2.11 Provisions, contingent liabilities and contingent assets

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually
certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
recognized as a finance cost.

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 contingent
liability is not recognized in books of account but its existence is disclosed in financial statements.

A contingent assets, where an inflow of economic benefits is probable, an entity shall disclose a brief description of the nature of the
contingent assets at the end of the reporting period, and, where practicable, an estimate of their financial effect, measured using the
principles set out for provisions in Ind AS 37.

2.12 Impairment of assets

a) Financial assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair
valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an
amount equal to lifetime ECL. The Company applies a simplified approach in calculating Expected Credit Losses (ECLs) on
trade receivables. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

For all other financial assets, expected credit losses are measured at an amount equal to the 12 months ECL, unless there has
been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of
expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is
required to be recognized is recognized as an impairment gain or loss in the Statement of profit or loss.

Overview of the ECL principles

The Company records allowance for expected credit losses for all loans, other debt financial assets not held at FVTPL, together
with financial guarantee contracts, in this section all referred to as ‘financial instruments. Equity instruments are not subject to
impairment under Ind AS 109.

The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss),
unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12
months’ expected credit loss.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial
instrument. The 12-month ECL is the portion of Lifetime ECL that represent the ECLs that result from default events on a financial
instrument that are possible within the 12 months after the reporting date.

Both Lifetime ECLs and 12-month ECLs are calculated on either an individual basis or a collective basis.

The Company has established a policy to perform an assessment, at the end of each reporting period, of whether a financial
instrument’s credit risk has increased significantly since initial recognition, by considering the change in the risk of default
occurring over the remaining life of the financial instrument. The Company does the assessment of significant increase in credit
risk at a borrower level. If a borrower has various facilities having different past due status, then the highest days past due (DPD)
is considered to be applicable for all the facilities of that borrower. In addition, the Company uses reasonable and supportable
information on future economic conditions including macroeconomic factors. 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.

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 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.

If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by
the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss
is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable
amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not
exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no
impairment loss been recognized for the asset in prior years.

!.13 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.

The classification depends on the contractual terms of the financial assets’ cash flows and the Company’s business model for
managing financial assets which are explained below:

Business model assessment

The Company determines its business model at the level that best reflects how it manages groups of financial assets to achieve its
business objective.

The Company's business model is not assessed on an instrument-by-instrument basis, but at a higher level of aggregated portfolios
and is based on observable factors such as:

(a) How the performance of the business model and the financial assets held within that business model are evaluated and reported
to the entity's key management personnel

(b) The risks that affect the performance of the business model (and the financial assets held within that business model) and the
way those risks are managed

(c) How managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets
managed or on the contractual cash flows collected)

(d) The expected frequency, value and timing of sales are also important aspects of the Company’s assessment. The business
model assessment is based on reasonably expected scenarios without taking 'worst case' or 'stress case’ scenarios into
account.

If cash flows after initial recognition are realised in a way that is different from the Company's original expectations, the Company
does not change the classification of the remaining financial assets held in that business model but incorporates such information
when assessing newly originated or newly purchased financial assets going forward.

The Solely Payments of Principal and Interest (SPPI) test

As a second step of its classification process, the Company assesses the contractual terms of financial assets to identify whether
they meet the SPPI test.

‘Principal’ for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the
life of the financial asset (for example, if there are repayments of principal or amortisation of the premium/ discount). In making this
assessment, the Company considers whether the contractual cash flows are consistent with a basic lending arrangement i.e.
interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that is
consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are
inconsistent with a basic lending arrangement, the related financial asset is classified and measured at fair value through profit or
loss.

Financial assets

Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument.

On initial recognition, a financial asset is recognised at fair value, except for trade receivable which are initially measured at
transaction price. In case of Financial assets which are recognised at fair value through profit and loss (FVTPL), its transaction cost
are recognised in the statement of profit and loss. In other cases, the transaction cost are attributed to the acquisition value of the
financial asset.

Financial assets are subsequently classified as measured at:

Amortised cost: Financial assets that are held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost using the
effective interest rate (‘EIR’) method less impairment, if any. The amortization of EIR and loss arising from impairment, if any is
recognized in the Statement of Profit and Loss.

Fair value through profit and loss (FVTPL): A financial asset not classified as either amortised cost or FVOCI, is classified as
FVTPL. Such financial assets are measured at fair value with all changes in fair value, except interest income and dividend income
if any, recognized as ‘Net gain on fair value changes ’ in the Statement of Profit and Loss.

Fair value through other comprehensive income (FVTOCI): Financial assets that are held within a business model whose
objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and
interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in
the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if any are
recognized in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognized in OCI is
reclassified from the equity to the Statement of Profit and Loss.

Financial assets are not reclassified subsequent to their recognition, except if and in the period, the Company changes its business
model for managing financial assets.

Trade Receivables:

Trade receivables which are initially measured at transaction price. Subsequently, the asset is held at amortised cost, using the
effective interest rate (EIR) method net of any expected credit losses. The EIR is the rate that discounts estimated future cash
income through the expected life of financial instrument.

Debt Instruments:

Debt instruments are initially measured at amortised cost, fair value through other comprehensive income (‘FVTOCI’) or fair value
through profit or loss (‘FVTPL’) till derecognition on the basis of (i) the entity’s business model for managing the financial assets and
(ii) the contractual cash flow characteristics of the financial asset.

(a) Measured at amortised cost: Financial assets that are held within a business model whose objective is to hold financial assets
in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at
amortised cost using the effective interest rate (‘EIR’) method less impairment, if any. The amortisation of EIR and loss arising
from impairment, if any is recognised in the Statement of Profit and Loss.

(b) Measured at fair value through other comprehensive income: Financial assets that are held within a business model whose
objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal
and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are
recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if
any are recognised in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognised in OCI is
reclassified from the equity to ‘other income’ in the Statement of Profit and Loss.

(c) Measured at fair value through profit or loss: A financial asset not classified as either amortised cost or FVOCI, is classified as
FVTPL. Such financial assets are measured at fair value with all changes in fair value, except interest income and dividend
income if any, recognized as ‘Net gain on fair value changes ’ in the Statement of Profit and Loss. Interest income /dividend
income on financial assets measured at FVTPL is recognised separately from "net gain on fair value changes in the statement of
profit and loss.

Equity Instruments:

All investments in equity instruments other than investments in subsidiary companies classified under financial assets are initially
measured at fair value , the Company may, on initial recognition, irrevocably elect to measure the same either at FVTOCI or FVTPL.

The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is recognised
in the Statement of Profit and Loss unless the Company has elected to measure such instrument at FVTOCI. Fair value changes

excluding dividends, on an equity instrument measured at FVTOCI are recognised in OCI. Amounts recognised in OCI are not
subsequently reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments are
recognised in the Statement of Profit and Loss.

Derecognition

The Company derecognises a financial asset (or, where applicable, a part of a financial asset) when:

• The right to receive cash flows from the asset has expired such as repayments in the financial asset, sale of the financial asset
etc.; or

• The Company has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash
flows in full without material delay to a third party under an assignment arrangement and the Company has transferred
substantially all the risks and rewards of the asset. Once the asset is derecognised, the Company does not have any continuing
involvement in the same.

A write-off of a financial asset constitutes a derecognition event.

On derecognition of a financial asset in its entirety, the difference between the carrying amount (measured at the date of
derecognition) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the
Statement of Profit and Loss.

Financial assets measured at amortised cost are generally held for collection of contractual cashflow. The Company on looking at
economic viability of certain portfolios measured at amortised cost may enter into immaterial and infrequent transaction for sale of
portfolios which doesn’t affect the business model of the Company.

Write-off

Financial assets are written off when the Company has no reasonable expectation of recovery or expected recovery is not significant
basis experience. Where the amount to be written off is greater than the accumulated loss allowance, the difference is recorded as
an expense in the period of write-off"

Financial Liabilities:

Initial recognition and measurement

Financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial
liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables,
as appropriate. All financial liabilities are recognised initially at fair value and in the case of borrowings trade payables and other
financial liabilities, net of directly attributable transaction costs. The Company’s financial liabilities include borrowings, trade
payables, deposits and other financial liabilities.

Subsequent measurement

Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities carried at fair value
through profit or loss are measured at fair value with all changes in fair value recognized in the Statement of Profit and Loss.

(a) Borrowings: Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
recognised in the Statement of Profit and Loss over the period of the borrowings using the EIR method. Fees paid on the
establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of
the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that
it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and
amortised over the period of the facility to which it relates.

(b) Trade and Other Payables:

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are
unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the
reporting period. Trade and other payables are initially recognised at fair value and net of directly attributable transaction costs,
and subsequently measured at amortised cost using the effective interest method

(c) Deposits:

They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method
Derecognition

A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the
recognition of a new liability.

The difference in the respective carrying amounts is recognized in the Statement of Profit and Loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently
enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and
settle the liabilities simultaneously.

2.14 Investments in equity instruments including deemed equity instruments of subsidiaries

Investments in equity instruments including deemed equity instruments of subsidiaries are carried at cost less accumulated
impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written
down immediately to its recoverable amount. On disposal of investments in subsidiaries, the difference between net disposal
proceeds and carrying amounts are recognised in the Statement of Profit and Loss.

2.15 Segment Reporting:

Based on "Management Approach" as defined in Ind AS 108 -Operating Segments, the Chief Operating Decision Maker evaluates
the Company's performance and allocates the resources based on an analysis of various performance indicators by business
segments.

Segment Policies:

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the
financial statements of the Company as a whole. Common allocable costs are allocated to each segment on an appropriate basis.

Segment information

Companies whole business is being considered as one segment.

2.16 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits which are subject to an
insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, as they are considered an integral part of the Company's cash management.

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of noncash
future, any deferrals or accruals of past or future operating cash receipts or payments and item of expenses associated with
investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated

2.17 Retirement benefits

i) Defined contribution plans

In accordance with Indian Law, eligible employees receive benefits from Provident Fund, Pension Fund and Labour welfare fund
which is defined contribution plan. In case of Provident fund, both the employee and employer make monthly contributions to the
plan, which is administrated by the Government authorities, each equal to the specific percentage of employee's basic salary. The
Company has no further obligation under the plan beyond its monthly contributions. Obligation for contributions to the plan is
recognised as an employee benefit expense in the Statement of Profit and Loss when incurred.

ii) Defined benefit plans (Gratuity)

In accordance with applicable Indian Law, the Company provides for gratuity, a defined benefit retirement plan (the Gratuity Plan)
covering eligible employees. The Gratuity Plan provides a lumpsum payment to vested employees, at retirement or termination of
employment, and amount based on respective last drawn salary and the years of employment with the Company. The Company's
net obligation in respect of the Gratuity Plan is calculated by estimating the amount of future benefits that the employees have
earned in return of their service in the current and prior periods; that benefit is discounted to determine its present value. Any
unrecognised past service cost and the fair value of plan assets are deducted. The discount rate is yield at reporting date on risk
free government bonds that have maturity dates approximating the terms of the Company's obligation. The calculation is
performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the
Company, the recognised asset is limited to the total of any unrecognised past service cost and the present value of the economic
benefits available in the form of any future refunds from the plan or reduction in future contribution to the plan.

The Company recognises all remeasurements of net defined benefit liability/asset directly in other comprehensive income and
presented within equity.

iii) Short term benefits

Short term employee benefit obligations are measured on an undiscounted basis and are expensed as a related service provided.
A liability is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans if the Company has
a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation
can be estimated reliably.

The employees of the Company are entitled to leave as per the leave policy of the Company. The liability in respect of unutilized
leave balances is provided at the end of year and charged to the Statement of Profit and Loss.

2.18 Lease

As a lessee

i) Right of use assets and Lease liability

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 in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Company assesses whether:

a) the contract involves the use of an identified asset;

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

c) the Company has the right to direct the use of the asset.

Recognition and initial measurement

At the lease commencement date, the Company recognizes a Right-of-Use (“RoU”) asset and equivalent amount of lease liability.
The rightof-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 the 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 notional borrowing rate. Lease
payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed payments).
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
remeasured, the corresponding adjustment is reflected in the right-of-use asset or is recorded in statement of profit or loss if the
carrying amount of the right-of-use asset has been reduced to zero.

Presentation

Lease liability and right of use assets 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 shortterm leases and leases of low-value assets using the practical expedients. Instead of
recognizing a right-of-use asset and lease liability, the payments in relation to these leases are recognized as an expense in the
statement of profit and loss on a straight-line basis over the lease term.

ii) De-recognition

An item of right of use assets and lease liability is de-recognized upon termination of lease agreement. Any difference between the
carrying amount of right of use asset and lease liability is recognized in statement of profit or loss.

As a lessor:

Leases under which the company does not transfer substantially all the risks and rewards of ownership are classified as operating
leases. Rental income arises from operating leases is accounted for on straight line basis over the lease term, and is included in
rental income in Statement of Profit and Loss, unless the increase is in line with expected general inflation, in which case lease
income is recognised based on contractual terms. Contingent rents are recognised as revenue in the period in which they are
earned.

2.19 Earnings per share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company
by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares
outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion
of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

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

2.20 Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended 31 March 2025, MCA has notified Ind AS - 117
Insurance Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable to the
Company w.e.f. 01 April 2024. The Company has reviewed the new pronouncements and based on its evaluation has determined
that it does not have any significant impact in its financial statements.

LEASES

I Lease commitments as lessee:

The Company has entered into agreements for taking on lease certain guest house and office on lease and licence basis. The lease term
is for a period ranging from 12 to 108 months. The Company has contracts which have fixed rentals.

The following is the summary of practical expedients elected on initial application:

- Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term on the date of
initial application.

- Applied the practical expedient to grandfather the assessment of which transactions are leases. Accordingly, Ind AS116 is applied only
to contracts that were previously identified as leases under Ind AS 17.

RISK MANAGEMENT
Financial risk management

The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Company’s activities. The Management has overall responsibility for the establishment and
oversight of the Company’s risk management framework. In performing its operating, investing and financing activities, the Company is
exposed to the Credit risk, Liquidity risk and Market risk.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk.
Financial instruments affected by market risk include loans and borrowings, deposits and investments.

Credit risk

Revenue / Trade receivable

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit
risk at the reporting date is from trade receivables amounting to Rs. 578.03 Lakhs and Rs. 30.16 Lakhs as at 31 March 2025 and 31 March
2024, respectively. 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 credit
worthiness of customers to which the Company grants credit terms in the normal cause of business.

The Company applies a simplified approach in calculating Expected Credit Losses (ECLs) on trade receivables. Therefore, the Company
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company
has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the
debtors and the economic environment. Based on the provision matrix, no provision is required to be made at the respective reporting date.

The Company have provided details of revenue from single largest customer, revenue from top 5 customer and ageing of trade receivables
below:

Balances with banks and other financial assets:

The Company holds cash and cash equivalents with bank, which are having highest safety ratings based on ratings published by various
credit rating agencies. The Company considers that its cash and cash equivalents have low credit risk based on external credit ratings of the
counterparties.

For other financial assets, the Company assesses and manages credit risk based on reasonable and supportive forward looking
information. The Company does not have significant credit risk exposure for these items.

LIQUIDITY RISK

The Company's principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. Liquidity
risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring
unacceptable losses. The Company’s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral
requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate
sources of financing including debt and overdraft from banks at an optimised cost.

The Company's maximum exposure to liquidity risk for the components of the balance sheet at 31 March 2025 and 31 March 2024 is the
carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The Company's major
financial liabilities include term loans with maturity profile ranging between 0 to 5 years and short term borrowings are generally payable
within one year. The average credit period taken to settle trade payables is about 30 days. The other payables are with short-term durations.
The following table analysis undiscounted financial liabilities by remaining contractual maturities:

Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximise the
shareholder value. The Company manages its capital to ensure that it will continue as going concern while maximising the return to
stakeholders. The Company manages its capital structure and makes adjustment in light of changes in business condition. The Company
monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company's policy is to keep optimum
gearing ratio. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash
equivalents, excluding discontinued operations.

Measurement of Fair Value

Below are the methodologies and assumptions used to determine fair values for the above financial instruments which are not recorded
and measured at fair value in the financial statements, these fair values were calculated for disclosure purpose only.

a. Short Term Financial Assets And Liabilities

For financial assets and financial liabilities that have a short term maturity (less than twelve months), the carrying amounts, which are
net of impairment, area reasonable approximation of their fair value. Such instruments include: other financial assets (excluding
security deposit), trade payables and other financial liability.

b. Borrowings

In case of borrowings, the interest rate represents the market rate. Consequently the carrying amount represents the fair value.

SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the Company’s financial statements requires the management to make judgements, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets, liabilities, the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty
about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities
affected in future periods. Estimates and assumptions are reviewed on periodic basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised.

The key assumptions concerning the future and other key sources of estimation, that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities, within the next financial year, are described below. The Company's assumptions and estimates are
based on parameters available at the time of preparation of financial statements. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes
are reflected in the assumptions when they occur.

(a) Employee benefit plans

The cost of the defined benefit plan and other employment benefits plan are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount
rate, future salary increases & mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit
obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans, the management considers
the interest rates of government bonds in currencies consistent with the currencies of the postemployment benefit obligation. The mortality
rate is based on publicly available mortality tables for India. Those mortality tables tend to change only at intervals in response to demographic
changes. Future salary increases are based on expected future inflation rates.

Based on periodic review of the demographic assumptions, attrition rate assumption used for actuarial valuation of liability related to gratuity
has been re-assessed during the year ended 31 March 2025. For the purpose of assessing the attrition rate, the Company considered the
historical attrition trend and expected rate based on such trend/ experience. The change in assumption resulted in a decrease of closing
gratuity by Rs.1.30 lakhs for the year ended 31 March 2025.

Further details about gratuity obligations are given in Note - 28.

(b) Leases

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend
the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to
be exercised.

The Company has several lease contracts that include extension and termination options. The Company applies judgement in evaluating
whether it is reasonably certain to exercise the option to renew or terminate the lease. It considers all relevant factors that create an economic
incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is
a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or
to terminate..

(c) Taxes

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the
losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised,
based upon the likely timing and the level of future taxable profits.

NOTE - 42
Segment reporting

In accordance with Indian Accounting Standard (Ind AS) 108, the Company operates in a single operating segment i.e. "Providing Merchant
Banking Services" within India. Accordingly, no separate disclosure is required. The Board of Directors of the Company are collectively the
Chief Operating Decision Makers (CODMs) of the Company.

NOTE - 43

Code On Social Security, 2020

The Indian Parliament has approved the Code on Social Security, 2020 which subsumes the Provident Fund and the Gratuity Act and the
Rules thereunder. The Ministry of Labour and Employment has also released draft rules thereunder on 13 November 2020, and has invited
suggestions from the stakeholders which are under active consideration by the Ministry. The Company will evaluate the rules, assess the
impact, if any, and account the same once the rules are notified and become effective.

NOTE - 44

CONTINGENT LIABILITIES AND CAPITAL COMMITMENT

a Contingent liabilities

Note:

(i) The above facility is fully secured by providing required security cover by the subsidiary company over the outstanding amount as
mentioned in the bank sanction letter.

(ii) During the financial year 2022-23, disputed demand of Rs. 159.54 Lakhs in respect of Assessment Year 2018-19 has been adjusted
against the refund order issued for the assessment year 2022-23 of Rs. 2.95 Lakhs. Further, Company has filed an appeal with
Commissioner of Income Tax (Appeals) and paid an amount of Rs. 32.00 Lakhs under protest against the said demand. The Company
has already got favourable Order from ITAT in similar matter in earlier years and is of the opinion that there will be no liability arise in this
regard and hence, not considered as contingent liability.

NOTE - 45

The Company does not have any capital work in progress and intangible assets under development.

NOTE - 46

The Company does not hold any Benami Property as defined under Benami T ransactions (Prohibition) Act, 1988.

NOTE - 47

The Company does not have any undisclosed income during the financial year ended 31 March 2025 and 31 March 2024.

NOTE - 48

The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year ended 31 March 2025 and
31 March 2024.

NOTE - 49

The Company does not have any investments, transactions and relationships with Struck off companies during the financial year ended
31 March 2025 and 31 March 2024.

The Company has complied with the number of layer prescribed under clause (87) of section 2 of the Act read with Companies (Restriction
on Number of Layers) Rules, 2017.

NOTE - 51

The ratios pertaining to Capital to risk-weighted assets ratio (CRAR), Tier I CRAR, Tier II CRAR and Liquidity Coverage Ratio is not
applicable to the Company.

NOTE - 52

There is no scheme of arrangement of Company which has been approved by the Competent Authority in terms of section 230 to 237 of the
Companies Act, 2013.

NOTE - 53

Utilisation of borrowed funds and share premium

(a) No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity,
including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

NOTE - 54

There was no impairment loss on non-financial assets on the basis of review carried out by the management in accordance with Indian
Accounting Standard (Ind AS) - 36 ‘Impairment of Assets’.

NOTE - 55

Balances of certain trade receivables, trade payables are subject to confirmation/reconciliation, if any. The management does not expect
any material difference affecting the financial statements on such reconciliation/adjustments.

NOTE - 56

In the opinion of management, loans, investments and other financial assets have a value on realisation in the ordinary course of business
at least equal to the amount at which they are stated in the balance sheet. The provision for all known liabilities is adequate and not in excess
of the amount reasonably stated.

NOTE - 57

Subsequent events

i) The Board of Directors of the Company in its meeting held on 23 May 2025, have recommended a final dividend of Rs. 14 per equity
share having face value of Rs. 10 each for the year ended 31 March 2025. The same is subject to approval of the shareholders in the
ensuing annual general meeting. The proposed dividend if approved at the ensuing annual general meeting will result in total cash
outflow of Rs. 924 Lakhs.

ii) Subsequent to the balance sheet date, the Company has issued its fresh commercial papers amounting to Rs.10 crores which are listed
on BSE Limited on 24 April 2025.

NOTE - 58

Previous year's figure have been regrouped or rearranged, wherever considered necessary, to conform with the current year's
presentation.

SIGNATURES TO 1 TO 58

As per our report of even date attached

As per our report of even date attached For an d o n be h a lf of the Board of Directors of

For PYS & CO LLP A. K. Capital Services Limited

Chartered Accountants
Firm’s Registration No. 012388S/S200048

Sanjay Kokate A. K. Mittal Ashish Agarwal Mahesh Bhootra Tejas Davda

Partner Managing Director Director Chief Financial Officer Company Secretary

Membership No. 130007 (DIN:00698377) (DIN:08064196) Place: Mumbai (ACS: A27660)

Place: New Delhi Place: New Delhi Place: Mumbai

Date: May 23, 2025

Place: Mumbai
Date: May 23, 2025