2.6 Provisions

A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be
required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are determined based
on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect
the current best estimates

2.7 Property, Plant and Equipment

Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost less depreciation. Historical
cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains or losses
on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Subsequent costs are included in the asset's carrying
amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is
derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

2.8 Depreciation

Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The
residual values are not more than 5% of the original cost of the asset. The assets' residual values and useful lives are reviewed, and adjusted if
appropriate, at the end of each
reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated
recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss within other
gains/(losses).

2.9 Income taxes

Income Tax Expense comprises Current and Deferred Tax. Current Tax is the expected tax payable on the taxable income for the year, using tax rates
enacted or substantively enacted and as applicable at the reporting date, and any adjustment to tax payable in respect of previous years. Current
ncome Taxes are recognised under 'Income Tax payable' net of payments on account, or under 'Tax receivable' where there is a debit balance.
Deffered Tax is recognised using the Balance Sheet method, providing for temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes.

2.10 Financial assets measured at fair value

Financial assets are measured at 'Fair value through other comprehensive income' (FVOCI) if these financial assets are held within a business model
whose objective is to hold these assets in order to collect contractual cash flows or to sell these financial assets and the contractual terms of the
financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Company in respect of equity investments (other than in subsidiaries, associates and joint ventures) which are not held for trading has made . an
irrevocable election to present in other comprehensive income subsequent changes in the fair value of such equity instruments. Such an election. is
made by the Company on an instrument by instrument basis at the time of initial recognition of such equity investments. Financial asset not
measured at amortized cost or at fair value through other comprehensive income is carried at 'Fair value through the statement of profit and loss'

{FVPL).

2.11 CASH AND CASH EQUIVALENT

Cash Flow Statement has been prepared in accordance with theIndirect method prescribed inInd AS 7 'Statement of Cash Flows'.

23. Segment information

Ind AS 108 establishes standards for the company to report information about operating segments and related
disclosures about products and services, geographic areas, and major customers. The Chief Operating Decision
Maker (CODM) evaluates the Company ’ s performance and allocates resources based on analysis of various
performance indicators pertaining to business as a single segment. The primary objective of Harmony Capital
Services Limited is management & financial cosultancy .

The accounting principles used in preparation of the financial statements are consistently applied to record revenue
and expenditure in segment information, and are as set out in the significant accounting policies. The amount of
Company's revenue from external customers based on geographical area and nature of the services are shown
below:

Note 25 - Financial risk management

The Company’s financial liabilities generally comprises of trade payables, borrowing etc. The main purpose of these
financial liabilities is to raise finances for the company. The financial assets held by the company consist of balance
with banks, security deposit etc.

There are various risk involved with the activities of the company like credit risk, liquidity risk and market risk. The
board of directors reviews and agrees policies for managing each of these risks which are summarized below:

(i) Credit Risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the
Company. The Company has credit risk from its Trade receivables and other Financial Assets.

Credit risk management

The customer credit risk is managed subject to the Company’s established policy, procedure and controls relating to
customer credit risk management. In order to contain the business risk, prior to acceptance of any contract, feasibility
study is carried out considering the various factors like market trends etc. The Company remains vigilant and regularly
assesses the credit risk during execution of contracts with a view to limit risks of delays and default. In view of the
industry practice, credit risks from receivables are well contained on an overall basis.

The impairment analysis is performed on each reporting period on an individual basis for major customers. An
impairment analysis is performed at each reporting date. The calculation is based on historical data of losses, current
conditions and forecasts and future economic conditions. The Company ’ s maximum exposure to credit risk at the
reporting date is the carrying amount of each financial asset as detailed in note 4, 6, 7 & 8.

(ii) Liquidity risk

The Company uses liquidity forecast tools to manage its liquidity. The Company is able to substantially fund its
working capital from cash and cash equivalents and cash flow that is generated from operation. The Company believes
that the working capital is sufficient to meet its current requirements.

(iii) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
Interest rate risk:

Interest rate risk is the risk that changes in market interest rates will lead to changes in interest income and expenses
for the Company. Based on market intelligence, study of research analysis reports, company reviews it short/long
position to avail working capital loans and minimise interest rate risk.

In order to optimize the Company’s position with regards to interest income and interest expenses and to manage the
interest risk, the Company performs comprehensive corporate interest risk management by balancing the proportion
of fix rate and floating rate financial instruments.

The company does not have interest rate risk due to the reason that the company has no borrowing and/or deposit
with bank.

26. Capital management

Capital includes equity attributable to the equity holders. The primary objective of the Company’s capital management is to
ensure that it maintains an efficient capital structure and healthy capital ratios in order to support its business and maximise
shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions or its business
requirements. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.
The Company’s objective is to maintain the optimal level of debt component in the capital structure. The Company includes
within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding
discontinued operations.

Note 27 - Contingent liabilities

There are no contingent liabilities certified by the management.

Note 28 - Leases

In reporting financial year company has not entered in to any Finance/Operating lease.

3.Perfomance obligation

Information about the Company’s performance obligations are summarised below:

1. Financial consultancy services

Financial services refer to a range of services related to the financial sector, provided as needed based on customer demand.
These services involve offering expert advice, guidance, or assistance on financial matters such as investments, wealth
management, tax planning, insurance, and retirement planning. Financial service providers help clients make informed decisions
to manage their finances effectively. Accordingly the same has been given on demand of the client as and when needed and
hence it is considered as service provided at a point of time.

2. Commission Income

The commission income is the earnings that is received for facilitating a deal or transaction for a client, usually by providing a
referral or acting as an intermediary. Since this is in relation to a particular event hence the same is considered as service
provided at a point of time.

(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the Rules made thereunder.

(ii) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender or government or any government authority.

(iii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been
recorded in the books of account.

(iv) The Company has not traded or invested in cryptocurrency or virtual currency during the year.

(v) The Company does not have any charges or satisfaction of charges which are yet to be registered with the Registrar of Companies beyond the statutory period.

(vi) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or
entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediary shall, whether directly or
indirectly lend or invest in other persons/entities identified in any other 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.

(vii) 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 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.

(viii) The Company does not have any transactions with companies struck off.

(ix) The Company has complied with the requirement with respect to the number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the
Companies (Restriction on number of layers) Rules, 2017.

The management assessed that cash and cash equivalents, trade payables and other financial instruments approximate their carrying amounts
largely due to the short term maturities of these instruments.

As per our report of even date

For Kapish Jain & Associates For and on behalf of the Board of Directors of

Chartered Accountants HARMONY CAPITAL SERVICES LIMITED

(Firm's Registration No: 022743N)

Amit Kumar Madheshia Jatinder Bagga Subimol Abhilash Murali

Partner Managing Director & CFO Director

Membership No. 521888 DIN : 10531062 DIN : 10531014

Place : Mumbai Place : Mumbai

Place : New Delhi Date : May 24, 2024 Date : May 24, 2024

Date : May 24, 2024

Umang Agrawal

Company Secretary
M. No : A51393
Place : Mumbai
Date : May 24, 2024