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.

ii) 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.

1) 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.

Rental income

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

Interest income

Interest on income on deposit is recognized 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.

Net gain or fair value changes

Any differences in the fair values of financial assets
classified as fair value through profit or loss (FVTPL)
as at the balance sheet date are recognised as Net
Gain/(Loss) on Fair Value Changes in the Statement
of Profit and Loss. This amount is further bifurcated

into realised and unrealised components, with the
realised portion representing gains or losses arising
from sale or settlement during the year, and the
unrealised portion representing changes in fair value
of holdings as at the reporting date.

) 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) Recent 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 notified Ind AS - 117
Insurance Contracts and amendments to Ind AS 116
- Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f. April 1,2024.

The Company has reviewed the new pronouncements
and based on its evaluation has determined that it does
not have any significant impact in its financial statements.

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 ' 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

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, 2025. 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 2025 (PY - Nil)

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

(i) There are no forward exchange contract outstanding as at 31st March, 2025

(ii) There is no unhedged foreign currency exposure as at 31st March, 2025

(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 - NIL (PY ' 22.89 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 (PY ' 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 price for identical instruments
in active markets that the company can acess at the measurement date

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

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

Note 23.2 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.

Credit risk

Credit risk is the risk that counter party 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 counter party 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.

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.

(iii) The decrease in ROCE is primarily due to a reduction in profit as compared to the previous year.

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

27 Excessive risk concentration

Concentrations arise when a number of counter parties 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.

28 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.

29 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

30 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.

31 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.

32 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.

33 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 - ' Nil)

34 Revaluation of the property

The Company has not revalued any property during the year.

35 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.

36 Crypto Currency or Virtual Currency

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

37 Corporate Social Responsibilty (CSR)

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

38 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.

39 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.

40 Intangible assets under development

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

41 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.

42 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.

43 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.

44 Enhancing Accountability and Transperacncy : Implementation of Audit Trail

The company had implemented an audit trail system within our company's software which has impact on books
of accounts with effect from 1st April 2023. This implementation underscores our commitment to transparency,
accountability, and data integrity. Audit trail has been implemented for all transactions recorded in the software
throughout the year. By capturing and documenting critical events and activities within our systems, we ensure a
comprehensive record that enhances security, facilitates compliance, and supports effective decision-making. In
addition, audit trail data is preserved in the system as per statutory requirement for record retention. The company's
dedication to maintain a robust audit trail reflects ongoing efforts to uphold the highest standards of governance
and security across all aspects of business operations.

45 Backup Schedule and Data Preservation

The company follows a well-defined backup schedule and data preservation protocol to ensure the integrity and
availability of critical information assets. Regular and systematic backups are conducted to protect against potential
data loss or corruption. This proactive approach ensures that vital data remains secure and accessible in the event
of unforeseen incidents.

46 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 Rohin Bomanji

Partner Director Director

Membership No.:048195 DIN:00080836 DIN: 06971089

Dilip Mahadik Sapana Dubey Avi Mundecha

Place : Mumbai Manager Chief Financial officer Company Secretary

Date : 09^th May 2025