1.18 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.

1.19 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, 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.

1.20 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.

1.21 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.

1.22 Changes in Accounting Standard and recent accounting pronouncements (New Accounting Standards issued
but not effective):

On March 30, 2021, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards)
(Amendments) Rules, 2019, notifying Ind AS 116 on Leases. Ind AS 116 would replace the existing leases standard Ind
AS 17. The standard sets out the principles for the recognition, measurement, presentation and disclosures for both
parties to a contract, i.e. the lessee and the lessor. Ind AS 116 introduces a single lease accounting model and requires
a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying
asset is of low value. Currently for operating lease, rentals are charged to the statement of profit and loss. The
Company is currently evaluating the implication of Ind AS 116 on the financial statements.

The Companies (Indian Accounting Standards) Amendment Rules, 2019 notified amendments to the following
accounting standards. The amendments would be effective from April 1, 2019

a) Ind AS 12, Income taxes — Appendix C on uncertainty over income tax treatments

b) Ind AS 19— Employee benefits

c) Ind AS 23 - Borrowing costs

d) Ind AS 28— investment in associates and joint ventures

e) Ind AS 103 and Ind AS 111 — Business combinations and joint arrangements

f) Ind AS 109 — Financial instruments

The Company is in the process of evaluating the impact of such amendments.

1.23 Inventories

Inventories have been valued at the method prescribed in the Accounting Standards.

1.24 Other Income Recognition

Interest on Loan is booked on a time proportion basis taking into account the amounts invested and the rate of
interest.

Dividend income on investments is accounted for when the right to receive the payment is established.

1.25 Purchases

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

1.26 Expenditure

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

1.27 Investments

Current investments are stated at the lower of cost and fair value. Long-term investments are stated at cost. A
provision for diminution is made to recognise a decline, other than temporary, in the value of long-term investments.
Investments are classified into current and long-term investments.

Investments that are readily realisable and are intended to be held for not more than one year from the date, on
which such investments are made, are classified as current investments. All other investments are classified as non¬
current investments.

1.28 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.

1.29 Stock I n T rade

Shares are valued at cost or market value, whichever is lower. The comparison of Cost and Market value is done
separately for each category of Shares.

Units of Mutual Funds are valued at cost or market value whichever is lower. Net asset value of units declared by
mutual funds is considered as market value for non-exchange traded Mutual Funds.

1.30 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).

1.31 Financial Risk Management Objectives and Policies:

The Company's activities are exposed to a variety of Financial Risks from its Operations. The key financial risks
include Market risk, Credit risk and Liquidity risk.

i. 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 mainly three types of risk, foreign currency risk, Interest rate
risk and other price risk such as Equity price risk and Commodity Price risk.

ii. Foreign Currency Risk & :

There are no Foreign Currency transactions during the financial year.

iii. Foreign Currency Sensitivity:

There are no Foreign Currency transactions during the financial year.

iv. Credit Risk:

Credit risk is the risk that counterparty might not honor its obligations under a financial instrument or
customer contract, leading to a financial loss. The company is exposed to credit risk from its operating
activities (primarily trade receivables).

v. Trade Receivables:

Customer credit risk is managed based on company's established policy, procedures and controls. The
company assesses the credit quality of the counterparties, taking into account their financial position, past
experience and other factors.

Credit risk is reduced by receiving pre-payments and export letter of credit to the extent possible. The
Company has a well-defined sales policy to minimize its risk of credit defaults. Outstanding customer
receivables are regularly monitored and assessed. The Company follows the simplified approach for
recognition of impairment loss and the same, if any, is provided as per its respective customer's credit risk as
on the reporting date.

vi. Liquidity Risk:

Liquidity risk is the risk, where the company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The company's
approach is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due.

1.32 Summary of Significant Accounting Policies General

• Contingent Liabilities & Commitments - Nil (Refer accompanied Note No. 28 of the Report)

• Additional Information disclosed as per Part II of the Companies Act, 2013 - Nil

1.33 Cash and cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of
three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the
balance sheet.

1.34 Earnings/(loss) per Share

i. Basic earnings/ (loss) per Share

Basic earnings / (loss) per share is calculated by dividing:

• the profit attributable to owners of the Company

• by the weighted average number of Equity Shares outstanding during the financial year.

ii. Diluted earnings / (loss) per Share

Diluted earnings / (loss) per share adjusts the figures used in the determination of basic earnings per share to
take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential Equity
Shares, and

• the weighted average number of additional Equity Shares that would have been outstanding assuming the
conversion of all dilutive potential Equity Shares.

2. Critical Estimates and Judgments

In the application of the company's accounting policies, which are described in note 1, the management is required to make
judgment, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from
other process. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision
and future period if the revision affects both current and future period.

The following are the critical estimates and judgments that have the significant effect on the amounts recognised in the
financial statements.

Critical Estimates and Judgments

i. Estimation of Current Tax Expense and Deferred Tax

The calculation of the company's tax charge necessarily involves a degree of estimation and judgment in respect of
certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax
authority or, as appropriate, through a formal legal process. Significant judgments are involved in determining the
provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions. Where the final
tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the
current and deferred income tax in the period in which such determination is made.

Recognition of Deferred Tax Assets / Liabilities

The recognition of deferred tax assets is based upon whether it is probable that sufficient and suitable taxable profits will
be available in the future against which the reversal of temporary differences can be deducted. To determine the future
taxable profits, reference is made to the approved budgets of the company. Where the temporary differences are related
to losses, local tax law is considered to determine the availability of the losses to offset against the future taxable profits
as well as whether there is convincing evidence that sufficient taxable profit will be available against which the unused
tax losses or unused tax credits can be utilised by the company. Significant items on which the Company has exercised
accounting judgment include recognition of deferred tax assets in respect of losses. The amounts recognised in the
financial statements in respect of each matter are derived from the Company's best estimation and judgment as
described above.

ii. Estimation of Provisions and Contingent Liabilities

The company exercises judgment in measuring and recognising provisions and the exposures to contingent liabilities,
which is related to pending litigation or other outstanding claims. Judgment is necessary in assessing the likelihood that
a pending claim will succeed, or a liability will arise, and to quantify the possible range of the financial settlement.

Because of the inherent uncertainty in this evaluation process, actual liability may be different from the originally
estimated as provision. Although there can be no assurance of the final outcome of the legal proceedings in which the
company is involved, it is not expected that such contingencies will have a material effect on its financial position or
profitability.

iii. Estimation of useful life of Property, Plant and Equipment and Intangible Assets

Property, Plant and Equipment and Intangible assets represent a significant proportion of the asset base of the
company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected
useful life and the expected residual value at the end of its life. The useful lives and residual values of company's assets
are determined by management at the time the asset is acquired and reviewed periodically, including at each financial
year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events,
which may impact their life, such as changes in technology.

iv. Estimation of Provision for Inventory

The company writes down inventories to net realisable value based on an estimate of the realisability of inventories.
Write downs on inventories are recorded where events or changes in circumstances indicate that the balances may not
realised. The identification of write-downs requires the use of estimates of net selling prices of the down-graded
inventories. Where the expectation is different from the original estimate, such difference will impact the carrying value
of inventories and write-downs of inventories in the periods in which such estimate has been changed.

v. Impairment of Trade Receivable

The impairment provisions for trade receivable are based on assumptions about risk of default and expected loss rates.
The company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based
on the company's past history, existing market conditions as well as forward looking estimates at the end of each
reporting period.

Nature and purpose of other Reserves
General Reserve

The general reserves are the retained earnings of a Company which are kept aside out of Company's profits to meet
future (known or unknown) obligations. The general reserve is a free Reserve which can be utilized for any purpose
after fulfilling certain conditions.

Note 31: Deferred Tax Assets/Liabilities:

Over the period of time, the Company has provided more depreciation in the books of accounts on the existing assets
than that claimed, so there are deferred taxes Assets on account of it. The accumulated Deferred Tax Assets as on
31.03.2025 was Rs. 0.55 Lakhs as against the Deferred Tax Assets of Rs. 0.78 Lakhs as on 31.03.2024. This is in
accordance with Indian Accounting Standard (AS12)"Accounting for Taxes on Income".

Note 32: Employee Benefits

The employees benefit regarding Gratuity, Pension, Leave Encashment etc. which are payable after the end of the
period in which the employees render service has not been measured and no actuarial valuation was done and not
recognized as expenses. It will be recognized as and when it actually paid. However, the management has a view to
consider gratuity provision only after completion of the service period of 5 years as per Gratuity Act and therefore
there is no such liability at present.

Note 36:

There is no capital work in progress whose completion is overdue or has exceeded its cost compared to its original
plan

Note 37:

There are no Intangible assets under development or whose completion is overdue or has exceeds its cost compared
to its original plan.

Note 38:

No proceedings have been initiated during the year or are pending against the company for holding benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under as at 31st March
2025.

Note 39:

The company has not been availed working capital limits from Banks on the basis of security of current assets and
therefore no quarterly returns or statements is required to be filed by the company, hence disclosure of deficiencies is
not required.

Note 40:

The company has not been declared as a willful defaulter by any bank or financial institutions or by any other lender.

The company has utilized the fund raised from the bank or financial institutions for the same purpose for which the
loan was taken during the year

Note 42:

There is no charge or satisfaction of charges is yet to be registered with the Registrar of Companies. The company
has followed / complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rule 2017.

Note 43:

There is no scheme of arrangements has been approved by the competent authority in terms of section 230 to 237
(Corporate Restructuring) of the Companies Act 2013.

Note 44:

The company did not have any transactions relating to previously unrecorded income that have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

Note 45:

The Company does not fulfill the criteria as specified under section 135(1) of the Act read with the Companies
(Corporate Social Responsibility Policy) Rules 2014, hence no CSR is required to be spent.

Note 46:

The company has not traded or invested Crypto currency or virtual currency during the financial year.

Note 47:

There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding
for more than 45 days as at March 31, 2025. This information as required to be disclosed under Micro, Small and
Medium Enterprises Development Act, 2006 which has been determined to the extent such parties who identified on
the basis of information available with the Company.

Note 48:

The Company is having investments / inventories in some of small cap illiquid stocks where either there is very thin
trading or is no trading during the entire financial year. Even trading in some of these shares has been suspended by
Stock Exchanges. The Company has valued these shares on last traded price on BSE/CSE and has not made any
provision for the possible losses. Further the management believes that there is no material impact in respect of fair
valuation to the carrying value of respective shares.

Note 49:

The company has not entered in any transactions with any struck off companies under section 248 of the Companies
Act 2013 or section 560 of the Companies Act 1956.

Note 50:

The company has not borrowed any funds for the purpose of further lending, investment, guarantee or security to
the third parties during the year.

Note 51:

As per view of management the company deals in single line of products / services i.e. financing and investing, hence
there is no reportable segment as per IND AS 108.

Note 52:

Estimated amounts of contracts remaining to be executed on capital account not provided for as at March 31, 2025 -
Rs Nil (March 31, 2024 - Rs Nil)

The Company has followed level 3 of fair value hierarchy of the financial instruments considering all current assets
and liabilities are at fair value. However, the company has not recognized any gain / (loss) to the cost of inventories
held in the form of unquoted equity shares i.e. financial instruments falling within the level - 3 in accordance with the
IND AS 113 and the management is in process to conduct valuation of shares by the independent valuer. Further the
management believes that there is no material impact in respect of fair valuation to the carrying value of respective
shares.

Note 54:

Balances of Trade Receivable, Loans & Advances, Trade Payable and Other current assets & liabilities are subject to
confirmation from the respective parties and consequently adjustments if any will be made at the time of
reconciliation.

Note 55:

There is no restructure account as on March 31, 2025 and no account has been restructured during the year, hence
disclosure pursuant as required under RBI Circular RBI/DoR/2023-24/106 DoR.FIN.REC.No.45/03.10.119/2023-24
Master Direction - Reserve Bank of India (Non-Banking Financial Company -Scale Based Regulation) Directions,
2023 dated October 19, 2023 is not required.

Note 56:

There are no pending litigations as at March 31, 2025 having impact on the financial position of the company.

Note 57:

The company has no long-term contracts including derivative contracts having material foreseeable losses as at
March 31, 2025.

The management assessed that fair values of cash and cash equivalents, other bank balances, other financial assets,
trade payables and other financial liabilities approximate their respective carrying amounts, largely due to the short¬
term maturities of these instruments. The following methods and assumptions were used to estimate the fair values
for other assets and liabilities:

i. The fair values of the Company's fixed interest bearing loan and investment in debt securities are
determined by applying discounted cash flows ('DCF') method, using discount rate that reflects the issuer's
borrowing rate as at the end of the reporting period.

ii. The fair values of the Company fixed rate interest-bearing borrowings are determined by applying
discounted cash flows ('DCF') method, using discount rate that reflects the issuer's borrowing rate as at the
end of the reporting period. For variable rate interest-bearing debt securities and borrowings carrying value
represent best estimate of their fair value as these are subject to changes in underlying interest rate indices
as and when the changes happen.

Note 65: Financial Risk Management
Risk Management

The company is mainly engaged in Investment and financial activities. The company's principal financial liabilities
compromise borrowings and other payables. The main purpose of these financial liabilities is to finance and support
Company's operation. The company's principal financial assets include loans, Investment, Inventories, Cash and Cash
Equivalents and Receivables.

The risk management policies of the company are established to identify and analysis the risk 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 regularly to reflect changes in market conditions and the company's activities.

The Company's activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk
which the entity is exposed to and how the entity manages the risk and the related impact in the financial
statements.

The Board has the overall responsibility of risk management and managing overall risk in the organization. In
accordance with the RBI guidelines to enable NBFCs to adopt best practices and greater transparency in their
operations, the Board of Directors of the Company reviews risk management in relation to various risks, namely,
market risk, credit risk, liquidity risk and operational risk.

Credit Risk

Credit risk is the risk that counterparty fails to discharge its obligation to the Company. This is the most important
risk since the business of the Company is lending. The Company has established various internal risk management
processes to provide early identification of possible changes in the creditworthiness of counterparties, including
regular collateral revisions. Counterparty limits are established by the use of a credit risk classification system, which
assigns each counterparty a risk rating. Risk ratings are subject to regular revision. The credit quality review process

aims to allow the Company to assess the potential loss as a result of the risks to which it is exposed and take
corrective actions.

Credit Risk Management

The Company assesses and manages credit risk based on internal credit rating system and external ratings. From
credit risk perspective, the Company's lending portfolio can be segregated into following broad categories:

Low Risk
Moderate Risk
High Credit Risk

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The ultimate responsibility for
liquidity risk management rests with the Board of Directors. The Company manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual
cash flows, and by matching the maturity profiles of financial assets and financial liabilities. Management monitors
rolling forecasts of the company's liquidity position and cash and cash equivalents on the basis of expected cash
flows.

Institutional set-up for liquidity risk management

The Board of Directors of the Company has overall responsibility and oversight for the management of all the risks,
including liquidity risk, to which the Company is exposed to in the course of conducting its business. The Board
approves the governance structure, policies, strategy and risk limits for the management of liquidity risk. The Board
of Directors approved the constitution of the Asset Liability and Risk Management Committee (hereinafter called
"ALRMC") for the effective supervision, evaluation, monitoring and review of various aspects and types of risks, faced
by the Company. The main objective of ALRMC is to assist the Board to review of risk management, review of asset-
liability gap and also review and enforce asset-liability management (ALM) function and discharge of the
responsibilities of asset-liability management, market risk management, liquidity and interest rate risk management.
ALRMC provides guidance and directions in terms of interest rates and liquidity.

Note 71:

Public disclosure on Intra-Group Exposure for the year ended on Mar 31, 2024 as required under RBI Circular
RBI/DoR/2023-24/106 DoR.FIN.REC.No.45/03.10.119/2023-24 Master Direction - Reserve Bank of India (Non¬
Banking Financial Company -Scale Based Regulation) Directions, 2023 dated October 19, 2023:

During financial year 2024-25 and financial year 2023-24, the company had no Intra Group, hence, disclosure
pursuant to RBI circular RBI/2022-23/26 DOR. ACC REC. NO.20/21.04.018/2022-23 dated April 19, 2022 not given.

Note 72:

Public disclosure on Unhedged Foreign Currency Exposure for the year ended on Mar 31, 2024 as required under
RBI Circular RBI/DoR/2023-24/106 DoR.FIN.REC.No.45/03.10.119/2023-24 Master Direction - Reserve Bank of
India (Non-Banking Financial Company -Scale Based Regulation) Directions, 2023 dated October 19, 2023:

During financial year 2024-25 and financial year 2023-24, the company had no Unhedged Foreign Currency Exposure,
hence, disclosure pursuant to RBI circular RBI/2022-23/26 DOR. ACC REC. NO.20/21.04.018/2022-23 dated April 19,
2022 not given.

Note 73:

Public disclosure on Complaints received by the NBFCs from customers and from the Offices of Ombudsman for
the year ended on Mar 31, 2024 as required under RBI Circular RBI/DoR/2023-24/106

DoR.FIN.REC.No.45/03.10.119/2023-24 Master Direction - Reserve Bank of India (Non-Banking Financial
Company -Scale Based Regulation) Directions, 2023 dated October 19, 2023:

During financial year 2024-25 and financial year 2023-24, the company had no complain received by the NBFCs from
the customer and from the offices of ombudsman, hence, disclosure pursuant to RBI Circular RBI/DoR/2023-24/106
DoR.FIN.REC.No.45/03.10.119/2023-24 Master Direction - Reserve Bank of India (Non-Banking Financial Company -
Scale Based Regulation) Directions, 2023 dated October 19, 2023 not given.

Notes "1" to "73" form an integral part of the accounts and have been duly authenticated.

As per our report of this date annexed

For & on behalf of the Board of Directors

For Rajesh Kumar Gokul Chandra & Associates

Chartered Accountants

Firm Registration No. 323891E S/d- S/d-

Sushil Parakh Sunil Parakh

S/d- Director Director

Archana Jhunjhunwala DIN : 02596801 DIN : 01008503

Partner
M. No. 069098

S/d- S/d-

Place: Kolkata Abhijit Bose Praveen Kr. Gupta

Date: May 28, 2025 Chief Financial Officer Company Secretary

UDIN: 25069098BMHIQI7399