The Board of Directors are pleased to present the 30th Annual Report of the Company along with the audited financial statements of the Company for the financial year ended March 31, 2024.

1. Financial Summary and Highlights:

The Company’s financial performance for the year ended March 31, 2024 is summarized below:

Company's Performance Overview

During the financial year 2023-24:

• During the financial year 2023-24, there is a slight reduction in the total income to t 3057.15 Lakhs as against t 3065.41 Lakhs in the previous year - a marginal decline of (0.27)%.

• Employee cost as a percentage to revenue from operations increased to 3.80% (t 105.18 Lakhs) as against 3.31% (t 97.92 Lakhs) in the previous year, an increase of 14.80%.

• Other expense as a percentage to revenue from operations increased to 10.26% (t 283.94 Lakhs) as against 8.35% (t 246.70 Lakhs) in the previous year, an increase of 22.87%.

• Total Profit after tax for the current year has been increased to t 2076.74 Lakhs against t 1,832.01 Lakhs in the previous financial year - a growth of 13.36 %.

• Total Earning per share for the current year has been increased t 5.15 against t 4.55 in the previous financial year - a growth of 13.19%.

Liquidity

Our principal sources of liquidity are cash and cash equivalents, current investments and the cash flow that we generate from our operations. We continue to be debt-free and maintain sufficient cash to meet our strategic and operational requirements. We understand that liquidity in the Balance Sheet has to balance between earning adequate returns and the need to cover financial and business requirements.

Liquidity enables us to be agile and ready for meeting unforeseen strategic and business needs. Our Liquid assets stand at ^ 14065.16 Lakhs as at March 31, 2024, as against ^ 10434.92 Lakhs as on March 31, 2023. Liquid assets, include deposits with banks, cash & cash equivalent, investments in securities. As a result, risk of cash and cash equivalents is limited. The details of these investments are disclosed under the 'non-current and current investments’ section in the financial statements in this Annual Report.

Dividend

The Company has a consistent track record of dividend payment. Based on Company’s performance, the Board of Directors, at its meeting held on May 29, 2024 had recommended a final dividend of ^ 0.40 (Forty paise) per equity share of ^ 2 (Rupees Two only) each (20%) for the financial year ended March 31, 2024 on the total outstanding shares 40302225 amounting to ^ 161.21 Lakhs, subject to the approval of Members at the ensuing Annual General Meeting of the Company and payable to those Shareholders whose names appear in the Register of Members and Beneficial Owners as on Tuesday, August 20, 2024.

The Company declares and pays dividend in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable withholding income taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

In view of the changes made under the Income-tax Act, 1961, by the Finance Act, 2020, dividend paid or distributed by the Company shall be taxable in the hands of the Shareholders. The Company shall, accordingly, make the payment of the final dividend after deduction of tax at source.

The aforesaid final dividend is being paid by the Company from its profits for the respective financial year.

Loans and Investments

Details of loans, guarantees and investments under the provisions of Section 186 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 as on March 31, 2024, are set out in Note 4, 6 and 10 to the Standalone Financial Statements of the Company. There was no guarantee given by the Company for the period under review.

Transfer to Reserves

The Board of Directors of your company has decided not to transfer any amount to the Reserves for the year under review.

Public Deposit

Your Company has neither accepted nor renewed any deposit within the meaning of Sections 73 and 74 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014 (including any statutory modification(s) or reenactments) thereof for the time being in force).

Share Capital

During the year under review, there was no change in the issued and subscribed capital of the Company. The paid-up Equity Share Capital of the Company as on March 31, 2024 stands at ^ 80,604,450 divided into 40,302,225 equity shares of face value of ^ 2/- each.

Confirmations

a. During the year under review, the Company has not:

(i) issued any shares, warrants, debentures, bonds, or any other convertible or non-convertible securities;

(ii) issued equity shares with differential rights as to dividend, voting or otherwise;

(iii) issued any sweat equity shares to its directors or employees;

(iv) made any change in voting rights;

(v) reduced its share capital or bought back shares;

(vi) changed the capital structure resulting from restructuring;

(vii) failed to implement any corporate action.

b. The Company’s securities were not suspended for trading during the year.

c. The disclosure pertaining to explanation for any deviation or variation in connection with certain terms of a public issue, rights issue, preferential issue, etc. is not applicable to the Company.

Particulars of Contract/Arrangements with Related Party

All transactions with related parties were reviewed and approved by the Audit Committee and are in accordance with the Policy on dealing with and materiality of Related Party Transactions and the Related Party Framework, formulated and adopted by the Company. Prior omnibus approval of the Audit Committee is obtained for related party transactions which are repetitive in nature. The transactions entered into pursuant to the omnibus

approval so granted are reviewed on a quarterly basis by the Audit Committee.

As a part of the Company’s annual planning process, before the beginning of a financial year, details of all the transactions proposed to be executed with related parties, including the estimated amount of transactions to be executed, manner of determination of pricing and commercial terms, etc. are presented to the Audit Committee for its consideration and approval. The details of said transactions are also placed before the Board of Directors for their information. The Director, if interested in a transaction, does not participate in the discussion of the item relating to that transaction.

Further approval is sought during the year for any new transaction/modifi cation to the previously approved limits/terms of contracts with the related parties. This is followed by a quarterly review of the related party transactions by the Audit Committee.

Policy

The Company’s Policy on dealing with and Materiality of Related Party Transactions is available on the website of the Company at https://coralhousing.in/policies.php

Review

All transactions with related parties were reviewed and approved by the Audit Committee and were in accordance with the Policy on dealing with and materiality of related party transactions.

There are no materially significant related party transactions that may have potential conflict with the interest of the Company at large.

There were no transactions of the Company with any person or entity belonging to the Promoter(s)/Promoter(s) Group which individually holds 10% or more shareholding in the Company.

All contracts/arrangements/transactions entered into by the Company during the year under review with related parties were in the ordinary course of business and on arm’s length basis in terms of the provisions of the Act. Further, there are no contracts or arrangements entered into under Section 188(1) of the Act, hence no justification has been separately provided in that regard.

Statutory Disclosure

The details of the related party transactions as per Indian Accounting Standards (IND AS) - 24 are set out in Note no. 41 to the Standalone Financial Statements of the Company.

The Company in terms of Regulation 23 of the Listing Regulations submits on half yearly basis the disclosures of related party transactions to the stock exchanges, in the format and timeline as specified by SEBI from time to time. The said disclosures are available on the website of

the Company at https://coralhousing.in/compliances.php. Form AOC-2 pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is set out in Annexure [1] to this Report.

Management Discussion and Analysis Report

In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Management’s discussion and analysis report is set out in this Annual Report.

Risk Management

Pursuant to Section 134(3) (n) of the Companies Act, 2013, Company has formulated Risk Management Policy. As per Regulation 21 of the Listing Obligations and Disclosure Requirements Regulations, 2015, the Company is not required to constitute a risk management committee. At present the company has not identified any element of risk which may threaten the existence of the company.

Board policies

The details of the policies approved and adopted by the Board as required under the Companies Act, 2013 and Securities and Exchange Board of India (SEBI) regulations are provided in Annexure [7] to the Board’s report.

Material Changes Affecting the Company

There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year 2023-24 and the date of this report. There has been no change in the nature of business of the Company.

2. Business description

The Company is primarily engaged in two segments viz, Construction, development & maintenance of properties and related services and Investment which includes lending and investments in capital market.

Disclosures relating to Subsidiary Company, Associates and Joint Ventures

The Company does not have any subsidiary company, associate company or joint venture as on March 31, 2024. Hence, requirement of consolidated financial statement is not applicable to the Company.

Further, pursuant to provisions of Section 129(3) of the Companies Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014, the statement containing salient features of the financial statements of the Company’s subsidiary in Form AOC-1 is not required to be attached.

3. Human resources management

Our employees are our most important assets. The

percentage increase in remuneration, ratio of remuneration of each director and key managerial personnel (KMP) (as required under the Companies Act, 2013) to the median of employees’ remuneration, as required under Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is set out in Annexure [2] to this Board’s report.

Policy on Prevention of Sexual Harassment at Workplace

The Company has formulated a Policy on Prevention of Sexual Harassment atWorkplace for prevention, prohibition and redressal of sexual harassment at workplace in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (hereinafter referred to as "Prevention of Sexual Harassment Act"). As the Company have less than 10 nos. of employees, the company is not required to constitute Internal Complaints Committee.

Further the details / disclosure pertaining to number of complaints filed during the F.Y. 2023-24, disposed during the F.Y. 2023-24 and pending as on the end of the financial year i.e. March 31, 2024 forms part of the Corporate Governance Report.

Health, Safety and Environment

The safety excellence journey is a continuing process of the Company. The safety of the people working for and on behalf of your Company, visitors to the premises of the Company and the communities we operate in, is an integral part of business. Structured monitoring & review and a system of positive compliance reporting are in place. There is a strong focus on safety with adequate thrust on employees’ safety.

4. Corporate Governance

Our corporate governance practices are a reflection of our value system encompassing our culture, policies, and relationships with our stakeholders. Integrity and transparency are key to our corporate governance practices to ensure that we gain and retain the trust of our stakeholders at all times. Corporate governance is about maximizing shareholder value legally, ethically and sustainably.

The Company has taken adequate steps to adhere to all the stipulations laid down in Regulation 17 to 27 and 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A separate report on Corporate Governance along with the certificate from Mrs. Uma Lodha from M/s Uma Lodha & Co., Practicing Company Secretaries confirming the compliance of Corporate Governance requirements is annexed as Annexure [3] to this report.

The Company is regularly complying with Corporate

Governance practices and also uploading the information under Corporate Filing & Dissemination System (corpfiling). Your Company has also been enlisted in the new SEBI compliant redressal system (SCORES) and Online Dispute Resolution (ODR) portal enabling the investors to register their complaints, if any, for speedy redressal.

Number of the Meetings of Board

During the financial year 2023-24, 4 (four) meetings of the Board of Directors were held. The details of the meetings of the Board of Directors of the Company convened during the financial year 2023-24 are given in the Corporate Governance Report which forms part of this Annual Report.

The maximum interval between any two meetings did not exceed 120 days, as prescribed under the Act and the Listing Regulations.

Nomination and Remuneration Policy (NRC)

The NRC Committee comprises of Mrs. Sheela Kamdar (Chairperson), Mrs. Meeta Sheth (Member), Dr. Sharad Mehta (Member), Mr. Niraj Mehta (Member) and Mr. Vinay Mehta (Member - w.e.f. August 02, 2024). Mrs. Riya Shah, Company Secretary acts as Secretary to the NRC Committee.

The salient features of the Policy are set out in the Corporate Governance Report which forms part of this Annual Report.

The said Policy of the Company, inter alia, provides that the Nomination and Remuneration Committee shall formulate the criteria for appointment of Directors on the Board of the Company and persons holding Senior Management positions in the Company, including their remuneration and other matters as provided under Section 178 of the Act and Regulation 19 of the Listing Regulations.

During the year under review, the Nomination and Remuneration Policy was amended to, inter alia, include the revised definition of senior management to reflect the intent of the law in letter and spirit.

The Policy is also available on the website of the Company at https://coralhousing.in/policies.php

Appointment and Remuneration of Directors and Key Managerial Personnel and particulars of employees

The appointments and remuneration paid to the Directors are in accordance with the Nomination and Remuneration Policy formulated in accordance with Section 178 of the Act and Regulation 19 of the Listing Regulations (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).

The information required under Section 197 of the Act read with 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) in respect of Directors/employees of the Company is set out in the Annexure [2] to this report and the Nomination and Remuneration Policy is also available on the website of the Company at https:// coralhousing.in/policies.php.

Declaration from Directors

Definition of ‘Independence’ of Directors is derived from Regulation 16 of the Listing Regulations and Section 149(6) read with Schedule IV of the Companies Act, 2013. The Company has, inter alia, received the following declarations from all the Independent Directors confirming that:

1. they meet the criteria of independence as prescribed under the provisions of the Act, read with Schedule IV and Rules issued thereunder, and the Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company;

2. they have complied with the Code for Independent Directors prescribed under Schedule IV to the Act;

3. in terms of Rule 6(3) of the Companies (Appointment and Qualification of Directors) Rules, 2014, they have registered themselves with the Independent Director’s database maintained by the Indian Institute of Corporate Affairs (IICA), Manesar and have qualified the online proficiency self-assessment test or are exempted from passing the test as required in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualifications of Directors) Rules, 2014;

4. in terms of Regulation 25(8) of the Listing Regulations, they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties.

In terms of Regulation 25(9) of the Listing Regulations, the Board of Directors has ensured the veracity of the disclosures made under Regulation 25(8) of the Listing Regulations by the Independent Directors of the Company.

None of the Directors of the Company are disqualified for being appointed as Directors as specified in Section 164(2) of the Act and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

All members of the Board and Senior Management have affirmed compliance with the Code of Conduct for Board and Senior Management for the financial year 2023-24.

The Company had sought a certificate from the Secretarial Auditor of the Company confirming that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed and/or

continuing as Directors by the SEBI/MCA or any other such statutory authority, enclosed as Annexure [C] to Corporate Governance Report.

Performance Evaluation

The Nomination and Remuneration Policy of the Company empowers the Nomination and Remuneration Committee or Board of Directors to formulate a process for evaluating the performance of Individual Directors, Chairman, Committees of the Board and the Board as a whole.

The parameters for the performance evaluation of the Board, inter alia, include functioning of the entire Board contribution of individual directors therein and suggesting together the improvements areas, if any etc.

The parameters for the performance evaluation of the Directors include attendance, effective participation in meetings of the Board, domain knowledge, vision, strategy, etc.

The Chairperson(s) of the respective Committees based on feedback received from the Committee members on the outcome of performance evaluation exercise of the Committee, shares a report to the Board.

The Independent Directors at their separate meeting review the performance of non-independent directors and the Board as a whole, Chairperson of the Company after considering the views of Executive Director and NonExecutive directors, the quality, quantity and timeliness of flow of information between the Company management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Based on the outcome of the performance evaluation exercise, areas have been identified for the Board to engage itself with and the same would be acted upon. The details of the evaluation process are set out in the Corporate Governance Report which forms a part of this Annual Report.

Familiarization Program for Independent Directors

All Independent Directors are familiarised with the operations and functioning of the Company at the time of their appointment and on an ongoing basis. The details of the training and familiarisation programme are provided in the Corporate Governance Report and is also available on the website of the Company at https://coralhousing.in/ policies.php

Directors and Key Managerial Personnel Board of Directors

I. Change in Directorate

a. During the year

During the year, at the 29th Annual General Meeting (AGM) held on July 21, 2023, the shareholders of

the Company approved the following: i) Retirement by rotation and subsequent reappointment

In accordance with the provisions of Section 152 and other applicable provisions, if any, of the Act read with the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and the Articles of Association of the Company, at the 29th AGM held on July 21, 2023, Mr. Kishor Mehta, Whole-time Director and Chief Financial Officer of the Company has been re-appointed pursuant to retirement by rotation.

b. After the end of the year and up to the date of the Report

(i) Appointment of Non-Executive Independent Director of the Company

The Board of Directors at their meeting held on August 02, 2024, subject to approval of the shareholders, had approved the appointment of Mr. Vinay Mehta as the Non-Executive Independent Director of the Company for a period of 5 (five) years commencing from August 02, 2024 till August 01, 2029, not liable to retire by rotation.

Appropriate resolution for appointment of Mr. Vinay Mehta as the Non-Executive Independent Director of the Company is being placed for the approval of the shareholders of the Company at the ensuing AGM. The Board of Directors and the Nomination & Remuneration Committee of the Company recommends his appointment as the Non-Executive Independent Director of the Company. Details with respect to his experience, attributes, skills, disclosure of relationship between directors inter-se, directorships held in other companies and committee memberships, etc., as stipulated under Regulation 36 of the Listing Regulations and Secretarial Standard on General Meetings issued by ICSI, have been disclosed in the Annexure-I to the Notice of the AGM.

In the opinion of the Board of Directors, Mr. Vinay Mehta brings on board the required experience, integrity, expertise, and relevant proficiency which will add tremendous value to the Board in exercising their role effectively.

The requisite consent, declarations and eligibility confirmations under the provisions of the Act and SEBI Regulations were received from Mr. Vinay Mehta for considering his

appointment as an Independent Directors.

The brief profile of Mr. Vinay Mehta is given in Annexure-II to the Notice of AGM forming part of this Annual Report.

(ii) Retirement by rotation and subsequent reappointment

In accordance with the provisions of Section 152 and other applicable provisions, if any, of the Act read with the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and the Articles of Association of the Company, Mrs. Meeta Sheth, Non-executive, Non-Independent Promoter Director of the Company is liable to retire by rotation at the ensuing AGM and being eligible have offered herself for re-appointment.

Based on performance evaluation and recommendation of the Nomination and Remuneration Committee, the Board of Directors recommends her re-appointment as a Non-Executive Director of the Company, liable to retire by rotation.

The brief profile of Mrs. Meeta Sheth is given in Annexure-II to the Notice of AGM forming part of this Annual Report.

The appropriate resolution for the reappointment of Mrs. Meeta Sheth is being placed for the approval of the shareholders of the Company at the ensuing AGM. Details with respect to her experience, attributes, skills, disclosure of relationship between directors inter-se, directorships held in other companies and committee memberships, etc., as stipulated under Regulation 36 of the Listing Regulations and Secretarial Standard on General Meetings issued by ICSI, have been disclosed in the Annexure-I to the Notice of the AGM.

In accordance with the provisions of the Act read with the Rules issued thereunder, the Listing Regulations and the Articles of Association of the Company, Additional Director, Independent Directors and Managing Director of the Company are not liable to retire by rotation.

None of the Directors of the Company have resigned during the year under review.

Key Managerial Personnel

Pursuant to the provisions of Sections 2(51) and 203

of the Companies Act, 2013 read with the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014 (as amended from time to time), the following are the Key Managerial Personnel of the Company:

1. Mr. Navin Doshi: Chairman & Managing Director

2. Mr. Kishor R. Mehta: Whole-time Director & CFO

3. Mrs. Riya R. Shah: Company Secretary

During the year under review, there were no changes to the Key Managerial Personnel of the Company.

Committees of the Board

The Board of Directors has the following Statutory Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders’ Relationship Committee

4. Corporate Social Responsibility Committee

The Board of Directors have also constituted 3 (three) management committees, viz, Investment Committee, Shareholders Grievances Committee and Sales and Rental Committee.

A detailed note on the composition of the Board and its Committees, including its terms of reference is provided in the Corporate Governance Report. The composition and terms of reference of all the Statutory Committee(s) of the Board of Directors of the Company is in line with the provisions of the Act and Listing Regulations.

During the year, all recommendations of the Committees of the Board which were mandatorily required have been accepted by the Board.

Enhancing Shareholders Value

The Company accords top priority for creating and enhancing shareholders value. All the Company’s operations are guided and aligned towards maximizing shareholders value.

The Company has a duly established Stakeholders Relationship Committee (SRC). The Stakeholders Relationship Committee comprises of Mrs. Sheela Kamdar (Chairperson), Mrs. Meeta Sheth (Member), Dr. Sharad Mehta (Member), Mr. Kishor Mehta (Member), Mr. Niraj Mehta (Member) and Mr. Vinay Mehta (Member - w.e.f. August 02, 2024). Mrs. Riya Shah, Company Secretary acts as Secretary to the SRC Committee.

The salient features of the Policy are set out in the Corporate Governance Report which forms part of this Annual Report.

Internal Financial Controls and their Adequacy

The Company has in place adequate internal financial controls with reference to financial statements. The Board

has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of fraud, error reporting mechanisms, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures.

The Company has a duly established Audit Committee. The Audit Committee comprises of Mrs. Sheela Kamdar (Chairperson), Mrs. Meeta Sheth (Member), Dr. Sharad Mehta (Member), Mr. Kishor Mehta (Member), Mr. Niraj Mehta (Member) and Mr. Vinay Mehta (Member w.e.f. August 02, 2024). Mrs. Riya Shah, Company Secretary acts as Secretary to the Audit Committee.

The salient features of the terms of reference are set out in the Corporate Governance Report which forms part of this Annual Report.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same.

The Audit Committee of the Board of Directors and the Statutory Auditors are periodically apprised of the internal audit findings and corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observation and corrective actions taken by the management are presented to the Audit Committee of the Board. To maintain its objectivity and independence, the internal Audit function reports to the Chairperson of the Audit Committee. The Company prepares Standalone Financial Statements in accordance with the applicable accounting standards.

Material Orders of Judicial Bodies/Regulators

During the year under review, there were no significant material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company and its operations in future.

Reporting of Frauds

During the year under review, none of the auditors has reported to the Audit Committee and/or Board under Section 143(12) of the Companies Act, 2013 and Rules framed thereunder, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board’s report.

Annual Return

The Annual Return of the Company as on 31st March, 2024 in Form MGT-7 in accordance with Section 92(3) read with Section 134(3)(a) of the Act and the Companies (Management and Administration) Rules, 2014, is available on the website of the Company at https://coralhousing.in/ shareholders-meeting.php

Compliance with Secretarial Standard

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.

Listing

The Equity Shares of the Company continue to remain listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).

The annual listing fees for the F.Y. 2023-24 has been paid to these Stock Exchanges.

Registrar and Share Transfer Agent

Link Intime India Private Limited (LIIPL) is the Registrar and Share Transfer Agent of the Company.

Unclaimed Dividend

During the year, the Company has transferred the unclaimed and un-encashed dividends of 2,00,314/- (Rupees Two Lakh Three Hundred and Fourteen only). Further, 81,000 (Eighty-one thousand) corresponding shares on which dividends were unclaimed for seven consecutive years were transferred as per the requirements of the IEPF Rules. The details of the resultant benefits arising out of shares already transferred to the IEPF, year-wise amounts of unclaimed / un-encashed dividends lying in the unpaid dividend account up to the year, and the corresponding shares, which are liable to be transferred, are provided in the "Transparency & Relationship with stakeholder’s" section of the Corporate governance report and are also available on our website, at https://coralhousing.in/ unclaimed-dividend-and-iepf.php

Directors' Responsibility Statement

Pursuant to Section 134 of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force), the Directors of the Company state that:

a. in the preparation of the Annual Accounts for the financial year ended March 31, 2024, the applicable Accounting Standards and Schedule III of the Companies Act, 2013, have been followed and there are no material departures from the same;

b. the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the

Company as at March 31, 2024 and of the profits of the Company for the financial year ended March 31, 2024;

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

d. the annual accounts have been prepared on a 'going concern’ basis;

e. proper internal financial controls laid down by the Directors were followed by the Company and that such internal financial controls are adequate and operating effectively; and

f. proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems are adequate and operating effectively.

Vigil Mechanism / Whistle Blower Policy

The Company has adopted Vigil Mechanism / Whistle Blower Policy, which was approved and adopted by the Board of Directors of the Company as per the provisions of Section 177(9) and (10) of the Act, Regulation 22 of the SEBI Listing Regulations and Regulation 9A of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The said policy provides a formal mechanism for all Directors and employees of the Company to approach Chairperson of the Audit Committee of the Company and make protective disclosures about the unethical behavior, actual or suspected fraud and violation of the Company’s Code of Conduct and Business Ethics. Under the Policy, each Director / employee of the Company has an assured access to the Chairperson of the Audit Committee.

The Policy is displayed on the website of the Company https://coralhousing.in/policies.php

5. Auditors and Auditors' Report

Details of Auditors Statutory Auditor

M/s. Hasmukh Shah & Co. LLP, Chartered Accountants (Firm Registration No. 103592W/ W-100028) were reappointed as the Statutory Auditors of the Company at the 28th Annual General Meeting of the Company held on August 05, 2022, to hold the office for a second term of 5 (five) years from the conclusion of 28th (twenty-eight) Annual General Meeting till the conclusion of the 33rd (thirty-third) Annual General Meeting to be held in the year 2027

M/s. Hasmukh Shah & Co. LLP has confirmed that they are not disqualified from continuing as Auditors of the Company and that they satisfy the independence criteria required under the Companies Act, 2013.

The Statutory Auditors’ report on the Financial Statements for the financial year ended March 31, 2024, does not contain any qualification, reservation or adverse remark and is self-explanatory and unmodified and thus does not require any further clarifications / comments. The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company during the year under review.

The Auditors’ Report for the financial year ended March 31, 2024 on the financial statements of the Company is a part of this Annual Report.

Secretarial Auditor

The Board of Directors of the Company, on the recommendation made by the Audit Committee, has reappointed Mrs. Uma Lodha, Proprietor of M/s Uma Lodha & Co., Practicing Company Secretaries (Certificate of Practice No. 2593, Membership No. 5363), as the Secretarial Auditors to conduct an audit of the secretarial records for the financial year 2024-25, based on the confirmation of the eligibility and consent received from Mrs. Uma Lodha. The Secretarial Auditor has confirmed that she is not disqualified to be appointed as such.

The Secretarial Audit Report received from Mrs. Uma Lodha, for the financial year 2023-24 under Section 204 of the Act read with Rules made thereunder and Regulation 24A of the Listing Regulations, is set out in Annexure [4] to this Report.

The Secretarial Compliance Report received from Mrs. Uma Lodha, for the financial year 2023-24, in relation to compliance with all applicable SEBI Regulations/Circulars/ Guidelines issued thereunder, Secretarial Standards issued by ICSI, pursuant to requirement of Regulation 24A of the Listing Regulations, is set out in Annexure [5] to this Report. The Secretarial Compliance Report has been voluntarily enclosed as good disclosure practice.

As required by Schedule V of the Listing Regulations, the Auditors Certificate on Corporate Governance received from Mrs. Uma Lodha is set out in Annexure [3] to this report.

The Secretarial Audit Report and Secretarial Compliance Report for the financial year 2023-24, does not contain any qualification, reservation, or adverse remark.

Internal Auditor

The Board of Directors at their meeting held on June 28, 2024 have appointed M/s Mansi Nishith Shah & Associates, Chartered Accountants (Firm Registration Number: 160962W) as the Internal Auditors of the Company for the Financial Year 2024-2025.

6. Corporate Social Responsibility (CSR)

During the financial year ended March 31, 2024, the Company incurred CSR Expenditure of ^ 40.00 Lakhs against ^ 38.76 Lakhs required to be spent. During the financial year 2023-24, the CSR initiatives of the

Company were under the thrust area of health care and education. The CSR Policy of the Company is available on the website of the Company at http://coralhousing. in/policies.php.

The Company’s CSR Policy statement, composition and annual report on the CSR activities undertaken during the financial year ended March 31, 2024, in accordance with Section 135 of the Act and Companies (Corporate Social Responsibility Policy) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) is set out in Annexure [6] to this report.

Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo

Pursuant to Section 134(3) (m) of the Act read with Companies (Accounts) Rules, 2014 are given as under:

1. Conservation of Energy: Your Company is conscious about energy consumption and environmental issues related with it. It is continuously making sincere efforts towards conservation of energy and optimizing its usage in all aspects of operations.

2. Technology Absorption: The Company has not incurred any R & D expenditure during the year. Details related to technology absorptions are not applicable to your company during the year under review.

3. Export Activities: There was no export activity in the Company during the year under review. The Company is not planning any export in the near future, as well.

4. Foreign Exchange Earnings and Outgo: There was no Foreign Exchange Earning and Outgo during the year under review.

7. Other Disclosures

a. No credit rating has been obtained by the Company with respect to its securities.

b. The Company does not have any scheme or provision of money for the purchase of its own shares by employees/ Directors or by trustees for the benefit of employees/ Directors;

c. Cost audit records are not required to be maintained by the Company;

d. During the year under review, there was no delay in holding the Annual General Meeting of the Company;

e. There was no revision of financial statements and Boards report of the Company during the year under review;

f. No application has been made under the Insolvency and Bankruptcy Code; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year is not applicable;

g. The requirement to disclose the details of difference between amount of the valuation done at the time

of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

Appreciation & Acknowledgement

The Board of Directors would like to express their sincere thanks to the Shareholders & Investors of the Company for the trust reposed on us over the past several years. Your Directors are highly grateful for all the guidance, support,

assistance and co-operation received from the Banks, Departments of Central Government & State Governments, other Government Departments, Members, Esteemed Customers and Suppliers during the year under review. Your Directors also wish to place on record their sincere appreciation for the dedicated efforts and consistent contribution made by all the employees at all levels for their hard work, solidarity, cooperation and dedication during the year.

For and on behalf of the Board of Directors of Coral India Finance and Housing Limited

CIN: L67190MH1995PLC084306

Navin Doshi Kishor Mehta

Chairman & Managing Director Whole-time Director & CFO Mumbai, August 02,2024 DIN: 00232287 DIN: 00235120

Registered Office:

Dalamal House, 4th Floor,

Jamnalal Bajaj Marg, Nariman Point,

Mumbai - 400 021