vi) Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive)
as a result of a past event, it is probable that an outflow of economic benefits will be required
to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to
settle the present obligation at the end of the reporting period, taking into account the risks
and uncertainties surrounding the obligation. When some or all of the economic benefits
required to settle a provision are expected to be recovered from a third party, the receivable
is recognized as an asset, if it is virtually certain that reimbursement will be received and the
amount of the receivable can be measured reliably.

Provisions for onerous contracts are recognized when the expected benefits to be derived by
the Company from a contract are lower than the unavoidable costs of meeting the future
obligations under the contract. Provisions for onerous contracts are measured at the present
value of lower of the expected net cost of fulfilling the contract and the expected cost of
terminating the contract.

vii) Contingencies

Provision in respect of contingencies relating to claims, litigation, assessment, fines,
penalties etc. are recognised when it is probable that a liability has been incurred and the
amount can be estimated reliably.

viii) Revenue

Revenue is recognised upon transfer of control of promised services to customers in an
amount that reflects the consideration which the Company expects to receive in exchange for
those services.Revenue is measured based on the consideration specified in a contract with
the customer and excludes amounts collected on behalf of customers. The Company presents
revenue net of discounts and collection charges. Revenue also excludes taxes collected from
customers.

ix) Income tax

Income tax comprises current and deferred tax. Income tax expense is recognized in the
statement of profit and loss except to the extent it relates to items directly recognized in equity
or in other comprehensive income.

Current income tax

Current income tax for the current and prior periods are measured at the amount expected
to be recovered from or paid to the taxation authorities based on the taxable income for the
period. The tax rates and tax laws used to compute the current tax amount are those that are
enacted or substantively enacted by the reporting date and applicable for the period. The
Company off sets current tax assets and current tax liabilities, where it has a legally
enforceable right to set off the recognized amounts and where it intends either to settle on a
net basis or to realize the asset and liability simultaneously

Deferred income tax is recognized using the balance sheet approach. Deferred income tax
assets and liabilities are recognized for deductible and taxable temporary difference arising
between the tax base of assets and liabilities and their carrying amount in financial
statements, except when the deferred income tax arises from the initial recognition of goodwill
or an asset or liability in a transaction that is not a business combination and affects neither
accounting nor taxable profits or loss at the time of the transaction. Deferred income tax asset
is recognized to the extent that it is probable that taxable profit will be available against which
the deductible temporary difference, and the carry forward of unused tax credits and unused
tax losses can be utilized. Deferred income tax liabilities are recognized for all taxable
temporary difference. The carrying amount of deferred income 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 income tax asset to be utilized.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to
apply in the period when the asset is realized or the liability is settled, based on tax rates (and
tax laws) that have been enacted or substantively enacted at the reporting date.

x) Earnings per share

Basic earnings per share is computed using the weighted average number of equity shares
outstanding during the period. Diluted EPS is computed by dividing the net profit after tax
by the weighted average number of equity shares considered for deriving basic EPS and also
weighted average number of equity shares that could have been issued upon conversion of all
dilutive potential equity shares. Dilutive potential equity shares are deemed converted as of
the beginning of the period, unless issued at a later date. Dilutive potential equity shares are
determined independently for each period presented. The number of equity shares and
potentially dilutive equity shares are adjusted for bonus shares, as appropriate.

xi) Current versus non-current classification

The Company presents assets and liabilities in the Balance Sheet based on current/non
current classification.

The Company has identified twelve months as its operating cycle. The operating cycle is the
time between the acquisition of assets for processing and their realisation in cash and cash
equivalents.

An asset is treated as current when it is:

Expected to be realised or intended to be sold or consumed in the normal operating cycle;
Held primarily for the purpose of trading;

Expected to be realised within twelve months after the reporting period; or

Cash or cash equivalent unless restricted from being exchanged or used to settle a liability

for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

It is expected to be settled in the normal operating cycle;

It is held primarily for the purpose of trading;

It is due to be settled within twelve months after the reporting period; or

There is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

xii) Cash and cash equivalent

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and
short-term deposits with an original maturity of three months or less, which are subject to
an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash
and short-term deposits, as defined above, net of outstanding bank overdrafts as they are
considered an integral part of the Company’s cash management.

xiii) Fair value measurement

All financial instruments are recognised initially at fair value. Transaction costs that are
attributable to the acquisition of the financial asset (other than financial assets recorded at
fair value through profit or loss) are included in the fair value of the financial assets. Purchase
or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the market place are recognised on trade date. While, loans and
borrowings and payables are recognised net of directly attributable transaction costs. For the
purpose of subsequent measurement, financial instruments of the Company are classified in
the following categories: non-derivative financial assets comprising amortised cost, debt
instruments at fair value through other comprehensive income (FVTOCI), equity instruments
at FVTOCI or fair value through profit and loss account (FVTPL), non derivative financial
liabilities at amortised cost or FVTPL and derivative financial instruments (under the category
of financial assets or financial liabilities) at FVTPL. The classification of financial instruments
depends on the objective of the business model for which it is held. Management determines
the classification of its financial instruments at initial recognition.

Debt instruments at FVTOCI

A debt instrument shall be measured at fair value through other comprehensive income if
both of the following conditions are met:

- the objective of the business model is achieved by both collecting contractual cash flows
and selling financial assets and

- the asset's contractual cash flow represent Solely Payments of Principal and Interest(SPPI)

Debt instruments included within FVTOCI category are measured initially as well as at each
reporting period at fair value plus transaction costs. Fair value movements are recognised in
other comprehensive income (OCI). However, the Company recognises interest income,
impairment losses & reversals and foreign exchange gain/loss in statement of profit and loss.
On derecognition of the asset, cumulative gain or loss previously recognised in OCI is
reclassified from equity to profit and loss. Interest earned is recognised under the effective
interest rate (EIR) model.

Equity instruments at FVTOCI

All equity instruments are measured at fair value. Equity instruments held for trading is
classified as FVTPL. For all other equity instruments, the Company may make an irrevocable
election to present subsequent changes in the fair value in OCI. The Company makes such
election on an instrument-by-instrument basis. If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividend
are recognised in OCI which is not subsequently recycled to statement of profit and loss.

Financial assets at FVTPL

FVTPL is a residual category for financial assets. Any financial asset which does not meet the
criteria for categorization as at amortised cost or as FVTOCI, is classified as FVTPL.

In addition the Company may elect to designate the financial asset, which otherwise meets
amortised cost or FVTOCI criteria, as FVTPL if doing so eliminates or significantly reduces a
measurement or recognition inconsistency. The Company has not designated any financial
asset as FVTPL.

Financial assets included within the FVTPL category are measured at fair values with all
changes in the statement of profit and loss.

Non-derivative financial liabilities

Derivative financial instruments: Derivatives are recognized and measured at fair value.
Attributable transaction costs are recognized in statement of profit and loss.

Financial liabilities at amortised cost:

Financial liabilities at amortised cost represented by borrowings, trade and other payables
are initially recognized at fair value, and subsequently carried at amortized cost using the
effective interest rate method.

Financial liabilities at FVTPL:

Financial liabilities at FVTPL represented by contingent consideration are measured at fair
value with all changes recognised in the statement of profit and loss.

xiv) Fair value measurement

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.

The fair value measurement is based on the presumption that the transaction to sell the asset
or transfer the liability takes place either:

In the principal market for the asset or liability or in the absence of a principal market, in the
most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market

participants would use when pricing the asset or liability, assuming that market participants
act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's
ability to generate economic benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the asset in its highest and best use.

The company uses valuation techniques that are appropriate in the circumstances and for
which sufficient data are available to measure fair value, maximising the use of relevant
observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorised within the fair value hierarchy, as described below, based on the
lowest level input that is significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable.

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring
basis, the company determines whether transfers have occurred between levels in the
hierarchy by re-assessing categorization (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets
and liabilities on the basis of the nature, characteristics and risks of the asset or liability
and the level of the fair value hierarchy, as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures
are given in the relevant notes.

Note 27 - Financial risk management

The Company’s principal financial liabilities comprises of borrowings, trade and other payables (including ca[ tal cr
financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include t ade a
equivalents that are derived directly from its operations.

The Company is exposed to the following risks from the use of financial instruments:

(a) credit risk,

(b) liquidity risk, and

(c) market risk,

(i) foreign currency exchange risk, and

(ii) interest rate risk.

The Company’s senior management oversees the management of these risks. The Company’s financial risk
activities are governed by appropriate policies and procedures and financial risks are identified, measured
and managed in accordance with the Company’s policies and risk objectives.

(a) 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, loans, investments, cash and cash
equivalents, bank deposits and other financial assets.

(b) Liquidity Risk

The Company is exposed to liquidity risk related to its ability to fund its obligations as and when they
become due. The Company monitors and manages the liquidity risk to ensure access to sufficient fund to
meet operational and financial requirements. The Company has access to credit facilities and monitors
cash and bank balances on a regular basis. In relation to the Company's liquidity risk , the Company's poli y is tc
meet its liabilities when due , under both normal and stressed conditions without incurring unacceptable
losses.

(c) Market risk

Market risk is the risk of any loss in the future earnings, in realisable fair values or in future
cash flows that may result from a change in the price of a financial instrument. The value of a
financial instrument may change due to change in interest rates, foreign currency exchange
rates, liquidity, and other market changes. Future specific market movements cannot be market
predicted with reasonable accuracy.

(i) Foreign currency exchange rate risk

The fluctuation in foreign currency exchange rates may have a potential impact on the statement of profit and loss a
equity, where any transaction references more than one currency or where assets/liabilities are denominated n a
currency other than the functional currency of the Company.

(ii) Interest rate risk

Note 29 Company has not paid preference share dividend for FY 2023-24

Note 30 The Company’s net worth has eroded, however the Company expects improvement in the
business results in the coming few years. The Company does not have any intention to close any of its
operations. Hence, the results of the Company are prepared on a going concern basis and no
adjustments are required to be made to the carrying value of its assets and liabilities.

Note 31 The Title Deeds of all immovable property are held in the name of the company and the
company does not jointly hold any immovable property with others.

Note 32 The Company has not revalued any of its Property, Plant and Equipment (including Right-of-
Use Assets) during the year.

Note 33 The Company does not have any Benami property, where any proceeding has been initiated or
pending against the Company for holding any Benami property.

Note 34 The Company is not declared as wilful defaulter by any bank or financial institution (as
defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the
guidelines on wilful defaulters issued by the Reserve Bank of India.

Note 35 The Company does not have any transactions with companies struck off under section 248 of
the Companies Act, 2013.

Note 36 The Company does not have any charges which are to be registered or satisfied with the ROC.

Note 37 The Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year.

Note 38 The Company does not have any transaction which is not recorded in the books of accounts
that has been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,

Note 39 The Company has not advanced or loaned or invested funds to any other person(s) or entity(is),
including foreign entities (Intermediaries) with the understanding that the Intermediary shall: (a) directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on
behalf of the Ultimate Beneficiaries.

Note 40 The Company has not received any fund from any person(s) or entity(is), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company
shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

Note 41 The Company does not have any Contingent Liabilities.

Note 42 The company is not covered under Section 135 which relates to Corporate Social
Responsibility during FY 2023-24.

Note 43 Previous years figures have been regrouped and rearranged wherever necessary to confirm to
this years classification.

As per our Report of even date attached

For Shah Khandelwal Jain & Associate FOR QUANTUM DIGITAL VISION (INDIA) LTD.

Chartered Accountants
Firm No.: 142740W

Himalay Dassani Shakuntala Dassani

Managing Director Director

DIN :00622736 DIN:07136389

Neelesh Khandelwal
Partner

Membership No. : 100246 PannaLal Chand Dassani CFO Nidhi Loharuka CS

Place: Pune PAN: AAFPD8330F PAN: AMJPG8225G

Date: May 30, 2024