I) RIGHTS,PREFERENCESAND RESTRICTIONS ATTACHED TO SHARES Equity Shares

The Company has one class of equity shares having a par value of Rs.10 each. Each shareholder is eligible for one vote per share held. The dividend if proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company.

II) SHARES HELD BY HOLDING COMPANY AND ITS SUBSIDIARIES AND ASSOCIATES

22280131 equity shares held by holding Company Concatenate Advest Adv'sory Private Limited.

IV) SHARES ALLOTTED AS FULLY PAID UP BY WAY OF BONUS SHARES ( DURING 5 YEARS PRECEDING MARCH 31,2023) Nil

19A During the year Investment in 0% Redeemable Preference Shares of JindaL India Powertech Limited has been valued as per amortization schedule considering at Face value of ' 10 each due to their improved financials. Earlier it was taken as per valuation report provided by IBBI registered valuer. Impact of the above has been accounted for as per Ind AS 109 and accordingly ' 1,368.64 lacs has been shown as fair valuation gain through Profit and Loss A/c.

19B During the year, company got 8438436 Nos. 1% Non Cumulative Redeemable Preference Shares (1% NCRPS) at Face Value of ' 1000 each amounting to ' 84,384.36 lacs of Concatenate Advest Advisory Pvt. Ltd. (CAAPL) upon scheme of amalgamation approved by NCLT, Kolkata vide its order dated 22.03.2022 in lieu of Investment in Equity Instrument of demerged entity amounting to ' 19,640.27 lacs (Jindal Photo Investment Ltd. and Penrose Mercantiles Ltd.). As per terms of this instrument, these 1% NCRPS holders shall have right to seek redemption after 7 years of date of allotment before 10 years at a premium not less than 3% per annum. Impact of the above has accounted for as per Ind AS 109 and accordingly Gain on Conversion of Equity Shares into 1% NCRPS amounting ' 64,744.09 lacs and initial loss due to fair valuation of these NCRPS amounting to ' 30,158.29 lacs has been shown as gain on fair value change through Profit and Loss Account.

28.2 Fair Value Hierarchy

(a) This section explains the judgements and estimates made in determining the fair values of the financial instruments. 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: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments 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 entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

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

(b) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

All of the resulting fair value estimates are included in level 2 or level 3, where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk.

(c) Fair value estimation

Estimated fair value disclosures of financial instruments are made in accordance with the requirements of Ind AS 107 "Financial Instruments: Disclosure". Fair value is defined as the amount at which the instrument could be exchanged in a current transaction between knowledgeable willing parties in an arm's length transaction, other than in forced or liquidation sale. As no readily available market exists for a large part of the Company's financial instruments, judgment is necessary in arriving at fair value, based on current economic conditions and specific

risks attributable to the instrument. The estimates presented herein are not necessarily indicative of the amounts the Company could realize in a market exchange from the sale of its full holdings of a particular instrument.

The follow'ng summarizes the major methods and assumptions used in estimating the fair values of financial instruments.

Interest-bearing borrowings

Fair value is calculated based on discounted expected future principal and interest cash flows. The carrying amount of the Company's loans due after one year is also considered as reasonable estimate of their fair values as the nominal interest rates on the loans due after one year are variable and considered to be a reasonable approximation of the fair market rate with reference to loans with similar credit risk level and maturity period at the reporting date.

Trade and other receivables / payables

Receivables / payables typically have a remaining life of less than one year and receivables are adjusted for impairment losses. Therefore, the carrying amounts for these assets and liabilities are deemed to approximate their fair values, as the allowance for estimated irrecoverable amounts is considered a reasonable estimate of the discount required to reflect the impact of credit risk.

(d) Valuation process

The accounts & finance department of the Company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. This team reports directly to the chief financial officer (CFO) and the audit committee (AC).

Discussions of valuation processes and results are held between the CFO, AC and the valuation team at least once every three months, in line with the Company's quarterly reporting periods.

The main level 3 inputs for unlisted equity securities, contingent considerations and indemnification asset used by the Company are derived and evaluated as follows:

• Discount rates are determined using a capital asset pricing model to calculate a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the asset.

• Risk adjustments specific to the counterparties (including assumptions about credit default rates) are derived from credit risk grading determined by the Company's internal credit risk management group.

• Earnings growth factor for unlisted equity securities are estimated based on market information for similar types of companies.

Changes in level 2 and 3 fair values are analysed at the end of each reporting period during the quarterly valuation discussion between the CFO, AC and the valuation team. As part of this discussion the team presents a report that explains the reason for the fair value movements.

29 FINANCIAL RISK MANAGEMENT

(a) Risk management framework

In the ordinary course of business, the Company is exposed to a different extent to a variety of financial risks: foreign currency risk, interest rate risk, liquidity risk, price risk and credit risk. In order to minimize any adverse effects on the financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts, foreign currency option contracts are entered to hedge certain foreign currency risk exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments.

This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.

(b) 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 receivables from customers and investments in financial instruments.

The carrying amount of financial assets represents the maximum credit exposure. The Company monitor credit risk very closely both in domestic and export market. The Management impact analysis shows credit risk and impact assessment as low.

(c) 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 fallen due. The Company's liquidity position is carefully monitored and managed. The Company has in place a detailed budgeting and cash forecasting process to help ensure that it has adequate cash available to meet its payment obligations.

The following table provides details of the remaining contractual maturity of the Company's financial Liabilities. It has been drawn up based on the undiscounted cash flows and the earliest date on which the Company can be required to pay. The table includes only principal cash flows.

(d) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices mainly comprise three types of risk: currency rate risk, interest rate risk and other price risks. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. This is based on the financial assets and financial liabilities held as at March 31st 2023 and March 31, 2022 The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

Currency risk

Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the company's functional currency (Rupees). As the company does not possess such asset and does not have foreign commercial transactions the Company is not exposed to foreign exchange risk arising from foreign currency transactions.

Interest rate risk

The Company's main interest rate risk arises from long-term borrowings with variable rates, which expose the Company to cash flow interest rate risk. During 31st March 2023 and 31 March 2022, the Company's borrowings at variable rate were denominated in Rs. Currently the Company's borrowings are within acceptable risk levels, as determined by the management, hence the Company has not taken any swaps to hedge the interest rate risk.

30 In the opinion of the Board of Directors, current assets, loans & advances have value on realisation at least equal to the amount at which they are stated unless stated otherwise.

31 Contingent Liabilities: Rs. 1.01 lakh (Previous year 1.01 lakh) on account of Income Tax demand for assessment year 2013-14.

32 As per Indian Accounting Standard 19 (Ind AS 19) " Employee Benefits" , the disclosures of employee benefits as defined in the accounting standard are given below:-

a) Contribution to Defined Contribution Plan, recognised as expenses for the year is Rs.25,150/- towards employer's contribution to Provident fund.

b) Defined Benefit Plan

The present value of obligation for gratuity is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of future salary increase takes account of inflation,seniority,promotion and other relevant factor on long term basis.The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of liability. The above information is certified by the actuary.

c) The obligation for leave encashment for Rs. 0.15 lakh (Prev year Rs 0.25 lakh) is recognised,provided for and paid on yearly basis

33 As per the information available with the management ,there is no liability outstanding as on 31.03 2023 due to Small Scale and medium enterprises as defined under The Micro Small and Medium Enterprises Development Act 2006.

34 a) The company has made provision of Rs.NIL- (Prev. Year Rs. NIL) on doubtful assets as per NBFC-NDSI (Reserve

Bank) Directions, 2016

b) The company has made provision of Rs.0.05 Lakh- (Prev. Year Rs.NIL/-) on standard assets as per Reserve Bank of India,DNBS vide notification No.RBI/2010-11/370-DNBS PD.CC.No.207/03.02.002/2010-11,dated .January 17,2011. as outstanding Loans have increased.

c) As per the Provisions of Section 45 (1) (c ) of RBI Act, 1934, the Company has transferred 20% of net profit i.e. Rs.6258.72 lakhs (Previous year Rs.12.21 Lakhs) to Statutory Reserve Fund.

37 The Company is mainly engaged in the investments activities and do not qualify for separate reporting as required by IND AS 108 'Operating Segments'.

38 Investment in other companies measured at fair value. Un-quoted equity shares have been measured at fair value considering cost due to insufficient information to measure fair value. Accordingly cost represent best estimate of fair value within range.

42 During the year, company got 5,60,50,000 Nos. 0% Non Cumulative Redeemable Preference Shares (0% NCRPS) of Concatenate Advest Advisory Pvt Ltd (CAAPL) upon scheme of amalgamation approved by NCLT, Kolkata vide its order dated 22-03-2022. As per terms of this instrument, these w'll be redeemed w'thin Six years but not before 24 months from the date of original allotment. This instrument has been taken at fair value as per original amortisation schedule.

43 During the year, company got 2,09,20,000 Nos. 0% Optionally Convertible Preference Shares (0% OCPS) of Concatenate Advest Advisory Pvt Ltd (CAAPL) upon scheme of amalgamation approved by NCLT, Kolkata vide its order dated 22-03-2022. As per terms of this instrument,these 0% OCPS may be converted in equity shares at any time on face value or fair value whichever is higher. These may be redeemed at option of the holder at face value at any time after one month from the date of allotment. Due to the nature of instrument it has been taken at cost.

44 The fair value of Investments in shares of Jindal India Thermal Power Limited as on 31.03.2023 has been determined on the basis of valuation of shares as on 31.03.2023 report by IBBI Registered Valuer. During the financial year 202223, the company has booked fair valuation gain amounting to Rs 1482.48 lakhs (fair valuation loss of Rs 2320 lakhs upto 31.03.2022) as against investment of Rs. 2320 lakhs in equity shares of Jindal India Thermal Power Limited.

45 (i) During the year, company has written off the loan given to CLC Industries Limited (erstwhile Spentax Industries

Limited) amounting to Rs. 507. 92 lakh (including interest of Rs. 7.92 lakh) as the same is not recoverable. Provision for the same has already been made in books of accounts in F.Y. 2018-19.

(ii) During the year, company has written off the Mat Credit Entitlement amounting to Rs. 602.55 lakh as company has opted new regime u/s 115BAA of Income Tax Act'1961.

46 Figures for the previous year have been regrouped/ re-arranged/ reclassified/ recasted wherever considered necessary to confirm to this year's classification.

* Company was originally incorporated as Konica Photo Films Private Limited on 01.05.1986. The name of the company was subsequently changed to Bhimtal Photo Films Private Limited on 17.07.1986, Bhimtal Photo Films Limited on 05.12.1988, Jindal Photo Films Limited on 27.11.1990, Jindal Photo Limited on 13.11.2003 and later Consolidated Finvest & Holdings Limited on 13.12.2004. Thus, title deeds are in previous names of the company.

i) The company does have Immovable properties in its previous names and no revaluation has been made.

ii) The company does not have any investment property.

iii) The company does not have any intengible assets, hence revaluation is not applicable.

iv) During the year the company has not granted any Loan or advance in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly w'th any other person that are:

a. repayable on demand : or

b. w'thout specifying any terms or period of repayment,

v) No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

vi) The company does not have any borrowings from banks or financial institutions.

vii) The company is not declared wilful defaulter by any bank or financial Institution or other lender.

viii) The company has not entered into any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

ix) No charges or satisfaction yet to be registered w'th ROC beyond the statutory period.

x) The company has complied with the number of layers prescribed under clause (87) of section 2 of the act read w'th companies (Restriction on number of layers) rule 2017.

xi) During the year any Scheme of Arrangements has not been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

xii) Utilisation of Borrowed funds and share premium:-

A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

xiii) Corporate Social Responsibility (CSR) : NA

xiv) The company has not traded or invested in Crypto Currency or Virtual currency during the year.