Climate Change Data

Environmental Metrics

Governance Achievements

• Established a Vigil Mechanism / Whistle Blower Policy
• Set up an Internal Complaints Committee (ICC) to address complaints under the Sexual Harassment of Woman at the Workplace (Prevention, Prohibition and Redressal) Act, 2013

Climate Goals & Targets

Environmental Challenges

• Declining business
• Financial position preventing employment of a Company Secretary and Chief Financial Officer

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Social Achievements

• Internal Complaints Committee (ICC) has been set up to redress complaints. ICC has not received any complaints during the financial year 2015-2016.

Governance Achievements

• The Company has in place adequate financial controls with reference to financial statements. The Internal financial controls commensurate with the size and nature of business of the Company. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.

Climate Goals & Targets

Environmental Challenges

• The Company’s business is declining. Due to its financial position, the Company is not in position to employ Company Secretary as required under Section 203 of the Companies Act, 2013.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• The Company’s business is declining. Due to its financial position, the Company is not in position to employ Company Secretary as required under Section 203 of the Companies Act, 2013.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Inadequate profits resulting in no dividend recommendation.
• Voluntary closure of stock broking business and surrender of membership.

Mitigation Strategies

• Applications made to NSE and BSE for voluntary closure of stock broking business and surrender of membership.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Ind AS

Third-party Assurance: J.P.J Associates LLP

Environmental Metrics

Governance Achievements

• Established a Vigil Mechanism / Whistle Blower Policy.
• Complied with applicable Secretarial Standards (SS1 and SS2).

Environmental Challenges

• Less interest income recognized during the year and IND-AS impact on Interest income from preference share amortization.
• Loss on fair value changes.
• Impairment on financial instruments.
• High Non-Performing Assets (NPAs).
• COVID-19 pandemic impacting loan recovery, cash flows, and business operations across subsidiaries (real estate, hospitality, insurance).
• Subdued market conditions in real estate.

Mitigation Strategies

• Exploring options to monetize Non Performing Investment / Assets.
• Submitting action plans to RBI on NPAs and recoveries.
• Implementing measures to minimize the impact of COVID-19 uncertainties.
• Following prudent business and risk management practices.
• Formulating a Risk Management Policy.
• Implementing a performance-based appraisal system for employees.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Indian Accounting Standards (IND AS)

Third-party Assurance: Chaturvedi & Shah LLP

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacted the economy and the company, causing delays in loan recovery and affecting the real estate and hospitality businesses of subsidiaries and associates.
• High Non-Performing Assets (NPAs)

Mitigation Strategies

• Exploring options to monetize Non Performing Investment / Assets.
• Submitting action plan to RBI on the status of NPAs and recoveries.
• Implementing measures to minimize the impact of unforeseen uncertainties.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Indian Accounting Standards (IND AS)

Third-party Assurance: Chaturvedi & Shah LLP

Environmental Metrics

Environmental Challenges

• Losses incurred by the Company due to reduction in interest income and IND-AS impact on Interest income from preference share amortization.
• Impact of COVID-19 pandemic, particularly affecting real estate and hospitality sectors, leading to supply chain disruptions, reduced revenues, and increased costs.
• High Non-Performing Assets (NPAs) leading to reduced profitability and restrictions on portfolio expansion by RBI.

Mitigation Strategies

• Exploring options to monetize Non-Performing Investments/Assets.
• Efforts to recover loans from group entities.
• Exploring various avenues to generate profits.
• Following prudent business and risk management practices, maintaining a conservative financial profile.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Indian Accounting Standards (Ind AS)

Third-party Assurance: Chaturvedi & Shah LLP Chartered Accountants

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Fair value change in investment in preference shares of World Resorts Limited resulting in pre-tax loss.
• Poor market sentiments, sluggish demand, and paucity of funds leading to non-repayment of loan and interest by IITL Nimbus The Palm Village.

Mitigation Strategies

• Accepted an offer from Nimbus (India) Limited to purchase the Company’s investment in World Resorts Limited preference shares.
• Proposed a one-time settlement with IITL Nimbus The Palm Village to waive outstanding interest and repay the loan by December 31, 2023.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Ind AS

Third-party Assurance: Desai & Kinare Chartered Accountants

Environmental Metrics

Climate Goals & Targets

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Ind AS