Q. Provisions
A provision is recognized when the Company has
a present obligation as a result of past event; it is
probable that an outflow of resources will be required
to settle the obligation, in respect of which a reliable
estimate can be made of the amount of obligation.
Provisions are not discounted to its present value
and are determined based on best estimate required
to settle the obligation at the reporting date. These
are reviewed at each reporting date and adjusted to
reflect the current best estimates.
R. Contingent liabilities and assets
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. Where there
is a possible obligation or a present obligation in
respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made.
Contingent assets are not recognised in the financial
statements if the inflow of the economic benefit
is probable than it is disclosed in the financial
statements.
S. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash
flow statement comprise cash at bank and in hand
and short-term investments with an original maturity
of three months or less.
T. Goods and service tax input credit
Goods and Service tax input credit is accounted for
in the books in the period in which the underlying
service received is accounted and when there is no
uncertainty in availing / utilising the credits. The
Company has opted to claim 50% of eligible input tax
credit on inputs, capital goods and input services and
the balance 50% is charged to the statement of profit
and loss as per applicable provisions.
Nature of Security
The company raised ^ 147.54 crores through Listed External Commercial Borrowing and Non-Convertible
Debentures in the financial year 2025, with tenure ranging from 18 to 36 months. These facilities are secured by a
first and exclusive hypothecation charge on the portfolio with security cover of 1.10 times. The External Commercial
Borrowings(ECB) is fully hedged.
34 Earnings per share
Basic earnings per share (EPS) is calculated by dividing the net profit for the year attributable to equity holders of
Company by the weighted average number of equity shares outstanding during the year.
Diluted EPS is calculated by dividing the net profit attributable to equity holders of Company (after adjusting for
interest on the convertible preference shares and interest on the convertible bond, in each case, net of tax) by the
weighted average number of equity shares outstanding during the year plus the weighted average number of equity
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
36 Derivative Financial Instruments
The Company enters into derivatives for risk management purposes. Derivatives held for risk management purposes
include hedges that either meet the hedge accounting requirements or hedges that are economic hedges. The
Company has adopted hedge accounting.
The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed
using derivative instruments are foreign currency risk and interest rate risk. The Company designates its derivatives
as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions
arising from changes in foreign exchange rates and interest rates.
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value
of the derivative is recognised in OCI and accumulated in other equity. The effective portion of changes in the fair
value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item,
determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value
of the derivative is recognised in the statement of profit and loss.
37 Employee benefits
(a) Compensated absences
The compensated absences charge for the year ended March 31, 2025 of ' 47.73 Lakhs (March 31, 2024'54.59
Lakhs) has been charged in the Statement of Profit and Loss.
The Liability for compensated absences based on actuarial valuation amounting as at the year ended March 31,
2025 is ' 130.51 lakhs (March 31, 2024 : ' 85.50 lakhs)
(b) Post employment obligations
I. Defined contribution plans
The Company has classified the various benefits provided to employees as under:
a. Provident Fund
b. Employees' Pension Scheme 1995
c. EmpLoyee State Insurance Scheme
The Company makes Provident fund and Employee State Insurance Scheme contributions which are defined
contribution plans for qualifying employees. The provident fund and the state defined contribution plan are
operated by the Regional Provident Fund Commissioner . Under the schemes, the Company is required to
contribute a specified percentage of payroll cost to fund the benefits. These funds are recognized by the
Income Tax authorities.
II. Defined benefit plans
Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of
gratuity payable on retirement/ termination is the employees last drawn basic salary per month computed
proportionately for 15 days salary multiplied for the number of years of service, subject to a payment ceiling
of ' 20 lakhs. The gratuity plan is a funded plan.
The Company has a defined benefit plan in India (Funded). The Company's defined benefit gratuity plan is a
final salary plan for employees, which requires contributions to be made to a separately administered fund.
The Fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are
responsible for the administration of the plan assets and for the definition of the investment strategy.
During the year, there are no plan amendments, curtailments and settlements.
The actuarial valuation of the defined benefit obligation was carried out at the balance sheet date. The
present value of the defined benefit obligations and the related current service cost and past service cost
were measured using the Projected Unit Credit Method.
Based on the actuarial valuation obtained in this respect, the following table sets out the details of the
employee benefit obligation as at balance sheet date.
Sensitivity analysis method
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.
Risks associated with defined benefit plan
Gratuity is a defined benefit plan and Company is exposed to the following risks:
Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of
the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the
assets depending on the duration of asset.
Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries
of members. As such, an increase in the salary of the members more than assumed level will increase the plan’s
liability.
Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds. If the return on
plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced
mix of investments in government securities, and other debt instruments.
Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested
in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.
Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only,
plan does not have any longevity risk.
Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance Company
and a default will wipe out all the assets. Although probability of this is very less as insurance Companies have to
follow regulatory guidelines.
Notes:
a) The rate used to discount post-employment benefit obligations is determined by reference to market yields
at the end of the reporting period on government bonds.
b) The estimates of future salary increases considered in the actuarial valuation take account of seniority,
promotion and other relevant factors, such as supply and demand in the employment market.
c) The Company expects to make nil contribution to the defined benefit plans (gratuity - funded) during the
next financial year.
d) The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 8
years.
38 Segment Reporting
The Company has primarily two reportable business segments namely Fund based Activities and Advisory services for
the quarter and period ended March 31, 2025. In accordance with Ind AS 108 - Operating Segments, the Company has
disclosed the segment information in the consolidated financial statements of the Company.
39 Maturity analysis of assets and liabilities
The table below shows an analysis of assets and liabilities analysed according to when they are expected to be
recovered or settled. With regard to loans and advances to customers, the Company uses the same basis of expected
repayment behaviour as used for estimating the EIR.
40 Capital Management
The primary objective of the Company's capital management is to ensure that it maintains an efficient capital structure
and maximize shareholder value. The Company manages its capital structure and makes adjustments in light of
changes in economic conditions, annual operating plans and Long term and other strategic investment plans. In order to
maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders or issue
new shares capital securities. The Company is not subject to any externally imposed capital requirements. No changes
were made in the objectives, policies or processes for managing capital during the year ended March 31, 2025. The
Company monitors capital using a ratio of ‘adjusted net debt' to ‘equity'. For this purpose, adjusted net debt is defined
as total liabilities, comprising interest-bearing loans and borrowings less cash and cash equivalents. Equity comprises
all components of equity including share premium and all other equity reserves attributable to the equity share holders.
B. Measurement of fair value
The following methods and assumptions were used to estimate the fair values:
a. The carrying amounts of trade receivables, trade payables, other receivables, cash and cash equivalent including
other bank balances, other financials assets and other financial liabilities, etc. are considered to be the same as their
fair values, due to current and short term nature of such balances.
b. Financial instruments with fixed interest rates are evaluated by the Company based on parameters such as interest
rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances if required, are
taken to account for expected Losses of these instruments. Thus, Amortised cost shown in A, above, is after
adjusting ECL amount.
c. Fair Value Hierarchy
The fair value of financial instruments as referred to above have been classified into three categories depending
on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active
markets for identical assets or LiabiLities (Level 1 measurements) and lowest priority to unobservable inputs
(Level 3 measurements).
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed
equity instruments and mutual funds that have quoted price. The fair value of all equity instruments which are
traded in the stock exchanges is valued using the closing price as at the reporting period.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on Company-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.
C. Valuation techniques used to determine fair value
Investments in Mutual Funds
The fair values of investments in mutual funds is based on the net asset value (‘NAV') as stated by the issuers of
these mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which
the issuer will issue further units of mutual fund and the price at which issuers will redeem such units from the
investors.
D. Transfers between Level 1 and Level 2 and between Level 1 and Level 3
There were no transfers between level 1 and 2 and between Level 1 and Level 3 during the period. The Company's
policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting
period.
45 Financial Risk Management
The Company has in place comprehensive risk management policy in order to identify measure, monitor and mitigate
various risks pertaining to its business. Along with the risk management policy, an adequate internal control system,
commensurate to the size and complexity of its business, is maintained to align with the philosophy of the Company.
Together they help in achieving the business goals and objectives consistent with the Company's strategies to prevent
inconsistencies and gaps between its policies and practices. The Board of Directors/committtees reviews the adequacy
and effectiveness of the risk management policy and internal control system. The Company's financial risk management
is an integral part of how to plan and execute its business strategies.
The Company has exposure to the following risks arising from financial instruments:
• Credit risk
• Liquidity risk and
• Market risk
• Climate related risk
(A) Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company's trade and other receivables. The
carrying amounts of financial assets represent the maximum credit risk exposure.
i) Trade and Other Receivables
Trade receivables are typically unsecured and are derived from revenue earned from customers located in
India. Credit risk has always been managed by the Company through credit approvals, establishing credit
limits and continuously monitoring the creditworthiness of customers to which the Company grants credit
terms in the normal course of business.
On account of adoption of Ind AS 109, the Company uses expected credit Loss model to assess the
impairment loss. The Company computes the expected credit loss allowance as per simplified approach
for trade receivables based on available external and internal credit risk factors such as the ageing of
its dues, market information about the customer and the Company's historical experience for customers.
The Company has used a practical expedient by computing the expected credit loss allowance for trade
receivables based on a provision matrix. The provision matrix takes into account historical credit loss
experience and is based on the ageing of the receivable days and the rates as given in the provision matrix.
Inputs considered in the ECL model
In assessing the impairment of financial loans under Expected Credit Loss (ECL) Model, the assets have been
segmented into three stages. The three stages refLect the generaL pattern of credit deterioration of a financiaL
instrument. The differences in accounting between stages, relate to the recognition of expected credit losses and
the measurement of interest income.
The Company categorizes loan assets into stages primarily based on the Months Past Due status.
Stage 1 : 0-30 days past due
Stage 2 : 31-90 days past due
Stage 3 : More than 90 days past due
(i) Definition of default
The Company considers a financial asset to be in “default” and therefore Stage 3 (credit impaired) for ECL
calculations when the borrower becomes 90 days past due on its contractual payments.
(ii) Exposure at default
“Exposure at Default” (EAD) represents the gross carrying amount of the assets subject to impairment
calculation.
(iii) Estimations and assumptions considered in the ECL model
Measurement of Expected Credit Losses
The Company has applied a three-stage approach to measure expected credit Losses (ECL) on debt
instruments accounted for at amortised cost. Assets migrate through following three stages based on the
changes in credit quality since initial recognition:
(a) Stage 1: 12- months ECL: For exposures where there is no significant increase in credit risk since
initial recognition and that are not credit-impaired upon origination, the portion of the lifetime ECL
associated with the probability of default events occurring within the next 12- months is recognized.
(b) Stage 2: Lifetime ECL, not credit-impaired: For credit exposures where there has been a significant
increase in credit risk since initial recognition but are not credit-impaired, a Lifetime ECL is recognized.
(c) Stage 3: Lifetime ECL, credit-impaired: Financial assets are assessed as credit impaired upon
occurrence of one or more events that have a detrimental impact on the estimated future cash flows
of that asset. For financial assets that have become credit-impaired, a lifetime ECL is recognized and
interest revenue is calculated by applying the effective interest rate to the amortised cost.
At each reporting date, the Company assesses whether there has been a significant increase in credit risk
of its financial assets since initial recognition by comparing the risk of default occurring over the expected
life of the asset. In determining whether credit risk has increased significantly since initial recognition, the
Company uses information that is relevant and available without undue cost or effort. This includes the
Company's internal credit rating grading system, external risk ratings and forward-looking information to
assess deterioration in credit quality of a financial asset.
The Company assesses whether the credit risk on a financial asset has increased significantly on an individual
and collective basis. For the purpose of collective evaluation of impairment, financial assets are grouped
on the basis of shared credit risk characteristics, taking into account accounting instrument type, credit
risk ratings, date of initial recognition, remaining term to maturity, industry, geographical location of the
borrower, collateral type, and other relevant factors. For the purpose of individual evaluation of impairment
factors such as internally collected data on customer payment record, utilization of granted credit limits and
information obtained during the periodic review of customer records such as audited financial statements,
budgets and projections are considered.
In determining whether the credit risk on a financial asset has increased significantly, the Company considers
the change in the risk of a default occurring since initial recognition. The default definition used for such
assessment is consistent with that used for internal credit risk management purposes.
The Company considers defaulted assets as those which are contractually past due 90 days, other than
those assets where there is empirical evidence to the contrary. Financial assets which are contractually
past due 30 days are classified under Stage 2 - life time ECL, not credit impaired, barring those where
there is empirical evidence to the contrary. The Company considers financial instruments (typically the retail
loans) to have low credit risk if they are rated internally or externally within the investment grade. An asset
migrates down the ECL stage based on the change in the risk of a default occurring since initial recognition.
If in a subsequent period, credit quality improves and reverses any previously assessed significant increase
in credit risk since origination, then the loan loss provision stage reverses to 12-months ECL from lifetime
ECL.
The Company measures the amount of ECL on a financial instrument in a way that reflects an unbiased and
probability-weighted amount. The Company considers its historical loss experience and adjusts the same
for current observable data. The key inputs into the measurement of ECL are the probability of default,
loss given default and exposure at default. These parameters are derived from the Company's internally
developed statistical models and other historical data.
Macroeconomic Scenarios
In addition, the Company uses reasonable and supportable information on future economic conditions
including macroeconomic factors such as CPI and repo rate. Since incorporating these forward looking
information increases the judgment as to how the changes in these macroeconomic factor will affect ECL,
the methodology and assumptions are reviewed regularly.
(iv) Policy for write off of Loan assets
The gross carrying amount of a financial asset is written off when there is no realistic prospect of further
recovery. This is generally the case when the Company determines that the debtor does not have assets
or sources of income that could generate sufficient cash flows to repay the amounts subject to the write¬
off. However, financial assets that are written off could still be subject to enforcement activities under the
Company's recovery procedures, taking into account Legal advice where appropriate. Any recoveries made
from written off assets under “Other Income “ in Statement of profit and loss.
iii. Cash and bank balances
The Company held cash and cash equivalent and other bank balance of ^ 9,608.02 Lakhs at March 31, 2025
(March 31, 2024: ^13,327.50 lakhs). The same are held with bank and financial institution counterparties
with good credit rating. Also, Company invests its short term surplus funds in bank fixed deposit which
carry no market risks for short duration, therefore does not expose the Company to credit risk.
iv. Others
Apart from trade receivables ,loans, cash and bank balances and Investment measured at amortised cost ,
the Company has no other financial assets which carries any significant credit risk.
(B) 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 Company's approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company's reputation. Management monitors rolling forecasts of the Company's liquidity position
and cash and cash equivalents on the basis of expected cash flows.
(i) Maturities of financial assets and liabilities
The table below analyses the company's financial liabilities and financial assets into relevant maturity
groupings based on the remaining period as at the reporting date to contractual maturity date. The amount
disclosed in the below table are the contractual un-discounted cash flows and exclude the impact of future
interest payments.
(C) Market Risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity
prices - will affect the Company's income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within acceptable parameters, while
optimising the returnThe Company's exposure to, and management of, these risks is explained below.
(i) Foreign currency risk
Foreign currency risk is the risk that the value of a financial instrument will fluctuate due to changes in
foreign exchange rates. The Company caters mainly to the Indian Market . Most of the transactions are
denominated in the Company's functional currency i.e. Rupees. Hence the Company is not materially
exposed to Foreign Currency Risk.
(ii) Interest rate risk
Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate
because of changes in market interest rates. The Company's exposure to the risk of changes in market
interest rates relates primarily to the Company's long term debt obligation at floating interest rates. The
Company's fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest
rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate
because of a change in market interest rates.
(iii) Price Risk
The Company's exposure to mutual fund is exposed to price risk and classified in the balance sheet at fair
value through profit or loss. 100 bps increase in Net Assets Value (NAV) would increase profit before tax
by approximately ^ 0.06 lakhs (March 31, 2024: ^14.69 lakhs ). A similar percentage decrease would have
resulted equivalent opposite impact.
(d) Climate related risk
During the financial year March 31, 2025, the Board have updated extensively on climate change related risks
through presentations at the board meeting, and this has been assessed that the climate change not affecting
significantly the company's operations in future.
Sub Lease
When the Company is an intermediate Lessor, it accounts for its interests in the head Lease and the sublease
separately. The sublease is classified as a finance or operating Lease by reference to the rightof- use asset arising
from the head lease. For operating leases, rental income is recognised on a straight line basis over the term of the
relevant lease.
49 Employee Stock Options Scheme (ESOP)
The Company has granted Employee Stock Options (ESOP) under the Employee Stock Option Scheme 2018 (ESOP
2018) to employees of the Company . These options are vested during 4 years from the grant date and exercisable
with in 4 years from vesting date.In the case of resignation of the employee, the grants lapse (if not exercised) after the
date of resignation from service.Vesting of options is subject to continued employment with the Company. The plan is
an equity settled plan. The employee compensation expense for the year has been determined on fair value basis as
on March 31, 2021. The said ESOPs will start its vesting period from November 5, 2019. The details of which are as
foLLows.
50 Hon'bLe Supreme Court, in a public interest Litigation (Gajendra Sharma vs. Union of India & Anr). vide an interim order
dated September 3, 2020, has directed that accounts which were not declared NPA till August 31, 2020 shall not be
declared as NPA till further orders. However, such accounts had been classified as stage 3 in accordance with Note
No.9 and provision had been made accordingly.
The interim order stood vacated on March 23, 2021 vide the judgement of the Hon'ble Supreme Court in the matter
of Small Scale Industrial manufacturers Association v/s UOI & Ors. and other connected matters. In accordance with
the instructions in paragraph 5 of the RBI circular no. RBI/2021-22/17 DOR. STR. REC. 4/ 21.04.048/ 2021-22, dated
April 07, 2021 issued in this connection. Since, the Company was already classifying the NPA accounts as Stage 3 and
provision was made accordingly, without considering the above mentioned asset classification benefit for accounting
purpose, there is no change in asset classification on account of the interim order dated March 23, 2021.
51 In accordance with the instructions in aforementioned RBI circular dated April 7, 2021, and the Indian Banks Association
(IBA) advisory Letter dated April 19, 2021, the Company has put in place the Board approved policy to refund / adjust the
interest on interest charged during the moratorium period of March 01, 2020 to August 31, 2020 to eligible borrowers
under the abovementioned circular and advisory. The Company has no borrowers who are eligible for benefit as per the
abovementioned RBI circular and IBA advisory.
52 During the year ended March 31, 2021, the Company has not invoked resolution plans to relieve COVID-19 pandemic
related stress to any of its borrowers. Therefore, disclosure as per the format prescribed as per the notification no.
RBI/2020-21/16 DOR.NO.BP.BC/3.21.04.048/2020-21 dated August 6, 2020 for the year ended March 31, 2021 is
not applicable to the Company.
53 The Code on Social Security, 2020 (the Code) has been enacted, which would impact contribution by the Company
towards Provident Fund and Gratuity. The effective date from which changes are applicable is yet to be notified and the
rules thereunder are yet to be announced. The actual impact on account of this change will be evaluated and accounted
for when notification becomes effective.
54 Schedule to the Balance Sheet of a non-deposit taking non-banking financial Company (as required in terms of
paragraph 18 of Master Direction - Non-Banking Financial Company -Systemically Important Non-Deposit taking
Company (Reserve Bank) Directions, 2016 as at March 31, 2025
vi) Institutional set-up for liquidity risk management
The Company have crossed the threshold of ^100 Crores. Accordingly, in compliance with Liquidity Circular,
the Board of Directors of the Company has constituted the Asset Liability Management Committee and the Risk
Management Committee.
Note:
The amount stated in this disclosure is based on the Audited financial results for the quarter ended March 31,
2025.
Total Liabilities has been computed as sum of all liabilities (Balance Sheet figure) less Equities and Reserves/
Surplus.
Other Short-term liabilities is computed as current maturities of Long-term debts but exclude commercial papers,
Non-Convertible Debentures having original maturity of less than one year.
56 Other Regulatory informations
(i) Title deeds of immovable properties not held in name of the company:
The title deeds of all the immovable properties (other than properties where the company is the lessee and the
lease agreements are duly executed in favour of the lessee), as disclosed in note(s) [*] [add additional references
for investment properties and other line items where applicable] to the financial statements, are held in the name
of the company.
(ii) Registration of charges or satisfaction with Registrar of Companies:
There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the
statutory period.
(iii) Utilisation of borrowings availed from banks and financial institutions:
The borrowings obtained by the company from banks and financial institutions have been applied for the purposes
for which such loans was taken.
58 a) Details of benami property held:
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.
b) Borrowing secured against current assets:
The company has borrowings from banks and financial institutions on the basis of security of current assets. The
quarterly returns or statements of current assets filed by the company with banks and financial institutions are in
agreement with the books of accounts.
c) Wilful defaulter:
The company have not been declared wilful defaulter by any bank or financial institution or government or any
government authority.
d) Relationship with struck off companies:
The company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act,
1956.
e) Compliance with number of layers of companies:
The company has complied with the number of layers prescribed under the Companies Act, 2013.
f) Compliance with approved scheme(s) of arrangements:
The company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.
g) Utilisation of borrowed funds and share premium:
The company has not advanced or Loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
a. 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
b. provide any guarantee, security or the Like to or on behalf of the ultimate beneficiaries
h) Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
under the Income Tax Act, 1961, that has not been recorded in the books of account.
i) Details of crypto currency or virtual currency
The company has not traded or invested in crypto currency or virtual currency during the current or previous year.
j) Valuation of PP&E, intangible asset and investment property
The company has not revalued its property, plant and equipment (excluding right-of-use assets) or intangibl assets
or both during the current or previous year.
59 Fig ures for the previous year have been regrouped/reclassified/rearranged wherever necessary to make them comparable
to those for the current year.
As per our report of even date attached For and on behalf of the Board of Directors of
TRUCAP FINANCE LIMITED
CIN: L64920MH1994PLC334457
For Khandelwal Kakani & Company Sd/- Sd/-
Chartered Accountants Rohanjeet Singh Juneja Rushina Mehta
ICAI FRN 001311C Managing Director & CEO Non-Executive Non-Independent Director
DIN: 08342094 DIN: 01042204
Sd/-
Piyush Khandelwal Sd/- Sd/-
Partner Sanjay Kukreja Sonal Sharma
Membership No. 403556 Chief Financial Officer Company Secretary
Mumbai M. No. A33260
Date : May 26, 2025
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