2.09 Provisions

Provisions are recognised when the enterprise has a
present obligation (legal or constructive) as a result of
past events and it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation, and a reliable estimate can be made of the
amount of the obligation.

When the effect of the time value of money is material, the
enterprise determines the level of provision by discounting
the expected cash flows at a pre-tax rate reflecting the
current rates specific to the liability. The expense relating
to any provision is presented in the Statement of Profit
and Loss net of any reimbursement.

2.10 Contingent Liabilities

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain
future events beyond the control of the Company or a
present obligation that is not recognized because it is not
probable that an outflow of resources will be required to
settle the obligation. A contingent liability also arises in

extremely rare cases where there is a liability that cannot
be recognized because it cannot be measured reliably.
The Company does not recognize a contingent liability
but discloses its existence in the financial statements.

2.11 Earning Per Share

The Company reports basic and diluted earnings per share
in accordance with Ind AS 33 on Earnings per share. Basic
EPS is calculated by dividing the net profit or loss for the
year attributable to equity shareholders (after deducting
preference dividend and attributable taxes) by the
weighted average number of equity shares outstanding
during the year.

For the purpose of calculating diluted earnings per share,
the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares
outstanding during the year are adjusted for the effects of
all dilutive potential equity shares. Dilutive potential equity
shares are deemed converted as of the beginning of the
period, unless they have been issued at a later date. In
computing the dilutive earnings per share, only potential
equity shares that are dilutive and that either reduces the
earnings per share or increases loss per share are included.

2.12Significant accounting judgements, estimates and
assumptions

The preparation of financial statements in conformity with
the Ind AS requires the management to make judgments,
estimates and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities and the
accompanying disclosure and the disclosure of contingent
liabilities, at the end of the reporting period. Estimates and
underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the
period in which the estimates are revised and future periods
are affected. Although these estimates are based on the
management's best knowledge of current events and actions,
uncertainty about these assumptions and estimates could
result in the outcomes requiring a material adjustment to the
carrying amounts of assets or liabilities in future periods.

In particular, information about significant areas of
estimation, uncertainty and critical judgments in applying
accounting policies that have the most significant effect
on the amounts recognized in the financial statements is
included in the following notes:

A Defined employee benefit assets and
liabilities - Refer 2.04.B

B Impairment of loans portfolio - Refer 2.05.G

C Effective Interest Rate (EIR) method - Refer
2.03.A and 2.04.A

D Lease accounting - Refer 2.04.C

E Impairment test of non-financial assets - Refer 2.04.D

F Useful life of property, plant, equipment and
intangibles - Refer 2.07 and 2.08

G Provision for income taxes, including amount
expected to be paid/recovered for uncertain tax
positions - Refer 2.04.E

H Recognition and Measurement of Provision and
Contingencies - Refer 2.09 and 2.10

B Security and cost

a) Term loans from banks

First pari-passu charge by way of hypothecation of the company's loan receivables / book debts, bank balance and
investments with asset cover in the range of 1.10 to 1.33 times.

Weighted average cost for FY 2024-25 is 9.68% p.a. and for FY 2023-24 is 9.33% p.a.

b) Term loans from others

Exclusive charge by way of hypothecation of Company's loan receivables with minimum assets cover of 1.25 times in
favour of borrowing from NABARD of H 1200 million.

First pari-passu charge by way of hypothecation of the Company's loan receivables / book debts, bank balance and
investments with asset cover in the range of 1.10 to 1.20 times.

Weighted average cost for FY 2024-25 is 9.37% p.a. and for FY 2023-24 is 8.77% p.a.

c) Other borrowings

First pari-passu charge by way of hypothecation of the Company's loan receivables / book debts, bank balance and
investments with asset cover of 1.25 times.

Weighted average cost for FY 2024-25 is 9.12% p.a. and for FY 2023-24 is 9.69% p.a.

f) Dividend Payment

During the current year the Company has paid dividend of H 0.15 per share amounting to H 123.74 millions
During the previous year the Company has paid dividend of H 0.50 per share amounting to H 103.08 millions
Notes:

a) Statutory Reserve pursuant to Section 45-IC of the RBI Act, 1934

Every non-banking financial company is required to create a reserve fund and transfer therein a sum not less than twenty
per cent of its net profit every year as disclosed in the statement of profit and loss before any dividend is declared.

b) Securities Premium

Securities premium reserve is used to record the premium on issue of shares and used for allottment of bonus share in
accordance with the provisions of the Companies Act, 2013.

c) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a
specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a
dividend distribution in a given year is more than 10% of the paid-up capital of the Company for that year, then the total
dividend distribution is less than the total distributable results for that year. Consequent to introduction of Companies
Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been
withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the
specific requirements of Companies Act, 2013.

d) Employee stock option outstanding

This reserve is used to record the employee stock options which are outstanding. The said reserve will be utilised for
issuance of share to the eligible employees.

e) Proposed Dividend

The Board of Directors have recommended a final dividend of 20% i.e. H 0.20 per equity share on face value of H 1/-
each for the year 2024-25 (previous year H 0.15 per equity share) subject to the approval of the members at the ensuing
Annual General Meeting. In terms of Ind AS 10 - "Events after the Reporting Period" the Company has not appropriated
proposed dividend aggregating to H 165.02 million from the Statement of Profit and Loss Account for the year ended
March 31, 2025.

Note :

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions
may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same method as
applied in calculating the projected benefit obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

47. Leases

A. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration.

B. Company as a lessee

The Company's lease asset classes primarily consist of leases for premises. The Company assesses whether a contract contains
a lease, at inception of a contract. To assess whether a contract conveys the right to control the use of an identified asset,
the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of
the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the
use of the asset.

Classification of assets and liabilities under the maturity buckets is based on the same estimates and assumptions as used by the
Company for compiling the return submitted to the RBI. The Above is based on the information available with the company which
has been relied upon by the auditors.

50. Capital Management

The Company's capital management is intended to create value for shareholders by facilitating the meeting of long-term and short¬
term goals of the Company. The Company determines the amount of capital required on the basis of annual operating plans and
other strategic investment plans. The funding requirements if any will be met through bank borrowings and equity if the need arise.

The primary objectives of the Company's capital management 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
shareholders 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. Capital Management, objectives and processes are under constant
review by the Board.

For details of Capital to Risk Assets Ratio (CRAR) refer Note no. - 59.01

52. Fair value measurements

The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the consideration given
or received). Subsequent to initial recognition, the Company determines the fair value of financial instruments that are quoted in
active markets using the quoted bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation
techniques for other instruments. Valuation techniques include discounted cash flow method, market comparable method, recent
transactions happened in the Company and other valuation models.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or
most advantageous) market at the measurement date under current market conditions, regardless of whether that price is directly
observable or estimated using a valuation technique.

Ind AS 107, 'Financial Instrument - Disclosure' requires classification of the valuation method of financial instruments measured
at fair value in the balance Sheet, using a three level fair-value-hierarchy (which reflects the significance of inputs used in the
measurements). The hierarchy gives the highest priority to un-adjusted quoted prices in active markets for identical assets or
liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair-
value-hierarchy under Ind AS 107 are described below:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including
bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual
funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-
the- counter derivatives) is determined using valuation techniques which maximise the use of observable market data
and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

Short-term financial assets and liabilities: For financial assets and financial liabilities that have a short-term maturity
(less than twelve months), the carrying amounts, which are net of impairment, are a reasonable approximation of their
fair value. Such instruments include cash and cash equivalents, trade receivables, balances other than cash and cash
equivalents and trade payables without a specific maturity

53. Risk Disclosures

Company's risk is managed through an integrated risk management framework, including ongoing identification, measurement
and monitoring, subject to risk limits and other controls. This process of risk management is critical to the Company's continuing
profitability and each individual within the Company is accountable for the risk exposures relating to his or her responsibilities.
The Company is exposed to credit risk, liquidity risk and interest rate risk. It is the Company's policy to ensure that a robust risk
awareness is embedded in its organisational risk culture.

A Credit risk

Credit risk is the risk that the Company will incur a loss because its customers or counterparties fail to discharge their contractual
obligations. The Company manages and controls credit risk by setting limits on the amount of risk it is willing to accept for
individual counterparties.

1 Impairment assessment

a) Exposure at Default

The Exposure at Default is an estimate of the exposure at a future default date including the undrawn commitments.
EAD is taken as the gross exposure under a facility upon default of an obligor. The principal outstanding, overdue
principal, accrued interest, overdue interest is considered as EAD for the purpose of ECL computation.

The advances have been bifurcated into following three stages:

Stage 1- All exposures where there has not been a significant increase in credit risk since initial recognition or that
has low credit risk at the reporting date and that are not credit impaired upon origination are classified under this
stage. The Company classifies all standard advances (past due for 0 to30 days) under this category. Stage 1 loans
also include facilities where the credit risk has reduced and the loan has been reclassified from Stage 2 or Stage 3

Stage 2 - All exposures where there has been a significant increase in credit risk since initial recognition but are not
credit impaired are classified under this stage. Financial assets past due for 31 to 90 days are classified under this
stage and lifetime ECL is recognised on such financial assets. Stage 2 loans also include facilities where the credit
risk has reduced, and the loan has been reclassified from Stage 3.

Stage 3 - All exposures assessed as credit impaired when one or more events that have a detrimental impact on the
estimated future cash flows of that asset have occurred are classified in this stage. For exposures that have become
credit impaired, interest revenue is calculated by applying the effective interest rate to the amortised cost (net of
provision) rather than the gross carrying amount. More than 90 days Past Due is considered as default for classifying
a financial instrument as credit impaired.

b) Significant increase in credit risk

The Company continuously monitors all assets subject to ECLs. In order to determine whether an instrument or a
portfolio of instruments is subject to 12 months ECL or lifetime ECL, the Company assesses whether there has been
a significant increase in credit risk since initial recognition. The Company considers an exposure to have significantly
increased in credit risk if contractual payments are more than 30 days past due.

c) Definition of default and cure

The Company considers a financial instrument defaulted and therefore Stage 3 (credit impaired) for ECL calculations
in all cases when the borrower becomes more than 90 days past due on its contractual payments.

As a part of a qualitative assessment of whether a customer is in default, the Company also considers a variety of
instances that may indicate inability to pay. When such events occur, the Company carefully considers whether the
event should result in treating the customer as defaulted and therefore assessed as Stage 3 for ECL calculations or
whether Stage 2 is appropriate. Such events include:

a) Significant financial difficulty of the borrower or issuer;

b) A breach of contract such as a default or past due event;

c) The restructuring of a loan or advance by the company on terms that the company would not consider otherwise; or

d) It is becoming probable that the borrower will enter bankruptcy or other financial reorganisation

It is the Company's policy to consider a financial instrument as 'cured' and therefore re-classified out of Stage 3
when the borrower makes necessary payments & the borrower's days past due become "0" after such payments.
The decision whether to classify an asset as Stage 2 or Stage 1 once cured depends on the updated credit grade,
at the time of the cure, and whether this indicates there has been a significant increase in credit risk compared to
initial recognition.

d) Probability of Default ("PD") estimation process

Probability of default (PD) is defined as the likelihood of default over a particular time horizon. The PD of an
obligor is a fundamental risk parameter in credit risk analysis and depends on obligor specific as well as
macroeconomic risk factors.

a) The Company has applied 12 months PD to stage 1 advances

b) The Lifetime PD is computed using basic exponentiation technique after considering the residual maturity of
the respective loan.

c) PD of 100% is considered for Stage 3 assets.

Days past due are a primary input for the determination of the PD for exposures. The Company collects performance
and default information about its credit risk exposures analysed by portfolio. For some portfolios, rating based
published information is used.

The Company employs statistical models to analyse the data collected and generate estimates of the remaining
lifetime PD of exposures and how these are expected to change as a result of the passage of time. Such statistical
models are selected considering the availability of information related to the probability of default for each product.
This analysis includes the identification and calibration of relationships between changes in default rates and changes
in key macro-economic factors.

For the purpose of determination of impact of forward looking information, the Company applies various macro
economic (ME) variables as stated above to each portfolio and assess the trend of the historical probability of
defaults as compared to the forecasted probability of default. Based on the directional trend of output, management
applies an overlay if required. Overtime, new ME variable may emerge to have a better correlation and may replace
ME being used now.

The loans are segmented into homogenous product categories to determine the historical PD/LGD as per similar
risk profiles, this segmentation is subject to regular review For portfolios in respect of which the Company has
limited historical data, external benchmark information is used to supplement the internally available data.

The Company does not have any historic data of default in case of Gold Loan portfolio, so it has relied upon the
published data of competitors. In case of Unsecured business loan, it has relied upon the public data of partners
with their existing customers of the similar behavioral vintage

e) Loss Given Default (LGD)

Loss Given Default ("LGD") is defined as the loss rate on the exposure, given the borrower has defaulted. LGD is
being calculated for all financial instruments under risk parameter approach by way of evaluation of historical data
on defaults, recovery amounts, collateral liquidation, direct expenses, and opportunity cost for each default. LGD
has been computed using the volatility-based model in case of Gold Loan portfolio. LGD has been computed by
using the FIRB (Foundation Internal Rating Based) in case of Unsecured business loan

f) Forward looking information

In its ECL models, the Company relies on a broad range of forward looking information as economic inputs, such as.
GDP growth, Consumer Price Index, Unemployment rate, Lending Interest Rate etc. The inputs and models used
for calculating ECLs may not always capture all characteristics of the market at the date of the financial statements.
To reflect this, qualitative adjustments or overlays are occasionally made as temporary adjustments when such
differences are significantly material.

2 Analysis of risk concentration - Refer Note 59.15

3 Collateral and other credit enhancements

The Company holds collateral and other credit enhancements against certain of its credit exposures. The loans are
collateralized against equitable mortgage of property, pledge of shares, hypothecation of assets, physical gold jewellery,
undertaking to create security.

Management monitors the market value of collateral and will request additional collateral in accordance with the
underlying agreement. In case of defaults by customers, where the Company is unable to recover the dues, the Company
through a legal process enforces the security and recovers the dues.

B Liquidity risk and funding management

Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated with financial
liabilities that are settled by delivering cash or another financial asset. Liquidity risk arises because of the possibility that the
Company might be unable to meet its payment obligations when they fall due as a result of mismatches in the timing of the
cash flows under both normal and stress circumstances. Such scenarios could occur when funding needed for illiquid asset
positions is not available to the Company on acceptable terms. To limit this risk, management has arranged for diversified
funding sources and adopted a policy of managing assets by monitoring future cash flows and liquidity on a daily basis.

Liquidity risk is managed in accordance with our Asset Liability Management Policy. This policy is framed as per the current
regulatory guidelines and is approved by the Board of Directors. The Asset Liability Management Policy is reviewed
periodically to incorporate changes as required by regulatory stipulation or to realign the policy with changes in the economic
landscape. The Asset Liability Committee (ALCO) of the Company formulates and reviews strategies and provides guidance
for management of liquidity risk within the framework laid out in the Asset Liability Management Policy.

C Interest rate risk

Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of
financial instruments. The core business of the company is providing loans to MSME, Construction Finance, Indirect Lending,
Gold Loan and Unsecured business loan. The company borrows through various financial instruments to finance its core
lending activity. These activities expose the company to interest rate risk.

Interest rate risk is measured through earnings at risk from an earnings perspective and through duration of equity from
an economic value perspective. Further, exposure to fluctuations in interest rates is also measured by way of gap analysis,
providing a static view of the maturity and re-pricing characteristic of Balance sheet positions. An interest rate sensitivity
gap report is prepared by classifying all rate sensitive assets and rate sensitive liabilities into various time period categories

D Operational Risk

Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail
to operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to
financial loss. The Company cannot expect to eliminate all operational risks, but it endeavors to manage these risks through
a control framework and by monitoring and responding to potential risks. Controls include maker-checker controls, effective
segregation of duties, access, authorisation and reconciliation procedures, staff education and assessment processes, such as
the use of internal audit.

E Capital Management :

Company's capital management objective is primarily to safeguard business continuity. The Company's capital raising policy
is aligned to macro economic situation and incidental risk factors. The Company's cashflows are regularly monitored in sync
with annual operating plans and long-term and other strategic investment plans. The operational funding requirements are
met through debt and operating cash flows generated. The company believes this approach would create shareholder value
in long run. Also, the company has adopted a conservative approach for ALM management with primacy to adequate liquidity.
At present a large portion of the company's resource base is equity. Therefore the company enjoys a low gearing.

The Company maintains its capital structure in line with economic conditions and the risk characteristics of its activities and the
board reviews the capital position on a regular basis.

Expected life of the options: Expected life of the options is the period for which the company expects the Options to be live. The
minimum life of a stock option is the minimum period before which the options cannot be exercised, and the maximum life is the
period after which the options cannot be exercised.

Expected volatility: The measure of volatility used in ESOP pricing model is the annualised standard deviation of the continuously
compounded rates of return (calculated by log function) on the share over a period prior to the date of grant corresponding to the
expected life of the option.

Expected dividend yield: Expected dividend yield has been calculated as an average of dividend yields of six financial years
preceding the date of grant. The dividend yield for the year is derived by dividing the dividend per share by the share price as on
dividend effective date.

Risk-free interest rate: The rate used to discount employee benefit obligations reflects the estimated timing of benefit payments
and the currency in which the benefits are to be paid. We have used the Discount Rate which relates to the par-yield rate available
on ZYC Government Securities (G. Sec.) for the tenure of the expected life of options. (Ref: G Sec. rates available through www.fbil.
org.in with prices/yields published by FBIL).

3.3 Disclosures on risk exposure in derivatives
Qualitative disclosure

The Company undertakes derivative transactions for hedging on-balance sheet liabilities, these derivative transactions
are in form of Forward Exchange Contracts.

The Asset Liability Management Committee and Risk Management Committee closely monitors such transactions and
reviews the risks involved. The Company has entered into these Forward Exchange Contract to mitigate the foreign
exchange risk pertaining to FCNR (B) Term Loan.

All derivative contracts including the Forward Exchange Contracts are recognised on the balance sheet and measured
at fair value. Hedge accounting is applied to all the derivative instruments including the Forward Exchange Contracts as

38 Disclosure On Liquidity Risk Management Framework Pursuant To Reserve Bank Of India Notification RBI /DNBR
/ 2016-17/45 Master Direction Dnbr.Pd.008/03.10.119/2016-17 Dated December 29, 2022.

A. Qualitative Disclosure on LCR

The Board of Directors are responsible for the overall risk management approach and for approving the risk management
strategies and principles. The Board has constituted the Risk Management Committee (RMC) which is responsible for
monitoring the overall risk process within the Company.

The meetings of RMC are held at quarterly interval. The Risk owners are responsible for monitoring compliance with risk
principles, policies and limits across the Company. RMC ensures that the credit and investment exposure to any party /
Company / group of parties or companies does not exceed the internally set limits as well as statutory limits as prescribed
by Reserve Bank of India from time to time. RMC Develops risk policies and procedures and verify adherence to various
risk parameters and prudential limits; review the risk monitoring system and ensure effective risk management.

The Company's Treasury is responsible for managing its assets and liabilities and the overall financial structure. It is also
primarily responsible for the funding and liquidity risks of the Company.

The Board of Directors has constitution of Asset Liability Committee (ALCO). The Company's ALCO monitors asset liability
mismatches to ensure that there are no imbalances or excessive concentrations on either side of the balance sheet. ALCO
conducts quarterly reviews relating to the liquidity position and stress test assuming various 'what if' scenarios. The
ALCO is a decision-making unit responsible for balance sheet planning from risk-return perspective including strategic
management of interest rate and liquidity risks. The ALCO also evaluates the Borrowing Plan of subsequent quarters
based on previous borrowings of the Company.

In assessing the Company's liquidity position, consideration is given to: (1) present and anticipated asset quality (2)
present and future earnings capacity (3) historical funding requirements (4) current liquidity position (5) anticipated future
funding needs, and (6) sources of funds. The Company maintains a portfolio of marketable assets that are assumed to
be easily liquidated and undrawn cash credit limits which can be used in the event of an unforeseen interruption in cash
flow. In accordance with the Company's policy, the liquidity position is assessed under a variety of scenarios, giving due
consideration to stress factors relating to both the market in general and specifically to the Company. Net liquid assets
consist of cash, short-term bank deposits and investments in mutual fund available for immediate sale. Borrowings
from banks and financial institutions and issue of debentures are considered as important sources of funds to finance
lending to customers.

The minutes of ALCO meetings are placed before the RMC and the Board of Directors meeting for noting.

The Company exceeds the regulatory requirement of liquidity coverage ratio (LCR) introduced by the RBI in FY 2020.
This requirement stipulates that NBFCs with an asset size of H 5,000 crore and above are required to maintain 50% of its
expected net cash outflows in a stressed scenario in high quality liquid assets (HQLA) by December 2021; which has to
be increased to 100% by December 2024 in a phased manner.

62. Other Statutory Information:

1 The Company had not granted any loans or advances in the nature of loans 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 or without specifying any terms or period of repayment.

2 The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending
against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
Rules made thereunder.

3 The Company has not been declared willful defaulter by any bank or financial institution or other lender or government or any
government authority.

4 The Company did not have transactions with struck off companies under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956 during the year March 31,2034. Details of Struck off company as below-

5 The Company did not have any charges or satisfaction which were yet to be registered with ROC beyond the statutory period.

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

7 The Company has not received any funds from any persons or entities, including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the Company shall, 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
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

8 The Company did not have any transaction which had not been recorded in the books of account that had 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).

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

10 The Company has complied with the number of layers for its holding in downstream companies prescribed under clause (87)
of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

11 The Company has not revalued other intangible assets during the year.

12 Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement
with the books of accounts.

13 Compliance with approved Scheme(s) of Arrangements: Not applicable

14 Borrowed funds have been utilised for the purpose they have been sanctioned and share premium has been utilised in
working capital.

15 The Company confirms that, the title deeds of immovable properties are held in the name of the Company.

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

17 The Company is registered with Insurance Regulatory and Development Authority of India (IRDAI) as Corporate agent vide
CA0881 dated December 07, 2023.

63. Accounting Software Used for maintenance of Books of Accounts

The Company has used certain accounting softwares (including new ERP implemented w.e.f. December 1, 2024) for maintaining
its books of account which has a feature of recording audit trail (edit log) facility except that no audit trail feature was enabled at
database level in respect of one accounting software (the old ERP discontinued on November 30, 2024) and was not enabled at the
database level from April 1,2024 to July 07, 2024 in respect of another accounting software. Further the audit trail feature was not
enabled at the application level in respect of one accounting software to log any direct data changes.

Further, to the extent enabled, audit trail feature has operated throughout the year for all relevant transactions recorded in the
accounting softwares. Also, we did not come across any instance of audit trail feature being tampered with. Additionally, the
audit trail has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled
and recorded except for one application the audit trail is not preserved where audit trail feature was enabled on July 08, 2024 at
database level.

64. Fig ures for the previous years have been regrouped/rearranged wherever considered necessary to conform to the figures
presented in the current year.

As per our report of even date attached

For M S K A & Associates For and on behalf of the Board of Directors of

Chartered Accountants Capri Global Capital Limited

ICAI Firm Registration No.: 105047W CIN: L65921MH1994PLC173469

Prateek Khandelwal Rajesh Sharma Subramanian Ranganathan

Partner Managing Director Independent Director

Membership No. : 139144 DIN 00020037 DIN 00125493

Place : Mumbai Place : Mumbai Place : Mumbai

Date: May 05, 2025 Date: May 05, 2025 Date: May 05, 2025

Yashesh Bhatt Partha Chakraborti

Company Secretary Chief Financial Officer

ACS-20491

Place: Mumbai Place : Mumbai

Date: May 05, 2025 Date: May 05, 2025