3.21 Provisions, Contingent Liabilities and Contingent Assets

a) Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) where, 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 to the amount of the obligation. When the Company expects some or all of a provision to be reimbursed,
the reimbursement is recognised 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 risk 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.

Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer probable that
an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

b) Contingent liabilities and contingent assets

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 which 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.
Information on contingent liabilities is disclosed in the notes to the standalone financial statements, unless the possibility of an
outflow of resources embodying economic benefits is remote.

A contingent asset is a possible asset that arises from past events and whose existence 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. Contingent asset is
not recognized, but its existence is disclosed in the financial statements.

3.22 Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker (‘CODM’) who regularly monitors and reviews the operating results. Refer note 41 of standalone financial statements for
segment information.

3.23 Dividend on Equity Shares

The Company recognises a liability to make cash distributions to equity holders when the distribution is authorised and the distribution
is no longer at the discretion of the Company. A corresponding amount is recognised directly in other equity.

3.24 Recent accounting developments

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 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 standalone financial statements.

18.1) Secured loan from bank of NIL (previous year '6.30 Lakhs) is secured against hypothecation of vehicles purchased thereof. The
vehicle loan is generally for a term of 5 years, to be repaid in equal monthly instalments and having interest rate of 8.70% p.a. The
Loan has been repaid during the year.

18.2) Secured loan from bank of '3,976.52 Lakhs (previous year '4,069.40 Lakhs) is secured against mortgage charge on the office building
situated at Andheri (W), Mumbai 400058 and hypothecation of receivables from the said property, the corporate guarantee of the co¬
owner of the property and personal guarantee of a Director. The Loan is to be repaid in 180 monthly instalments, since the inception
of the loan i.e. July-2022 and having interest rate linked to their one year MCLR plus margin of 0.60%.

(b) Secured Term Loan from Financial Institutions:

18.3) Secured Loan of '52.06 Lakhs (previous year '333.37 Lakhs) is secured against the mortgage charge on office premises of the
Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica
Street, Waroda Road, Bandra (W), Mumbai-400050 and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which
are owned by relative of a Director. The Loan is to be repaid in 120 equal monthly instalments, since the inception of the loan i.e.
February-2016 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

18.4) Secured Loan of '83.70 Lakhs (previous year '138.39 Lakhs) is secured against the mortgage charge on office premises of the
Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica
Street, Waroda Road, Bandra (W), Mumbai-400050, flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the
holding company and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director.
The Loan is to be repaid in 100 equal monthly instalments, since the inception of the loan i.e. January-2018 and having interest rate
linked to their long term reference rate less margin offered of 7.85%.

18.5) Secured Loan of '611.77 Lakhs (previous year '654.59 Lakhs) is secured against the mortgage charge on office premises of the
Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica
Street, Waroda Road, Bandra (W), Mumbai-400050, flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the
holding company and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director.
The Loan is to be repaid in 120 equal monthly instalments, since the inception of the loan i.e. October-2021 and having interest rate
linked to their long term reference rate less margin offered of 7.85%.

18.6) Secured Loan of '1,385.17 Lakhs (previous year '1,477.43 Lakhs) is secured against the mortgage charge on residential property
owned by the Company at One Crest Apartment, Door No 33/114 Nungambakkam High Road,Chennai-600034 and at Crest Tower,
Phoenix Market City, Door No. 142, Velachery Main Road,Chennai-600042, office premises of the Company situated at Sharyans
Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica Street, Waroda Road,
Bandra (W), Mumbai-400050 and flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the holding company and
properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director. The Loan is to be repaid
in 120 equal monthly instalments, since the inception of the loan i.e. October-2023 and having interest rate linked to their long term
reference rate less margin offered of 10.10%.

18.7) Secured Loan of '731.38 Lakhs (previous year '1,008.46 Lakhs) is secured against mortgage charge on development rights of realty
work in progress of the Company at 14th Road, Khar(W), Mumbai (“the Project”) and hypothecation of the Project receivables,
Project collection account and moveable assets of the Project, cross-collaterization of cashflow of associate entity personal guarantee
of the Director and corporate guarantee of two of the Promoter group entities. The Loan is to be repaid as defined in repayment
schedule during the period of 3 years from first disbursement of the loan i.e. February-2024 and having fixed interest rate of 13.20%.

(c) Unsecured Term Loan from Financial Institutions:

18.8) Unsecured Loan of '14.72 Lakhs (previous year '68.14 Lakhs) secured against the mortgage charge on flat no. 401, Sharyans Corner,
Bandra (W), Mumbai-400050 owned by the holding company. The Loan is to be repaid in equal monthly instalments for the period
of 120 months since the inception of the loan i.e. February-2016 and having interest rate linked to their long term reference rate less
margin offered of 7.85%.

Nature and purpose of Reserves:

General Reserve

The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As 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 the statement of profit and loss.

Securities Premium

Securities Premium is used to record the premium received on issue of shares. The reserve is utilised in accordance with the provision of the
Companies Act, 2013.

Statutory Reserve u/s. 45-IC of the RBI Act, 1934

Statutory reserve u/s. 45-IC of the RBI Act, 1934 represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the “RBI
Act”) and related regulations. Under the RBI Act, a non-banking financial company is required to transfer an amount not less than 20%
of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes
specified by the RBI.

Retained Earnings

Retained earnings represents profits that the Company earned till date, less any transfers to General Reserve, Statutory Reserves, Dividends
and other distributions paid to the shareholders.

Equity Settled Share Based Payment Reserve

Equity Settled Share Based Payment Reserve is created as required by Ind AS 102 ‘Share Based Payments’ on the Employee Stock Option
Scheme operated by the Company for certain specified employees of the Company, its Holding Company, Subsidiary Companies, Associate
Companies and Group Companies.

Treasury Shares

Treasury shares represent a Company’s own equity that has been purchased from open market and held by Crest- Employee Welfare Trust.
Other Comprehensive Income

(a) Remeasurement of Post Retirement Benefit Obligation

Remeasurement of gains and losses related to both defined benefit obligations and fair value of plan assets arising from experience adjustments
and changes in actuarial assumptions are recognized in equity in Other Comprehensive Income in the period in which they arise.

(b) Equity Instruments Through Other Comprehensive Income

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income.
These changes are accumulated within the FVTOCI equity investments reserve within equity. The Company transfers amounts from this
reserve to retained earnings when the relevant equity securities are derecognised.

f. The Company makes its CSR contribution towards promoting healthcare including preventive healthcare, promoting
education, livelihood enhancement among the neo-literate youth from challenged backgrounds.

g. Above includes a contribution of '31.50 Lakhs (previous: NIL) to related party - EVE Foundation, a charitable trust registered
under the Bombay Public Trusts Act, 1950. The objective of EVE Foundation includes promoting healthcare including
preventive healthcare, promoting education, livelihood enhancement among the neo-literate youth from challenged
backgrounds.

36 Share Based Payments:

The Company has setup Crest - Employee Welfare Trust (“CEWT”) for implementing Crest-Employee Option Plan 2022 (“ESOP).
The Company purchases equity shares from the open market under CEWT and issues them to the eligible employees as per the
recommendations of the Nomination and Remuneration Committee (NRC) to the employees of the Company, its Holding Company,
Subsidiary Companies, Associate Companies and Group Companies.

Under the ESOP 2022 scheme, the Company has granted stock options at an exercise price of '200 per share. The scheme is
administered through CEWT and accounted for as equity-settled share-based payments in accordance with Ind AS 102 - Share-
based Payment. The fair value of options granted is determined using the Black-Scholes valuation model and is recognised as an
employee benefits expense over the vesting period.

The expected volatility is based on the historical volatility of the Company’s share price and comparable peer companies. The risk-free
interest rate is based on government bond yields for the corresponding maturity.

During the year ended 31 March 2025, the Company recognised share based payment expense of '25.00 lakh (Previous year: 'Nil)
in relation to equity-settled share-based payment arrangements. In respect of options granted to employees of the holding company
and subsidiary of the holding company, the amount of '4.78 Lakhs has been recognised as receivable from the respective entities.

37 As per the Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined in the Standard are given below :

(a) Defined contribution plan

The Company makes contribution determined as a specified percentage of employee salaries, in respect of qualifying employees towards
Provident Fund and Employees’ State Insurance Scheme which are defined contribution plan. The Company has no obligations other
than the said funds to make the specified contributions. The contributions are charged to the statement of profit and loss as they
accrue. The amount recognised as an expense towards contribution to Provident Fund and Employees’ State Insurance Scheme for
the year is as under :

(b) Defined benefit plan

The Company offers its employee’s defined-benefit plan in the form of a gratuity scheme. Benefits under the defined benefit plans are
typically based on years of service and the employee’s compensation (immediately before retirement). The gratuity scheme covers all
regular employees of the Company.

The Company’s liabilities under the Payment of Gratuity Act, 1972 are determined on the basis of actuarial valuation made at the
end of each financial year using the projected unit credit method. Gratuity scheme is non funded and provision as per the Indian
Accounting Standard 19 has been made in the standalone financial statements. The plan is of a final salary defined benefit in nature
which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. The actuarial risks associated are:

(i) Investment or Interest Risk

Since the scheme is unfunded the Company is not exposed to Investment or Interest risk.

(ii) Longevity Risk

The Company is not exposed to risk of the employees living longer as the benefit under the scheme ceases on the employee separating
from the employer for any reason.

(iii) Risk of Salary Increase

The gratuity benefits under the plan are related to the employee’s last drawn salary. Consequently, any unusual rise in future salary
of the employee raises the quantum of benefit payable by the Company, which results in a higher liability for the Company and is
therefore a plan risk for the Company.

(b) Measurement of fair values

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or
most advantageous) market at the measurement date under current market conditions, regardless of whether that price is directly
observable or estimated using a valuation technique. The Financial Instruments are measured subsequent to initial recognition at fair
value, grouped into Level 1 to Level 3, as described below:

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as
price) or indirectly (i.e. derived from prices).

Level 3: Inputs for assets and liabilities that are not based on observable market data (unobservable inputs).

Assumptions to above:

(i) The management assessed that fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables,
and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these
instruments.

(ii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets.

(iii) The fair values of investments held under FVTPL have been determined under level 1, level 2 and level 3 wherever applicable.

(iv) Remaining financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.

(v) There have been no transfers between Level 1 and Level 2 for the year ended 31 March, 2025 and 31 March, 2024.

(c) Derivative Financial Instruments

The Company has not entered into any derivative financial contracts during the current and previous financial year.

48 Financial Risk Management

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

(i) Credit risk;

(ii) Liquidity risk; and

(iii) Market risk (including currency risk and interest rate risk)

The Company has a Board approved risk management framework which not only covers the market risks but also other risks associated
with the financial assets and liabilities such as interest rate risks and credit risks. This framework is driven by the Board through the
Audit Committee, Risk Management Committee and the Asset Liability Management Committee. Risk Management Committee
inter alia is responsible for identifying, reviewing, monitoring and taking measures for risk profile and for risk measurement system of
the Company.

(a) Credit Risk

Credit Risk refers to risk that a counter party will default on its contractual obligations resulting in financial loss to the Company.
Credit risk arises primarily from financial assets such as trade receivables, investments, other balances with banks, loans and other
receivables.

Trade Receivables

The Company extends credit to customers in normal course of business. All trade receivables are reviewed and assessed for default
on an individual basis. Historical experience of collecting receivables of the Company is supported by low level of past default and
security deposits from its customers, hence the credit risk is perceived to be low.

As per simplified approach, the Company makes provision of expected credit losses on trade receivables using a provision matrix to
mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period
and involves higher risk. Credit risk arising from trade receivables are reviewed periodically.

Cash and Cash equivalents, bank balances and other financial assets:

The Company maintains exposure in cash and cash equivalents and deposits with banks. Cash and cash equivalents and bank
deposits are held with high rated banks/financial institutions and short term in nature, therefore credit risk is perceived to be low.

Short term, highly liquid investments in mutual fund units are carried at fair value through profit and loss and the Company does not
have significant concentration of credit risk.

Deposits have been considered to enjoy low credit risk as they meet the following criteria:

- they have a low risk of default, and

- the Company expects, in the longer term, that adverse changes in economic and business conditions might, but will not necessarily,
reduce the ability of the counterparty to fulfil its obligations.

Financial guarantees

The Company has given guarantee/corporate guarantees of '11,695.00 Lakhs(previous year '12,445.00 Lakhs) loan/bank guarantee
outstanding '8,637.60 Lakhs (previous year '7,189.91 Lakhs) in favour of other entities.

b) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due,
under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

The table below summarises the maturity profile of the undiscounted cash flows of the Company’s financial assets and liabilities
(excluding investments in subsidiaries, associates and Joint Venture).

(c) Market Risk

Market risk is the risk that the fair value of future cash flow of financial instruments will fluctuate due to changes in the market
variables such as interest rates, foreign exchange rates and equity prices. The Company do not have any exposure to foreign exchange
as on balance sheet date.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s major
borrowings (other than debt securities) with floating interest rates.

Interest rate sensitivity analysis:

The following table provides a break-up of the Company’s fixed and floating rate borrowings:

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s profit before tax
for the year ended 31 March, 2025 would decrease / increase by '12.06 Lakhs (for the year ended 31 March, 2024 would decrease /
increase by '22.75 Lakhs). This is mainly attributable to the Company’s exposure to interest rates on its variable rate borrowings.

Equity Price Risk

Equity price risk is related to the change in market reference price of the instruments in quoted and unquoted securities. The fair
value of some of the Company’s investments exposure to equity price risks. In general, these securities are not held for trading
purposes.

Equity Price Sensitivity analysis

The fair value of equity instruments other than investment in subsidiaries, associates and Joint Venture as at 31 March, 2025 and 31
March, 2024 '14,398.60Lakhs and '9,904.99 Lakhs respectively. A 2% change in price of equity instruments held as at 31 March,
2025 and 31 March, 2024 would result in:

49 Capital Management

The Company operates primarily as an Investment & Credit Company and consequently is registered as a Non-Banking Financial
Company - Investment and Credit Company (NBFC-ICC) with Reserve Bank of India (RBI). For the purpose of the Company’s
capital management, capital includes issued capital and other equity reserves attributable to the equity shareholders of the Company.
The primary objective of the Company is to maximise shareholders value, provide benefits to other stakeholders and to maintain an
optimal capital structure to reduce the cost of capital.

57 Events after reporting date

There have been no events after the reporting date that require adjustment/disclosure in these standalone financial statements.

58 Following are the additional disclosures required as per Schedule III to the Companies Act, 2013:

a. As per Section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.

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

c. During the financial year ended 31 March, 2025, other than the transactions undertaken in the normal course of business and
in accordance with extant regulatory guidelines as applicable:

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.

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.

d. The Company does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961). Also, there are no previously unrecorded income and related assets that have been
properly recorded in the books of account during the year.

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

f. The Company does not have any Capital Work in Progress (CWIP) and Intangible asset under development.

g. The Company has not revalued its Property, Plant and Equipment during the year as well as in previous financial year.

h. No proceedings are initiated or pending against the Company for holding benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) .

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

j. The Company has utilised all the borrowings for the purpose for which they have been borrowed.

59 As required under the Companies (Audit and Auditors) Amendment Rules, 2021, read with sub-section 3 of Section 143 of the
Companies Act, 2013 which was effective from 1 April, 2023, the Company has used accounting software for maintaining its books
of account for the financial year ended 31 March, 2025 which has a feature of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant transactions recorded in the software. Further, the audit trail records have been
preserved by the Company in accordance with the applicable statutory requirements relating to the retention of books of account.

60 Previous year’s figures have been regrouped and reclassified, wherever considered necessary, to correspond with current year’s
classification and disclosure.

As per our report of even date

For MGB & Co. LLP For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration Number: 101169W/W-100035

Hitendra Bhandari Vijay Choraria Sheetal Kapadia

Partner Managing Director Director

Membership Number: 107832 [DIN:00021446] [DIN:03317767]

Place : Mumbai Radhika Bhakuni Namita Bapna

Date : 28 May, 2025 Chief Financial Officer Company Secretary