(i) Provisions (other than for employee benefits), contingent liabilities, contingent assets and commitments

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation. Provisions are determined by discounting the expected future cash flows (representing the best estimate of
the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects current
market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is
recognised as finance cost. Expected future operating losses are not provided for

Contingent liabilities are disclosed 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 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 obligation or a reliable estimate of the amount cannot be made

A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is probable

Commitments includes the amount of purchase order (net of advance) issued to counterparties for supplying/
development of assets and amounts pertaining to Investments which have been committed but not called for

Provisions, contingent assets, contingent liabilities and commitments are reviewed at each balance sheet date

(j) Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition
of impairment loss on the following financial assets and credit risk exposure

Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are
within the scope of Ind AS 115

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract
and all the cash flows that the entity expects to receive (i.e. all cash shortfalls), discounted at the original Effective Interest
Rate (EIR). ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/expense in
the statement of profit and loss

(k) Employee benefits

(i) Short Term Obligations : Liabilities for wages and salaries, including nonmonetary benefits that are expected to
be settled wholly within 12 months after the end of the period in which the employees render the related service
are recognised in respect of employees' services up to the end of the reporting and are measured at the amounts
expected to be paid when the liabilities are settled

(ii) Retirement benefit costs and termination benefits : Payments to defined contribution retirement benefit plans are
recognised as an expense when employees have rendered service entitling them to the contributions. The Company
has no obligation, other than the contribution payable to the provident fund

The Company provides for gratuity, a defined benefit plan. Incremental liability for gratuity based on actuarial
valuation/management estimates as per the projected unit credit method as at the reporting date, is charged
as expenses in the Statement of Profit and Loss. Actuarial gains and losses arising from changes in actuarial/
management assumptions are recognised in other comprehensive income and shall not be reclassified to the
Statement of Profit and Loss in a subsequent period

(iii) Leave Encashment : The Company provides for the encashment of leave with pay subject to certain rules. The
employees are entitled to accumulate leave subject to certain limits, for future encashment/availment. The liability
is provided based on the actual number of days of unutilised leave at each Balance Sheet date on the basis of a
management estimate/independent actuarial valuation

(l) Leases

At the inception of a contract, assessment is being done by Company whether the contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration. The Company reassesses whether a contract is, or contains, a lease only if the terms
and conditions of the contract are changed

As a Lessor :

A lessor shall classify each of its leases as either an operating lease or a finance lease
As a Lessee :

At the commencement date, a lessee shall recognise a right-of-use (“ROU”) asset representing its right to use the
underlying asset and a lease liability representing its obligation to make lease payments. The nature of expenses would
be depreciation charge for ROU assets and interest expense on lease liabilities

The Company in the capacity of lessee has classified each of its leases as short term leases (having a lease term of 12
months or lower) and has recognised the lease payments as an expense on either a straight-line basis over the lease
term or another systematic basis. The related cash flows are classified as Operating activities in the Statement of Cash
Flows

(m) Earnings Per Share

In determining earnings per share, the Company considers the profit attributable to the owners of the company. The
number of shares used in computing basic earnings per share is the weighted average number of shares outstanding
during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury
shares. The number of shares used in computing diluted earnings per share comprises the weighted average shares
considered for deriving basic earnings per share, and also the weighted average number of additional equity shares
that could have been issued on the conversion of all dilutive potential equity shares. Dilutive potential equity shares are
deemed converted as of the beginning of the year, unless issued at a later date

(n) Cash flow Statements

Cash flows are reported using the indirect method, whereby profit/(loss) before tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments and item
of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and
financing activities of the Company are segregated based on the available information

(o) Segment reporting

An operating segment is a component of a Company that engages in business activities from which it may earn
revenue and incur expenses, including revenue and expenses that relates to transactions with any of the Company's
other components, for which discrete financial information is available, and such information is regularly reviewed by the
Company's Chief Operating Decision Maker (CODM) to make key decision on operations of the segments and assess its
performance.

The Company operates in one reportable business segment i.e. “Asset Management and other related services”

(p) Goods and Services Tax

Goods and Services Tax (“GST”) is accounted for in the books in the period in which the underlying service received is
accounted and when there is reasonable certainty in availing the credits

(q) Operating Cycle

Based on the nature of activities of the Company and the normal time between acquisition of assets and their
realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of
classification of its assets and liabilities as current and non-current

(r) Use of estimates and judgements

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised prospectively

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material
adjustment in the year ending March 31, 2026 is included in the following notes :

(i) Note 28 Impairment of financial assets (including trade receivable)

(ii) Note 13 Estimation of defined benefit obligations

(iii) Note 33 Estimation for preparation of financials under going concern assumption

(s) Rounding off

All amounts disclosed in the financial statement and notes have been rounded off to the nearest Lakhs, unless otherwise
stated

(t) The 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. During the year ended March 31, 2026, MCA
has not notified any new standards or amendments to the existing standards applicable to the Company which are not
yet effective.

On November 21, 2025, the Government of India notified the provisions of the Labour Codes, which consolidate twenty-
nine existing labour laws into a unified framework governing employee benefit during and after employment. Among other
changes, the Codes introduce a uniform definition of wages and revise certain employee entitlements. The Company has
evaluated and disclosed the incremental impact of these changes based on the position presently ascertainable, in line
with the guidance issued by the Institute of Chartered Accountants of India. The Company has recognised an incremental
expense of Rs. 18.93 Lakh for the year ended March 31, 2026, relating to gratuity obligation, which has been presented as
part of employee benefit expenses representing past service cost. The Company continues to monitor the finalisation of
Central and State rules, as well as any further clarifications issued by the Government, and will incorporate any additional
accounting implications as required in future periods

Particulars relating to Ind AS 19 “Employee Benefits” (Revised) is provided below :

a) Defined-Contribution Plans :

The Company has recognised ^ 11.53 Lakhs (Previous year ^ 20.86 Lakhs) as expense in the Statement of Profit and
Loss under Company's Contribution to Provident Fund, which is maintained with the office of Regional Provident Fund
Commissioner and ^ 4.51 Lakhs (Previous year ^ 7.96 Lakhs) as Company's contribution to Superannuation Fund
maintained with Life Insurance Corporation of India

There has been a Supreme Court of India judgement dated February 28, 2019 relating to components of salary
structure that need to be taken into account while computing the contribution to provident fund under the EPF Act.
There are interpretative aspects related to the Judgement including the effective date of application. The Company
has deducted provident fund as per Supreme Court judgement with effect from 01 April 2019. But in the absence of any
notification from PF Authorities, the Company has not deducted additional provident fund of previous years yet. The
Company will continue to assess any further developments in this matter for the implications on financial statements,
if any

b) Defined-Benefit Plans :

The Company operates funded post retirement defined benefit plans for gratuity, details of which are as follows :

a) Other Payables pertains to amount payable for employees Provident Fund, Professional Tax, Full & Final dues to
employees and employee reimbursements

b) Unclaimed Dividend of ^ 178.99 Lakhs relates to the period from FY 2018-2019 to FY 2025-2026. During the year
ended March 31, 2026 an amount of ^ 28.84 Lakhs (Previous year : ^ 33.46 Lakhs) has been transferred to the Investor
Education and Protection Fund relating to amounts for the year ended March 31, 2018 (Previous year : March 31, 2017)

iv) Rights, preference and restrictions attached to equity shares : The Company has one class of Equity Shares with face
value of Amount ^ 2/- each. Each Shareholder has a voting right in proportion to their holding of the paid up Equity
Share Capital of the Company. On winding up of the Company, the holders of equity shares will be entitled to receive
the residual assets of the Company, in proportion to the number of equity shares held after distribution of all preferential
amounts. However, no such preferential amounts exist currently

v) No shares were allotted by the Company as fully paid up by way of bonus shares for preceding five years

vi) Forfeited shares : During the financial year 1997-98 the Company had forfeited 10,000 equity shares of ^ 2/- each on
which amount paid up was ^ 20,000/-

vii) No shares were bought back by the Company during the last five years

viii) No shares were allotted by the Company as fully paid-up 'pursuant to any contract without payment being received in
cash' in last five years

Nature and purpose of reserve :

(i) Security Premium Reserve : Securities premium reserve is used to record the premium on issue of shares. The reserve
can be utilised only for limited purposes in accordance with the provisions of the Companies Act, 2013

(ii) General Reserve : The general reserve is used from time to time to transfer profits from retained earnings for
appropriation purposes as the general reserve is created by a transfer from one component of equity to another and is
not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to
profit or loss

(iii) Capital Redemption Reserve : Capital Redemption reserve is created out of profits on account of redemption of
preference share

(iv) Capital Reserve : Capital Reserve is created on account of effect of merger under the Scheme of Amalgamation

(v) Retained earning : Retained earnings are the profits that the Company has earned till date, add/(less) any transfers
from/(to) general reserve and dividends or other distributions paid to shareholders. Retained earnings includes
re-measurement gain/(loss) on defined benefit obligations, net of taxes that will not be reclassified to Profit and Loss

b) Contingent Liabilities :

i) There are no claims against the company, not acknowledged as debt or any liability of contingent nature

ii) The Company has filed an appeal with Good and Service Tax Appellate Authority, Mumbai on April 1, 2026 against
demand of excess Input Tax Credit claimed for FY 2021-2022. The additional tax demand is ^ 23.09 Lakh, interest
is ^ 18.97 Lakh and penalty is ^ 4.39 Lakh. The Company has paid ^ 2.31 Lakh as pre-deposit against the said
demand for filing the Appeal

iii) Service tax demand contested by the Company ('IIML Asset Advisors Limited') of ^ 1,185.22 Lakh are disputed with
the Service Tax Authority for the period from April 1, 2011 to June 30, 2017 towards classification of services rendered
by the Company and disallowing Export of Service claim. The Company has paid ^ 52.63 Lakh under dispute and
has filed an appeal against the order

iv) Income tax demand contested by the Company ('IL&FS Asian Infrastructure Managers Limited') for A.Y. 11-12 of
^ 3.63 Lakh and refund have been adjusted against the said demand of ^ 2.33 Lakh

22) Leases:

The Company has entered into a Business Service Agreement with Infrastructure Leasing & Financial Services Limited
(“IL&FS”) for the use of certain office premises, furniture, fixtures, and other facilities located at the IL&FS Business Centre. The
agreement is effective for a period of 12 months commencing from April 1, 2024, and is renewable upon mutual consent of both
parties

In accordance with the provisions of Ind AS 116 “Leases”, this arrangement qualifies as a short-term lease, and accordingly, the
Company has elected to apply the recognition exemption available for short-term leases. As a result, no right-of-use asset or
corresponding lease liability has been recognized in the financial statements for the year ended March 31, 2026

23) Dividend paid in Foreign Currencies to Non-resident Shareholders :

The dividend of Rs Nil (Previous Year : Nil) has been paid in Foreign Currencies to non-resident shareholders in current year

24) Derivatives and foreign currency Exposures :

There are no forward exchange contracts outstanding as at March 31, 2026

25) Disclosure as required by Ind AS 24 on “Related Party Disclosures” are made below :

Related Parties with whom there were transactions during the year :
a) Name of the Related Parties and Description of Relationship :

The following methods and assumptions were used to estimate the fair values :

The fair values of the units of mutual fund schemes are based on net asset value at the reporting date

The fair value of Venture Capital Funds is valued using discounted cash flow analysis and inputs based on information
about market participants' assumptions and other data that are available. The discount rates used is based on
management estimates

28) Financial Risk Management :

The Company has exposure to the following risks from financial instruments :

1. Credit risk

2. Liquidity risk

3. Market risk

Risk management framework

The Company has a system of controls in place to create an acceptable balance between the cost of risks occurring and
the cost of managing the risks. Management continually monitors the risk management process to ensure adherence to
appropriate risk limits and controls are set in place

The Board of Directors oversees how management monitors compliance with the Company's risk management process and
procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Company

Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the
Company. The Company has a practice of only dealing with creditworthy counterparties as a means of mitigating the risk of
financial loss from defaults. At the end of the year, the details of the trade receivables were as follows :

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The
Company maintains sufficient cash to address any liquidity risk that may arise

The Company's risk management policies 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.

Market risk

Market risk' is the risk that changes in market prices, such as interest rates, foreign exchange rates, equity prices and credit
spreads (not relating to changes in the obligor's/issuer's credit standing) will affect the Company's income or the fair value
of its holdings of financial instruments. The Company's financial assets and liabilities are denominated in ^ and most
transactions are made in ^. The Company receives sub advisory fee income in USD on a quarterly basis upto September 30,
2024 whilst the reporting currency of the Company is in Indian Rupees

Interest rate risk

The Company is not exposed to interest rate risk as the Company has fixed interest bearing financial assets
Price risk

The Company has invested in the Mutual Funds and Venture Capital Funds

Mutual fund and Venture Capital Funds Net Asset Values (NAVs) are impacted by a number of factors like interest rate risk,
credit risk, liquidity risk, market risk in addition to other factors

A movement of 5% in NAV Mutual Funds on either side can lead to a gain/loss of ^ 320.31 Lakhs and ^ 175.96 Lakhs on the
overall portfolio as at March 31, 2026 and March 31, 2025 respectively

A movement of 5% in NAV Venture Capital Funds on either side can lead to a gain/loss of ^ 58.23 Lakhs and ^ 68.55 Lakhs on
the overall portfolio as at March 31, 2026 and March 31, 2025 respectively

Capital Management

The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return
to stakeholders through the optimisation of the debt and equity balance. As part of its capital risk management policies, the
Company reviews the capital structure to ensure that it has an appropriate portion of net debt to equity. Net financial debt is
defined as current and non-current financial liabilities less cash and cash equivalents and short-term investments. The debt
equity ratio highlights the ability of a business to repay its debts. The Company does not have any debt as at March 31, 2026
and March 31, 2025

29) Segment Reporting :

(a) Description of segments and principal activities

The Company is a domestic private equity fund management company which manages funds on behalf of leading
Indian and International Institutions. The operations of the Company are limited to one segment viz. Asset Management
and other related service. As such, there are no separate reportable business or geographical segments as per the Indian
Accounting Standard 108 (Ind AS) on Operating Segment

(b) Segment Revenue

The amount of revenue from external customers broken down by location of the customers is shown in the table below:

31) In accordance with the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, the Company has maintained its
books of account using accounting software that incorporates a feature of recording an audit trail (edit log) of each and
every transaction. The audit trail functionality has been operated consistently throughout the financial year for all transactions
recorded in the software. The audit trail has been maintained without any tampering and preserved by the Company in
compliance with the applicable statutory requirements for record retention

32) The Ministry of Corporate Affairs (MCA), Government of India, has vide its letter dated October 1, 2018 initiated investigation
by Serious Fraud Investigation Office (SFIO) against Infrastructure Leasing & Financial Services Limited (IL&FS), the Holding
Company and its subsidiaries (including the Company) under Section 212(1) of the Companies Act, 2013. On December 3,
2018, MCA on the directions of the National Company Law Tribunal, Mumbai (NCLT) has impleaded various Group Companies
of IL&FS (which includes the Company) as Respondents to the Petition filed by them on October 1, 2018. The Company has
received the “Summary of Charges” sent by the Ministry of Corporate Affairs through IL&FS, based on which the Holding
Company has submitted the necessary response

33) The extended term of existing Funds which were managed/advised by the Company have ended during the year which has
resulted in no fee income for the Company. Management expects that its liquid assets held by the Company as at March
31, 2026 will be adequately sufficient to meet the Company's existing and future obligations arising over the next 12 months.
Management believes that use of the going concern assumption for preparation of these financial statements is appropriate
The IL&FS Board has been working on a resolution plan, with a view to enable value preservation for stakeholders of IL&FS
Group. The resolution plan, inter alia, involves sale of assets/businesses/Companies owned by IL&FS. And in this regard, the
IL&FS Board had on December 21, 2023 invited a public Expression of Interest (EoI) for sale of its entire stake in the Company.
In response to the EOI, few prospective bidders have shown interest and the process is underway

34) The Board of Directors, in their meeting held on May 29, 2026, have proposed a final dividend of ^ 0.70 per equity share
amounting to ^ 2,198.23 Lakhs for FY 2025-26. The proposal is subject to the approval of shareholders at the Annual General
Meeting

37) Other Statutory Information

(a) The Company has not revalued its Property, Plant and Equipment's, thus valuation by a registered valuer as defined
under rule 2 of the Companies (Registered Valuer and Valuation) Rules, 2017 is not applicable

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

(c) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period

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

(e) The Company has not been declared a willful defaulter by any bank or financial institution or other lender

(f) The Company has not entered in to any such transaction which is not recorded in the books of account 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)

(g) The Company is in compliance with the number of layers prescribed under Clause (87) of Section 2 of the Companies
Act read with the Companies (Restriction on number of Layers) Rules, 2017

(h) No Scheme of arrangement has been approved by the Competent Authority in terms of Section 230 to 237 of the
Companies Act, 2013 during the year ended March 31, 2026 and 31 March 31, 2025

(i) During the year ended March 31, 2026 and March 31, 2025, the Company has not obtained any borrowings on the basis
of security, hence disclosure relating to same is not applicable

38) 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

39) 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 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

40) Previous year numbers are regrouped/reclassified wherever necessary