o. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions involving substantial degree of estimation in measurement are
recognized when there is a present obligation as a result of past events and it
is probable that there will be an outflow of resources. Contingent Liabilities are
not recognized but are provided on the basis of management evaluation of the
same and reviewed on the basis of events happening, besides disclosures in the
notes. Contingent Assets are neither recognized nor disclosed in the financial
statements.

p. LEASED ASSETS

Rentals in respect of assets taken on operating lease by the company are
expensed with reference to the lease and other considerations.

q. FINANCIAL INSTRUMENTS

A financial instrument is any contract that gives rise to a financial asset of one
entity and a financial liability or equity instrument of another entity.

Financial Assets
Initial Measurement:

All financial assets are recognised initially at fair value plus, in the case of
financial assets not recorded at fair value through profit or loss, transaction
costs that are attributable to the acquisition of the financial asset. Purchases
or sales of financial assets that require delivery of assets within a time frame
established by regulation or convention in the market place (regular way trades)
are recognised on the trade date, i.e., the date that the Company commits to
purchase or sell the asset.

Subsequent Measurement:

Subsequent measurement is determined with reference to the classification of
the respective financial assets and the contractual cash flow characteristic of
the financial assets, the company classifies financial assets as subsequently
measured at amortized cost, fair value through other comprehensive income
or fair value through profit and loss.

Financial Assets carried at amortised cost

A financial asset is measured at amortised cost if it is held within a business
model whose objective is to hold the asset in order to collect contractual cash
flows and the contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding

Financial Assets at fair value through other Comprehensive Income
(FVOCI)

A financial asset is measured at FVOCI if it is held within a business model
whose objective is achieved by both collecting contractual cash flows and selling
financial assets and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and interest
on the principal amount outstanding.

Financial Assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories are
measured at FVTPL

Debt instruments included within the FVTOCI category are measured at fair
value with all changes recognized in profit and loss. However currently the
company does not have any financial instrument in this category.

Equity Investment

All equity investments in scope of Ind AS 109 are measured at fair value except
unquoted equity investments including investment in subsidiary which are stated
at cost. Equity instruments which are held for trading are classified as at FVTPL.
For other equity instruments, the company decides to classify the same either
as at FVTOCI or FVTPL. The company makes such election on an instrument
by instruments basis. The Classification is made on initial recognition and is
irrevocable.

If the company decides to classify an equity instrument as at FVTOCI, all fair
value changes on the instrument, excluding dividends are recognized in other
comprehensive income.

Equity instruments included within the FVTPL category are measured at fair
value with all changes recognized in the profit or loss.

De-recognition of Financial Assets

The Company de-recognises a financial asset only when the contractual rights
to the cash flows from the asset expire, or it transfers the financial asset and
substantially all risks and rewards of ownership of the asset to another entity.

If the Company neither transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred asset, the Company
recognizes its retained interest in the assets and an associated liability for
amounts it may have to pay.

If the Company retains substantially all the risks and rewards of ownership of
a transferred financial asset, the Company continues to recognise the financial
asset and also recognises a collateralised borrowing for the proceeds received.

Financial Liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities
at fair value through profit or loss, loans and borrowings and payables as
appropriate. All financial liabilities are recognised initially at fair value and, in
the case of loans and borrowings and payables, net of directly attributable
transaction costs.

• Borrowings

After initial recognition, interest-bearing loans and borrowings are
subsequently measured at fair value.

• Financial Guarantee Contracts

Financial guarantee contracts issued by the Company are those contracts
that require a payment to be made to reimburse the holder for a loss it
incurs because the specified debtor fails to make a payment when due in
accordance with the terms of a debt instrument. Financial guarantee
contracts are recognised initially as a liability at fair value, adjusted for
transaction costs that are directly attributable to the issuance of the
guarantee. Subsequently, the liability is measured at the higher of the
amount of loss allowance determined as per impairment requirements
of Ind AS 109 and the amount recognised less cumulative amortisation.

• De-recognition of Financial Liabilities

Financial Liabilities are removed from the balance sheet when the
obligation specified in the contract is discharged, cancelled or expired.
The difference between the carrying amount of a financial liability that
has been extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognised in the Statement of Profit and Loss as
other gains/(losses).

• Offsetting Financial Instruments

Financial Assets and Financial Liabilities are offset and the net amount
is reported in the Balance Sheet if there is a currently enforceable legal
right to offset the recognised amounts and there is an intention to settle
on a net basis; to realise the assets and settle the liabilities simultaneously.

FAIR VALUE MEASUREMENT

The Company measures financial assets and financial liability at fair value at
each balance sheet date.

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. The fair value measurement is based on the presumption that the transaction
to sell the asset or transfer the liability takes place either:

- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market
for the asset or liability

The principal or the most advantageous market must be accessible by the
Company. The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the asset or liability,
assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market
participant’s ability to generate economic benefits by using the asset in its
highest and best use or by selling it to another market participant that would use
the asset in its highest and best use. The Company uses valuation techniques
that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the
financial statements are categorised within the fair value hierarchy, described
as follows, based on the lowest level input that is significant to the fair value
measurement as a whole:

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

The Management analyses the movements in the values of assets and liabilities
which are required to be remeasured or re-assessed as per the Company’s
accounting policies. For this analysis, the Management verifies the major inputs
applied in the latest valuation by agreeing the information in the valuation
computation and other relevant documents.

Note:

No external valuation was conducted during the Financial Year Ended 31st March, 2025. However, based on internal assessment and
management's review of market indicators, there has been no material change in the fair value of the investment property since the last
valuation. Accordingly, the fair value disclosed as at 31st March, 2024, continues to represent a reasonable estimate of the property's
fair value as at 31st March, 2025. Details of the Company's investment properties and information about the fair value hierarchy as at

31 Qt Marrh arp aQ fnllnwc Ý

The Company has already provided during the earlier years out of abundant caution 50% of the Principal Liability in case of Sl. Nos. 1, 2, & 4 and
55% in case of Sl. Nos. 3 as Contingency Provision. During the year the Company has reversed Contingency Provision on Income Tax Demand
as the same is not required any more due to time limitation for filing appeal. During the year, the Company has also reversed Contingency Provision
on a Customer Case which was settled.

Presently all the above matters are under litigation with various authorities and hence based on the final outcome or management perception
appropriate accounting entries will be passed fastening the liability or its reversal.

2. Exceptional Items

The Exceptional Item of Rs.19,14 (‘000s) in the current year represents the settlement made against a Customer Demand. The Exceptional Item
of Rs.688 (‘000s) in the previous year represents the Custodial Fees paid to NSDL for the years from 2013-2024 to 2018-2029 as the Bill for this
demand raised by them during the previous year.

3. Payment to Auditors

17. Title Deeds of Immovable Property not held in name of the Company: The title in respect of self-constructed buildings and title deeds of all other
immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee),
disclosed in the financial statements included under property, plant and equipment are held in the name of the Company as at the balance sheet date

18. The disclosures relating to Revaluation of Property is not applicable since there is no revaluation done for immovable property during current year

19. The company does not grant any loans and advances in nature of loans to Promoters, Directors, KMP and the Related Parties (as defined under
Companies Act, 2013), hence disclosures related to Loans and advances is not applicable to the company.

20. The Company has not been declared a wilful defaulter (As defined by RBI circular) by any bank or financial institution or other lander during the
financial year.

21. Relationship with Struck off Companies under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.The company does
not have any transaction with companies struck off under section 248 of companies act 2013. or section 560 of companies act 1956.

22. Registration of charges or satisfaction with Registrar of Companies: The Company does not have any charges or satisfaction which is yet to be
registered with ROC beyond the statutory period other than the one satisfied under a compromise agreement under section 391 of the Companies
Act, 1956 pending release by Banks and Trustees for Debenture Holders.

23. The Company has complied with the number of layers under prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction
on number of Layers) Rules, 2017.

24. Expenditure in foreign currency: No expenditure incurred in Foreign currency during the year.

25. Earnings of foreign exchange: No earning of Foreign currency during the year

26. Utilisation of Borrowed funds and share premium:

1. 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 the like to or on behalf of the Ultimate Beneficiaries

2. 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 behalf of the Ultimate Beneficiaries,

27. Comparative financial information (i.e., the amounts and other disclosures for the previous year presented above as corresponding figures), is
included as an integral part of the current year’s Financial Statements and is to be read in relation to the amounts and other disclosures relating to
the current year. Figures of the previous year have been reworked, regrouped, rearranged and reclassified wherever necessary to correspond to
figures of the current year.

28. SCHEME OF ARRANGEMENT:

During the year 2023-2024, the Company held an Extraordinary General Meeting (EGM) on 15^th September, 2023 under the provisions of Sections 233
of the Companies Act, 2013 read with Rule 25 of Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 for the proposed
Scheme of Amalgamation of Maximus Securities Limited (Transferor Company) with Hybrid Financial Services Limited (Transferee Company). The
majority members in the EGM approves the scheme. However, The Regional Director, Ministry of Corporate Affairs, Mumbai had rejected this
proposal on account of delayed submission of documents. Then the Company had decided to approach National Company Law Tribunal (NCLT),
Mumbai for the proposed Scheme of Merger. The NCLT has passed first motion order dated 26^th November 2024 dispensing with the requirements of
Shareholders’ Meeting for merger and ordered on completion of other legal / statutory formalities to complete the merger.

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Financial Risk Factors

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company’s overall risk
management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the Company.

Market Risk

Market Risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company’s
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures
within acceptable parameters, by providing for the same, while optimising the return.

Interest Rate Risk

The Company has financial assets which are at fixed interest rates and is therefore not exposed to the risks associated with the effects of fluctuation
in interest rates.

Foreign Exchange Risk

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. As the company does not deal in forex transaction, there is no foreign exchange risk.

Credit Risk

Credit Risk represents the potential loss that the Company would incur if counter parties fail to perform pursuant to the terms of their obligations to
the Company. The Company limits its credit risk by carrying out transactions. The maximum exposure to credit risk is represented by the carrying
amount of each financial asset in the statement of financial position. The Company’s main credit risk concentration as on 31^st March 2025 is
negligible.

There is no risk in terms of Bank Balances, since the counterparty is a reputable bank with high quality external credit ratings.

Liquidity Risk

Liquidity Risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing
liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. The Company manages liquidity risk by maintaining
adequate reserves, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of the financial assets and
liabilities. The table below illustrates the aged analysis of the Company’s financial liabilities.

31. Figures have been rounded off to the nearest rupee and expressed in thousands.

Signature to Noted 1 and 2

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

For S. Ramanand Aiyar & Co

Chartered Accountants

Firm Registration No.: 000990N

N. R. DIVATE SAMEER S. PIMPALE K.CHANDRAMOULI

Whole Time Director Chairman Whole Time Director

DIN - 00304616 DIN - 08813127 and Company Secretary

DIN - 00036297

BINOD C. MAHARANA MEGHA J.VAZKAR NILAY SHARMA NITIN K. TIKE

Partner Director Director Director

M.No. 056373 DIN - 00179162 DIN - 00231299 DIN - 10621976

VINAY KULKARNI

Chief Financial Officer