xiv Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized when the Company 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, in respect of which a reliable estimate can be made
of the amount of obligation. Provisions (excluding gratuity and compensated absences) are
determined based on management's estimate required to settle the obligation at the Balance
Sheet date. In case the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost. These are reviewed at
each Balance Sheet date and adjusted to reflect the current management estimates.

Contingent liabilities are disclosed in respect of possible obligations that arise from past events,
whose existence would be confirmed by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company. A contingent liability also
arises, in rare cases, where a liability cannot be recognized because it cannot be measured
reliably.

Contingent assets are disclosed in the financial statements.

xv Borrowing costs

Borrowing costs consist of interest and other ancillary costs that an entity incurs in connection
with the borrowing of funds. Borrowing costs also include exchange differences to the extent
regarded as an adjustment to the borrowing costs

All borrowing costs are charged to the Statement of Profit and Loss except:

a) Borrowing costs directly attributable to the acquisition or construction of assets that necessarily
takes a substantial period of time to get ready for its intended use are capitalised as part of
the cost of such assets.

b) Expenses incurred on raising long term borrowings are amortised using effective interest rate
method over the period of borrowings.

Investment Income earned on the temporary investment of funds of specific borrowings
pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalisation.

xvi Expenditures

(i) Finance costs

Borrowing costs on financial liabilities are recognised using the EIR

(ii) Fees and commission expenses

Fees and commission expenses which are not directly linked to the sourcing of financial assets,
such as commission/incentive incurred on value added services and products distribution,
recovery charges and fees payable for management of portfolio etc., are recognised in the
Statement of Profit and Loss on an accrual basis.

(iii) Taxes

Expenses are recognised net of the Goods and Services Tax/Service Tax, except where credit
for the input tax is not statutorily permitted

xvii Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision maker ("CODM"). The Company's operating businesses are
organized and managed separately according to the nature of services provided, with each
segment representing a strategic business unit that offers different markets. The Company has
identified three business segments - Investment & Trading in Shares & Securities, Finance activities
& Unallocable. Unallocable item include income, expenses, assets and liabilities which are not
allowed to any reportable business segement. The segment revenues, results, assets and liabilities
include the respective amounts identifiable to each of the segment and amounts allocated
on a reasonable basis.Accordingly, these financial statements are reflective of the information
required by the Ind AS 108 "Operating segments".

xviii Provision for Standard Assets and non-performing Assets

The Company makes provision for standard assets and non-performing assets as per Non-Banking
Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking
Company (Reserve Bank) Directions, 2016. Provision for standard assets in excess of the prudential
norms, as estimated by the management, is categorised under Provision for Standard Assets, as
General provisions and/or as Gold Price Fluctuation Risk provisions.

A reconciliation of profit for the year and equity shares used in the computation of basic and diluted
earnings per equity share is set out below:

Basic: Basic earnings per share is calculated by dividing the profit attributable to equity shareholders
of the Company by the weighted average number of equity shares outstanding during the year,
excluding equity shares purchased by the Company and held as treasury shares.

Diluted: Diluted earnings per share is calculated by adjusting the weighted average number of equity
shares outstanding during the year for assumed conversion of all dilutive potential equity shares.
Employee share options are dilutive potential equity shares for the Company.

Note 25: Segment Reporting

a) In accordance with the requirements of Ind AS 108 "Operating Segments", the Company's
business activities can be classified into three segment namely Investment & Trading in Shares
& Securities, Finance Activities and Unallocable.In computing the segment information, certain
estimates and assumptions have been made by the management, which have been relied
upon.The Chief Operating Decision Maker (CODM) monitors the operating results of its business
units separately for making decisions about resource allocation and performance assessment.
Segment performance is evaluated based on operating profits or losses and is measured
consistently with operating profits or losses in the financial statements. However, income taxes are
managed on a entity as whole basis and are not allocated to operating segments.

In the course of its business, the Company is exposed to certain financial risks namely credit risk, interest
risk, currency risk & liquidity risk.The Company's primary focus is to achieve better predictability of
financial markets and seek to minimize potential adverse effects on its financial performance.

The financial risks are managed in accordance with the Company's risk management policy which
has been approved by its Board of Directors.

Market risk

Market risk is the risk that the fair value of future cash flow of financial instruments will fluctuate due to
changes in the market variables such as interest rates, foreign exchange rates and equity prices.

Interest Rate Risk

The company uses a mix of cash and borrowings to manage the liquidity & fund requirements of its
day-to-day operations. Further, certain interest bearing liabilities carry variable interest rates.

Interest Rate sensitivity

The sensitivity analysis below have been determined based on exposure to interest rate for non¬
derivative instruments at the end of reporting period. For floating rate liabilities, analysis is prepared
assuming the amount of liability outstanding at the end of the reporting period was outstanding for
the whole year.

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on
that portion of borrowings affected. With all other variables held constant, the company's profit
before tax is affected through the impact on floating rate borrowings, as follows:

Currently Company does not have transaction in foreign currencies and hence the company is not
exposed to currency risk.

Price risk:

The Company is exposed to equity price risk arising from investments held by the Company and
classified in the balance sheet either as fair value through OCI or at fair value through profit or loss. To
manage its price risk arising from investment in equity securities, the Company diversifies its portfolio.
Diversification of the portfolio is done in accordance with the limits set by the Company. The majority
of the company's equity investments are listed on the Bombay Stock Exchange (BSE) or the National
Stock Exchange (NSE) in India.

The table below summaries the impact of increases/decreases of the index on the company's
equity and profit for the period. The analysis is based on the assumption that the equity/index
had increased by 1% or decreased by 1% with all other variables held constant, and that all the
company's equity instruments moved in line with the index.

Credit risk is the risk of financial loss arising out of a customer or counterparty failing to meet their
repayment obligations to the Company.The Company assesses the credit quality of all financial
instruments that are subject to credit risk.

Classification of financial assets under various stages :

The Company classifies its financial assets in three stages having the following characteristics:

Stage 1: unimpaired and without significant increase in credit risk since initial recognition on which a
12 month allowance for ECL is recognised;

Stage 2: a significant increase in credit risk since initial recognition on which a lifetime ECL is recognised;

Stage 3: objective evidence of impairment, and are therefore considered to be in default or otherwise
credit impaired on which a lifetime ECL is recognised.

Financial instruments were not subjected to simplified ECL approach under Ind AS 109 ‘Financial
Instruments' and accordingly were not subject to sensitivity of future economic conditions.

Liquidity risk

Liquidity is defined as the risk that the Company will not be able to settle or meet its obligations on
time or at a reasonable price. The Company's managment is responsible for liquidity, funding as well
as settlement management. In addition, processes and policies related to such risks are overseen
by senior management. Management monitors the Company's net liquidity position through rolling
forecasts on the basis of expected cash flows. .

Maturity profile of non-derivative financial liabilities

The following tables detail the Company's remaining contractual maturity for its non-derivative
financial liabilities with agreed repayment periods. The amount disclosed in the tables have been
drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date
on which the Company can be required to pay. The tables include both interest and principal cash
flows.

The company measures financial instruments at fair value at each balance sheet date. Fair value is
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company. The fair value
of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability
to generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.

The Company has not disclosed the fair values for financial instruments for loans,trade receivables,
cash and cash equivalents,Trade payables,borrowings and financial liabilities because their
carrying amounts are reasonable approximation of their fair values.

(ii) Fair value hierarchy

Fair value hierarchy explains the judgement and estimates made in determining the fair values of
the financial instruments that are -

a) recognized and measured at fair value

b) measured at amortized cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the
Company has classified its financial instruments into the three levels prescribed under the
accounting standard.

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)

Assets and Liabilities that are disclosed at Fair values through Profit & Loss

Note 29 : Capital Management
Objective

The Company's objectives when managing capital are to:

Safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce
the cost of capital.

Note 32.1 (d) Intra -group exposures

(i) Total amount of intra-group exposures as on 31 March 2025 is Nil, (Previous Year Nil)

(ii) Total amount of top 20 intra-group exposures as on 31 March 2025 is Nil, (Previous Year Nil)

(iii) Percentage of intra-group exposures to total exposure of the NBFC on borrowers/customers as on
31 March 2025 is Nil, (Previous Year Nil)

Note 32.1 (e) Unhedged foreign currency exposure

The Company's exposure of unhedged foreign currency risk at the end of the reporting period is Nil
(Previous year Nil)

Note 32.3: Disclosure of complaints

There were no complaints received by the NBFCs from customers and from the Offices of Ombudsman
during the reporting period and previous year.

Note 33 : In the previous year, the Company has negotiated/settled. In this quarter, the Company has
further negotiated the rate of interest on lower side for the loans taken from various parties.

Note 34 : No amunt is transferred to Special Reserve Fund as provided by Section 45(IC) of the Reserve
Bank of India Act, 1934 as Company has incurred losses during the current year.

Note 35 : Other additional information's as per Schedule III division III is either nil or not applicable to
the company.

Note 36 : Following are the additional disclosures required as per Schedule III to the Companies Act,
2013 vide Notification dated March 24, 2021;

(a) Details of Benami Property held:

There are no proceedings which have been initiated or pending against the Company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules
made thereunder.

(b) Wilful Defaulter:

The Company has not been declared as Willful Defaulter by any Bank or Financial Institution or
other Lender.

(c) Relationship with Struck off Companies :

During the year, the Company does not have any transactions with the companies struck off
under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

(d) Compliance with number of layers of companies:

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

(e) Utilisation of Borrowed funds and share premium:

During the financial year ended 31st March 2025, other than the transactions undertaken in the
normal course of business and in accordance with extant regulatory guidelines as applicable.

(i) No funds (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, 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 except as mentioned below:

The Company has invested funds in its wholly owned subsidiary IndiaNivesh Securities Limited
by the way of Optionally Fully Convertible Debentures during the year. The details are given
below:

(ii) No funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the Company shall, whether,
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.

The transactions mentioned in above are not in violation of Prevention of Mone Laundering
Act, 2002 and are complied with the provisions of Foreign Exchange Management Act,

1999 and Companies Act, 2013.

(f) Undisclosed Income:

The Company does not have any transactions 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 (such as, search or survey or any other relevant provisions of the Income Tax Act,
1961). Also, there are nil previously unrecorded income and related assets.

(g) Details of Crypto Currency or Virtual Currency:

The Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year.

(h) Capital work in progress (CWIP) and Intangible asset:

The Company does not have any Intangible asset under development or Capital work in
Progress

(i) The Company has no satisfaction of charges which are pending to be filed with ROC

(j) The Company has not revalued its Property, Plant and Equipment during the year as well as
intangible assets in previous year

Note 37 : Previous year's figures have been regrouped where necessary to confirm to this year's
classification.

Significant accounting policies 1 - 2

The notes are an integral part of the Financial Statements 3 - 37

As per our report of even date attached For and on behalf of the Board of Directors of

IndiaNivesh Limited

For C A S & Co.

Chartered Accountants
Firm Registration No. 111075W

Sd/- Sd/- Sd/- Sd/-

(Sajjan Kanodia) Rajesh Nuwal Dinesh Nuwal Charu Golash

Partner mD & CFO Director Company Secretary

Mem.No. 048047 DIN. 00009660 DIN. 00500191

Place : Mumbai Place : Mumbai

Date : 28th May 2025 Date : 28th May 2025