Post-employment benefits

(i) Defined contribution plans

Defined contribution plans are employee state insurance scheme and Government administered pension
fund scheme for all applicable employees.

Recognition and measurement of defined contribution plans:

The Company recognizes contribution payable to a defined contribution plan as an expense in the
Statement of Profit and Loss when the employees render services to the Company during the reporting
period. If the contributions payable for services received from employees before the reporting date
exceeds the contributions already paid, the deficit payable is recognized as a liability after deducting
the contribution already paid. If the contribution already paid exceeds the contribution due for services
received before the reporting date, the excess is recognized as an asset to the extent that the prepayment
will lead to, for example, a reduction in future payments or a cash refund.

(ii) Defined benefits plans
Gratuity scheme:

Gratuity is a post employment benefit and is a defined benefit plan. The cost of providing defined benefits
is determined using the Projected Unit Credit method with actuarial valuations being carried out at each
reporting date. The defined benefit obligations recognized in the Balance Sheet represent the present
value of the defined benefit obligations as reduced by the fair value of plan assets, if any. Any defined
benefit asset (negative defined benefit obligations resulting from this calculation) is recognized representing
the present value of available refunds and reductions in future contributions to the plan.

Recognition and measurement of defined benefit plans

All expenses represented by current service cost, past service cost, if any, and net interest on the
defined benefit liability / (asset) are recognized in the Statement of Profit and Loss. Remeasurements
of the net defined benefit liability / (asset) comprising actuarial gains and losses and the return on the
plan assets (excluding amounts included in net interest on the net defined benefit liability/asset), are
recognized in Other Comprehensive Income. Such remeasurements are not reclassified to the Statement
of Profit and Loss in the subsequent periods.

The Company does not presents the above liability/(asset) as current and non-current in the Balance Sheet
as per the principles of Division III financial statements as per the MCA notification dated 11 October 2018.

(iii) Other long-term employee benefits:

Entitlements to compensated absences are recognized as and when they accrue to employees and
they are considered to be a financial liability, since the accumulated leaves can be encashed at the end
of every year.

2.08 Lease accounting

The Company has adopted Ind AS 116 - Leases w.e.f. 1 April 2019, using the modified retrospective
method. The Company has applied the standard to its leases with the cumulative impact recognised on the
date of initial application i.e., 1 April 2019.

The Company’s lease asset classes primarily consist of leases for land and buildings. The Company assesses
whether a contract is or contains a lease, at inception of a contract. A contract is, or contains, a lease if it
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether:

(i) the contract involves the use of an identified asset;

(ii) the Company has substantially all of the economic benefits from use of the asset through the period of
the lease; and

(iii) the Company has the right to direct the use of the asset.

Recognition and initial measurement

At lease commencement date, the Company recognises a right-of-use asset (‘ROU’)and a lease liability on
the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement
of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle
and remove the asset at the end of the lease (if any), and any lease payments made in advance of the lease
commencement date (net of any incentives received).

Subsequent measurement

The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement
date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The
Company also assesses the right-of-use asset for impairment when such indicators exist.

At lease commencement date, the Company measures the lease liability at the present value of the lease
payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily
available or the Company’s incremental borrowing rate. Lease payments included in the measurement of
the lease liability are made up of fixed payments (including in substance fixed payments) and variable
payments based on an index or rate. Subsequent to initial measurement, the liability will be reduced for
payments made and increased for interest. It is re-measured to reflect any reassessment or modification, or
if there are changes in the in-substance fixed payments. When the lease liability is re-measured, the
corresponding adjustment is reflected in the right-of-use asset.

Presentation

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments
have been classified as financing cash flows.

The Company has elected to account for short-term leases and leases of low-value assets using the practical
expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are
recognised as an expense in the Statement of Profit and Loss on a straight-line basis over the lease term.

2.09 Borrowing Cost

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of
borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded
as an adjustment to the interest cost. Borrowing costs, if any, directly attributable to the acquisition, construction
or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or
sale are capitalized, if any. All other borrowing costs are expensed in the period in which they occur.

2.10 Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker (CODM) of the Company. The CODM is responsible for allocating resources
and assessing performance of the operating segments of the Company.

2.11 Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end
of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise,
events after the balance sheet date of material size or nature are only disclosed.

2.12 Property, plant & equipment
Measurement at recognition

An item of property, plant and equipment that qualifies as an asset is measured on initial recognition at
cost. Following initial recognition, items of property, plant and equipment are carried at its cost less
accumulated depreciation and accumulated impairment losses.

The cost of an item of property, plant and equipment comprises of its purchase price including import duties
and other non-refundable purchase taxes or levies, directly attributable cost of bringing the asset to its

working condition for its intended use and the initial estimate of decommissioning, restoration and similar
liabilities, if any. Any trade discounts and rebates are deducted in arriving at the purchase price. Cost
includes cost of replacing a part of a plant and equipment if the recognition criteria are met. Items such as
spare parts, stand-by equipment and servicing equipment that meet the definition of property, plant and
equipment are capitalized at cost and depreciated over their useful life. Costs in nature of repairs and
maintenance are recognized in the Statement of Profit and Loss as and when incurred.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed
at each financial year end and adjusted prospectively, if appropriate.

Capital work-in-progress and capital advances:

Cost of assets not ready for intended use, as on the balance sheet date, is shown as capital work-in¬
progress. Advances given towards acquisition of property, plant and equipment’s outstanding at each balance
sheet date are disclosed as other non-financial assets.

Depreciation

Depreciation on each part of an item of property, plant and equipment is provided using the written down
value method based on the useful life of the asset as prescribed in Schedule II to the Act. Depreciation is
calculated on a pro-rata basis from the date of installation till date the assets are sold or disposed. Leasehold
improvements are amortised over the underlying lease term on a straight line basis. Individual assets
costing less than Rs.5,000 are depreciated in full in the year of acquisition.

De-recognition

The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no
future economic benefits are expected from its use or disposal. The gain or loss arising from the de¬
recognition of an item of property, plant and equipment is measured as the difference between the net
disposal proceeds and the carrying amount of the item and is recognized in the Statement of Profit and
Loss when the item is derecognized.

2.13 Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment testing for an asset is required, the Company estimates
the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating
unit’s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an
individual asset, unless the asset does not generate cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing the value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken
into account. If no such transactions can be identified, an appropriate valuation model is used. These
calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or
other available fair value indicators.

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is
an indication that previously recognised impairment losses no longer exist or have decreased. If such
indication exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the
asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that
the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount
that would have been determined, net of depreciation, had no impairment loss been recognised for the
asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried
at a revalued amount, in which case, the reversal is treated as a revaluation increase.

2.14 Share based payments

The Company has equity-settled share-based remuneration plan for its employees. None of the plans are
cash-settled. Where employees are rewarded using share-based payments, the fair value of employees’
services is determined indirectly by reference to the fair value of the equity instruments offered. This fair
value is appraised at the offer date and excludes the impact of non-market vesting conditions (for example
profitability and sales growth targets and performance conditions).

All share-based remuneration is ultimately recognised as an expense in the statement of profit or loss with
a corresponding credit to equity. If vesting periods or other vesting conditions apply, the expense is allocated
over the vesting period, based on the best available estimate of the number of shares expected to vest.

Upon exercise of shares offered, the proceeds received, net of any directly attributable transaction costs,
are allocated to share capital up to the nominal (or par) value of the shares issued with any excess being
recorded as securities premium.

2.15 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted-average number of equity shares
outstanding during the period. The weighted-average number of equity shares outstanding during the period
is adjusted for events including a bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
equity shareholders and the weighted-average number of shares outstanding during the period are adjusted
for the effects of all dilutive potential equity shares.

Description of nature and purpose of each reserve:

(a) General reserve

General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General
reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

(b) Securities premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium.

(c ) Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfer to general reserves, dividends and other
distributions made to the shareholders.

(d) Statutory reserve

The Company is required to create a reserve in accordance with the provisions of Section 45IC of the Reserve Bank of India Act, 1934.
Accordingly 20% of the profits after tax for the year is transferred to this reserve at the end of every reporting period.

(e ) Impairment reserve

When impairment allowance under Ind AS 109 is lower than the provisioning required under prudential norms on Income Recognition,
Asset Classification and Provisioning (IRACP) (including standard asset provisioning), difference is appropriated from net profit/loss
after tax to a separate ‘Impairment Reserve’. This has been created in accordance with RBI guidelines.

(f) Share capital cancellation reserve

Pursuant to the scheme of arrangement sanctioned by the Hon’ble High Court of Calcutta vide order dated 21 August 2013 pertaining to the
demerger of the investments division of Maharaja Shree Umaid Mills Limited, the nominal value of Rs.59.52 lakhs pertaining to 595,200 equity
shares of Rs.10 each have been cancelled and credited to Share Capital Cancellation Reserve, w.e.f. the appointed date of 1 April 2012.

(g) Remeasurement of defined benefit (liability)/asset

Remeasurement of defined benefit consist of remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions.

(h) Other comprehensive income

This represents the cumulative gains and losses arising on the revaluation of financial instruments measured at fair value through other
comprehensive income, under an irrevocable option, net of amounts reclassified to retained earnings when such assets are disposed off, if any.

(a) Defined benefits plans - Gratuity (unfunded)

Gratuity plan is a defined benefit plan that provides for lump sum gratuity payment to employees made at the
time of their exit by the way of retirement (on superannuation or otherwise), death or disability. The benefits are
defined on the basis of Last drawn qualifying wages (as provided by the Company in line with the Code on Social
Security, 2020) and such benefits paid under the plan is not subject to the ceiling limit specified in the Payment
of Gratuity under The Code on Social Security, 2020. Liability as on the Balance Sheet date is provided based on
actuarial valuation done by a certified actuary using projected unit credit method.

Aforesaid defined benefit plans typically expose the Company to actuarial risks such as pay as you go risk,
salary risk, investment risk and longevity risk.

24. Employee benefits expenses (Contd.)

(a) Defined benefits plans - Gratuity (unfunded) (Contd.)

(v) Sensitivity analysis (Contd.)

Methods and assumptions used in preparing sensitivity analysis and their limitations:

The sensitivity analysis presented above may not be representative of the actual change in the defined 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 defined benefit obligation has been calculated using the projected unit credit method at the end
of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Balance Sheet.

(vi) Maturity analysis of the benefit payments:

Weighted average duration of the gratuity plan is 10 years (31 March 2025 - 11 years). Expected benefits
payments for each such plans over the years is given in the table below:

(vii) Effective 21 November 2025, the Government of India consolidated 29 existing labour regulations into four Labour Codes, namely, The
Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020, and The Occupational Safety, Health
and Working Conditions Code, 2020, collectively referred to as the ‘New Labour Code’. The New Labour Code has resulted in a one-time
increase in provision for employee benefits on account of recognition of past service costs. Based on the requirements as per the New
Labour Codes and relevant accounting standards, the Company has assessed and accounted the estimated incremental impact in the
Statement of Profit and Loss for the year ended 31 March 2026, amounting to Rs.17.50 Lakhs. Upon notification of the Rules related to
the New Labour Codes by the Government, and any further clarification from the Government on the other aspects of the New Labour
Codes, the Company will evaluate and account for additional impact, if any.

30. Contingent liabilities and commitments

(a) Contingent liabilities

Disputed income tax assessment pertaining to assessment year 2014-15
Disputed income tax assessment pertaining to assessment year 2015-16
Disputed income tax penalty pertaining to assessment year 2015-16
Disputed income tax assessment pertaining to assessment year 2018-19
Disputed income tax assessments (refer note below)

Note : Pursuant to a Scheme of Arrangement sanctioned by the Hon’ble High
Court at Calcutta vide its order dated 21 August 2013, all assets and liabilities
of the investment division of Maharaja Shree Umaid Mills Limited (‘Demerged
Company’) were transferred and vested with the Company with effect from 1
April 2012. The Demerged Company has informed that taxes of about Rs.685
lakhs pertaining to the Investment Division have been demanded by the income
tax authorities for Assessment year 2011-2012 which is being disputed by
them. In the event that the final outcome of the same is adverse and required
to be paid, the Company is liable to pay the tax demanded to the Demerged
Company in accordance with the Scheme of the Hon’ble High Court at Calcutta.

(b) Commitments

Capital commitment towards investment in Venture Capital Funds
Peepul Tree Pte Ltd

31. Due to micro Enterprise and small enterprise

i) Principal amount and interest due thereon remaining unpaid

to any supplier covered under MSMED Act, 2006 as at the end of
each accounting year.

— Principal

— Interest

ii) The amount of interest paid by the buyer in terms of section 16, of the
MSMED Act, 2006 along with the amounts of the payment made to the
supplier beyond the appointed day during each accounting year.

iii) The amount of interest due and payable for the period of delay in making
payment (which have been paid but beyond the appointed day during the
year) but without adding the interest specified under MSMED Act, 2006.

iv) The amount of interest accrued and remaining unpaid at the end of each
accounting year.

v) The amount of further interest remaining due and payable even in the
succeeding years, until such date when the interest dues as above are actually
paid to the micro and small enterprises for the purpose of disallowance as a
deductible expenditure under section 23 of the MSMED Act, 2006.

Footnote: The management has identified micro and small enterprise as defined
under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED)
on the basis of information made available by the supplier or vendors of the company.

(c) Fair value of assets and liabilities measured at cost / amortised cost

The carrying amount of financial assets and financial liabilities measured at amortised cost are a reasonable
approximation of their fair values since the Company does not anticipate that the carrying amount would be
significantly different from the values that would be eventually received or settled. Management assessed that
fair values of cash and cash equivalents, other bank balances, loans, other financial assets and other financial
liabilities approximate their carrying amounts of these instruments, as disclosed below:

37. Financial risk management

The Company is a Non-Banking Financial Company, Non deposit taking, categorised as Middle Layer (NBFC-ND-ML) pursuant to
Reserve Bank of India (Non-Banking Financial Companies - Registration, Exemptions and Framework for Scale Based Regulation)
Directions, 2025 and is registered with the Reserve Bank of India. Its business activities is exposed to various financial risks associated
with financials products such as credit or default risk, market risk, interest rate risk, liquidity risk and inflationary risk. However, the
Company has a robust financial risk management system in place to identify, evaluate, manage and mitigate various risks associated with
its financial products to ensure that desired financial objectives are met. The Company’s senior management is responsible for establishing
and monitoring the risk management framework within its overall risk management objectives and strategies, as approved by the Board
of Directors. Such risk management strategies and objectives are established to identify and analyse potential risks faced by the Company,
set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and assess risk management
performance. Any change in Company’s risk management objectives and policies needs prior approval of it’s Board of Directors.

(a) Credit risk

This risk is common to all investors who invest in bonds and debt instruments and it refers to a situation where a particular bond issuer
is unable to make the expected principal payments, interest rate payments, or both. Similarly, a lender bears the risk that the borrower
may default in the payment of contractual interest or principal on its debt obligations, or both. The entity continuously monitors defaults
of customers and other counterparties and incorporates this information into its credit risk controls.

Financial instruments

Risk concentration is minimized by investing in highly rated, investment grade bonds and debt instruments, particularly Government and PSU Bonds
which has the least risk of default. The Company lends to borrowers with a good credit score and generally most of the lending is secured against
assets pledged by the borrower in favour of the Company. These investments and loans are reviewed by the Board of Directors on a regular basis.

The Company has created provisions for impairment through the Expected Credit Loss (ECL) policy of the Company. It is ensured that the
overall provision amount is not lower than the provision as mandated by the Reserve Bank of India on standard and non-standard assets.

(b) Market risk

Market risk is a form of systematic risk associated with the day-to-day fluctuation in the market prices of shares and securities and such
market risk affects all securities and investors in the same manner. These daily price fluctuations follows its own broad trends and cycles

(b) Market risk (Contd.)

and are more news and transaction driven rather than fundamentals and many a times, it may affect the returns from an investment.
Market risks majorly comprises of two types - interest rate risk and other price risk, such as equity price risk and commodity risk.
Financial instruments affected by market risks include borrowings and investments.

Interest rate risk

Interest rate risk is a type of systematic risk that particularly affects fixed rate debt instruments like bonds and debentures. The value of
the fixed-rate debt instruments generally decline due to rise in interest rates and vice versa. The rationale is that a bond is a promise of
a future stream of payments; an investor will offer less for a bond that pays-out at a rate lower than the rates offered in the current
market. A rising interest rate scenario also affects the Company’s interest expenditure on borrowed funds.

The Company monitors the interest rate scenarios on a regular basis and accordingly takes investments decisions as whether to invest
in fixed rate debt instruments, shares and securities at a particular point of time. Further, the Company’s borrowings are short-term in
nature and carry a fixed rate of interest and the company is in a position to pass on the rise in interest rates to its borrowers. However,
the borrowings of the Company are not significant to the financial statements.

a. Interest bearing investments

(c) Liquidity risk:

Liquidity refers to the readiness of the Company to sell and realise its financial assets. Liquidity risk is one of the most critical risk factors
for Companies which is into the business of investments in shares and securities. It is the risk of not being able to realise the true price
of a financial asset, or is not being able to sell the financial asset at all because of non-availability of buyers. Unwillingness to lend or
restricted lending by Banks and Financial Institutions may also lead to liquidity concerns for the entities.

The Company maintains a well-diversified portfolio of investments in shares and securities which are saleable at any given point of time.
A dedicated team of market experts are monitoring the markets on a continuous basis, which advises the management for timely
purchase or sale of securities. The Company is currently having a mix of both short-term and long-term investments. The management
ensures to manage it’s cash flows and asset liability patterns to ensure that the financial obligations are satisfied in timely manner.

The following table shows the remaining contractual maturities of financial liabilities at the reporting date. The amounts reported are on
gross and undiscounted basis.

(d) Inflationary risk:

Inflationary or purchasing power risk refers to the variation in investor returns caused by inflation. It is the risk that results in increase of
the prices of goods and services which results in decrease of purchasing power of money, and likely negatively impact the value of
investments. The two important sources of inflation are rising costs of production and excess demand for goods and services in relation
to their supply. Inflation and interest rate risks are closely related as interest rates generally go up with inflation.

The Company closely monitors the inflation data and analyses the reasons for wide fluctuations thereof and its effect on various sectors
and businesses. The main objective is to avoid inflationary risk and accordingly invest in securities and debt instruments that provides
higher returns as compared to the inflation in long-term.

38. Capital management

For the purpose of Company’s capital management, capital includes issued equity share capital, other equity reserves and borrowed
capital less cash and cash equivalents. The primary objective of capital management is to maintain an efficient capital structure to
reduce the cost of capital, support corporate expansion strategies and to maximize shareholder’s value.

The entity manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial
covenants. To maintain or adjust the capital structure, the entity may adjust the dividend payment to shareholders, return capital to shareholders
or issue new shares. The entity monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The entity’s policy
is to keep an optimum gearing ratio. The entity includes within net debt, interest bearing loans and borrowings less cash and cash equivalents.

2 An NBFC shall make following disclosures in “ Notes to Accounts” to the financial statements (Contd.)

7 Corporate Governance

Disclosures relating to Corporate Governance Report containing Composition of Board and Committees,
General Body Meetings, Management Discussion and Analysis Report, Details of Non compliance with
requirements of Companies Act, 2013, and Details of penalties and strictures etc:-

Disclosures relating to Corporate Governance Report containing Composition of Board and Committees, General
Body Meetings, Management Discussion and Analysis Report, Details of Non compliance with requirements of
Companies Act, 2013, and Details of penalties and strictures etc are covered under Corporate Governance
Report, which forms part of the Annual Report.

8 Disclosures relating to breaches of covenants in respect of all instances of loans availed by the Company
or debt securities issued by the Company

There is no such instance during the Financial Year 2025-26

9 Disclosures relating to Divergence in asset classification and provisioning above a certain threshold to
be decided by the Reserve Bank:-

There is no such instance during the Financial Year 2025-26

10 Registration obtained from other financial sector regulators

The Company does not have any registrations obtained from other financial sector regulators.

11 Area of Operation

The Company has an overseas subsidiary viz. Peepul Tree Pte Ltd., with country of operation being Singapore

12 Disclosure of Ratings

Not applicable during the year.

13 Remuneration of Directors

Remuneration to Non-Executive Directors for the year ended 31 March 2026 is Rs.0.29 Crore (31 March 2025
Rs.0.36 Crore).These details are also provided in the Corporate Goverence Report.

14 Net Profit or Loss for the period, prior period items and changes in accounting policies

Details relating to Net Profit or Loss for the period, prior period items and changes in accounting policies forms
part of the Annual Report.

15 Revenue Recognition

There are no circumstances under which revenue recognition has been postponed in the financial year ended
March 31,2026.

2 An NBFC shall make following disclosures in “ Notes to Accounts” to the financial statements (Contd.)
24. Currency Options

The Company has not undertaken any currency option transaction during the financial year ended March 31,2026.

Additional disclosures pursuant to the RBI guidelines and notifications:

[Chapter IV of Master Direction_Reserve Bank of India (Non-Banking Financial Companies - Financial Statements: Presentation
and Disclosures) Directions, 2025 (as amended from time to time).

4.Consolidated Financial Statements (CFS)

The consolidated financial statement has been prepared in accordance with Indian Accounting Standards notified under section 133 of
the Companies Act 2013 (“The Act”), read together with the Companies (Indian Accounting Standards) Rules, 2015 as amended from
time to time (‘Ind AS’) read with other relevant provisions of the Act; Master Direction - Reserve Bank of India (Non-Banking Financial
Companies - Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 (‘the NBFC Master Directions’)
issued by RBI and the regulatory guidance on implementation of Ind AS notified by the RBI vide notification dated 13 March 2020. The
said consolidated Financial statement forms part of the Annual Report.

46. Other Regulatory Information :

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.

(ii) The Company does not have any transactions with struck off Companies.

(iii) 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.

(iv) The Company has not advanced or given loan 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 to 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.

(v) 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:

(a) directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (Ultimate Beneficiaries) or

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

(vi) The Company does not have any such transaction which is 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.

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

(viii) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.

(ix) There are no charges or satisfaction yet to be registered with ROC beyond the statutory period.

44. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker (CODM) of the Company. The CODM is responsible for allocating resources and assessing
performance of the operating segments of the Company. The Company is in a single business segment (primary
segment) of giving loans and making investments. The entire revenues are billable within India and there is only
one geographical segment (secondary segment).

45. The Hon’ble National Company Law Tribunal, Kolkata Bench (“NCLT”), vide its order dated 16th March, 2026
sanctioned the Scheme of Amalgamation wherein, an associate company namely, Placid Limited (‘Transferor
Company’), along with other group companies, were merged with Maharaja Shree Umaid Mills Limited (‘Transferee
Company’ or ’MSUML’).

A Certified Copy of the Order of NCLT under Section 230 to 232 and other applicable provisions of the Companies
Act, 2013 sanctioning the above Scheme was received on 13th April, 2026, which was filed by the respective
Transferor Companies on 25th April, 2026 with the Registrar of Companies, West Bengal (“ROC”).

Consequent to the said Scheme becoming effective, the above associate company, Placid Limited merged with
MSUML with effect from the appointed date of the scheme, being 1st April, 2024 and the Company will be
allotted equity shares in the Transferee Company MSUML in lieu of its investment in the Placid Limited. Further,
the equity shares of the Company held by the transferor Companies will be transferred in the name of MSUML
consequently, the Company will become subsidiary of MSUML (post allotment of shares).

Further, post allotment of equity shares to the Company in MSUML in lieu of its investment in Placid Limited,
MSUML becomes an associate of the Company. Therefore, the Company has considered carrying cost of the
equity shares of Placid Limited as the carrying cost for MSUML.

However, as the Company was already holding certain equity shares in MSUML until financial year 2024-25,
these were fair-valued as per the requirements of Ind AS 109 on Financial Instruments, through other
comprehensive income as on 31st March, 2025, recognising loss on fair valuation of Rs. 224.97 Lakhs and

consequent aeierrea tax asset of rs. 32.1/ LaKns tnereon. After tne Scheme Decoming effective ana ivisuivil
becoming associate from the appointed date 1st April, 2024 the above loss of Rs. 224.97 Lakhs and deterred tax
asset of Rs. 32.17 Lakhs have been reversed for its investment in Associate as per the accounting policies of the
Company. Accordingly, the figures reported in the year ended 31st March, 2025, have been restated to give
effect to the above.

46. Neither any allotment was made under the Employee Share Purchase Scheme(ESPS) and / or Employee Stock
Option Scheme (ESOP) under Kiran Vyapar Limited-Share Incentive Plan 2018, during the year nor any options
are outstanding as on the balance sheet date . Therefore, no disclosure is required to be made pursuant to the
Securities and Exchange Board of India ( Share Based Employee Benefits and Sweat Equity) Regulations 2021.

47. The standalone financial statements are approved for issue by the Board of Directors in its meeting held on 26th
May 2026.

For V. Singhi & Associates For and on behalf of the Board of Directors

Chartered Accountants Kiran Vyapar Limited

Firm Regn. No. : 311017E

Sunil Singhi L. N. Bangur Alka Lakshmi Niwas Bangur Ajay Sonthalia Pradip Kumar Ojha

Partner Managing Director Director Chief Financial Officer Company Secretary

Membership No. : 060854 (DIN : 00012617) (DIN : 00012894) Place : Kolkata Place : Kolkata

Place : Kolkata Place : Kolkata

Place : Kolkata

Date : 26 May, 2026 Date : 26 May, 2026