K) Provisions, contingent liabilities and contingent assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive obligation as a result of past
events and it is probable that there will be an outflow of resources and a reliable estimate can be made of the amount of obligation. Provisions are not
recognised for future operating losses. The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Contingent liabilities are not recognized and are disclosed by way of notes to the financial statements when there is a possible obligation arising from past
events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Company or when there is a present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle the same or a reliable estimate of the amount in this respect cannot be made.

Contingent assets are not recognised but disclosed in the Financial Statements by way of notes to accounts when an inflow of economic benefits is
probable.

L) Employee benefits

Employee benefits are accrued in the year in which services are rendered by the employees. Short term employee benefits are recognized as an expense in
the statement of profit and loss for the year in which the related service is rendered. Contribution to defined contribution plans such as Provident Fund etc,
are recognised as and when incurred.

Contribution to defined contribution schemes such as Provident Fund, Superannuation Fund etc. and are recognized as and when incurred.

Contribution to defined benefit plans consisting of contribution to gratuity are determined at close of the year at present value of the amount payable using
actuarial valuation techniques. Actuarial gain and losses arising from experience adjustments and changes in actuarial assumptions are recognized
immediately in the Balance Sheet with a corresponding debit or credit to Retained Earnings through Other Comprehensive Income ("OCI") in the period in
which they occur.

Other long term employee benefits consisting of Leave Encashment are determined at close of the year at present value of the amount payable using
actuarial valuation techniques. The changes in the amount payable including actuarial gain/loss are recognised in the Statement of profit and loss.

M) Revenue

Interest and Dividend

The Company follows the accrual method of accounting for recognition of Income excepting in cases of uncertainties of collections, which are recognized
on receipt basis.

- Interest Income from financing by way of loan is recognised in terms of the respective agreements with the borrowers using effective interest rate
method.

- Dividend from Investments is accounted for when right to receive the same is established.

In accordance with the guidelines issued by the Reserve Bank of India (RBI), incomes against non-performing assets are recognised on receipt basis.

N) Borrowing costs

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All borrowing costs are recognized in the
Statement of Profit and Loss using the effective interest method. Borrowing cost also includes exchange differences to the extent considered as an
adjustment to the borrowing costs.

O) Taxes on Income

Income tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is recognized in the income statement except to
the extent that it relates to items recognized directly in equity or other comprehensive income

Current income tax is provided on the taxable income and recognized at the amount expected to be paid to or recovered from the tax authorities, using the
tax rates and tax laws that have been enacted by the end of the reporting period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Financial Statements and the
corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be utilized.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized,
based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets include Minimum Alternative Tax (MAT) measured in accordance with the tax laws in India, which is likely to give future economic
benefits in the form of availability of set off against future income tax liability and such benefit can be measured reliably and it is probable that the future
economic benefit associated with same will be realized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilized.

P) Earnings per share

Basic earnings per share are computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of
equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit attributable to the equity holders of the
company by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of
equity shares that could have been issued upon conversion of all dilutive potential equity shares.

Q) Segment reporting

Operating segments are identified and reported taking into account the different risk and return, organisation structure and the internal reporting provided
to the chief-operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Segment manager who allocates resources and assess the operating activities, financial results, forecasts, or
plans for the segment.

4 Critical accounting judgments, assumptions and key sources of estimation and uncertainty

The preparation of the financial statements in conformity with the measurement principle of Ind AS requires management to make estimates, judgments
and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and
liabilities, the disclosures ofcontingent assets and liabilities at the date ofthe financial statements and reported amounts ofrevenues and expenses during
the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are
made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are
recognized in the year in which the results are known / materialized and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of assumptions in the
financial statements have been disclosed below. The key assumptions concerning the future and other key sources ofestimation uncertainty at the balance
sheet date, that have a significant risk ofcausing a material adjustment to the carrying amount ofassets and liabilities within the next financial year are
discussed below:

a) Depreciation / amortization and impairment on property, plant and equipment / intangible assets

Property, plant and equipment and intangible assets are depreciated/ amortized on written down value based on the estimated useful lives (or lease term if
shorter) in accordance with Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable.

The company reviews its carrying value of its Tangible and Intangible Assets whenever there is objective evidence that the assets are impaired. In such
situation, Assets' recoverable amount is estimated which is higher of asset's or cash generating units (CGU) fair value less cost of disposal and its value in
use. In assessing value in use the estimated future cash flows are discounted using pre-tax discount rate which reflect the current assessment oftime value
ofmoney. In determining fair value less cost ofdisposal, recent market realisations are considered or otherwise in absence ofsuch transactions appropriate
valuations are adopted. The Company reviews the estimated useful lives of the assets regularly in order to determine the amount of depreciation /
amortization and amount of impairment expense to be recorded during any reporting period. This reassessment may result in change estimated in future
periods.

b) Impairment loss allowances of loans and advances

Classification of loans and advances are made as per the guidelines prescribed by RBI. Provision against performing (standard) and non-performing assets
are made as required in terms of prudential norms prescribed by RBI. Further, assets which are considered non recoverable are fully provided for / written
off.

c) Income taxes

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation of the
provision for income taxes.

d) Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow offunds resulting from past operations
or events and the amount ofcash outflow can be reliably estimated. The timing ofrecognition and quantification ofthe liability requires the application of
judgement to existing facts and circumstances, which can be subject to change.

Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations/ against the
Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take account of changing facts
and circumstances.

27 Contingent Liabilities and Commitments:

(to the extent not provided for)

The Company’s pending litigations comprised of claims against the company and proceedings pending with Statutory / Government Authorities. There are no pending litigations and/or
proceedings against the company.

28 In view of the above, the Company operates in a single primary business and secondary geographical segment and hence, disclosure requirements of Ind AS 108 on Operating Segments
are not applicable to it.

29 In terms of Para 10 of Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015, a
provision of 0.25 percent of the outstanding amount of the standard assets during the year is required to be made. Accordingly, the closing balance thereof is shown as “Provision for
Standard Assets” in these accounts covered in Note 6.1 respectively.

30 The Company as per the professional advice received on application of RBI Circular No. DNBR (PD) CC.No.002/03.10.001/2014-15 dated November 10, 2014 (the Circular) and
notifications issued by RBI on March 27, 2015 and April 10, 2015 for implementation thereof, has been classified as Non-Systemically Important Company. Various provisions and
directions have accordingly been complied with and reported upon from time to time. In terms of the said advice, the Circular read with notifications as above dealing with aggregation of
the assets of all the NBFC of the Group for the purpose of classification has not yet been made effective and as such is not applicable to the Company.

# Additional regulatory information required by Schedule III of Companies Act, 2013

(i) Details of Benami property: No proceedings have been initiated or are pending against the Company for holding any Benami property under the Benami Transactions (prohibi

(ii) 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

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 other

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(iii) Compliance with number of layers of companies: The Company has not invested in any company , and therefore is not required to comply with the number of layers prescrib

(iv) Compliance with approved scheme(s) of arrangements: The Company has not entered into any scheme of arrangement which has any accounting impact on current or previou

(v) 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 ]

(vi) 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.

(vii) Valuation of PP&E, intangible asset and investment property: : The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible

# There are no immovable properties that are held by company whose title deeds are not held in the name of the Company.

# Relationship with Struck-off Companies: Based on information available with the company from the webiste of Ministry of Corporate Affairs. Based on such information
there were no transaction during the current year with such companies.

# Schedule III to the Companies Act, 2013 vide notification dated March 24, 2021 issued by Ministry of Corporate Affairs has been amended with effect from April 01, 2021 and
these financial statement have been prepared giving effect to the said amendments. Accordingly, comparative figures for the previous year have been regrouped wherever

# These financial statements have been approved by the Board of Directors of the Company on May 28, 2024 for issue to the shareholders for their adoption.

For Gupta & Manglik For and on behalf of the Board of Directors of

Chartered Accountants Mathew Easow Research Securities Limited

ICAI Firm Registration No. 311118E CIN No. L74910WB1994PLC064483

Rahul Gupta Beda Nand Choudhary Pritha Sinha Pandey

Partner Whole Time Director Director

Membership No. 065761 DIN - 00080175 DIN - 07016238

UDIN:24065761BKEOSZ1151

Place : Kolkata

Date: 28th day of May, 2024

Rajshree Mundhra
Company Secretary

(Membership No. A56091)