Mahaan Foods Ltd Management Discussions

NEW BEGININGS :

During the course of this financial year, the company has undergone significant changes in its nature of business operations. The Company was originally engaged in manufacturing of dairy products and pharma nutritional products which was discontinued almost a decade ago and now the company has decided to be in development and management of projects relating to real estate, infrastructure, hospitality, education, healthcare, industrial warehousing etc. Due to a change in the nature of the business, the Company name has been changed from Mahaan Foods Limited to Lake Shore Realty Limited, with the certificate being issued by the MCA on 22nd April, 2025.

ALTERATION OF MEMORANDUM OF ASSOCIATION:

Your Company intends to avail the opportunity at local and global level across the organised Real Estate Sector and for this purpose, the Company is proposing to pursue new Objects in the Main Objects Clause of the Memorandum of Association ("MOA"). To commence the proposed new business activities, the Object Clause [Clause III (A)] of the Memorandum of Association of the Company is required to be altered as under :

To carry on the business, in all its branches and across various geographies, of development and management of projects related to real estate, infrastructure, hospitality, education, healthcare, industrial warehousing, and other allied sectors, including but not limited to planning, construction, execution, leasing, marketing, administration, consulting, supervision, and advisory services on a turnkey basis in India and abroad; to act as builders, contractors, and developers of land and immovable properties such as residential and commercial buildings, industrial estates, offices, hotels, malls, educational institutions, hospitals, and related infrastructure; to acquire, lease, purchase, or otherwise deal in land and buildings, and to develop, renovate, improve, furnish, sell, lease, or transfer such properties through ownership, installment, or rental basis, including transfer to cooperative societies, companies, or individuals; to lay out and maintain roads, gardens, and amenities, and to manage, promote, and invest?directly or indirectly?in income-generating real estate assets and infrastructure projects including roads, power, water, and industrial facilities; and to engage in activities such as consulting engineering, project reporting, market research, quality control, surveys, and other technical or advisory services related to the implementation and management of the aforementioned projects.

As required in terms of Section 13 of the Companies Act, 2013 read with the Company (Incorporation) Rules, 2014:

(a) an alteration in the Objects clause of a companys memorandum of association or

(b) a change in the name of the Company and a consequent alteration in the name clause of the memorandum of association require the prior approval of the members by way of a special resolutions.

The Change in the Objects Clause of the Company, as aforementioned, a change in the name of the Company from the present "Mahaan Foods Limited" to "Lake Shore Realty Limited".

INDUSTRY OVERVIEW :

In FY 2024-25, Indias overall real estate sector remained resilient, supported by strong domestic economic growth, increased capital expenditure, and government policy support. The sector witnessed robust performance across commercial, retail, logistics, and industrial segments ? with office space leasing hitting record highs, growing demand for warehousing and data centers, and retail spaces evolving into experiential hubs. Redevelopment projects gained momentum in FY 2024-25, especially in metro cities, driven by favorable policies and rising demand for modern infrastructure. Slum Rehabilitation Authority (SRA) initiatives also advanced, unlocking urban land while improving housing conditions for economically weaker sections.While global uncertainties and stock market volatility led to reduced foreign investment, domestic institutional capital rose significantly, signaling growing confidence within the country.

Despite global economic uncertainties, including trade tensions and inflationary pressures that increased input costs, Indias real estate sector remained resilient. Foreign investment saw a dip due to global volatility, but domestic capital flows surged, showing growing local investor confidence. Government support through infrastructure spending, land record digitization, and stable monetary policy further strengthened the sectors foundation, positioning it for long-term sustainable growth.

OPPORTUNITIES AND THREATS

There are many Opportunities and Challenges in the Indian Real estate Industry.

Opportunities

• Housing Demand.

• Government Initiatives and Policy Support

• REITs and Institutional Investment

• Technological Advancements.

Threats

• Regulatory Delays and Compliance Burden.

• Volatility in Interest Rates and Inflation.

• Land Acquisition Challenges.

• Funding Constraints.

• Environmental and Legal Risks.

SEGMENT WISE /PRODUCT WISE REPORTING

Your Company does not have the segment or product wise performance.

OUTLOOK

Indias real estate sector is set for robust growth, driven by strong demand from urbanization and a growing population. The outlook is positive, with key growth drivers including increasing institutional investment, government initiatives and integration of sustainable technology. While the sector faces potential challenges like rising costs, it shows resilience and is expected to continue its upward trajectory, fuelled by infrastructure development and evolving consumer preferences.

RISKS & CONCERNS:

Key risks & concerns in Indias real estate sector revolve around economic volatility, regulatory complexities, project execution and affordability issues. While the market shows robust growth potential, investors and buyers must be aware of these challenges.

INTERNAL CONTROL SYSTEM AND ADEQUACY:

The Company has structured the internal control system. The Company has appointed M/s N K N & Associates, Chartered Accountants, (FRN 028140N), New Delhi to oversee and carry out internal audit covering nearly all aspects related to the working of the Company.

The Company has internal control system commensurate with the size and nature of the business which is monitored for its effectiveness on continuous basis. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance with corporate policies.

The internal audit reports are reviewed by the Audit Committee periodically. Based on its evaluation the Audit Committee has concluded that, as of March 31, 2025, the Companys internal financial controls were adequate and operating effectively.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

Financial performance of the Company has been given separately in the Directors Report.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES

Employees are considered as key stakeholders in the progress of organization and various initiatives are being taken to upgrade their skills. It goes without saying that human resource is of primary importance to any productive activity.

There were 2 employees on the rolls of the Company as on 31st March, 2025.

RATIO ANALYSIS

			IND-AS
Sr. no	Ratios	Units	FY 2025	FY 2024
1.	Debtors Turnover Ratio	Times	0	0
2.	Inventory Turnover Ratio	Times	0	0
3.	Interest Coverage Ratio	Times	0	0
4.	Current Ratio	Times	47.94	47.73
5.	Debt- Equity Ratio	Times	0	0
6.	Operating Profit Margin	%	0	0
7.	Net Profit Margin	%	0	0
8.	Earnings Per Share	R	2.08	1.89

DETAILS OF CHANGE IN RETURN ON NET WORTH

During the year under review, Return on Net Worth (RONW) of current year is 3.60% as compared to previous year figure of 3.40%. This is primarily due to increase in the Net profit and Net Worth of the Company for the year under review.

DISCLOSURE OF ACCOUNTING TREATMENT

In the preparation of the financial statements, the Company has followed the Indian Accounting Standards referred to in Section 133 or any other applicable provisions of the Companies Act, 2013. The significant accounting policies which are consistently applied are set out in the Notes to the Financial Statements

CAUTIONARY STATEMENT

Statements made in the Report describing the current industry structure, development are based on certain assumptions and expectations. The Company cannot guarantee that these assumptions and expectations are accurate.

For and on behalf of the Board

Lake Shore Realty Limited (Formerly know as Mahaan Foods Limited)

Sd/-

(Bhairavi Chandrakant Goswami)

Date: 29-08-2025

Chairman & Managing Director

Place: Delhi

DIN:00576641