xiv). Provisions and Contingent liabilities
General

Provisions are recognised 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
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
risks specific to the liability. When discounting

is used, the increase in the provision due to the
passage of time is recognised as a finance cost.

Contingent liability is disclosed in the case of:

1. A present obligation arising from the past
events, when it is not probable that an
outflow of resources will be required to
settle the obligation;

2. A present obligation arising from the past
events, when no reliable estimate is possible;

3. A possible obligation arising from the past
events, unless the probability of outflow of
resources is remote.

Contingent assets are not recognized in the
Financial Statements.

(v). Earnings per share

Basic earnings per share are calculated by
dividing the net profit for the period attributable
to equity shareholders by the weighted average
number of equity shares outstanding during
the period. Earnings considered in ascertaining
the Company’s earnings per share is the net
profit for the period after deducting preference
dividends and any attributable tax thereto for 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 profit or loss for the
period attributable to equity shareholders
and the weighted average number of shares
outstanding during the period is adjusted for
the effects of all dilutive potential equity shares.

vi). Events after Reporting Date

Where events occurring after the balance sheet
date provide evidence of conditions that existed
at the end of the reporting period, the impact
of such events is adjusted within the Financial
Statements. Otherwise, events after the balance
sheet date of material size or nature are only
disclosed.

xvii). Use of estimates and judgments

The presentation of the Financial Statements are
in conformity with the Ind AS which requires the
management to make estimates, judgments
and assumptions that affect the reported
amounts of assets and liabilities, revenues and
expenses and disclosure of contingent liabilities.
Such estimates and assumptions are based
on management’s evaluation of relevant facts
and circumstances as on the date of Financial
Statements. The actual outcome may differ
from these estimates.

Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to the
accounting estimates are recognised in the
period in which the estimates are revised and in
any future periods affected.

The following are significant management
judgments in applying the accounting policies
of the Company that have a significant effect on
the Financial Statements.

Recognition of deferred tax assets

The extent to which deferred tax assets can be
recognised is based on an assessment of the
probability of the Company’s future taxable
income against which the deferred tax assets
can be utilized. In addition, significant judgment
is required in assessing the impact of any legal
or economic limits or uncertainties in various
tax jurisdictions.

Impairment of assets

In assessing impairment, management
estimates the recoverable amounts of each
asset or CGU (in case of non-Financial assets)
based on expected future cash flows and uses
an estimated interest rate to discount them.
Estimation relates to assumptions about future
cash flows and the determination of a suitable
discount rate.

Useful lives of depreciable /amortisable assets
(Property, plant and equipment, intangible
assets and investment property)

Management reviews its estimate of the useful
lives of depreciable / amortisable assets at each
reporting date, based on the expected usage
of the assets. Uncertainties in these estimates

relate to technical and economic obsolescence
that may change the usage of certain assets.

Defined benefit obligation (DBO)

The cost of defined benefit gratuity plan and the
present value of the gratuity obligation along
with leave salary are determined using actuarial
valuations. An actuarial valuation involves
making various assumptions such as standard
rates of inflation, mortality, discount rate,
attrition rates and anticipation of future salary
increases. 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.

Share based payments

Estimating fair value for share based payment
requires determination of the most appropriate
valuation model. The estimate also requires
determination of the most appropriate inputs
to the valuation model including the expected
life of the option, volatility and dividend yield
and making assumptions about them.

Fair value measurements

Management applies valuation techniques
to determine the fair value of Financial
instruments (where active market quotes are
not available) and non-Financial assets. This
involves developing estimates and assumptions
consistent with how market participants would
price the instrument /assets. Management
bases its assumptions on observable data as far
as possible but this may not always be available.
In that case management uses the best relevant
information available. Estimated fair values
may vary from the actual prices that would be
achieved in an arm’s length transaction at the
reporting date.

xviii). Statement of cash flows

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

of the Company are segregated.

xix). Fair value measurement

The Company measures Financial instruments,
such as, derivatives at fair value at each balance
sheet date.

Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants
at the measurement date. The fair value
measurement is based on the presumption
that the transaction to sell the asset or transfer
the liability takes place either:

1. In the principal market for the asset or
liability, or

2. In the absence of a principal market, in the
most advantageous market for the asset or
liability.

The principal or the most advantageous market
must be accessible by the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants
would use when pricing the asset or liability,
assuming that market participants act in their
economic best interest.

The Company uses valuation techniques that
are appropriate in the circumstances and for
which sufficient data are available to measure
fair value, maximising the use of relevant
observable inputs and minimising the use of
unobservable inputs.

All assets and liabilities for which fair value
is measured or disclosed in the Financial
Statements are categorised within the fair value
hierarchy, described as follows, based on the
lowest level input that is significant to the fair
value measurement as a whole:

1. Level 1 — Quoted (unadjusted) market
prices in active markets for identical assets
or Liabilities.

2. Level 2 — Valuation techniques for which
the lowest level input that is significant to
the fair value measurement is directly or
indirectly observable.

3. Level 3 — Valuation techniques for which
the lowest level input that is significant to
the fair value measurement is unobservable.

For assets and liabilities that are recognised in
the Financial Statements on a recurring basis,
the Company determines whether transfers
have occurred between levels in the hierarchy
by re-assessing categorisation (based on the
lowest level input that is significant to the fair
value measurement as a whole) at the end of
each reporting period.

External valuers are involved for valuation of
significant assets, such as unquoted Financial
assets. Involvement of external valuers is decided
upon annually by the Valuation Committee
after discussion with and approval by the
management. Selection criteria include market
knowledge, reputation, independence and
whether professional standards are maintained.
Valuers are normally rotated every three years.
The management decides, after discussions with
the Company’s external valuers, which valuation
techniques and inputs to use for each case.

At each reporting date, the management
analyses the movements in the values of
assets and liabilities which are required to
be remeasured or re-assessed as per the
Company’s accounting policies. For this analysis,
the management verifies the major inputs
applied in the latest valuation by agreeing the
information in the valuation.

The management, in conjunction with the
Company’s external valuers, also compares the
change in the fair value of each asset and liability
with relevant external sources to determine
whether the change is reasonable.

For the purpose of fair value disclosures, the
Company has determined classes of assets
and liabilities on the basis of the nature,
characteristics and risks of the asset or liability
and the level of the fair value hierarchy as
explained above.

This note summarizes accounting policy for fair
value. Other fair value related disclosures are
given in the relevant notes.

d Terms / Rights attached to each classes of shares
Terms / Rights attached to Equity shares

The Company has only one class of equity shares with voting rights having a par value of ' 10 per share.
Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends
in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders at the ensuing Annual General Meeting, except in case of interim dividend.

The Board of Directors, have recommended a Dividend for the financial year ended on 31/03/2025 @ 10%
(i.e. ' 1/-) per equity share (Previous Year - ' 1/-) to the equity shareholders. The Dividend will be paid after
the approval of shareholders at ensuing Annual General Meeting. The date of book closure/record date
for the entitlement of such dividend and Annual General Meeting shall be decided and informed in due
course of time.

The Description of the nature and purpose of each reserve within equity is as follows:

a) Capital reserve: Capital Reserves are mainly the reserves created during business combination for the
gain on bargain purchase.

b) Securities Premium Reserve: Securities premium reserve is credited when shares are issued at premium.
It is utilised in accordance with the provisions of the Act, to issue bonus shares, to provide for premium on
redemption of shares or debentures, write-off equity related expenses like underwriting costs, etc.

c) Share Based Payment Reserve: This reserve is created by debiting the statement of profit and loss
account with the value of share options granted to the employees by the Company. Once shares are
issued by the Company, the amount in this reserve will be transferred to Share capital, Securities premium
or retained earnings.

d) Retained earnings: Retained earnings represents undistributed profits of the company.

e) Other comprehensive income: Represents remeasurements of defined benefit liability comprises of
actuarial gains and losses.

B. Defined Benefit Plan:

Gratuity payable to employees

The Company makes annual contributions to the Group Gratuity cum Life Assurance Schemes
administered by the LIC of India, a funded defined benefit plan for qualifying employees. The scheme
provides for payment as under:

i) On normal retirement / early retirement / withdrawal / resignation:

As per the provisions of the Payment of Gratuity Act, 1972 with vesting period of 5 years of service.

ii) On death in service:

As per the provisions of the Payment of Gratuity Act, 1972 without any vesting period.

Under the scheme, the settlement obligation remains with the Company. Company accounts for the
liability for future gratuity benefits based on an actuarial valuation. The net present value of the Company’s
obligation towards the same is actuarially determined based on the projected unit credit method as at
the Balance Sheet date.

Basis & Reasonableness of Valuation Assumptions
Discount Rate

Discount rate for this valuation is based on government bonds having similar term to duration of liabilities.
Due to lack of a deep and secondary bond market in India, government bond yields are used to arrive at
the discount rate.

Salary escalation rate

Estimated future salary increases should take account of inflation, seniority, promotion and other relevant
factors such as supply and demand in the employment market.

Valuation techniques used to determine fair value

Specific valuation techniques used to value financial instruments includes investment in equity investment
valued at quoted closing price on stock exchange / other basis based on materiality.

Transfers between Levels 1 and 2

There were no transfer from Level 1 to Level 2 or vice versa in any of the reporting periods.

C. Financial risk management

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

Credit risk ;

Liquidity risk ; and
Market risk

Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the
Company’s risk management framework. The board of directors has established the Risk Management
Committee, which is responsible for developing and monitoring the Company’s risk management policies.
The committee reports regularly to the board of directors on its activities.

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. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and the
Company’s activities. The Company, through its training and management standards and procedures, aims
to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

The audit committee oversees how management monitors compliance with the company’s risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks
faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit
undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which
are reported to the audit committee.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Company’s
receivables from customers and investments in debt securities.

The carrying amount of following financial assets represents the maximum credit exposure:

The Company does not have higher concentration of credit risks to a single customer.

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each
customer. However, management also considers the factors that may influence the credit risk of its
customer base, including the default risk of the industry and country in which customers operate.

To measure the expected credit losses, trade receivables have been grouped based on shared
credit risk characteristics as follow:

Receivable from Brokerage and depository : Company has large number of customer base with
shared credit risk characteristics. Trade receivable have been bifurcated into various ageing buckets
and appropriate provisions have been created for each bucket against respective trade receivables
and the amount of ECL is recognised in the Statement of Profit and Loss.

Trade receivable of the company are of short duration with credit period of 5 days. In case of delay
in collection, the Company has right to charges interest (commonly referred as delayed payment
charges) on the outstanding amount. However, in case of receivable from depository, the Company
doesn’t have right to charge interest.

Receivable from Exchange (Unsecured) : There are no historical loss incurred in respect of Receivable
from exchange. Entire exposure/receivable as at each reporting period is received and settled within
7 days from reporting period. Therefore, no ECL is recognised in respect of receivable from exchange.

B. Margin Trading Facilities

Receivables from margin trading facility : In accordance with Ind AS 109, the Company applies expected
credit loss model (ECL) for measurement and recognition of impairment loss. The expected credit
loss is a product of exposure at default (EAD), probability of default (PD) and loss given default (LGD).
Company has large number of customer base with shared credit risk characteristics. Receivables
against margin trading facilities are secured by collaterals. As per policy of the Company, receivables
against Margin trade facilities to the extent not covered by collateral (i.e. unsecured portion) is
considered as default and are fully written off as bad debt against respective loan receivables and the
amount of loss is recognised in the Statement of Profit and Loss. Subsequent recoveries of amounts
previously written off are credited to the Statement of Profit and Loss as bad debts recovered. As per
Ind AS 109, the maximum period to consider when measuring expected credit losses is the maximum
contractual period (including extension options) over which the entity is exposed to credit risk and
not a longer period, even if that longer period is consistent with business practice. Therefore, no ECL
is recognised in respect of MTF.

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 in payments and makes appropriate
provision at each reporting date wherever outstanding is for longer period and involves higher risk.

Refer Note 64 for the ageing of the trade receivables.

With the applicability of Ind AS 109, the recognition and measurement of impairment of financial
assets is based on credit loss assessment by expected credit loss (ECL) model. The ECL assessment
involve significant management judgement. The Company’s impairment allowance is derived
from estimates including the historical default and loss ratios. Management exercises judgement
in determining the quantum of loss based on a range of factors, like staging criteria, calculation of
probability of default / loss and consideration of probability weighted scenarios and forward looking
macroeconomic factors. The board acknowledges and understands that these factors, since there is a
large increase in the data inputs required by the ECL model, which increases the risk of completeness
and accuracy of the data that has been used to create assumptions in the model. Based on the internal
management analysis, as per Board Opinion, there is no requirement of provision for expected credit
loss in several financial assets including the trade receivables and other receivables of the Company
and all are on fair value, based on the assessment and judgement made by the board of the Company.

ii. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or another financial asset. The
Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient
liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Company’s reputation.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date.
The amounts are gross and undiscounted, and include accrued interest payments and exclude the
impact of netting agreements.

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 in market prices. Market risk comprises following types of risk: interest rate risk
and currency risk. Financial instruments affected by market risk include borrowings.

a. 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 does not have exposure to
floating interest rates borrowings, therefore the company is not exposed to Interest rate risk.

Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any fixed-rate financial assets or financial liabilities at fair
value through profit or loss. Therefore, a change in interest rates at the reporting date would not
affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

The company does not have any financial assets or financial liabilities bearing floating interest
rates. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

b. Currency risk

The Company is not exposed to any currency risk on account of its borrowings, other payables
and receivables in foreign currency. All dealings are done in domestic markets by the company.
The functional currency of the Company is Indian Rupee.

NOTE : 37 CAPITAL MANAGEMENT

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business.

The primary objective of the Group’s capital management is to maximize the shareholder value and to ensure
the Group’s ability to continue as a going concern. No significant changes were made in the objectives for
managing capital during the years ended 31 March 2025 and 31 March 2024.

The Company monitors capital using a ratio of ‘adjusted net debt’ to ‘Total equity’. For this purpose, adjusted
net debt is defined as total borrowings, comprising interest-bearing loans and borrowings less cash and cash
equivalents. Total equity comprises all components of equity.

NOTE : 44 SUBSEQUENT EVENTS
Proposed Dividend

The Board of Directors, have recommended a Dividend for the financial year ended on 31/03/2025 @ 10% (i.e.
' 1/-) per equity share (Previous Year-@ 10%,i.e. ' 1/- per equity share) to the equity shareholders. The Dividend
will be paid after the approval of shareholders at ensuing Annual General Meeting. The date of book closure for
the entitlement of such dividend and Annual General Meeting shall be decided and informed in due course
of time.

As per Section 135 of the Companies Act, 2013, a company meeting the activity threshold needs to spend at least
2% of its average net profit for the immediately preceding three financial years on corporate social responsibility
(CSR) activities. The company undertook initiatives to channelise efforts to empower the underprivileged
constituents of society through programmes designed in the domains of Education, Healthcare and skill
development.

The Monarch Networth Capital Limited Employees Stock Options Scheme - 2021 is implemented through a
trust route in accordance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (“SEBI
Regulations”) with an objective to motivate, retain and provide additional deferred rewards to the employees
who contribute to the growth and profitability of the company and further to create a sense of ownership and
participation amongst the employees to share the value they create for the company in the years to come.

The Board of Directors of the Company at its meeting held on July 28, 2024 approved issue of 1 (one) bonus
share of the Company of the face value of ' 10 each, for every 1 (one) fully paid up equity share of face value of
' 10 each. ESOP disclosure for FY 2023-24 comprises the number of options at the opening date of financial
year 2023-24, are those numbers which are restated considering the bonus issue made during the financial
year 2024-25.

Nature, Timing of satisfaction of the performance obligation on and significant payment terms.

(i) Income from services rendered as a broker is recognised upon rendering of the services.

(ii) Fees for subscription on based services are received periodically but are recognised as earned on a pro¬
rata basis over the term of the contract.

(iii) Commissions from distribution of financial products are recognised upon allotment of the securities to
the applicant or as the case may be, on issue of the insurance policy to the applicant.

(iv) Interest is earned on delayed payments from clients and amounts funded to them as well as term deposits
with banks.

(v) Interest income is recognised on a time proportion basis taking into account the amount outstanding
from customers or on the financial instrument and the rate applicable.

(vi) Income from services rendered on behalf of depository is recognised upon rendering of the services, in
accordance with the terms of contract.

NOTE : 52 BENAMI PROPERTY HELD UNDER PROHIBITION OF BENAMI PROPERTY
TRANSACTIONS ACT, 1988 AND RULES MADE THEREUNDER

The Company does not have any benami property, where any proceeding has been initiated or pending
against the company for holding any Benami property as on 31 March 2025 and 31 March 2024.

NOTE : 53 WILFUL DEFAULTER

The Company is not declared as wilful defaulter by any bank or financial Institution or other lender during the
year ended 31 March 2025 and 31 March 2024.

NOTE : 54 DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES

The Company does not have any transactions with companies struck off under Section 248 of the Companies
Act, 2013 during the year ended 31 March 2025 and 31 March 2024.

NOTE : 55 COMPLIANCE WITH APPROVED SCHEME(S) OF ARRANGEMENTS

No Scheme of Arrangements has been approved by/ pending with the Competent Authority in terms of
sections 230 to 237 of the Companies Act, 2013 during the year ended 31 March 2025 and 31 March 2024.

NOTE : 56 UNDISCLOSED INCOME

During the year ended 31 March 2025 and 31 March 2024, the Company did not have any transactions which
had not been recorded in the books of accounts that had been surrendered or disclosed as income during the
current and previous 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)

NOTE : 57 COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES

During the year ended 31 March 2025 and 31 March 2024, the Company has complied with the requirements
of the number of layers prescribed under Section 2(87) of the Companies Act, 2013 read with Companies
(Restriction on number of Layers) Rules, 2017.

NOTE : 58 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial
year and any of the previous financial years.

NOTE : 59 SECURITY OF CURRENT ASSETS AGAINST BORROWINGS

Quarterly statements of current assets filed with banks and financial institutions for fund borrowed from those
banks and financial institutions on the basis of security of current assets are in agreement with the books of
account.

NOTE : 60 UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM

(A) During the year, 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:

(i) 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)

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(B) During the year, 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:

(i) directly or indirectly lend or invest in other persons or entities identified in any cmanner whatsoever
by or on behalf of the Funding Party(Ultimate Beneficiaries)

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

NOTE : 61 REGISTRATION OF CHARGES OR SATISFACTION OF CHARGES WITH REGISTRAR OF
COMPANIES (ROC)

During the years ended 31 March 2025 and 31 March 2024, there were no charges or satisfaction yet to be
registered with Registrar of companies beyond the statutory period.

During earlier years, the company has availed credit facilities from State Bank of Saurashtra, (now State Bank
of India), which has been fully repaid in earlier years. However, the said charge against the Charge ID- 10081290
is still disclosed as Open Charge in the records of Registrar of Companies (ROC). The management of the
company is in the process of filing of satisfaction of the said charge with ROC, Although it is only a procedural
requirement, since the said loan is already fully repaid.

NOTE : 62 RATIOS

Additional regulatory information required under (WB)(xvi) of Division III of Schedule III amendment, disclosure
of ratios, is not applicable as the Company is not a debt listed company as per Regulation 52 of SEBI’s Listing
Obligations and Disclosure Requirements (LODR)

As per the requirements of the rule 3(1) of the Companies (Accounts) Rule 2014 the Company uses only such
accounting software for maintaining its books of account that have a feature of recording audit trail of each
and every transaction creating an edit log of each change made in the books of account along with the date
when such changes were made, except that management is not in possession of an examination report to
determine whether the audit trail feature of the said software was enabled and operated at database level. This
feature of recording audit trail was in operation throughout the year and was not tampered with during the
year. The service provider has confirmed to the management that it takes a backup of the books of account
on a daily basis.

These financial statements are presented in Indian Rupees (INR), which is also its functional currency and all
values are rounded to the nearest Lakhs, except when otherwise indicated. The amounts which are less than '
0.01 Lakhs are shown as ' 0.00 Lakhs.

NOTE : 67

Previous year’s figures have been regrouped or reclassified wherever necessary.

As per our Report of even date For and on behalf of the Board

Monarch Networth Capital Limited

For M S K A & ASSOCIATES Vaibhav Shah Manju Bafna

Chartered Accountants (Managing Director) (Chairperson & Whole-Time Director)

Firm Registration Number: 105047W DIN: 00572666 DIN: 01459885

Ajit Burli Gaurav Bhandari Govinda Meghani Nitesh Tanwar

(Partner) (Chief Executive Officer) (Chief Financial Officer) (Company Secretary)

Membership Number: 133147 ICSI Membership No: F10181

UDIN: 25133147BMLAOG7372

Place: Mumbai Place : Mumbai

Date: May 27, 2025 Date: May 27, 2025