15 Provisions, Contingent Liabilities and Contingent Assets:

A provision is recognised if, as a result of a past event, the group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. '

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.

A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation that may probably not require an outflow of resources or an obligation for which the future outcome
cannot be ascertained with reasonable certainty. When there is a possible or a present obligation where the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent assets are neither recognized nor disclosed in financial statements.

Reason for shortfall

The Company has made an excess expenditure under its CSR policy to the extent of Rs. 0.02 lakhs as on 31st March
2025.

Nature of CSR activities

During the year, the Company has incurred a sum of Rs. 18.50 Lakhs towards CSR expenditure as per policy laid down
pursuant to the provisions of Companies Act, 2013 and rules framed thereunder. The Company under its CSR policy,
affirms its commitment of seamless integration of marketplace, workplace, environment and community concerns with
business operations by undertaking activities / initiatives that are not taken in its normal course of business and/or
confined to only the employees and their relatives and which are in line with the broad-based list of activities, areas or
subjects that are set out under schedule VII of the Companies Act, 2013.

24 Segment Reporting

The Company's Board of Directors have been identified as the Chief Operating Decision Maker (CODM) as defined
under Ind AS 108 "Operating Segments". The CODM evaluates the Company's performance and allocated the resources
based on an analysis of various performance indicators . The Company is primarily engaged in the business of financial
services mainly Portfolio Management Services (PMS) and dealing with Synergical investments. The same has been
considered as business segment and the management considers these as a single reportable segment. Accordingly,
disclosure of segment information has not been furnished.

27 Financial instruments

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current
liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due
to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters
such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are
taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially
different from their carrying amounts.

The Company uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:

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

Level 2: Other techniques for which all inputs which have a significant effect on the fair value are observable, either
directly or indirectly.

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data.

27 Financial instruments
Fair value estimation

For financial instruments measured at fair value in the Balance Sheet, a three level fair value hierarchy is used that
reflects the significance of inputs used in the measurements. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to
unobservable inputs (Level 3 measurements).

The categories used are as follows:

• Level 1: quoted prices for identical instruments

• Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and

• Level 3: inputs which are not based on observable market data.

For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is
summarised below:

28 Financial risk factors

The Company's principal financial liabilities comprise loans and borrowings, advances and trade and other payables. The purpose of these
financial liabilities is to finance the Company’s operations and to provide to support its operations. The Company’s principal financial assets
include Investments (Strategic and Non Strategic), loans, trade and other receivables, and cash and cash equivalents that derive directly from its
operations.

The Company's activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors reviews and agrees policies for
managing each of these risks, which are summarised as below.

(a) Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or
another financial asset. Liquidity risk management implies maintenance sufficient cash including availability of funding through an adequate
amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term and long term
liabilities as and when due. Anticipated future cash flows are expected to be sufficient to meet the liquidity requirements of the Company. The
Company does not have any undrawn borrowing facilities with the Banks/ Financial institutions.

(b) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market
risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial
instruments affected by market risk includes investment, deposits, foreign currency receivables and payables. The Company's Management and
related team manages the Market risk, which evaluates and exercises independent control over the entire process of market risk management.

(i) Foreign currency risk

Foreign currency risk can only arise on financial instruments that are denominated in a currency other than the functional currency in which they
are measured. The Company's functional and presentation currency is INR. The Company does not have any foreign currency transactions and
hence is not exposed to the Foreign Currency Risks.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest
rates. The Company does not have any long term borrowings. Hence, the Company is not exposed to the interest rate risk.

28 Financial risk factors

(ii) Price Risk *

The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at
fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company
offsets its risk through strong research policies practice followed.

Sensitivity

The table below summarizes the impact of increases/(decreases) of the BSE index on the Company’s equity and Gain/ (Loss) for the period. The
analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the
Company’s equity instruments moved in line with the index .

(c) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The Company is
exposed to credit risks from its operating activities, primarily trade receivables, cash and cash equivalents, deposits with banks and other financial
instruments.

The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit
risks on an ongoing basis throughout each reporting period.

To assess whether there is a significant increase in credit risk the Company compares the risks of default occurring on the assets as at the
reporting date with the risk of default as at the date of initial recognition. It considers the reasonable and supportive forward looking information
such as:

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty's ability to meet its obligations

ESCORP ASSET MANAGEMENT LIMITED
CIN: L17121MH2011PLC213451

Notes to financial statements for the year ended 31st March, 2025

29 The Company did not have any long- term contracts including derivative contracts for which there were any material foreseeable losses.

30 The Company has complied with number of layers of subsidiaries as prescribed under Section 186(1) of the Companies Act read with Companies
(Restriction on number of layers) Rules, 2017.

31 The company does not have transactions with the companies struck off under section 248 of Companies Act ,2013.

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

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

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

35 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 die Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the In come Tax Act, 1961).

36 There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

37 The financial statements were approved for issue by the Board of Directors on 29th April 2025.

38 The figures of the previous year's have been regrouped or reclassified wherever necessary' to make them comparable.

39 Figures have been rounded off to the nearest lacs of rupees.

Material Accounting Policy

The accompanying notes are an integral part of the financial statements

For V, N, Purohit & Co, For and on behalf of the

Chartered Accountants Escorp Asset Management Limited

Firm Regn No. 304040E

Sd/- Sd/-

O P Pareek Shripal Shah Shreyas Shah

Partner Director & CFO Director

Membership No. 014238 DIN: 01628855 DIN: 01835575

UDIN: 25014238BMJMAP6398

Place : New Delhi Place ; Mumbai Place : Mumbai

Date : 29th April 2025 Date : 29th April, 2025 Date : 29th April, 2025

Sd/-

Bhoomi Shah

Company Secretary
PAN: IFPPS0048L
Place; Mumbai
Date : 29th April, 2025