f) Provisions and Contingencies

The Company recognizes provisions when a present
obligation (legal or constructive) as a result of a
past event exists and it is probable that an outflow
of resources embodying economic benefits will be
required to settle such obligation and the amount of
such obligation can be reliably estimated. 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
embodying economic benefits or the amount of
such obligation cannot be measured reliably. When
there is a possible obligation or a present obligation
in respect of which likelihood of outflow of resources
embodying economic benefits is remote, no provision
or disclosure is made.

g) Employee benefits

Short term employee benefits

All employee benefits payable wholly within twelve
months of rendering the service are classified as short¬
term employee benefits and they are recognized in
the period in which the employee renders the related
service. The Company recognizes the undiscounted
amount of short-term employee benefits expected to
be paid in exchange for services rendered as a liability
(accrued expense) after deducting any amount
already paid.

Post Employment benefits

Defined contribution plans

Defined contribution plans are employee state
insurance scheme and Government administered
pension fund scheme for all applicable employees.

Recognition and measurement of defined
contribution plans:

The Company recognises contribution payable to
a defined contribution plan as an expense in the
Statement of profit and loss when the employees
render services to the Company during the reporting
period. If the contributions payable for services
received from employees before the reporting date
exceeds the contributions already paid, the deficit
payable is recognized as a liability after deducting
the contribution already paid .If the contribution
already paid exceeds the contribution due for
services received before the reporting date, the
excess is recognized as an asset to the extent that the
prepayment will lead to, for example, a reduction in
future payments or a cash refund.

Defined benefit plans

Gratuity scheme:

Gratuity is a post-employment benefit and is a
defined benefit plan. The cost of providing defined
benefits is determined using the Projected Unit Credit
method with actuarial valuations being carried out at
each reporting date. The defined benefit obligations
recognized in the Balance sheet represent the present
value of the defined benefit obligations as reduced by
the fair value of plan assets, if any. Any defined benefit
asset (negative defined benefit obligations resulting
from this calculation) is recognized representing the
present value of available refunds and reductions in
future contributions to the plan.

Recognition and measurement of defined benefit
plans:

All expenses represented by current service cost,
past service cost, if any, and net interest on the
defined benefit liability / (asset) are recognized in
the Statement of profit and loss. Re-measurements
of the net defined benefit liability / (asset) comprising
actuarial gains and losses and the return on the
plan assets (excluding amounts included in net
interest on the net defined benefit liability/asset), are
recognized in Other Comprehensive Income. Such re¬
measurements are not reclassified to the Statement
of profit and loss in the subsequent periods. The
Company does not present the above liability/(asset)
as current and non-current in the Balance sheet as per
the principles of Division III of Schedule III to the Act
as per MCA's Notification dated 11th October, 2018.

h) Tax Expenses

The tax expenses for the period comprises of current
tax and deferred income tax. Tax is recognised in
Statement of Profit and Loss, except to the extent
that it relates to items recognised in the Other
Comprehensive Income. In which case, the tax is also
recognised in Other comprehensive Income.

i. Current Tax

Current tax assets and liabilities are measured
at the amount expected to be recovered from
or paid to the Income Tax authorities, based on
tax rates and laws that are enacted at the Balance
sheet date.

ii. Deferred Tax

Deferred tax is recognised on temporary
differences between the carrying amounts of
assets and liabilities in the Financial Statements
and the corresponding tax bases used in the
computation of taxable profit. Deferred tax
assets are recognised to the extent it is probable
that taxable profit will be available against which
the deductible temporary differences, and the
carry forward of unused tax losses can be utilised.
Deferred tax liabilities and assets are measured
at the tax rates that are expected to apply in
the period in which the liability is settled or the
asset realised, based on tax rates (and tax laws)
that have been enacted or substantively enacted
by the end of the reporting period. The carrying
amount of Deferred tax liabilities and assets are
reviewed at the end of each reporting period.

i) Revenue recognition

Revenue is recognised on accrual basis at the time and
when services are rendered as per terms of respective
agreement.

Interest income

Interest on income on deposit is reconized on time
proportion basis taking into account the amount
outstanding and the rate applicable

Dividend income

Dividend income is recognised when the Company's
right to receive the payment is established, it is
probable that the economic benefits associated with
the dividend will flow to the entity and the amount of
the dividend can be measured reliably.

Net Gain or Fair Value Changes

Any differences between the fair values of the
financial assets classified as fair value through the
profit or loss, held by the Company on the Balance
sheet date is recognised as an unrealised gain/loss
in the statement of profit and loss. In cases there is
a net gain in aggregate, the same is recognised in
'Net gains or fair value changes under other income
and if there is a net loss the same is disclosed 'Other
Expenses', in the Statement of profit and loss.

Rental Income

Rental income from immovable property is
recognised on fulfilment of contractual obligations
and after raising of related services Invoice.

j) Financial instruments

Initial Recognition and Measurement

All Financial Assets are initially recognised at fair value.
Transaction costs that are directly attributable to the
acquisition or issue of Financial Assets, which are not
at Fair Value Through Profit or Loss, are adjusted to
the fair value on initial recognition. Purchase and sale
of Financial Assets are recognised using trade date
accounting.

Subsequent Measurement

i) Financial Assets measured at Amortised Cost
(AC)

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 to cash flows on
specified dates that represent solely payments
of principal and interest on the principal amount
outstanding. When the transaction price of
the instrument differs from the fair value at
origination and the fair value is based on a
valuation technique using only inputs observable
in market transactions, the Company recognises
the difference between the transaction price and
fair value in net gain on fair value changes. In
those cases where fair value is based on models
for which some of the inputs are not observable,
the difference between the transaction price and
the fair value is deferred and is only recognised in
profit or loss when the inputs become observable,
or when the instrument is derecognised.

ii) Financial Assets measured at Fair Value
Through Other Comprehensive Income
(FVTOCI)

A Financial Asset is measured at FVTOCI 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 represents
solely payments of principal and interest on the
principal amount outstanding.

iii) Financial Assets measured 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.
Financial assets are reclassified subsequent to
their recognition, if the Company changes its
business model for managing those financial
assets. Changes in business model are made and
applied prospectively from the reclassification
date which is the first day of immediately next
reporting period following the changes in
business model in accordance with principles laid
down under Ind AS 109 -Financial Instruments.

Financial Liabilities

A financial liability is derecognised when the

obligation under the liability is discharged, cancelled

or expires. Where an existing financial liability

is replaced by another from the same lender on
substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange
or modification is treated as a de-recognition of the
original liability and the recognition of a new liability.
The difference between the carrying value of the
original financial liability and the consideration paid
is recognised in profit or loss

Derecognition of Financial Instruments

The Company derecognises a Financial Asset when
the contractual rights to the cash flows from the
Financial Asset expire or it transfers the Financial Asset
and the transfer qualifies for derecognition under Ind
AS 109. A Financial liability (or a part of a Financial
liability) is derecognised from the Company's Balance
Sheet when the obligation specified in the contract is
discharged or cancelled or expires.

Offsetting

Financial Assets and Financial Liabilities are offset
and the net amount is presented in the balance sheet
when, and only when, the Company has a legally
enforceable right to set off the amount and it intends,
either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.

k) Earnings Per Share

Basic earnings per share is calculated by dividing the
net profit after tax by the weighted average number
of equity shares outstanding during the year adjusted
for bonus element in equity share. Diluted earnings
per share adjusts the figures used in determination
of basic earnings per share to take into account the
conversion of all dilutive potential.

l) Accounting and reporting of information for
Operating Segments

Operating segments are those components of the
business whose operating results are regularly
reviewed by the chief operating decision making body
in the Company to make decisions for performance
assessment and resource allocation. The reporting of
segment information is the same as provided to the
management for the purpose of the performance
assessment and resource allocation to the segments.
Segment accounting policies are in line with the
accounting policies of the Company.

10.2 : Disclosure pursuant to Note no. D. I.(e) of Divison II of Schedule III to the Companies Act, 2013
Rights, Preferences and Restrictions attached to Equity Shares

The company has only one class of equity shares having face value of Rs. 10 per share. Each holder of equity shares
is entitled to one vote per equity shares. The dividend if recommended by the Board of Directors which is subject
to the approval of the Members at the ensuing Annual General Meeting.

In the event of winding-up, the holders of equity shares shall be entitled to receive remaining assets of the Company
after distribution of all preferential amounts. The distributing will be in proportion to the number of equity shares
held by shareholders. The share holders shall have all the other rights as available to the equity shareholders as
per the provision of Companies Act, 2013 read together with the Memorandum of Association and Articles of
Association of the Company.

Defined benefits plans - Gratuity (unfunded)

Gratuity plan is a defined benefit plan that provides for lump sum gratuity payment to employees made at the time of
their exit by the way of retirement (on superannuation or otherwise), death or disability. The benefits are defined on
the basis of their final salary and period of service and such benefits paid under the plan is not subject to the ceiling
limit specified in the Payment of Gratuity Act, 1972. Liability as on the Balance Sheet date is provided based on actuarial
valuation done by a certified actuary using projected unit credit method.

The following tables summarise the components of defined benefit expense recognised in the statement of profit or
loss/OCI and amounts recognised in the Balance Sheet for the respective plans:

Note 21

(a) There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than
45 days as at 31st March, 2024. This information as required to be disclosed under the Micro, Small and Medium
Enterprise Development Act, 2006 has been determined to the extent such parties have been identified on the
basis of information available with the Company.

(b) There are no amounts due and outstanding to be credited to Investor Education and Protection fund as at 31st
March 2024 (PY - Nil)

(c) Details on derivatives instruments and unhedged foreign currency exposures

(i) There are no forward exchange contract outstanding as at 31st March, 2024

(ii) There is no unhedged foreign currency exposure as at 31st March, 2024

(d) Operating Segment

The entire operations of the Company relate to only one segment viz. 'Business Centre' and all other activities are
incidental to it. It operates in a single geographical location. Accordingly, there are no other separate reportable
segments in terms of Ind AS 108 on "Operating Segments" and thus no further disclosures are made.

21.1 Commitments and contingencies

Contingent liabilities

i) Claims against the company not acknowledged as debts :- ? 318.96 Lakhs/- (PY ? 318.96 Lakhs/-)

ii) Income tax matters ? 22.89 Lakhs/- (PY ? 9.79 Lakhs/-)

iii) Dispute related with Leased Property - Amount Indeterminate (PY Amount Indeterminate)

iv) Appeal filed with Appellate tribunal for interest in excise matter of ? 51.91 Lakhs

(b) Fair value hierarchy

The Group determines fair values of its financial instruments according to the following hierarchy

Level 1: Valuation based on quoted market price: Financial instruments with quoted prices for identical instruments
in active markets that the Company can access at the measurement date.

Level 2: Valuation based on using observable inputs: Financial instrument with quoted prices for similar instruments
in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments
valued using models where all significant inputs are observable.

Level 3: Valuation technique with significant inputs - Financial instruments valued using valuation techniques
where one or more significant inputs are unobservable

Financial risk management objectives and policies

The company's financial risk management is an integral part of how to plan and execute its business strategies. The
company's risk management policy is approved by the board.

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

The Company is exposed to market risk, credit risk , liquidity risk etc. The Company's senior management oversees the
management of these risks. The Company's senior management is overseen by the board with respect to risks and
facilitates appropriate financial risk governance framework for the Company. Financial risks are identified, measured
and managed in accordance with the company's policies and risk objectives. The Board of Directors reviews and agrees
policies for managing key risks, which are summarised below.

a) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The company is exposed to credit risk from its operating activities and from
its financing activities, including deposits with banks, financial institutions and other parties and other financial
instruments. The company is not significantly exposed to credit risk as most of the service income is received on
a monthly basis and historically the receipts are regular. The company adopts prudent criteria in its investment
policy, the main objectives of which are to reduce the credit risk associated with investment products and the
counterparty risk associated with financial institutions. The Company considers the solvency, liquidity, asset quality
and management prudence of the counter parties, as well as the performance potential of the counter parties in
stressed conditions. In relation to credit risk arising from commercial transactions, impairment losses are recognized
for trade receivables when objective evidence exists that the Company will be unable to recover all the outstanding
amounts in accordance with the original contractual conditions of the receivables.

b) 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, currency risk and other price
risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include investments.

The senior management manages market risk which evaluates and exercises control over the entire process of
market risk management. The senior management recommends risk management objectives and policies, which
are approved by the Board. The activities include management of cash resources, investment strategies, etc.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Interest rate change does not affects significantly to current investment.

c) Liquidity risk

The Company's finance personnel is responsible for liquidity, funding as well settlement management. In addition,
the related policies and processes are overseen by senior management. Management monitors the company's net
liquidity position through rolling forecast on the basis of expected cash flows.

Note: Explanation for change in ratio by more than 25%

(i) Increase in ROE is on account of increase in income as compared to previous year

(ii) Increase in Net Profit Ratio is on account of increase in Net profit in current year.

(iii) Increase in ROCE is on account of increase in profit as compared to previous year

(iv) Return on investment is not comparable due to redemption of mutual fund in current year.

28 Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the
same geographical region, or have economic features that would cause their ability to meet contractual obligations
to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative
sensitivity of the Company's performance to developments affecting a particular industry or given set of counter
parties.

In order to avoid excessive concentrations of risk, the company's policies and procedures include specific guidelines
to focus on the maintenance of a reasonably diversified portfolio. Identified concentrations of credit risks are
controlled and managed accordingly.

29 Capital management

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holders of the company. The primary objectives of the Company's capital
management is to maximise the shareholder value while providing stable capital structure that facilitate considered
risk taking and pursuit of business growth.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
business opportunities. To maintain or adjust the capital structure, the Company may adjust the dividend payment
to shareholders, raise/ pay down debt or issue new shares.

30 Discrepancies in the statements submitted to the Bank and Financial Institute on the basis of security of
current assets

The Company has not borrowed any money from Bank and / or Financial Institute on the basis of security of current
assets thus, the Company was not required to submit any quarterly statements

31 Willful Defaulter

Since the company has not borrowed money from any bank or financial institution, it is not marked as a willfull
defaulter by any Bank or Financial Institution.

32 Utilisation of borrowed funds and share premium

The Company has not advanced loans/made investments in any company with the understanding that these
companies will further advanced loans/made investments in other companies.

33 Registration of charges or satisfaction with Registrar of Companies

The Company has neither created nor satisfied any charge on the Company's property during the year thus it is not
required to Register or Satisfy Charge with the Registrar of Companies.

34 Undisclosed Income

The Company was not having unrecorded income and related assets which were surrendered or disclosed in the
previous tax assessments under the Income Tax Act, 1961.

36 Foreign Currency Transcations

There was no foreign currency earning, expenditure including import of Raw Materials, Components and Spare
Parts, or Capital Goods during the year ( Previous Year - Rs Nil)

37 Revaluation of the property

The Company has not revalued any property during the year.

38 Benami Property

No proceedings have been initiated during the year against the Company for holding Benami property. Also, there
is no case pending against the Company for holding any Benami property.

39 Crypto Currency or Virtual Currency

The Company has not traded or invested in any Crypto currency or Virtual currency during the financial year.

40 Corporate Social Responsibilty (CSR)

The Company is not liable to contribute towards Corporate Social Responsibility as define under section 135 of
Companies Act,2013

41 Loans and Advances to Related Parties

The Company has not granted any Loans and Advances to related parties during the year. There was no outstanding
amount receivable from related parties at the end of the year.

42 Loans, Guarantee and Investment by Company (Disclosure under section 186(4) of CA,2013)

The company has not extended any loans,Gurantee & Investment during the year.

43 Intangible assets under development

There was no Intangible assets under development at the end of year.

44 Compliance with approved Scheme of Arrangements

No Scheme of arrangement has been approved by NCLT / High Court. Thus effect of the scheme is not required to
be given in the Books of Accounts.

45 Compliance with number of layers of companies

The company is not having any subsidiary company as prescribed under clause (87) of section 2 of the Companies
Act,2013.

46 Relationship with Struck off Companies

The Company does not have any outstanding balance payable or receivable or shares held by or any investment
made in any Company marked as Struck off under Section 248 of the Companies Act, 2013.

47 Previous year figures

Previous year figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

As per our report attached For and on behalf of the Board of Directors

For M/s MVK Associates FGP Limited

Chartered Accountants
Firm Registration No.:120222W

CA. R.P.Ladha H.N. Singh Rajpoot H.C. Dalal

Partner Director Director

Membership No.:048195 DIN:00080836 DIN: 00206232

Suman Mishra Sapana Dubey Minal Kothari

Place : Mumbai Manager Chief Financial officer Company Secretary

Date : 03^rd May 2024