2.14 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

The Company creates a provision when there is present obligation as a result of a past event that probably requires
an outflow of resources and a reliable estimate can be made of the amount of the obligation.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a
present obligation that is not recognised because it is not probable that an outflow of resources will be required to
settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot
be recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but
discloses its existence in the financial statements. Contingent liabilities are reviewed at each balance sheet date.

Contingent Assets are neither recognised nor disclosed in the financial statements. They are disclosed only when an
inflow of economic benefits is probable.

2.15 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 inventories, operating receivables and payables;

ii. Non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses
and unrealised gains and losses on financial instruments; 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

2.16 EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net profit or loss (before Other Comprehensive Income)
for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted average number
of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss (before Other Comprehensive
Income) 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.

2.17 RETIREMENT BENEFITS
Short-Term Employee Benefits

Liabilities for salaries and bonus, including non-monetary benefits, if any and accumulating leave balance in respect
of employees' services up to the end of the reporting period, are recognised as liabilities (and expenses) and are
measured at the amounts expected to be paid when the liabilities are settled.

Defined Contribution Plan and Defined Benefit Plan

Retirement benefits in the form of provident fund under the Employees Provident Fund (Misc. Provisions) Act, 1952
and gratuity under the Payment of Gratuity Act, 1972 are not applicable to the Company as the total numbers of
employees are below the minimum required number of employees as specified in respective acts.

However on the prudent basis the company has made provision for gratuity based on no. of years of service of
employees who are employed with the company for 5 Years or more.

Other Long-Term Benefits

The expected costs of other long-term employee benefits such as accumulated leaves are accrued over the period
of employment and same has been provided based on accrual basis at year end.

2.18 SHARE CAPITAL

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary
shares, share options and buyback of ordinary shares are recognised as a deduction from other equity.

2.19 SEGMENT REPORTING

The Company is engaged primarily in the business of "Investments, trading in shares and securities & Lending
Activities" and accordingly there are no separate reportable segments as per Ind AS 108 dealing with Operating
Segment."

2.20 COMMITMENTS

Commitments represent future obligations for contractual payment and are classified and disclosed as follows:

i. estimated amount of contracts remaining to be executed on capital account and not provided for;

ii. uncalled liability on partly paid shares and other investments;

iii. other non-cancellable commitments, if any, to the extent considered material and relevant by management.

Nature and Purpose of other equity

a) Capital Redemption Reserve

It represents the reserve which is created on buy back of equity shares made out of free reserve. The redemption
value equivalent to the nominal value of shares so purchased is transferred to this reserve out of profit of the company.
This reserve can be utilised for issuing fully paid-up bonus shares.

b) Statutory Reserve under Sec 45 IC of The RBI Act, 1934

Every year the Company transfers a sum of not less than twenty per cent of net profit of that year as disclosed in the
statement of profit and loss to its Statutory Reserve pursuant to Section 45-IC of the RBI Act, 1934.

The conditions and restrictions for distribution attached to statutory reserve as specified in Section 45-IC(1) in
The Reserve Bank of India Act, 1934:

1. Every non-banking financial company (NBFC) shall create a reserve fund and transfer therein a sum not less than
twenty per cent of its net profit every year as disclosed in the profit and loss account and before any dividend is
declared.

2. No appropriation of any sum from the statutory reserve fund shall be made by the NBFC except for the purpose as may
be specified by the RBI from time to time and every such appropriation shall be reported to the RBI within twenty-one
days from the date of such withdrawal

Provided that the RBI may, in any particular case and for sufficient cause being shown, extend the period of twenty one
days by such further period as it thinks fit or condone any delay in making such report.

3. Notwithstanding anything contained in sub-section (1), the Central Government may, on the recommendation of the
RBI and having regard to the adequacy of the paid-up capital and reserves of a NBFC in relation to its deposit liabilities,
declare by order in writing that the provisions of sub-section (1) shall not be applicable to the NBFC for such period as
may be specified in the order.

Provided that no such order shall be made unless the amount in the reserve fund under sub-section (1) together with
the amount in the share premium account is not less than the paid-up capital of the NBFC.

c) General Reserve

Amounts set aside from retained earnings as a reserve to be utilised for permissible general purpose as per applicable Law.

d) Retained Earnings

Retained earnings represents profits that the company earned till date including impact of changes in fair value of
investments which are classified as FVTPL category, realised profit/(loss) on derecognition of equity shares classified as
FVTOCI, less any transfers to General reserve, Statutory reserve, Dividends and other distributions paid to the shareholders.

e) Capital Reserve

Capital reserve represents reserve created pursuant to the business combination.

f) Securities Premium

Securities Premium reserve represents premium received on equity shares issued, which can be utilised only in accordance
with the provisions of the Companies Act, 2013 for specified purposes.

g) Other comprehensive income on equity securities

The Company has elected to recognise changes in the fair value of certain investments in equity shares in other
comprehensive income. These changes are accumulated in the Other comprehensive income-equity investments reserve.
The Company transfers amounts (net of tax) from this reserve to retained earnings when the relevant equity shares are
derecognised.

The Company undertakes the following activities in the nature of Corporate social responsibility (CSR):

1. Promoting education for poor & needy, especially for poor girls.

2. Promoting preventive health care and sanitation in rural areas.

3. Assisting poor & needy people for Medical expense such as hospitalization, medicines etc.

4. Eradicating hunger and poverty.

5. Upliftment of the weaker section of the society.

Note:

1. With respect to CSR, there have been no related party transactions during the financial year 2024-25 and financial year
2023-24.

2. The Company had CSR obligation for FY 2024-25 was Rs. 122.79 lakhs. However, in the previous year, the Company had spent
an excess amount of Rs. 104.10 lakhs. After setting off the said excess expenditure of the previous year, the net amount
required to be spent during FY 2024-25 was Rs. 18.69 lakhs. Against this requirement, the Company spent Rs. 19.00 lakhs
towards Corporate Social Responsibility (CSR) in FY 2024-25. Consequently, an excess of Rs. 0.31 lakhs has been shown under
prepaid expenses and will be available for set off against future year's CSR liabilities.

During the Financial year 2023-24, the company has spent Rs 130.00 lakhs on CSR activities against the CSR liabilties of
Rs 25.90 lakhs. The excess amount paid of Rs 104.10 lakhs has been shown under prepaid expenses and will be available
for set off against future year's CSR liabilities.

Note 28: Tax expenses

Note

The evaluation of uncertain tax positions involves an interpretation of relevant tax laws which could be subject to challenge by the
tax authorities and an assessment of whether the tax authorities will accept the position taken. The Company does not currently
consider that assumptions or judgements made in assessing tax liabilities have a significant risk resulting in a material adjustment
within the next financial year. (Refer note 29)

Note 29 : Contingent Liabilities and Commitments :

A. Contingent Liabilities

Aroni Commercials Limited(transferor company ) was Amalgamated with Saraswati Commercial (India) Limited (transferee
company) vide NCLT order dated 16^th March, 2017. Hence all the contingent liabilities of Aroni commercials limited have
been considered as contingent liabilities of Saraswati Commercial (India) Limited.

1. During F.Y. 2004-05, The Aroni Commercials Limited had kept Rs 100.70 lakhs in Escrow account with Calyon Bank,

Nariman Point Branch for any demands of stamp duty, penalties and liabilities that may arise on the scheme of
arrangement as approved by the High Court of Judicature at Mumbai in terms of which company has transferred its
Aluminium Chloride undertaking and wind mill undertaking to Nagda Orgo Chem Private Limited under Section 391
to Section 394 of the companies Act, 1956. On 1^st October 2012, The Hon'ble High court of Indore (Single Judge) has

given decision in favour of the Company. Revenue had filed an writ appeal against the said order with the Hon'ble
High court of M.P., Indore.( Double Judge). Vide order dated 26^th September,2014 states that the appeal be listed
for final hearing in due course. As per current status of the said hearing the Appeal is pending for the final hearing.

2. NEPC India Limited had instituted a suit against the Aroni commercials limited in the court of II FAST TRACK JUDGE
Madras for deferment of payment to the NEPC India Limited the,sum of Rs. 20.47 lakhs together with interest at
24% p.a on Rs. 10.53 lakhs Vide order dated 13th February, 2012, court has given decision in favour of NEPC India
limited. In the result the suit is decreed in favour of NEPC India Limited for Rs. 10.53 lakhs , with interest at the rate of
12% p.a. from august 1998 till realisation, with costs. Aroni commercials limited has filed an appeal with the Hon'ble
High court of Madras against the said order.

3. Income tax and sales tax:
m ieb|jeLL ui duuve meiiuuiieu uibjjuieu uenidiiu, uuuiuw ib iiul piuuduie diiu nenee iiul piuviueu uy me eunijjdiiy.

B. Capital Commitments

1. The Company holds 5,89,248 (Previous year 5,89,248) partly paid equity shares of Bharti Airtel Limited as an
investment as on 31^st March, 2025. The uncalled liability of these partly paid shares is 2,364.36 lakhs at Rs 401.25
per share (Previous year Rs 2,364.36 lakhs).Said investments is measured fair value through other comprehensive
income.

2. The company has given total commitment of Rs 7,500 lakhs to Anchorage Capital Scheme I (Category II AIF).
Out of said commitment, fund has raised demand of Rs 3,455.18 lakhs and balance uncalled capital commitment
in Anchorage Capital Scheme I as on balance sheet date is Rs 4,044.82 lakhs (Previous year Rs 4,987.49 lakhs).
Said investments is measured fair value through profit or loss.

Note 30: Earnings Per share (EPS)

In accordance with the Indian Accounting Standard (Ind AS) 33 on 'Earnings Per Share':

Basic Earnings Per Share (EPS) is calculated in accordance with Ind AS 33 'Earnings Per Share' by dividing the net profit after tax
attributable to equity holders of Company by the weighted average number of equity shares outstanding during the year.

Diluted EPS (DPS) is calculated by dividing the net profit after tax attributable to equity holders of Company (after adjusting any
items related to dilutive potential ordinary shares, net of tax) by the weighted average number of equity shares outstanding during
the year plus the weighted average number of equity shares that would be issued on the conversion of all the dilutive potential
ordinary shares into ordinary equity shares of the company.

1 Name or tne reiatea party ana nature or tne reiatea party reiationsrnp wnere control exists, it any, nave been aisciosea
irrespective of whether or not there have been transactions between the reiatea parties. In other cases, aisclosure has been
maae oniy when there have been transactions with those parties.

2 Reiatea parties as aefinea unaer para 9 of Ina AS 24 'Reiatea Party Disciosures' have been iaentifiea basea on representations
maae by key manageriai personnei ana information avaiiabie with the Company.

3 Figures of Income /expenses are presentea exciuaing GST (if any).

4 Amount of Traae payabie ana Traae receivabie represents gross vaiue of securities purchasea & soia through Four Dimensions
Securities (Inaia) Limitea being Share broker through whom traae was executea, which inciuaes brokerage payabie to Four
Dimensions Securities (Inaia) Limitea for avaiiing its broking services.

Note 33 : Financial Instruments

A Financial Risk Management

The Company has operations in Inaia. Whiist risk is inherent in the Company's activities, it is managea through a risk
management framework, inciuaing ongoing iaentification, measurement ana monitoring subject to risk iimits ana other
controis. The Company's activities are exposea mainiy to creait risk, iiquiaity risk ana market risk.

This note expiains the sources of risk which the Company is exposea to ana how the entity manages the risk. The Company
has exposure to the foiiowing risks arising from financiai instruments:

• Creait risk

• Liquiaity risk

• Market risk (inciuaing Interest rate risk & Price risk)

• Currency risk

Risk management framework

Risk management forms an integral part of the business. The Company's board of directors has overall responsibility for
the establishment and oversight of the Company's risk management framework. The board of directors are responsible for
developing and monitoring the Company's risk management policies. The Company's Risk Management committee reports
regularly to the board of directors on its activities.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. These policies and systems are reviewed
regularly to reflect changes in market conditions and the Company's activities.

Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. Credit risk arises
primarily from financial assets such as trade receivables, investments, other balances with banks, loans and other
receivables.

The Company has adopted a Policy of dealing with counter parties that have sufficiently high credit rating. The Company's
exposure and credit ratings of its counter parties are continuously monitored. Credit risk arising from trade receivables are
reviewed periodically and based on past experience and history. Management is confident of recovering all the dues. Credit
risk arises from balances with banks is limited. The counter parties are bank with high credit ratings assigned by the credit
rating agencies.

Trade receivables and other receivables

Exposures of trade receivables are reviewed at the end of each reporting period by the Company to determine expected
credit losses. Historical trends of collection from counterparties on timely basis reflects low level of credit risk. Company's
credit period with respect to receivables ranges from 1 to 5 days. However, company has policy to create impairment
wherever required.

Investment in various instruments

Credit risk on investment in debt instruments is limited as company generally invests in debt instruments like mutual funds,
preference shares with high credit ratings assigned by international and domestic credit rating agencies.

Loans

The Company considers default in all cases when the borrower becomes 90 days past due on its contractual payments.
All performing standard assets loans are classified under Stage 1.

Expected Credit Loss (ECL) on Financial Assets

The Company continuously monitors all financial assets subject to ECLs. In order to determine whether an instrument is
subject to 12 month ECL (12m ECL) or life time ECL (LTECL), the Company assesses whether there has been a significant
increase in credit risk or the asset has become credit impaired since initial recognition. The Company applies following
quantitative and qualitative criteria to assess whether there is significant increase in credit risk or the asset has been credit
impaired :

(a) Historical trend of collection from counterparty

(b) Company's contractual rights with respect to recovery of dues from counterparty

(c) Credit rating of counterparty and any relevant information available in public domain

ECL is a probability weighted estimate of credit losses. It is measured as the present value of cash shortfalls
(i.e. the difference between the cash flows due to the Company in accordance with contract and the cash flows that the
Company expects to receive). The Company has following types of financial assets that are subject to the expected credit
loss:

(a) Cash and cash equivalents

(b) Bank balance other than (a) above

(c) Loans

(d) Trade receivables

Fair value hierarchy:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable

or unobservable and consists of the following three levels:

(a) Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This included
listed equity instruments, traded debentures and mutual funds that have quoted price. The fair value of all equity
instruments (including debentures) which are traded in the stock exchanges is valued using the closing price as at the
reporting period. The mutual funds are valued using the closing NAV as published on Association of Mutual Funds of India
(AMFI).

(b) Level 2: Level 2 hierarchy includes financial instruments that are not traded in an active market (for example, traded
bonds/debentures, over the counter derivatives). The fair value in this hierarchy is determined using valuation techniques.
If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

(c) Level 3: If one or more of the significant Inputs is not based on observable market data, the instrument is included in level

3. Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported
by prices from observable current market transactions in the same instrument nor are they based on available market data.
Financial instruments such as unlisted equity shares, loans are included in this hierarchy.

Valuation technique used to determine fair value

1. Closing NAV Statement from Mutual fund is used to determine fair value of unquoted Mutual Fund, if any.

2. Fair values of quoted investments held for trading and Investment purpose classified under FVTPL are valued using the
closing price of NSE / BSE as at the reporting period, if any.

3. Fair values of quoted investments routed through FVTOCI are valued using the closing price of NSE / BSE as at the reporting
period, if any.

4. Fair value of unquoted investments, covered in Level 2, are derived from transaction in said securities between unrelated
parties in the month of March 2025. Valuation of AIF is done based on NAV report provided by respective AIF's.

5. For unlisted group companies investments, for which latest consolidated audited balance sheet are available are classified
under level 3. Accordingly, their fair value can be derived from the latest Consolidated audited balance sheet by applying
below formula: "(Share capital other equity - prepaid expenses) / no of equity shares = value per share."

"Tier I Capital" means owned fund as reduced by investment in shares of other non-banking financial companies and in shares,
debentures, bonds, outstanding loans and advances including hire purchase and lease finance made to and deposits with
subsidiaries and companies in the same group exceeding, in aggregate, ten per cent of the owned fund.

"Owned Fund" means paid up equity capital, preference shares which are compulsorily convertible into equity, free reserves,
balance in share premium account and capital reserves representing surplus arising out of sale proceeds of asset, excluding
reserves created by revaluation of asset, as reduced by accumulated loss balance, book value of intangible assets and deferred
revenue expenditure, if any

"Tier II capital" includes the following:

(a) Preference shares other than those which are compulsorily convertible into equity;

(b) Revaluation reserves at discounted rate of fifty five percent;

(c) General provisions (including that for Standard Assets) and loss reserves to the extent these are not attributable to actual
diminution in value or identifiable potential loss in any specific asset and are available to meet unexpected losses, to the
extent of one and one fourth percent of risk weighted assets.

(d) Hybrid debt capital instruments; and

(e) Subordinated debt to he extent the aggregate does not exceed Tier I capital.

Aggregate Risk Weighted Assets -

Under RBI Guidelines, degrees of credit risk expressed as percentage weightages have been assigned to each of the on-balance
sheet assets and off- balance sheet assets. Hence, the value of each of the on-balance sheet assets and off- balance sheet assets
requires to be multiplied by the relevant risk weights to arrive at risk adjusted value of assets. The aggregate shall be taken into
account for reckoning the minimum capital ratio."

Note 42: RECENT ACCOUNTING PRONOUNCEMENTS

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, 2025, MCA has not notified any
new standards or amendments to the existing standards applicable to the Company.

Note 43: During F.Y. 2004-05, Company has kept Rs. 100.70 lakhs in Escrow account in fixed deposit in the name of Gulbrandsen
Catalyst Private Limited previously known as 'Arcil' with Calyon Bank, Nariman Point Branch for any demands of stamp duty,
penalties and liabilities that may arise on the scheme of arrangement as approved by the High Court of Judicature at Mumbai
in terms of which company has transferred its Aluminium Chloride undertaking and wind mill undertaking to Nagda Orgo Chem
Private Limited. The present value of the fixed deposit as on 31^st March 2025 is Rs. 266.30 lakhs. Since the fixed deposit is in
the name of Gulbrandsen Catalyst Private Limited no income on same is accounted for by the Company. Only in the event of a
favourable outcome from the apex court in favour of the company, proceeds of fixed deposit will be received, the Company will
account for interest income.

Note 44: Employee Benefits

Retirement benefits in the form of provident fund under the Employees Provident Fund (Misc. Provisions) Act, 1952 and gratuity
under the Payment of Gratuity Act, 1972 are not applicable to the Company as the total number of employees are below the
minimum required number of employees as specified in respective acts. However on the prudent basis the company has made
provision for gratuity based on no. of years of service of employees who are employed with the company for 5 Years or more.

The expected costs of other long-term employee benefits such as accumulated leaves are accrued over the period of employment
and same has been provided based on accrual basis at year end. The Code on Social Security, 2020 (the Code) has been enacted,
which would not impact to the company.

Note 45 . There are no significant subsequent events that would require adjustments or disclosures in the financial statements as
on the Balance sheet date.

Note 46. There were no whistle blower complaints received by the Company during the financial year ended March 31, 2025 and
March 31, 2024.

Note 47. (i) Amounts less than Rs 500 have been shown as "0.00".

(ii) Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's
classification / disclosure.

4. Details of Benami Property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

5. Borrowings from banks or financial institutions on the basis of security of current assets

During the year, The company has borrowed funds from Financial Institutions against pledged of shares / securities
which are part of Investments and stock in trade. However there is no requirement to file quarterly returns or
statements.

6. Wilful Defaulter

The Company has not been declared a Wilful Defaulters by any bank or financial institution (as defined under the
Companies Act, 2013) or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

7. Relationship with Struck off Companies

The Company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013
during the year ended 31^st March 2025 and 31^st March 2024. Such disclosure has been given on the basis of relevant
information compiled by the Company on best effort basis.

8. Registration of charges or satisfaction with Registrar of Companies (ROC)

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory
period.

9. Compliance with number of layers of companies

The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the
Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

10. Ratios

12. Utilisation of Borrowed funds and share premium

(A) 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(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries); or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(B) During the year, the Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries); or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

13. Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under
the Income Tax Act, 1961, that has not been recorded in the books of accounts.

14. Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

Note 50: The disclosures as required by the NBFC Master Directions and Disclosures in Financial Statements- Notes to Accounts
of NBFCs as issued by RBI.

50.1 Summary of Accounting Policies

The summary of Material Accounting Policies is disclosed in Note No.1 & 2 to the Financial Statements.

50 2 C_apit_al t_o Ri_sk A_sset_s R_ati_o ("CRAR")

50.4 Derivatives

Forward Rate Agreement / Interest Rate Swap:

The Company has not entered into any Forward Rate Agreement / Interest Rate Swap transactions during the current
financial year and in the previous financial year. Hence disclosures relating to Forward Rate Agreement / Interest Rate Swap
are not applicable.

Exchange Traded Interest Rate (IR) Derivatives :

The Company has not entered into any Exchange Traded Interest Rate (IR) Derivatives transactions during the current
financial year and in the previous financial year. Hence disclosures relating to Exchange Traded Interest Rate (IR) Derivatives
are not applicable.

Disclosures on Risk Exposure in Derivatives :

The Company has not entered into any Currency Derivatives transactions during the current financial year and in the
previous financial year. However, the company has entered into equity /index Futures and Options contracts during the
current as well as previous financial year. The Mark to Market Gains or losses have been recognised and shown under the
head "Net Gain on fair value changes" in note no. 22 to the Standalone financial statements.

50.5 Maturity pattern of Assets and Liabilities

(Based on reasonable assumptions made by the Management)

For FY 2024-25

i) Other short term liabilities includes all liability except principal amount borrowings, provisions & deferred tax liabilities.

ii) Company has not issued any Commercial papers and Non-convertible debentures during FY 2024-25 and FY 2023-24.
Note : Borrowing for the purpose of above disclosure means only principal amount & does not include accrued interest.

vi) Institutional Set-up for Liquidity Risk Management

The Company's risk management function is carried out by the Risk Management Committee. Risk Management committee
evaluates financial risks and the appropriate governance framework for the Company. The Risk Management
Committee provides assurance to the Board that the Company's financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's
policies and risk objectives.

Note 52: The disclosures as required by the Master Direction-Monitoring of frauds in NBFCs issued by RBI dated
29^th September 2016.

There was no case of fraud reported during the year 2024-25 as well as 2023-24.

Note 53: During the year, the Company has not reclassified / restructured any loan given to parties. Therefore the disclosures
required as per below circulars issued by Reserve Bank of India (RBI) are not required.

1. Disclosures pursuant to RBI Notification-RBI/2019-20/220 DOR.No.BP.BC.63/21.04.048/2019-20 dated 17^th April, 2020.

2. Disclosure pursuant to RBI Notification-RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated 6^th August 2020.

3. Disclosure pursuant to RBI Notification -RBI/2020-21/17 DOR.No.BP.BC/4/21.04.048/2020-21 dated 6^th August 2020.

4. Disclosure pursuant to RBI Notification -RBI/2021-22/31 DOR.STR.REC.11/21.04.048/2021-22 dated 5^th May, 2021.

Note 54: Disclosure pursuant to RBI Notification - RBI/DOR/2021-22/86/DOR.STR.REC.51/21.04.048 /2021-22 dated
24 September 2021 'Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021' are not applicable as
there is no transfer of loan during the year 2024-25 as well as 2023-24.

Note 55: Company has not issued any Perpetual Debt Instruments (PDI).

5 Current Investment in NBFC Report includes "Stock in trade (Securities held for trading) (Note-7)" of the Standalone
Financial Statements.

6 The amounts mentioned in above RBI disclosure are as per Indian Accounting Standard.

As per our report of even date

For Ajmera Ajmera and Associates For and on behalf of the Board of Directors

Chartered Accountants
Firm Reg. No: 123989W

Sandeep Ajmera Vaishali Rajesh Dhuri Hetal Khalpada

Partner Whole Time Director & Director

Membership No. 048277 Chief Financial Officer DIN:00055823

DIN:03607657

Place : Mumbai Rajiv Pathak Avani Sanghavi

Date : 27^th May, 2025 Chief Executive Officer Company Secretary

Membership No. A29108

Place : Mumbai
Date : 27^th May, 2025