Notes to Accounts of Anupam Finserv Ltd.

Mar 31, 2025

34 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Risk management framework

The Company''s Board of Directors holds the ultimate responsibility for establishing and overseeing a robust risk management
framework. This framework is designed to identify, assess, and manage the various risks that may impact the Company''s operations
and financial performance.

The risk management policies adopted by the Company are aimed at ensuring a structured and consistent approach to risk
identification, setting appropriate risk limits and controls, and continuously monitoring risk exposures in alignment with the Company''s
strategic objectives. These policies and procedures are reviewed periodically to incorporate evolving market dynamics and changes in
the Company''s operational environment.

The Audit Committee of the Board plays an active role in overseeing the effectiveness of the risk management framework. It reviews the
Company''s risk management practices and ensures that appropriate systems and controls are in place to mitigate significant risks. The
Audit Committee is supported in this role by the Internal Audit function, which conducts regular and independent assessments of the
adequacy and effectiveness of risk controls and procedures. Key observations, recommended action plans, and the status of their
implementation are periodically reported to the Audit Committee for review and guidance.

The Company has exposure to following risks arising from financial instruments:

A) Credit risk

B) Liquidity risk

C) Market risk

D) Operational risk

A) Credit risk:

Credit risk is the risk of suffering financial loss due to customers or counterparties failing to fulfil their contractual obligations which can
result in losses for the company. This could be either because of wrong assessment of the borrower''s payment capabilities or due to
uncertainties in his future earning potential.

Credit risk primarily arises due to:

a) Default Risk - Borrower fails to repay

b) Credit worthiness risk - Borrowed s credit profile deteriorates

c) Concentration Risk - over exposure to an industry or borrower or geography

Credit quality analysis / Expected credit loss measurement

The Company prepares its financial statements in accordance with the Ind AS framework. As per the RBI
notification, on adoption of IndAS for regulatory reporting, the Company computes provision as per Ind
AS 109 as well as per extant prudential norms on Income Recognition, Asset Classification and Provisioning
(IRACP). Where impairment allowance in aggregate for the Company under Ind AS 109 is lower than the
provisioning required under IRACP (including standard asset provisioning) for the Company, the difference is

appropriated from net profit or loss after tax, to a separate ''Expected loss allowance ''. Any withdrawals from this reserve shall be made
only with prior permission from the RBI.

Mechanics of ECL model:

The Company measures expected credit losses (ECL) in accordance with its impairment methodology duly adopted by the Board. The 12-
month ECL is determined by multiplying the 12-month probability of default (PD), loss given default (LGD), and exposure at default
(EAD). Similarly, lifetime ECL is calculated by multiplying the lifetime PD, LGD, and EAD.

The 12-month PD represents the probability of default occurring over the next 12 months, whereas the lifetime PD reflects the probability
of default over the remaining expected life of the financial instrument. The EAD represents the expected outstanding balance at the point
of default, incorporating the impact of principal and interest repayments from the reporting date to the date of default, along with any
expected drawdowns on committed facilities.

The LGD represents the expected credit loss on the EAD in the event of default, taking into consideration, among other factors, the value
of collateral expected to be realised and the timing of such realisation, adjusted for the time value of money.

The Company classifies its financial assets in three stages having the following characteristics:

i) Stage 1: The loans which are 0 to 30 DPD. These financial assets are without significant increase in credit risk since initial recognition
and hence a 12 month ECL is recognised on them.

ii) Stage 2: The loans which are 31 to 90 days DPD. Though these loans show significant increase in credit risk but they are not credit
impaired on which a lifetime ECL is recognised.

iii Stage 3: The loans which are more than 90 DPD. These loans showobjective evidence of impairment and therefore considered to be in
default or otherwise credit impaired on which a lifetime ECL is recognised.

34 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Assumptions and Estimation Techniques

The key elements for measurement of ECL are as follows:

(i) Probability of default (PD)

(ii) Loss given default (LGD) and
(ii) Exposure at default (EAD)

The Company''s policies for computation of expected credit loss (ECL) are set out below:

ECL on loans and advances

ECL is computed for loans and investments portfolio of the Company. The loans and advances portfolio comprises of the following:

(i) Demand loans

(ii) Term loans

Investments measured at amortised cost is subjected to ECL.

Staging criteria:

Following staging criteria is used for Loans and investments :

(i) standard and 0 - 30 days past due (DPD) as Stage I;

(ii) 31- 90 DPD as Stage II; and

(iii) outstanding > 90 DPD as Stage III.

Probability of Default (PD%)

PD represents the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months (12M PD), or over the
remaining lifetime (Lifetime PD) of the obligation.

The PD% is computed as follows:.

In the case of both demand loans and term loans lending portfolio, the PD% is computed as follows

i) Borrower Count Segmentation

For each reporting month, the Company classifies borrowers into Days Past Due (DPD) buckets (e.g., 0 DPD, 1-30 DPD, 31-60 DPD, 61¬
90 DPD, 90 DPD) and computes the count of borrowers in each bucket cohort

ii) Monthly Forward Flow Rates

The movement of borrowers from one DPD cohort to the next is tracked monthly. The forward flow rate is calculated as the ratio of
borrowers migrating to the next DPD bucket in the current month to the count in the preceding bucket as at the prior month-end.

iii) Annual Probability of Default (PD)

The monthly forward flow rates for each cohort are averaged over the period. The annual PD for a cohort is derived by multiplying these
average forward flow rates across all stages (conditional PD) leading to default (e.g., 0 to 1-30, 1-30 to 31-60, 31-60 to 61-90, 61-90 to 90 ).

iv) Through-The-Cycle PD (TTC PD)

The annual PDs calculated over multiple years up to the reporting date are averaged to determine the TTC PD for each DPD cohort. This
provides a stable, long-term estimate of default probability that smoothens out cyclical variations.

Loss Given Default (LGD%)

The Loss Given Default is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference
between the contractual cash flows due and those that the lender would expect to receive, including from the realisation of any collateral.
It is usually expressed as a percentage of the EAD. It is also expressed as (1 - Rate of Recovery). A Secured loan shall have a lower LGD
than an Unseured loan since the rate of recovery is higher given that there is collateral secured for the recovery proceedings.

Exposure At Default (EAD)

Exposure at Default (EAD) represents the estimated amount outstanding that a company or financial institution is exposed to at the time
of a borrower''s default. It includes the expected balance of principal and interest from the reporting date up to the default date, as well as
any anticipated drawdowns on committed but undrawn facilities. For performing loans (Stage 1 and Stage 2), EAD reflects the projected
exposure at a future default date, considering scheduled repayments, accrued interest, and expected additional utilization of credit lines.
For non-performing loans (Stage 3), EAD corresponds to the exposure outstanding at the actual time of default. This estimate is a critical
input in calculating expected credit losses and regulatory capital requirements. The compant considered the outstanding balance at the
reporting date as the EAD for the purpose of calculating the ECL provison.

Write off policy

The Company writes off financial assets, either in full or in part, when it has concluded that there is no reasonable expectation of
recovery. This determination is made after all reasonable courses of action to recover the outstanding amounts have been exhausted.
Such write-offs typically occur when the financial asset is no longer subject to enforcement activity, including legal or other recovery
processes, or when the asset is considered irrecoverable due to the borrowed s financial position.

Financial assets that have been written off continue to be subject to enforcement activities, where appropriate, in order to comply with the
Company''s procedures for recovery of amounts due. Any subsequent recoveries of amounts previously written off are recognised in the
statement of profit and loss under impairment on financial instruments, in the period in which such recovery is made.

B) Liquidity risk:

Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities
that are settled by delivering cash or another financial asset. Liquidity risk arises because of the possibility that the Company might be
unable to meet its payment obligations when they fall due as a result of mismatches in the timing of the cash flows under both normal
and stress circumstances.

Maturity profile of undiscounted cash flows for financial liabilities as on balance sheet date have been provided below:

C) Market risk:

Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables
such as interest rates, equity prices, security prices etc.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while
optimizing the return.

i) Interest rate risk

Interest rate risk is the risk which arises from changes in market interest rates affecting the Company''s earnings or economic value. This
can lead to shrinking of the interest margins which shall have an adverse impact on the profitability of the company.

Change in the interest rates shall have an impact on the company for servicing its borrowing as well as the company''s interest income.

Since the company has its borrowings at fixed rates, hence any change in the interest rates shall not have any effect on its finance cost.

ii) Price Risk

Price risk is the financial risk associated with fluctuations in the value of stocks or securities. It represents the uncertainty an investor
faces regarding potential losses due to changes in prices of the securities, which can be influenced by various systematic or unsystematic
risks.

The company extends loans secured by shares, which inherently carry price risk. These loans are granted with substantial margins to
mitigate potential exposure. The company continuously monitors the market value of the shares held as collateral, and in the event that
the prescribed margin falls below the acceptable threshold, the company reserves the right to call for additional shares to be provided as
security.

The Company also holds investments in equity shares and mutual funds. To manage the price risk associated with these equity
investments, the Company periodically reviews the sectors in which it has invested, assesses the performance of the investee companies,
and evaluates its investment decisions.

35 CAPITAL MANAGEMENT

The Company''s objectives when managing capital are to:

^i. safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other
stakeholders, and

ii. maintain an optimal capital structure to reduce the cost of capital.

The Company''s assessment of capital requirement is aligned to its planned growth which forms part of an annual operating plan which is
approved by the Board and also a long range strategy. These growth plans are aligned to assessment of risks - which include credit,
liquidity and market. The funding requirements are met through loans and operating cash flows generated.

The company keeps a watch on the Debt Equity ratio and the CRAR Ratio which were 0.10 and 92.5% for the Year ended 31st March, 2025.

36 FAIR VALUE MEASUREMENT

A) The carrying value and Fair value of Financial assets and liabilities by categories are as follows :

Fair value of cash and cash equivalents, other bank balance, short term loans, trade receivables, trade payables, other
financial assets/liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.
Methods and assumptions used to estimate the fair values are consistent with those used for the year ended March 31, 2024.

Risk management framework

The Company''s Board of Directors holds the ultimate responsibility for establishing and overseeing a robust risk management framework. This
framework is designed to identify, assess, and manage the various risks that may impact the Company''s operations and financial performance.
The risk management policies adopted by the Company are aimed at ensuring a structured and consistent approach to risk identification,
setting appropriate risk limits and controls, and continuously monitoring risk exposures in alignment with the Company''s strategic objectives.
These policies and procedures are reviewed periodically to incorporate evolving market dynamics and changes in the Company''s operational
environment.

The Audit Committee of the Board plays an active role in overseeing the effectiveness of the risk management framework. It reviews the
Company''s risk management practices and ensures that appropriate systems and controls are in place to mitigate significant risks. The Audit
Committee is supported in this role by the Internal Audit function, which conducts regular and independent assessments ofthe adequacy and
effectiveness of risk controls and procedures. Key observations, recommended action plans, and the status of their implementation are
periodically reported to the Audit Committee for review and guidance.

The Company has exposure to following risks arising from financial instruments:

A) Credit risk

B) Liquidity risk

C) Market risk

D) Operational risk

A) Credit risk:

Credit risk is the risk of suffering financial loss due to customers or counterparties failing to fulfil their contractual obligations which can result
in losses for the company. This could be either because of wrong assessment of the borrower''s payment capabilities or due to uncertainties in
his future earning potential.

Credit risk primarily arises due to:

a) Default Risk - Borrower fails to repay

b) Credit worthiness risk - Borrower''s credit profile deteriorates

c) Concentration Risk - over exposure to an industry or borrower or geography

Credit quality analysis / Expected credit loss measurement

The Company prepares its financial statements in accordance with the Ind AS framework. As per the RBI
notification, on adoption of IndAS for regulatory reporting, the Company computes provision as per Ind
AS 109 as well as per extant prudential norms on Income Recognition, Asset Classification and Provisioning
(IRACP). Where impairment allowance in aggregate for the Company under Ind AS 109 is lower than the
provisioning required under IRACP (including standard asset provisioning) for the Company, the difference is

appropriated from net profit or loss after tax, to a separate ''Expected loss allowance ''. Any withdrawals from this reserve shall be made only
with prior permission from the RBI.

Mechanics of ECL model:

The Company measures expected credit losses (ECL) in accordancewith its impairment methodology duly adopted by the Board. The 12-month
ECL is determined by multiplying the 12-month probability of default (PD), loss given default (LGD), and exposure at default (EAD). Similarly,
lifetime ECL is calculated by multiplying the lifetime PD, LGD, and EAD.

The 12-month PD represents the probability of default occurring over the next 12 months, whereas the lifetime PD reflects the probability of
default over the remaining expected life of the financial instrument. The EAD represents the expected outstanding balance at the point of
default, incorporating the impact of principal and interest repayments from the reporting date to the date of default, along with any expected
drawdowns on committed facilities.

The LGD represents the expected credit loss on the EAD in the event of default, taking into consideration, among other factors, the value of
collateral expected to be realised and the timing of such realisation, adjusted for the time value of money.

The Company classifies its financial assets in three stages having the following characteristics:

i) Stage 1: The loans which are 0 to 30 DPD. These financial assets are without significant increase in credit risk since initial recognition and
hence a 12 month ECL is recognised on them.

ii) Stage 2: The loans which are 31 to 90 days DPD. Though these loans show significant increase in credit risk but they are not credit impaired on
which a lifetime ECL is recognised.

iiil Stage 3: The loans which are more than 90 DPD. These loans showobjective evidence of impairment and therefore considered to be in default
or otherwise credit impaired on which a lifetime ECL is recognised.

Assumptions and Estimation Techniques

The key elements for measurement of ECL are as follows:

(i) Probability of default (PD)

(ii) Loss given default (LGD) and
(ii) Exposure at default (EAD)

The Company''s policies for computation of expected credit loss (ECL) are set out below:

ECL on loans and advances

ECL is computed for loans and investments portfolio of the Company. The loans and advances portfolio comprises of the following:

(i) Demand loans

(ii) Term loans

Investments measured at amortised cost is subjected to ECL.

Staging criteria:

Following staging criteria is used for Loans and investments :

(i) standard and 0 - 30 days past due (DPD) as Stage I;

(ii) 31- 90 DPD as Stage II; and

(iii) outstanding > 90 DPD as Stage III.

Probability of Default (PD%)

PD represents the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months (12M PD), or over the
remaining lifetime (Lifetime PD) of the obligation.

The PD% is computed as follows:.

In the case of both demand loans and term loans lending portfolio, the PD% is computed as follows

i) Borrower Count Segmentation

For each reporting month, the Company classifies borrowers into Days Past Due (DPD) buckets (e.g., 0 DPD, 1-30 DPD, 31-60 DPD, 61-90 DPD,
90 DPD) and computes the count of borrowers in each bucket cohort

ii) Monthly Forward Flow Rates

The movement of borrowers from one DPD cohort to the next is tracked monthly. The forward flow rate is calculated as the ratio of borrowers
migrating to the next DPD bucket in the current month to the count in the preceding bucket as at the prior month-end.

iii) Annual Probability of Default (PD)

The monthly forward flow rates for each cohort are averaged over the period. The annual PD for a cohort is derived by multiplying these
average forward flow rates across all stages (conditional PD) leading to default (e.g., 0 to 1-30, 1-30 to 31-60, 31-60 to 61-90, 61-90 to 90 ).

iv) Through-The-Cycle PD (TTC PD)

The annual PDs calculated over multiple years up to the reporting date are averaged to determine the TTC PD for each DPD cohort. This
provides a stable, long-term estimate of default probability that smoothens out cyclical variations.

Loss Given Default (LGD%)

The LossGiven Default isan estimate ofthe loss arising in the case where a default occurs at a given time. It is based on the difference between
the contractual cash flows due and those that the lender would expect to receive, including from the realisation ofany collateral. It is usually
expressed as a percentage ofthe EAD. It is also expressed as (1 - Rate of Recovery). A Secured loan shall have a lower LGD than an Unseured
loan since the rate of recovery is higher given that there is collateral secured for the recovery proceedings.

Exposure At Default (EAD)

Exposure at Default (EAD) represents the estimated amount outstanding that a company or financial institution is exposed to at the time of a
borrower''s default. It includes the expected balance of principal and interest from the reporting date up to the default date, as well as any
anticipated drawdowns on committed but undrawn facilities. For performing loans (Stage 1 and Stage 2), EAD reflects the projected exposure
at a future default date, considering scheduled repayments, accrued interest, and expected additional utilization of credit lines. For non¬
performing loans (Stage 3), EAD corresponds to the exposure outstanding at the actual time of default. This estimate is a critical input in
calculating expected credit losses and regulatory capital requirements. The compant considered the outstanding balance at the reporting date
as the EAD for the purpose of calculating the ECL provison.

Write off policy

The Company writes offfinancial assets, either in full or in part, when it has concluded that there is no reasonable expectation of recovery. This
determination is made after all reasonable courses of action to recover the outstanding amounts have been exhausted. Such write-offs typically
occur when the financial asset is no longer subject to enforcement activity, including legal or other recovery processes, or when the asset is
considered irrecoverable due to the borrower''s financial position.

Financial assets that have been written off continue to be subject to enforcement activities, where appropriate, in order to comply with the
Company''s procedures for recovery of amounts due. Any subsequent recoveries of amounts previously written off are recognised in the
statement of profit and loss under impairment on financial instruments, in the period in which such recovery is made.

C) Market risk:

Market risk is the risk that the fairvalue or future cash flows of financial instruments will fluctuate due to changes in market variables such as
interest rates, equity prices, security prices etc.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the
return.

i) Interest rate risk

Interest rate risk is the risk which arises from changes in market interest rates affecting the Company''s earnings or economic value. This can
lead to shrinking of the interest margins which shall have an adverse impact on the profitability of the company.

Change in the interest rates shall have an impact on the company for servicing its borrowing as well as the company''s interest income.

Since the company has its borrowings at fixed rates, hence any change in the interest rates shall not have any effect on its finance cost.

ii) Price Risk

Price risk is the financial risk associated with fluctuations in the value of stocks or securities. It represents the uncertainty an investor faces
regarding potential losses due to changes in prices of the securities, which can be influenced by various systematic or unsystematic risks.

The company extends loans secured by shares, which inherently carry price risk. These loans are granted with substantial margins to mitigate
potential exposure. The company continuously monitors the market value of the shares held as collateral, and in the event that the prescribed
margin falls below the acceptable threshold, the company reserves the right to call for additional shares to be provided as security.

The Company also holds investments in equity shares and mutual funds. To manage the price risk associated with these equity investments,
the Company periodically reviews the sectors in which it has invested, assesses the performance of the investee companies, and evaluates its
investment decisions.

35 CAPITAL MANAGEMENT

The Company''s objectives when managing capital are to:

i. safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other
stakeholders, and

ii. maintain an optimal capital structure to reduce the cost of capital.

The Company''s assessment of capital requirement is aligned to its planned growth which forms part of an annual operating plan which is
approved by the Board and also a long range strategy. These growth plans are aligned to assessment of risks - which include credit, liquidity and
market. The funding requirements are met through loans and operating cash flows generated.

The company keeps a watch on the Debt Equity ratio and the CRAR Ratio which were 0.10 and 92.5% for the Year ended 31st March, 2025.

36 FAIR VALUE MEASUREMENT

A) The carrying value and Fair value of Financial assets and liabilities by categories are as follows :

Fair value of cash and cash equivalents, other bank balance, short term loans, trade receivables, trade payables, other
financial assets/liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.
Methods and assumptions used to estimate the fair values are consistent with those used for the year ended March 31, 2024.

46 CONTINGENT LIABILITY

Since Feb 2021, a Bank account of the Company having balance of Rs. 2,820.38 Thousands has been frozen by
the cybercell, Hyderabad, as the account was linked to its fintech partner Yomoyo Blossom Technology Private
Limited. The Company has not received any formal communication or summons for the same from the cybercell.
These funds cannot be used by the company, since they are blocked.

47 TRANSACTION WITH STRUCK-OFF COMPANIES

The Company doesn''t have any transactions with companies struck off under section 248 of the Companies Act,
2013 or section 560 of the Companies Act, 1956.

48 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)

No charges were registered against the Company during the year. No charges or satisfactions are yet to be
registered with ROC beyond the statutory period.

49 COMPLIANCE WITH APPROVED SCHEME(S) OF ARRANGEMENTS

The Company has not entered into any new scheme of arrangements during the financial year ended March 31,
2025

50 UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM

The Company as part of its normal business, grants loans and advances, makes investment, provides guarantees
to and accept deposits and borrowings from its customers, other entities and persons. These transactions are
part of Company''s normal non-banking finance business, which is conducted ensuring adherence to all regulatory
requirements.

Other than the transactions described above, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other
persons or entities, including foreign entities (intermediaries) with the understanding, whether recorded in
writing or otherwise, that the intermediary shall lend or invest in party identified by or on behalf of the Company
(ultimate beneficiaries). The Company has also not received any fund from any parties (funding party) with the
understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities
identified by or on behalf of the funding party (ultimate beneficiaries) or provide any guarantee, security or the
like on behalf of the ultimate beneficiaries.

51 UNDISCLOSED INCOME

There are no transactions that are not recorded in the books of accounts for the financial years ended March 31,
2025 and March 31, 2024.

52 ITEMS OF INCOME AND EXPENDITURE OF EXCEPTIONAL NATURE

There are no items of income and expenditure of exceptional nature for the financial years ended March 31, 2025
and March 31, 2024.

53 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The Group has not traded or invested in crypto currency or virtual currency during the financial years ended
March 31, 2025 and March 31, 2024.

54 BENAMI PROPERTIES

There are no Benami properties held by the Company. Also, there has been no proceedings initiated or pending
against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45
of 1988) and rules made thereunder.

55 WILFULL DEFAULTER

The Company has not been declared as a wilfull defaulter by any bank or financial institution or other lender in
the financial years ended March 31, 2024 and March 31, 2025.

56 PREVIOUS YEAR FIGURES

Previous year''s figures are regrouped / rearranged / recasted wherever considered necessary.

These are the Notes referred to in our report of even date

For CGCA & Associates LLP For and on behalf of the board of directors of

Chartered Accountants Anupam Finserv Limited

Firm Registration No. 123393W/W100755 CIN: L74140MH1991PLC061715

SD/- SD/- SD/-

CA Champak K. Dedhia Siddharth Gala Pravin Gala

Partner Executive Director & CEO Chairman, Whole Time Director

& CFO

Membership No : 101769 DIN: 08128110 DIN: 00786492

SD/-

Sheetal Dedhia

Compay Secretary
M. No,: A52175

Place: Mumbai Place: Mumbai

Date : May 13, 2025 Date : May 13, 2025

---

Mar 31, 2024

2.14 Provisions, Contingent Liabilities and Contingent Assets

2.14.1 Provisions

a. Provisions are recognized when the company has present obligation (legal or
constructive) as a result of past event and it is probable that outflow of resources
embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. The expense related
to a provision is presented in the statement of profit and loss net of any
reimbursement/contribution towards provision made.

b. If the effect of the time value of money is material, estimate for the provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used, the increase in the provision due
to the passage of time is recognized as a finance cost.

c. Provisions are reviewed at each balance sheet date and adjusted to reflect the
current best estimates.

d. When some or all the economic benefits required to settle a provision are expected
to be recovered from a third party, a receivable is recognized as an asset if it is
virtually certain that reimbursement will be received and the amount of receivable
can be measured reliably.

2.14.2 Contingent liability

a. Contingent liability is disclosed in the case;

• When there is a possible obligation which could arise from past event and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the
Company or;

• A present obligation that arises from past events but is not recognized as
expense because it is not probable that an outflow of resources embodying
economic benefits will be required to settle the obligation or;

• The amount of the obligation cannot be measured with sufficient reliability.

b. Commitments

Commitments include the value of the contracts for the acquisition of the assets net

of advances.

2.14.3 Contingent assets

Contingent asset is disclosed in case a possible asset arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of the Company.

Contingent liabilities, contingent assets and commitments are reviewed at each
balance sheet date.

2.15 Cash flow statements

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted
for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future
operating cash receipts or payments.

33 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Risk management framework

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework which is responsible for developing, implementing and monitoring Company''s risk management
policies.

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. The risk management policies and systems
are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company, through its
training and management standards and procedures, aims to develop a disciplined and constructive control environment in
which all employees understand their roles and obligations.

The Audit Committee oversees how management monitors compliance with the Company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The
Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes regular reviews of risk
management controls and procedures. The observations, management action plans and adherence to those action plans are
reported to Audit Committee from time to time.

The Company has exposure to following risks arising from financial instruments:

A) Credit risk

B) Liquidity risk

C) Market risk

D) Operational risk

A) Credit risk:

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 to customers and investment debt
securities.

Management of credit risk

The Company has put in place well defined product programs with credit policy parameters defining the credit appetite for
each product. The credit policy gets administered through credit underwriting managers for each product across branches. In
order to retain the independence of the credit function, functional reporting of the credit managers is separated from sales. The
Company has put in place review mechanisms to identify and measure credit risk arising out of customer acceptance as well as
credit behaviour. Further, collections teams are responsible for managing credit impaired customers with usage of appropriate
tools including negotiations, legal actions and recovery proceedings. The Company has put in place a collections policy
defining the role and responsibilities of collections function. The Company has also put in place mechanisms to identify risk
indicator signals and take appropriate actions to address the concerns arising out of the risk indicator signals.

Credit quality analysis / Expected credit loss measurement

Ind AS 109 outlines a ''three-stage'' model for impairment based on changes in credit quality since initial recognition as
summarised below. The objective of the impariment requirements is to recognise lifetime expected credit losses for all financial
instruments for which there have been significant increases in credit risk since initial recognition - whether assessed on an
individual or collective basis - considering all reasonable and supportable information, including that which in forward¬
looking.

A financial instrument that is not credit-impaired on initial recognition is classifed in ''Stage I'' and has its credit risk
continiously monitored by the Company.

If significant increases in credit risk (''SICR'') since initial recognition is identified, the financial instrument is moved to ''Stage 2''
but is not yet deemed to be credit-impaired.

If the financial instrument is credit-impaired, the financial instrument is then moved to ''Stage 3''. Financial instruments in
''Stage 1'' have their ECL measured at an amount equal to 12 months ECLs. Instruments in Stage 2 or 3 have their ECL measured
based on expected credit losses on a lifetime basis. Purchased or originated credit-impaired financial assets are those financial
assets that are credit impaired on initial recognition. Their ECL is always measured on a lifetime basis (Stage 3).

The measurement of ECL is calculated using three main components:

(i) Probability of default (PD)

(ii) Loss given default (LGD) and
(ii) Exposure at default (EAD)

Credit quality analysis / Expected credit loss measurement contd...

The 12 month ECL is calculated by multiplying the 12 month PD, LGD and the EAD. The 12 month and lifetime PDs represent
the PD occuring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents the
expected balance at default, taking into account repayment of principal and interest from the balance sheet date to the default
event together with any expected drawdowns of committed facilites. The LGD represents expected credit losses on the EAD
given the event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is
expected to be realised and the time value of money.

The Company''s policies for computation of expected credit loss (ECL) are set out below:

ECL on loans and advances

ECL is computed for loans and investments portfolio of the Company. The loans and advances portfolio comprises of the
following:

(i) Demand loans

(ii) Term loans

Investments measured at amortised cost is subjected to ECL.

Staging criteria:

Following staging criteria is used for Loans and investments :

(i) standard and 0 - 30 days past due (DPD) as stage I;

(ii) 31- 90 DPD as Stage II; and

(iii) outstanding > 90 DPD as stage III.

Probability of Default (PD%)

PD represents the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months (12M PD), or
over the remaining lifetime (Lifetime PD) of the obligation.

The 12 month PD% is computed as follows:.

In the case of both demand loans and term loans lending portfolio, the PD% is computed based on average percentage of PD
for last five quarters.

Loss Given Default (LGD%)

It is the part of an asset that is lost provided the asset defaults. The recovery rate is derived as a ratio of discounted value of
recovery cash flows (incoporating the recovery time) to total exposure amount at the time of default. Loss given default is
computed as (1-recovery rate) in percentage terms. LGD has been applied on the basis of past observable trend of recoveries
from the defaulted assets.

The following factors have been considered for computation of LGD:

(i) Time to recovery - Time taken to recover the dues

(ii) Amount recovered - Amount recovered against total dues (including interest accrued thereon along with any charges due)

(iii) Discounted value of recovery cash flows
Exposure At Default (EAD)

EAD is the total amount of an asset the entity is exposed to at the time of default. EAD is defined based on the characteristics of
the asset. EAD is dependent on the outstanding exposure of an asset, sanctioned amount of a loan and credit conversion factor
for non-funded exposures. The current outstanding balance of loans as on 31st March 2024 and 31st March 2023 are considered
for ECL computation purpose.

Write off policy

Financial assets are written off either partially or in their entirety only when the Company has stopped pursuing the recovery.
Any subsequent recoveries are credited to impairment on financial instrument in statement of profit and loss.

B) Liquidity risk:

Liquidity risk is the risk that Company may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses. Company''s objective is to, at all times maintain optimum levels of liquidity to meet its cash and
collateral requirements. Company closely monitors its liquidity position and deploys a robust cash management system.

Such scenarios could occur when funding needed for illiquid asset positions is not available to the Company on acceptable
terms. To limit this risk, management has arranged for diversified funding sources and has adopted a policy of managing
assets with liquidity in mind and monitoring future cash flows and liquidity on regular basis. The Company has developed
internal control processes and contingency plans for managing liquidity risk. This incorporates an assessment of expected cash
flows and the availability of cash, cash equivalents and high grade collateral which could be used to secure additional funding
if required.

The Company maintains a portfolio of highly marketable and diverse assets that are assumed to be easily liquidated in the
event of an unforeseen interruption in cash flow. In accordance with the Company''s policy, the liquidity position is assessed
under a variety of scenarios, giving due consideration to stress factors relating to both the market in general and specifically to
the Company.

Maturity profile of undiscounted cash flows for financial liabilities as on balance sheet date have been provided below:

C) Market risk:

Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market
variables such as interest rates. The Company primarily deploy funds in liquid securities as a part of its liquidity management
approach. The Company regularly reviews its average borrowing/lending cost including proportion of fixed and floating rate
borrowings/loans so as to manage the impact of changes in interest rates.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while
optimizing the return.
i) Interest rate risk

Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of
financial instruments. The Board has established limits on the interest rate gaps for stipulated periods. The Company monitors
on a regular basis to ensure positions are maintained within the established limits.

D) Operational and business risk:

Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to
operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial
loss. The Company cannot expect to eliminate all operational risks, but it endeavours to manage these risks through a control
framework and by monitoring and responding to potential risks. Controls include maker-checker controls, effective
segregation of duties, access, authorisation and reconciliation procedures, staff education and assessment processes.

34 CAPITAL MANAGEMENT

(i) Capital management
Objective

The Company''s objective is to maintain appropriate levels of capital to support its business strategy taking into account the
regulatory, economic and commercial environment. The Company aims to maintain a strong capital base to support the risks
inherent to its business and growth strategies. The Company endeavours to maintain a higher capital base than the mandated
regulatory capital at all times.

Planning

The Company''s assessment of capital requirement is aligned to its planned growth which forms part of an annual operating
plan which is approved by the Board and also a long range strategy. These growth plans are aligned to assessment of risks-
which include credit, liquidity and interest rate.

38 LEASES

Operating Lease: company as lessee

The Company has an existing lease agreement for taking on leave and license basis office premises which shall expire
on October 31, 2024 with no renewal option.

In respect of the said existing lease for which the lease term expires within 12 months from the date of initial application
of Ind AS 116, the company has elected to choose the exemption given in para C10 (c) of Ind AS 116 and chose to apply
the short-term lease exemption to it. Following are the disclosure requirements relating to leases treated as short term
lease:

44 Since Feb 2021, a Bank account of the Company having balance of Rs. 2,820.38 has been frozen by the
cybercell, Hyderabad, as the account was linked to its fintech partner Yomoyo Blossom Technology Private
Limited. The Company has not received any formal communication or summons for the same from the
cybercell.

45 CONTINGENT LIABILITY

There are no contingent liabilities.

46 TRANSACTION WITH STRUCK-OFF COMPANIES

The Company doesn''t have any transactions with companies struck off under section 248 of the Companies
Act, 2013 or section 560 of the Companies Act, 1956.

47 BENAMI PROPERTIES

There are no Benami properties held by the Company. Also, there has been no proceedings initiated or
pending against the Company for holding any benami property under the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and rules made thereunder.

48 WILFULL DEFAULTER

The Company has not been declared as a wilfull defaulter by any bank or financial institution or other lender
in the financial years ended March 31, 2024 and March 31, 2023.

49 PREVIOUS YEAR FIGURES

Previous year''s figures are regrouped / rearranged / recasted wherever considered necessary.

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

For J. K. Shah & Co. Anupam Finserv Limited

Chartered Accountants CIN: L74140MH1991PLC061715

Firm Registration No. 109606W

CA Sanjay Dhruva Nirmala Gala Pravin Gala

Partner Managing Director Whole Time Director & CFO

Membership No : 038480 DIN: 00894497 DIN: 00786492

Sheetal Dedhia

Compay Secretary
M. No,: A52175

Place: Mumbai Place: Mumbai

Date : May 30, 2024 Date : May 30, 2024

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Mar 31, 2015

1. Terms / rights attached to equity shares

The Company has only one class of equity shares of par value ' 10 each. Each equity shareholder is entitled to one vote per share held, and on liquidation entitled to receive balance of net assets remaining after settlement of all debts, creditors & preferential amounts, proportionate to their respective shareholding.

2. Pursuant to the Scheme of Arrangement (the Scheme), duly sanctioned by the Hon'ble High Court at Bombay at the hearing held on 10th July, 2015, with effect from the appointed date i.e. 1st April, 2014, the "Education Division" of the Company engaged in the business of Education & Publication, together with all its assets, liabilities etc stands transferred as a going concern by way of demerger to Vantage Knowledge Academy Ltd. Upon filing of the certified copy of the Court Order with the Registrar of Companies on 31st July, 2015, the Scheme has become operative on and from the said date. Accordingly the effect of the same has been given at the time of preparation of these financial statements. In terms of the Scheme upon transfer to Vantage Knowledge Academy Ltd., the difference Rs. 3,34,23,318/- (Previous Year Rs. Nil) between the total assets of Rs. 3,77,32,570/- and total liabilities of Rs. 43,09,252/- (Previous Year Rs. Nil) of the Education Division as on the appointed date has been adjusted to the extent opening balance of security premium account and profit & loss account and balance Rs. 94,09,715/- shown as Demerger Reconstruction Account (Debit Balance) under 'Reserves and Surplus' in the books of the Company. Further, in terms of the Scheme, the Consideration for transfer of Education Division amounting to Rs. 3,34,23,318/-being the book value of the net assets of the said Division as on the appointed date will be settled by Vantage Knowledge Academy Ltd. by issuing 33,07,500 Equity Shares of Rs. 10/- each fully paid up to the share holders of the Company.

3. Related Party Transactions

Related party disclosure as required by AS - 18, 'Related Party Disclosures, notified by the Companies (Accounting Standard) Rules, 2006 are given below :

Key Management Personnel & Relatives:

a) Mrs. N.R Dedhia e) Mr. Pravin N. Gala

b) Mr. R.C. Dedhia f) Mrs. Jyoti R. Gala

c) J. C. Dedhia (Family) g) Nanji B. Gala (HUF)

d) Mrs. K. P. Shah h) Mr. Dilip Nanji Gala

Associate Concerns:

a) Vantage Stock Broking Pvt. Ltd. e) Suyojana Impex Pvt. Ltd.

b) Vantage Media Pvt. Ltd. f) Superb Papers Ltd.

c) Oasis Insurance Broking g) Esenes Forgings Ltd. Services Pvt. Ltd.

d) Nipra Financial Services Pvt. Ltd. h) Anupam Realities Pvt. Ltd

4. In the opinion of the management, there are no outstanding dues towards suppliers as defined under the "Micro, Small & Medium Enterprises Development Act, 2006."

5. During the year the Company has written-off as bad debts, certain outstanding Loan Amounts amounting to Rs. 39,70,000/- (Nil) and interest thereupon amounting to Rs. 6,08,167/- (Rs. 13,82,600/-) due from certain parties which, in the opinion of management have become fragile.

6. The Company is registered as a 'Non Banking Financial Company (NBFC)' under the Reserve Bank of India Act, 1934 (RBI Act), as a 'Non Deposit Accepting (Category B)' entity and is intermittently carrying on non banking finance or investment activities in terms of section 451(c) of the RBI Act. The statutory compliances for the year under review, in terms of the provisions of the RBI Act and the 'Non Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, are pending and the management has initiated the required process for these compliances. Pursuant to the instructions received by the Company from the NBFC Department of the Reserve Bank of India, the Company has started creating a 'Special Reserves' @ 20% of Net Profits from the Previous Financial Year.

7. The balances of receivables and payables are subject to third party confirmations. Current assets, loans and advances are of the value stated if realised in the ordinary course of business.

8. In respect of the payments, made for goods or expenses or otherwise made, where the payee's acknowledgements or other supporting evidences were not available, the management confirms the propriety of such payments and of the debits given to the respective account heads in the book.

9. The Company has one segment of activity namely 'Finance and Capital Market'.

10. Figures of current year are after excluding the figures of the Demerged Segment and are, therefore, strictly not comparable with those of previous year.

11. Figures of previous year have been re-grouped, re-arranged and recast, wherever considered necessary.

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Mar 31, 2014

1. Terms attached to Equity Shares

The Company has only one class of equity shares of par value Rs. 10 each. Each equity shareholder is entitled to one vote per share held, and on liquidation entitled to receive balance of net assets remaining after settlement of all debts, creditors & preferential amounts, proportionate to their respective shareholding. No dividend is proposed.

2 Notes:

(1) There are no reportable secondary segments.

(2) The primary segments have been identified & reported considering the nature of products & services, their risks and returns, the organisation structure and the internal management reporting system.

(3) The accounting principles consistently used for preparation of financial statements are also applied to the segmental reporting.

(4) Segmental information includes the respective amounts identifiable or allocable. Other amounts are reported at corporate level.

(*) Outstanding closing balances unless specified otherwise; (#) Amounts squared off during the year; (@) Exercising ''significant influence (SI)'' in business decisions in terms of clause 3(e) of Accounting Standard 18 or a ''related party'' in terms of the applicable provisions of the Act.

Notes: (1) Repaid Rs. 2115000/- during the year. (2) Original investment Rs. 5 lakhs. (3) Original investment Rs. 499200/-. (4) Received back Rs. 1080000/- during the year. (5) Received back Rs. 2065000/- during the year.

3. The Company is registered as a ''Non Banking Financial Company (NBFC)'' under the Reserve Bank of India Act, 1934 (RBI Act), as a ''Non Deposit Accepting (Category B)'' entity and is intermittently carrying on non banking finance or investment activities in terms of section 45I(c) of the RBI Act. The statutory compliances for the year under review, in terms of the provisions of the RBI Act and the ''Non Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, are pending and the management has initiated the required process for these compliances. Pursuant to the instructions received by the Company from the NBFC Department of the Reserve Bank of India, the Company has started creating a ''Special Reserves'' @ 20% of Net Profits from the current year onwards.

4. During the year the Company has not accounted for interest accruals in respect of certain parties which, in the opinion of management have become fragile. The profits of the Company are understated by Rs. 745433/- (Nil), due to such change in accounting treatment. During the year the Company has written-off as bad debts, certain outstanding interest amounts amounting to Rs. 1382600/- due from certain parties which, in the opinion of management have become fragile.

5. In the opinion of the management, there are no outstanding dues towards suppliers as defined under the "Micro, Small & Medium Enterprises Development Act, 2006."

6. The balances of receivables and payables are subject to third party confirmations. Current assets, loans and advances are of the value stated if realised in the ordinary course of business.

7. In respect of the payments, made for goods or expenses or otherwise made, where the payee''s acknowledgements or other supporting evidences were not available, the management confirms the propriety of such payments and of the debits given to the respective account heads in the books.

8. Previous year figures are regrouped or reclassified wherever necessary. Figures in parenthesis pertain to previous year. All figures have been rounded off to the nearest rupee.

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Mar 31, 2013

A. Conversion of Warrants - The Company had issued 4337500 Convertible Warrants of- 10 each, at a premium of- 6 on preferential basis on 23rd November, 2010, convertible to equal number of equity shares of - 10 each, within 18 months and on which application money @ - 4 amounting to - 17350000/- was paid-up at the time these warrants were issued and balance amount of- 12 pay- able at the time of conversion. During the year these warrants were converted on 12th June, 2012, and the Company received the final call money in respect of only 2700000 warrants which were converted into an equal number of equity shares ranking pari passu. The application money of - 6550000/- in respect of 1637500 warrants, on which call money was not received, were forfeited and the forfeited amount was transferred to the appropriate capital reserves. The premium portion of converted as well as forfeited warrants was transferred to the appropriate capital reserves (refer Note 2).

B. Contingent Liability & Subsequent Events - All disputed and/or contingent liabilities are either provided for or disclosed as such, on the basis of mutual acceptances or depending on the management''s perception of its potential outcome. The management has taken adequate steps to provide sufficiently for all known, anticipated or contingent liabilities. Events occurring after the balance sheet date up to the date of adoption of the financial statements, having a material bearing are considered while preparing the financial statements.

C. In the opinion of the management, there are no outstanding dues towards suppliers as defined under the "Micro, Small & Medium Enterprises Development Act, 2006."

D. The balances of receivables and payables are subject to third party confirmations. Current assets, loans and advances are of the value stated if realised in the ordinary course of business.

E. In respect of the payments, made for goods or expenses or otherwise made, where the payee''s acknowledgements or other supporting evidences were not available, the management confirms the propriety of such payments and of the debits given to the respective account heads in the books.

F. Additional Information - Additional information pursuant to the applicable provisions of paragraph 5 of Part II of Schedule VI to the Act, to the extent not already reported elsewhere:

G. Previous year figures are regrouped or reclassified wherever necessary. Figures in parenthesis pertain to previous year. All figures have been rounded off to the nearest rupee.

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Mar 31, 2012

1 CONTINGENT LIABILITY

Contingent liabilities, if any, are either provided for or disclosed as such, depending on the management's perception of its potential outcome.

2. In respect of the payments, made for goods or expenses or otherwise made, where the payee's acknowledgements or other supporting evidences were not available, the management confirms the propriety of such payments and of the debitsgiventotherespectiveaccountheadsmthebooks.

3.Thirdpartyconfirmationsofreceivablesandpayablesarenot immediatelyavailableforvenficationin all cases.

4. Previous year figures are regrouped or reclassified wherever necessary. Figures in brackets are pertaining to previous year.Allfigureshavebeenroundedofftothenearestrupee.

5 ADDITIONAL INFORMATION

A. CAPACITY. PRODUCTION & RAW MATERIAL CONSUMPTION

Since the Company is not engaged in any manufacturing activities, specification of these details is not applicable to the Company.

NOTES:

a. Therearenoreportablesecondarysegments,

b. There are two main primary reportable segments namely (1) Financial Services & Investment, which includes

revenues from corporate services rendered, consulting, investment activities etc., And (2) Education & Training activity which includes revenue from Publishing (books and online web).

c. The segments have been identified & reported considering the nature of products & services, their risks and returns, the organization structure and the internal management reporting system,

d. Segmental information includes the respective amount identifiable & allocable. Other amounts are reported at the corporate level.

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Mar 31, 2010

NOTES:

a. There are no reportable secondary segments,

b. There are two main primary reportable segments namely (1) Financial Se rvices & Investment, which includes revenues from corporate services rendered, consulting, investment activities etc., and (2) Publishing which includes revenue from publishing of Yellow Pages etc.

c. The segments have been identified & reported conside ring the nature of products & services, their risks and returns, the organization structure and the internal management reporting system,

d. Segmental information includes the respective amount identifiable & allocable. Other amounts are reported at the corporate level.

e. Related Party Transactions - Pursuant to Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the details are specified below:

f. Disclosure of Speculation/Derivative Transactions - The Company has carried out, speculative trading in equity shares and securities and also trading in stock exchange derivatives. The quantitative data in respect of these transactions for the full year is given below -

g. Deferred Taxes - Pursuant to Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has worked out the cumulative net deferred tax liability and asset as at 31st March, 2010 and for the year on account of timing differences as under-

NOTES:

1. Calculat ions for deferred taxes are made using the tax rates & laws that have been substantively enacted as of the balance sheet date.

2. Due to uncertainty of future profits, the management is of the opinion that DTA on unabsorbed business losses (IT) should not be recognized. DTA on unabsorbed depreciation (IT), however is accounted for.

3. The net DTA for the year and of the past year (which was not provided) and now provided, is credited to the profit & loss account & shown under current assets. The DTA for the year is reduced to the extent of the reversal effect of DTA on unabsorbed depreciation (IT) claimed during the year.

4. Contingent Liability - Contingent liabilities, if any, are either provided for or disclosed as such, depending on the managements perception of its potential outcome.

5. In respect of the payments, made for goods or expenses or otherwise made, where the payees acknowledgments or other supporting evidences were not available, the management confirms the propriety of such payments and of the debits given to the respective account heads in the books.

6. Third party confirmations of receivables and payables are not immediately available for verification in all cases.

7. Previous year figures are regrouped or reclassified wherever necessary. Figures in brackets are pertaining to previous year. All figures have been rounded off to the nearest rupee.

1. a. Capacity. Production & Raw Material Consumption - Since the Company is not engaged in any manufacturing activities, specification of these details is not applicable to the Company.

b. Turnover & Stocks -

2. Imports/Expenditure/Earnings in Foreign Exchange - Rs. Nil (Nil).