2.16 Provisions:
Provisions are recognised when there is a present obligation as a result of a past event, and it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and there is a
reliable estimate of the amount of the obligation. Provisions are reviewed at each balance sheet date and
adjusted to reflect the current best estimate.
The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value of money and the risks specific to the liability.
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.
2.17 Cash and cash equivalents:
Cash and cash equivalents in the balance sheet comprise cash on hand, cheques and drafts on hand, balance
with banks in current accounts and short-term deposits with an original maturity of three months or less, which
are subject to an insignificant risk of change in value.
2.18 Earnings Per Share:
Basic earnings per share is calculated by dividing the net profit or loss 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, sub¬
division of shares etc. 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 net profit or loss for the
period attributable to equity shareholders is divided by the weighted average number of equity shares outstanding
during the period, considered for deriving basic earnings per share and weighted average number of equity
shares that could have been issued upon conversion of all dilutive potential equity shares.
2.19 New and Amended Standards
There were no new standards introduced during the year ended March31, 2025 and there were no ammendments
made to the accounting standards during the year, which has an impact on the company.
II) RIGHTS,PREFERENCES AND RESTRICTIONS ATTACHED TO SHARES
Equity Shares
The Company has one class of equity shares having a par value of Rs.10 each. Each shareholder is eligible for
one vote per share held. The dividend if proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining assets of the Company.
III) SHARES HELD BY HOLDING COMPANY AND ITS SUBSIDIARIES AND ASSOCIATES
2,24,35,131 equity shares held by holding Company Concatenate Advest Advisory Private Limited .
IV) SHARES ALLOTTED AS FULLY PAID UP BY WAY OF BONUS SHARES ( DURING 5 YEARS PRECEDING MARCH
31,2025)
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes Listed
equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity
instruments which are traded in the stock exchanges is valued using the closing price as at the reporting
period.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the
instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3. This is the case for unlisted equity securities.
(b) Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
- the use of quoted market prices or dealer quotes for similar instruments
- the fair value of forward foreign exchange contracts is determined using forward exchange rates at the
balance sheet date
- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.
All of the resulting fair value estimates are included in level 2 or level 3, where the fair values have been
determined based on present values and the discount rates used were adjusted for counterparty or own
credit risk.
(c) Fair value estimation
Estimated fair value disclosures of financial instruments are made in accordance with the requirements of
Ind AS 107 "Financial Instruments: Disclosure". Fair value is defined as the amount at which the instrument
could be exchanged in a current transaction between knowledgeable willing parties in an arm's length
transaction, other than in forced or liquidation sale. As no readily available market exists for a large part of
the Company's financial instruments, judgment is necessary in arriving at fair value, based on current
economic conditions and specific risks attributable to the instrument. The estimates presented herein are
not necessarily indicative of the amounts the Company could realize in a market exchange from the sale of
its full holdings of a particular instrument.
The following summarizes the major methods and assumptions used in estimating the fair values of financial
instruments.
Interest-bearing borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows. The carrying
amount of the Company's loans due after one year is also considered as reasonable estimate of their fair
values as the nominal interest rates on the loans due after one year are variable and considered to be a
reasonable approximation of the fair market rate with reference to loans with similar credit risk level and
maturity period at the reporting date.
Trade and other receivables / payables
Receivables / payables typically have a remaining life of less than one year and receivables are adjusted for
impairment losses. Therefore, the carrying amounts for these assets and liabilities are deemed to approximate
their fair values, as the allowance for estimated irrecoverable amounts is considered a reasonable estimate
of the discount required to reflect the impact of credit risk.
(d) Valuation process
The accounts & finance department of the Company includes a team that performs the valuations of financial
assets and liabilities required for financial reporting purposes, including level 3 fair values. This team
reports directly to the chief financial officer (CFO) and the audit committee (AC).
Discussions of valuation processes and results are held between the CFO, AC and the valuation team at Least
once every three months, in line with the Company's quarterly reporting periods.
The main level 3 inputs for unlisted equity securities, contingent considerations and indemnification asset
used by the Company are derived and evaluated as follows:
• Discount rates are determined using a capital asset pricing model to calculate a pre-tax rate that reflects
current market assessments of the time value of money and the risk specific to the asset.
• Risk adjustments specific to the counterparties (including assumptions about credit default rates) are
derived from credit risk grading determined by the Company's internal credit risk management group.
• Earnings growth factor for unlisted equity securities are estimated based on market information for
similar types of companies.
Changes in level 2 and 3 fair values are analysed at the end of each reporting period during the quarterly
valuation discussion between the CFO, AC and the valuation team. As part of this discussion the team
presents a report that explains the reason for the fair value movements.
27 FINANCIAL RISK MANAGEMENT
(a) Risk management framework
In the ordinary course of business, the Company is exposed to a different extent to a variety of financial
risks: foreign currency risk, interest rate risk, liquidity risk, price risk and credit risk. In order to minimize any
adverse effects on the financial performance of the Company, derivative financial instruments, such as foreign
exchange forward contracts, foreign currency option contracts are entered to hedge certain foreign currency
risk exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative
instruments.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.
(b) 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 financial instruments.
The carrying amount of financial assets represents the maximum credit exposure. The Company monitor
credit risk very closely both in domestic and export market. The Management impact analysis shows credit
risk and impact assessment as low.
(c) 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 fallen due. The Company's liquidity position is carefully monitored and managed.
The Company has in place a detailed budgeting and cash forecasting process to help ensure that it has
adequate cash available to meet its payment obligations.
The following table provides details of the remaining contractual maturity of the Company's financial
Liabilities. It has been drawn up based on the undiscounted cash flows and the earliest date on which the
Company can be required to pay. The table includes only principal cash flows.
(d) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market prices mainly comprise three types of risk: currency rate risk, interest
rate risk and other price risks. Foreign currency risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in foreign exchange rates. 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. This is based on the financial assets and financial liabilities held as at March 31st 2025 and
March 31, 2024 The objective of market risk management is to manage and control market risk exposures
within acceptable parameters, while optimizing the return.
Currency risk
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the company's functional currency (Rupees). As the company does not
possess such asset and does not have foreign commercial transactions the Company is not exposed to foreign
exchange risk arising from foreign currency transactions.
Interest rate risk
The Company's main interest rate risk arises from long-term borrowings with variable rates, which expose the
Company to cash flow interest rate risk. During March 31st 2025 and March 31st 2024, the Company's
borrowings at variable rate were denominated in Rs. Currently the Company's borrowings are within acceptable
risk levels, as determined by the management, hence the Company has not taken any swaps to hedge the
interest rate risk.
28 In the opinion of the Board of Directors, current assets, loans & advances have value on realisation at least equal
to the amount at which they are stated unless stated otherwise.
29 Contingent Liabilities: Rs. Nil (Previous year 1.01 lakh).
30 The Board of Directors have recommended a final dividend of Rs.1.13 per equity share i.e. @11.3% aggregating
Rs. 365.29 lakhs for the FY 2024-25 and the same is subject to the approval of shareholders at the ensuing Annual
General Meeting.
31 As per Indian Accounting Standard 19 (Ind AS 19) " Employee Benefits" , the disclosures of employee benefits as
defined in the accounting standard are given below:-
a) Contribution to Defined Contribution Plan, recognised as expenses for the year is Rs. 0.43 lakhs towards
employer's contribution to Provident fund.
b) Defined Benefit Plan
The present value of obligation for gratuity is determined based on actuarial valuation using the Projected
Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee
benefit entitlement and measures each unit separately to build up the final obligation.
The estimates of rate of future salary increase takes account of inflation,seniority,promotion and other relevant
factor on long term basis.The discount rate is generally based upon the market yields available on Government
bonds at the accounting date with a term that matches that of liability. The above information is certified by
the actuary.
c) The obligation for leave encashment for Rs. 0.08 lakh (Previous year Rs 0.22 lakh) is recognised, provided for
and paid on yearly basis.
32 As per the information available with the management, there is no liability outstanding as on 31.03.2025 due to
Small Scale and medium enterprises as defined under The Micro Small and Medium Enterprises Development Act
2006.
33 a) The company has made provision of Rs.NIL- (Prev. Year Rs. NIL) on doubtful assets as per NBFC-NDSI (Reserve
Bank) Directions,2016
b) The company has made provision of Rs. 0.37 Lakh (Previous Year Rs.NIL) on standard assets as per Reserve
Bank of India,DNBS vide notification No.RBI/2010-11/370-DNBS PD.CC.No.207/03.02.002/2010-11, dated
.January 17,2011. During the year, the company has made provision @ 0.4% on standard assets.
36 The Company is mainly engaged in the investments activities and do not qualify for separate reporting as required
by IND AS 108 'Operating Segments'.
37 Investment in other companies measured at fair value. Un-quoted equity shares have been measured at fair value
considering cost due to insufficient information to measure fair value. Accordingly cost represent best estimate
of fair value within range.
38 Disclosures as required by Ind AS-24 "Related Party Disclosure" issued by the Institute of Chartered
Accountants of India are as follows:
(A) List of Related Parties
a) Holding Company
Concatenate Advest Advisory Private Limited
b) Subsidiaries
NIL
42 The fair value of Investments in shares of Jindal India Power Limited (formerly Jindal India Thermal Power Limited)
as on 31.03.2025 has been determined on the basis of valuation of shares as on 31.03.2025 report by IBBI
Registered Valuer. During the financial year 2024-25, the company has booked fair valuation gain amounting to
Rs 9,976.00 lakhs (fair valuation gain of Rs 2,473.12 lakhs upto 31.03.2024) as against investment of Rs. 2,320.00
lakhs in equity shares of Jindal India Power Limited .
43 Figures for the previous year have been regrouped/ re-arranged/ reclassified/ recasted wherever considered
necessary to confirm to this year's classification.
* Company was originally incorporated as Konica Photo Films Private Limited on 01.05.1986. The name of the
company was subsequently changed to Bhimtal Photo Films Private Limited on 17.07.1986, Bhimtal Photo Films
Limited on 05.12.1988, Jindal Photo Films Limited on 27.11.1990, Jindal Photo Limited on 13.11.2003 and later
Consolidated Finvest & Holdings Limited on 13.12.2004. Thus, title deeds are in previous names of the company.
i) The company does have Immovable properties in its previous names and no revaluation has been made.
ii) The company does not have any investment property.
iii) The company does not have any intangible assets, hence revaluation is not applicable.
iv) During the year the company has not granted any Loan or advance in the nature of loans to promoters,
directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly
with any other person that are:
a. repayable on demand : or
b. without specifying any terms or period of repayment,
v) No proceeding has been initiated or pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
vi) The company does not have any borrowings from banks or financial institutions.
vii) The company is not declared wilful defaulter by any bank or financial Institution or other lender.
viii) The company has not entered into any transaction with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.
ix) No charges or satisfaction yet to be registered with ROC beyond the statutory period.
x) 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) Rule 2017 of the Companies Act. 2013.
xi) During the year any Scheme of Arrangements has not been approved by the Competent Authority in terms
of sections 230 to 237 of the Companies Act, 2013.
xii) Utilisation of Borrowed funds and share premium:-
A) The company has not advanced or Loaned or invested funds (either borrowed funds or share premium
or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding (whether recorded in writing or otherwise) 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) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;
B) 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 manner whatsoever
by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
xiii) Corporate Social Responsibility (CSR) : Not Applicable
xiv) The company has not traded or invested in Crypto Currency or Virtual currency during the year.
In terms of our report of even date attached
For Kanodia Sanyal & Associates For and on behalf of the Board
Chartered Accountants
FRN No. 008396N
Sd/- Sd/- Sd/-
Namrata Kanodia Sudhir Shukla Sanjiv Kumar Agarwal
Partner Chief Financial Officer Managing Director
Membership No: 402909 DIN 01623575
Sd/- Sd/-
Anil Kaushal Geeta Gilotra
Place: New Delhi Company Secretary Director
Date: 29th May, 2025 DIN 06932697
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