(f) Provisions and contingent liabilities

The Company creates a provision when there is present obligation as a result of past events and it is
probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. 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 the likelihood of outflow of resources is
remote, no provision or disclosure is made

(g) Revenue recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured, regardless of when the payment is being made.

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction
price (net of variable consideration) allocated to that performance obligation. The transaction price
of goods sold and services rendered is net of variable consideration on account of various discounts
offered by the Company as part of the contract.

(i) Income from rendering of services

Income from rendering of services and related expenses are recognized on accrual basis in the year
in which the services are rendered at an amount that reflects the consideration which the Company
expects to be entitled in exchange for those goods or services. The timing of when the Company
transfers the goods or provides services may differ from the timing of the customer's payment.

The amounts disclosed as revenue are net of goods and service tax (GST).

Revenue from the sale of services is recognized at the point in time when control is transferred to
the customer. Generally, the credit period varies between 0-30 days from the completion of services.

(ii) Dividends

Dividends are recognized in the Statement of Profit and Loss only when the right to receive
payment is established.

(i) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees renders the related
services are recognized in respect of employees' services up to the end of the reporting period and
are measured at the amounts expected to be paid when the liabilities are settled.

(ii) Long-term employee benefit obligations
Privilege leave Entitlements:

The liabilities for earned leave that are not expected to be settled wholly within 12 months are
measured as the present value of expected future payments to be made in respect of services
provided by the employees up to the end of the reporting period using the projected unit credit
method. The benefits are discounted using the market yields at the end of the reporting period that
have terms approximating to the terms of the related obligation. Re-measurements as a result of
experience adjustments and changes in actuarial assumptions are recognized in the Statement of
Profit and Loss.

Gratuity:

Gratuity liability for the employees covered under the Payment of Gratuity Act 1972, is contributed
to the Life Insurance Corporation of India (LIC), through "Bachhraj Employees Group Gratuity
Scheme". Fair value of the Plan Assets, is reduced from the gross obligation under the Defined
Benefit Plans, to recognize the obligation on a net basis. However, any deficit in plan assets
managed by LIC as compared to the liability based on an independent actuarial valuation is
recognized as a liability.

The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plans is
the present value of the defined benefit obligation at the end of the reporting period less the fair
value of plan assets. The defined benefit obligation is calculated annually by actuaries using the
projected unit credit method in conformity with the principles and manner of computation specified
in Ind AS 19.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets
(excluding amounts included in net interest on the net defined benefit liability), are recognised
immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through
OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in
subsequent periods

The net interest cost is calculated by applying the discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense
in the Statement of Profit and Loss.

Provident Fund Contribution - Monthly contributions are made to "Bachhraj & Co. Ltd. Provident
Fund Institution", (Trust) constituted for the benefit of the employees. The minimum interest rate
payable by the Trust to the beneficiaries is notified by the Central Government. The Company has

an obligation to make good the shortfall, if any, between the return on investments of the Trust and
the notified interest rate.

(i) Taxation

Income tax expense for a financial year represents the sum of tax currently payable, adjustments for
tax provisions of previous years and deferred tax.

(i) Current Tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities, in accordance with the Income Tax Act, 1961.The tax rates and tax
laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date.

(ii) Deferred Tax

Deferred Tax is provided using the balance sheet approach on temporary differences arising
between the tax bases of assets and liabilities and their carrying amount in the financial statement.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially
enacted by the end of the reporting period and are expected to apply when the related deferred
income tax assets is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses
only if it is probable that future taxable amounts will be available to utilise those temporary
differences

The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same taxation authority which intend
either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the
liabilities simultaneously, in each future period in which significant amounts of deferred tax
liabilities or assets are expected to be settled or recovered.

(j) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss after tax for the year
attributable to the equity shareholders by the weighted average number of equity shares
outstanding during the year. For the purpose of calculating diluted earnings per share, net profit or
loss for the year attributable to equity shareholders and the weighted average number of shares
outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

(k) Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date under current market
conditions. The Company categorises assets and liabilities measured at fair value into one of three

levels depending on the ability to observe inputs employed in their measurement which are
described as follows:

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

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.

Financial assets and financial liabilities that are recognized at fair value on a recurring basis, the
Company determines whether transfers have occurred between levels in the hierarchy by re¬
assessing categorization (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.

(l) Recent accounting pronouncements :

The Ministry of Corporate Affairs (MCA) notifies new standard for amendments to the existing
standards. There is no such notifications which would have been applicable from 1st April 2024.

The Company monthly contributes 12% of basic salary as per the Provident Fund Act to its Common Control Trust "Bachhraj & Co. Ltd. Provident Fund Institution",
(Trust) constituted for the benefit of the employees.

The Company has an obligation to fund for any shortfall on the yield of the Trusts investments over the administered interest rates on an annual basis. These
administered rates are determined annually predominantly considering the social rather than economic factors. The actuary of the Trust has provided a valuation for
Provident Fund liabilities on the basis of guidance issued by the Actuarial Society of India on consolidated basis, I.e., all Common control entities put together.
Individual assets and liabilities details for each entity is not ascertainable. Hence the Company has accounted Provident Fund as Defined Contribution Plan in line
with IND AS 19 "Employee Benefits".

The Company as on the date of signing of the Financial Statements is yet to receive any intimation from the Trust toward contribution for any shortfall in Assets value.
The expense recognised during the year ended 31st March 2024 towards Defined Contribution Plan on such shortfall is Rs. Nil (P.Y. 9.15 lakh).

The Company has contributed Rs. 10.26 lakhs (P.Y. Rs. 10.22 lakhs) towards Employee's PF contribution for the year.

31 Estimation of fair value of interest free deposits

The security deposits received are to be repaid in cash over a definite period of years. As per Indian Accounting Standard 109 ("Ind AS 109"),-
"Financial Instruments", all financial assets and liabilities are required to be recognised at fair value. Since these security deposits are
refundable in cash, they would generally meet the definition of financial asset under Ind AS 109. As these security deposits are interest free,
the difference between the deposit amount and its fair value is to be treated as Deferred Income which is then recognised as Income in the
statement of profit or loss on a straight line basis over the tenure of the deposit as additional lease income. On a related note, interest is
accreted on the fair value recognized on inception to bring the fair value to the deposit amount that will be repaid.

32 Fair Value Measurement

Financial Instrument by category and hierarchy:

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are (a) recognised
and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide
an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the
three levels prescribed under the Accounting Standard.

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 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 fair values for security
deposits were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair
value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

The Company 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.

Note 33: Financial Risk Management

The Company's Board of Directors has overall responsibility for the establishment and oversight
of the Company's risk management framework. The Company's approach to addressing risks is
comprehensive and includes periodic review of such risks and a framework for mitigating and
reporting mechanism of such risks. The risk management framework is reviewed periodically by
the Board & Audit Committee. The Company's financial risk management is an integral part of
how to plan and execute its business strategies.

The Board of Directors provides guiding principles for overall risk management, as well as policies
covering specific areas, such as credit risk, liquidity risk and investment of available funds.

The Company has exposure to the following risks arising from financial instruments:

• Credit Risk

• Liquidity Risk and

• Market Risk

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 towards the Company and primarily arises
from trade and other receivables, cash and cash equivalents, financial assets measured at
amortised cost and financial assets measured at FVTPL. None of the financial instruments of the
Company result in material concentration of credit risk. The maximum amount of the credit
exposure is equal to the carrying amounts of these receivables.

i. Trade and Other receivables

In regard to Trade receivables, which are typically unsecured, credit risk is managed through
credit approvals, establishing credit limits and continuously monitoring the credit worthiness of
customers to whom credit is extended in the normal course of business.

Financial assets are written off when there are no reasonable expectations of recovery, such as a
debtor failing to engage in a repayment plan with the Company. Where loans or receivables have
been written off, the Company continues to engage in enforcement activity to attempt to recover
the receivable dues. Where recoveries are made, these are recognized as income in the statement of
profit and loss.

The Company has a policy to provide for any amount which is outstanding for more than 12
months from its due date if they are considered as doubtful.

ii. Others

Other than trade financial assets reported above, the Company has no other financial assets which
carries any significant credit risk.

The Company's principal sources of liquidity are 'cash and cash equivalents' and cash flows that
are generated from operations. The Company has no outstanding term borrowings. The Company
believes that its working capital is sufficient to meet its current requirements to meet the financial
liabilities within maturity period. Additionally, the Company has sizeable surplus funds invested
in fixed income securities or instruments of similar profile thereby ensuring safety of capital and
availability of liquidity if and when required. Hence the Company does not perceive any liquidity
risk.

Market Risk:

Market Risk is the risk that arises from changes in market prices. The Company operates only in
domestic market and considering the business operation, the Company does not have any
significant risks that will materially affect its income.

i. 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 has no borrowings
and hence there is no interest rate risk.

ii. Price Risk:

Market Price Risk is the risk that the value of an investment will decrease due to change in
market factors.

The Company has deployed its surplus funds into various financial instruments including units of
mutual funds, bonds, fixed maturity plans etc. The Company is exposed to price risk on such
investments; which arises on account of movement in interest rates, liquidity and credit quality of
underlying securities. The Company's exposure to equity securities price risk and mutual fund
NAV risk classified in the balance sheet either at fair value through OCI or at fair value through
Profit and Loss. To manage its price risk, the Company diversifies its portfolio.

Sensitivity:

The table below summarizes the impact of increases/decreases of the BSE index on the Company's
investments 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.

Above referred sensitivity pertains to quoted equity investment (Referred to in Note 3 and 6).
Profit for the year would increase/ (decrease) as a result of gains/ (losses) on equity securities and
mutual fund investments at fair value through other comprehensive income and through profit or
loss respectively.

The Company has invested its surplus funds primarily in debt based mutual funds and fixed
maturity plans. The value of investment in these mutual fund schemes is reflected though Net
Asset Value (NAV) declared by the Asset Management Company on daily basis.

The Company has not performed a sensitivity analysis on these mutual funds based on estimated
fluctuations in their NAV as in Management's opinion, such analysis would not display a correct
picture.

Note 34: Capital Management - Objectives, policies and processes

The Company has cash surplus and has no capital other than Equity. The Company is not exposed
to any regulatory imposed capital requirements.

The cash surpluses are currently invested in income-generating debt instruments (including
through mutual funds) and money market instruments depending on economic conditions in line
with the guidelines set out by the Management. Safety of capital is of prime importance to ensure
availability of capital for operations. Investment objective is to provide safety and adequate return
on the surplus funds.

The Company does not have any borrowings and does not borrow funds unless circumstances
require.

Note 36: The Regional Provident Fund Commissioner, Mumbai (RPFO) vide his Order dated
24.09.2013 had directed the Company to pay Provident Fund dues amounting to Rs. 23.55 Lakhs in
respect of certain contract workers, retrospectively w.e.f. 01.04.1999 onwards. The RPFO has fully
recovered the said amount from the Company. The Company had preferred an Appeal against the
Order before the EPF Appellate Tribunal, New Delhi (EPFAT). The Employee Provident Fund
Appellate Tribunal (EPFAT) has passed Order dated 10.03.2016, setting aside the Order passed by
the RPFO (Mumbai) and remitted the case back to RPFO (Mumbai) to dispose it off afresh in
accordance with law. In the fresh proceedings which were initiated against the Company, the
RPFC (Mumbai) vide his Order dated 27.12.2019 has held that the provisions of the Employees
Provident Fund & Miscellaneous Provisions Act, 1952 are applicable to the Company. Pending
reassessment by the RPFO, the amount so recovered has been disclosed under "Other Non¬
Current Financial Assets Deposits with Government". The interest and penalty, if any, payable
thereon presently is not ascertainable. The Company has on 06.03.2020 filed an appeal against the
aforesaid Order of the RPFC (Mumbai) before the Hon'ble Central Government Industrial
Tribunal cum Labour Court No. 2 and the same is pending.

Note 37: Segment Reporting:

The Company is, at present, primarily engaged in a single business segment of providing and
rendering administrative and allied services and operates only in a single geographical segment.

Geographic Information

The geographic information analyses the Company's revenues and non-current assets by the
Company's country of domicile and other countries. In presenting geographic information,
segment revenue has been based on the selling location in relation to sales to customers and
segment assets are based on geographical location of assets.

Note: Name of the related party and the related party relationship where control exists have been
disclosed only when there have been transactions with those parties. Related parties as defined
under para 9 of Ind AS 24 "Related Partly Disclosures" have been identified by the Company
based on representations made by key managerial personnel and information available with the
Company and relied upon by the Auditors.

#Details of sitting fee paid and remuneration paid have been given in the extracts of Annual
Return in Form No MGT 9 appearing in this report.

(2) Transactions carried out with Related Parties referred to in (1) above, in the ordinary course of
business:

Note 39:

a) "Trade Payables" in Note '18' to Account include (i) Rs. Nil due to micro and small enterprises
registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME)
Act; and (ii) Rs. 1.57 lakhs (31.03.2023 Rs. 5.74 lakhs) due to other creditors.

b) During the year, no amounts have been paid beyond the appointed day in terms of MSME Act
and there are no amounts paid towards interest. Further, there is no interest accrued / payable
under the said MSME Act as at the close of the year. The above disclosure is based on the
information available with the Company regarding the status of the suppliers under the MSME
Act. The amount due to the micro and small enterprises is towards retention as per terms, if
any.

The above disclosure is as provided by the Management and relied upon by the Auditor

Note 40: In the opinion of the Board of Directors, all items of Current Assets, Loans and Advances
continue to have a realizable value of at least the amounts at which they are stated in the Balance
Sheet, unless otherwise stated.

Note 41: The provisions of Section 135 of the Companies Act, 2013 read together with the rules
framed there under relating to Corporate Social Responsibility initiatives which need to be
undertaken by specified companies are at present not applicable to the Company.

Note 42: The Code on Social Security, 2020 ('Code') relating to employee benefits during
employment and post-employment benefits (Provident Fund and Gratuity Act) received
Presidential assent on September 28, 2020. The Code has been published in the Gazette of India.
However, the date on which the Code will come into effect has not been notified. The Company
will assess the impact of the Code when it comes into effect and will record any related impact in
the period the Code becomes effective.

* Increase in Short Term investments due to purchase of mutual funds
**Increase in Other Income due to fair value of Investment.

Note 44: The Company has not been declared willful defaulter by any bank or financial institution
or any other lender.

Note 45: There are no material transactions with respect to struck off companies as mentioned
under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

Note 46: The Company does not have any charges or satisfaction of charges which are yet to be
registered with ROC beyond the statutory period.

Note 47: Provision regarding the number of layers prescribed under Section of Section 2 (87) of
the Act read with the Companies (Restriction on number of layers) Rules, 2017 is not applicable.

Note 48: The Company does not have any 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 Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of Income
Tax Act, 1961).

Note 49: The Company has not traded or invested in crypto currency or virtual currency during
the respective financial year/period.

Note 50: The Company does not have any scheme of arrangements which have been approved by
the Competent Authority in terms of Section 230 to 237 of the Companies Act, 2013.

Note 51: 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
intermediary shall:

a) 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

b) Provide any guarantee, security or like to or on behalf of the Ultimate Beneficiaries.

Note 52: 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:

a) 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

b) Provide any guarantee, security or the like on the behalf of the Ultimate Beneficiaries.

Note 53: The Company has no proceedings initiated or pending for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
Note 54: Events after reporting period: There have been no events after the reporting date that
require disclosure in these Financial Statements.

Note 55: Previous year's figures have been regrouped / reclassified wherever necessary and to
confirm to amendments in Sch III to the Company's Act. 2013.

The accompanying notes are an integral part of the financial statements as per our report of even
date.

For M M Nissim & Co LLP Vinod Nevatia Minal Bajaj

Chartered Accountants Chairman Executive Director

(Firm Regn. No. 107122W/W100672) (DIN- 00059194) (DIN- 00222469)

(N. Kashinath) ^Vijay ^{Bohra Meeta Khalsa}

_Partner Chief Financial Officer Company Secretary

Mem. No. : 036490