16 Provisions, Contingent Liabilities and Contingent Assets:

A provision is recognised if, as a result of a past event, the group has a present legal or constructive obligation that can be estimated reliably, and
it is probable that an outflow of economic benefits will be required to settle the obligation.

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the
unavoidable costs of meeting the future obligations under the contract.

A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation that may probably not require an outflow
of resources or an obligation for which the future outcome cannot be ascertained with reasonable certainty. When there is a possible or a present
obligation where the likelihood of outflow of resources is remote, no provision or disclosure is made
Contingent assets are neither recognized nor disclosed in financial statements.

15.2 Terms / rights attached to Equity Shares:

The Company has only one class of equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays
dividends if any, in Indian rupees. The dividend proposed, if any, 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.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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.

Reason for shortfall

The Company has made an excess expenditure under its CSR policy to the extent of Rs. 0.01 lakhs as on 31st March 2025.

Nature of CSR activities

During the year, the Company has incurred a sum of Rs. 6.50 Lakhs towards CSR expenditure as per policy laid down pursuant to the
provisions of Companies Act, 2013 and rules framed thereunder. The Company under its CSR policy, affirms its commitment of
seamless integration of marketplace, workplace, environment and community concerns with business operations by undertaking
activities / initiatives that are not taken in its normal course of business and/or confined to only the employees and their relatives and
which are in line with the broad-based list of activities, areas or subjects that are set out under schedule VII of the Companies Act,
2013.

28 Segment Reporting

The Company's Board of Directors have been identified as the Chief Operating Decision Maker (CODM) as defined under Ind AS 108
"Operating Segments". The CODM evaluates the Company's performance and allocated the resources based on an analysis of various
performance indicators . The Company is primarily engaged in the business of financial services related to investments. The same has
been considered as business segment and the management considers this as a single reportable segment. Accordingly, disclosure of
segment information has not been furnished.

29 Related party disclosures

As per IND AS 24, the disclosures of transactions with the related parties are given below:

30 Financial instruments

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1 .Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from
banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and
individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables.
Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

Fair value estimation

For financial instruments measured at fair value in the Balance Sheet, a three level fair value hierarchy is used that reflects the significance of
inputs used in the measurements. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or
liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).

The categories used are as follows:

• Level I: quoted prices for identical instruments

• Level 2: directly or indirectly observable market inputs, other than Level I inputs; and

• Level 3: inputs which are not based on observable market data.

31 Financial risk factors

The Company's principal financial liabilities comprise loans and borrowings, advances and trade and other payables. The purpose
of these financial liabilities is to finance the Company’s operations and to provide to support its operations. The Company’s
principal financial assets includes investments (Strategic and Non Strategic), loans, trade and other receivables, and cash and cash
equivalents that derive directly from its operations.

The Company's activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors review and agree
policies for managing each of these risks, which are summarised as below.

(a) Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by
delivering cash or another financial asset. Liquidity risk management implies maintenance sufficient cash including availability of
funding through an adequate amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term and
long term liabilities as and when due. Anticipated future cash flows are expected to be sufficient to meet the liquidity requirements
of the Company. The Company does not have any undrawn borrowing facilities with the Banks / Financial institutions.

31 Financial risk factors

(b) 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 includes investment, deposits, foreign currency receivables and
payables. The Company's treasury team manages the Market risk, which evaluates and exercises independent control over the entire
process of market risk management.

(i) Foreign currency risk

Foreign currency risk can only arise on financial instruments that are denominated in a currency other than the functional currency in
which they are measured. The Company's functional and presentation currency is INK. The Company does not have any foreign
currency transactions and hence is not exposed to the Foreign Currency Risks.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in
market interest rates. The Company's does not have any long term borrowings. Hence, the Company is not exposed to the interest

(iii) Price Risk

The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the
balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from
investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the

Sensitivity

The table below summarizes the impact of increases/(decreases) of the BSE index on the Company’s equity and Gain/

(Loss) for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all
other variables held constant, and that all the Company’s equity instruments moved in line with the index .

(iv) Underwriting Risk

The Company undertakes underwriting of various public issues of Securities in the Capital Market. This risk includes market making
for new securities. This include compulsion to provide two way quotes to a clients on a Stock exchange. The Company manages
this risk by underwriting issues only after strong research conducted by it.

(c) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The
Company is exposed to credit risks from its inng activities, primarily trade receivables, cash and cash equivalents, deposits with
banks and other financial instalments.

The Company is not significanlty exposed to the credit risk toward trade receivables considering the nature of serivces provided by
(i) Trade and other receivables

The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase
in credit risks on an ongoing basis throughout each reporting period.

To assess whether there is a significant increase in credit risk, the Company compares the risks of default occurring on the assets as
at the reporting date with the risk of default as at the date of initial recognition. It considers the reasonable and supportive forward
looking information such as:

- Actual or expected significant adverse changes in business.

- Actual or expected significant changes in the operating results of the counterparty.

- Financial or economic conditions that are expected to cause a significant change to the counterparty's ability to meet its
obligations

- Significant increase in credit risk on other financial instruments of same counterparty

33 The Company did not have any long- term contracts including derivative contracts for which there were any material foreseeable losses.

34 The Company has complied with number of layers of subsidiaries as prescribed under Section 186(1) of the Companies Act read with Companies (Restriction on

number of layers) Rules, 2017.

35 The company does not have transactions with the companies struck off under section 248 of Companies Act ,2013.

36 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

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

38 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

39 The Company has not any such transaction which is 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).

40 There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

41 The figures have been rounded off to the nearest lakhs.

42 The financial statements were approved for issue by the Board of Directors on 29th April, 2025

43 The figures of the previous year's have been regrouped or reclassified wherever necessary to make them comparable.

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

For V. N. Purohit & Co. Aryaman Capital Markets Limited

Chartered Accountants
Firm Regn No. 304040E

Sd /- Sd/-

O. P. Pareek Shripal Shah Shreyas Shah

Partner Director & CFO Director

Membership No. 014238 DIN: 01628855 DIN: 01835575

UDIN: - 25014238BMJMAK3917 Place : Mumbai Place : Mumbai

Date: 29th April, 2025 Date: 29th April, 2025

Sd/-

Place : New Delhi Reenal Khandelwat

Date : 29th April, 2025 Company Secretary

PAN: DVAPK5780H
Place : Mumbai
Date: 29th April, 2025