2.14. 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

(Hi) 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.

2.15. Commitment:

Commitments are future liabilities for contractual expenditure, classified and disclosed as follows:

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for;

(b) Uncalled liability on shares and other investments partly paid;

(c) Funding related commitment to associate companies; and

(d) Other non-cancellable commitments, if any, to the extent they are considered material and
relevant in the opinion of management.

2.16. 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, unrealised 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.

2.17. 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.

2.18. Recent Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31,
2023, MCA amended the Companies (Indian Accounting Standards) Rules, 2015 by issuing the
Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from April 1, 2023, as
below:

Ind AS 1 - Presentation of Financial Statements

The amendments require companies to disclose their material accounting policies rather than their
significant accounting policies. Accounting policy information, together with other information, is
material when it can reasonably be expected to influence decisions of primary users of general
purpose financial statements. The Company does not expect this amendment to have any significant
impact in its financial statements.

Ind AS 12 - Income Taxes

The amendments clarify how companies account for deferred tax on transactions such as leases and
decommissioning obligations. The amendments narrowed the scope of the recognition exemption in
paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transactions
that, on initial recognition, give rise to equal taxable and deductible temporary differences. The
Company does not expect this amendment to have any significant impact in its financial statements.

Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

The amendments will help entities to distinguish between accounting policies and accounting
estimates. The definition of a change in accounting estimates has been replaced with a definition of
accounting estimates. Under the new definition, accounting estimates are “monetary amounts in
financial statements that are subject to measurement uncertainty”. Entities develop accounting
estimates if accounting policies require items in financial statements to be measured in a way that
involves measurement uncertainty. The Company does not expect this amendment to have any
significant impact in its financial statements.

18. Contingent Liability not provided in respect of: -

a) Estimated amount of contracts remaining to be executed on capital account and not provided
for Rs. Nil (Previous year Rs. Nil).

b) Other Contingent Liabilities - Rs. Nil (Previous Year Rs. Nil)

19. There are no amounts due and outstanding to be credited to Investor Education & Protection Fund
as at March 31, 2024

20. The Company is primarily engaged in investment & financial activities, taking into account the risks
and returns, the organization structure and the internal reporting systems. All the operations of the
Company are in India. All non-current assets of the Company are located in India. Accordingly,
there are no separate reportable segments as per Ind AS 108 - “Operating segments”.

21. There were no dues outstanding amounts payable to Micro, Small and Medium Enterprises
included under Current Liabilities, as per the information available with the Company and relied
upon by the auditors (Previous Year - Nil).

22. In the opinion of the Board, the Current assets, and Loans and Advances have a value on
realisation in the ordinary course of the business at least equal to the amount at which they are
stated in the books of account and adequate provision has been made of founds all known
liabilities.

25. B. Measurement of fair values

i) Valuation techniques and significant unobservable inputs The carrying amounts of financial
assets and liabilities which are at amortised cost are considered to be the same as Their fair
values as there is no material differences in the carrying values presented.

ii) Financial instruments - fair value

The fair value of financial instruments as referred to in note (A) above have been classified into
three categories depending on the inputs used in the valuation technique. The hierarchy gives the
highest priority to quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and lowest priority to unobservable inputs (Level 3 measurement).

The categories used are as follows:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices;

Level 2: The fair value of financial instruments that are not traded in active market is determined
using valuation technique which maximizes the use of observable market data and rely as little as
possible on entity specific estimates.

If all significant inputs required to fair value on instrument are observable, the instrument is
included in level 2; and Level 3: If one or more of significant input is not based on observable
market data, the instrument is included in level 3.

iii) Transfers between levels I and II

There has been no transfer in between level I and level II.

iv) valuation techniques

Investment in equity instruments

The majority equity instruments held by the Company are actively traded on stock exchanges with
readily available active prices on a regular basis. Such instruments are classified as level 1.

Investments in mutual Funds and Preference Shares are valued as per the NAV prevailing at the
end of the financial years and such investments are classified as level 1.

Equity investments in unquoted instruments are fair valued using the valuation technique and
accordingly classified as
Level 3.

C. Capital

The Company maintains an actively managed capital base to cover risks inherent in the business
and is meeting the capital adequacy requirements of the NBFC’s Sector regulator and supervisor,
RBI. The adequacy of the Company’s capital is monitored using, among other measures, the
regulations issued by RBI.

The Company has complied in full with all its externally imposed capital requirements over the
reported period. Equity share capital and other equity are considered for the purpose of
Company’s capital management.

C.1 Capital management

The primary objectives of the Company’s capital management policy are to ensure that the
Company complies with externally imposed capital requirements and maintains strong credit
ratings and healthy capital ratios in order to support its business and to maximise shareholder
value.

The Company manages its capital structure and makes adjustments to it according to changes in
economic conditions and the risk characteristics of its activities. In order to maintain or adjust the
capital structure, the Company may adjust the amount of dividend payment to shareholders,
return capital to shareholders or issue capital securities. No changes have been made to the
objectives, policies and processes from the previous years. However, they are under constant
review by the Board.

26. Financial risk management objectives and policies

The Company’s principal financial liabilities comprise Current Tax Liabilities and Provisions. The
Company’s financial assets include Investments, Loan, Interest receivable on Loan and Cash and
Cash equivalents that derive directly from its operations.

The Company is exposed to credit risk, liquidity risk and market risk. The Company’s board of
directors has an overall responsibility for the establishment and oversight of the Company’s risk
management framework. The board of directors has established the risk management committee,
which is responsible for developing and monitoring the Company’s risk management policies. The
committee reports to the board of directors on its activities.

The Company’s risk management policies are established to identify and analyse the risks faced
by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to
limits. Risk management policies and systems are reviewed to reflect changes in market
conditions and the Company’s activities.

The Company’s risk management committee oversees how management monitors compliance
with the Company’s risk management policies and procedures, and reviews the adequacy of the
risk management framework in relation to the risks faced by the Company.

1) Credit risk

Credit risk is the risk of financial loss to the Company if a customer fails to meet its contractual
obligations and arises principally from the Company’s receivables from customers and loans. The
carrying amounts of financial assets represent the maximum credit risk exposure.

Loans

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of
each Borrower / Customer, However, management also considers the factors that may influence
the credit risk of its customer base. Including the default risk associated with the industry. The
Company’s exposure to credit risk for loans and advances by type of counterparty is as follows;

Carrying Amount __

Particular__As at 31st March ,2024__As at 31st March, 2023

Inter Corporate 23,536.52 Lakhs 19,154.17 Lakhs

Loan___

The Loans are repayable on demand, however an impairment analysis is performed at each
reporting date based on the facts and circumstances existing on that date to identify expected
losses on account of time value of money and credit risk. For the purposes of this analysis, the
trade receivables are categorised into groups based on days past due.

Cash and cash equivalent and Bank deposits

Credit risk on cash and cash equivalent and bank deposits is limited as the fund are in Current
Account and sometimes in invests in term deposits with banks.

2) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its obligations
associated with its financial liabilities. The Company’s approach in managing liquidity is to ensure
that it will have sufficient funds to meet its liabilities when due.

The Company is monitoring its liquidity risk by estimating the future inflows and outflows during
the start of the year and planned accordingly the funding requirement. The Company manages its
liquidity by term loans, inter-corporate deposit and investment in mutual funds.

The table below summarises the maturity profile of the Company’s non-derivative financial
liabilities based on contractual undiscounted payments along with its carrying value as at the
balance sheet date.

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 includes interest rate risk and foreign currency risk. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while
optimizing the return.

30. The Company is not a wilful defaulter by any bank or financial institution or other lenders.

31. There are no transactions with the Struck off Companies uder Section 248 or 560 of the
Companies, Act 2013.

32. No proceedings initiated or pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988.

33. Expenditure, Earning and remittance in foreign currency - Rs. Nil (March 31, 2023: Rs. Nil)

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

35. The Company have 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

36. Financial Ratios:

Pursuant to the amendments to Schedule III vide MCA circular dated March 23, 2021, the
following ratios are presented:

38. Additional information as required under various notification issued by RBI, to the extend
applicable, (other than what is already disclose elsewhere) is disclosed as an Annexure.

39. Previous year figures have been regrouped / reclassified wherever necessary to correspond
with the figure of the current period.

As per our report of even date

For V R S K & CO. LLP For and on behalf of the Board of Directors

(Formerly Known as V R S K & CO.)

Chartered Accountants

S6I- Sd/- Sd/-

SURESH G. KOTHARI Sudha Jajodia Shivangi Murarka

Partner Director & CFO Managing Director

Membership No.: 47625 DIN: 00376571 DIN: 08370325

Sd/-

Ranjana Gajewar

Place: Mumbai Company Secretary

Date: May 22, 2024

UDIN: 24047625BKESK04452