2.19 Provisions, contingent liabilities and contingent assets:

Provisions are recognised only when:

i. an Company entity has a present obligation (legal or constructive) as a result of a past event; and

ii. it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and

iii. a reliable estimate can be made of the amount of the obligation

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time
value of money is material, the carrying amount of the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is
virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

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

ii. a present obligation arising from past events, when no reliable estimate is possible.

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected
to be received under such contract, the present obligation under the contract is recognised and measured as a
provision.

2.20 Statement of cash flows:

Statement of cash flows is prepared segregating the cash flows into operating, investing and financing activities.
Cash flow from operating activities is reported using indirect method adjusting the net profit for the effects of:

i. changes during the period in operating receivables and payables transactions of a non-cash nature;

ii. non-cash items such as depreciation, provisions, deferred taxes, realized gains and losses; and

iii. all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are
not available for general use as on the date of Balance Sheet.

2.21 Earnings per share:

The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the year. Diluted earnings per share is determined by
adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares
outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares.

2.22 Key source of estimation:

The preparation of financial statements in conformity with Ind AS requires that the management of the Company
makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the

reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the
financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates include useful lives of property, plant and equipment & intangible assets, expected credit loss
on loan books, future obligations in respect of retirement benefit plans, fair value measurement etc. Difference, if
any, between the actual results and estimates is recognised in the period in which the results are known.

2.23 Changes in Accounting Standard and recent accounting pronouncements (New Accounting Standards issued
but not effective):

On March 30, 2021, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards)
(Amendments) Rules, 2019, notifying Ind AS 116 on Leases. Ind AS 116 would replace the existing leases standard Ind
AS 17. The standard sets out the principles for the recognition, measurement, presentation and disclosures for both
parties to a contract, i.e. the lessee and the lessor. Ind AS 116 introduces a single lease accounting model and requires
a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying
asset is of low value. Currently for operating lease, rentals are charged to the statement of profit and loss. The
Company is currently evaluating the implication of Ind AS 116 on the financial statements.

The Companies (Indian Accounting Standards) Amendment Rules, 2019 notified amendments to the following
accounting standards. The amendments would be effective from April 1, 2019

a) Ind AS 12, Income taxes — Appendix C on uncertainty over income tax treatments

b) Ind AS 19— Employee benefits

c) Ind AS 23 - Borrowing costs

d) Ind AS 28— investment in associates and joint ventures

e) Ind AS 103 and Ind AS 111 — Business combinations and joint arrangements

f) Ind AS 109 — Financial instruments

The Company is in the process of evaluating the impact of such amendments.

2.24 Inventories

Stock-in-trade represents 'Shares / Securities' held by the Company with the intention to trade. The Company values
listed shares and securities at their fair value as on balance sheet date. Difference between opening and closing
inventory is recognised in statement of profit and loss. The Company follows FIFO method for inventory valuation.

2.25 Other Income Recognition

Interest on Loan is booked on a time proportion basis taking into account the amounts invested and the rate of
interest.

Dividend income on investments is accounted for when the right to receive the payment is established.

2.26 Purchases

Purchase is recognized on passing of ownership in share based on broker's purchase note.

2.27 Expenditure

Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

2.28 Investments

Investments includes 'shares / securities' acquired by the Company with the intention to hold them and reap
investment benefits. The Company recognises these financial assets at FVTOCI, which shall be re-classed to
Statement of profit and loss upon actual disposal. For quoted investments, the Company uses the quoted rates as on
cut-off dates for fair value measurements for un-quoted investments; the Company obtains fair valuation reports on
necessary intervals for fair value measurements.

Investments that are readily realisable and are intended to be held for not more than one year from the date, on
which such investments are made, are classified as current investments. All other investments are classified as non¬
current investments.

2.29 Related Parties

Parties are considered to be related if at any time during the reporting period one party has the ability to control the
other party or exercise significant influence over the other party in making financial and/or operating decisions.

As required by AS-18 "Related Party Disclosure" only following related party relationships are covered:

i. Enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are
under common control with, the reporting enterprise (this includes holding Companies, subsidiaries and fellow
subsidiaries);

ii. Associates and joint ventures of the reporting enterprise and the investing party or venture in respect of which
the reporting enterprise is an associate or a joint venture;

iii. Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives
them control or significant influence over the enterprise, and relatives of any such individual;

iv. Key management personnel (KMP) and relatives of such personnel; and

v. Enterprises over which any person described in (iii) or (iv) is able to exercise significant influence.

2.30 Stock I n T rade

Shares are valued at cost or market value, whichever is lower. The comparison of Cost and Market value is done
separately for each category of Shares.

Units of Mutual Funds are valued at cost or market value whichever is lower. Net asset value of units declared by
mutual funds is considered as market value for non-exchange traded Mutual Funds.

2.31 Fair Value Hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

2.32 Financial Risk Management Objectives and Policies:

The Company's activities are exposed to a variety of Financial Risks from its Operations. The key financial risks
include Market risk, Credit risk and Liquidity risk.

i. 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 mainly three types of risk, foreign currency risk, Interest rate
risk and other price risk such as Equity price risk and Commodity Price risk.

ii. Foreign Currency Sensitivity:

There are no Foreign Currency transactions during the financial year.

iii. Credit Risk:

Credit risk is the risk that counterparty might not honor its obligations under a financial instrument or
customer contract, leading to a financial loss. The company is exposed to credit risk from its operating
activities (primarily trade receivables).

iv. Liquidity Risk:

Liquidity risk is the risk, where 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 is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due.

2.33 Cash and cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of
three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the
balance sheet.

(f) Terms and rights attached to Equity Shares:

The Company has only one class of Equity Shares having a Face Value of ? 10/- per share. Each holder of Equity Shares
is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. In the event of liquidation
of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by
the shareholders.

Note 27 — Contingent Liabilities not provided for

The Company does not have any contingency Liability as on the Closing of current financial year.

Note 28: Corporate Social Responsibility

The Company does not meet the criteria specified in sub section (1) of section 135 of the Companies Act, 2013, read with
Companies [Corporate Social Responsibility (CSR)] Rules, 2014. Therefore it is not required to incur any expenditure on
account of CSR activities during the year.

Note 29: Segment Reporting -

The company is primarily engaged in the single business of trading in shares and securities and there is no reportable
secondary segment i.e. geographical segment. Hence, the disclosure requirement of Accounting Standard-17
"Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006 (as amended) is not applicable.

Notes:

1. The related party relationships have been determined 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.

2. The relationships as mentioned above pertain to those related parties with whom transactions have taken place
during the current year /previous year, except where control exists, in which case the relationships have been
mentioned irrespective of transactions with the related party.

Transactions with Related Parties

The Company is having investments in Shares of Group Companies which has been carried over from previous
financial year. There is no further investment in the shares of Group Companies in Current Financial Year. Details of
said related party transactions together with amount paid/invested has been provided herein below -

Note 34:

There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are
outstanding for more than 45 days as at March 31, 2025. This information as required to be disclosed under
Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties
have been identified on the basis of information available with the Company.

Note 35: Other Notes to Accounts

i. In the opinion of the management, current assets, loans and advances and other receivables are
approximately of the value stated, if realized in the ordinary course of business. The provisions of all
known liability are ascertained, except for Trade Receivables. Since the receivables are dues for more
than one year, we are not certain about the recoveries of the same. The Company is confident of
receiving the dues and hence no contingency liabilities have been provided.

ii. Previous year figures have been restated to confirm the classification of the current year.

iii. Balances of Sundry Debtors, Unsecured Loans, and Sundry Creditors are Loans & Advances are subject
to reconciliation, since conformations have not been received from them. Necessary entries will be
passed on receipt of the same if required.

iv. The audited financial statement, valuation of the unquoted investments are subject to the valuation by
independent valuer, as per management explanation they are under process to carrying out fair
valuation from registered valuer , these are shown its investment value.

Confirmations of Receivables and Payable Balances have not been received by the Company; hence,
reliance is placed on the balances as per books. In the opinion of the management, the amounts are
realizable/payable in the ordinary course of business.

Note 37: Fair Value Measurement
i. Fair value hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are
grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability
of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

The Company's principal financial liabilities comprise borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company's operations. The Company's principal
financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly
from its operations. The Company also holds FVTPL investments in equity shares.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's Board of Directors
oversees the management of these risks. The Company's Board of Directors is supported by the senior
management that advises on financial risks and the appropriate financial risk governance framework for the
Company. The senior management provides assurance to the Company's board of directors that the
Company's financial risk activities are governed by appropriate policies and procedures and that financial
risks are identified, measured and managed in accordance with the Company's policies and risk objectives.

The carrying amounts reported in the statement of financial position for cash and cash equivalents, trade
and other receivables, trade and other payables and other liabilities approximate their respective fair values
due to their short maturity.

slote 38: Financial Instruments-Fair Value

Accounting classification and fair values

The following tables shows the carrying amounts and fair value of financial assets and financial liabilities,
including their levels in the fair value hierarchy

Note 39: Financial Instruments - Risk Management
Risk Management framework

The Company's activities expose it to a variety of financial risks, including market risk, credit risk, liquidity
risk and currency risk. The Company's primary risk management focus is to minimise potential adverse
effects on revenue. The Company's risk management assessment and policies and processes are established
to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to
monitor such risks and compliance with the same. Risk assessment and management policies and processes
are reviewed regularly to reflect changes in market conditions and the Company's activities. The Board of
Directors and the Audit Committee is responsible for overseeing the Company's risk assessment and
management policies and processes.

Price Risk

The company's exposure to equity shares / securities price risk arises from 'investments' / 'stock in trade' held
by the company and classified in the balance sheet either at fair value through OCI or at fair value through
profit and loss. The company's has exposure to derivative markets on account of obligations under futures &
options contracts. Given the extreme volatile nature of these instruments, the Company is exposed to
market volatility risk. The Company tries to arbitrage its positions to reduce said risk.

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 liquidity risk by maintaining sufficient cash and marketable securities. The cash
flows, funding requirements and liquidity of Company is regularly monitored by Management of the
Company. The objective is to optimise the efficiency and effectiveness of Company's capital resources.

Exposure to Liquidity Risk

The table below analyses the Company's financial liabilities into relevant maturity groupings based on their
contractual maturities for all financial liabilities

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, security deposits and investment securities.

Customer credit risk is managed by company as per its policy, procedures and control relating to customer
credit risk. Credit quality of a customer credit risk is assessed based on an extensive credit rating scoreboard
and individual credit limits are defined in accordance with this assessment. Outstanding customer
receivables are regularly monitored and all possible steps taken to timely realise them.

The credit risk on Fixed Deposits with Banks, Bank Balances and Investments in Mutual Fund is limited
because the counterparties are Banks, Exchanges and Mutual Fund houses who are structured market
players.

Note 40: Capital Market Risk

The Company's objective when managing capital is to safeguard the Company's ability to continue as a
going concern in order to provide returns for shareholders and benefits for stakeholders. The Company also
proposes to maintain an optimal capital structure to reduce the cost of capital. Hence, the Company may
adjust any dividend payments, return capital to shareholders or issue new shares. Total capital is the equity
as shown in the statement of financial position. Currently, the Company primarily monitors its capital
structure on the basis of gearing ratio. Management is continuously evolving strategies to optimize the
returns and reduce the risks. It includes plans to optimize the financial leverage of the Company.

Note 42:

42.1 The Company has outstanding demand appearing on the Income-tax portal on account of assessment proceedings
under section 147 for AY 2017-18 (FY 2016-17). The total demand appearing on the income-tax portal in respect of
the same as on date is INR 76.43 lakhs (plus interest thereon). The Company has preferred an appeal against the
said matter before the CIT (A) and the matter is pending disposal as on date. Further, the company is also having
pending penalty proceedings for AY 2015-16 and AY 2017-18, which are yet to be disposed. The Management is of
the opinion that they have a fair case of defense against the said matters and hence, these are contingent
liabilities not provided for.

42.2 The ownership of the Cars (capitalised as PPE) are in legal name of directors / other individuals, who are holding
the same on behalf of the Company. The Company is paying the car loans against the said vehicles.
Confirmations from said parties are obtained by the management for the title being held on behalf of the
Company.

Note 43:

The ownership of the Cars (capitalised as PPE) are in legal name of directors / other individuals, who are holding the same
on behalf of the Company. The Company is paying the car loans against the said vehicles. Confirmations from said
parties are obtained by the management for the title being held on behalf of the Company.

Previous year's figures have been regrouped/reclassified/re-casted wherever necessary to confirm to the current
year's presentation.

For S P M L & Associates For & on behalf of the Board of Directors

Chartered Accountants
Firm Registration No. 136549W

Sd/- Sd/-

Manish Baid Urmi Bose

Sd/- Managing Director Director

CA Govind Mandhania DIN : 00239347 (DIN: 07245298)

Partner
M. No. 183098

UDIN: 25183098BMJEKR6659

Sd/- Sd/-

Place: Mumbai Rohit Pandey Neha Sarawagi

Date: May 28, 2025 Chief Financial Officer Company Secretary