Note 5.2:- Category wise investments : (` in Lakhs)

Particulars	As at 31 March 2021	As at 31 March 2020
(a) Investment measured at Fair Value Through Profit and Loss - Quoted	384.61	359.50
(b) Investment measured at Fair Value Through Profit and Loss - Unquoted	-	-
(c) Investment measured at Fair Value Through Other Comprehensive Income	-	-
(d) Investment measured at cost	20,099.46	20,099.46

Note 5.3:- Details of Subsidiary and Joint Venture:- (` in Lakhs)

	Name of Subsidiary	Relationship	Place of Business & Principal Activity	% of holding 31 March 2021	direct or through subsidiary 31 March 2020
1.	Marathon Nextgen Township Private Limited	Subsidiary	India (Real Estate)	100%	100%
2.	Sanvo Resorts Private Limited	Subsidiary	India (Real Estate)	24%	24%
3.	Terrapolis Assets Private Limited	Subsidiary	India (Real Estate)	100%	100%
4.	Columbia Chrome India Private Limited	Joint Venture	India (Real Estate)	40%	40%
5.	Swayam Realtors & Traders LLP	Joint Venture	India (Real Estate)	40%	40%

Note 5.4:- Details of all partners, Capital and profit sharing ratio (PSR) in Limited Liabilities where Company is a partner

Name of LLP and Partner	As at 31 March 2021		As at 31 March 2020
	PSR	Fixed capital	PSR	Fixed capital
Swayam Realtors and Traders LLP
1. Adani Infrastructure and Developers Private Limited	60%	63.61	60%	63.61
2. Marathon Nextgen Realty Limited	40%	42.40	40%	42.40

Note 5.5:- The Company has filed the final petition of scheme of merger of wholly owned subsidiary, Marathon Nextgen Township Private Limited, with it in January 2021 as per order of Hon'ble NCLT dated November 09, 2020 after obtaining approval from Shareholders in Annual General Meeting held on September 30, 2020.

Note 5.6:- Investment in Mutual fund is fair valued at closing Net Annual Value (NAV).

Note 5.7:- Investment in National Saving Certificate deposited with to Bombay Port Trust Ltd as security deposit.

Note 5.8:- The Company has pledged its holding along with shares held through its wholly owned subsidiary, Marathon Nextgen Township Private Limited, in Sanvo Resorts Private Limited for the borrowing made by the Sanvo Resorts Private Limited.

Note 6 - Loans : Non Current (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
At amortised cost,
(a) Considered good – Secured	-	-
(b) Considered good – Unsecured
(i) Loan to Related Parties [Refer Note 50]	22,903.19	36,975.32
(c) Loans and Advances which have significant increase in credit risk	-	-
(d) Loan and advances – credit impaired	-	-
Total Loans and Advances	22,903.19	36,975.32
Less : Allowance for doubtful debts	-	-
Total	22,903.19	36,975.32

Note 6.1:- Loans and advances are granted to meet the business requirements of borrowers. Loans and Advances due from the subsidiaries and Joint Ventures are disclosed as loans to related parties.

Note 7 - Other Financial Assets : Non-Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
At amortised cost, Unsecured considered good unless otherwise stated
(a) Security deposits	81.66	14.81
(b) Margin Money deposits with bank having maturities of more than
12 months from the Balance Sheet date [Refer Note 7.1]	35.74	214.58
Total	117.40	229.39

Note 7.1:- Margin monies are lien marked with Bank and NBFC for amount borrowed by the company.

Note 8 - Deferred Tax Assets / (Liabilities) (` in Lakhs)

	Particulars	As at 31 March 2020	Recognized in the statement of profit or loss	Recognized in other comprehensive income	As at 31 March 2021
A	Deferred Tax Assets:
(i)	Employee benefits	41.68	(2.23)	(7.18)	32.27
(ii)	Property, plant and equipments,
	Investment Properties and Rights to Use Assets	194.41	(176.99)	-	17.42
	(iii) Provision for disallowance under Income Tax Act	79.49	533.22	-	612.71
	Total Deferred Tax Assets (A)	315.58	354.00	(7.18)	662.40
B	Deferred Tax Liabilities:
(i)	Borrowings	(123.66)	28.94	-	(94.72)
(ii)	Fair value of Mutual Fund	(17.67)	3.92	-	(13.75)
	Total Deferred Tax Liabilities (B)	(141.33)	32.86	-	(108.47)
	Total (A+B)	174.25	386.86	(7.18)	553.93

Particulars	As at 31 March 2019	Adjustment on initial application of IND AS116	Recognized in the statement of profit orloss	Recognized in other comprehensive income	As at 31 March 2020
A Deferred Tax Assets:
(i) Employee benefits	42.05	-	(5.17)	4.80	41.68
(ii) Property, plant and equipments,
Investment Properties and Rights to Use Assets	82.43	12.11	99.87	-	194.41
(iii) Provision for disallowance under Income Tax Act	79.49	-	-	-	79.49
Total Deferred Tax Assets (A)	203.97	12.11	94.70	4.80	315.58
B Deferred Tax Liabilities:
(i) Borrowings	(134.03)	-	10.37	-	(123.66)
(ii) Fair value of Mutual Fund	(8.91)	-	(8.76)	-	(17.67)
Total Deferred Tax Liabilities (B)	(142.94)	-	1.61	-	(141.33)
Total (A+B)	61.03	12.11	96.31	4.80	174.25

The Company has recognised deferred tax asset to the extent that the same will be recoverable using the estimated future taxable income based on the approved business plans and budgets of the Company.

Note 9 - Non-Current Income Tax Assets (Net)		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Current tax (benefit) / expense for current year	185.83	188.76
(b) Current tax (benefit) / expense pertaining to prior years	-	399.07
Total	185.83	587.83

Note 9.1:- Refer Note 37A For tax reconciliation estimated income tax expense at statutory income tax rate to income tax expense reported in statement of profit and loss

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Note 9A - Current Tax Liabilities (Net)		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Income Tax
(a) Current tax (benefit) / expense for current year	555.67	-
Total	555.67	-
Note 10 - Other Non-current Assets		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Advance for purchase of Land [Refer Note 10.1]	-	503.25
Less: Provision for doubtful advance	-	503.25
Total	-	503.25

Note 10.1:- During the year the company has recovered the advances given for the purchase of land .503.25 Lakhs for which provision was made in earlier year. The Excess amount received on the refund of these advances of.70 Lakhs has been recorded as compensation received under 'Other Income'

Note 11 - Inventories		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Inventories valued at lower of cost and net realizable value
(a) Finished Inventories including stock of Car Parks	11,801.19	2,038.73
(b) Construction Work in Progress	16,277.90	22,725.22
Total	28,079.09	24,763.95
Note 12 - Trade receivables		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
At amortised cost, Unsecured considered good unless otherwise stated
(a) Receivable from Related parties [Refer Note 50]	25.57	8.55
(b) From Others	902.01	438.24
Less: Provision for doubtful debts [Refer Note 48]	(168.51)	(168.51)
Total	759.07	278.28

Note 12.1:- No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person. Nor any trade or other receivable are due from firms or private companies respectively in which any director is a partner, a director or a member except given below.

Receivable includes amount due from :		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(A) Private Companies in which director is a director or member and
Firm in which director or relatives of Director is partner	25.57	8.55
Note 12.2:- Break-up for security details:		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Trade receivables
Secured, considered good	-	-
Unsecured, considered good	725.25	244.47
Trade Receivables which have significant increase in Credit Risk	34.86	34.86
Trade Receivables - credit impaired	167.46	167.46
Less: Impairment Allowance (allowance for bad and doubtful debts)* [Refer Note 48]	(1.05)	(1.05)
Less: Provision for doubtful debts [Refer Note 48]	(167.46)	(167.46)
Total trade receivables	759.06	278.28

Trade receivables are non-interest bearing

*The provision for the impairment of trade receivable has been made on the basis of the expected credit loss

69

Note 13 - Cash and Cash Equivalents		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Balances with banks
- In current accounts	45.18	43.88
- Margin money with Bank and NBFC - original maturity of 3 months or less	-	-
(b) Cash in hand	3.15	3.65
Total	48.33	47.53
Note 14 - Bank balances other than (Note 13) above		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
(a) Earmarked Accounts
- Unpaid dividend account [Refer Note 14.1]	21.97	21.41
- Fractional entitlement	0.30	0.30
Total	22.27	21.71

Note 14.1:- In accordance with the provisions of Sec 124 of the Companies Act 2013, the company has transferred unpaid dividends of FY 2012-13 to the Investor Education and Protection Fund (IEPF) based on the certificate received from the Registrar and Transfer Agent. Subsequent to this payment , Few credits are appearing in the bank Account amounting to `. 3.00 Lakhs which is subject to reconciliation with the banker and Company will discharge the liability once it is reconciled.

Note 15 - Loans : Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Considered good – Secured	-	-
(b) Considered good – Unsecured
(a) Loans to staff	1.83	3.22
(b) Inter Corporate Deposits given to related parties [Refer Note 50]	10,796.78	-
(c) Inter Corporate Deposits given to other than related parties	3,877.21	4,660.00
(d) Loans and Advances which have significant increase in credit risk	-	-
(e) Loan and advances – credit impaired	-	-
Total Loans and Advances	14,675.82	4,663.22
Less : Allowance for doubtful debts	-	-
Total	14,675.82	4,663.22

Note 15.1:- No Loans are due from directors or other officer of the Company either severally or jointly with any other person Nor any loans are due from firm or any private companies respectively in which any director is a partner, a director or a member other than disclosed in related parties.

Note 16 - Others Financial Assets : Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Financial assets at amortised cost - (Unsecured, considered good)
(a) Margin money with bank and NBFC maturity of less than 12 months	4,420.66	1,682.25
(b) Interest accrued on Investment	0.28	0.28
(c) Interest accrued on Deposits	8.50	4.25
(d) Interest accrued on Debentures [Refer Note 50]	1,781.81	895.40
(e) Other receivable
- From others	227.13	115.39
Less: Provision for doubtful debts	(105.52)	(105.52)
Total	6,332.86	2,592.05

Note 17 - Other Current Assets	(` in Lakhs)
--------------------------------	--------------

Particulars	As at 31 March 2021	As at 31 March 2020
(a) Advance to suppliers	227.39	-
(b) Prepaid expenses	1.30	6.01
(c) Balance with Government Authorities [Refer Note 17.1]	509.51	603.59
Total	738.20	609.60

Note 17.1:- Balances with Government Authorities includes MVAT appeal fees paid under protest [Refer Note 39.2 and 39.3]

70

Note 18 - Equity Share Capital		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Authorised Share Capital
10,05,00,000 Equity shares of `. 5/- each	5,025.00	5,025.00
[as at 31 March 2020: 10,05,00,000 equity shares of `. 5/- each]
25,000 6% Redeemable Cumulative Preference shares of `. 100/- each	25.00	25.00
[as at 31 March 2020: 25,000, Preference shares of `. 100/- each]
1,00,000 0% Cumulative Preference Shares of `. 100/- each	100.00	100.00
[as at 31 March 2020: 1,00,000, Preference shares of ` 100/- each]
Total	5,150.00	5,150.00
Issued, Subscribed and Paid-up
4,60,00,000 Equity shares of ` 5/- each	2,300.00	2,300.00
[as at 31 March 2020: 4,60,00,000 equity shares of ` 5/- each]
Total	2,300.00	2,300.00

Note 18A:- Terms, rights & restrictions attached to

1. Equity Shares:-

The Company has only one class of equity shares having a face value of 5/- per share [PY: 5/- per share] . Accordingly, all equity shares rank equally with regards to dividends & share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Preference Shares:-

The company has two classes of preference shares having face value of ` 100/- each. The preference shares rank ahead of equity shares in the event of liquidation.

Note 18B:- Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year

Particulars As at 31 March 2021				As at 31 March 2020
	No. of shares	Amount	No. of shares	Amount
Shares at the beginning of the year	4,60,00,000	2,300.00	2,30,00,000	2,300.00
Movement during the year	-	-	-	-
Outstanding at the end of the year	4,60,00,000	2,300.00	4,60,00,000	2,300.00
Note 18C:- Shares held by Holding Company, its Subsidiaries and Associates				(` in Lakhs)
Particulars			As at
				As at
			31 March 2021	31 March 2020
By Holding company
3,44,82,646 equity shares of 5/- each (March 31, 2019: 3,44,82,646<br>equity shares of 5/- each) are held by Marathon Realty Private Limited			1,724.13	1,724.13

Note 18D:- Details of Shareholders holding more than 5% share in the company:-

Particulars	As at 31 March 2021		As at 31 March 2020
	% holding	No. of Shares	% holding	No. of Shares
Marathon Realty Private Limited	74.96%	3,44,82,646	74.96%	3,44,82,646

Note 18E:- Equity shares movement during the 5 years preceding March 31, 2021.

(a) The Company has not issued any shares without payment being received in cash

(b) Equity shares issued as bonus:-

In FY 2015-16, the Company allotted 94,79,115 number of equity shares as fully paid up bonus shares by capitalisation of profits transferred from retained earnings amounting to 922.91 Lakhs and capital redemption reserve amounting to 25.00 Lakhs, pursuant to an ordinary resolution passed after taking the consent of shareholders in General Meeting held on December 10, 2015.

(c) Equity shares extinguished on buy-back

In FY 2017-18,the Company bought back 54,37,345 number of equity shares for an aggregate amount of 14,952.70 Lakhs being 19.12% of the total paid up equity share capital at 275/- per equity share. The equity shares bought back were extinguished on July 6, 2017.

Note 19 - Other Equity		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Capital Reserve
Opening balance	(1,301.19)	(1,301.19)
Add:- Additions / (deletion)	-	-
Closing balance	(1,301.19)	(1,301.19)
(b) Capital Redemption Reserve
Opening balance	543.73	543.73
Add:- Transferred from retained earning	-	-
Closing balance	543.73	543.73
(c) Share Option Outstanding Account
Opening balance	-	-
Add:- Amortised amount of share based payments to employees [Refer Note 43]	25.24	-
Closing balance	25.24	-
(d) General Reserves
Opening balance	19,478.71	19,478.71
Add:- Additions / (deletion)		-
Closing balance	19,478.71	19,478.71
(e) Retained Earnings
Opening balance	42,086.79	38,953.07
Less:- Adjustment on initial application of IND AS116 (net of tax) [Refer Note 2.11 ]	-	(29.49)
Add:- Profit for the year	2,841.86	3,440.49
Less:- Equity dividend paid	-	(230.00)
Less:- Dividend distribution tax paid on equity dividend [Refer Note 46B)	-	(47.28)
Closing balance	44,928.65	42,086.79
(f) Other Comprehensive Income
Opening balance	1.62	13.31
Additions / (Deletions) during the year [Refer Note 42]	21.37	(11.69)
Closing balance	22.99	1.62
Total	63,698.13	60,809.66

Note 19.1:- Nature and purpose of reserves:-

(a) Capital Reserve:-

As per provisions of Ind AS 103 'Business Combination, Capital reserve has been created which constitutes the difference between the fair market value and book value of the assets and liabilities arising out of the slum sale agreement that the company entered into with its Holding Company Marathon Realty Private Limited during the financial year 2017-18.

(b) Capital redemption reserve:-

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free reserves. A sum equal to the nominal value of the shares so purchased is transferred to capital redemption reserve. The reserve is utilized in accordance with the provisions of section 69 of the Companies Act, 2013.

(c) Share Option Outstanding Account:-

Share option outstanding account is credited when the employee share based payments expenses are recognised on granting of the share options and in turn will be transferred to securities premium / equity share capital on exercise of the share options.

(d) General reserve:-

The general reserve is a free reserve which is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to statement of profit and loss.

(e) Retained Earnings :-

Retained earnings are the profits that the Company has earned till date, less any transfer to general reserve, dividends or other distributions paid to shareholders.

(f) Other Comprehensive Income (OCI):-

The Company has elected to recognize changes in the fair value of certain (non strategic) investments in equity shares in other comprehensive income. These changes are accumulated within the FVTOCI equity investment reserve within equity. Also Re-measurement of Defined Benefit Plan in respect of post employment are charged to Other Comprehensive Income.

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Note 20 - Borrowings : Non-Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Borrowings other than Related Parties
Secured Loans
(a) Term Loan from Banks	-	-
(b) Term Loan From Financial Institution / Others	39,045.35	32,848.42
	39,045.35	32,848.42
Less:- Amount disclosed under other current financial liabilities [Refer Note 26]	1,012.32	2,973.66
Total	38,033.03	29,874.76

Note 20.1:- Terms of Repayment, Security and guarantees:-

Name of Lender	Sanction Amount	* O/S as on 31-03-2021	O/S as on 31-03-2020	Other Details
L & T Infrastructure Finance Co. Ltd	19,500.00	2,865.46	2,640.71		Rate of Interest:- MCLR plus 3.9 % i.e. 15.85% p.a. payable monthly.
				Repayment:-	8 equal quarterly installment after the moratorium period of 60 months.
				Security:-	FSI of 26,253.15 sq mtrs of land of the Phase I, II & III of the project Marathon Neo-Square.
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.
L & T Infrastructure Finance Co. Ltd	5,000.00	5,734.43	4,928.36		Rate of Interest:- MCLR plus 3.9 % i.e. 16.45% p.a. payable monthly.
				Repayment :-	Two annual equal installment of `. 2500 Lakhs after moratorium period of 7 years.
				Security :-	FSI of 26,253.15 sq.mtrs. of land of the Phase I, II & III of the project Marathon Neo-Square.
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.
LIC Housing Finance Ltd [Refer Note 39.6]	13,600.00	13,389.46	12,763.38		Rate of Interest:- LHPLR minus 3% (11.60% p.a.) payable monthly.
				Repayment :-	180 Equal Monthly installment of `. 160.07Lakhs.
				Security :-	B-901, C-901, A-2102/03, A-2603,A-2402, A-2404, A-2604, A-603 admeasuring 87,118 sq.fts. of Saleable area of Marathon Future X.
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.
Kotak Mahindra Investment Ltd [Refer Note 39.7]	11,000.00	6,469.11	6,127.95		Rate of Interest:- MCLR plus 3.9% (i.e. 12.9% p.a.) payable Monthly.
				Repayment :-	24 equal monthly installment commencing from 25th month from the date of disbursement.
				Security :-	FSI of 27th to 30th floor of Marathon Future x.
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.

Name of Lender	Sanction Amount	*O/S as on 31-03-2021	O/S as on 31-03-2020	Other Details
Kotak Mahindra Investment Ltd [Refer Note 39.7]	1,236.00	1,252.64	-	Rate of Interest:- Interest rate is fixed of 14%		p.a. payable on monthly.
				Repayment:-	moratorium period.	48 Equal Monthly instalment of `. 0.2575 Lakhs after completion of 12 months
				Security:-		FSI of 27th to 30th floor of Marathon Future x along with unsold area of 3rd and 4th floor of Marathon FutureX for joint borrowing with MRPL.
LIC Housing Finance Ltd (Rental Discounting) [Refer Note 39.7]	6,400.00	6,704.25	6,388.03	Rate of Interest:- LHPLR minus 4.55% (10.25%		p.a.) payable monthly.
				Repayment :-	180 Equal Monthly	installment of `. 69.76 Lakhs.
				Security :-	Future X.	B - 602, A-603, A- 2601,2104 admeasuring 37,114 sq.fts. of leased out area in Marathon
				Personal Guarantee:-		Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.
LIC Housing Finance Ltd (Rental Discounting) [Refer Note 39.7]	2,630.00	2,630.00	-			Rate of Interest:- Interest rate is fixed of 12.70% p.a. payable on monthly.
				Repayment:-	of `. 70.17 Lakhs after moratorium period.	48 Equal Monthly instalment completion of 12 months
				Security:-		B-901, C-901, A-2102/03, A 2603,A-2402, A-2404, A-2604, A-603 Marathon Future X.
Amount disclosed under current financial liabilities [Refer Note 26]		(1,012.32)	(2,973.66)
		38,033.03	29,874.76
Note 21 - Other Financial Liabilities : Non-Current						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
(a) Other payable (Expenses) [Refer Note 21.1]					28.57	26.72
(b) Lease Rent Deposits Received Total					501.90 530.47	631.24 657.96
Note 21.1:- Other Payable includes rent and municipal taxes payable to Bombay Port Trust relating to a cotton godown situated at Sewree. Discussions are on with the Port Trust authorities to settle the matter.
Note 22 - Provisions : Non Current						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
Provision for Employee Benefits [Refer Note 42] (a) Employees benefits (Gratuity)					81.58	95.46
(b) Compensated Absences Total					34.47 116.05	39.68 135.14
Note 23 - Other Non Current Liabilities						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
(a) Deferred Rent					54.26	143.36
Total					54.26	143.36

Note 24 - Borrowings : Current						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
Secured Borrowings - at cost:
(a) Cash Credit Facilities from bank					1,988.05	-
Total					1,988.05	-
Note 24.1 -						(` in Lakhs)
Name of Lender	Sanction Amount	*O/S as on 31-03-2021	O/S as on 31-03-2020	Other Details
HDFC Bank Ltd	2,475.00	1,988.05	-	Rate of Interest:- 5.16% payable monthly
				Repayment:-	payable on demand
				Security:-		Term deposits of ` 2500/- Lakhs
Total	2,475.00	1,988.05	-
Note 25 - Trade Payables : Current						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
Carried at amortised cost
(a) Total outstanding dues of micro and small enterprises [Refer Note 45]					23.08	5.32
(b) Total outstanding dues of creditors other than micro and small enterprises					1,990.06	10,499.83
Total					2,013.14	10,505.15
Note 25.1 - Break up of Trade Payables						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
Trade Payables to related parties [Refer Note 50]					1,587.38	10,119.92
Trade Payables to Others					425.76	385.23
Total					2,013.14	10,505.15
Note 26 - Other Financial Liabilities : Current						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
Carried at amortised cost
(a) Current maturities of long-term debt [Refer Note 20]					1,012.32	2,973.66
					224.56	199.79
(b) Interest accrued but not due on long-term borrowing					23.34	22.78
(c) Unpaid dividend						8.96
(d) Director's remuneration payable					-
(e) Society dues payable					621.19	637.92
(f ) Book overdraft					54.99	91.24
(g) Employee dues payable					34.57	36.35
(h) Other payable Total					2.43 1,973.40	4.02 3,974.72

Note 27 - Provisions : Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Provision for Employee Benefits [Refer Note 42]
(a) Employees benefits (Gratuity)	3.65	13.14
(b) Compensated Absences	8.50	11.33
Total	12.15	24.47

Note 28 - Other Current Liabilities		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Statutory dues	144.02	180.98
(b) Contract Liabilities - Advance from customers against sale of flats	658.76	370.34
(c) Deferred Rent	22.45	43.18
(d) Others
- Provision for Expenses	1.81	14.80
Total	827.04	609.30

Note 29 - Revenue from Operations		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Sale of property	-	1,693.87
(b) Income from hiring and other charges	-	15.66
(c) Income from Rental from Future X	1,591.41	1,489.93
(d) Deferred Rent Income	33.94	53.57
(e) Interest Income from Project Advances	3,813.88	4,873.97
Total	5,439.23	8,127.00

Note 30 - Other Income (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Interest Income
(1) Interest income on Fixed Deposits	152.25	76.93
(2) Interest Received on Debenture	886.41	888.84
(3) Interest on income tax refund	92.03	123.30
(4) Interest on Other Loan and Advances	130.37	2.03
(b) Other gains and losses
(1) Fair Value gain on financial assets (mutual fund)	25.11	30.08
(c) Other Income
(1) Miscellaneous income	10.19	0.54
(2) Share of Profit/(loss) of Joint Ventures	437.10	754.73
(3) Compensation Received [ Refer Note 10.1]	70.00	-
(4) Reversal of Provision of Doubtful debts [Refer Note 10.1]	503.25	-
Total	2,306.71	1,876.45

Note 31 - Project Development Expenses (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Project cost incurred
(1) Consumption of material	328.29	38.86
(2) Contract cost, labour and other charges	1,175.73	583.00
(3) Approval costs	60.94	25.54
(5) Finance cost	1,740.99	1,499.02
(6) Depreciation on Plant & Machinery	9.19	9.19
Total	3,315.14	2,155.61

Note 32 - Change in Inventory of Finished Goods and Construction Work in Progress (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Opening Balance
(i) Finished Inventories	2,038.73	7,912.89
(ii) Construction Work in progress	22,725.22	20,569.62
Total Opening Inventory (a)	24,763.95	28,482.51

Less:
(b) Closing Balance
(i) Finished Inventories	11,801.19	2,038.73
(ii) Construction Work in progress	16,277.90	22,725.22
Total Closing Inventory (b)	28,079.09	24,763.95
Less: (c) Transfer to investment	-	4,717.61
(Increase) / Decrease in value (a-b-c)	(3,315.14)	(999.05)

Note 33 - Employee Benefits Expense (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Salaries, Bonus and allowances	217.25	452.39
(b) Gratuity [Refer Note 42]	14.70	14.02
(c) Contribution to provident and other funds	20.18	41.53
(d) Leave Salary	-	4.14
(e) Directors Remunerations	36.35	107.52
(f ) Incentive	5.97	3.76
(g) Staff welfare expenses	2.55	4.40
(h) Share based payments to employees [Refer Note 43]	3.65	-
Total	300.65	627.76

Note 34 - Finance Cost (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Interest expense on borrowings	4,616.50	4,206.33
(b) Other borrowing cost	69.28	49.18
(c) Interest on delayed payment	39.82	0.50
(d) Unwinding of discount on Financial Liabilities at amortised cost	35.43	48.24
(e) Interest on lease liabilities [Refer Note 40]	34.03	61.11
Total Finance Cost	4,795.06	4,365.36
Less:- Finance Cost Capitalised to inventory [Refer Note 31 (5)]	1,740.99	1,499.02
Total	3,054.07	2,866.34

Note 35 - Other Expenses		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Advertisement, Promotion & Selling Expenses	3.28	5.31
(b) Bank Charges	0.95	0.42
(c) Commission & Brokerage Expenses	39.66	116.84
(d) CRS Expenses [Refer Note 45]	70.70	127.00
(e) Directors sitting fees	8.60	6.80
(f ) Donation and Contribution	0.10	0.20
(g) Insurance	6.31	8.47
(h) Legal and professional fees	66.40	118.12
(i) Power and Fuel	0.59	1.88
(j) Telephone & Internet Expenses	0.70	1.42
(k) Rent including lease rentals	0.45	1.87
(l) Repairs and Maintenance
- Buildings/ Property	195.91	372.56
- Others	0.39	2.60
(m) Rates & Taxes	12.55	128.11
(n) Security Charges	19.45	57.74
(o) Travelling and Conveyance	7.97	7.00
(p) Printing & Stationery	3.89	5.83
(q) Payment to Auditors [Refer Note 35.1]	12.35	12.00
(r) Miscellaneous Expenses	30.58	41.00
(s) Provision for Doubtful debts	-	1.05
(t) Loss on sale of Property, plant and Equipments	7.95	-
Total	488.78	1,016.22

Note 35.1:- Payment to Auditor		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Services as statutory auditors	10.50	10.50
(b) Tax audit	1.50	1.50
(c) For Other Services - Certifications fees	0.35	-
Total	12.35	12.00
Note 36 - Depreciation and Amortisation		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Depreciation on Property, Plants and Equipments
Depreciation on property, plant and equipment	16.09	26.50
Less:- Capitalised to Project	(9.19)	(9.19)
Depreciation charged to Profit and Loss A/c	6.90	17.31
(b) Depreciation on investment property	255.74	228.59
(c) Amortisation of Rights-of-use Assets [Refer Note 40]	237.41	209.84
Total (a+b+c)	500.05	455.74
Note 37 - Tax Expenses Tax expense/(credit) recognized in the Statement of Profit and Loss		(` in Lakhs)
Particulars	For the year ended	For the year ended
	31 March 2021	31 March 2020
(a) Current tax
Current Tax on taxable income for the year	897.00	537.00
Total current tax expense	897.00	537.00
(b) Deferred tax
Deferred tax charge/(credit) [Refer Note 8]	(386.86)	(96.31)
Total deferred income tax expense/(credit)	(386.86)	(96.31)
(c) Adjustment of Tax related to earlier period	50.39	(0.35)
Total tax expense (a+b+c)	560.53	440.34
A) Reconciliation of the income tax expenses to the amount computed by applying the statutory income tax rate to the profit before income taxes is summarized below:
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
Enacted income tax rate in India applicable to the Company	29.12%	29.12%
Accounting profit before tax from continuing operations	3,402.39	3,880.83
Current tax expenses on Profit before tax expenses at the enacted income tax rate in India	990.78	1,130.10
Tax effect of the amounts which are not deductible/(taxable) in calculating taxable income	35.17	8.76
taxability under section 28(via)	-	159.37
(Deduction)/ disallowance under Income Tax Act, 1961	490.40	(40.67)
Exempt Income - Share of Profit from Firm/LLP	(127.28)	(219.78)
Other items	(108.79)	(18.40)
MAT Credit Utilised	(383.28)	(482.38)
Total income tax expense/(credit)	897.00	537.00
Effective Tax Rate	26.36%	13.84%

Note 38 - Earning Per Share		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
Earning per Share has been computed as under:
(a) Net Profit attributable to shareholders	2,841.86	3,440.49
(b) Nominal value of equity shares – (in ` per share)	5.00	5.00
(c) Weighted average number of equity shares for basic EPS (in Lakhs)	460.00	460.00
(d) Weighted average number of equity shares for diluted EPS (in Lakhs)	460.30	460.00
(e) Basic earnings per share – (`) (a/c)	6.18	7.48
(f ) Diluted earnings per share – (`) (a/d)	6.17	7.48

Note 39:- Contingent liabilities (to the extent not provided for)		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
Claims against the Company not acknowledged as debts in respect of past disputed liabilities of
(a) Income Tax (Refer Note 39.1)	-	4.31
(b) Sales Tax (Refer Note 39.2 and 39.3)	-	-
(c) Central Excise (Refer Note 39.3)	39.36	39.36
(d) Provident Fund (Refer Note 39.4)	38.83	38.83
(e) Employee State Insurance Corporation(Refer Note 39.5)	8.67	8.67

Note 39.1:- The Company had filed the appeal against the order passed u/s 143(3) r.w.s 147 read with Section 148 of Income Tax Act'1961 for AY 2010-11, 2011-12 and 2012-13 raising demand of ` 4.31 Lakhs. The appeal has been heard in favour of Company.

Note 39.2:- The Sales Tax Department of the Government of Maharashtra has completed the VAT assessments with respect to the returns filed by the Company on the sale of flats to the customers during the period beginning from June 2006 till March 2010 and determined the VAT and resultant interest and penalty. In FY 2016-17, The Company has availed an amnesty scheme under the Maharashtra Settlement of Arrears in Disputes Bill, 2016 in respect VAT for the period 2006 to 2008 and 2009-10. The liability assessed under amnesty scheme by nodal department has been duly discharged by the company. Subsequently September 29,2017, the Assistant Commissioner of Sales Tax - Investigation had suo moto passed an ex parte order raising a demand of 4,590.10 Lakhs along with applicable interest and penalties for the financial years 2006- 07,2007-08 and 2009-10. The Company has challenged the order passed by the investigation wing and filed the appeal with Deputy Commissioner of Sales Tax and paid applicable fees of 459 Lakhs as duty under protest. The said matter is pending for hearing.

Note 39.3:- The Company had received demand of `. 182.70 Lakhs for the FY 2010-11, FY 2011-12 and FY 2012-13 against which company had filed appeal by paying requisite appeal fees as duty under protest and matters are still pending for hearing.

Note 39.4:- The company had received the demands from Central Excise department for various years against which company is under appeal before the appellate authorities. These matter pertain to the periods when the company was engaged in the manufacture of textiles.

Note 39.5:- The Employees Provident Fund Organization have issued a show cause notice against the Company raising a claim of ` 38.83 Lakhs purportedly being arrears pertaining to damages and delayed payment of interest. The Company has appealed against the order in the Provident Fund Appellate Tribunal and pending hearing the recovery of principal interest and damages has been stayed.

Note 39.6:- The Employees' State Insurance Corporation has raised a claim of ` 8.67 Lakhs purportedly being arrears of contribution, damages and delayed payment interest. The company has preferred an appeal in the ESIC court.

Note 39.7:- Cadastral survey No.166 is the land on which commercial project Marathon Future x is being constructed. This Land is jointly owned by the Company and holding Company, Marathon Realty Private Limited. Both the Companies owns stock in precincts either in form of completed units or in the form work in progress. The borrowings by either of these companies against hypothecation of stock of the other company is a co-borrower.

Note 40:- Lease

Company as a lessee:-

The Company has been operating from the premises owned by Holding Company Marathon Realty Private Limited. The Company had entered into formal agreement for payment of rent on the premises occupied by it. The rental payable per month has been 24.33 Lakhs [FY 2019-20: 24.33 Lakhs] per month. The lease does not have any non-cancellable portion. Tenure of the lease agreement is valid till 31st March 2021.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:

Particulars	As at 31 March 2021	As at 31 March 2020
Opening Balance	237.40	401.29
Additions	-	45.95
Depreciation expense	237.40	209.84
Termination	-	-
Closing Balance	-	237.40

Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:

Particulars	As at	As at
	31 March 2021	31 March 2020
Opening Balance	257.96	442.90
Additions	-	45.95
Accretion of interest	34.03	61.11
Payments	291.99	292.00
Termination	-	-
Closing Balance	-	257.96
Current	-	257.96
Non-current	-	-

The effective interest rate for lease liabilities is SBI prime lending rate as on date of lease contract i.e. ranging 13.45% to 13.80%

79

The following are the amounts recognised in profit or loss:		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Depreciation expense of right-of-use assets	237.40	209.84
Interest expense on lease liabilities	34.03	61.11
Expense relating to short-term leases and low value leases (included in other expenses)	0.45	1.87
Total amount recognised in profit or loss	271.88	272.82

The Company had total cash outflows for leases of 291.99 Lakhs in March 31, 2021 ( 292 Lakhs in March 31, 2020). There are no noncash additions to right-of-use assets and lease liabilities . There are no future cash outflows relating to leases that have not yet commenced.

Note 41:- Disclosure as per Ind AS 115:-

(a) The Company is primarily engaged in the business of construction, development, Leasing and sale of commercial and residential real estate projects. The core business activities are carried out under various business model likes own development, through joint ventures and joint development and other arrangements with third parties.

Revenue from Operations		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Revenue from contract with customers as per note 29	-	1,693.87
Add/Less:- Other adjustment	-	-
Total revenue as per contracted price	-	1,693.87

(b) Contract Balances:-

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
Receivables which are included in Trade and other receivables
Trade Receivable
- Amount due from customers on construction contract	34.86	34.86
Contract assets
- Accrued value of work done net off provision (Unbilled Revenue)	-	-
Contract liabilities
- Amount due to customers under construction contracts (Excess Received)	-	-
- Advance from customer	658.76	370.34

Significant changes in contract asset and contract liabilities balances during the year are as follows: (` in Lakhs)

Particulars	As at 31 March 2021	As at 31 March 2020
(A) Contract liabilities
Opening Balance*	370.34	391.55
Less : Revenue recognised during the year from balance at the beginning of the year	-	-
Add : Increase due to invoicing net off revenue recognition	288.42	-
Less:- Refunded due to cancellation of contract	-	(21.21)
At the end of the reporting period (Para 116 (a))	658.76	370.34

Note 42:- Employee Benefits

The details of employee benefits as required under Ind AS 19 'Employee Benefits' is given below

(A) Defined Contribution Plan:

Amount recognized as an expense in the Statement of Profit and Loss in respect of Defined Contribution Plans (Provident funds and others) is . 20.18/- Lakhs (Previous Year –. 41.53/- Lakhs)

(B) leave obligation :-

The leave obligations cover the Company's liability for sick and earned leave. The amount of provision made is . 42.97/- Lakhs (Previous year -. 51.01/- Lakhs) and amount recognised in the statement of Profit Loss as Leave salary expenses . Nil (Previous year -. 4.14/- Lakhs)

(C) Defined benefit plan: (Non-Funded)

Gratuity is a defined benefit plan covering eligible employees. The plan provides for a lump sum payment to vested employees on retirement, death while in employment or termination of employment of an amount equivalent to 15 days salary for each completed year of service. Vesting occurs on completion of five years of service.

Disclosure as required under Ind AS 19 on "Employee Benefits" in respect of defined benefit plan is as under:

i. The amount included in the balance sheet arising from the entity's obligation in respect of its defined benefit plans is as follows:

		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
Present value of un-funded defined benefit obligation	85.23	108.60
Fair value of plan assets	-	-
Restrictions on asset recognized	-	-
Others	-	-
Net liability arising from defined benefit obligation	85.23	108.60

ii. Movement in the present value of defined obligation (DBO) during the year representing reconciliation of opening and closing balances thereof are as follows:

		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
Present value of benefit obligation at the beginning of the year	108.60	85.42
Current service cost	7.32	6.97
Past Service cost	-	-
Interest cost	7.39	7.05
Re-measurements on obligation [Actuarial (Gain) / Loss] :
Actuarial (gains)/ losses arising from changes in demographic assumption	-	-
Actuarial (gains)/ losses arising from changes in financial assumption	(2.62)	10.83
Actuarial (gains)/ losses arising from changes in experience adjustment	(25.93)	5.66
Benefits paid	(9.53)	(7.33)
Present value of Defined Benefit Obligation as at end of the year.	85.23	108.60

iii. Analysis of Defined Benefit Obligations (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
Defined benefit obligations as at 31 March	85.23	108.60
Fair value of plan assets as at 31 March	-	-
Net Asset/(Liability) recognised in Balance sheet as at 31 March	85.23	108.60

iv. Expenses recognized in the statement of profit and loss (` in Lakhs)

Particulars	As at 31 March 2021	As at 31 March 2020
Current service cost	7.32	6.97
Past service cost	-	-
Net Interest expense	7.39	7.05
Components of defined benefit costs recognised in profit or loss	14.71	14.02

v. Amount recognised in statement of Other Comprehensive Income (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
Actuarial (Gain)/Loss
(i) arising from changes in demographic assumption	-	-
(ii) arising from changes in financial assumption	(2.62)	10.83
(iii) arising from changes in experience assumption	(25.93)	5.66
Total amount recognised in the statement of other comprehensive income	(28.55)	16.49

vi. Actual Contribution and benefit payments for the year (` in Lakhs) Particulars As at As at 31 March 2021 31 March 2020 Actual benefit paid directly by the company (9.53) (7.33) Actual contributions (9.53) (7.33)

vii. Principal Actuarial Assumptions for gratuity (` in Lakhs)

Particulars As at As at 31 March 2021 31 March 2020 Discount Rate 7.05% 6.75% Expected Rate of Increase in compensation levels 7.00% 7.00% Expected Rate of Return on Plan Assets 0.00% 0.00% Expected Average Remaining working lives of" employees (Years) 39.7 37.64 Mortality Rate IALM (2012-14) Ultimate IALM (2012-14) Ultimate Withdrawal Rate Ages 20 - 30 : 10% Ages 20 - 30 : 10% Ages 31 - 40 : 5% Ages 31 - 40 : 5% Ages 41 & above : 2% Ages 41 & above : 2%

a. The discount rate is based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities.

• b. Expected Rate of Return of Plan Assets: This is based on the expectation of the average long term rate of return expected on investments of the Fund during the estimated term of obligations.
• c. Salary Escalation Rate : The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors
• d. Withdrawal Rate: It is the expected employee turnover rate and should be based on the company's past attrition experience and future withdrawal expectations.

viii. Disclosure related to indication of effect of the defined benefit plan on the entity's future cash flows:

Expected benefit payments for the year ending:		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
31 March, 2021	-	13.14
31 March, 2022	3.65	4.22
31 March, 2023	10.76	4.07
31 March, 2024	3.44	4.11
31 March, 2025	3.41	4.09
31 March, 2026	3.40	-
31 March 2026 to 31 March 2030	-	45.51
31 March 2027 to 31 March 2031	34.87	-

Weighted Average duration of defined benefit obligation: 15.09 Years (Previous Year: 15.14 Years)

viii. Sensitivity analysis: A quantitative sensitivity analysis for significant assumption as at 31 March 2021 is as shown below:

						(` in Lakhs)
DBO Rates Types	Discount Rate		Salary Escalation Rate		Withdrawal Rate
Year	1% Increase	1% Decrease	1% Increase	1% Decrease	1% Increase	1% Decrease
31 March, 2021	(7.91)	9.23	6.30	(5.74)	1.49	(1.72)
31 March, 2020	(10.36)	12.20	7.52	(7.65)	1.58	(1.85)

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior year.

ix. Employee benefit plans

The plans typically expose the company to the actuarial risks such as: investments risk, interest risks, longevity risk and salary risk

Investment risk	The present value of the defined benefit plan liability (denominated in Indian Rupee) is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds.
Interest risk	A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's debt investments.
Longevity risk	The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.
Salary risk	The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

82

Note 43 : Employee Stock Option Plans

Employee Stock Option Plan 2020

The Employees Stock Option Plan 2020 (ESOP) of the company was approved by the Shareholders at their Meeting held on September 30,2020.

The main features of the Company's Employees Stock Option Plan 2020 (ESOP) are as follows:

• 1. The Scheme applies to the Eligible Employees who are in whole time employment of the Company , its holding compay and /or its Subsidiary Companies and / or such other persons, as may be permitted from time to time under prevailing laws, rules and regulations and/or amendments thereto from time to time, are eligible to participate in the ESOP, subject to such restrictions as provided in the scheme, unless they are prohibited to participate in the ESOP under any law or regulations for the time being in force.
• 1. The ESOP is effective from February 12, 2021, (the "Effective Date") when the Board of Directors of the Company accepted the recommendations of the Nomination and Remuneration Committee.
• 1. The ESOP scheme shall continue to be in force until (i) its termination by the Board or (ii) the date on which all of the shares to be vested under Employee Stock Option Plan 2020 have been vested in the Eligible Employees and all restrictions on such Stock Option awarded under the terms of ESOP Scheme, if any, have lapsed, whichever is earlier.
• 1. The Shareholders of the company have passed the resolution to award under the ESOP Scheme 23,00,000 fully paid up equity share of the Company having face value of `. 5/- each. Each option would entitle the optionholder to subscribe to 1 (ONE) Equity Share at the Exercise price

During the year, the Company has in its first tranche granted 3,41,000 option to 91 eligible employees of the group.

The Eligible Employees has a right to exercise option to acquire the shares vested in her / him within the period of 5 years from the date of vesting of each tranche of the option after the initial vesting period of 12 months.

The exercise price has been fixed at . 20 per option which shall be converted into one equity share of. 5/- each.

The market value of equity share of the Company on the date of the grant has been determined by an independent merchant banker at `. 77.5/-

The employee stock option cost has been computed with reference to the fair value options granted and amortized over vesting period. For the year ended March 31, 2021 the Company has accounted for employee stock option cost (equity settled) amounting to 3.65 Lakhs. The Expenses related to option granted to the employees of the subsidiary & holding company of. 21.59 Lakhs is recoverable from respective entities.

The ratio of expenses commemorates with the number of options granted.

Particulars	No. of Option
No. of option outstanding at the beginning of the year Granted during the year to the employees of the Group Option lapsed/ forfieted / exercised during the year	- 3,41,000 -
No. of option outstanding at the end of the year	3,41,000
Exercise Price per option	`. 20/-

Note 44 - Segment Information

The Company is engaged in Real Estate. The operations of the company do not qualify for reporting as separate business segments as per the criteria set out under Indian Accounting Standard 108 (IND AS-108) on "Operating Segments". The Company is operating in India hence there is no reportable geographic segment. Accordingly no disclosure is required under IND AS - 108.

Note 45 - Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting year	23.08	5.32
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year	0.03	-
(iii) The amount of interest paid along with the amounts of the payment made to the supplier
beyond the appointed day	-	-
(iv) The amount of interest due and payable for the year	0.03	-
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year	0.03	-

Note 45.1:- Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company.

Note 46 - Details of Corporate Social Responsibility (CSR) expenditure

As per section 135 of the Companies Act, 2013, amount required to be spent by the Company is computed at 2% of its average net profit for the immediately preceding three financial years, on Corporate Social Responsibility (CSR)

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Amount required to be spent as per Section 135 of the Act	70.70	126.95
Amount spent during the year on:
(i) Construction / acquisition of an asset	-	-
(ii) On purpose other than (i) above (for Education purpose) [Refer Note 49]	70.70	127.00

Financial instrument Disclosure:-

Note 47:- Capital Risk Management

The company's capital management objectives are:

• to ensure the company's ability to continue as a going concern

• to maximize the return to stakeholders through the optimization of the debt and equity balance

The company monitors capital on the basis of the carrying amount of equity as presented on the face of the statement of financial position. The company sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. The company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

a) Gearing Ratio:

The Gearing ratio at the end of the reporting period are as follows: (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
Debt* (A)	41,257.96	33,048.21
Cash and bank balances (B)	48.33	47.53
Net Debt C=(A-B)	41,209.63	33,000.68
Total Equity (D)	65,998.13	63,109.66
Net debt to equity ratio (C/D)	62.44%	52.29%

*Debt is defined as long-term and short-term borrowings including interest accrued on borrowings

Note 48:- Financial risk management

a) The carrying value of financial instruments by categories as of March 31, 2021 is as follows: (` in Lakhs)

Particulars	Fair value	Fair value	Amortised	Total carrying
	through P&L	through OCI	cost	value
Assets:
Cash and cash equivalents	-	-	48.33	48.33
Other balances with banks	-	-	22.27	22.27
Trade receivables	-	-	759.07	759.07
Investments (Other than investment in
equityinstruments of Subsidiaries)	384.61	-	12,663.28	13,047.89
Loans	-	-	37,579.01	37,579.01
Other financial assets	-	-	6,450.26	6,450.26
Total	384.61	-	57,522.22	57,906.83
Liabilities:
Trade and other payables	-	-	2,013.14	2,013.14
Borrowings	-	-	40,021.08	40,021.08
Other financial liabilities	-	-	2,503.87	2,503.87
Total	-	-	44,538.09	44,538.09

b) The carrying value of financial instruments by categories as of March 31, 2020 is as follows:

				(` in Lakhs)
Particulars	Fair value	Fair value	Amortised	Total carrying
	through P&L	through OCI	cost	value
Assets:
Cash and cash equivalents	-	-	47.53	47.53
Other balances with banks	-	-	21.71	21.71
Trade receivables	-	-	278.28	278.28
Investments (Other than investment in
equity instruments of Subsidiaries)	359.50	-	12,663.28	13,022.78
Loans	-	-	41,638.54	41,638.54
Other financial assets	-	-	2,821.44	2,821.44
Total	359.50	-	57,470.78	57,830.28
Liabilities:
Trade and other payables	-	-	10,505.15	10,505.15
Borrowings	-	-	29,874.76	29,874.76
Other financial liabilities	-	-	4,890.64	4,890.64
Total	-	-	45,270.55	45,270.55

The Fair value of investment through Profit and loss A/c is comprising of investment in Mutual fund. It is based on the net assets value ('NAV") as stated by issuers of the mutual fund.

Financial risk management Objectives:-

In the course of its business, the Company is exposed primarily to fluctuations in interest rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments. The Company assesses the unpredictability of the financial environment and seeks to mitigate potential adverse effects on the financial performance of the Company.

I) Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk such as equity price risk and commodity price risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Future specific market movements cannot be normally predicted with reasonable accuracy.

Currency risk: The Company does not have material foreign currency transactions. The company is not exposed to risk of change in foreign currency.

Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's fixed rate borrowings are not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

Profit or loss is sensitive to higher/lower interest expense from variable rate borrowings as a result of changes in interest rates.

		(` in Lakhs)
Interest Rate Sensitivity	Increase or decrease in Basis Point	Effect on Profit before tax
For the year ended March 31, 2021	+1.00	(351.63)
	-1.00	351.63
For the year ended March 31, 2020	+1.00	(328.48)
	-1.00	328.48

Interest rate sensitivity has been calculated assuming the borrowings outstanding at the reporting date have been outstanding for the entire reporting period. The interest rate profile of the company's interest-bearing financial instruments as reported is as follows.

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Fixed-rate instruments
Borrowings	5,870.69	-
Floating rate instrument
Borrowings	35,162.71	32,848.42

Other price risk:

The Company is not exposed to equity price risks arising from equity investments. Equity investments are held for strategic rather than trading purposes. The Company does not actively trade these investments.

II) Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit.

Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, unbilled revenue, investments, derivative financial instruments, cash and cash equivalents, bank deposits and other financial assets. None of the financial instruments of the Company result in material concentration of credit risk.

Credit Risk management :-

(i) Credit risk rating:-

The Company assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and factors specific to the class of financial assets.

A : Low credit risk

B : High credit risk

Asset group	Basis of categorisation	Provision for expenses credit loss
A: Low credit risk	Investments, Other bank balances, trade receivables, cash and cash equivalents, loans and other financial assets	12 month expected credit loss/Life time expected credit loss
B: High credit risk	Trade receivables and loans & Advances	12 month expected credit loss/Life time expected credit loss/fully provided for

In respect of trade receivables, the company recognises a provision for lifetime expected credit loss.

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss experience and considering differences between current and historical economic conditions. Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or a litigation decided against the Company. The Company continues to engage with parties whose balances are written off and attempts to enforce repayment. Recoveries made are recognised in statement of profit and loss.

Assets under credit risk –			(` in Lakhs)
Credit rating	Particulars	As at 31 March 2021	As at 31 March 2020
A: Low credit risk	Investments, Other bank balances, cash and cash equivalents, Trade receivable	34.86	34.86
B: High credit risk	Trade receivables and loans, other Receivable & Advances given	272.98	776.23

ii) Concentration of financial asset

The Company's principal business activities are construction and development of real estate projects, Leasing of commercial space and all other related activities. The Company's outstanding receivables are for real estate project advisory business. Loans and other financial assets majorly represents loans to subsidiaries and deposits given for business purposes.

Credit risk exposure

Provision for expected credit losses

As at 31 March 2021			(` in Lakhs)
Particulars	Estimated gross carrying amount at default	Expected Credit Loss	Carrying amount net of impairment provision
Investments	-	-	-
Trade receivables	202.32	(168.51)	33.81
Other bank balances	-	-	-
Cash and cash equivalents	-	-	-
Loans and Advances	-	-	-
Other Financial Assets	105.52	(105.52)	-

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

As at 31 March 2020			(` in Lakhs)
Particulars	Estimated gross carrying amount at default	Expected Credit Loss	Carrying amount net of impairment provision
Investments	-	-	-
Trade receivables	202.32	(168.51)	33.81
Other bank balances	-	-	-
Cash and cash equivalents	-	-	-
Loans and Advances	503.25	(503.25)	-
Other Financial Assets	105.52	(105.52)	-

	(` in Lakhs)
Advances	Trade receivables
608.77	167.46
	1.05
608.77	168.51
(503.25)	-
105.52	168.51

III) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

(a) Financing arrangements

The Company had access to the following undrawn borrowing facilities at the end of the reporting period:		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Floating Rate
Expiring within one year (bank overdraft and other facilities)	-	-
Expiring beyond one year (bank loans)	21,242.35	21,242.35

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory credit ratings, the bank loan facilities may be drawn at any time in INR.

(b) Exposure to liquidity risk

The table below provides details regarding the contractual maturities of financial liabilities, including estimated interest payments as at 31 March 2021:-

				(` in Lakhs)
Financial liabilities	Carrying amount	Due in one Year	Due after one Year	Total contractual cash flows
(a) Trade payables
- 31 March 2021	2,013.14	2,013.14	-	2,013.14
- 31 March 2020	10,505.15	10,505.15	-	10,505.15
(b) Borrowings (incl. current maturity of long term debt)
- 31 March 2021	41,033.40	3,000.37	38,033.03	41,033.40
- 31 March 2020	32,848.42	2,973.66	29,874.76	32,848.42
(c) Other financial liabilities
- 31 March 2021	2,503.87	1,973.40	530.47	2,503.87
- 31 March 2020	4,890.64	4,232.68	657.96	4,890.64
Total
- 31 March 2021	45,550.41	6,986.91	38,563.50	45,550.41
- 31 March 2020	48,244.21	17,711.49	30,532.72	48,244.21

Note 49:- Fair value disclosures

Fair value hierarchy

The fair value of the financial assets and liabilities are included at the amount at which the instrument can be exchanged in the current transaction between willing parties, other than in a forced or liquidation sale.

Level 1 - Quoted prices (Unadjusted) in active markets for identical assets & liabilities.

Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset & liability, either directly (i.e. prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (Unobservable inputs).

The following tables provides the fair value measurement hierarchy of the Company's assets and liabilities:

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

					(` in Lakhs)
Particulars	Carrying value as at		Fair value as at	Fair value
	31 March 2021	31 March 2020	31 March 2021	31 March 2020	hierarchy
Investment in Mutual Fund - Quoted	384.61	359.50	384.61	359.50	Level 1
Lease Liabilities	-	257.96	-	257.96	Level 3
Security deposits - Lease rent deposits	501.90	631.24	501.90	631.24	Level 3

The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem such units from the investors.

Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

Security Deposirs are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

Note 50 - Related Party Transactions

A. List of related Parties

Related Parties (as Defined by the Management) are classified as:-

(a) Holding Company

1. Marathon Realty Private Limited

(b) Subsidiaries

• 1. Marathon Nextegen Township Private Limited
• 1. Terrapolis Assets Private Limited (Wholly Owned Subsidiary) (w.e.f.31.03.2020)
• 1. Sanvo Resorts Private Limited (Through MNTPL)

(c) Joint Venture

• 1. Swayam Realtors & Traders LLP
• 1. Columbia Chrome Private Limited

(d) Entities over which Subsidiaries or Key Management Personnel (KMP) or their relatives, exercise significant influence

• 1. IXOXI Equip-Hire LLP
• 1. Marathon Infotech Private Limited
• 1. Matrix Enclaves Projects Developments Pvt Ltd
• 1. Matrix Waste Management Private Limited
• 1. Nexzone Fiscal Services Private Limited
• 1. Nexzone UtilitiesPrivate Limited
• 1. Marathon Realty Private Limited -Future X Society
• 1. Nexzone Buildcon LLP
• 1. Marathon Ener-gen LLP
• 1. United Builders
• 1. United Enterprises
• 1. Ramniklal Z. Shah Trust
• 1. Citadel Realty & Developers Limited
• 1. Suyog Developers

(e) Key Management Personnel

• 1 Mr. Chetan R. Shah Chairman and Managing Director
• 2 Mr. S. Ramamurthi Whole Time Director & CFO
• 3 Mr. Mayur R. Shah Director
• 4 Ms. Shailaja C. Shah Director
• 5 Mr. Veeraraghavan Ranganathan Independen Director (Tenure ended w.e.f. September 26,2019)
• 6 Mr. Anup Shah Independent Director (Tenure ended w.e.f. August 27, 2020)
• 7 Mr. Padmanabha Shetty Independent Director (Tenure ended w.e.f. September 26,2019)
• 8 Mr. Deepak Shah Independent Director

(` in Lakhs)

• 9 Mr. Atul Mehta Independent Director (Appointed w.e.f February 13,2020)
• 10 Ms. Parul Shah Independent Director (Appointed w.e.f February 13,2020)
• 11 Mr. Ashwin Mohanlal Thakkar (Appointed w.e.f November 13,2020)
• 12 Mr. Krishanamurthy Raghvan Company Secretary

(f) Relatives of KMP (with whom company had transaction)

• 1 Ms. Ansuya R. Shah (Mother of Managing Director)
• 2 Mr. Ramniklal Z. Shah (Father of Managing Director)
• 3 Ms. Sonal M. Shah (Wife of Mr. Mayur R Shah-Director)
• 4 Mr. Parmeet M shah (Son of Mayur R Shah)
• 5 Mr. Kaivalya C Shah (Son of Chetan R Shah)

B. The following transactions were carried out with the related parties in the ordinary course of business

Type of Transaction	Particular	For the Year ended 31 March, 2021	For the Year ended 31 March, 2020
Interest Income on Inter Corporate Deposits	Marathon Realty Private Limited	1,356.89	3,275.25
	Columbia Chrome India Private Limited	1,374.67	1,247.24
	Sanvo Resort Private Limited	79.81	-
Interest Income from Partnership Firm / LLP's	Swayam Realtors & Traders LLP	637.47	715.06
Interest Income on Debenture	Marathon Nextgen Township Private Limited (MNTPL)	886.41	888.84
Acquisition of Investment Shares of Terrapolis Assets Private Limited	Marathon Realty Private Limited	-	2,789.98
Acquisition of Investment Shares of Sanvo Resorts Private Limited	Marathon Realty Private Limited	-	4,645.20
Share of Profit from LLP's	Swayam Realtors & Traders LLP	437.10	754.73
Remuneration to KMP	Chetan R Shah	36.35	107.52
	Krishanamurthy Raghvan	20.11	39.79
Rent Expenses
Office Space	Marathon Realty Private Limited	344.56	344.56
Sale of Material / Scrap	Marathon Ener-gen LLP	-	0.88
	Terrapolis Assets Private Limited	0.93	-
	Marathon Realty Private Limited	0.26	31.83
	Sanvo Resorts Private Limited	0.01	0.62
	Nexzone Buildcon LLP	3.46	0.13
	Matrix Enclaves Project Development Private Limited	0.08	-
	United Builders	-	3.41
	Nexzone Energy Utilities LLP	-	0.22
	Nexzone Fiscal Services Private Limited	-	0.93
Purchase of Material / Services	Marathon Realty Private Limited	2.20	-
	Nexzone Fiscal Services Private Limited	3.24	-
	Marathon Ener-gen LLP	0.33	-
	Matrix Enclaves Projects Developments Private Limited	0.38	-
	Nexzone Buildcon LLP	0.15	-
Provision of Services	Marathon Realty Private Limited -Future X Society	18.61	73.65
	IXOXI Construction LLP	4.52	-
Sale of Properties, Plants and Equipments	Matrix Enclaves Project Development Private Limited	5.67	-
	Marathom Realty Private Limited	5.05	-
Leasing of Equipment	Marathon Realty Private Limited	-	7.36
	IXOXI Equip - Hire LLP	2.36	4.72
	Matrix Enclaves Project Development Private Limited	-	8.27

			(` in Lakhs)
Type of Transaction	Particular	For the Year ended 31 March, 2021	For the Year ended 31 March, 2020
Maintenance Charges of Immovable Property	Marathon Realty Private Limited - Future X Society	231.17	411.10
Expenditure on Corporate Social Responsibility	Ramniklal Z Shah Trust	70.70	127.00
Director Sitting Fees	Mayur R Shah	1.30	0.70
	Shailaja C Shah	0.90	0.80
	Veeraraghavan Ranganathan	0.00	0.50
	Anup Shah	1.00	1.80
	Padmanabha Shetty	0.00	0.90
	Deepak Shah	2.20	1.70
	Atul Mehta	1.50	0.20
	Parul Abhay Shah	1.20	0.20
	Ashwin Mohanlal Thakkar	0.50	-
Loans given	Marathon Realty Private Limited	9,452.97	4,369.60
	Columbia Chrome India Private Limited	59.00	45.00
	Sanvo Resort Private Limited	6,753.19	-
	Terrapolis Assets Private Limited	5,710.12	-
Loan Given Partnership Firm / LLP's	Swayam Realtors & Traders LLP	46.00	1,964.20
Loans received back	Marathon Realty Private Limited	9,877.72	16,343.58
	Columbia Chrome India Private Limited	-	-
	Sanvo Resort Private Limited	1,740.35	-
Loans received back Partnership Firm / LLP's	Swayam Realtors & Traders LLP	8,400.00	25.00
Assignement of debt	Marathon Ener-gen LLP	-	1.82
Closing Balance
Loan Given	Columbia Chrome India Private Limited	13,232.32	11,901.75
	Marathon Realty Private Limited	9,658.73	17,344.95
	Sanvo Resort Private Limited	5,086.66	-
	Terrapolis Assets Private Limited	5,710.12	-
Loan Given Partnership Firm / LLP's	Swayam Realtors & Traders LLP	12.14	7,728.67
Trade Receivable / Other Receivable	Marathon Realty Private Limited	8.67	3.62
	Terrapolis Assets Private Limited	0.93	-
	Marathon Ener-gen LLP	0.84	0.84
	Nexzone Buildcon LLP	3.46	-
	Matrix Enclaves Project Development Private Limited	9.82	4.07
	Nexzone Fiscal Services Private Limited	0.31	0.03
	Citadel Realty & Developers Limited	0.14	-
	Sanvo Resort Private Limited	0.01	-
	Suyog Developers	0.48	-
	Nexzone Energy Utilities LLP	0.92	-
Trade Payable	Marathon Realty Private Limited	1,459.94	9,646.64
	Marathon Realty Private Limited	116.66	467.33
	Ixoxi Equip - Hire LLP	1.16	3.47
	Marathon Ener-gen LLP	2.03	2.49
	IXOXI Construction LLP	3.81	-
	Matrix Enclaves Project Development Private Limited	0.38	-
	Nexzone Buildcon LLP	0.15	-
	Nexzone Fiscal Services Private Limited	3.24	-
Debenture interest receivable	Marathon Nextgen Township Private Limited (MNTPL)	1,781.81	895.40

90

Note 50.1:-

• i. The Company has entered into an agreement with Matrix Waste Management Private.Limited. for revenue or area sharing based on 12.5% of revenue generated from the developed area for which development rights have been acquired by the Company.
• ii. The Company has entered into an agreement with Ithaca Informatics Private Limited (merged with Marathon Realty Private Limited w.e.f 01.04.2016) for revenue or area sharing based on 12.5% of revenue generated from the developed area for which development rights have been acquired by the Company.
• iii. Pursuant to an agreement, the Company has given advances to explore for the opportunities in a project to Marathon Realty Private Limited., with whom it is going to jointly execute the said project. At periodic intervals surplus amount are returned as they are not immediately required for the project.

Note 51:- Dividend on Equity Shares

The Company has not declared any dividend during the year FY 2020-21

Note 52:- Coronavirus (COVID-19) Impact on Financial Reporting – Accounting Year Ending March 31, 2021

In the view of recurrence of the second wave of Covid 19 throughout the country and its potential adverse impact on the economic activities, the company is continuing to assess and evaluate the impact of the pandemic on the recoverabilities of its assets. The Management is expecting to recover the carrying value of the assets and does not foresee ay risk to service its financial obligations. The impact of any future events and developments emerging out of Pandemic, occurring after the approval of the financial statement will be recognised prospectively.

Note 53:- Previous Year's figure have been regrouped/rearranged, wherever necessary.

For Rajendra & Co. For and on behalf of the Board of Directors Chartered Accountants ICAI Firm Registration No. 108355W

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602

Place: Mumbai Place: Mumbai Date: June 28, 2021 Date: June 28, 2021

INDEPENDENT AUDITOR'S REPORT

To

The Members of Marathon Nextgen Realty Limited Report on the Consolidated Financial Statements

Opinion

We have audited the accompanying Consolidated Financial Statements of Marathon Nextgen Realty Limited (hereinafter referred to as the 'Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), and Joint Ventures, which comprise the Consolidated Balance Sheet as at March 31, 2021, 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").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Consolidated Financial Statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the Consolidated state of affairs of the Group and its Joint Ventures as at March 31, 2021, 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 Companies Act, 2013. 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 Joint Ventures in accordance with the ethical requirements that are relevant to our audit of the Consolidated Financial Statements in India in terms of the Code of Ethics issued by ICAI and the relevant provisions of the Companies Act, 2013, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Consolidated Financial Statements for the financial year ended March 31, 2021. 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. For each matter below, our description of how our audit addressed the matter is provided in that context. We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Consolidated Financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Consolidated Financial Statements.

1. Investment in joint ventures and loans to group entities

(Refer note no 6A, 7 &16 of Consolidated Financial Statements)

Recoverability of investment in joint ventures: The Group's investments in joint ventures are carried at cost less any diminution in value, if any. The investments are assessed for impairment at each reporting date. The impairment assessment involves the use of estimates and judgements. The identification of impairment event and the determination of an impairment charge also require the application of significant judgement by the Group. The judgement, in particular, is with respect to the timing, quantity and estimation of projected cash flowsof the real estate projects in these underlying entities. In view of the significance of these investments and above, we consider valuation / impairment of investments in joint ventures to be a key audit matter.

How the matter was addressed in our audit

Our audit procedures included:

• Evaluating design and implementation and testing operating effectiveness of controls over the Group's process of impairment assessment and approval of forecasts.
• Assessing the financial position of the joint ventures,assessing profit history and project details of those joint ventures.
• Testing the assumptions and understanding the forecasted cash flows of joint ventures based on our knowledge of the Group and the markets in which they operate.
• Assessing the comparability of the forecasts with historical information.
• Analysing the possible indications of impairment and understanding Group's assessment of thoseindications.
• Considering the adequacy of disclosures in respect of the investment in joint ventures.

Recoverability of loans in the nature of project advances to group entities: The Group has extended loans to group entities. These are assessed for recoverability at each period end. Due to the nature of the business in the real estate industry, the Group is exposed to heightened risk in respect of the recoverability of the loans granted to the aforementioned parties. In addition to nature of business, there is also significant judgment involved as to the recoverability of the project specific loans. This depends on property developments projects being completed over the time period specified in agreements. We have identified measurement of loans to group entities as key audit matter because recoverability assessment involves Company's significant judgement and estimate.

How the matter was addressed in our audit

Our procedures included:

• Evaluating the design and implementation and testing operating effectiveness of key internal controls placed around the impairment assessment process of the recoverability of the loans/financial instruments.
• Assessing the net worth of joint ventures on the basis of latest available financial statements.
• Assessing the controls for grant of new loans and sighting the Board approvals obtained.
• Tracing loans advanced / repaid during the year to bank statement.
• Obtaining confirmations to assess completeness and existence of loans and advances given to joint ventures / group entities as on 31 March 2021.

Other Information

The HoldingCompany's Board of Directors is responsible for the Preparation of other information. The other information comprises of the information included in the Annual Report, 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.

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 Companies Act, 2013 (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 Joint Ventures in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. The respective Board of Directors of the companies included in the Group and its Joint Ventures 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; 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 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 its Joint Ventures are responsible for assessing the ability of the Group and its Joint Ventures 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 itsJoint Ventures are responsible for overseeing the financial reporting process of the Group and its Joint Ventures.

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 Standard on Auditing (SAs) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the HoldingCompany has adequate internal financial controls system in place and the operatingeffectiveness 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 and itsJoint Ventures to continue as a going concern. If we conclude that a 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

93

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 and its associates and Joint Ventures to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the disclosures, and whether the Consolidated Financial Statements represent 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 and its Joint Venturesof which we are independent auditors and whose financial information we have audited, 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.

Materiality is the magnitude of misstatements in the Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial statements.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of theConsolidated Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's 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 report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

The Consolidated financial Statements includes financial statements of

• a) 2 subsidiary, whose financial statements reflects total assets of Rs. 23,283.20 Lakhs as at March 31, 2021, and total revenues of Rs 96.25 Lakhs, total Net Loss after tax of Rs 907.42 Lakhs for year ended on that date and net cash inflow of Rs 26.22 Lakhsfor the year ended March 31, 2021 as considered in the Statement which have been audited by their respective independent auditors
• b) 2 Joint Ventures whose financial statements reflect Group's share of net loss (including other comprehensive income) of Rs 723.88 Lakhs for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditors.

The independent auditors report on the financial statement of the entities referred above 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 the Subsidiaries and Joint Venture, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph above.Our opinion on the Consolidated Financial Statements and our report on Other Legal and Regulatory Requirements below is not modified inrespect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

• 1. As required by Section 143(3) of the Act, we report, to the extent applicable, that:
• 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.
• b) 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.
• c) The Consolidated BalanceSheet, the Consolidated Profit and Loss statement (including Other Comprehensive Income), 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.
• d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act read with rule 7 of the Companies (Accounts) Rules, 2014.
• e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2021 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditor of its subsidiary and joint venture Company incorporated in India, none of the directors of the Group and its joint venture Company incorporated in Indiais disqualified as on March 31, 2021 from being appointed as a director in terms of Section 164 (2) of the Act.

94

• f ) With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to our Report in "Annexure A", which is based on the auditors' reports of the Group and joint venture Company incorporated in India.
• g) 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 and based on consideration of the report of the other auditors on separate financial statements:
• i. The Consolidated Financial Statements disclose the impact of pending litigations on its Consolidated Financial Position of the Group and its joint ventures – Refer Note 41 to the Consolidated Financial Statements.
• ii. Provision has been made in the Consolidated Financial Statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
• iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Group and its joint venture company incorporated in India.

For Rajendra & Co Chartered Accountants Firm's Registration No. 108355W

Akshay R. Shah Partner Membership No. 103316 UDIN : 21103316AAAAHT9195

Place: Mumbai Date: 28th June 2021

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS OF MARATHON NEXTGEN REALTY LIMITED

(Referred to in paragraph 1 (f) under 'Report on Other Legal and Regulatory Requirements' of our report of even date)

Report on the Internal Financial Controls with reference to Consolidated Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

Opinion

In conjunction with our audit of the Consolidated Financial Statements of the Holding Company as of and for the year ended March 31, 2021, we have audited the internal financial controls with reference to consolidated financial statements of MARATHON NEXTGEN REALTY LIMITED(hereinafter referred to as "the Holding Company"), its Subsidiary (together "the Group") and its joint venture companyincorporated in India, as of that date.

In our opinion, to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors, as referred to in the Other Matters paragraph, the Group and its joint venture company incorporated in India, have, maintained in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls with reference to Consolidated financial statements were operating effectively as at March 31, 2021, based on the internal control with reference to Consolidated financial statements criteria established by the Holding Company, 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 "Guidance Note").

Management's Responsibility for Internal Financial Controls

The respective Board of Directors of the Group and its joint venturecompany incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by Holding Company, considering the essential components of internal control stated in the Guidance Note issued by the Institute of Chartered Accountants of India. 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 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 Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Group and its joint venture company incorporated in India, internal financial controls with reference to Consolidated Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal 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 adequate internal financial controls with reference to consolidated financial statementswas established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidatedfinancial 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 obtained by us and the other auditors in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the Group and its joint venture company incorporated in India,internal financial controls system over financial reporting.

Meaning of Internal Financial Controls with reference to consolidated financial statements

A Company's 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 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 financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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 policies or procedures may deteriorate.

Other Matters

Our aforesaid report under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over financial reporting in so far as it relates to one subsidiary and one joint venture company incorporated in India, is based on the corresponding reports of the auditors of such company incorporated in India.

For Rajendra & Co Chartered Accountants Firm's Registration No. 108355W

Akshay R. Shah Partner Membership No. 103316 UDIN : 21103316AAAAHT9195

Place: Mumbai Date: 28th June 2021

Consolidated Balance Sheet as at 31 March, 2021 (` in Lakhs)
Particulars	Note No.	As at	As at
		31 March 2021	31 March 2020
ASSETS
1 Non-current assets
(a) Property, Plant and Equipment	3	758.71	894.41
(b) Investment Property	4	15,459.95	15,715.69
(c) Goodwill on consolidation	5	12,522.52	12,522.52
(d) Rights-of-use assets		-	243.04
(e) Investment in Joint Ventures	6A	951.00	2,274.87
(f) Financial Assets
(i) Investments	6B	384.89	359.78
(ii) Loans	7	43,519.80	56,018.32
(iii) Other Financial Assets	8	860.58	915.45
(g) Deferred Tax Assets (Net)	9A	557.28	178.63
(h) Income Tax Assets (Net)	10	-	887.06
(i) Other Non-current Assets	11	0.19	0.29
Total Non - Current Assets		75,014.92	90,010.06
2 Current assets
(a) Inventories	12	50,121.88	51,367.58
(b) Financial Assets
(i) Trade Receivables	13	5,025.49	2,182.03
(ii) Cash and Cash Equivalents	14	4,206.25	1,228.41
(iii) Bank balances other than (ii) above	15	4,067.23	3,804.20
(iv) Loans	16	23,860.91	8,906.54
(v) Other Financial Assets (c) Other Current Assets	17 18	4,572.57 3,083.97	1,709.59 2,504.30
Total Current Assets		94,938.30	71,702.65
Total Assets (1+2)		1,69,953.22	1,61,712.71
EQUITY AND LIABILITIES
1 EQUITY
(a) Equity Share Capital	19	2,300.00	2,300.00
(b) Other Equity
(i) Equity Attriburable to the owner of the company	20	58,609.36	57,025.17
(c) Non Controlling Interest	21	504.20	428.95
Total Equity		61,413.56	59,754.12
LIABILITIES
2 Non-current liabilities
(a) Financial Liabilities
(i) Borrowings	22	66,732.24	43,475.40
(ii) Other Financial Liabilities	23	530.47	657.96
(b) Provisions	24	2,952.30	2,430.15
(c) Other Non Current Liabilities	25	54.26	143.36
(d) Deferred Tax Liabilities (Net)	9B	20.77	24.09
Total Non - Current Liabilities		70,290.04	46,730.96
3 Current liabilities
(a) Financial Liabilities
(i) Borrowings	26	5,181.78	8,375.85
(ii) Trade Payables
Total outstanding dues of micro and small enterprises	27a	342.69	239.98
Total outstanding dues of other than micro and small enterprises	27b	4,811.74	14,445.49
(iii) Lease Liabilities	40	-	264.97
(iv) Other Financial Liabilities	28	3,228.92	6,236.95
(b) Provisions	29	239.69	168.07
(c) Income Tax liabilities (net) (d) Other Current Liabilities	10A 30	262.22 24,182.58	14.40 25,481.92
Total Current Liabilities		38,249.62	55,227.63
Total Equity and Liabilities (1+2+3)		1,69,953.22	1,61,712.71

See accompanying notes forming part of the financial statements

As per our report of even date attached. For Rajendra & Co. For and on behalf of the Board of Directors Chartered Accountants ICAI Firm Registration No. 108355W

Place: Mumbai Place: Mumbai

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602 Date: 28 June, 2021 Date: 28 June, 2021

98

Consolidated Statement of Profit and Loss for the year ended 31 March, 2021

(` in Lakhs except Earning Per Share)

Particulars	Note	For the year ended	For the year ended
	No.	31 March 2021	31 March 2020
I Revenue from Operations	31	20,554.84	24,113.22
II Other Income	32	1,760.06	830.12
III TOTAL INCOME (I+II)		22,314.90	24,943.34
IV Expenses
(a) Project Development Expenses	33	10,839.03	12,888.27
(b) Changes in inventories of finished goods and
constructionwork-in-progress	34	1,245.70	1,535.31
('c) Employee Benefits Expense	35	612.30	1,118.66
(d) Depreciation and Amortisation	38	543.45	567.70
(e) Finance Costs	36	4,379.11	4,102.00
(f ) Other Expenses	37	1,484.99	2,137.89
TOTAL EXPENSES		19,104.58	22,349.83
V PROFIT BEFORE TAX (III-IV) VI Tax Expense:		3,210.32	2,593.51
(a) Current Tax	39	1,238.00	637.00
(b) Deferred Tax	39	(394.77)	(100.64)
('c) Excess provision of Tax related to earlier periods		50.39	(0.35)
TOTAL TAX EXPENSES		893.62	536.01
VII PROFIT FOR THE YEAR(V-VI)		2,316.70	2,057.50
VIII Share of Profit / (Loss) in Joint Ventures		(723.88)	436.90
IX Profit for the year (VII+VIII)		1,592.82	2,494.40
X OTHER COMPREHENSIVE INCOME (OCI)
A Items that will not be reclassified subsequently to Profit or Loss
(i) Remeasurement of Defined Benefit Obligation		54.16	(21.97)
(ii) Income Tax effect on above remeasurement	9	(12.81)	6.18
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) [NET OF TAX]		41.35	(15.79)
XI TOTAL COMPREHENSIVE INCOME FOR THE YEAR		1,634.17	2,478.61
Profit for the year attributable to:
(i) Owners of the Company		1,519.10	2,408.01
(ii) Non-controlling interest		73.72	86.39
Other Comprehensive Income for the year attributable to:		1,592.82	2,494.40
(i) Owners of the Company		39.85	(14.44)
(ii) Non-controlling interest		1.50	(1.35)
Total Comprehensive Income for the year attributable to:		41.35	(15.79)
(i) Owners of the Company		1,558.95	2,393.57
(ii) Non-controlling interest		75.22	85.04
Total Comprehensive Income for the year		1,634.17	2,478.61
XII EARNING PER EQUITY SHARE (FACE VALUE OF 5) IN
(1) Basic	40(e)	3.3024	5.2348
(2) Diluted	40(f)	3.3002	5.2348

See accompanying notes forming part of the financial statements

As per our report of even date attached.

Chartered Accountants ICAI Firm Registration No. 108355W

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602 Place: Mumbai Place: Mumbai Date: 28 June, 2021 Date: 28 June, 2021

For Rajendra & Co. For and on behalf of the Board of Directors

Consolidated Statement of Changes in Equity for the year ended 31 March, 2021

a) Equity Share Capital		(` in Lakhs)
Particulars	No. of Shares	Amount
Balance As at March 31, 2019	4,60,00,000	2,300.00
Change for the year	-	-
Balance As at March 31, 2020	4,60,00,000	2,300.00
Change for the year	-	-
Balance As at March 31, 2021	4,60,00,000	2,300.00

b) Other Equity For FY 2019-20

Particulars	Capital Reserve	Capital Redemption Reserve	General Reserve	Retained Earnings	Other Comprehensive Income	Total other Equity
i Balance as at April 1, 2019	(1,301.19)	543.73	19,478.70	39,708.06	13.28	58,442.58
ii Adjustment on initial application of IND AS 116 (net of tax)	-	-	-	(32.38)	-	(32.38)
iii Profit for the Year	-	-	-	2,408.01	-	2,408.01
iv Remeasurement of defined benefit plan (net of deferred tax)	-	-	-	-	(14.44)	(14.44)
v Effect of change in proportion of Non Controlling interest	-	-	-	(3,501.32)	-	(3,501.32)
vi Dividend paid (Including Dividend Distribution Tax)	-	-	-	(277.28)	-	(277.28)
Balance as at March 31,2020	(1,301.19)	543.73	19,478.70	38305.09	(1.16)	57025.17

For FY 2020-21 (` in Lakhs)

Particulars	Capital Reserve	Capital Redemption Reserve	General Earnings	Retained Reserve	Share Option Outstanding Account	Other Compre- hensive Income	Total other Equity
i Balance as at April 1, 2020	(1,301.19)	543.73	19,478.70	38,305.09	-	(1.16)	57,025.17
ii Profit for the Year	-	-	-	1,519.10	-	-	1,519.10
iii Remeasurement of defined benefit plan (net of deferred tax)	-	-	-	-	-	39.85	39.85
iv Amortised amount of share based payments to employees [Refer Note 45]	-	-	-	-	25.24	-	25.24
Balance as at March 31,2021	(1,301.19)	543.73	19,478.70	39,824.19	25.24	38.69	58,609.36

The accompanying notes are an integral part of financial statements.

As per our report of even date attached.

Chartered Accountants ICAI Firm Registration No. 108355W

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602

Place: Mumbai Place: Mumbai

For Rajendra & Co. For and on behalf of the Board of Directors

Date: 28 June, 2021 Date: 28 June, 2021

100

(` in Lakhs)

Consolidated Cash Flow Statement for the year ended 31 March, 2021

(` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax:	3,210.32	2,593.51
Adjustment for:
Depreciation/Amortisation	543.45	567.70
Finance Cost	7,783.39	6,234.66
Interest Income	(1,008.50)	(752.94)
Profit on sale of Properties, Plants and Equipments	(6.51)	2.95
Provision for doubtful debt and other provision	36.84	42.78
Fair value of investment through Profit and Loss Account	(25.11)	(30.08)
Share of Profit / (loss) of Joint Ventures	(723.88)	(436.90)
Share in Profit to Non controlling interest	-	182.87
Employee Stock Option Compensation	3.65	-
Operating profit before Working Capital changes	9,813.65	8,404.55
Adjustments for changes in Working capital
(Increase)/Decrease in Inventories [Refer Note 4.1]	1,236.51	(4,895.57)
(Increase)/Decrease in Trade Receivables	(2,843.46)	(1,632.59)
(Increase)/Decrease in Other Financial Assets - Non current and current	(2,808.10)	(1,783.29)
Increase/(Decrease) in Other Non current and current Assets	(579.56)	(363.29)
Increase/(Decrease) in Trade Payables and other Payable	(9,531.03)	258.72
(Increase)/Decrease in Other Financial Liabilities - Non current and current	(5,535.00)	1,246.81
Increase/(Decrease) in Other Non current and current Liabilities	(1,145.40)	(2,827.38)
Increase/(Decrease) in Provisions - Non current and current	598.28	2,316.57
Cash generated from/ (used in) operations	(10,794.11)	724.52
Income taxes (paid) (Net)	(140.71)	1,078.13
Net Cash from / (used in) operating activities	(10,934.82)	1,802.65
B CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant & equipment	101.09	27.67
Acquisition of Non-current investments	1,323.87	0.01
Movement in other Bank Balances	(263.03)	(64.79)
Interest & Dividend received on Investments	1,008.50	752.94
Loan and advances given	(2,434.25)	(506.40)
Goodwill on acquisition of Subsidiaries	-	(2,673.69)
Acquisition of additional stake in subsidiary	-	(4,645.20)
Net Cash from/(used in) investing activities C CASH FLOW FROM FINANCING ACTIVITIES	(263.82)	(7,109.46)
Proceed /(Repayment) of Long term and short term borrowings	24,708.24	12,710.01
Dividend (Including Tax on Dividend) paid	-	(277.28)
Finance cost paid	(9,761.48)	(6,234.66)
Payment of lease Liabilities	(536.41)	(227.79)
Net Cash from/(used in) financing activities	14,410.35	5,970.28
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C)	3,211.71	663.47
Cash and Cash Equivalents (Opening balance)	920.19	256.72
Cash and Cash Equivalents (Closing balance)	4,131.90	920.19
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS	3,211.71	663.47

Consolidated Cash Flow Statement for the year ended 31 March 2021

DISCLOSURE AS REQUIRED BY IND AS 7

Reconciliation of liabilities arising from financing activities

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
1. Long term and short term Borrowings
Opening Balance	56,464.77	42,927.27
Cashflow (outflow)/inflow	15,101.53	10,663.01
Fair Value Changes	(2,327.89)	(999.50)
Addition on acquisition of subsidiary	-	3,873.99
Closing Balance	73,894.19	56,464.77
2. Lease Liabilities
Opening Balance	631.24	-
Cashflow (outflow)/inflow	416.88	744.67
Fair Value Changes	(85.02)	113.43
Closing Balance	501.90	631.24

Note A:- The amount of undrawn Borrowing Facility & Bank overdraft is `. 29,742.35/- Lakhs that will be available for future operating activities and settle the capital commitments.

Note B:- Previous year's figures have been regrouped /reclassified wherever necessary to corresponds with the current year's classification / disclosures.

Note C:- The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Accounting Standard (IND AS) 7 - "Statement of Cash Flows"

Note D:- Reconciliation of cash and cash equivalents with the balance sheet

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
Cash and cash equivalents	7.59	10.82
Balances with banks
- In current accounts	3,755.86	1,045.39
- Margin money with Bank and NBFC - original maturity of 3 months or less	442.80	172.20
Sub Total	4,206.25	1,228.41
Less:- Book Draft shown in Note No.28	(74.35)	(308.22)
Total	4,131.90	920.19

As per our report of even date attached. For Rajendra & Co. For and on behalf of the Board of Directors Chartered Accountants ICAI Firm Registration No. 108355W

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602

Place: Mumbai Place: Mumbai

Date: 28 June, 2021 Date: 28 June, 2021

Notes forming part of the consolidated financial statements

NOTE 1. NATURE OF OPERATIONS

I Corporate Information:-

Marathon Nextgen Realty Limited ("the Company") was incorporated under the provision of the Companies Act, 1956 on 13 January 1978. The Company is a public limited Company domiciled in India and having its registered office at Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai 400 013

The equity shares of the Company are listed on Bombay Stock Exchange of India Limited (BSE) and National Stock Exchange of India Limited (NSE). The Company is registered with the Ministry of Corporate Affairs under CIN L65990MH1978PLC020080.

The Company is primarily engaged in the business of construction, development and sale of commercial and residential real estate projects. The core business activities are carried out under various business model likes own development, through joint ventures and joint development and other arrangements with third parties.

The consolidated financial statement comprises financial statements of the Company together with its subsidiaries, and Joint Venture (collectively referred to as the 'Group') for the year ended March 31,2021. The Group is engaged primarily in the business of real estate development.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES :-

2.1 Basis of preparation of the Financial Statement and its measurement :-

(a) Statement of Compliance :

These Consolidated Financial Statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) to comply with the Section 133 of the Companies Act, 2013 ("the 2013 Act") read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016, and the relevant provisions and amendments, as applicable. The Consolidated Financial Statements have been prepared on accrual basis under the historical cost convention except for certain financial instruments which are measured at fair values at the end of each reporting period, as explained in the accounting policies below.

These Consolidated financial statements were authorised for issue by the Company's Board of Directors on June 28, 2021.

(b) Basis of consolidation :

The consolidated financial statements comprise of financial statements of the Company and its subsidiaries and joint arrangements for which the Company fulfils the criteria pursuant to Ind AS 110 and joint Venture within the scope of Ind AS 28.

Subsidiaries:-

Subsidiaries are entities controlled by the Company. Control exists if and only if all of the following conditions are satisfied –

(a) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);

(b) Exposure, or rights to variable returns from its involvement with the investee; and

('c) The ability to use its power over the investee to affect the amount of the investors' returns

Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the subsidiaries are consolidated on a line-by-line basis and intra-group balances and transactions including unrealised gain / loss from such transactions are eliminated upon consolidation. The consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Companyand to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control overthe subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

Details of subsidiaries considered in the CFS are as under

• 1. Marathon Nextgen Township Private Limited (MNTPL) :- Wholly Owned Subsidiary
• 1. Terrapolis Assets Private Limited :- Wholly Owned Subsidiary w.e.f. 31.03.2020
• 1. Sanvo Resorts Private Limited :- Subsidiary through MNTPL (91% holding

Joint ventures:-

A joint venture is a type of joint arrangement whereby the parties have joint control of the arrangement and have rights to the net assets of the arrangement. Joint Control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

103

The Group's investments in joint venture are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group's share of net assets of joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually.

Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.

The financial statements of joint ventures are prepared for the same reporting period as the Group. Where necessary, adjustments are made to bring the accounting policies in line with those of the Group.

(c) Functional and presentation currency :

These consolidated financial statements are presented in Indian rupees (INR), which is the Group's functional currency. All financial information have been presented in Indian rupees (INR) and all amounts have been rounded-off to the nearest lakhs, unless otherwise stated.

(d) Operating Cycle:-

The normal operating cycle in respect of operation relating to under construction real estate project depends on signing of agreement, size of the project, phasing of the project, type of development, project complexities, approvals needed. Accordingly, project related assets & liabilities have been classified into current & non-current based on operating cycle of the respective projects.

(e) Use of estimates and judgements :

The preparation of the Consolidated financial statements in conformity with recognition and measurement principles of Ind AS requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. Estimates and underlying assumptions are reviewed on an ongoing basis. They are based on the historical experience and other factors, including expectations of future events that may have financial impact on the Group and are believed to be prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/ materialise.

The areas involving critical estimates and judgments are:

(i) Evaluation of Percentage Completion:-

Determination of revenues under the percentage of completion method necessarily involves making estimates, some of which are of a technical nature, concerning, where relevant, the percentages of completion, costs to completion, the expected revenues from the project or activity and the foreseeable losses to completion. Estimates of project income, as well as project costs, are reviewed periodically. The effect of changes, if any, to estimates is recognised in the financial statements for the period in which such changes are determined.

(ii) Impairment of Non Financial Assets:

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's fair value less costs of disposal and its value in use. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

(iii) Impairment of Financial Assets:

The impairment provisions for financial assets are based on assumptions about the risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

(iv) Estimation of useful life of property, plant and equipments:

Useful lives of tangible assets are based on the life prescribed in Schedule II of the Companies Act, 2013. In cases, where the useful lives are different from that prescribed in Schedule II, they are based on technical advice. Assumptions also need to be made, when the Group assesses, whether an asset may be capitalised and which components of the cost of the asset may be capitalised.

(v) Recognition and Measurement of Defined Benefit Obligations:

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, expected return on plan assets, trends in salary escalation and attrition rate. The discount rate is determined by reference to market yields at the end of the reporting period on government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post employment benefit obligations.

(vi) Fair Value Measurement of Financial Instruments:

When the fair values of the financial assets and liabilities recorded in the Balance Sheet cannot be measured based on the quoted market prices in active markets, their fair value is measured using valuation technique. The inputs to these models are taken from the observable market wherever possible, but where this is not feasible, a review of judgement is required in establishing fair values. Any changes in assumptions could affect the fair value relating of financial instruments.

(vii) Classification of Investment property:

The Group determines whether a property is classified as investment property or as inventory:

104

• (a) Investment property Group land and buildings that are not occupied for use by, or in the operations of, the Group, nor normally for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation. These buildings are rented to tenants and are not intended to be sold in the ordinary course of business.
• (b) Inventory comprises property that is held for sale in the ordinary course of business. Principally these are properties that the Group develops and intends to sell before or on completion of construction.
• (viii) Estimation of recognition of deferred tax assets, availability of future taxable profit against which tax losses carried forward can be used.
• (ix) Estimation on discounting of retention money payable

(f) Measurement of fair values :

The Group's accounting policies and disclosures require the measurement of fair values, for financial instruments:-

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/ or disclosure purposes in these financial statements is determined on such a basis, except leasing transactions that are within the scope of Ind AS 17, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in Ind AS 2 or value in use in Ind AS 36.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date

•Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

•Level 3 inputs are unobservable inputs for the asset or liability

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

2.2 Property, Plant and Equipment :-

All the items of property, plant and equipment are stated at cost less depreciation and impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.

Depreciation methods, estimated useful lives and residual value

The Group depreciates its property, plant and equipment (PPE) over the useful life on straight line method in the manner prescribed in Schedule II to the Act. Management believes that useful life of assets are same as those prescribed in Schedule II to the ActThe residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting periodDepreciation on additions / deletions is calculated pro-rata from the date of such addition / deletion, as the case maybe.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.

2.3 Investment Properties :-

Investment property is property held to earn rental income or for capital appreciation or for both, but normally not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes.

Upon initial recognition, an investment property is measured at cost. Subsequent to initial recognition, investment property is measured at cost less accumulated depreciation and accumulated impairment losses, if any.

Based on technical evaluation and consequent advice, the Management believes a period of 60 years as representing the best estimate of the period over which investment properties are expected to be used. Accordingly, the Company depreciates investment property over a period of 60 years. Any gain or loss on disposal of investment property is recognised in the Statement of Profit and Loss.

2.4 Inventories :-

• a. Inventories comprise of: (i) Finished Inventories representing unsold premises in completed projects (ii) Construction Work in Progress representing properties under construction / development and
• b. Inventories are valued at lower of cost and net realisable value
• c. Cost of construction / development is charged to the Statement of Profit and Loss in proportion to the revenue recognised during

the period and the balance cost is carried over under Inventory as part of either Construction Work in Progress or Finished inventories. Cost of construction / development includes all costs directly related to the Project (including finance cost attributable to the project) and other expenditure as identified by the Management which are incurred for the purpose of executing and securing the completion of the Project (net off incidental recoveries / receipts) up to the date of receipt of Occupation Certificate of Project from the relevant authorities.Construction Work in Progress includes cost of land, premium for development rights, construction costs, allocated interest and expenses incidental to the projects undertaken by the Group.

2.5 Financial Instruments:

(a) Financial Assets:-

(i) Classification

The Group classifies financial assets as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

(ii) Initial Recognition and Measurement

All financial assets (not measured subsequently at fair value through profit or loss) are recognised initially at fair value plus transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.

(iii) Subsequent Measurement

For purposes of subsequent measurement financial assets are classified into two broad categories:

• a. Financial asset at fair value
• b. Financial asset at amortised cost

Where assets are measured at fair value, gains and losses are either recognised entirely in profit or loss (i.e. fair value through profit or loss), or recognised in other comprehensive income (i.e. fair value through other comprehensive income).

(iv) Equity Investments

All equity investments other than investment in subsidiaries and joint venture are measured at fair value. Equity instruments which are held for trading are classified as at Fair Value Through Profit & Loss (FVTPL). For all other equity instruments, the Group decides to classify the same either as at Fair Value Through Other Comprehensive Income (FVTOCI) or FVTPL. The Company makes such selection on an instrument by instrument basis. The classification is made on initial recognition and is irrevocable.

If the Group decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in Other Comprehensive Income (OCI). There is no recycling of the amounts from OCI to the Statement of Profit and Loss, even on sale of such investments.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognised in the Statement of Profit and Loss.

(v) A financial asset mainly debt that meets the following 2 conditions is measured at amortised cost (net of any write down for impairment) unless the asset is designated at fair value through profit or loss under the fair value option.

• Business Model Test : the objective of the Group's model is to hold the financial asset to collect the contractual cash flows (rather than to sell the instrument prior to its contractual maturity to realise its fair value changes)

• Cash Flow Characteristics Test: The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding.

A financial asset that meets the following 2 conditions is measured at fair value through other comprehensive income unless the asset is designated at fair value through profit or loss under the fair value option.

Business Model Test : the financial asset is held within a business model whose objective is achieved both by collecting contractual cash flows and selling the financial assets

Cash Flow Characteristics Test: The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding.

Even if an instrument meets the two requirements to be measured at amortised cost or fair value through other comprehensive income, a financial asset is measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an 'accounting mismatch') that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on them on different basis.

All other financial assets are measured at fair value through profit or loss.

(v) De-recognition:

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:

• The rights to receive cash flows from the asset have expired, or
• The Company has transferred its rights to receive cash flows from the asset.

(vii) Impairment of Financial Asset

The Group assesses impairment based on expected credit losses (ECL) model to the following:

• Financial asset measured at amortised cost
• Financial asset measured at fair value through other comprehensive income

Expected credit losses are measured through a loss allowance at an amount equal to:

• 12 months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date); or
• Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument)

For financial assets other than trade receivables, as per Ind AS 109, the Group recognises 12 month expected credit losses for all originated or acquired financial assets if at the reporting date the credit risk of the financial asset has not increased significantly since its initial recognition. The expected credit losses are measured as lifetime expected credit losses if the credit risk on financial asset increases significantly since its initial recognition.

The Group follows 'simplified approach' for recognition of impairment loss allowance on trade receivables, considering historical trend, industry practices and the business environment in which the Group operates or any other appropriate basis.

The Group's trade receivables do not contain significant financing component and loss allowance on trade receivables is measured at an amount equal to life time expected losses i.e. expected cash shortfall.

The impairment losses and reversals are recognised in Statement of Profit and Loss.

(b) Financial Liabilities:-

(i) Classification

The Group classifies all financial liabilities as subsequently measured at amortised cost or at fair value through profit or loss.

(ii) Initial Recognition and Measurement

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs

(iii) Subsequent Measurement

After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in the Statement of Profit and Loss when the liabilities are derecognised.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.

Any difference between proceeds (net of transaction cost) and the redemption amount is recognised in profit or loss over the period of borrowing using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction cost of the loan to the extent that it is probable that some or all of the facility will be drawn down.

(iv) Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

(c) Equity Instruments

An equity instrument is a contract that evidences residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recognised at the proceeds received net off direct issue cost.

2.6 Cash and Cash Equivalents :-

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, bank overdraft, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.7 Revenue Recognition :-

(a) Revenue from contracts with customers :-

The Group undertakes the business of construction of residential and commercial properties. The ongoing contracts with customers are construction of residential & commercial buildings, and others.

The Group has adopted Ind AS 115, Revenue from Contracts with Customers, with effect from 01 April 2018. The Company has applied the following accounting policy for revenue recognition:Revenue from contract with customer is recognised, on execution of agreement when control of the goods or services are transferred to the customer, at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for those goods or services excluding any amount received on behalf of third party (such as indirect taxes). An asset created by the Group's performance does not have an alternate use and as per the terms of the contract, the Group has an enforceable right to payment for performance completed till date. Hence the Group transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognises revenue over time.The Group recognises revenue at the transaction price which is determined on the basis of agreement entered into with the customer. The Group recognises revenue for performance obligation satisfied over time only if it can reasonably measure its progress towards complete satisfaction of the performance obligation

(b) Dividend Income :-

Dividend Income is accounted when the right to receive the same is established.

(c) Interest Income

Interest income is accounted on accrual basis on a time proportion basis.

(d) Rental Income :-

Rental Income from investment property is recognised in consolidated statement of profit and loss on straight-line basis over the term of the lease except where the rentals are structured to increase in line with expected general inflation.

2.8 Current and Deferred Taxes :

(a) Current Tax:

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to / recovered from the tax authorities, based on estimated tax liability computed after taking credit for allowances and exemption in accordance with the tax laws as applicable.

(b) Deferred Tax:

Deferred tax is recognised using the balance sheet approach. Deferred tax assets and liabilities are recognised for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount.

Deferred tax asset are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

Deferred tax liabilities and assets measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities

Current and deferred tax for the year:

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively

2.9 Employee Benefits :

(a) Short term employee benefits:

Short term Employee Benefits are recognised as an expense on accrual basis at the undiscounted amount in the statement of profit and loss of the year in which related service is rendered.

(b) Post Employment Benefits

Unfunded Post employment and other long term employee benefits are recognised as expense in the statement of profit and loss for the year in which the Employees have rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques as per actuary report obtained at the year end.

Re-measurement of Defined Benefit Plans in respect of post-employment are charged to the Other Comprehensive Income.

2.10 Share-Based Payments

Employees of the Group also receive remuneration in the form of share based payments in consideration of the services rendered.

Equity settled share based payments to employees are measured at fair value in accordance with Ind AS 102, share based payments. The fair value determined at the grant date of the share based payment is expensed over the vesting period, based on the Group estimate of equity instruments that will eventually vest, with a corresponding increase in equity

2.11 Leases:

Operating Lease

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

As a lessee:-

The Group applies a single recognition and measurement approach for all leases, except for short - term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Subsequently, the right of use asset are measured at cost less accumulated depreciation and any accumulated impairment loss. Lease liability are measured at amortised cost using the effective interest method. The lease payment made, are apportioned between the finance charge and the reduction of lease liability, and are recognised as expense in the Statement of Profit and Loss.

Lease deposits received are a financial liabilities and are measured at amortised cost under Ind AS 109 since it satisfies Solely Payment of Principal and Interest (SPPI) condition. The difference between the present value and the nominal value of deposit is considered as deferred rent and recognised over the lease term. Unwinding of discount is treated as finance expenses and recognised in the Statement of Profit and Loss.

The Group has elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option (short-term leases), and lease contracts for which the underlying asset is of low value (low-value assets).

As a lessor:-

Lease income from operating leases where the Group is a lessor is recognised in income on a straight-line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases. The respective leased assets are included in the balance sheet based on their nature.

Lease deposits received are financial instruments (financial liability) and are measured at fair value on initial recognition. The difference between the fair value and the nominal value of deposits is considered as rent in advance and recognised over the lease term on a straight line basis. Unwinding of discount is treated as interest expense (finance cost) for deposits received and is accrued as per the EIR method.

2.12 Borrowing Cost

Borrowing costs are interest and other costs that the Group incurs in connection with the borrowing of funds and is measured with reference to the effective interest rate applicable to the respective borrowing.

Borrowing costs, allocated to qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset upto the time all the activities necessary to prepare the qualifying asset for its intended use or sale are complete.

All other borrowing costs are recognised as an expense in the period which they are incurred.

2.13 Earnings Per Share :

The Group reports basic and diluted earnings per share in accordance with Ind AS - 33 on 'Earnings per Share'. Basic earnings per share is computed by dividing the net profit or loss attributable to the owner's of the company by the weighted average number of Equity shares outstanding during the year. Diluted earnings per share is computed by dividing the net profit or loss attributable to the owner's of the company by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all diluted potential equity shares except where the results are anti- dilutive.

2.14 Provisions, Contingent Liabilities and Contingent Assets :

A provision is recognised when the Group has a present obligation as a result of past event and it is probable than an outflow of resources will be required to settle the obligation, in respect of which the reliable estimate can be made. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material) and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits. Contingent Assets are not recognised though are disclosed, where an inflow of economic benefits is probable

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

2.15 Segment Reporting

The Chief Operational Decision Maker (CODM) monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. The operating segments are identified on the basis of nature of product/services.

Note - 3 :- Property, Plant and Equipment (` in Lakhs)

Particulars	Freehold Land	Plant and Machinery	Office	Furniture, Equipments fixtures and fittings	Motor Vehicles	Computers	Total
Gross Block
At 1st April 2020	2.58	1,180.81	117.17	113.33	286.61	17.80	1,718.30
Additions	-	2.20	5.03	-	-	-	7.23
Sale / Discard	-	(48.78)	-	-	(2.32)	-	(51.10)
Gross Block as at 31 March 2021	2.58	1,134.23	122.20	113.33	284.29	17.80	1,674.43
Accumulated depreciation
At 1st April 2020	-	421.86	97.41	88.29	203.48	12.84	823.88
Depreciation for the year	-	80.41	6.15	11.62	24.73	2.07	124.98
Disposal / Reclassification	-	(31.74)	-	-	(1.40)	-	(33.14)
Accumulated depreciation
as at 31 March 2021	-	470.53	103.56	99.91	226.81	14.91	915.72
Net Block as at 31 March 2021	2.58	663.70	18.64	13.42	57.48	2.89	758.71

(` in Lakhs)

Particulars	Freehold Land	Plant and Machinery	Office	Furniture, Equipments fixtures and fittings	Motor Vehicles	Computers	Total
Gross Block
At 1st April 2019	2.58	1,184.20	109.30	113.33	286.61	14.26	1,710.27
Additions	-	2.06	3.38		-	2.70	8.14
Addition on acquisition of
Subsidiary [Refer Note 5.1]	-	70.27	4.49		-	0.84	75.60
Sale / Discard	-	(75.72)	-	-	-	-	(75.72)
Gross Block as at 31 March 2020	2.58	1,180.81	117.17	113.33	286.61	17.80	1,718.29
Accumulated depreciation
At 1st April 2019	-	346.73	90.40	76.33	176.70	10.34	700.50
Depreciation for the year	-	94.94	5.29	11.96	26.78	1.84	140.81
Addition on acquisition of Subsidiary		2.17	1.72	-	-	0.66	4.55
Disposal / Reclassification	-	(21.98)	-	-	-	-	(21.98)
Accumulated depreciation
as at 31 March 2020	-	421.86	97.41	88.29	203.48	12.84	823.88
Net Block as at 31 March 2020	2.58	758.95	19.76	25.04	83.13	4.96	894.41

Note 3.1:- The Group has no restrictions on the realisability of its Property, Plant and Equipments and the same are free from any encumbrances except as disclosed in Note 22.1

Note 4 - Investments Properties (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
Gross carrying amount at the beginning of the year	15,715.69	11,226.67
Add:- Transferred from Stock in Trade	-	4,717.61
Less:- Depreciation	(255.74)	(228.59)
Net Carrying Value at the end of the year	15,459.95	15,715.69

Note 4.1:- Fair Value :-

The Group measures investment properties using cost based model. The fair value of investment property is based on the rate published by Government in ready recknor and its measurement is categorised in level 3 fair value hierarchy.

Particular	Valuation Method	Fair Value as on 31 March 2021	Fair Value as on 31 March 2020
(i) Commercial Properties :- 108,840 [PY: 108,840] sq.fts. of saleable area in Marathon Future X	Ready Recknor published by Government	18,415.70	18,415.70
(ii) 100 [PY: 100 No's] Car parks in Marathon Future X		650.00	650.00

Note 4.2:- Contractual Obligation:-

Company does not have any contractual obligation to purchase, construct or develop the investment properties or its repairs, maintenance or enhancement except Society maintenance charges and property tax.

Note 4.3:- Amounts recognised in profit and loss for investment properties		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Rental income derived from investment properties	1,591.41	1,489.93
Direct operating expenses ( incl. repairs maintenance) generating rental income	147.31	331.05
Direct operating expenses ( incl. repairs maintenance) not generating rental income	48.60	41.51
Profit arising from invested properties before depreciation	1,395.50	1,117.37
Depreciation for the year	(255.74)	(228.59)
Profit arising from invested properties	1,139.76	888.78

Note 4.4:- Leasing arrangement:-

Company as a lessor:- Company has recognised the Lease rent income of 95,002 [PY: 95,002] sq.fts. of area given under operating lease

Particulars	As at	As at
	31 March 2021	31 March 2020
Not later than one year	1,580.08	1,600.00
Later than one year and not later than five years	3,214.52	5,179.58
later than five years	-	-
Lease income recognised during the year in the statement of profit and loss	1,591.41	1,489.93

Note 4.5:- Restriction on Realisability of investment property:-

Company has no restriction on the realisability of its investment properties except as disclosed in Note. 22.1

Note 5- Goodwil on consolidation

Following is the movement in Goodwill:

Particulars	As at 31 March 2021	As at 31 March 2020
Balance at the beginning of the year	12,522.52	9,849
Additions/(Write off ) during the year	-	2,673.69
Balance at the end of the year	12,522.52	12,522.52

Note 6A - Investment in Joint Ventures		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Investment in equity instruments at cost- Unquoted
Equity Shares of Columbia Chrome (I) Private Limited	0.90	3.37
5,208 [PY : 5,208] Equity shares of `. 100/- each]
Investment in Limited Liability Partnership at cost- Unquoted
Swayam Realtors & Traders LLP	950.10	2,271.50
Total	951.00	2,274.87

(` in Lakhs)

Particulars	As at 31 March 2021	As at 31 March 2020
Aggregate amount of quoted investment and market value thereof	-	-
Aggregate amount of unquoted investment	951.00	2,274.87
Aggregate amount of impairment in value of investment	-	-

Note 6B - Investments (Financial)		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
A) fair value through Profit and Loss A/c - Non-Trade Investments
(i) Other Trade investment
(a) Investment in Mutual Fund - Quoted (fair value through Statement of profit or loss)
18,45,557.286 [PY: 18,45,557.286] Units of L&T Short Term Opportunities Fund - Reg - Growth	384.61	359.50
(b) Investment in Government Securities at amortised cost- Unquoted
National Savings Certificate [Refer Note 6.5]	0.28	0.28
Total	384.89	359.78

Note 6.1:-		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Aggregate amount of quoted investment and market value thereof Aggregate amount of unquoted investment Aggregate amount of impairment in value of investment	384.61 0.28 -	359.50 0.28 -
Note 6.2:- Category wise investments :		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Investment measured at Fair Value Through Profit and Loss- Quoted (b) Investment measured at Fair Value Through Profit and Loss- Unquoted (c) Investment measured at Fair Value Through Other Comprehensive Income	384.61 - -	359.50 - -
(d) Investment measured at cost

Note 6.3:- Details of all partners, Capital and profit sharing ratio (PSR) in Limited Liabilities where Company is a partner

Name of LLP and Partner	As at 31 March 2021				As at 31 March 2020
	PSR	Fixed capital	PSR	Fixed capital
Swayam Realtors and Traders LLP
1. Adani Infrastructure And Developers Private Limited	60%	63.61	60%	63.61
2. Marathon Nextgen Realty Limited	40%	42.40	40%	42.40

Note 6.4:- Investment in Mutual fund is fair valued at closing Net Annual Value (NAV).

Note 6.5:- National Saving Certificate is given to Bombay Port Trust Limited as security deposit.

Note 7 - Loans : Non Current		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
At amortised cost,
(a) Considered good – Secured	-	-
(b) Considered good – Unsecured
(i) Loan to Related Parties [Refer Note 52]	43,519.80	56,018.32
(c) Loans and Advances which have significant increase in credit risk	-	-
(d) Loan and advances – credit impaired	-	-
Total Loans and Advances	43,519.80	56,018.32
Less : Allowance for doubtful debts	-	-
Total	43,519.80	56,018.32

Note 7.1:- Loans and advances are granted to meet the business requirements of borrowers. Loans and Advances due from the subsidiaries and Joint Ventures are disclosed as loans to related parties.

Note 8 - Other Financial Assets : Non-Current (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
At amortised cost, Unsecured considered good unless otherwise stated
(a) Security deposits	450.00	470.83
(b) Margin Money deposits with bank having maturities of more than
12 months from the Balance Sheet date [Refer Note 8.1]	294.21	424.32
(c) Other Deposits	116.37	20.30
Total	860.58	915.45

Note 8.1:- Margin monies are lien marked with Bank and NBFC for amount borrowed by the company.

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Note 9 - Deferred Tax Assets / (Liabilities) (` in Lakhs)

	(₹in Lakhs)
--	-------------

Particulars	As at 31 March 2020	Recognized in the statement of profit orloss	Recognized in other comprehensive income	As at 31 March 2021
A Deferred Tax Assets:
(i) Employee benefits	41.68	(2.23)	(7.18)	32.27
(ii) Property, plant and equipments,
Investment Properties and Rights to Use	198.79	(178.01)	-	20.78
(iii) Provision for Disallowance under Income Tax Act	79.49	533.21	-	612.70
(iv) Borrowings	(123.66)	28.94	-	(94.72)
(v) Fair value of Mutual Fund	(17.67)	3.92	-	(13.75)
Total Deferred Tax Assets (9A)	178.63	385.83	(7.18)	557.28
B Deferred Tax Liabilities:
(i) Employee benefits	(29.97)	(2.11)	5.63	(26.46)
(ii) Property, plant and equipment	54.06	(6.83)	-	47.23
Net Deferred Tax Liabilities (9B)	24.09	(8.94)	5.63	20.77
		394.77	(12.81)

	Particulars	As at 31 March 2019	Adjustment on initial application of IND AS116	Recognized in the statement of profit orloss	Recognized in other comprehensive income	As at 31 March 2020
A	Deferred Tax Assets:
(i)	Employee benefits	42.05	-	(5.17)	4.80	41.68
(ii)	Property, plant and equipment	86.82	13.30	98.67	-	198.79
	(iv) Provision for Disallowance under Income Tax Act	79.49	-	-	-	79.49
	(vi) Borrowings	(134.03)	-	10.37	-	(123.66)
	(vii) Fair value of Mutual Fund	(8.91)	-	(8.76)	-	(17.67)
	Total Deferred Tax Assets (9A)	65.42	13.30	95.11	4.80	178.63
B	Deferred Tax Liabilities:
(i)	Employee benefits	(38.55)	-	9.96	(1.38)	(29.97)
(ii)	Property, plant and equipment	69.55	-	(15.49)	-	54.06
	Total Deferred Tax Liabilities (9B)	31.00	-	(5.53)	(1.38)	24.09
			13.30	100.64	6.18

The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

The Group has recognised deferred tax asset to the extent that the same will be recoverable using the estimated future taxable income based on the approved business plans and budgets of the Group.

Note 10 - Non-Current Income Tax Assets (Net)		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Current tax for current year	-	487.99
(b) Current tax pertaining to prior years	-	399.07
Total	-	887.06

Note 10.1:- Refer Note 39A For tax reconciliation estimated income tax expense at statutory income tax rate to income tax expense reported in statement of profit and loss

Note 10A - Current Tax Liabilities (Net) (` in Lakhs) Particulars As at As at 31 March 2021 31 March 2020 Income Tax (a) Current tax (benefit) / expense for current year 262.22 14.40 Total 262.22 14.40

Note 11 - Other Non-current Assets		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Advance for purchase of Land [Refer Note 11.1]	-	503.25
Less: Provision for doubtful advance	-	(503.25)
(b) Other Current Assets	0.19	0.29
Total	0.19	0.29

Note 11.1:- During the year the Group has recovered the advances given for the purchase of land . 503.25 Lakhs for which provision was made in earlier year. The Excess amount received on the refund of these advances of.70 Lakhs has been recorded as compensation received under 'Other Income'.

Note 12 - Inventories		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
Inventories valued at lower of cost and net realizable value
(a) Finished Goods including stock of Car Parks	14,748.96	5,521.70
(b) Construction Work in Progress	35,372.92	45,845.88
Total	50,121.88	51,367.58
Note 13 - Trade receivables		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
At amortised cost, Unsecured considered good unless otherwise stated
(a) Receivable from Related parties [Refer Note 52]	136.77	15.99
(b) From Others	5,057.23	2,334.55
Less: Provision for doubtful debts [Refer Note 50]	(168.51)	(168.51)
Total	5,025.49	2,182.03

Note 13.1:- No trade or other receivable are due from directors or other officers of the group either severally or jointly with any other person. Nor any trade or other receivable are due from firms or private companies respectively in which any director is a partner, a director or a member except given below.

Receivable includes amount due from :		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(A) Private Companies in which director is a director or member	136.77	136.77
Note 13.2:- Break-up for security details:		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Trade receivables
Secured, considered good	-	-
Unsecured, considered good	4,991.68	2,299.69
Trade Receivables which have significant increase in Credit Risk	34.86	34.86
Trade Receivables - credit impaired	167.46	167.46
Less: Impairment Allowance (allowance for bad and doubtful debts)* [Refer Note 50]	(1.05)	(1.05)
Less: Provision for doubtful debts [Refer Note 50]	(167.46)	(167.46)
Total trade receivables	5,025.49	2,333.50

Trade receivables are non-interest bearing.

*The provision for the impairment of trade receivable has been made on the basis of the expected credit loss.

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Note 14 - Cash and Cash Equivalents		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Balances with banks
- In current accounts	3,755.86	1,045.39
- Margin money with Bank and NBFC - original maturity of 3 months or less	442.80	172.20
(b) Cash in hand	7.59	10.82
Total	4,206.25	1,228.41
Note 15 - Bank balances other than (Note 14) above		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Balances held as Margin Money/Security towards
obtaining Bank Guarantees and borrowings	4,044.96	3,782.49
(b) Earmarked Accounts
- Unpaid dividend account [Refer Note 15.1]	21.97	21.41
- Fractional entitlement	0.30	0.30
Total	4,067.23	3,804.20

Note 15.1:- In accordance with the provisions of Sec 124 of the Companies Act 2013, the Group has transferred unpaid dividends of FY 2012-13 to the Investor Education and Protection Fund (IEPF) based on the certificate received from the Registrar and Transfer Agent. Subsequent to this payment , Few credits are appearing in the bank Account amounting to `. 3.00 Lakhs which is subject to reconciliation with the banker and Group will discharge the liability once it is reconciled.

Note 16 - Loans : Current (` in Lakhs)

Particulars	As at 31 March 2021	As at 31 March 2020
(a) Considered good – Secured (b) Considered good – Unsecured	-	-
(a) Loans to staff	4.03	4.66
(b) Inter Corporate Deposits given to related parties [Refer Note 52]	18,203.00	2,635.92
(b) Inter Corporate Deposits given to other than related parties	5,653.88	6,265.96
(c) Loans and Advances which have significant increase in credit risk	-	-
(d) Loan and advances – credit impaired	-	-
Total Loans and Advances	23,860.91	8,906.54
(c) Others	-	-
Total	23,860.91	8,906.54

Note 16.1:- No Loans are due from directors or other officer of the Company either severally or jointly with any other person Nor any loans are due from firm or any private companies respectively in which any director is a partner, a director or a member other than disclosed in related parties.

Note 17 - Others Financial Assets : Current (` in Lakhs)

Particulars	As at 31 March 2021	As at 31 March 2020
Financial assets at amortised cost - (Unsecured, considered good)
(a) Margin money with bank and NBFC maturity of less than 12 months	4,420.66	1,682.25
(b) Interest accrued on Investment	0.28	0.28
(c) Interest accrued on Deposits	14.56	14.53
(e) Other receivable
- From Related Party	-	2.10
- From others	242.59	115.95
Less: Provision for doubtful debts	(105.52)	(105.52)
Total	4,572.57	1,709.59
Note 18 - Other Current Assets		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
(a) Advance to suppliers	1,459.17	571.98
(b) Prepaid expenses	27.26	30.63
(c) Balance with Government Authorities [Refer Note 18.1]	1,597.54	1,901.69
Total	3,083.97	2,504.30

Note 18.1:- Balances with Government Authorities includes MVAT appeal fees paid under protest [Refer Note 41.2 and 41.3]

Note 19 - Equity Share Capital		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
Authorised Share Capital
10,05,00,000 Equity shares of `. 5/- each	5,025.00	5,025.00
[as at 31 March 2020: 10,05,00,000 equity shares of `. 5/- each]
25,000 6% Redeemable Cumulative Preference shares of `. 100/- each	25.00	25.00
[as at 31 March 2020: 25,000, Preference shares of `. 100/- each]
1,00,000 0% Cumulative Preference Shares of `. 100/- each	100.00	100.00
[as at 31 March 2020: 1,00,000, Preference shares of `100/- each]
Total	5,150.00	5,150.00
Issued, Subscribed and Paid-up
4,60,00,000 Equity shares of ` 5/- each	2,300.00	2,300.00
[as at 31 March 2020: 4,60,00,000 equity shares of ` 5/- each]
Total	2,300.00	2,300.00

Note 19A:- Terms, rights & restrictions attached to

1. Equity Shares:-

The Company has only one class of equity shares having a face value of 5/- per share [PY: 5/- per share] . Accordingly, all equity shares rank equally with regards to dividends & share in the holding company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holder of equity shares will be entitled to receive the remaining assets of the holding company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders

2. Preference Shares:-

The Company has two classes of preference shares having face value of ` 100/- each. The preference shares rank ahead of equity shares in the event of liquidation.

Note 19B:- Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year

Particulars	As at 31 March 2021		As at 31 March 2020
	No. of shares	Amount	No. of shares	Amount
Shares at the beginning of the year	4,60,00,000	2,300.00	2,30,00,000	2,300.00
Movement during the year	-	-	-	-
Outstanding at the end of the year	4,60,00,000	2,300.00	4,60,00,000	2,300.00
Note 19C:- Shares held by Holding Company, its Subsidiaries and Associates				(` in Lakhs)
Particulars			As at	As at
			31 March 2021	31 March 2020
By Holding company
3,44,82,646 equity shares of 5/- each (March 31, 2020 : 3,44,82,646<br>equity shares of 5/- each) are held by Marathon Realty Private Limited			1,724.13	1,724.13

Note 19D:- Details of Shareholders holding more than 5% share in the company:-

Particulars		As at 31 March 2021		As at 31 March 2020
	% holding	No. of Shares		No. of Shares
Marathon Realty Private Limited	74.96%	3,44,82,646	74.96%	3,44,82,646

Note 19E:- Equity shares movement during the 5 years preceding March 31, 2021.

(a) The Company has not issued any shares without payment being received in cash.

(b) Equity shares issued as bonus:-

In FY 2015-16, the Company allotted 94,79,115 number of equity shares as fully paid up bonus shares by capitalisation of profits transferred from retained earnings amounting to 922.91 lakhs and capital redemption reserve amounting to 25 Lakhs, pursuant to an ordinary resolution passed after taking the consent of shareholders in General Meeting held on December 10, 2015.

(c) Equity shares extinguished on buy-back

The Company bought back 54,37,345 number of equity shares for an aggregate amount of 14,952.70 Lakhs being 19.12% of the total paid up equity share capital at 275/- per equity share. The equity shares bought back were extinguished on July 6, 2017.

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Note 20 - Other Equity		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Capital Reserve
Opening balance	(1,301.19)	(1,301.19)
Add:- Addition / (deletion)	-	-
Closing balance	(1,301.19)	(1,301.19)
(b) Capital Redemption Reserve
Opening balance	543.73	543.73
Add:- Transferred from retained earning	-	-
Closing balance	543.73	543.73
(c) Debenture Redemption Reserve
Opening balance	-	-
Add:- Transferred from retained earnings	68.00	-
Closing balance	68.00	-
(d) Share Option Outstanding Account
Opening balance	-	-
Add:- Amortised amount of share based payments to employees [Refer Note 45]	25.24	-
Closing balance	25.24	-
(e) General Reserves
Opening balance	19,478.70	19,478.70
Add:- Additions / (deletion)	-	-
Closing balance	19,478.70	19,478.70
(f) Retained Earnings
Opening balance	38,305.09	39,708.06
Add:- Profit for the year	1,519.10	2,408.01
Less:- Transferred to Debenture Redemption Reserve Less:- Adjustment on initial application of IND AS116 (net of tax)	(68.00) -	- (32.38)
Less:- Equity dividend paid	-	(230.00)
Less:- Dividend distribution tax paid on equity dividend	-	(47.28)
Less:- Effect of change in proportion of Non Controlling interest [Refer Note 20.1]	-	(3,501.32)
Closing balance	39,756.19	38,305.09
(g) Other Comprehensive Income
Opening balance	(1.16)	13.28
Additions / (Deletions) during the year	39.85	(14.44)
Closing balance	38.69	(1.16)
Total	58,609.36	57,025.17

Note 20.1:- The Company has as at March 31, 2020, acquired 240 shares of . 100 each being 24% of the paid up equity capital of Sanvo Resorts Private Limited (SRPL), its step down subsidiary at.19,35,500/- per share aggregating to `. 4645.20 Lakhs from Marathon Realty Private Limited (Ultimate Holding Company). Marathon Nextgen Township Private Limited a Wholly Owned subsidiary of the Company owns 67% of the paid up equity share capital of SRPL. The additional acquisition, result in to change in the proportion of equity held by Non-controlling interest. The difference between the fair value of consideration paid and change in the Non-controlling interest is directly adjusted in to the other equity.

Note 20.2:- Nature and purpose of reserves:-

(a) Capital Reserve:-

As per provisions of Ind AS 103 'Business Combination', Capital reserve has been created which constitutes the difference between the fair market value and book value of the assets and liabilities arising out of the slum sale agreement that the company entered into with its Holding Company Marathon Realty Private Limited during the financial year 2017-18.

(b) Capital redemption reserve:-

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free reserves. A sum equal to the nominal value of the shares so purchased is transferred to capital redemption reserve. The reserve is utilized in accordance with the provisions of section 69 of the Companies Act, 2013.

(c) Debenture Redemption Reserve:-

The Company has created debenture redemption reserve pursuant to Section 71(4) of the Companies Act,2013.

(d) Share Option Outstanding Account:-

Share option outstanding account is credited when the employee share based payments expenses are recognised on granting of the share options and in turn transferred to securities premium / equity share capital on exercise of the share options.

(e) General reserve:-

The general reserve is a free reserve which is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to statement of profit and loss.

(f) Retained Earnings :-

Retained earnings are the profits that the Company has earned till date, less any transfer to general reserve, dividends or other distributions paid to shareholders.

(g) Other Comprehensive Income (OCI):-

The Company has elected to recognize changes in the fair value of certain investments in equity shares in other comprehensive income. These changes are accumulated within the FVTOCI equity investment reserve within equity. Also Re-measurement of Defined Benefit Plan in respect of post employment are charged to Other Comprehensive Income.

Note 21 - Non Controlling Interest		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) In respect of 9% holding in Sanvo Resorts Private Limited
Share in Equity Capital	0.09	0.09
Share in Pre-Acquisition or opening Profit/ Reserves	428.89	1,389.63
Effect of change in proportion of Non Controlling interest [Refer Note 20.1]	-	(1,045.81)
Share in Profit for the period	75.22	85.04
Total	504.20	428.95
Note 22 - Borrowings : Non-Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Borrowings other than Related Parties
Secured Loans
(a) Term Loan from Banks	4,044.34	3,873.99
(b) Term Loan From Financial Institution / Others	39,045.35	43,576.11
(c) Deferred Payment Liabilities	402.72	638.82
(d) Non Convertible Debentures- Secured
2,522 [PY: Nil] Redeemable Non convertible Debentures of `.1,00,000/- each fully paid	25,220.00	-
	68,712.41	48,088.92
Less:- Amount disclosed under other current financial liabilities [Refer Note 28]	1,980.17	4,613.52
Total	66,732.24	43,475.40

Note 22.1:- Terms of Repayment, Security and guarantees:-

Name of Lender	Sanction Amount	*O/S as on 31-03-2021	O/S as on 31-03-2020	Other Details
(a) Term Loan from Banks
ICICI Bank Limited	12,500.00	4,044.34	3,873.99		Rate of Interest:- IMCLR plus 8.75% plus 3.75% payable monthly
				Repayment:-	24 equal monthly installments commencing from June, 2022
				Security:-	Development rights and free sale area approx 148927 sq fts in Millennia Project. Personal guarantee of Directors of the company.
Total of (a)		4,044.34	3,873.99
(b) Term Loan From Financial Institution / Others
L & T Infrastructure Finance Co. Ltd	19,500.00	2,865.46	2,640.71		Rate of Interest:- MCLR plus 3.9 % i.e. 15.85% p.a. payable monthly.
				Repayment:-	8 equal quarterly installment after the moratorium period of 60 months.
				Security:-	FSI of 26,253.15 sq mtrs of land of the Phase I, II & III of the project Neo square

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Name of Lender	Sanction Amount	O/S as on 31-03-2021	O/S as on 31-03-2020	Other Details
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.
L & T Infrastructure Finance Co. Ltd	5,000.00	5,734.43	4,928.36		Rate of Interest:- MCLR plus 3.9 % i.e. 16.45% p.a. payable monthly.
				Repayment :-	Two annual equal installment of `. 2500 Lakhs after moratorium period of 7 years.
				Security :-	FSI of 26,253.15 sq.mtrs. of land of the Phase I, II & III of the project Neo Square.
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.
LIC Housing Finance Ltd [Refer Note 41.7]	13,600.00	13,389.46	12,763.38		Rate of Interest:- LHPLR minus 3% (11.60% p.a.) payable monthly.
				Repayment :-	180 Equal Monthly installment of `. 160.07 Lakhs.
				Security :-	B-901, C-901, A-2102/03, A 2603,A-2402, A-2404, A-2604, A-603 admeasuring 87,118 sq.fts. of Saleable area of Marathon Future X.
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.
Kotak Mahindra Investment Ltd [Refer Note 41.7]	11,000.00	6,469.11	6,127.94		Rate of Interest:- MCLR plus 3.9% (i.e. 12.9% p.a.) payable Monthly.
				Repayment :-	24 equal monthly installment commencing from 25th month from the date of disbursement.
				Security :-	FSI of 27th to 30th floor of Marathon Future x.
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.
Kotak Mahindra Investment Ltd [Refer Note 41.7]	1,236.00	1,252.64	-		Rate of Interest:- Interest rate is fixed of 14% p.a. payable on monthly.
				Repayment:-	48 Equal Monthly installment of `. 0.2575 Lakhs after completion of 12 months moratorium period.
				Security:-	FSI of 27th to 30th floor of Marathon Future x along with unsold area of 3rd and 4th floor of Marathon FutureX for joint borrowing with MRPL.
LIC Housing Finance Ltd (Rental Discounting) [Refer Note 41.7]	6,400.00	6,704.25	6,388.03		Rate of Interest:- LHPLR minus 4.55% (10.25% p.a.) payable monthly.
				Repayment :-	180 Equal Monthly installment of `. 69.76 Lakhs.
				Security :-	B - 602, A-603, A- 2601,2104 admeasuring 37,114 sq.fts. of leased out area in Marathon Future X.
				Personal Guarantee:-	Personal Guarantee of Directors, Mr. Chetan R Shah and Mr. Mayur R Shah.

Name of Lender	Sanction Amount	O/S as on 31-03-2021	O/S as on 31-03-2020	Other Details
LIC Housing Finance Ltd [Refer Note 41.7]	2,630.00	2,630.00	-		Rate of Interest:- Interest rate is fixed of 12.70% p.a. payable on monthly.
				Repayment :-	48 Equal Monthly installment of `. 70.17 Lakhs after completion of 12 months moratorium period.
				Security :-	B-901, C-901, A-2102/03, A 2603,A-2402, A-2404, A-2604, A-603 Marathon Future X.
Piramal Finance Limited	13,500.00	-	10,727.69		Rate of Interest:- 11.75% p.a. on construction loan payable monthly & there is reduction in interest rate on achieving required sales.
				Repayment:-	12 equal quarterly installment after the completion of moratorium period of 36 months from the date of first disbursement.
				Security:-	Land area 6.68 acres of land and unsold area in 12 towers being developed by subsidiary company Sanvo resorts private Ltd and personal guarantee of Directors of the company. DSRA for one month interest.
Total of (b)		39,045.35	43,576.11
(c) Deferred Payment Liabilities
Deferred Payment Liabilities - Vehicle Loan
from Kotak Mahindra Prime Limited	38.00	9.94	15.92	Repayment:-	Rate of Interest:- rages between 9% to 11% p.a As per terms of Loan
					sanctioned
Deferred Payment Liabilities - Equipment loan from HDFC Bank	700.00	392.78	622.90	Security:-	hypothecation on Vehicle Rate of Interest:- rages between 9% to 11% p.a.
				Repayment:-	As per terms of Loan sanctioned
				Security:-	Premises situated at Ground floor shop No 8 and shop No 5 to 13 on Mezzanine floor at Marathon Maxima owned by group company Vinotak Investment Private Limited. And DSRA as per terms of sanctioned.
Total of (c)		402.72	638.82
(d) Non Convertible Debentures- Secured Asia Real Estate II India Opportunity Trust 27,100.00		25,220.00	-		Rate of Interest:- Fixed rate of 15.15% p.a.
				Redemption:-	15% from the sale proceeds from additional tower and between January, 2022 to January, 2025 as per redemption schedule. Have option to prior to schedule by paying premium.
				Security:-	Land area 6.68 acres of land and unsold area on the said land. 91% holding of the company in Subsidiary Company, Sanvo Resorts Private Limited.

Name of Lender	Sanction Amount	O/S as on 31-03-2021	O/S as on 31-03-2020	Other Details
				Guarantees :-	Corporate Guarantee of Marathon Realty Private Limited and Marathon Nextgen Township Private Limited, Chetan R Shah and Mayur R Shah
Total of (d)		25,220.00	-
(e) Amount disclosed under current financial liabilities [Refer Note 28]		(1,980.17)	(4,613.52)
Total (a+b+c+d-e)		66,732.24	43,475.40

* Includes interest payable converted in to loan on opting of moratorium

Note 23 - Other Financial Liabilities : Non-Current (` in Lakhs)

Particulars	As at 31 March 2021	As at 31 March 2020
Carried at amortised cost
(a) Other payable (Expenses) [Refer Note 23.1]	28.57	26.72
(b) Lease Rent Deposits Received	501.90	631.24
Total	530.47	657.96

Note 23.1:- Other Payable includes rent and municipal taxes payable to Bombay Port Trust relating to a cotton godown situated at Sewree. Discussions are on with the Port Trust authorities to settle the matter.

Note 24 - Provisions : Non Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Provision for Employee Benefits [Refer Note 44]
Employees benefits (Gratuity)	169.37	201.05
Compensated Absences	61.64	64.39
(b) Provision for expenses [Refer Note 24.1]	2,721.29	2,164.71
Total	2,952.30	2,430.15

Note 24.1:- Provisions pertaining to land cost included in finished inventory.

Note 25 - Other Non Current Liabilities		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Deferred Rent	54.26	143.36
Total	54.26	143.36
Note 26 - Borrowings : Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Secured Borrowings - at Amortised cost: From Bank- Cash Credit Facility	5,176.99	3,408.93
Total Secured Borrowings (A)	5,176.99	3,408.93
(b) Unsecured Borrowings - at cost: Loans from related parties [Refer Note 52]	4.79	4,966.92
Total Unsecured Borrowings (B)	4.79	4,966.92
Total (A+B)	5,181.78	8,375.85

Note 26.1:- Terms of Repayment, Security and guarantees:-
Name of Lender	Sanction Amount	O/S as on 31-03-2021	O/S as on 31-03-2020	Other Details
Axis Bank Ltd	3412.50	3188.94	3408.93	Rate of Interest:- Ranges 8.35% to 9.20%
				Repayment:-	payable on demand
				Security:-		Term deposits of ` 3500/- Lakhs
HDFC Bank Ltd	2500.00	1988.05		Rate of Interest:- 5.16% payable monthly
				Repayment:-	payable on demand
				Security:-		Term deposits of ` 2500/- Lakhs
Total		5,176.99	3,408.93
Note 27 - Trade Payables : Current						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
Carried at amortised cost
(a) Total outstanding dues of micro and small enterprises [Refer Note 47] (b) Total outstanding dues of creditors other than micro and small enterprises					342.69 4,811.74	239.98 14,445.49
Trade Payables					5,154.43	14,685.47
Note 27.1 - Break-Up of Trade Payables						(` in Lakhs)
Particulars					As at	As at
					31 March 2021	31 March 2020
Trade Payables to related parties [Refer Note 52]					2,086.79	10,119.93
Trade Payables to Others					3,067.64	4,565.54
Total					5,154.43	14,685.47
Note 28 - Other Financial Liabilities : Current						(` in Lakhs)
Particulars					As at 31 March 2021	As at 31 March 2020
Carried at amortised cost
(a) Current maturities of long-term debt [Refer Note 22]					1,980.17	4,613.52
(b) Interest accrued but not due on long-term borrowing					308.24	199.79
(c) Unpaid dividend					23.34	22.78
(d) Director's remuneration payable					-	8.96
(e) Society dues [Refer Note 28.1]					621.19	637.92
(f ) Other Payable					221.63	445.76
					74.35	308.22
(g) Book overdraft

Note 29 - Provisions : Current		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Provision for Employee Benefits [Refer Note 44]
Employees benefits (Gratuity)	7.83	19.07
Compensated Absences	17.55	18.96
(b) Provision for expenses [Refer Note 24.1]	214.31	130.04
Total	239.69	168.07
Note 30 - Other Current Liabilities		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(a) Statutory dues	301.09	287.63
(b) Contract liabilities -Advance from customers against sale of units [Refer Note 43]	23,828.28	25,136.05
(c) Deferred Rent	22.45	43.18
(d) Advance lease rent received	-	-
(e) Others- Provision for expenses	30.76	15.06
Total	24,182.58	25,481.92

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Note 31 - Revenue from Operations		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Sale of property (Commercial & Residential)	15,115.61	17,680.09
(b) Income from hiring and other charges	-	15.66
('c) Income from Rental	1,591.41	1,489.93
(d) Deferred Rent Income	33.94	53.57
(e) Interest Income from Project Advances	3,813.88	4,873.97
Total	20,554.84	24,113.22

Note 32 - Other Income (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Interest Income
(1) Interest income on Fixed Deposits	424.59	381.89
(2) Interest on staff loan	0.69	2.27
(3) Interest on Income Tax Refund	92.03	123.30
(4) Interest on Loans and advances and others	480.84	245.48
(5) Interest received on delayed payments from customers	10.35	-
(6) Interest on Delayed Rental Income	50.12	-
(b) Other gains and losses
(1) Fair Value gain on financial assets (mutual fund)	25.11	30.08
(c) Other Income
(1) Miscellaneous income	49.70	44.13
(2) Compensation received [Refer Note 11.1]	70.00	-
(3) Reversal of Provision of Doubtful debts [Refer Note 11.1]	503.25	-
(4) Miscellaneous balance w/back	0.02	0.02
(5) Profit/(loss) on Sale of Property, Plant and Equipment	1.44	2.95
(6) Society Management Fees	51.92	-
Total	1,760.06	830.12

Note 33 - Project Development Expenses (` in Lakhs) Particulars For the year ended For the year ended 31 March 2021 31 March 2020 (a) Project cost incurred (1) Consumption of material 1,562.49 2,119.34 (2) Contract cost, labour and other charges 5,018.54 6,889.22 (3) Approval costs 341.41 1,280.48 (4) Finance cost 3,404.28 2,132.66 (5) Depreciation on Plant & Machinery 9.19 9.19 (6) Lease Rent 503.12 457.38 Total 10,839.03 12,888.27

Note 34 - Change in Inventory of Finished Goods and Construction Work in Progress (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Opening Inventory
(i) Construction work in progress	33,051.99	43,276.73
(ii) Finished Inventories	18,315.59	7,912.89
Total Opening Inventory (a)	51,367.58	51,189.61
(b) Add:- Addition of acquisition of subsidiary	-	6,430.88
Less:
(c) Closing Inventory
(i) Construction work in progress	35,372.92	45,845.88
(ii) Finished Inventories	14,748.96	5,521.70
Total Closing Inventory (c)	50,121.88	51,367.58
Less: (d) Transfer to investment	-	4,717.61
(Increase) / Decrease in value (a+b-c-d)	1,245.70	1,535.31

Note 35 - Employee Benefits Expense (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Salaries and wages	484.91	871.85
(b) Gratuity [Refer Note 44]	33.05	33.59
(c) Contribution to provident and other funds	48.00	93.15
(d) Leave Salary	3.79	8.15
(e) Directors Remunerations	36.35	107.52
(f ) Staff welfare expenses	2.55	4.40
(g) Share based payments to employees [Refer Note 45]	3.65	-
Total	612.30	1,118.66

Note 36 - Finance Cost (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Interest expenses	7,548.10	6,050.45
(b) Other borrowing cost	76.98	50.67
(c) Interest on delayed payment	88.85	15.93
(d) Unwinding of discount on Financial Liabilities at amortised cost	35.43	48.24
(e) Interest on lease liabilities [Refer Note 42]	34.03	69.37
Total Finance Cost	7,783.39	6,234.66
Less:- Finance Cost Capitalised to inventory [Refer Note 33(4)]	3,404.28	2,132.66
Total	4,379.11	4,102.00

Note 37 - Other Expenses (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Advertisement, Promotion & Selling Expenses	179.61	732.44
(b) Commission and Brokerage Expenses	313.48	202.60
(c) Directors sitting fees	8.60	6.80
(d) Power and Fuel	22.60	27.30
(e) Telephone & Internet Expenses	3.50	1.42
(f ) Rent including lease rentals	93.98	1.87
(g) Repairs and Maintenance
- Buildings/ Property	195.91	372.56
- Others	0.39	2.60
(h) Insurance	11.87	26.01
(i) Rates & Taxes	115.73	192.97
(j) Security Charges	19.45	57.74
(k) Travelling and Conveyance	35.84	24.96
(l) Printing & Stationery	5.72	16.95
(m) Legal and professional fees	125.25	190.29
(n) Payment to Auditors [Refer Note 37.1]	18.03	17.53
(o) Provision for doubtful debts	-	1.05
(p) Donation and Contribution	11.72	7.63
(q) CRS Expenses [Refer Note 48]	93.70	158.80
(r) Miscellaneous Expenses	65.13	63.70
(s) Loss on sale of Property, plant and Equipments	7.95	-
(t) Compensation paid against Flat	156.53	32.67
Total	1,484.99	2,137.89

Note 37.1:- Payment to Auditor (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Services as statutory auditors	13.80	13.59
(b) Tax audit	2.50	2.50
(c) Others matters - certification service	1.73	1.45
Total	18.03	17.53

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Note 38 - Depreciation and Amortisation		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Depreciation on Property, Plants and Equipments
Depreciation on property, plant and equipment	124.98	140.81
Less:- Capitalised to Project	(74.67)	78.97
Depreciation charged to statement of Profit and Loss A/c	50.31	61.84
(b) Depreciation on investment property	255.74	228.59
(c) Amortisation of Rights-of-use Assets [Refer Note 42]	237.40	277.27

Total (a+b+c) 543.45 567.70

Note 39 - Tax Expenses

Tax expense/(credit) recognized in the Statement of Profit and Loss (` in Lakhs)

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
(a) Current tax
Current Tax on taxable income for the year	1,238.00	637.00
Total current tax expense	1,238.00	637.00
(b) Deferred tax
Deferred tax charge/(credit)	(394.77)	(100.64)
Total deferred income tax expense/(credit)	(394.77)	(100.64)
(c) Adjustment of Tax related to earlier period	50.39	(0.35)
Total tax expense (a+b+c)	893.62	536.01

A) Reconciliation of the income tax expenses to the amount computed by applying the statutory income tax rate to the profit before income taxes is summarized below:

Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
Enacted income tax rate in India applicable to the Company	29.12%	29.12%
Profit before tax	3,210.32	2,593.51
Current tax expenses on Profit before tax expenses at the enacted income tax rate in India	1,153.28	755.23
Adjustment on account of difference in rate adopted by subsidiary Company		245.05
Tax effect of the amounts which are not deductible/(taxable) in calculating taxable income	35.17	67.18
taxability under section 28(via)		159.37
(Deduction)/ disallowance under Income Tax Act, 1961	612.42	(40.68)
Other items	(179.60)	(66.77)
MAT Credit Utilised	(383.28)	(482.38)
Total income tax expense/(credit)	1,238.00	637.00
Effective Tax Rate	38.56%	24.56%

Note 39.1:- The Current tax expenses is provided in accordance with section 115JB Income Tax ,1961.

Note 40 - Earning Per Share		(` in Lakhs)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
Earning per Share has been computed as under:
(a) Net Profit attributable to shareholders	1519.1	2408.01
(b) Nominal value of equity shares – (in ` per share)	5.00	5.00
(c) Weighted average number of equity shares for basic EPS (in Lakhs)	460.00	460.00
(d) Weighted average number of equity shares for diluted EPS (in Lakhs)	460.30	460.00
(e) Basic earnings per share – (`) (a/c)	3.3024	5.2348
(f ) Diluted earnings per share – (`) (a/d)	3.3002	5.2348

Note 41:- Contingent liabilities (to the extent not provided for)		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Claims against the Company not acknowledged as debts in respect of past disputed liabilities of
(a) Income Tax [Refer Note 41.1]	-	4.31
(b) Sales Tax [Refer Note 41.2 and 41.3]	-	-
(c) Central Excise [Refer Note 41.4]	39.36	39.36
(d) Provident Fund [Refer Note 41.5]	38.83	38.83
(e) Service Tax [Refer Note 41.4]	85.88	-
(f ) Employee State Insurance Corporation [Refer Note 41.6]	8.67	8.67
(g) Others [Refer Note 41.8]	308.16	296.60

Note 41.1:- The Group had filed the appeal against the order passed u/s 143(3) r.w.s 147 read with Section 148 of Income Tax Act' 1961 for AY 2010-11, 2011-12 and 2012-13 raising demand of ` 4.31 Lakhs. The appeal has been heard in favour of Company.

Note 41.2:- The Sales Tax Department of the Government of Maharashtra has completed the VAT assessments with respect to the returns filed by the holding Company on the sale of flats to the customers during the period beginning from June 2006 till March 2010 and determined the VAT and resultant interest and penalty. In FY 2016-17, The Company has availed an amnesty scheme under the Maharashtra Settlement of Arrears in Disputes Bill, 2016 in respect VAT for the period 2006 to 2008 and 2009-10. The liability assessed under amnesty scheme by nodal department has been duly discharged by the company. Subsequently September 29, 2017, the Assistant Commissioner of Sales Tax - Investigation had suo moto passed an ex parte order raising a demand of 4,590.10 Lakhs along with applicable interest and penalties for the financial years 2006-07, 2007-08 and 2009-10. The holding Company has challenged the order passed by the investigation wing and filed the appeal with Deputy Commissioner of Sales Tax and paid applicable fees of 459 Lakhs as duty under protest. The said matter is pending for hearing.

Note 41.3:- The Company had received demand of ` 182.70 Lakhs for the FY 2010-11, FY 2011-12 and FY 2012-13 against which company had filed appeal by paying requisite appeal fees as duty under protest and matters are still pending for hearing.

Note 41.4:- The company had received the demands from Central Excise department for various years against which company is under appeal before the appellate authorities. These matter pertain to the periods when the company was engaged in the manufacture of textiles.

During the year the service tax department has raised a demand on the company for ` 83.76 Lakhs (Previous Year - Nil) for claiming ineligible Input credit of Service tax. The Company has filed the appeals before the CESTAT.

During the year the Goods and Service tax department has raised a demand on the company for ` 2.12 Lakhs (Previous Year - Nil) for Interest & Penalty on claiming Krishi Kalyan cess in Trans-1. The Company has filed the appeals before the Commissioner appeals.

Note 41.5:- The Employees Provident Fund Organization have issued a show cause notice against the Company raising a claim of ` 38.83 Lakhs purportedly being arrears pertaining to damages and delayed payment of interest. The Holding Company has appealed against the order in the Provident Fund Appellate Tribunal and pending hearing the recovery of principal interest and damages has been stayed.

Note 41.6:- The Employees' State Insurance Corporation has raised a claim of ` 8.67 Lakhs purportedly being arrears of contribution, damages and delayed payment interest. The company has preferred an appeal in the ESIC court.

Note 41.7:- Cadastral survey No.166 is the land on which commercial project Marathon Future x is being constructed. This Land is jointly owned by the Company and holding Company, Marathon Realty Private Limited. Both the Companies owns stock in precincts either in form of completed units or in the form work in progress. The borrowings by either of these companies against hypothecation of stock of the other company is a co-borrower.

Note 41.8:- Other Contingent Liabilities of Subsidiary, Sanvo Resorts Private Limited (SRPL)

• (i) SRPL has as filed appeals before the Appellate Tribunal of the Maharashtra RERA against the order of RERA to pay 232 Lakhs [PY: 220 Lakhs] as interest to the customers.
• (ii) Income Tax demand AY 2016-17 and AY 2017-18 of 26.16 Lakhs [PY: 26.16 Lakhs]

(iii) Bank guarantees of ` 50 Lakhs

Note 42:- Lease

The group has been operating from the premises owned by Holding Company Marathon Realty Private Limited. The Group had entered into formal agreement for payment of rent on the premises occupied by it. The rental payable per month has been ` 30.64 Lakhs per month. The lease does not have any non-cancellable portion.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Opening Balance	243.04	477.68
Additions		45.95
Depreciation expense	(237.40)	(277.27)
Termination	(5.64)	(3.32)
Closing Balance	-	243.04

Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Opening Balance	257.96	517.73
Additions	-	45.95
Accretion of interest	34.03	69.37
Payments	(291.99)	(375.09)
Termination		-
Closing Balance	-	257.96
Current	-	257.96
Non-current	-	-

The effective interest rate for lease liabilities is SBI prime lending rate as on date of lease contract i.e. ranging 13.45% to 13.80%

(` in Lakhs) Particulars As at As at 31 March 2021 31 March 2020 Depreciation expense of right-of-use assets 237.40 277.27 Interest expense on lease liabilities 34.03 69.37 Expense relating to short-term leases and low value leases (included in other expenses) 1.87 - Total amount recognised in profit or loss 273.30 346.64 The following are the amounts recognised in profit or loss:

Note 43:- Disclosure as per Ind AS 115:-

(a) The Group is primarily engaged in the business of construction, development, Leasing and sale of commercial and residential real estate projects. The core business activities are carried out under various business model likes own development, through joint ventures and joint development and other arrangements with third parties.

Revenue from Operations		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Revenue from contract with customers as per note 31 Add/Less:- Other adjustment	15,115.61 -	17,680.09 -
Total revenue as per contracted price	15,115.61	17,680.09

(b) Contract Balances:-

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Receivables which are included in Trade and other receivables
Trade Receivable
- Amount due from customers on construction contract	4,390.01	1,883.88
Contract assets
- Accrued value of work done net off provision (Unbilled Revenue)	-	-
Contract liabilities
- Amount due to customers under construction contracts (Excess Received)	-	-
- Advance from customer	23,828.28	25,136.05

Significant changes in contract asset and contract liabilities balances during the year are as follows: (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
(A) Contract liabilities
Opening Balance*	25,136.05	27,777.30
Less : Revenue recognised during the year from balance at the beginning of the year	(15,115.61)	(2,579.96)
Add : Addition	13,807.84	77.27
Less:- Refunded due to cancellation of contract	-	(138.56)
At the end of the reporting period (Para 116 (a))	23,828.28	25,136.05

Note 44:- Employee Benefits

The details of employee benefits as required under Ind AS 19 'Employee Benefits' is given below

(A) Defined Contribution Plan:

Amount recognized as an expense in the Statement of Profit and Loss in respect of Defined Contribution Plans [Provident funds and others] is . 48.00 Lakhs [Previous Year –. 93.15 Lakhs]

(B) Leave obligation :-

The leave obligations cover the Company's liability for sick and earned leave. The amount of provision made is .79.79 Lakhs [Previous year -. 83.35 Lakhs] and amount recognised in the statement of Profit Loss as Leave salary expenses . 3.79 Lakhs [Previous year -. 8.15 Lakhs]

(C) Defined benefit plan:

Gratuity is a defined benefit plan covering eligible employees. The plan provides for a lump sum payment to vested employees on retirement, death while in employment or termination of employment of an amount equivalent to 15 days salary for each completed year of service. Vesting occurs on completion of five years of service.

Disclosure as required under Ind AS 19 on "Employee Benefits" in respect of defined benefit plan is as under:

i. The amount included in the balance sheet arising from the entity's obligation in respect of its defined benefit plans is as follows:

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Present value of un-funded defined benefit obligation	177.20	220.12
Fair value of plan assets	-	-
Restrictions on asset recognized	-	-
Others	-	-
Net liability arising from defined benefit obligation	177.20	220.12

ii. Movement in the present value of defined obligation (DBO) during the year representing reconciliation of opening and closing balances thereof are as follows:

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Present value of benefit obligation at the beginning of the year	199.25	164.95
Current service cost	18.94	19.52
Interest cost	14.11	14.07
Re-measurements on obligation [Actuarial (Gain) / Loss] :
Actuarial (gains)/ losses arising from changes in financial assumption	(5.49)	21.92
Actuarial (gains)/ losses arising from changes in experience adjustment	(45.40)	0.05
Benefits paid	(22.38)	(21.25)
Addition on acquisition of subsidiary	18.17	20.87
Present value of Defined Benefit Obligation as at end of the year	177.20	220.12

iii. Analysis of Defined Benefit Obligations (` in Lakhs)

Particulars	As at	As at
	31 March 2021	31 March 2020
Defined benefit obligations as at 31 March	177.20	220.12
Fair value of plan assets as at 31 March	-	-
Net Asset/(Liability) recognised in Balance sheet as at31 March	177.20	220.12

iv. Expenses recognized in the statement of profit and loss		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
Current service cost	18.94	19.52
Net Interest expense	14.11	14.07
Components of defined benefit costs recognised in profit or loss	33.05	33.59

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

v. Amount recognised in statement of Other Comprehensive Income		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Actuarial (Gain)/Loss
(i) arising from changes in financial assumption	(6.22)	21.92
(ii) arising from changes in experience assumption	(47.95)	0.05
Total amount recognised in the statement of other comprehensive income	(54.16)	21.97
vi. Actual Contribution and benefit payments for the year		(` in Lakhs)
Particulars	As at	As at

	31 March 2021	31 March 2020
Actual benefit paid directly by the company	(22.38)	(21.25)
Actual contributions	(22.38)	(21.25)

vii. Principal Actuarial Assumptions for gratuity		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Discount Rate	7.05%	7.80%
Expected Rate of Increase in compensation levels	7.00%	7.00%
Expected Rate of Return on Plan Assets	0.00%	0.00%
Expected Average Remaining working lives of employees (Years)	39.70	37.64
Mortality Rate	IALM (2012-14)	IALM (2006-08)
	Ultimate	Ultimate
Withdrawal Rate	Ages 20 - 30 : 10%	Ages 20 - 30 : 10%
	Ages 31 - 40 : 5%	Ages 31 - 40 : 5%
	Ages 41 & above : 2%	Ages 41 & above : 2%

a. The discount rate is based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities.

b. Expected Rate of Return of Plan Assets: This is based on the expectation of the average long term rate of return expected on investments of the Fund during the estimated term of obligations.

c. Salary Escalation Rate : The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors.

d. Withdrawal Rate: It is the expected employee turnover rate and should be based on the company's past attrition experience and future withdrawal expectations.

viii. Disclosure related to indication of effect of the defined benefit plan on the entity's future cash flows:

Expected benefit payments for the year ending:		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
31 March, 2021	-	18.02
31 March, 2022	7.83	9.48
31 March, 2023	14.64	8.90
31 March, 2024	7.33	9.05
31 March, 2025	7.35	9.00
31 March, 2026	10.16	-
31 March 2026 to 31 March 2030	-	74.96
31 March 2027 to 31 March 2031	55.37	-

Weighted Average duration of defined benefit obligation: 15.09 Years (Previous Year: 15.14 Years)

viii. Sensitivity analysis: A quantitative sensitivity analysis for significant assumption as at 31 March 2021 is as shown below:

						(` in Lakhs)
DBO Rates Types	Discount Rate		Salary Escalation Rate		Withdrawal Rate
Year	1% Increase	1% Decrease	1% Increase	1% Decrease	1% Increase	1% Decrease
31 March, 2021	(18.58)	22.04	15.52	(14.62)	2.77	(3.27)
31 March, 2020	(24.53)	(81.71)	17.38	(18.94)	1.91	(4.59)

The sensitivity results above determine their individual impact on Plan's end of year Defined Benefit Obligation. In reality, the plan is subject to multiple external experience items which may move the defined Benefit Obligation in similar or opposite directions, while the Plan's sensitivity to such changes can vary over time.

ix. Employee benefit plans

The plans typically expose the company to the actuarial risks such as: investments risk, interest risks, longevity risk and salary risk

Investment risk	The present value of the defined benefit plan liability (denominated in Indian Rupee) is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds.
Interest risk	A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's debt investments.
Longevity risk	The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.
Salary risk	The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

Note 45 : Employee Stock Option Plans

Employee Stock Option Plan 2020

The Employees Stock Option Plan 2020 (ESOP) of the company was approved by the Shareholders at their Meeting held on September 30,2020.

The main features of the Employees Stock Option Plan 2020 (ESOP) are as follows:

• 1. The Scheme applies to the Eligible Employees who are in whole time employment of the Group and / or such other persons, as may be permitted from time to time under prevailing laws, rules and regulations and/or amendments thereto from time to time, are eligible to participate in the ESOP, subject to such restrictions as provided in the scheme, unless they are prohibited to participate in the ESOP under any law or regulations for the time being in force.
• 1. The ESOP is effective from February 12, 2021, (the "Effective Date") when the Board of Directors of the Company accepted the recommendations of the Nomination and Remuneration Committee.
• 1. The ESOP scheme shall continue to be in force until (i) its termination by the Board or (ii) the date on which all of the shares to be vested under Employee Stock Option Plan 2020 have been vested in the Eligible Employees and all restrictions on such Stock Option awarded under the terms of ESOP Scheme, if any, have lapsed, whichever is earlier.
• 1. The Shareholders of the company have passed the resolution to award under the ESOP Scheme 23,00,000 fully paid up equity share of the Company having face value of `. 5/- each. Each option would entitle the optionholder to subscribe to 1 (ONE) Equity Share at the Exercise price

During the year, the Group has in its first tranche granted 3,41,000 option to 91 eligible employees of the group.

The Eligible Employees has a right to exercise option to acquire the shares vested in her / him within the period of 5 years from the date of vesting of each tranche of the option after the initial vesting period of 12 months.

The exercise price has been fixed at . 20 per option which shall be converted into one equity share of. 5/- each.

The market value of equity share of the Company on the date of the grant has been determined by an independent merchant banker at `. 77.5/-

The ratio of expenses commemorates with the number of options granted.

Particulars	No. of option
No. of option outstanding at the beginning of the year	-
Granted during the year to the employees of the Group	3,41,000
Option lapsed/ forfeited / exercised during the year	-
No. of option outstanding at the end of the year	3,41,000
Exercise Price per option	`. 20/-

Note 46 - Segment Information

The Company is engaged in Real Estate. The operations of the company do not qualify for reporting as separate business segments as per the criteria set out under Indian Accounting Standard 108 (IND AS-108) on "Operating Segments". The Company is operating in India hence there is no reportable geographic segment. Accordingly no disclosure is required under IND AS - 108.

Note 47 - Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting year	342.69	225.99
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year	47.45	13.99
(iii) The amount of interest paid along with the amounts of the payment made to the supplier
beyond the appointed day	-	-
(iv) The amount of interest due and payable for the year	47.45	13.99
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year	47.45	13.99

130

Note 47.1:- Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the group regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the group.

Note 48 - Details of Corporate Social Responsibility (CSR) expenditure

As per section 135 of the Companies Act, 2013, amount required to be spent by the Company is computed at 2% of its average net profit for the immediately preceding three financial years, on Corporate Social Responsibility (CSR)

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Amount required to be spent as per Section 135 of the Act Amount spent during the year on:	93.70	158.72
(i) Construction / acquisition of an asset	-	-
(ii) On purpose other than (i) above (for Education purpose) [Refer Note 51]	93.70	158.72

Financial instrument Disclosure:-

Note 49:- Capital Risk Management

The group's capital management objectives are:

-to ensure the group's ability to continue as a going concern

• to maximize the return to stakeholders through the optimization of the debt and equity balance

The group monitors capital on the basis of the carrying amount of equity as presented on the face of the statement of financial position. The group sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. The group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

a) Gearing Ratio:

The Gearing ratio at the end of the reporting period are as follows:

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Debt* (A)	73,894.19	56,464.77
Cash and bank balances (B)	4,206.25	1,228.41
Net Debt C=(A-B)	69,687.94	55,236.36
Total Equity (D)	60,909.36	59,325.17
Net debt to equity ratio (C/D)	114%	93%

*Debt is defined as long-term and short-term borrowings including interest accrued on borrowings

Note 50:- Financial risk management

a) The carrying value of financial instruments by categories as of March 31, 2021 is as follows:
Particulars	Fair value through P&L	Fair value through OCI	Amortised cost	Total carrying value
Assets:
Cash and cash equivalents	-	-	4,206.25	4,206.25
Other balances with banks	-	-	4,067.23	4,067.23
Trade receivables	-	-	5,025.49	5,025.49
Investments (Other than investment in equity instruments of Subsidiaries)	384.61	-	0.28	384.89
Loans	-	-	67,380.71	67,380.71
Other financial assets	-	-	5,433.15	5,433.15
Total	384.61	-	86,113.11	86,497.72
Liabilities:
Trade and other payables	-	-	5,154.43	5,154.43
Borrowings	-	-	73,894.19	73,894.19
Other financial liabilities	-	-	1,779.22	1,779.22
Total	-	-	80,827.84	80,827.84

b) The carrying value of financial instruments by categories as of March 31, 2020 is as follows:
Particulars	Fair value through P&L	Fair value through OCI	Amortised cost	Total carrying value
Assets:
Cash and cash equivalents	-	-	1,228.41	1,228.41
Other balances with banks	-	-	3,804.20	3,804.20
Trade receivables	-	-	2,182.03	2,182.03
Investments (Other than investment in equity
instruments of Subsidiaries)	359.50	-	0.28	359.78
Loans	-	-	64,924.86	64,924.86
Other financial assets	-	-	2,625.04	2,625.04
Total	359.50	-	74,764.82	75,124.32
Liabilities:
Trade and other payables	-	-	14,685.47	14,685.47
Borrowings		-	56,464.77	56,464.77
Other financial liabilities	-	-	2,546.36	2,546.36
Total	-	-	73,696.60	73,696.60

Financial risk management Objectives:-

In the course of its business, the group is exposed primarily to fluctuations in interest rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments. The group assesses the unpredictability of the financial environment and seeks to mitigate potential adverse effects on the financial performance of the group.

I) Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk such as equity price risk and commodity price risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Future specific market movements cannot be normally predicted with reasonable accuracy.

Currency risk: The group does not have material foreign currency transactions. The group is not exposed to risk of change in foreign currency.

Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The group's fixed rate borrowings are not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

Profit or loss is sensitive to higher/lower interest expense from variable rate borrowings as a result of changes in"interest rates.

		(` in Lakhs)
Interest Rate Sensitivity	Increase or decrease in Basis Point	Effect on Profit before tax
For the year ended March 31,2021	+1.00	(392.07)
	-1.00	392.07
For the year ended March 31,2020	+1.00	(367.22)
	-1.00	367.22

Interest rate sensitivity has been calculated assuming the borrowings outstanding at the reporting date have been outstanding for the entire reporting period. The interest rate profile of the company's interest-bearing financial instruments as reported is as follows.

		(` in Lakhs)
Particulars	As at 31 March 2021	As at 31 March 2020
Fixed-rate instruments
Borrowings	34,687.14	19,742.36
Floating rate instrument
Borrowings	39,207.05	36,722.41

Other price risk:

The group is not exposed to equity price risks arising from equity investments. Equity investments are held for strategic rather than trading purposes. The group does not actively trade these investments.

II) Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit.

Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, unbilled revenue, investments, derivative financial instruments, cash and cash equivalents, bank deposits and other financial assets. None of the financial instruments of the group result in material concentration of credit risk.

Credit Risk management :-

(i) Credit risk rating:-

The group assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and factors specific to the class of financial assets

• A: Low credit risk
• B: High credit risk

Asset group	Basis of categorisation	Provision for expenses credit loss
A: Low credit risk	Investments, Other bank balances, trade receivables, cash and cash equivalents, loans and other financial assets	12 month expected credit loss/Life time expected credit loss
B: High credit risk	Trade receivables and loans & Advances	12 month expected credit loss/Life time expected credit loss/fully provided for

In respect of trade receivables, the company recognises a provision for lifetime expected credit loss.

Based on business environment in which the group operates, a default on a financial asset is considered when the counter party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss experience and considering differences between current and historical economic conditions. Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or a litigation decided against the group. The group continues to engage with parties whose balances are written off and attempts to enforce repayment. Recoveries made are recognised in statement of profit and loss.

Assets under credit risk –			(` in Lakhs)
Credit rating	Particulars	As at	As at
		31 March 2021	31 March 2020
A: Low credit risk	Investments, Other bank balances, trade receivables,
	cash and cash equivalents, loans and other financial assets	34.86	34.86
B: High credit risk	Trade receivables and loans	272.98	776.23

ii) Concentration of financial asset

The group's principal business activities are construction and development of real estate projects, Leasing of commercial space and all other related activities. The Company's outstanding receivables are for real estate project advisory business. Loans and other financial assets majorly represents loans to subsidiaries and deposits given for business purposes.

Credit risk exposure Provision for expected credit losses

		(` in Lakhs)
Estimated gross carrying amount at default	Expected Credit Loss	Carrying amount net of impairment provision
-	-	-
202.32	(168.51)	33.81
-	-	-
-	-	-
-	0.00	-
105.52	(105.52)	-

As at 31 March 2020 (` in Lakhs)

Particulars	Estimated gross carrying amount at default	Expected Credit Loss	Carrying amount net of impairment provision
Investments	-	-	-
Trade receivables	168.51	(168.51)	-
Other bank balances	-	-	-
Cash and cash equivalents	-	-	-
Loans and Advances	503.25	(503.25)	-
Other Financial Assets	105.52	(105.52)	-

Expected credit loss for trade receivables under simplified approach

The Company's outstanding trade receivables are less than six months old and the Company expects that money will be received in due course.

Reconciliation of loss provision		(` in Lakhs)
Reconciliation of loss allowance	Advances	Trade receivables
Loss allowance on 31 March 2019	105.52	168.51
Impairment loss recognised during the year	1.05	-
Loss allowance on 31 March 2020	106.57	168.51
Impairment loss recognised during the year		-
Loss allowance on 31 March 2021	106.57	168.51

III) Liquidity risk

Liquidity risk refers to the risk that the group cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

(a) Financing arrangements

The Company had access to the following undrawn borrowing facilities at the end of the reporting period:

		(` in Lakhs)
Particulars	As at	As at
	31 March 2021	31 March 2020
Floating Rate
Expiring within one year (bank overdraft and other facilities)	-	-
Expiring beyond one year (bank loans)	21,242.35	21,242.35

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory credit ratings, the bank loan facilities may be drawn at any time in INR.

(b) Exposure to liquidity risk

The table below provides details regarding the contractual maturities of financial liabilities, including estimated interest payments as at 31 March 2021:-

				(` in Lakhs)
Financial liabilities	Carrying amount	Due in one Year	Due after one Year	Total contractual cash flows
(a) Trade payables
- 31 March 2021	5,154.43	5,154.43	-	5,154.43
- 31 March 2020	14,685.47	14,685.47	-	14,685.47
(b) Borrowings (incl.current maturity of long term debt)
- 31 March 2021	73,894.19	7,161.95	66,732.24	73,894.19
- 31 March 2020	56,464.77	12,989.37	43,475.40	56,464.77
(c) Other financial liabilities
- 31 March 2021	3,759.39	3,228.92	530.47	3,759.39
- 31 March 2020	6,894.91	6,236.95	657.96	6,894.91
Total
- 31 March 2021	82,808.01	15,545.30	67,262.71	82,808.01
- 31 March 2020	78,045.15	33,911.79	44,133.36	78,045.15

Note 51:- Fair value disclosures

Fair value hierarchy

The fair value of the financial assets and liabilities are included at the amount at which the instrument can be exchanged in the current transaction between willing parties, other than in a forced or liquidation sale.

The following tables provides the fair value measurement hierarchy of the Company's assets and liabilities:

Level 1 - Quoted prices (Unadjusted) in active markets for identical assets & liabilities.

Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset & liability, either directly (i.e. prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (Unobservable inputs).

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

					(` in Lakhs)
Particulars Carrying value as at Fair value as at
	31 March 2021	31 March 2020	31 March 2021	31 March 2020	hierarchy
Fair value through Profit and Loss
Investment in Mutual Fund - Quoted	384.61	359.50	384.61	359.50	Level 1
Lease Liabilities	-	264.97	-	264.97	Level 3
Security deposits - Lease rent deposits	501.90	631.24	501.90	631.24	Level 3

The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem such units from the investors.

Lease liabilities are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

Security Deposits are valued using Level 3 techniques. A change in one or more of the inputs to reasonably possible alternative assumptions would not change the value significantly.

Note 51 - Related Party Transactions

A. List of related Parties

• Related Parties (as Defined by the Management) are classified as:-
• (a) Holding Company
• 1 Marathon Realty Private Limited (w.e.f. 01.04.2016)
• (b) Joint Venture
• 1 Swayam Realtors & Traders LLP
• 2 Columbia Chrome Private Limited
• (c) Entities over which Subsidiaries or Key Management Personnel or their relatives, exercise significant influence
• 1 IXOXI Equip-Hire LLP
• 2 Marathon Infotech Private Limited
• 3 Matrix Enclaves Projects Developments Pvt Ltd
• 4 Matrix Waste Management Private Limited
• 5 Nexzone Fiscal Services Private Limited
• 6 Nexzone Utilities Private Limited
• 7 Marathon Realty Private Limited -Future X Society
• 8 Nexzone Buildcon LLP
• 9 United Builders
• 10 United Enterprises
• 11 Ramniklal Z. Shah Trust
• 12 Vinotak Investment Private Limited
• 13 IXOXI Construction LLP
• 14 Suyog Developers

(d) Key Management Personnel

• 1 Mr. Chetan R. Shah Chairman and Managing Director
• 2 Mr. S. Ramamurthi Whole Time Director & CFO
• 3 Mr. Mayur R. Shah Director
• 4 Ms. Shailaja C. Shah Director
• 5 Mr. Veeraraghavan Ranganathan Independent Director (Tenure ended w.e.f. September 26,2019)
• 6 Mr. Anup Shah Independent Director (Tenure ended w.e.f. August 27, 2020)
• 7 Mr. Padmanabha Shetty Independent Director (Tenure ended w.e.f. September 26,2019)
• 8 Mr. Deepak Shah Independent Director
• 9 Mr. Atul Mehta Independent Director (Appointed w.e.f February 13,2020)
• 10 Ms. Parul Shah Independent Director (Appointed w.e.f February 13,2020)
• 11 Mr. Ashwin Mohanlal Thakkar (Appointed w.e.f November 13,2020)
• 12 Mr. Krishanamurthy Raghvan Company Secretary

(e) Relatives of KMP (with whom company had transaction)

• 1 Ms. Ansuya R. Shah (Mother of Managing Director)
• 2 Mr. Ramniklal Z. Shah (Father of Managing Director)
• 3 Ms. Sonal M. Shah (Wife of Mr. Mayur R Shah-Director)
• 4 Mr. Parmeet M shah (Son of Director)
• 5 Mr. Kaivalya C Shah (Son of Managing Director)

B. The following transactions were carried out with the related parties in the ordinary course of business	(` in Lakhs)
Type of Transaction	Particular	For the Year ended 31 March, 2021	For the Year ended 31 March, 2020
Interest Income on Inter Corporate Deposits	Marathon Realty Private Limited	1,356.89	3,275.25
	Columbia Chrome India Private Limited	1,374.67	1,247.24
	Vinotak Investment Private Limited	275.72	200.51
	United Builders	0.19	-
	IXOXI Construction LLP	18.10	-
	IXOXI Equip - Hire LLP	11.43	-
Interest Expenses	Chetan R Shah	0.54	0.47
Interest Income from Partnership Firm / LLp's	Swayam Realtors & Traders LLP	637.47	715.06
Share of Profit from LLP's	Swayam Realtors & Traders LLP	(721.40)	437.10
Remuneration to KMP	Chetan R Shah	36.35	107.52
	Krishanamurthy Raghvan	20.11	39.79
Rent Expenses
Office Space	Marathon Realty Private Limited	433.89	435.67
	Sonal M Shah	12.74	-
Sale of Material / Scrap	Marathon Ener-gen LLP	1.45	1.82
	Marathon Realty Private Limited	0.34	36.10
	Nexzone Buildcon LLP	3.53	8.12
	Matrix Enclaves Project Development Private Limited	29.14	16.48
	United Builders	-	3.41
	Nexzone Energy Utilities LLP	58.05	0.22
	Nexzone Fiscal Services Private Limited	0.06	11.01
	Suyog Developers United Enterprises	5.27 0.01	43.73 0.45
Purchase of Material / Services	Marathon Realty Private Limited	2.34	1.82
	Nexzone Fiscal Services Private Limited	3.27	-
	Marathon Ener-gen LLP	2.66	1.32
	Matrix Enclaves Projects Developments Private Limited	0.92	1.41
	Nexzone Buildcon LLP	0.15	-
	United Enterprises	0.11	0.95
Provision of Services	Marathon Realty Private Limited -Future X Society	18.61	73.65
	IXOXI Construction LLP	305.21	951.11
Sale of Properties, Plants and Equipments	Matrix Enclaves Project Development Private Limited	5.67	-
	Marathon Realty Private Limited	5.05	-
Leasing of Equipment	Marathon Realty Private Limited	-	7.36
	IXOXI Equip - Hire LLP	36.33	59.93
	Matrix Enclaves Project Development Private Limited	-	8.27
Maintenance Charges of Immovable Property	Marathon Realty Private Limited - Future X Society	231.17	411.10
Expenditure on Corporate Social Responsibility	Ramniklal Z Shah Trust	93.70	127.00
Director Sitting Fees	Mayur R Shah	1.30	0.70
	Shailaja C Shah Veeraraghavan Ranganathan	0.90 0.00	0.80 0.50
	Anup Shah	1.00	1.80
	Padmanabha Shetty	0.00	0.90
	Deepak Shah	2.20	1.70
	Atul Mehta	1.50	0.20
	Parul Abhay Shah	1.20	0.20
	Ashwin Mohanlal Thakkar	0.50	-
Loans given	Marathon Realty Private Limited	46,076.95	4,369.60
	Columbia Chrome India Private Limited	59.00	45.00
	Vinotak Investment Private Limited	1,916.34	1,703.24
	Matrix Enclaves Project Development Private Limited	1,504.86	3,794.10
	Ixoxi Equip Hire LLP	193.26	-
	Ixoxi Construction LLP	284.01	-

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

Type of Transaction	Particular	For the Year ended 31 March, 2021	For the Year ended 31 March, 2020
Loan Given Partnership Firm / LLP's	Swayam Realtors & Traders LLP	46.00	1,964.20
Loans received back	Marathon Realty Private Limited	26,460.04	16,343.58
	Vinotak Investment Private Limited	1,257.71
	Matrix Enclaves Project Development Private Limited	169.00	824.95
	Ixoxi Equip Hire LLP	174.98	-
	Ixoxi Construction LLP	63.00	-
Loans received back Partnership Firm / LLP's	Swayam Realtors & Traders LLP	8,400.00	25.00
Assignment of debt	Marathon Ener-gen LLP	-	1.82
Closing Balance
Loan Given	Columbia Chrome India Private Limited	13,232.32	11,901.74
	Marathon Realty Private Limited	24,283.30	17,344.93
	Vinotak Investment Private Limited	3,549.59	2,635.91
	Matrix Enclaves Project Development Private Limited 20,378.84		19,042.98
	Ixoxi Equip Hire LLP	28.85	-
	Ixoxi Construction LLP	237.76
Loan Given Partnership Firm / LLP's	Swayam Realtors & Traders LLP	12.14	7,728.67
Loan Taken	Chetan R Shah	4.79	4.53
	Marathon Realty Private Limited	-	4,962.39
Trade Receivable	Marathon Realty Private Limited	11.75	4.99
	Terrapolis Assets Private Limited	-	1.98
	Marathon Ener-gen LLP	11.71	-
	Nexzone Buildcon LLP	3.53	-
	Matrix Enclaves Project Development Private Limited	43.66	8.84
	Nexzone Fiscal Services Private Limited	0.78	0.18
	Citadel Realty & Developers Limited	0.14	-
	Suyog Developers	0.48	-
	Nexzone Energy Utilities LLP	63.92	-
	United Builders	0.81	-
Trade Payable	Marathon Realty Private Limited	1,792.71	9,606.56
	Marathon Realty Private Limited (Future X Society)	116.66	467.33
	Ixoxi Equip - Hire LLP	19.22	12.05
	Marathon Ener-gen LLP	35.87	33.99
	IXOXI Construction LLP	117.88	-
	Matrix Enclaves Project Development Private Limited	0.92	-
	Nexzone Buildcon LLP	0.15	-
	Nexzone Fiscal Services Private Limited	3.27	-
	United Enterprises	0.10

Note 52.1:-

i. The Company has entered into an agreement with Matrix Waste Management Private Limited. for revenue or area sharing based on 12.5% of revenue generated from the developed area for which development rights have been acquired by the Company.

• ii. The Company has entered into an agreement with Ithaca Informatics Private Limited (merged with Marathon Realty Private Limited w.e.f 01.04.2016) for revenue or area sharing based on 12.5% of revenue generated from the developed area for which development rights have been acquired by the Company.
• iii. Pursuant to an agreement, the Company has given advances to explore for the opportunities in a project to Marathon Realty Private Limited., with whom it is going to jointly execute the said project. At periodic intervals surplus amount are returned as they are not immediately required for the project.

Note 53:- Particulars of Consolidation

i.	Entity considered for Consolidation				(` in Lakhs)
	Sr. Name of the Entity	% of ownership as on		Nature of	Principal
No.		31 March 2021	31 March 2020	Interest	Activities
1	Marathon Nextgen Township Private Limited (MNTPL)	100%	100%	Wholly owned Subsidiary	Real Estate
2	Sanvo Resorts Private Limited	91%	67%	Subsidiary	Real Estate
3	Terrapolis Assets Private Limited w.e.f 31.03.2020	100%	100%	Subsidiary	Real Estate
4	Swayam Realtors & Traders LLP	40%	40%	Joint Venture	Real Estate
5	Columbia Chrome (I) Private Limited	40%	40%	Joint Venture	Real Estate

Note 54:- Disclosure as required under Ind AS 112

	(a) Details of Non-Wholly Owned Subsidiaries that have Material Non-Controlling Interest		(` in Lakhs)
Sr. No.	Name of the Subsidiary	Proportion of Ownership and voting rights held by Non- Controlling Interests		Profit/(Loss) after Tax allocated to Non-Controlling Interests		Accumulated Non-controlling Interest
		31 March 2021	31 March 2020	31 March 2021 31 March 2020		31 March 2021	31 March 2020
1	Sanvo Resorts Private Limited	9%	9%	75.22	85.04	504.20	428.95

Summarized financial information in respect of each of the Group's subsidiaries that has material non controlling interests is set out below. The summarized financial information below represents amounts before intergroup eliminations.

(i) Sanvo Resorts Private Limited (` in Lakhs)

Particular	As at	As at
	31 March 2021	31 March 2020
Current Assets	46,775.89	32,160.16
Non-Current Assets	22,002.30	20,505.96
Total Assets (A)	68,778.19	52,666.12
Current Liabilities	35,688.25	35,880.24
Non-Current Liabilities	27,490.58	12,022.60
Total Liabilities (B)	63,178.83	47,902.84
Net Assets C= (A-B)	5,599.36	4,763.28
Equity Interest Attributable to the owners	5,095.16	4,334.33
Non-Controlling Interest	504.20	428.95

Note 55:- Interest in Joint Venture

The Group has interest in following joint ventures as given below. The group's interest in these joint ventures are accounted for using equity method in the consolidated financial statements.

(i) Joint venture in which group is a co-venturer

	Sr. Name of Entity	% of holding		Principle
No.		As at 31 March 2021	As at 31 March 2020	Activities
1	Columbia Chrome (I) Private Limited	40%	40%	Real Estate
2	Swayam Realtors & Traders LLP	40%	40%	Real Estate

(ii) Summarized financial information of the joint venture, based on its Ind AS financial statements, and reconciliation with the carrying amount of the investment in consolidated financial statements is as follows: (` in Lakhs)

Summarized Balance sheet		Columbia Chrome (I) Private Limited		Swayam Realtors & Traders LLP
	As at	As at	As at	As at
	31 March 2021	31 March 2020	31 March 2021	31 March 2020
Proportion of ownership interest
held by the Group at the year end	40%	40%	40%	40%
Non-current assets	338.16	338.16	16,320.19	11,291.12
Current assets	28,115.06	25,175.88	88,028.10	85,277.24
Total Assets (A)	28,453.22	25,514.04	1,04,348.29	96,568.36
Non-current liabilities	-	-	23,391.54	27,471.56
Current liabilities	28,450.96	25,505.62	77,081.50	63,418.05
Total Liabilities (B)	28,450.96	25,505.62	1,00,473.04	90,889.61
Net Assets (A-B)	2.26	8.42	3,875.25	5,678.75

MARATHON NEXTGEN REALTY LIMITED ANNUAL REPORT 2020-21

(` in Lakhs)

Group's share of net assets (Carrying amount of interest in Joint Venture) Withdrawal of share by Group	0.90 -	3.37 -	1,550.10 (600.00)	2,271.50 -
Net Share of Group	0.90	3.37	950.10	2,271.50
Group share in Contingent Liabilities	-	-	140.27	140.27
Commitments	-	-	-	-

Note 55.1:- Swayam Realtors & Traders LLP (LLP) has takeover and discharged the liabilities of erstwhile Khatau Makanji Spinning and Weaving LLP Limited (Khatau) pertaining to the properties and liabilities taken over in terms of the sanctioned scheme as formulated in an order dated February 22, 2007, passed by the Board for Industrial and Financial Reconstruction."However if any statutory liability or Government dues of Khatau on before the date of sanctioned scheme pertaining to the properties and liabilities taken over in terms of the sanctioned scheme, does fructify then the same will be a liability of the LLP. The LLP is not aware of any such liability as accordingly will not be in a position to quantify the same.

Summarized Profit and Loss A/c		Columbia Chrome (I) Private Limited		Swayam Realtors & Traders LLP
	As at 31 March 2021	As at 31 March 2020	As at 31 March 2021	As at 31 March 2020
Total Revenues (A)	-	-	3,839.29	7,323.90
Total Expenses [including tax expense] (B)	6.17	0.51	5,665.18	6,222.27
Profit/ (Loss) (A-B)	(6.17)	(0.51)	(1,825.89)	1,101.63
Other Comprehensive Income (OCI)	-	-	22.36	(8.87)
Total Comprehensive Income for the year	(6.17)	(0.51)	(1,803.53)	1,092.76
Share of Losses of earlier years	-	-	-	-
Group's share of profit for the year	(2.47)	(0.20)	(721.41)	437.10

Reconciliation of carrying amount

Particulars		Columbia Chrome (I) Private Limited	Swayam Realtors & Traders LLP
	As at 31 March 2021	As at 31 March 2020	As at 31 March 2021	As at 31 March 2020
Cost of investment in the beginning of the year	3.37	3.57	2,271.50	1,834.40
Withdrawal of share by Group	-	-	(599.99)	-
Share of group in the Net Assets of the Joint Venture	(2.47)	(0.20)	(721.41)	437.10
Carrying Value of investment	0.90	3.37	950.10	2,271.50

Note 56:- Additional Information, as required under Schedule III to the Companies Act, 2013, of Consolidated Entities

a. Statement of Net Assets and Profit/Loss and Other Comprehensive Income considered in Consolidated Financial Statements

comprehensive income
Year ended 31st March 2021
1539.74
(0.94)
760.83
(16.80)
(2.47)
(721.41)
1,558.95

b.

Name of the entity in the Group	Net Asset i.e.total assets minus total liabilities			Share in profit or loss	Share in other comprehensive income			Share in total comprehensive income
	As % consolidated Net assets	As at 2020	As % of 31st March consolidated profit or loss	Year ended 31st March consolidated 2020	As % of OCI	Year ended 31st March	As % of total com- 2020 prehensive income	Year ended 31st March 2020
Parent
Marathon Nextgen Realty Limited	95.87%	56,877.09	74.62%	1,796.91	81.02%	(11.70)	74.58%	1,785.21
Indian Subsidiaries								-
Marathon Nextgen Township Private Limited	0.00%	(1.22)	(0.05%)	(1.21)		-	(0.05%)	(1.21)
Sanvo Resort Private Limited	0.30%	179.63	7.28%	175.41	18.98%	(2.74)	7.21%	172.67
Indian Joint Ventures								-
(Investment as per the equity method)								-
1. Columbia Chrome (I) Private Limited	0.00%	(1.84)	(0.01%)	(0.20)	-	-	(0.01%)	(0.20)
2. Swayam Realtors & Traders LLP	3.83%	2,271.50	18.15%	437.10	-	-	18.26%	437.10
Total	100.00%	59,325.17	100.00%	2,408.01	100.00%	(14.44)	100.00%	2,393.57

Note 57:- Other Significant Notes:-

i. Previous Year's figure have been regrouped/rearranged, wherever necessary.

Note 58:- Coronavirus (COVID-19) Impact on Financial Reporting

In the view of recurrence of the second wave of Covid 19 throughout the country and its potential adverse impact on the economic activities, the company is continuing to assess and evaluate the impact of the pandemic on the recoverabilities of its assets. The Management is expecting to recover the carrying value of the assets and does not foresee ay risk to service its financial obligations. The impact of any future events and developments emerging out of Pandemic, occurring after the approval of the financial statement will be recognised prospectively.

For Rajendra & Co. For and on behalf of the Board of Directors Chartered Accountants ICAI Firm Registration No. 108355W

Partner Chairman & MD CFO & WTD Company Secretary Membership No. 103316 DIN: 00135296 DIN: 00135602

Place: Mumbai Place: Mumbai

Akshay R. Shah Chetan R. Shah S. Ramamurthi K. S. Raghavan

Date: June 28, 2021 Date: June 28, 2021

______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________

MARATHON NEXTGEN REALTY LTD

802, Marathon Max, Jn. of Mulund-Goregaon Link Road, Mulund (W), Mumbai - 400 080.