28 Capital Management

The Company’s capital management objectives are

- to ensure the Company’s ability to continue as a going concern

- to comply with externally imposed capital requirement and maintain strong credit ratings

- to provide an adequate return to shareholders

Management assesses the Company’s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive
leverage. This takes into account the subordination levels of the Company’s various classes of debt. 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. In order to
maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders,
issue new shares, or sell assets to reduce debt.

29 OPERATING SEGMENTS

The Company operates in a single reportable segment i.e. financing, which has similar risks and returns for the purpose of Ind AS 108
“Operating segments”, is considered to be the only reportable business segment. The Company derives its major revenues from financing
activities and its customers are widespread. Further, The Company is operating in India which is considered as a single geographical segment.

ii) Commitments

The company has not been any commitments during the year.

51 FINANCIAL RISK MANAGEMENT FRAMEWORK

The Company has exposure to the following risks arising from financial instruments: • Credit risk • Liquidity risk; and • Market risk

• Credit Risk

Credit risk is the risk of financial loss to the company if a counter-party fails to meet its contractual obligations. The Company has adopted a
policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of financial loss from defaults. The Company's
exposure to financial loss from defaults are continuously monitored.

• Liquidity Risk:

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its
liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and
stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

• Market Risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices
(such as equity price, interest rates etc.) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates
and prices. The Company is exposed to market risk primarily related to the market value of its investments and cash credit facities

a) Interest Rate Risk :

The company's policy is to minimise interest rate cash flow risk exposures on long-term financing as at March 31, 2024, the company is exposed
to changes in market interest rates through overdraft facilties.

b) Currency Risk:

Currently company does not have transaction in foreign currencies and hence the company is not exposed to currency risk.

c) Price Risk:

The Company is exposed to equity price risk arising from investments held by the Company and classified in the balance sheet either as fair
value through OCI or fair value through profit and loss.

39 Public Deposits

The company has not accepted any public deposits within the meaning of Section 45 I(bb) of RBI Act, 1934 during the year in question & the company has also passed resolution for non¬
acceptance of any public deposits.

40 Brokerage

Since the company has not accepted any public deposits the question of brokerage does not arise.

41 The company has complied with the prudential norms on income recognition accounting standards assets clarification & provisioning for bad & doubtful debts as applicable to it &
specified in the directions issued by the RBI on the NBFC prudential Norms (Reserve Bank) Directions, 1909.

iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

v) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

vi) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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

vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that

the Group 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,

viii) The Company has not any such 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, 1961.

ix) Detail of Loan and advances in the nature of loans are granted to promoters, directors KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with
any other person, that are: repayable on demand

x) During the year, the Company has not revalued any Property, Plant & Equipment.

xi) Since there is no immovable properties in the Company, therefore, this clause is not applicable.

48 NBFC Registrations

The company is having a valid certificate of registration No 05.00509 dated 2nd March,1998 issued by the RBI under Section 45 IA of the Reserve Bank of India Act,1934.

49 Previous year figures have been regrouped / reclassified, where necessary, to confirm to the current years’ classification.

50 Schedule to the Balance Sheet of a non- deposit taking Non -Banking Financial Company (as required in terms of Paragraph 13 of Non - Systematically Important Non-Banking Financial
(Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2016 issued vide Notification No. DNBR. PD.007 /03.10.119 /2016-17 are attached, under
separate Annexure - 1.

As per our report attached of even date
Signature to Notes 1 to 50

For S K Naredi & Co For and on behalf of the Board

Chartered Accountants For J.A. Finance Ltd.

ICAI Firm Regn. No. 003333C (CIN: L65999WB1993PLC058703)

(Harsimran Singh) (Akshay Goyal) (Dilip Kumar Goyal)

Partner Managing Director Director

M. No. 417626 (DIN - 00201393) (DIN - 00033590)

(Simi Sen) (Megha Goyal)

Jamshedpur, India. Company Secretary Chief Financial Officer

May 27, 2025_(M.No - ACS 36113)_(PAN - BGUPA5324E)