2.18 Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognised only when:

i. an Company entity has a present obligation (legal or constructive) as a result of a past event; and

ii. it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and

iii. a reliable estimate can be made of the amount of the obligation

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time
value of money is material, the carrying amount of the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is
virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

i. a present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation; and

ii. a present obligation arising from past events, when no reliable estimate is possible.

Contingent assets are disclosed where an inflow of economic benefits is probable. Provisions, contingent liabilities
and contingent assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected
to be received under such contract, the present obligation under the contract is recognised and measured as a
provision.

2.19 Statement of Cash Flows:

Statement of cash flows is prepared segregating the cash flows into operating, investing and financing activities.
Cash flow from operating activities is reported using indirect method adjusting the net profit for the effects of:

i. changes during the period in operating receivables and payables transactions of a non-cash nature;

ii. non-cash items such as depreciation, provisions, deferred taxes, unrealized gains and losses; and

iii. all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are
not available for general use as on the date of Balance Sheet.

2.20 Earnings Per Share:

The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the year. Diluted earnings per share is determined by
adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary
shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares.

2.21 Key source of estimation:

The preparation of financial statements in conformity with Ind AS requires that the management of the Company
makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the
reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the
financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates include useful lives of property, plant and equipment & intangible assets, expected credit loss
on loan books, future obligations in respect of retirement benefit plans, fair value measurement etc. Difference, if
any, between the actual results and estimates is recognised in the period in which the results are known.

2.22 Inventories

Stock-in-trade represents 'Shares / Securities' held by the Company with the intention to trade. The Company
values listed shares and securities at their fair value as on balance sheet date. Difference between opening and
closing inventory is recognised in statement of profit and loss. The Company follows FIFO method for inventory
valuation

2.23 Purchases

Purchase is recognized on passing of ownership in share based on broker’s purchase note.

2.24 Expenditure

Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

2.25 Related Parties

Parties are considered to be related if at any time during the reporting period one party has the ability to control the
other party or exercise significant influence over the other party in making financial and/or operating decisions.

As required by AS-18 “Related Party Disclosure” only following related party relationships are covered:

i. Enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or
are under common control with, the reporting enterprise (this includes holding Companies, subsidiaries and
fellow subsidiaries);

ii. Associates and joint ventures of the reporting enterprise and the investing party or venture in respect of
which the reporting enterprise is an associate or a joint venture;

iii. Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that
gives them control or significant influence over the enterprise, and relatives of any such individual;

iv. Key management personnel (KMP) and relatives of such personnel; and

v. Enterprises over which any person described in (iii) or (iv) is able to exercise significant influence.

2.26 Fair Value Hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either

directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

Note 22 — Contingent Liabilities not provided for

(a) The Company has ongoing matter with ‘Office of Registrar of Companies, West Bengal’ (‘ROC’) (Letter
ROC/TS/206(4)/Inquiry/490/23/3836 dated 9 August 2024), wherein, ROC has ordered an inquiry in the books of
accounts & other records / papers of the Company, which inter alia, involves a past matter relating to ‘loan’ receipt /
‘payment’. The management is of the opinion that no negative outcome on account of the said matter are expected
and the matter will be settled once all documents are furnished as asked by ROC.

(b) The Company has outstanding demand appearing on the Income-tax portal on account of assessment proceedings
under section 147 for AY 2014-15 (FY 2013-14). The total demand appearing on the income-tax portal in respect of
the same as on date is INR 136.86 lakhs (plus interest thereon). The Company has preferred an appeal against the
said matter before the CIT(A) and the matter is pending disposal as on date. Further, the company is also having
pending demand of INR 6780 plus interest on account of adjustment upon processing of return for FY 2020-21 (AY
2021-22).

Note 23: Corporate Social Responsibility

The Company does not meet the criteria specified in sub section (1) of section 135 of the Companies Act, 2013, read
with Companies [Corporate Social Responsibility (CSR)] Rules, 2014. Therefore it is not required to incur any
expenditure on account of CSR activities during the year.

Note 24: Segment Reporting -

The company is primarily engaged in the single business of trading in shares and securities and there is no
reportable secondary segment i.e. geographical segment. Hence, the disclosure requirement of Accounting
Standard-17 “Segment Reporting” as notified by Companies (Accounting Standards) Rules, 2006 (as amended) is not
applicable.

1. The related party relationships have been determined on the basis of the requirements of the Indian
Accounting Standard (Ind AS) -24 ‘Related Party Disclosures’ and the same have been relied upon by the
auditors.

2. The relationships as mentioned above pertain to those related parties with whom transactions have taken place
during the current year /previous year, except where control exists, in which case the relationships have been
mentioned irrespective of transactions with the related party.

1. The related party relationships have been determined on the basis of the requirements of the Indian
Accounting Standard (Ind AS) -24 ‘Related Party Disclosures’ and the same have been relied upon by the
auditors.

2. The relationships as mentioned above pertain to those related parties with whom transactions have taken
place during the current year /previous year, except where control exists, in which case the relationships
have been mentioned irrespective of transactions with the related party.

Note 32: Financial Instruments (Risk Management)

Risk management framework

The Company’s activities expose it to a variety of financial risks, including market risk, credit risk, liquidity risk
and currency risk. The Company’s primary risk management focus is to minimise potential adverse effects on
revenue. The Company’s risk management assessment and policies and processes are established to identify and
analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks
and compliance with the same. Risk assessment and management policies and processes are reviewed regularly
to reflect changes in market conditions and the Company’s activities. The Board of Directors and the Audit
Committee is responsible for overseeing the Company’s risk assessment and management policies and processes.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.
The Company manages liquidity risk by maintaining sufficient cash and marketable securities. The cash flows,
funding requirements and liquidity of Company are regularly monitored by Management of the Company. The
objective is to optimise the efficiency and effectiveness of Company’s capital resources.

Exposure to Liquidity Risk

The table below analyses the Company’s financial liabilities into relevant maturity groupings based on their
contractual maturities for all financial liabilities

Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers,
security deposits and investment securities.

Customer credit risk is managed by company as per its policy, procedures and control relating to customer
credit risk. Credit quality of a customer credit risk is assessed based on an extensive credit rating scoreboard and
individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are
regularly monitored and all possible steps taken to timely realise them.

The credit risk on Fixed Deposits with Banks, Bank Balances, and Investments in Mutual Fund is limited
because the counterparties are Banks, Exchanges and Mutual Fund houses who are structured market players.

As on reporting date credit risk exposure are as on following:

The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going
concern in order to provide returns for shareholders and benefits for stakeholders. The Company also proposes
to maintain an optimal capital structure to reduce the cost of capital. Hence, the Company may adjust any
dividend payments, return capital to shareholders or issue new shares. Total capital is the equity as shown in
the statement of financial position. Management is continuously evolving strategies to optimize the returns and
reduce the risks. It includes plans to optimize the financial leverage of the Company.

Note 33: Other Statutory Information

a. The Company has not entered into 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.

b. The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act
read with the Companies (Restriction on number of Layers) Rules, 2017.

c. The Company is not declared willful defaulter by any bank or financial institution or other lenders.

d. The Company has not traded or invested in crypto currency or virtual currency during the financial year.

e. The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the year.

f. No proceedings have been initiated or are pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made there under.

g. Company does not borrowings from banks or financial institutions on the basis of security of current assets.

h. As per due diligence conducted by the management, the company does not have any transactions with
companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
Auditors have relied on management's representation in this regard

i. The Company have 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.

c) The Company have 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
Company shall:

d) 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

e) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

j. The Company do not have any charges or satisfaction which is yet to be registered with Registrar of
Companies beyond the statutory period.

k. There are no amount of dividends proposed to be distributed to equity shareholders for the year ended
March 31, 2025

Note 34:

a) In the opinion of the management, current assets, loans and advances and other receivables are
approximately of the value stated, if realized in the ordinary course of business. Various of these asset items
are due for more than 1 year, however, the Management is confident of receiving the dues. The Auditors
have solely relied on management's representation in this regard

b) Certain balances of trade receivables, trade payables, and loans and advances are subject to confirmation,
reconciliation, and consequential adjustments, if any. The management has obtained confirmations for some
of these balances and is in the process of obtaining the remainder

c) Weakness in the Internal control design commensurate with the growing size of its business, to mitigate the
risk, enhancement to internal controls is implemented by the management to address the deficiencies
identified in the Internal Control System.

Note 35: Events after the end of the reporting year

No subsequent event has been observed which may require an adjustment to the statement of financial position.

Note 36:

The balance sheet, statement of profit and loss, cash flow statement, statement of changes in equity, statement of
significant accounting policies and the other explanatory notes forms an integral part of the financial statements of
the Company for the year ended March 31, 2025.

Note 37:

Previous year’s figure have been regrouped/rearranged wherever necessary, to correspond with the current year
classification / disclosures.

Note 38:

Any other disclosure as may be applicable under the statutory laws and regulations is either 'Nil' or 'Not applicable'

For S P M L & Associates For & on behalf of the Board of Directors

Chartered Accountants
Firm Registration No. 136549W

S/d- S/d-

Ramesh Kumar Saraswat Anup Kr. Behera

S/d- Managing Director Director

CA Govind Mandhania DIN : 00243428 DIN : 02506622

Partner

M. No. F183098

UDIN: 25183098BMJEKO4820

S/d- S/d-

Place: Mumbai Sudipto Seal Preeti Harlalka

Date: May 27, 2025 Chief Financial Officer Company Secretary