15. Provisions, Contingent Liabilities and Contingent Assets

a) Provisions

The Company creates a provision when there is 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. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

b) Contingent Liabilities:

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. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

c) Contingent Assets:

Contingent assets are not recognized in the financial statement. However, contingent assets are assessed continuously and if it is virtually certain that an economic benefit will arise, the asset and related income are recognized in the period in which the change occurs.

Note 2- Key Accounting Judgment, Use of Estimates & Assumptions:

In the application of the Company’s accounting policies, which are described in note (e) above and preparing these financial statements, the management of the Company are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Note 31: Employee Retirement Benefits:

To comply with the requirement of Ind AS 19 Employee Benefits company has changed its accounting policy with respect to Defined Benefit Plan in the nature of Gratuity and has obtained the Actuarial Valuation report from Actuary. In accordance with Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, the effect of the change has been given retrospectively in all the period presented. The details of effects on account of change in policy in the previously reported period is as follow:

The Company has a defined benefit gratuity plan in India (unfunded). The Company’s defined benefit gratuity plan is a final salary plan for employees. Gratuity is paid from Company as and when it becomes due and is paid as per Company scheme for Gratuity.

Risks associated with defined benefit plan: Gratuity is a defined benefit plan and entity is exposed to the following Risks

a. Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan’s liability.

b. Interest rate risk: A fall in the discount rate which is linked to the Government Securities Rate will increase the present value of the liability requiring higher provision.

c. Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Entity has to manage payout based on pay as you go basis from own funds.

d. Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Characteristics of defined benefit plans:

a. During the year, there were no plan amendments, curtailments and settlements.

b. Gratuity plan is unfunded.

Note 32: There are no dues to Micro and Small Enterprises as at March 31,2024. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified based on information available with the Company.

Note 33: Segment Reporting: - The Company is primarily engaged in the business of “trading in commodity, share & broking” which constitute a single reporting segment to the Executive Management Committee which monitor the operating results from these activities for the purpose of resources allocation & performance assessment. In the opinion of the Management, the Company is operating in a single segment only as per the provisions of the Ind AS-108 as specified under section 133 of the Companies Act, 2013.

Note 34: Corporate Social Responsibility: - Provisions of Section 135 of the Companies Act, 2013 of Corporate Social Responsibility are applicable to the Company; according Company is mandatorily required to spend on corporate social responsibility (CSR) activities. Company has incurred following expenses on CSR activity during the year.

Note 37: Deferred Tax: -

In accordance with Ind AS -12 relating to “Accounting for Income Taxes, the Company has recognized a net deferred tax liability of ' 4,84,42,538/- for the year ended on March 31,2024 (Previous Year ' Nil/-)

Note 38: Utilisation of Borrowed Funds and share premium: -

The Company has not received any funds from any person or entity including foreign entity (Funding Parties) with the understanding whether in writing or otherwise, that the company shall:

- directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party or

- provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

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

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the group (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

Note 39: Undisclosed Income: - There have been no transactions which have not been recorded in the books of accounts, that have been surrendered or disclosed as income during the year ended March 31, 2024 and March 31, 2023, in the tax assessments under the Income Tax Act, 1961. There have been no previously unrecorded income and related assets which were to be properly recorded in the books of account during the year ended March 31,2024.

Note 40: Utilisation of borrowings availed from banks and financial institutions: - The borrowing obtained by the company from bank & financial institution has been applied for the purposes for which such loans were was taken.

Note 41: Disclosure relating to Benami Property held: - No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

Note 42: Wilful Defaulter: - The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government authority.

Note 43: Compliance with number of layers of Companies: - The Company has complied with the number of layers prescribed under the Companies Act, 2013.

Note 44: Details of Crypto Currency or Virtual Currency: - The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

Note 45: Relationship with Struck off Companies: - The Company has not entered in any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act 1956.

Note 46: The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of accounts, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of accounts along with the date when such changes were made and ensuring that the audit trail cannot be disabled. The Company uses accounting software (tally editlog) for maintaining its books of account 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 accounting software.

Note 48: Amounts required to be transferred to the Investor Education and Protection Fund by the Company for the FY 20152016 of ' 0.39 Lakh has been transferred.

Note 49: The Previous year’s figures have been regrouped / rearranged / reclassified wherever necessary to make them comparable. Amounts and other disclosures for the preceding financial year are included as an integral part of current year’s financial statements.

As per our report of even date

For Ankush Gupta & Associates Sd/- Sd/-

Chartered Accountants Rajeev Pathak Ankur Agrawal

ICAI-FRN : 149227W Whole-time Director & CFO Director

DIN :08497094 DIN :06408167

Ankush Gupta Sd/- Sd/-

Proprietor Jankhana Gala Apeksha Kadam

M. No. 120478 Company Secretary Director

DIN :08878724

Mumbai, May 28, 2024