1.19 Provisions, Contingent Liabilities and Contingent Assets
A provision shall be recognised when:

(a) The company has a present obligation (legal or constructive) as a result of a past event;

(b) It is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation; and

(c) A reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision shall be the best estimate of the expenditure required to
settle the present obligation at the end of the reporting period. The risks and uncertainties that
inevitably surround many events and circumstances shall be taken into account in reaching the best
estimate of a provision. Where the effect of the time value of money is material, the amount of a
provision shall be the present value of the expenditures expected to be required to settle the
obligation. Provisions is reviewed at the end of each reporting period and adjusted to reflect the
current best estimate. If it is no longer probable that an outflow of resources embodying economic
benefits will be required to settle the obligation, the provision is reversed.

Unless the possibility of any outflow in settlement is remote, the company will disclose for each
class of contingent liability at the end of the reporting period a brief description of the nature of the
contingent liability and, where practicable:

(a) An estimate of its financial effect,

(b) An indication of the uncertainties relating to the amount or timing of any outflow; and

(c) The possibility of any reimbursement.

Where an inflow of economic benefits is probable, the company will disclose a brief description of
the nature of the contingent assets at the end of the reporting period, and, where practicable, an
estimate of their financial effect.

1.20 Earnings per Share

The company will calculate basic earnings per share amounts for profit or loss attributable to
ordinary equity holders and, if presented, profit or loss from continuing operations attributable to
those equity holders. Basic earnings per share shall be calculated by dividing profit or loss
attributable to ordinary equity holders (the numerator) by the weighted average number of ordinary
shares outstanding (the denominator) during the period. The objective of basic earnings per share
information is to provide a measure of the interests of each ordinary share in the performance of the
company over the reporting period.

If the number of ordinary or potential ordinary shares outstanding increases as a result of a
capitalisation, bonus issue or share split, or decreases as a result of a reverse share split, the
calculation of basic and diluted earnings per share for all periods presented shall be adjusted
retrospectively. If these changes occur after the reporting period but before the financial statements
are approved for issue, the per share calculations for those and any prior period financial
statements presented shall be based on the new number of shares. The fact that per share
calculations reflect such changes in the number of shares shall be disclosed. In addition, basic and
diluted earnings per share of all periods presented shall be adjusted for the effects of errors and
adjustments resulting from changes in accounting policies accounted for retrospectively.

The company will present in the statement of profit and loss basic and diluted earnings per share for
profit or loss from continuing operations attributable to the ordinary equity holders and for profit or
loss attributable to the ordinary equity holders for the period for each class of ordinary shares that
has a different right to share in profit for the period. It will present basic and diluted earnings per
share with equal prominence for all periods presented. It will present basic and diluted earnings per
share, even if the amounts are negative (i.e. a loss per share).

1.21 Employee Benefits

Short-term employee benefits include items such as the following, if expected to be settled wholly
before twelve months after the end of the annual reporting period in which the employees render
the related services: (a) wages, salaries and social security contributions; (b) paid leave; (c)
bonuses; and (d) non-monetary benefits if any for current employees. When an employee has
rendered service to the company during an accounting period, it recognises the undiscounted
amount of short-term employee benefits expected to be paid in exchange for that service: (a) as a
liability (accrued expense), after deducting any amount already paid. If the amount already paid
exceeds the undiscounted amount of the benefits, it recognises that excess as an asset (prepaid
expense) to the extent that the prepayment will lead to, for example, a reduction in future payments
or a cash refund.(b) as an expense. It will recognise the expected cost of bonus payments only when:
(a) it has a present legal or constructive obligation to make such payments as a result of past
events; and (b) a reliable estimate of the obligation can be made.

A present obligation exists when, and only when, the entity has no realistic alternative but to make
the payments.

Post-employment benefits include items such as the following: (a) retirement benefits (lump sum
payments on retirement i.e. gratuity); and (b) other post-employment benefits, such as leave
encashment, terminal benefits. Arrangements whereby company provides post-employment
benefits are post-employment benefit plans. It applies this Standard to all such arrangements
whether or not they involve the establishment of a separate entity to receive contributions and to
pay benefits.

Post-employment benefit plans are classified as either defined contribution plans or defined benefit
plans, depending on the economic substance of the plan as derived from its principal terms and
conditions.

Under defined contribution plans the company's legal or constructive obligation is limited to the
amount that it agrees to contribute to the fund. Thus, the amount of the post-employment benefits
received by the employee is determined by the amount of contributions paid by the company (and
perhaps also the employee) to a post-employment benefit plan or to an insurance company,
together with investment returns arising from the contributions. In consequence, actuarial risk (that
benefits will be less than expected) and investment risk (that assets invested will be insufficient to
meet expected benefits) fall, in substance, on the employee. The company may pay insurance
premiums to fund a postemployment benefit plan. The entity shall treat such a plan as a defined
contribution plan unless the entity will have (either directly, or indirectly through the plan) a legal or
constructive obligation either: (a) to pay the employee benefits directly when they fall due; or (b) to
pay further amounts if the insurer does not pay all future employee benefits relating to employee
service in the current and prior periods. If it retains such a legal or constructive obligation, it shall
treat the plan as a defined benefit plan.

When an employee has rendered service to the company during a period, it shall recognise the
contribution payable to a defined contribution plan in exchange for that service: (a) as a liability
(accrued expense), after deducting any contribution already paid. If the contribution already paid
exceeds the contribution due for service before the end of the reporting period, an entity shall
recognise that excess as an asset (prepaid expense) to the extent that the prepayment will lead to,
for example, a reduction in future payments or cash refund. (b) as an expense. When contributions to
a defined contribution plan are not expected to be settled wholly before twelve months after the end
of the annual reporting period in which the employees render the related service, they shall be
discounted using the discount rate.

Accounting by an entity for defined benefit plans involves the following steps: (a) determining the
deficit or surplus. (b) Determining the amount of the net defined benefit liability (asset). (c)
Determining amounts to be recognised in profit or loss :(i) current service cost (ii) any past service
cost and gain or loss on settlement (iii) net interest on the net defined benefit liability (asset). (d)
Determining the re-measurements of the net defined benefit liability (asset), to be recognised in
other comprehensive income, comprising: (i) actuarial gains and losses;(ii) return on plan assets,
excluding amounts included in net interest on the net defined benefit liability (asset); and (iii) any
change in the effect of the asset ceiling, excluding amounts included in net interest on the net
defined benefit liability (asset).

The company will account not only for its legal obligation under the formal terms of a defined benefit
plan, but also for any constructive obligation that arises from its informal practices. Informal
practices give rise to a constructive obligation where it has no realistic alternative but to pay
employee benefits.

The company recognises the net defined benefit liability (asset) in the balance sheet. When the
company has a surplus in a defined benefit plan, it shall measure the net defined benefit asset at the
lower of: (a) the surplus in the defined benefit plan; and (b) the asset ceiling, determined using the
discount rate.

The company uses the projected unit credit method to determine the present value of its defined
benefit obligations and the related current service cost and, where applicable, past service cost.

1.22 Income Taxes

Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of: (a)
deductible temporary differences; (b) the carry forward of unused tax losses; and (c) the carry
forward of unused tax credits.

Current tax for current and prior periods shall, to the extent unpaid, be recognised as a liability. If
the amount already paid in respect of current and prior periods exceeds the amount due for those
periods, the excess shall be recognised as an asset.

A deferred tax liability is recognised for all taxable temporary differences, except to the extent that
the deferred tax liability arises from: (a) the initial recognition of goodwill; or (b) the initial
recognition of an asset or liability in a transaction which: (i) is not a business combination; and (ii) at
the time of the transaction, affects neither accounting profit nor taxable profit (tax loss). Temporary
differences also arise when assets are revalued and no equivalent adjustment is made for tax
purposes. IND AS's permits or requires certain assets to be carried at fair value or to be revalued.

The difference between the carrying amount of a revalued asset and its tax base is a temporary
difference and gives rise to a deferred tax liability or asset.

A deferred tax asset shall be recognised for all deductible temporary differences to the extent that it
is probable that taxable profit will be available against which the deductible temporary difference
can be utilised.

A deferred tax asset shall be recognised for the carry forward of unused tax losses and unused tax
credits to the extent that it is probable that future taxable profit will be available against which the
unused tax losses and unused tax credits can be utilised.

Current tax liabilities (assets) for the current and prior periods is measured at the amount expected
to be paid to (recovered from) the taxation authorities, using the tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and
liabilities is measured at the tax rates that are expected to apply to the period when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period. When different tax rates apply to different
levels of taxable income, deferred tax assets and liabilities are measured using the average rates
that are expected to apply to the taxable profit (tax loss) of the periods in which the temporary
differences are expected to reverse.

Current and deferred tax is recognised as income or an expense and included in profit or loss for
the period, except to the extent that the tax arises from a transaction or event which is recognised,
in the same or a different period, outside profit or loss, either in other comprehensive income or
directly in equity. Current tax and deferred tax shall be recognised outside profit or loss if the tax
relates to items that are recognised, in the same or a different period, outside profit or loss.
Therefore, current tax and deferred tax that relates to items that are recognised, in the same or a
different period: (a) in other comprehensive income, shall be recognised in other comprehensive
income (b) directly in equity, shall be recognised directly in equity.

1.23 Critical accounting judgement and key sources of estimation uncertainties

The preparation of financial statement in conformity with IND AS requires the Company's
management to make judgements, estimates and assumptions about the carrying amounts of
assets and liabilities recognised in the financial statements that are not readily apparent from
other sources. The judgements, estimates and associated assumptions are based on historical
experience and other factors including estimation of effects of uncertain future events that are
considered to be relevant. Actual results may differ from these estimates.

The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates ( accounted in a prospective basis) and recognised in the period in which
the estimates is revised if the revision affects only that period, or in the period of the revision
and future periods of the revision affects both current and future periods.

29. Use of estimates & Judgments

The preparation of financial statements in accordance with IND AS requires use of estimates
and assumptions for some items, which might have an effect on their recognition and
measurement in the balance sheet and statement of profit and loss. The estimates and
associated assumptions are based on historical experience and other factors that are
considered to be relevant. The actual results may differ from these estimates. The Company's
management believes that the estimates used in preparation of the financial statements are
prudent and reasonable. Any revision to the accounting estimates is recognized
prospectively in the current and future periods.

30. Investment Property

Company has given advance of f 50 lakhs to Society for the Protection of Children of India
registered under Society Registration Act, 1960 for the purchase of Land at Sodepur.
Government of West Bengal intended to acquire the said land in 2004, however no such
acquisition proceeding has been initiated. Management confirms that the amount paid as
advance along-with expenses incurred thereon of f 12.06 Lakhs is the fair value and hence
no further adjustments are required. (Refer Note No. 9)

Company has acquired in April 2019, property at GC Avenue in discharge of loan obligation
made to M/s Ajanta offset & Packaging Pvt. Ltd. of f 355 lakhs. This is the fair value and
hence no further adjustments are required (Refer Note No. 9)

31. Non Performing Asset provisioning and impairment on Financial Instrument

i. Company has followed Reserve Bank of India Guidelines in respect of NPA
provisioning applicable for Non Systematically Important-Non Deposit Taking Non
Banking Financial Company. Apart from NPA Provision, Company has made
additional Provision for impairment of Financial instruments as required under Indian
Accounting standard (Ind-AS)36. Both the provisions taken together have been
reflected in Profit & Loss Account under impairment on Financial Instrument. During
the current year, all the Non-Performing assets have been written off & consequently
provision made in earlier years in respect of said NPAs have been written back.

ii. The Company's assessment of impairment loss on its loans and other assets is
subject to a number of management judgments and estimates, the impacts of actions
of governments and other authorities, and the responses of businesses and
consumers in different industries, along with the associated impact on the global
economy.

33. Contingent Liabilities:

i. Bank Guarantee issued by bank on behalf of the Company is Nil (P.Y f 5.00
Lakhs).

ii. Suit Filed against the Company by customers under hypothecation contract
pending are 3 in nos. amounting to f 7.27 Lakhs (P.Y f 7.27 lakhs). Further
there was 1 case in previous year where the amount was indeterminate;
however the same is disposed off in the current year.

iii. There is a demand of f 46.58 lakhs (previous year f46.58) in respect of
Assessment Year 2017-18 and f 27.89 (previous year f27.89) lakhs in respect
of Assessment Year 2018-19 against which appeals are pending for disposal
before CIT Appeal

Apart from above, there is an income tax, demand amounting to f 38.07 lakhs
(P.Y. f 38.07 lakhs) has been shown in the Income Tax Site for various years.
As per the management, these are fictitious demand which needs to be
cancelled /rectified by the Income Tax Department and in respect of which
corrective response has been submitted by the Company in the Income Tax
Site.

(c) Commitments:

The Estimated amount of Contracts remaining to be executed on capital account and
not provided for is - NIL.

35. (a) Primary Segment: Business Segment:

* The Company's business is organized around two business segments namely,
Financial, and Real Estate. Financial activities consist of granting of Group loan under
Joint Liability, Granting of loan against Hypothecation of vehicles, unsecured personal
loan, Inter Corporate Deposits, Trading and investment in Shares & Securities.
Accordingly the Company has provided primary segment information for these two
segments as per IND AS 108.

* There is no inter-segment transfer.

* All the common income, expenses, assets and liabilities which are not possible to be
allocated to different segments are treated as un-allocable items.

37. Depreciation

Depreciation on Tangible Fixed Assets is provided on the Straight Line Method over the
useful life of assets as prescribed under Part C of Schedule II of the Companies Act, 2013.
Depreciation for assets purchased/sold during a period is proportionately charged.
Intangibles are amortized over useful life of asset.

38. Suit filed by the Company

During earlier years, Company had filed cases against the customers to whom loans were
given. Book value of entire such Loan where cases have been filed and pending, have been
written off in earlier years and the money realized against such cases is shown as income in
the profit & loss account.

39. Previous Year Figures have been regrouped/Rearranged wherever necessary & all the
figures are in lakhs rounded off to two decimal points. Quantitative figures wherever it
appears are in absolute terms unless otherwise specifically stated.

The above particulars, as applicable, have been given in respect of MSEs. No party could be
identified on the basis of information available with the Company.

The company has no long-term contracts including derivative contracts having material
foreseeable losses as at 31^st March 2024.

41. Financial Instruments

I) The Company's principal financial assets include investments, loans, trade
receivables, other receivables, and cash & cash equivalents that derive directly
from its operations. The Company's principal financial liabilities comprise loans
and borrowings, trade and other payables. The main purpose of these financial
liabilities is to finance the Company's operations.

a) Market risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market prices. Market risk comprises three types of risk:
interest rate risk, foreign currency risk and other price risk such as equity price risk.
Financial instruments affected by market risk include loans and borrowings, deposits, other
financial instruments.

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk.
Fair value interest rate risk is the risk of changes in fair value of fixed interest bearing
investments because of fluctuations in the interest rates. Cash flow interest rate risk is the
risk that future cash flows of floating interest bearing investments will vary because of
fluctuations in interest rates.

With all other variables held constant, the Company's profit before tax is not affected through
the impact of change in interest rate of borrowings.

ii) Foreign currency risk:

The Company does not have any foreign currency risk. Hence no sensitivity analysis is
required.

iii) Credit Risk:

Credit risk is the risk that the Company will incur a loss because its Loans and receivables
fail to discharge their contractual obligations. The Company has a framework for monitoring
credit quality of its Loans and receivables based on days past due monitoring at year end.
Repayment by individual Loans and receivables are tracked regularly and required steps for
recovery are taken through follow ups and legal recourse. Credit risk arises from loans and
advances, receivables, cash and cash equivalents, and deposits with banks and financial
institutions.

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 Loans and advances, receivables, cash and cash equivalents, deposits with banks
and investments.

The Company measures the expected credit loss of Loans and receivables based on
historical trend, industry practices and the business environment in which the entity
operates. Expected Credit Loss is based on actual credit loss experienced and past trends
based on the historical data.

Credit risk management

Company considers probability of default upon initial recognition of asset and whether there
has been any significant increase in credit risk on an ongoing basis throughout each
reporting period. To assess whether there is a significant increase in credit risk Company
compares the risk of default occurring on the asset as at the reporting date with the risk of
default as at the date of initial recognition. It considers available reasonable and supportive
forward-looking information.

Definition ofDefautt

A default /Non Performance of a financial asset is when the counterparty fails to make
contractual payments within 150 days of when they fall due. This definition of default is

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The
Company's principal source of liquidity is cash and cash equivalents and the cash flow i.e.
generated from operations. The Company consistently generated strong cash flows from
operations which together with the available cash and cash equivalents and current
investment provides adequate liquidity in short terms as well in the long term.

II) Capital Management

For the purpose of Company's capital management, capital includes issued capital and other
equity reserves. The primary objective of the Company's Capital Management is to maximize
shareholder value. The company manages its capital structure and makes adjustments in the
light of changes in economic environment and the requirements of the financial covenants.
The company monitors capital using gearing ratio, which is Net debt divided by total capital.

42. The Hon'ble National Company Law Tribunal, Kolkata Bench vide its order Dated 29^th June,
2022, in the matter of Company Petition No. 46/KB/2022 connected with Company Application
No.136/KB/2021 has sanctioned the Composite Scheme of Arrangement between Company
Ganesh Narayan Brijlal Private Limited (GNB-Demerged Company) with the Rani Leasings &
Finance Private Limited (Resulting cum Transferee Company) pursuant to Sections 230 to 232 of
the Companies Act,2013 apart from other Companies.

Pursuant to the said scheme of demerger, shareholders of Ganesh Narayan Brijlal Pvt. Ltd.
(GNB) were allotted in the ratio of 33 (Thirty Three) 5% Non -Cumulative optionally convertible
preference shares in lieu of 25 Equity shares held. Accordingly Company being investor of
153850 shares in GNB at purchase cost of ^13.08 lakhs has been allotted 203082 aforesaid
preference shares at cost of ^7.44 Lakhs, face value being ^20.31 Lakhs. The said preference
shares were redeemed in March 2024 & profit of ^12.87 lakhs were booked.

43. The Company has not held or is not holding any immovable property which is not in its
name. The title deeds of all immovable properties are in the name of the company.

44. The Company has not revalued its property plant & equipment and Intangibles (including
Right -of- Use Assets).

45. The Company has not revalued its Intangible assets.

46. The Company does not have any Capital Work In Progress (CWIP).

47. The Company does not have any intangible asset under development.

48. No proceedings are initiated or pending against the company for holding benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

49. The Company have borrowings from banks as overdraft facility on the basis of security of
current assets i.e. against Fixed Deposit and the requirement of filing returns or statements
are not applicable.

50. The Company has not been declared as a wilful defaulter by any bank or financial
institution or government or any government authority or any other lender who has powers
to declare the Company as a wilful defaulter at any time during the financial year or after the
end of reporting period but before the date when the financial statements are approved.

51. The Company does not have any transactions with companies struck off under Section
248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956.

52. The Company does not have any charges or satisfaction which is yet to be registered with
the Registrar of Companies (ROC) beyond the statutory period.

53. The Company does not have subsidiary Company. Therefore, Compliance with the number
of layers is not applicable.

54. The Company has not entered into any Scheme of Arrangement which has an accounting
impact on current or previous financial year.

55. The company has not traded or invested in crypto currency or Virtual currency during the
year

56. During the year 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 or entity 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 person or entities identified in any manner whatsoever by or on behalf of
company (ultimate beneficiaries) or (ii) provide any guarantee, security or the like to or
behalf of the ultimate beneficiaries. The company has not given any loans except loans to
employees and made inventories in the marketable equity shares. The company has not
given guarantee or provided security.

57 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 any manner
whatsoever by or on behalf of the funding party (ultimate beneficiaries) or (ii) provide any
guarantee, security to or on behalf of the (ultimate beneficiaries) or (iii) provide any
guarantee, security or the like to or on behalf of the ultimate beneficiaries.

58. The Company has no long term contracts including derivative contracts having material
foreseeable losses as on 31^st March, 2024.

59. The primary objectives of the Company's capital management policy are to ensure that
the Company complies with externally imposed capital requirements and maintains strong
credit ratings and healthy capital ratios in order to support its business and to maximise
shareholder value. No changes have been made to the objectives, policies and processes
from the previous years. However, they are under constant review by the Board.

60. The Company does not have any unrecorded transactions that have been surrendered or
disclosed as income during the year in the tax assessment under Income Tax Act, 1961.