P. Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present
obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent
Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor
disclosed in the financial statements.

Q. Classification of Current / Non Current Assets

All assets and liabilities are presented as Current or Non-current as per the Company's normal operating cycle
and other criteria set out in Schedule III to The Companies Act, 2013. Based on the nature of products and the
time between the acquisition of assets for processing and their realization, the Company has assumed its
operating cycle as 12 months for the purpose of Current / Non current classification of assets and liabilities

R. Leases

The Company has complied with IND AS 116 "Leases" applicable from 1 April 2019, and considered all material
lease contracts existing on April 1, 2019. The Company has accounted for its short term leases and low value
assets in accordance with para 6 of the IND AS. The cancellable leases are considered as short term leases
therefore no right to use assets has been recognized as per exemption available under the IND AS 116.

^S- FINANCIAL INSTRUMENTS

(i) Recognition and measurement

A financial asset or a financial liability is recognised in the statement of financial position when, and only when,
the Company becomes a party to the contractual provisions of the instrument.

A financial asset or a financial liability is initially measured at fair value plus or minus, for an item not at fair
value through profit or loss, transaction costs that are directly attributable to its acquisition or issuance. A trade
receivable without a significant financing component is initially measured at the transaction price.

The remuneration of Sh. Rajneesh Bansal, Managing Director, was approved by the Shareholders of the Company by way of Special Resolution passed in the
Annual General Meeting held on 26.09.2024, wherein the Shareholders approved payment of the said remuneration irrespective of the profits and even in
the event of absence or inadequacy of profits in any financial year. Vide the said Special Resolution, the shareholders further approved that the
remuneration of other Whole Time Directors of the Company shall remain unaffected despite the fact that the remuneration payable to them may exceed
the limits prescribed under Section 197 of the Companies Act, 2013.

The

remuneration of Sh. Ritesh Vaid, Whole Time Director, was approved by the Shareholders of the Company by way of Special Resolution passed in the Annual
General Meeting held on 26.09.2024, wherein the Shareholders approved payment of the said remuneration irrespective of the profits and even in the
event of absence or inadequacy of profits in any financial year. Vide the said Special Resolution, the shareholders further approved that the remuneration
of other Whole Time Directors of the Company shall remain unaffected despite the fact that the remuneration payable to them may exceed the limits
prescribed under Section 197 of the Companies Act, 2013.

*The Company had received an adverse order dated 19.02.2019 from the Hon’ble CESTAT, Chandigarh in respect of an indirect tax demand amounting to
?3.28 crores.Subsequently, the Department filed an appeal before the Hon’ble High Court of Punjab and Haryana in STA-05/2013. However, vide
judgment dated 23.05.2024, the Hon’ble High Court, held that as per Section 35G of the Central Excise Act, 1944, no appeal lies before the High Court
against orders passed by the CESTAT in such matters, and the appropriate appellate forum is the Hon’ble Supreme Court of India. Accordingly, the appeal
was dismissed with liberty to the Department to approach the Hon’ble Supreme Court. As per the opinion obtained by the company from subject expert,
the legal action before Honble Supreme Court cannot be initiated by the department as per applicable CBEC circulars and neither any intimation of filing
appeal has been received by company till date of signing of the financials. Resultantly, contingent liability of Rs6.71cr has been derecognized as of 31st
March 2025.

**The Directorate of Enforcement, Chandigarh had imposed a penalty of Rs. 24,00,000/- (Rupees Twenty Four Lakh Only) on the Company for contravention
of the provisions of Section 10(5) of the Foreign Exchange Management Act (FEMA), 1999, read with Para 8 of Part B of RBI Master Direction No. 07/2015-16

dated 01.01.2016, in connection with certain overseas student remittance transactions processed by the Company in the year 2017 in the Chandigarh region.
The Company had filed an appeal against the said order before the Special Director (Appeals)-FEMA, New Delhi, which was rejected. Subsequently, the
Company filed a further appeal before the Hon'ble Appellate Tribunal for SAFEMA at New Delhi ("Tribunal"). On 03.04.2025, the Company received the order
issued by the Hon'ble Tribunal, wherein the Tribunal has set aside the penalty imposed by the Directorate of Enforcement. Consequently, the contingent
liability of the Company has decreased.

***The Directorate of Enforcement, Chandigarh issued a Show Cause Notice dated 28.02.2024 in respect of 1,138 overseas remittance transactions processed
by certain branches of the Company during the period from 06.09.2017 to 01.08.2018, alleging contravention of FEMA provisions.In response, separate
compounding applications were filed with the Reserve Bank of India (RBI) by the Company and its Principal Officer on 16.04.2024. Pursuant to this, RBI issued
a compounding order dated 17.01.2025 against the Principal Officer with a compounding amount of ^11.40 lakhs, which has been deposited.

Further, for the Company, RBI concluded that as an Authorised Person under FEMA, the matter falls under Section 11(3) and accordingly imposed a penalty of
^1,13.80 lakhs vide its order dated 23.01.2025. This amount was deposited by the Company on 24.01.2025.An application has been submitted to the

Directorate of Enforcement, Chandigarh requesting closure of the adjudication proceedings, as the matter stands concluded by RBI in respect of both the
Company and its Principal Officer. Accordingly, no contingent liability is considered necessary as on the reporting date.

a Balance under Sundry Debtors, Sundry Creditors, Loans & Advances and Other Receivable and Payables are subject to confirmation and reconciliation.

b The previous Year figures have been regrouped/re-classified/re-stated wherever necessary to conform with the current presentation.

c Notes form integral part of Accounts for the year ending 31 st March 2025

The company has availed finance facilities from banks and other financial institutions against security of current assets and the quarterly statements submitted to
bank in respect of the same are in agreement with the books of accounts. Further all banking facilities obtained by the company during the year have been utilised for
^d the specified purposes only. All charges in respect of the finance facilities have also been duly registered with the Registrar of Companies within specified time under
the Companies Act 2013.

The company confirms that title deeds of all immovable properties accounted in the financial statements are held in name of the company. No proceedings are
e pending against the Company for holding any Benami property under the Benami Property (Prohibition) Act ,1988 (45 of 1988)and the rules made thereunder.

f The company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

The company does not have any transaction with the Strike Off Companies in the Financial Year.

§

No registration or satisfaction of charges are pending to be filed with ROC.

h

There are no undisclosed income /transactions which has been surrendered during the year as per income tax act,1961

i

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

j

There is no scheme of Amalgamation/Merger is approved by Court/NCLT, as no such case for Amalgamation/Merger related to company is pending before any
^k Court/NCLT.

l Additional information pursuant to Schedule III Division II part I & II of the Companies Act. 2013 other than stated above is either NIL or Not Applicable.

PLACE: CHANDIGARH
Dated : 26.05.2025

AUDITOR'S REPORT:

As per our Separate Report of the Even Date

For & on Behalf of Board of Directors

SD/- SD/-

RITESH VAID RAJNEESH BANSAL

Whole Time Director Managing Director For RAJIV GOEL AND ASSOCIATES

DIN- 09433856 DIN-00077230 CHARTERED ACCOUNTANTS

H. No. 17/2,Sigma City-1 H. No. 749, (FRN - 011106N)

Lohgarh Road,Zirakpur Sec 8, Chandigarh

SD/-

SD/- SD/- CA. ROHIT GOEL

HARDAM SINGH SAKSHI Partner

Company Secretary Chief Financial Officer (M. No. 091756)

FCS-5046 FCA-419986 UDIN:25091756BMUKKJ9970

H. No. 2007, Sector-89C. H. No. 580, Sec-12,

Mohali-160055 Panchkula