Notes to Accounts of Bharat Bhushan Finance & Commodity Brokers Ltd.

Mar 31, 2025

3.6 Provisions :

Provisions are recognised when there is a present obligation as a result of a past event, and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are reviewed
at each balance sheet date and adjusted to reflect the current best estimate.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting
period, taking into account the risks and uncertainties surrounding the obligation.

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability.

When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or
disclosure is made.

3.7 Employee Benefits :

A) Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid
if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and
the obligation can be estimated reliably.

B) Contribution to provident fund and ESIC

Company’s contribution paid/payable during the year to provident fund and ESIC is recognised in the Statement of profit and loss

C) Gratuity

The Company’s liability towards gratuity scheme is determined by independent actuaries, using the projected unit credit method. The
present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market
yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation. Past
services are recognised at the earlier of the plan amendment / curtailment and recognition of related restructuring costs/ termination
benefits.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of
plan assets. This cost is included in employee benefit expense in the Statement of profit and loss.

Remeasurement gains/ losses-

Remeasurement of defined benefit plans, comprising of actuarial gains / losses, return on plan assets excluding interest income are
recognised immediately in the balance sheet with corresponding debit or credit to Other Comprehensive Income (OCI). Remeasurements
are not reclassified to Statement of profit and loss in the subsequent period.

Remeasurement gains or losses on long-term compensated absences that are classified as other long-term benefits are recognised in
Statement of profit and loss.

D) Leave encashment / compensated absences

The Company provides for the encashment / availment of leave with pay subject to certain rules. The employees are entitled to accumulate
leave subject to certain limits for future encashment / availment. The liability is provided based on the number of days of unutilized leave
at each balance sheet date on the basis of an independent actuarial valuation.

3.8 Revenue recognition

A) Recognition of interest income on loans

Interest income is recognised in Statement of profit and loss using the effective interest method for all financial instruments measured at
amortised cost, debt instruments measured at FVOCI and debt instruments designated at FVTPL. The ‘effective interest rate’ is the rate
that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument.

The calculation of the effective interest rate includes transaction costs and fees that are an integral part of the contract. Transaction costs
include incremental costs that are directly attributable to the acquisition of financial asset.

If expectations regarding the cash flows on the financial asset are revised for reasons other than credit risk, the adjustment is recorded
as a positive or negative adjustment to the carrying amount of the asset in the balance sheet with an increase or reduction in interest
income. The adjustment is subsequently amortised through Interest income in the Statement of profit and loss.

The Company calculates interest income by applying the EIR to the gross carrying amount of financial assets other than credit-impaired
assets.

When a financial asset becomes credit-impaired, the Company calculates interest income by applying the effective interest rate to the
net amortised cost of the financial asset. If the financial asset cures and is no longer credit impaired, the Company reverts to calculating
interest income on a gross basis.

Additional interest and interest on trade advances, are recognised when they become measurable and when it is not unreasonable to
expect their ultimate collection.

Income from bill discounting is recognised over the tenure of the instrument so as to provide a constant periodic rate of return.

B) Rental income :

Income from operating leases is recognised in the Statement of profit and loss as per contractual rentals unless another systematic basis
is more representative of the time pattern in which benefit derived from the leased asset is diminished.

C) Fees and commission income :

Fee based income are recognised when they become measurable and when it is probable to expect their ultimate collection.

Commission and brokerage income earned for the services rendered are recognised as and when they are due.

D) Dividend and interest income on investments :

- Dividends are recognised in Statement of profit and loss only when the right to receive payment is established, it is probable that
the economic benefits associated with the dividend will flow to the Company and the amount of the dividend can be measured
reliably.

- Interest income from investments is recognised when it is certain that the economic benefits will flow to the Company and the amount
of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the
effective interest rate applicable.

3.9 Finance costs

Finance costs include interest expense computed by applying the effective interest rate on respective financial instruments measured at Amortised
cost. Financial instruments include bank term loans, non-convertible debentures, fixed deposits mobilised, commercial papers, subordinated
debts and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.
Finance costs are charged to the Statement of profit and loss.

3.10 Taxation - Current and deferred tax:

Income tax expense comprises of current tax and deferred tax. It is recognised in Statement of profit and loss except to the extent that it relates
to an item recognised directly in equity or in other comprehensive income.

A) Current tax :

Current tax comprises amount of tax payable in respect of the taxable income or loss for the year determined in accordance with Income
Tax Act, 1961 and any adjustment to the tax payable or receivable in respect of previous years. The Company’s current tax is calculated
using tax rates that have been enacted or substantively enacted by the end of the reporting period.

B) Deferred tax :

Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying values
of assets and liabilities and their respective tax bases. 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 measurement of deferred tax liabilities and assets reflects the tax consequence
that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.

Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the deductible
temporary difference could be utilized. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from
the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying
amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.

3.11 Leases

As a lessee

The Company has applied Ind AS 116. For these short term and low value leases, the company recognizes the lease payments as an expense
in the Statement of Profit and Loss on a Straight line basis over the term of lease.

3.12 Exceptional items

When items of income and expenses within profit or loss from ordinary activities are of such size, nature or incidence that their disclosure is
relevant to explain the performance of the enterprise for the period, the nature and amount of such items is disclosed separately as Exceptional
items.

3.13 Earning per share

The Company reports basic and diluted earnings per equity share. Basic earnings per equity share have computed by dividing net profit/loss
attributable to the equity share holders for the year by the weighted average number of equity shares outstanding during the year. Diluted
earnings per equity share have been computed by dividing the net profit attributable to the equity share holders after giving impact of dilutive
potential equity shares for the year by the weighted average number of equity shares and dilutive potential equity shares outstanding during
the year, except where the results are anti-dilutive.

* Created by way of transfer of specified percentage of profits as per section 45IC of Reserve Bank of India (Amendment) Act, 1997.

Appropriation from Reserve shall be for the purpose as may be specified by Reserve Bank of India.

“Note: After reporting date, final dividend of 6% i.e Rs 0.6/- per equity share of face value of Rs. 10 each. (for Previous
year Rs. 0.6/- per equity share.) was recommended by the Board of directors in their meeting held on 08th May 2025.
The dividend has not been recognised as liability.”

Description of the nature and purpose of Other Equity:

Securities Premium

Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes such as
issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Stautory Reserve

Statutory reserve represents reserve fund created pursuant to Section 45-IC of the RBI Act, 1934 through transfer of specified percentage of
net profit every year before any dividend is declared. The reserve fund can be utilised only for limited purposes as specified by RBI from time to
time and every such utilisation shall be reported to the RBI within specified period of time from the date of such utilisation.

Other Comprehensive Income

Equity Instruments through Other Comprehensive income.

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income.
These changes are accumulated within the FVTOCI equity investments reserve within equity. The Company transfers amounts from this reserve
to retained earnings when the relevant equity securities are derecognised.

Remeasurement gain/ (losses) on defined benefit plan

The Company recognises change on account of fair value of instruments recognised at FVTOCI and tax thereon and remeasurement of the net
defined benefit liability/(asset) as part of other comprehensive income.

Retained Earnings

Retained earnings or accumulated surplus represents total of all profits retained since Company’s inception. Retained earnings are credited
with current year profits, reduced by losses, if any, dividend payouts, transfers to General reserve or any such other appropriations to specific
reserves.

31 Segment Reporting:

In the opinion of Management there are no separate reportable segments as per Indian Accounting Standard (Ind AS-108).

32 Financial Risk Management
Financial risk factors

The Company’s principal financial liabilities, comprise borrowings and other payables. The main purpose of these financial liabilities is to purchase
certain fixed assets and other liabilities incurred during the ordianary course of Company’s operations. The Company’s principal financial assets
include Investments, inter corporate deposits, loans, cash and cash equivalents and other receivables. The Company’s activities expose it to
a variety of financial risks:

I. Market Risk

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

The company is exposed to market risk primarily related to the market value of its investments.

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of Financial Instruments will fluctuate because of change in market interest
rates.The company does not have exposure to the risk of changes in market interest rate as it has debt obligations with fixed interest rates
which are measured at amortised cost.

Currency risk

Currently company does not have transaction in foreign currencies and hence the company is not exposed to currency risk.

Equity Price Risk

(a) Exposure

“The company is exposed to equity price risk arising from Investments held by the company and classified in the balance sheet as
fair value through FVTOCI. To manage its price risk arising from investment in equity securities, the company diversifies its portfolio.
The majority of the company’s equity instruments are listed on the Bombay stock exchange (BSE) or the National stock exchange
(NSE) in India.”

(b) Sensitivity analysis- Equity price risk

The table below sumarise the impact of increase/ decrease of the index on the company’s equity and the profit for the period. The
analysis is based on the assumption that the equity/ index had increased by 2% or decreased by 2% with all other variable held
constant, and that all the company’s equity instruments moved in line with the Index.

II. Credit risk

Credit risk is the risk that a 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 financing activities towards inter corporate loans where no significant impact on credit
risk has been identified.

III. Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring
unacceptable losses.The Company manages its liquidity requirement by analysing the maturity pattern of Company’s cash flows of financial
assets and financial liabilities.

37 Lease:

Expenses recognised in the statement of profit & loss in respect of lease for Rs. 0.85 Lakh (PY Rs. 0.85 Lakh)

38 The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

39 Other statutory information

i The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding
any Benami property.

ii The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

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

v “The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.”

vi “The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities:”

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

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

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

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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

viii The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions
of the Income Tax Act, 1961

40 The company was not required to spend any amount on Corporate social responsibility activities during the current and previous year.

41 “The Hon’ble Executive Director (‘ED’) of Securities and Exchange Board of India (‘SEBI’) passed an order on May 12,
2023 in the matter of National Spot Exchange Limited (NSEL) cancelling Certificate of SEBI Registration (bearing No.
INZ000087136) of the Company. As per the order, Company has attracted disqualification under Schedule II of Intermediary’s
Regulations for the reason of executing paired contracts on NSEL.

The company filed an appeal against the aforesaid order before Securities Appellant tribunal (SAT) on June 12,
2023. along with application for grant of stay against SEBI order dated May 1 2, 2023.Securities Appellant Tribunal (SAT) has
pronounced an order on Tuesday july 04, 2023 and stayed the effect and operation of the impugned SEBI order during the
pendency of the appeal.

The Securities Appellant Tribunal (SAT) has passed an order on December 12,2023 directing SEBI to consider and come out with a scheme
under clause 26 of the settlement regulations for our company, which was to be finalized within 3 months. SEBI filed an application for an
additional time of 4 months to frame a scheme under the Settlement Regulation. The Securities Appellant Tribunal (SAT) by this order date,
March 14, 2024, has granted further 4 months to come out with that settlement scheme.

The company will consider the terms of the settlement scheme after they have been announced by SEBI and settle the matter if the terms are
found favourable. Alternatively, the company has been given a time by SAT of four weeks from the date of the settlement scheme announced
by SEBI to file an appeal with SAT.”

c) Sectoral Exposure

The Company does not have any exposures, in the nature of loans as at March 31,2025 and March 31,2024.

d) Intra Group Exposures: -

The Company has invested in group companies totalling to Rs. 205.60 Lakhs as at the year end (Previous Rs. 191.25 Lakhs).

e) Unhedged foreign currency exposure

The Company does not have any unhedged foreign currency exposures as at March 31,2025 and March 31,2024

f) Disclosure of complaints

The Company does not have any customer interface and thus there are no complaints received by the NBFCs from customers and from
the Offices of Ombudsman during the year ended March 31,2025 and March 31,2024.

g) Related Party Disclosure

For related party disclosures refer to Note 27 of the notes to financial statements.

44 The Previous year figures have been regrouped/reclassified,wherever necessary to confirm to the Current Year''s presentation.

AS PER OUR REPORT OF EVEN DATE ATTACHED

FOR G C AGARWAL & ASSOCIATES FOR & ON BEHALF OF THE BOARD

CHARTERED ACCOUNTANTS Bharat Bhushan Finance & Commodity Brokers Ltd.

FRN : 017851N

Sd/- Sd/- Sd/- Sd/- Sd/-

G C AGARWAL VIJAY BHUSHAN NISHA AHUJA SATISH AGGARWAL Baldev Garg

Partner DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER Company Secretary

(M.No. : 083820) (DIN : 00002421) (DIN : 00001875) (M No: A73249)

PLACE : NEW DELHI
DATE : 8th May, 2025

---

Mar 31, 2024

3.6 Provisions :

Provisions are recognised when there is a present obligation as a result of a past event, and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are reviewed
at each balance sheet date and adjusted to reflect the current best estimate.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting
period, taking into account the risks and uncertainties surrounding the obligation.

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability.

When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or
disclosure is made.

3.7 Employee Benefits :

A) Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid
if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and
the obligation can be estimated reliably.

B) Contribution to provident fund and ESIC

Company’s contribution paid/payable during the year to provident fund and ESIC is recognised in the Statement of profit and loss

C) Gratuity

The Company’s liability towards gratuity scheme is determined by independent actuaries, using the projected unit credit method. The
present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market
yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation. Past
services are recognised at the earlier of the plan amendment / curtailment and recognition of related restructuring costs/ termination
benefits.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of
plan assets. This cost is included in employee benefit expense in the Statement of profit and loss.

Remeasurement gains/ losses-

Remeasurement of defined benefit plans, comprising of actuarial gains / losses, return on plan assets excluding interest income are
recognised immediately in the balance sheet with corresponding debit or credit to Other Comprehensive Income (OCI). Remeasurements
are not reclassified to Statement of profit and loss in the subsequent period.

Remeasurement gains or losses on long-term compensated absences that are classified as other long-term benefits are recognised in
Statement of profit and loss.

D) Leave encashment / compensated absences

The Company provides for the encashment / availment of leave with pay subject to certain rules. The employees are entitled to accumulate
leave subject to certain limits for future encashment / availment. The liability is provided based on the number of days of unutilized leave
at each balance sheet date on the basis of an independent actuarial valuation.

3.8 Revenue recognition

A) Recognition of interest income on loans

Interest income is recognised in Statement of profit and loss using the effective interest method for all financial instruments measured at
amortised cost, debt instruments measured at FVOCI and debt instruments designated at FVTPL. The ‘effective interest rate’ is the rate
that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument.

The calculation of the effective interest rate includes transaction costs and fees that are an integral part of the contract. Transaction costs
include incremental costs that are directly attributable to the acquisition of financial asset.

If expectations regarding the cash flows on the financial asset are revised for reasons other than credit risk, the adjustment is recorded
as a positive or negative adjustment to the carrying amount of the asset in the balance sheet with an increase or reduction in interest
income. The adjustment is subsequently amortised through Interest income in the Statement of profit and loss.

The Company calculates interest income by applying the EIR to the gross carrying amount of financial assets other than credit-impaired
assets.

When a financial asset becomes credit-impaired, the Company calculates interest income by applying the effective interest rate to the
net amortised cost of the financial asset. If the financial asset cures and is no longer credit impaired, the Company reverts to calculating
interest income on a gross basis.

Additional interest and interest on trade advances, are recognised when they become measurable and when it is not unreasonable to
expect their ultimate collection.

Income from bill discounting is recognised over the tenure of the instrument so as to provide a constant periodic rate of return.

B) Rental income :

Income from operating leases is recognised in the Statement of profit and loss as per contractual rentals unless another systematic basis
is more representative of the time pattern in which benefit derived from the leased asset is diminished.

C) Fees and commission income :

Fee based income are recognised when they become measurable and when it is probable to expect their ultimate collection.

Commission and brokerage income earned for the services rendered are recognised as and when they are due.

D) Dividend and interest income on investments :

- Dividends are recognised in Statement of profit and loss only when the right to receive payment is established, it is probable that
the economic benefits associated with the dividend will flow to the Company and the amount of the dividend can be measured
reliably.

- Interest income from investments is recognised when it is certain that the economic benefits will flow to the Company and the amount
of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the
effective interest rate applicable.

3.9 Finance costs

Finance costs include interest expense computed by applying the effective interest rate on respective financial instruments measured at Amortised
cost. Financial instruments include bank term loans, non-convertible debentures, fixed deposits mobilised, commercial papers, subordinated
debts and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.
Finance costs are charged to the Statement of profit and loss.

3.10 Taxation - Current and deferred tax:

Income tax expense comprises of current tax and deferred tax. It is recognised in Statement of profit and loss except to the extent that it relates
to an item recognised directly in equity or in other comprehensive income.

A) Current tax :

Current tax comprises amount of tax payable in respect of the taxable income or loss for the year determined in accordance with Income
Tax Act, 1961 and any adjustment to the tax payable or receivable in respect of previous years. The Company’s current tax is calculated
using tax rates that have been enacted or substantively enacted by the end of the reporting period.

B) Deferred tax :

Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying values
of assets and liabilities and their respective tax bases. 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 measurement of deferred tax liabilities and assets reflects the tax consequence
that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.

Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the deductible
temporary difference could be utilized. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from
the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying
amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.

3.11 Leases

As a lessee

The Company has applied Ind AS 116. For these short term and low value leases, the company recognizes the lease payments as an expense
in the Statement of Profit and Loss on a Straight line basis over the term of lease.

3.12 Exceptional items

When items of income and expenses within profit or loss from ordinary activities are of such size, nature or incidence that their disclosure is
relevant to explain the performance of the enterprise for the period, the nature and amount of such items is disclosed separately as Exceptional
items.

3.13 Earning per share

The Company reports basic and diluted earnings per equity share. Basic earnings per equity share have computed by dividing net profit/loss
attributable to the equity share holders for the year by the weighted average number of equity shares outstanding during the year. Diluted
earnings per equity share have been computed by dividing the net profit attributable to the equity share holders after giving impact of dilutive
potential equity shares for the year by the weighted average number of equity shares and dilutive potential equity shares outstanding during
the year, except where the results are anti-dilutive.

31 Segment Reporting:

In the opinion of Management there are no separate reportable segments as per Indian Accounting Standard (Ind AS-108).

32 Financial Risk Management
Financial risk factors

The Company’s principal financial liabilities, comprise borrowings and other payables. The main purpose of these financial liabilities is to purchase
certain fixed assets and other liabilities incurred during the ordianary course of Company’s operations. The Company’s principal financial assets
include Investments, inter corporate deposits, loans, cash and cash equivalents and other receivables. The Company’s activities expose it to
a variety of financial risks:

I. Market Risk

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

The company is exposed to market risk primarily related to the market value of its investments.

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of Financial Instruments will fluctuate because of change in market interest
rates.The company does not have exposure to the risk of changes in market interest rate as it has debt obligations with fixed interest rates
which are measured at amortised cost.

Currency risk

Currently company does not have transaction in foreign currencies and hence the company is not exposed to currency risk.

Equity Price Risk

(a) Exposure

“The company is exposed to equity price risk arising from Investments held by the company and classified in the balance sheet as
fair value through FVTOCI. To manage its price risk arising from investment in equity securities, the company diversifies its portfolio.
The majority of the company’s equity instruments are listed on the Bombay stock exchange (BSE) or the National stock exchange
(NSE) in India.”

(b) Sensitivity analysis- Equity price risk

The table below sumarise the impact of increase/ decrease of the index on the company’s equity and the profit for the period. The
analysis is based on the assumption that the equity/ index had increased by 2% or decreased by 2% with all other variable held
constant, and that all the company’s equity instruments moved in line with the Index.

II. Credit risk

Credit risk is the risk that a 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 financing activities towards inter corporate loans where no significant impact on credit
risk has been identified.

III. Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring
unacceptable losses.The Company manages its liquidity requirement by analysing the maturity pattern of Company’s cash flows of financial
assets and financial liabilities.

34. Fair values

The management assessed that Fair Values of Financial Assets and Liabilities are approximately their carrying values.

35. Fair value hierarchy

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

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use Inputs that have a significant effect on the recorded fair value that are not based on observable market data.

37 Lease:

Expenses recognised in the statement of profit & loss in respect of lease for Rs. 0.85 Lakh (PY Rs. 0.85 Lakh)

38 The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

39 Other statutory information

i The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding
any Benami property.

ii The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

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

v “The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.”

vi “The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities:”

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

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

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

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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

viii The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions
of the Income Tax Act, 1961

40 The company was not required to spend any amount on Corporate social responsibility activities during the current and previous year.

41 “The Hon’ble Executive Director (‘ED’) of Securities and Exchange Board of India (‘SEBI’) passed an order on May 12,
2023 in the matter of National Spot Exchange Limited (NSEL) cancelling Certificate of SEBI Registration (bearing No.
INZ000087136) of the Company. As per the order, Company has attracted disqualification under Schedule II of Intermediary’s
Regulations for the reason of executing paired contracts on NSEL.

The company filed an appeal against the aforesaid order before Securities Appellant tribunal (SAT) on June 12,
2023. along with application for grant of stay against SEBI order dated May 1 2, 2023.Securities Appellant Tribunal (SAT) has
pronounced an order on Tuesday july 04, 2023 and stayed the effect and operation of the impugned SEBI order during the
pendency of the appeal.

The Securities Appellant Tribunal (SAT) has passed an order on December 12,2023 directing SEBI to consider and come out with a scheme
under clause 26 of the settlement regulations for our company, which was to be finalized within 3 months. SEBI filed an application for an
additional time of 4 months to frame a scheme under the Settlement Regulation. The Securities Appellant Tribunal (SAT) by this order date,
March 14, 2024, has granted further 4 months to come out with that settlement scheme.

The company will consider the terms of the settlement scheme after they have been announced by SEBI and settle the matter if the terms are
found favourable. Alternatively, the company has been given a time by SAT of four weeks from the date of the settlement scheme announced
by SEBI to file an appeal with SAT.”

c) Sectoral Exposure

The Company does not have any exposures, in the nature of loans as at March 31,2024 and March 31,2023.

d) Intra Group Exposures: -

The Company has invested in group companies totalling to Rs. 191.25 Lakhs as at the year end (Previous Rs. 182.67 Lakhs).

e) Unhedged foreign currency exposure

The Company does not have any unhedged foreign currency exposures as at March 31,2024 and March 31,2023

f) Disclosure of complaints

The Company does not have any customer interface and thus there are no complaints received by the NBFCs from customers and from
the Offices of Ombudsman during the year ended March 31,2024 and March 31,2023.

g) Related Party Disclosure

For related party disclosures refer to Note 27 of the notes to financial statements.

43 The Previous year figures have been regrouped/reclassified,wherever necessary to confirm to the Current Year''s presentation.

AS PER OUR REPORT OF EVEN DATE ATTACHED

FOR G C AGARWAL & ASSOCIATES FOR & ON BEHALF OF THE BOARD

CHARTERED ACCOUNTANTS Bharat Bhushan Finance & Commodity Brokers Ltd.

FRN : 017851N

Sd/- Sd/- Sd/- Sd/- Sd/-

G C AGARWAL VIJAY BHUSHAN NISHA AHUJA SATISH AGGARWAL Baldev Garg

Partner DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER Company Secretary

(M.No. : 083820) (DIN : 00002421) (DIN : 00001875) (M No: A73249)

PLACE : NEW DELHI
DATE : 22nd May, 2024

---

Mar 31, 2015

1. CONTINGENT LIABILITIES

AMOUNT(Rs)

AS AT AS AT 31st MARCH 2015 31st MARCH 2014 (Rs) (Rs.)

a. Claims against the company/ disputed Liability not acknowledged 9006058 9006058 as debt (Net)

b. Liability in respect of partly paid up 85000 85000 Equity Shares

2. In the opinion of Management, there is no separate reportable segment in terms of Accounting Standard AS - 17 "Segment Reporting".

3. Quantitative information in respect of shares/debentures/units etc. is as follows:-

4. Related Party disclosures (As Identified by the Management and relied upon by Auditors)

5. List of related parties with whom transaction have been taken place and relationship:

A. Where control exists/Key Management Personnel alongwith their relatives Sh. Vijay Bhushan

Mrs. Nisha Ahuja

Mrs. Sant Kumari Agarwal Director & Mother of (a)

Sh. Jogesh Ahuja Director & Husband of (b)

B. Enterprises under common control/enterprises where person described in "A" above is able to exercise significant influence.

- Bharat Bhushan Equity Traders Ltd.

- Bharat Bhushan & Co.

6. Transactions during the year with Related Parties.

2.19 Schedule as required in terms of Paragraph 13 of Non Banking Financial (Non Deposit Accepting or Holding ) Companies Prudential Norms (Reserve Bank) Directions ,2007 as Superseeded by "Non -Systemically Important Non-Banking Financial (Non- Deposit Accepting or Holding )Companies Prudential Norms(Reserve Bank) Directions,2015.

7 Minimum lease payments recognized in the statement of profit & loss account during the period ended 31st March 2015 is Rs 24000/- (Previous year Rs 24000/-)

8. Provision for diminution in the value of investments is charged to Profit & Loss Account and shown correspondingly under the head

"Provisions" in the Balance Sheet without showing it as deduction from the value of investment. This is being done in compliance with Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank Directions, 2007) a s

Superseeded by "Non -Systemically Important Non-Banking Financial (Non- Deposit Accepting or Holding )Companies Prudential Norms(Reserve Bank) Directions,2015.

---

Mar 31, 2014

1. CONTINGENT LIABILITIES:- AMOUNT (Rs.)

AS AT AS AT 31ST MARCH 2014 31ST MARCH 2013 (Rs.) (Rs.)

a. Claims against the company/ disputed Liability not acknowledged as debt (Net) 9006058 9006058

b. Liability in respect of 80000 80000 partly paid up Equity Shares

2. In the opinion of Management, there is no separate reportable segment in terms of Accounting Standard AS - 17 "Segment Reporting".

3. Minimum lease payments recognized in the statement of profit & loss account during the period ended 31st March 2014 is Rs. 24000/- (Previous year Rs. 24000/-)

4. Provision for diminution in the value of investments is charged to Profit & Loss Account and shown correspondingly under the head "Provisions" in the Balance Sheet without showing it as deduction from the value of investment. This is being done in compliance with Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank Directions, 2007)

---

Mar 31, 2013

1.1 In the opinion of Management, there is no separate reportable segment in terms of Accounting Standard AS – 17 "Segment Reporting”.

1.2 Related Party disclosures (As Identified by the Management and relied upon by Auditors) 2.18.1. List of related parties with whom transaction have been taken place and relationship:

A. Where control exists/Key Management Personnel alongwith their relatives Sh. Vijay Bhushan

Mrs. Nisha Ahuja

- Mrs. Sant Kumari Agarwal Director & Mother of (a)

- Sh. Jogesh Ahuja Director & Husband of (b)

B. Enterprises under common control/enterprises where person described in "A” above is able to exercise significant influence.

- Bharat Bhushan Equity Traders Ltd.

- Bharat Bhushan & Co.

1.3 Minimum lease payments recognized in the statement of profit & loss account during the period ended 31st March 2013 is Rs. 24000/-

(Previous year Rs. 24000/-)

1.4 Provision for diminution in the value of investments is charged to Profit & Loss Account and shown correspondingly under the head "Provisions” in the Balance Sheet without showing it as deduction from the value of investment. This is being done in compliance with Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank Directions, 2007)

---

Mar 31, 2012

1.1 Operating Lease (Disclosure pursuant to Accounting Standard AS-19 for Leases)

1.2 Minumum lease payments recognized in the statement of profit & loss account during the period ended 31st March 2012 is Rs. 24000/ - (Previous year Rs. 24000/-)

1.3 Provision for diminution in the value of investments is charged to Profit & Loss Account and shown correspondingly under the head 'Provisions' in the Balance Sheet without showing it as deduction from the value of investment. This is being done in compliance with Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank Directions, 2007)

1.4 Auditor's Remuneration includes:-

ANNEXURE 'I'

Referred in Note No. 2.17 of the Note '2' to the accounts:

Related Party disclosures (As Identified by the Management and relied upon by Auditors)

As per Accounting Standard - 18 " Related Party disclosure' issued by the Institute of Chartered Accountants of India, the disclosure of transactions with the related party as defined in the Accounting Standard are given below:

1 A. Where control exists/Key Management Personnel alongwith their relatives

Sh. Vijay Bhushan

Mrs. Nisha Ahuja

- Mrs. Sant Kumari Agarwal Director & Mother of (a)

- Sh. Jogesh Ahuja Director & Husband of (b)

Enterprises under common control/enterprises where person described in "A" above is able to exercise significant influence.

- Bharat Bhushan Equity Traders Ltd.

- Bharat Bhushan & Co. (No transaction during the year)

---

Mar 31, 2010

1. There was no employee(s) in receipt of remuneration aggregating more than Rs.24,00,000/- p.a. or Rs.2,00,000/- or more p.m. where employed for a part of the period (Previous year Rs. Nil).

2. CONTINGENT LIABILITIES:-

S. No. Particulars As at 31st March, 2010 As at 31 st March, 2009 (In Rs.) (In Rs.)

a. Claims against the company/disputed

Liability not acknowledged as debt(Net) 9006058 9006058

b. Liability in respect of partly paid up 80000 80000 Equity Shares.

3. Unclaimed Dividend payable account are yet to be reconciled and therefore the same has been taken as per books.

4. Provision for diminution in the value of investments is charged to Profit & Loss Account and shown correspondingly under the head "Provisions" in the Balance Sheet without showing it as deduction from the value of investment. This is being done in compliance with Non Banking Financial (Non Deposit Accepting or Holding JCompanies Prudential Norms (Reserve Bank Directions, 2007).

5. In the opinion of the management, current assets, Loans and advances are approximately of the value stated, if realized, in the ordinary course of the business.

6. (a) Brokerage / Service charges of Rs. 277923/- (Previous Year Rs. 412498/-) represents brokerage earned from Commodity Trading (NCDEX and MCX) .

(b) Other Income includes Rs.1482418/- (Previous year Rs. 1484288/-) being amount recovered on account of reimbursement of expenses.

7. Disclosure as required by Accounting Standard - AS-18 " Related Party disclosure" are as per annexure I

8. Disclosure as required by Para 13 of Non Banking Financial (Non Deposit Accepting on Holding) Companies Prudential Norms (Reserve Bank) Directions 2007 are as per annexure II.

9. Previous year figures have been rearranged/regrouped wherever considered necessary.

10. All figures have been rounded off to the nearest rupee.

11. Additional information Pursuant to Part IV of Schedule VI to the Companies Act 1956, is attached herewith.

12. Annexure I to X form an integral part of the Accounts.