1.4.4 Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, the
reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating
to a provision is presented in the statement of profit and loss net of any reimbursement. If the effect of the time value of money
is material, provisions are discounted using a current pre tax rate that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Contingent liability is disclosed in the case of:

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

• A present obligation arising from past events, when no reliable estimate is possible:

• A possible obligation arising from past events, unless the probability of outflow of resources is remote.

Provisions, contingent liabilities & contingent assets are reviewed at each balance sheet date.

1.4.5 Employee benefits

(i) Defined Contribution Plan

Contributions to the Employees' Provident Fund, Superannuation Fund and Employees' Pension Scheme are recognized
as defined contribution plan and charged as expenses during the period in which the employees perform the services.

(ii) Defined Benefit Plan

The Company's liabilities on account of gratuity and earned leave on retirement of employees are determined at
the end of each financial year on the basis of actuarial valuation certificates obtained from Registered Actuary in
accordance with the measurement procedure as per Indian Accounting Standard (Ind AS)-19., 'Employee Benefits'
gratuity liability is funded on year-to-year basis by contribution to fund. The costs of providing benefits under these
plan are also determined on the basis of actuarial valuation at each year end. Actuarial gains and losses for defined
benefit plans are recognized through OCI in the period in which they occur. Re-measurements are not reclassified to
Statement of Profit or Loss in subsequent periods.

Defined benefit plan can be short term or long terms which are defined below:

(a) Short-term employee benefits

All employees' benefits payable wholly within twelve months rendering services are classified as short term
employee benefits. Benefits such as salaries, wages, short-term compensated absences, etc are recognized
during the period in which the employee renders related service.

(b) Long-term employee benefits

Compensated absences which are not expected to occur within 12 months after the end of the period in which
the employee renders the related services are recognized as a liability at the present value of the defined benefit
obligation at the balance sheet date.

(iii) Termination benefits

Termination benefits are recognized as an expense in the period in which they are incurred. The Company shall
recognise a liability and expense for termination benefits at the earlier of the following dates:

(a) When the entity can no longer withdraw the offer of those benefits; and

(b) When the entity recognises costs for a restructuring that is within the scope of Ind AS 37 and involves the
payment of termination benefits.

1.4.6 Leases

A. Company as a lessee

The Company assesses if a contract is or contains a lease at inception of the contract. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period time in exchange for
consideration.

The Company assesses if a contract is or contains a lease at inception of the contract. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period time in exchange for
consideration.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease, or, if not readily determinable, the incremental borrowing
rate specific to the country, term and currency of the contract.

Lease payments can include fixed payments, variable payments that depend on an index or rate known at the
commencement date, as well as any extension or purchase options, if the Company is reasonably certain to exercise
these options. The lease liability is subsequently measured at amortized cost using the effective interest method and
remeasured with a corresponding adjustment to the related right-of-use asset when there is a change in future lease
payments in case of renegotiation, changes of an index or rate or in case of reassessments of options.

The right-of-use asset comprises, at inception, the initial lease liability, any initial direct costs and, when applicable, the
obligations to refurbish the asset, less any incentives granted by the lessors. The right-of-use asset is subsequently
depreciated, on a straight-line basis, over the lease term, if the lease transfers the ownership of the underlying asset
to the Company at the end of the lease term or, if the cost of the right-of-use asset reflects that the lessee will exercise
a purchase option, over the estimated useful life of the underlying asset. Right-of-use assets are also subject to
testing for impairment if there is an indicator for impairment. Variable lease payments not included in the measurement
of the lease liabilities are expensed to the statement of operations in the period in which the events or conditions
which trigger those payments occur. In the statement of financial position right-of-use assets and lease liabilities are
classified respectively as part of property, plant and equipment and short-term/long-term debt.

B. Company as a lessor

Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are
classified as operating leases. Rental income from operating lease shall not be straight-lined, if escalation in rentals
is in line with expected inflationary cost. Initial direct costs incurred in negotiating and arranging an operating lease
are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental
income.

Contingent rentals are recognised as revenue in the period in which they are earned.

1.4.7 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, unrealised 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.

1A8 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.

The weighted average number of equity shares outstanding during the period and all periods presented is adjusted for
events, such as bonus shares, other than the conversion of potential equity shares 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 and the weighted average number of share outstanding
during the period is adjusted for the effects of all dilutive potential equity shares.

1.4.9 Dividends paid on equity shares

The Company recognises a liability to make cash distributions to equity holders of the company when the distribution is
authorised and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution
is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.

1.4.10 Standards issued but not yet effective

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 March 31,2024, MCA has not notified
any new standards or amendments to the existing standards applicable to the Company.

1.4.11 Significant accounting judgements, estimates and assumptions

The preparation of the Company's revised financial statements requires management to make judgements, estimates
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in
outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

A. Judgement

In the process of applying the Company's accounting policies, management has made the following estimates,
assumptions and judgements, which have the most significant effect on the amounts recognised in the revised financial
statements:

(i) Contingencies

Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company,
including legal, contractual, land access and other claims. By their nature, contingencies will be resolved only
when one or more uncertain future events occur or fail to occur. The assessment of the existence and potential
quantum of contingencies inherently involves the exercise of significant judgement and the use of estimates
regarding the outcome of future events.

B. Estimates and assumptions

The key assumptions concerning the future and other key sources of estimating the uncertainty at the reporting date
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Company.
Such changes are reflected in the assumptions when they occur.

(i) Taxes

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine
the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future
taxable profits together with future tax planning strategies.

(ii) Defined benefit plans and other long term benefit plan (gratuity benefits and leave encashment)

The cost and present value of the defined benefit gratuity plan and leave encashment (other long term benefit
plan) are determined using actuarial valuations. An actuarial valuation involves making various assumptions that
may differ from actual developments in the future. These include the determination of the discount rate, future
salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a
defined benefit obligation and other long term benefits are highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans
operated in India, the management considers the market yield on government bonds in currencies consistent
with the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only
at interval in response to demographic changes. Future salary increases and gratuity increases are based on
expected future inflation rates for the respective countries.

(iii) Fair value measurement of financial instruments.

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques. The inputs
to these models are taken from observable markets where possible, but where this is not feasible, a degree of
judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity
risk, credit risk and volatility. Changing in assumptions about these factors could affect reported fair value of
financial instruments.

G. Rights and preferences attached to Equity Shares :

a. The Company has only one class of Equity Shares having a par value of ? 10 per share. Each shareholder is entitled
to one vote per share.

b. 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.

c. Dividend 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.

H. Term/rights attached to preference shares:

I. Cumulative redeemable preference shareholders have,

- right to receive fixed cumulative preferential dividend at 3% p.a. on the paid up capital

- right to receive arrears of cumulative dividend, if any, whether earned or declared or not, at time of redemption of
the said shares, and

- right in winding up to have the capital paid up on such shares and the arrears, if any, of the said preferential
dividend, whether earned or declared or not, paid off in priority to any payment of capital on equity shares. However,
it shall not confer the right to any further participation in the profits or assets of the Company.

- Voting right will be as per the Companies Act, 2013

II. Cumulative redeemable preference shares issued in FY 2019-20 to Enviro Tech Ventures Limited (Formerly JK
Enviro-Tech Limited) will be redeemed in 3 installment of ? 20 crore, ? 20 crore and ? 25 crore at the end of 8^th year,
9^th year and 10^th year along with premium of ? 32.50, ? 38.00 and ? 43.50 per share respectively.

Notes: Nature and purpose of reserve

(i) Statutory reserve (Reserve u/s. 45-IA of the Reserve Bank of India Act, 1934 (the “RBI Act, 1934”))

Reserve is created as per the terms of section 45-IC(1) of the Reserve Bank of India Act, 1934 as statutory reserve.

(ii) General reserve

Represents accumulated profits set apart by way of transfer from current year Profits or/and Retained Earnings. General
reserve is free reserve available for distribution as recommended by Board in accordance with requirements of the Companies
Act, 2013.

(iii) Capital redemption reserve

Represents the statutory reserve created at the time of redemption of Preference Share Capital, which can be applied for
issuing fully paid-up bonus shares.

(iv) Preference share redemption reserve

Represents the reserve created for utilisation of redemption of Preference Share Capital on maturity.

(v) Retained earnings

Surplus in the statement of profit and loss is the accumulated available profit of the Company carried forward from earlier
years. These reserve are free reserves which can be utilised for any purpose as may be required.

(vi) Equity instruments at fair value through other comprehensive income

The Company has elected to recognise changes in the fair value of investments in equity securities (other than investment
in subsidiaries and associate) in other comprehensive income. These changes are accumulated within the FVOCI equity
investments reserve within equity.

32 The Board of Directors of Bengal & Assam Company Limited (BACL) had approved a composite Scheme of Arrangement
('the Scheme') amongst Umang Dairies Limited (UDL), Bengal & Assam Company Limited (BACL), and Panchmahal
Properties Limited ('PPL”), a Wholly-owned Subsidiary of BACL, and their respective Shareholders and Creditors, pursuant
to the provisions of Sections 230 and 232 of the Companies Act, 2013 for demerger of Dairy Business Undertaking
(Demerged Undertaking) of UDL with and into PPL and Amalgamation of residual business of UDL into and with BACL,
w.e.f. 1^st April, 2023 (Appointed Date).

The Scheme has since been sanctioned by the Hon'ble Benches of the National Company Law Tribunal (NCLT) at Kolkata
& Allahabad vide their respective orders dated 22^nd May, 2025 and 26^th May, 2025. The certified copies of the Orders have
been filed with the respective Registrar of Companies on 17^th June, 2025. The Scheme has come into effect accordingly.
Due effect of the Scheme from the Appointed Date, i.e 1^st April, 2023 has been given in the financial statements of the
Company (BACL) as under:

a) Part B of the Scheme: Demerger of Dairy Business Undertaking and vesting of the same in the PPL (Resulting Company):
Pursuant to the Scheme

i) All assets, liabilities and reserves of the Dairy Business Undertaking of UDL have been transferred to and vested in
the PPL w.e.f. 01^st April, 2023 and have been recorded at book value of respective assets/liabilities under the “Pooling
of Interest” method in the books of PPL in accordance with Appendix C to Ind AS 103 — Business combinations of
entities under common control.

ii) BACL (the holding company of the PPL), in consideration of the demerger of the Dairy Business Undertaking from UDL
and vesting into and with the PPL, has issued to the Equity Shareholders of UDL 1 (one) Equity Share of ? 10/- each
in the BACL as fully paid up for every 92 (ninety two) Equity Shares of ? 5/- each fully paid-up held by the said Equity
Shareholders of UDL in the capital of UDL.

iii) BACL has credited its share capital account with the aggregate face value of the equity shares issued of ? 10.69 Lakh
as per (ii) above with corresponding debit in investments of equity shares in PPL (Resulting Company 1) as deemed
equity contribution.

b) Part C of the Scheme: After giving effect of Part B of the Scheme, amalgamation of the UDL (“Amalgamating Company”,
“Residual UDL”) along with Remaining Business, into and with the BACL (“Amalgamated Company”): Pursuant to the
Scheme:

i) All assets, liabilities and reserves of the Residual UDL have been transferred to and vested in the BACL w.e.f.
01.04.2023 and have been recorded at book value of respective assets/liabilities under the “Pooling of Interest”
method in the books of PPL in accordance with Appendix C to Ind AS 103 — Business combinations of entities under
common control.

ii) Entire inter-company investments held by the BACL (Amalgamated Company) in the UDL (Amalgamating Company)
has been cancelled.

iii) BACL, in consideration of the amalgamation of the UDL into and with the BACL, has issued to the Equity Shareholders
of UDL 1 (one) Equity Share of ? 10/- each in the BACL as fully paid up for every 14,652 Equity Shares of ? 5/- each
fully paid-up held by the said Equity Shareholders of UDL in the capital of UDL.

iv) The difference between the value of assets over the value of liabilities and reserves of the UDL (Amalgamating
Company), after adjusting for cancellation of inter-company investments, has been adjusted in the capital reserve of
the BACL as below:

c) The necessary steps and formalities in respect of transfer of assets and in favour of the Company (BACL) is under
implementation.

d) All business activities carried on by the UDL w.e.f. 1^st April, 2023 with respect to residual business in the ordinary course of
business was deemed to have been carried on for and on behalf of and in trust for the Company (BACL) and consequently
all profits and losses and related taxes paid were deemed to be the profits, losses and taxes of the Company, as the case
may be.

e) As the Scheme is effective from the Appointed Date i.e. 1^st April, 2023, the impact of result for the period for 1^st April, 2023
to 31^st March, 2024 have been disclosed /given in the (Statement of Profit & Loss), Retained Earning and under the
head “Other Equity” are:
@The Contingent Liability of Rs.1,072.84 Lakhs relates to the Company's Writ Petition filed before the Hon'ble High Court
of Calcutta challenging the Order of Collector of Stamps, Kolkata, adjudicating Stamp Duty in respect of 32,59,586 equity
shares issued pursuant to the Scheme of Arrangement sanctioned in the year 2019. The Hon'ble High Court vide its
Order dated 8^th May, 2025 had restrained the Collector of Stamps, Kolkata, for taking any coercive measure against the
Company till 31^st July, 2025 or until further Order, whichever is earlier. The said Restraint Order has been further extended
till 12^th December, 2025.

# In respect of certain disallowances and additions made by the income tax authorities, appeals are pending before
the appellate authorities and adjustments, if any, will be made after the same are finally determined. The Company has
reviewed all its pending litigations and proceeding and has adequately provided for where provision required and disclosed
as contingent liabilities where applicable, in it's financial statement. The Company does not expect the outcome of these
proceedings to have a materially adverse effect on its financial position.

J4 (a) In previous financial year, JK Tyre & Industries Ltd. (JK Tyre), subsidiary of the company, consequent to allotment

of equity shares to eligible qualified institutional buyer under QIP, ceased to be a subsidiary of the company w.e.f
23^rd Dec 2023 and became an 'Associate'.

38 OPERATING SEGMENTS
Basis of Segmentation

The Board of Directors of the Company has been identified as Chief Operating Decision Maker who monitors the operating
results of its business segments separately for the purpose of making decisions about resource allocation and performance
assessment. Segment performance is evaluated based on profit or loss and is measured consistently with the profit or loss
in the revised financial statements. The Company has identified five segments i.e. Tyre, Paper, Cement, Polymer & Textile
and Others and therefore reported accordingly.

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

a Fair value of cash and bank, loans and other financial assets and liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments.

b Fair value of borrowings from banks and other financial liabilities, are estimated by discounting future cash flows using
rates currently available for debt on similar terms and remaining maturities.
c Fair value of investments in associates and subsidiaries are measured at cost hence not disclosed in above table.

42 (B) Fair Value hierarchy

All financial assets and liabilities for which fair value is measured in the revised financial statements are categorised within
the fair value hierarchy, described as follows
Level 1 - Quoted prices in active markets

Level 2 - Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly
Level 3 - Inputs that are not based on observable market data.

The following table presents the fair value measurement hierarchy of financial assets and liabilities, which have been
measured subsequent to initial recognition at fair value as at 31^st March, 2025 and 31^st March 2024

During the year ended 31^st March, 2025 and 31^st March, 2024, there were no transfers between Level 1 and Level 2 fair
value measurements, and no transfer into and out of Level 3 fair value measurements.

Fair value of quoted investments are based on quoted market price at the reporting date. Fair value of unquoted mutual
funds are based on net assets value (NAV) at the reporting date. The fair value of unquoted investments in preference
shares are estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk
and remaining maturities. The fair value of unquoted investments in equity shares are estimated on net assets basis.

43 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 (including interest rate risk and foreign currency risk), credit risk and liquidity risk. The Company's overall risk
management policy seeks to minimize potential adverse effects on Company's financial performance.

(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 includes interest rate risk and foreign currency risk. The objective of market
risk management is to manage and control market risk exposures within acceptable parameters, while optimising the
return.

(a) Interest Rate Risk: Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Any change in the interest rates environment may impact
future rates of borrowing. The Company mitigates this risk by regularly assessing the market scenario, finding
appropriate financial instruments, interest rate negotiation with the lenders for ensuring the cost effective method
of financing.

(b) Foreign Currency Risk: Foreign currency risk is the risk that the fair value or future cash flows of an exposure
will fluctuate because of changes in foreign exchange rates. The Company has long term investment in foreign
group Company. Therefore Company's exposure to foreign currecny risk is limited.

(ii) Credit risk: The Company being an investment company, credit risk refers to the risk that a counterparty may default on
its contractual obligations leading to a financial loss to the Company. Credit risk primarily arises from cash equivalents,
financial assets measured at amortised cost and financial assets measured at fair value through profit or loss.

Credit risk arises primarily from financial assets such as loans and other receivables and other balances with banks.
The major investments of the Company is in the group companies which includes investment in subsidiary Companies
and associates. The Company has also made investments in quoted equity shares and units of mutual funds on the
basis of risk and returns of the respective equity shares and mutual fund scheme.

The Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance on
financial assets measured at amortised cost

(iii) 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 to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due. The table below summarizes
the maturity profile of Company's financial liabilities based on contractual undiscounted payments :-

(iv) Price risk: The Company's exposure to equity securities risk arises from investments held by the Company and classified
in the Balance Sheet as fair value through OCI / valued at cost. The Company's exposure to securities price risk arises
from investments held in mutual funds and classified in the balance sheet at fair value through profit or loss. NAV of
these investments are available from the mutual fund houses. To manage its price risk arising from such investments, the
company diversifies its portfolio.

44 Capital risk management

The Company operates as an Investment Company and consequently is registered as a Non-Banking Financial Institution
- Core investment Company -Non deposit taking- systemically important (NBFC-CIC-ND-SI) with Reserve Bank of India
(RBI). The Company's policy is to maintain an adequate capital base so as to have market confidence and to sustain future
development. Capital includes issued capital, share premium and all other equity reserves attributable to equity holders.
The primary objective of the Company's capital management is to maintain an optimal structure so as to maximize the
shareholder's value. In order to strengthen the capital base, the Company may use appropriate means to enhance or reduce
capital, as the case may be.

47.10 Miscellaneous disclosures

a) Registration/ licence/ authorisation, by whatever name called, obtained from other financial sector regulators - RBI Regn.
No - B-05.07048 dt. 08.08.17

b) Penalties imposed by RBI and other regulators including strictures or directions on the basis of inspection reports or other
adverse findings - NIL

c) if the auditor has expressed any modified opinion(s) or other reservation(s) in his audit report or limited review report in
respect of the financial results of any previous financial year or quarter which has an impact on the profit or loss of the
reportable period, with notes on - NA

i) How the modified opinion(s) or other reservations(s) has been resolved; or - NA

ii) If the same has not been resolved, the reason thereof and the steps which the CIC intends to take in the matter. - NA

48 Disclosure of details as required by RBI/2019-20/88/DOR.NBFC (PD) CC. NO. 102/03.10.001/2019-20 Dated November 04,
2019 regarding Liquidity risk management framework for non-banking financial Companies and Core Investment Companies
as on 31^st March 2025.

50 Following are the additional disclosures required as per Schedule III to the Companies Act, 2013 vide Notification dated
March 24, 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. Wilful Defaulter:

The Company has not been declared as Willful Defaulter by any Bank or Financial Institution or other Lender.

c. 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 Companies Act, 1956.

d. 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.

e. Utilisation of Borrowed funds and share premium:

During the financial year ended 31^st March 2025, other than the transactions undertaken in the normal course of
business and in accordance with extant regulatory guidelines as applicable.

(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

As the Company is not having any borrowing during the year therefore this clause in not applicable.

51.5 Unhedged foreign currency exposure - NIL

51.6 Related Party Disclosure refer Note no. 37

51.7 Disclosure of Complaints - NIL

52 Previous year figures have been reclassified/ regrouped wherever necessary.

As per our report of even date attached ^{BHARAT HARI SINGHANIA (DIN}.^00041156) Chairman

For V. Singhi & Associates
Chartered Accountants

Firm Registration No. - 311017E ASHOK KUMAR KINRA (DIN:00066421)

Naveen Kankaria UPENDRA KUMAR GUPTA ^ ^

Partner Chief Executive Officer & ^DR. ^{RAGHUPATI SINGHANIA (DIN:00036129)}

Membership No. 153214 Chief Financial Officer KA.LPATA.RUyTRlPATHY (DIN'00x^{865794) Directors}

^y MUDIT KUMAR (DIN: 00141585)

Place: New Delhi DILLIP KUMAR SWAIN SANJEEV KUMAR JHUNJHUNWALA (DIN.00177747)

Date. 13^th August, 2025 Company Secretary VINITA SINGHANIA (DIN.00042983)