h. Provisions and contingent liabilities:

The Company recognises a provision when there is a present obligation as a result of a past event that probably
requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. Provisions are
not discounted to its present value and are determined based on best estimate required to settle the obligation at
the balance sheet date. A disclosure for a contingent liability is made when there is a possible obligation or a present
obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a
present obligation but the likelihood of outflow of resources is remote, no provision or disclosure is made.

k. Earnings per share:

The basic earnings per share (EPS) is computed by dividing the net profit/(loss) after tax for the year attributable to
equity shareholders by the weighted average number of equity shares outstanding during the year. For the purpose
of calculating diluted earnings per share, net profit/(loss) after tax for the year available for equity shareholders
and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive
potential equity shares.

l. Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31 March 2025, MCA
has notified Ind AS-117 Insurance Contracts and amendments to Ind AS 116-Leases, relating to sale and leaseback
transactions, applicable to the comapny 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 on its financial statements.

Notes:

a) The related party relationships have been determined by the management on the basis of the requirements of
the Indian Accounting Standard (Ind AS) - 24 'Related Party Disclosures' and the same have been relied upon
by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place
during the year, except where control exist, in which case the relationships have been mentioned irrespective of
transactions with the related party.

The Management has overall responsibility for the establishment and oversight of the company's risk management
framework.

In performing its operating, investing and financing activities, the company is exposed to the Credit risk, Liquidity risk and
Market risk.

Carrying amount of financial assets and liabilities:

The following table summaries the carrying amount of financial assets and liabilities recorded at the end of the period by
categories:

Market risk

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

Credit risk on financial assets

Financial assets that are potentially subject to concentrations of credit risk and failures by counterparties to discharge
their obligations in full or in a timely manner consist principally of cash balances with banks, cash equivalents and
receivables, and other financial assets. The maximum exposure to credit risk is: the total of the fair value of the financial
instruments and the full amount of any loan payable commitment at the end of the reporting year. Credit risk on cash
balances with banks is limited because the counterparties are entities with acceptable credit ratings. Credit risk on other
financial assets is limited because the other parties are entities with acceptable credit ratings.

As disclosed in Note 11 (a), cash and cash equivalents balances generally represent short term deposits with a less than
90-day maturity.

As part of the process of setting customer credit limits, different credit terms are used. The average credit period generally
granted to trade receivable customers is about 90-360 days. But some customers take a longer period to settle the
amounts.

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 interest rate is disclosed in the respective notes to the financial statements of the company. The following table
analyse the breakdown of the financial assets and liabilities by type of interest rate:

Capital management

For the purpose of the company's capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders of the parent. The primary objective of the company's capital
management is to maximise the shareholder value.

The company manages its capital structure and makes adjustments in light of changes in economic conditions. To
maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to
shareholders or issue new shares. The company monitors net debt (if any) and total capital plus net debt. The company
includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents,
excluding discontinued operations.

27 Additional Regulatory Information under MCA Notification dated 24 March 2021

a) Details of Benami Property held: There are no proceedings which have been initiated or pending against the
Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made
thereunder.

b) Relationship with Struck off Companies : During the year, the Company does not have any transactions with the
companies struck off under Section 248 of Companies Act, 2013 or Section 560 of the Companies Act, 1956.

c) Compliance with number of layers of companies: 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.

d) Compliance with approved Scheme(s) of Arrangements: NA

e) Utilisation of Borrowed funds and share premium:

During the year and quarter ended 31 March 2025, other than the transactions undertaken in the normal course of
business.

(i) . 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;

(ii) . 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;

f) Undisclosed Income: 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 nil
previously unrecorded income and related assets.

g) Details of Crypto Currency or Virtual Currency: The Company has not traded or invested in Crypto currency or
Virtual Currency during the financial year.

h) Registration of charges or satisfaction of charges with Registrar of Companies (ROC) : The Company has not
created any charge during the financial year.

i) Wilful defaulter : The Company has not been declared as wilful defaulter by any bank or financial institution or other
lender.

j) Security of current assets against borrowings : The Company does not have borrowings from bank or financial
institutions on the basis of security of current assets.

28 The Company is a Core Investment Company (CIC) which is catogarised as non-deposit taking Core Investment
Company and not required to registered with Reserve Bank of India (RBI) as per the provisions of Master Direction - Core
Investment Companies (Reserve Bank) Directions, 2016. Accordingly, the Company has prepared and presented its
financial statements as prescribed by Schedule III Division III of the Companies Act, 2013.

29 The list of Core Investment Companies (CIC) in the group are as follows :

a. Diameter Trading Private Limited (Unregistered CIC)

b. Aryabhat Vyapaar Private Limited (Unregistered CIC)

30 The Company is engaged primarily in the business of investment activities and accordingly, there are no separate
reportable segments as per IND AS 108 - Operating Segments. The Company operates in a single geographical segment
i.e. domestic.

31 Based on information received by the Company from its suppliers, amounts due to Micro, Small and Medium Enterprises
as at 31 March 2025 is ' Nil (as at 31 March 2024 ' Nil).

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

33 The Company is not required to spend amounts towards Corporate Social Responsilility as it does not fulfill the condition
given under section 135 of the Companies Act, 2013.

34 Previous year's figures have been re-grouped / re-classified, wherever necessary to confirm to the current year's
presentation.

Signature to notes ‘1 to 34'

The accompanying notes form an integral part of the financial statements

As per our report of even date attached

For P Y S & CO LLP For and on behalf of the board of directors

Chartered Accountants Welspun Investments and Commercials Limited

Firm Registration No. 012388S/S200048

Sanjay Kokate Gajendra Nahar L. T. Hotwani

Partner Whole Time Director, CEO & CFO Director

Membership No.: 130007 DIN: 02842999 DIN: 00007125

Amol Nandedkar

Company Secretary

Place: Mumbai Place: Mumbai

Date: May 20, 2025 Date: May 20, 2025