Notes to Accounts of Brilliant Portfolios Ltd.

Mar 31, 2024

2.12 Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that an 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.

When the effect of the time value of money is material, the Company determines the level of provision by
discounting the expected cash flows at a pre-tax rate reflecting, the current rates specific to the liability. The
expense relating to any provision is presented in the statement of profit and loss net of any reimbursement.

2.13 Contingent Liabilities and Commitment

A contingent liability is a possible obligation that arise from past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or
a present obligation that is not recognized because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability
that cannot be recognized because it cannot be measured reliably. The company does not recognize a
contingent liability but discloses its existence in the financial statements

2.14 Earnings Per Share (EPS)

The Company Reports basic and diluted earnings per share in accordance with Ind AS 33 on Earnings per
share. EPS is calculated by dividing the net profit or loss for the year attributable to equity shareholders (after
deducting preference dividend and attributable taxes) by the weighted average number of equity shares
outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss attributable to equity
shareholders and the weighted average number of shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as of the
beginning of the period, unless they have been issued at a later date. In computing the dilutive earnings per
share, only potential equity shares that are dilutive and that either reduces the earnings per share or increases
loss per share are included.

2.15 Significant Accounting Judgements, Estimates and Assumptions

The preparation of the Company''s financial statements in conformity with the Ind AS requires management to
make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets
and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities, at the end of the
reporting period. Uncertainty about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities affected in future periods.

Judgements

In the process of applying the Company''s accounting policies, management has made the following
judgements, which have the most significant effect on the amounts recognised in the financial statements:

Revenue Recognition and Presentation

The Company assesses its revenue arrangements against specific criteria, i.e. whether it has exposure to the
significant risks and rewards associated with the sale of goods or the rendering of services, in order to
determine if it is acting as a principal or as an agent. The Company has concluded that they operating on a
principal to principal basis in all its revenue arrangements.

When deciding the most appropriate basis for presenting revenue or costs of revenue, both the legal form and
substance of the agreement between the Company and its business partners are reviewed to determine each
party''s respective role in the transaction.

Useful Lives of Property, Plant and Equipment

The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This
reassessment may result in change in depreciation expense in future periods.

Recoverability of Deferred Taxes

In assessing the recoverability of deferred tax assets, management considers whether it is probable that taxable
profit will be available against which the losses can be utilised. The ultimate realisation of deferred tax assets is
dependent upon the generation of future taxable income during the periods in which the temporary differences
become deductible. Management considers the projected future taxable income and tax planning strategies in
making this assessment.

2.16 Recent Accounting Pronouncements

The Ministry of Corporate Affairs (“MCA”) notifies new standards or amendment to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,
2024, MCA has not notified any new standards or amendments to the existing standards applicable to the
Company.

Notes to accounts for the year ended March 31, 2024

Level 1 hierarchy includes financial instruments measured using quoted prices in active markets for identical assets or liabilities that the
Company can access at measurement date.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which
maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair
value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The carrying amounts of trade receivables, trade payables, capital creditors and cash and cash equivalents are considered to be the same
as their fair values, due to their short-term nature.

The Company gives loans / taken borrowings at market rates. The fair value of these loans approximates the carrying amount.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

Note 31: CAPITAL MANAGEMENT

The primary objective of the Company''s capital management policy is to ensure that the Company complies with externally imposed capital
requirements and maintains healthy capital ratios in order to support its business and to maximize shareholder value. The Company
manages its capital structure and makes adjustments to it in light of changes in economic conditions and requirements of the financial
covenants. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividend payment to shareholders,
return capital to shareholders or issue capital securities. No changes have been made to the objectives, policies and processes from the
previous years. However, they are under constant review by the Board.

Regulatory capital consists of Tier1 capital which comprises share capital, share premium, and retained earnings including current year
profit. The other component of regulatory capital is Tier 2 capital instruments. Refer Note 36 (xii) for the company''s capital ratios.

FINANCIAL RISK MANAGEMENT

Risk Disclosures

Company''s risk is managed through an integrated risk management framework, including ongoing identification, measurement and
monitoring, subject to risk limits and other controls. This process of risk management is critical to the Company''s continuing profitability and
each individual within the Company is accountable for the risk exposures relating to his or her responsibilities. It is the Company''s policy to
ensure that a robust risk awareness is embedded in its organisational risk culture

The Company''s principal financial liabilities comprise borrowings, trade and other payables, interest accrued and advances. The main
purpose of these financial liabilities is to finance the Company''s operations.

The Company''s principal financial assets includes loans, cash and cash equivalents, deposits with bank, interest accrued and advances.

The Company is exposed to market risk, interest rate risk, credit risk and liquidity risk .

All activities for risk management purposes are carried out by the teams that have the appropriate skills, experience and supervision.

A. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk.
Financial instruments affected by market risk borrowings, short term deposits and derivative financial instruments.

The Company''s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS
107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

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 core business of the company is providing loans. The company borrows through various financial instruments to finance
its core lending activity. These activities expose the company to interest rate risk.

Company does not have any floating rate borrowing. The Company''s fixed rate borrowings are carried at amortised cost. They are therefore
not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because
of a change in market interest rates.

B. Credit Risk

Credit risk is the risk that the Company will incur a loss becoause its customers or counteparties fail to discharge their contractual
obligations. The Company manages and control credit risk by setting limits on the amount of risk it is willing to accept for individual
counterparties The Company is exposed to credit risk mainly from its loans.

The Company continously monitors all assets subject to Expected Credit Losses. In order to determine whether an instrument or a portfolio
of instruments is subject to 12 months Expected Credit Losse or lifetime Expected Credit Losse, the Company assesses whether there has
been a significant increase in credit risk since initial recognition.

C. 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. Such scenarios could occur when funding needed for illiquid asset positions is not available to the Company on acceptable
terms. The Company''s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The
Company closely monitors its liquidity position and deploys a robust cash management system.

Note 34 : SEGMENT INFORMATION (IND AS 108)

The Company operates mainly in the business segment of fund based financing activity. All other activities
revolve around the main business. Further, all activities are carried out within India. As such, there are no
separate reportable segments as per the provisions of IND AS 108 on ‘Operating Segments’.

Note 35: Schedule to the Balance Sheet of Non-Deposit taking Non-Banking Financial Company as required
in terms of Reserve Bank of India Prudential Norms are annexed hereto.

Note 36: Previous year figures have been regrouped and reclassified wherever considered necessary.

Note 37 - Additional regulatory information under division III to schedule III as per notification dated March 24, 2021

(i) Title deeds of Immovable Property:

The Company does not have any immovable property whose title deeds are not held in the name of the company.

(ii) Revaluation of Property, Plant and Equipment:

The company has not relvalued its Property, Plant and Equipment during the year.

(iii) Revaluation of Intangible Assets:

The company does not have any Intangible Assets during the year.

(iv) Loans or Advances:

During the year, the Company has not provided any loans or advances granted to promoters, directors and KMPs.

(v) Intangible assets under development ageing schedule:

The company does not have any Intangible asset under development during the year.

(vi) Details of Benami Property held:

No proceedings have been initiated or pending against the company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 ( as amended from time to time ) and the rules made thereunder.

(vii) Security of current assets against borrowings:

During the year no current asset is secured against borrowings of the company .

(viii) Wilful Defaulter:

The company has not declared as wilful defaulter by any bank or financial institution or other lender.

(ix) Relationship with struck off Companies:

During the year, the Company has not entered into any transation with struck off companies.

(x) Registration of charges or satisfaction with Registrar of Companies (ROC):

During the year, there was no delay in registration of charges or satisfaction with ROC and no charge is pending for registration.

(xi) Compliance with number of layers of companies:

The company has complied with the requirements of layers as per Section 186 of Companies Act, 2013.

Note:

The Reserve Bank of India (RBI) issued Master Direction - Reserve Bank of India (Non-Banking Financial Company - Scale Based
Regulation) Directions, 2023. These guidelines include the Liquidity Coverage Ratio (LCR), which is applicable to non-deposit taking
NBFCs with an asset size exceeding Rs. 5000 Crores. However, the Company does not meet the criteria for LCR applicability, and
therefore, the disclosure provisions related to LCR are not applicable to the Company.

(xiii) Compliance with approved Scheme(s) of Arrangements:

The Company has not entered into any scheme of arrangement.

(xiv) Utilisation of Borrowed funds and share premium

Borrowed funds have been utilised for the purpose they have been sanctioned and company does not have share premium during the
year.

(xv)

(a) The company has not advanced or loaned or Invested (either from borrowed funds or share premium or any other source or other kind of
funds) to or in any other person or entity, including foreign entity ( "intermediaries") with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, 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 provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(b) The company has not received any fund (which are material either individual or in the aggregate ) from any person or entity, including
foreign entity ( "Funding Parties") with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties ( "Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

For Sanjeev Bhargava & Associates For and on behalf of the Board of Directors of

Chartered Accountants Brilliant Portfolios Limited

Firm''s registration number: 003724N

V. K. Gupta Ravi Jain R.N. Arora

(Partner) Managing Director Director

Membership Number: 081647 DIN: 02682612 DIN: 00503731

Place: New Delhi Ashish

Date: 28/05/2024 Company Secretary & CFO

UDIN: 24081647BKHCVT7651_

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Mar 31, 2015

NOTE NO.1 : CORPORATE INFORMATION

Brilliant Portfolios Limited is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in the business of Corporate Finance and Real Estate.

NOTE NO.2 : SHARE CAPITAL

(a) Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend, as & when, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.

During the year ended 31 st March, 2015, no dividend (Previous Year Nil) is declared by the Board of Directors. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the Shareholders

(b) Shares held by Holding / Ultimate holding company and/or their subsidaries/associates:

NIL

(c) Details of Shareholders holding more than 5% shares in the company:

NOTE NO. - 3. - Related Party Disclosure

Related party disclosure as required by AS-18 - "Related Party Disclosure". are given below Companies having Significant Influence -

Key Managerial Personnel

Ravi Jain

R.N. Arora

Bhuvnesh Kumar Sharma

Sajal Jain

Transactions with related parties

Loan taken from Director Rs. 10,40,000/-

NOTE NO. - 4. - CONTINGENT LIABILITIES

The Company has furnished corporate guarantee to a bank for a loan taken by a company.

NOTE NO. - 5

There have been no reported transactions during the year with Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.

NOTE NO. - 6

In accordance with the Accounting Standard - 22 on Accounting for Taxes on Income, the Company has net cumulative deferred tax asset of Rs. 3,21,868/- (P.Y.- Rs. 3,67,888/-)

NOTE NO. - 7

(i) Expenditure in Foreign Currency Nil (Previous Year Nil)

(ii) CIF value of Import Nil (Previous Year Nil)

(iii) FOB value of Export Nil (Previous Year Nil)

(iv) Earning in Foreign Exchange Nil (Previous Year Nil)

NOTE NO. - 8

In the opinion of the Board, the current assets, loans & advances, have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

NOTE NO. - 9. - SEGMENT REPORTING

The Company is engaged in the business of Non Banking financial business and there are no separate reportable segment as per Accounting Standard - 17 "Segment Reporting"

NOTE NO. - 10

As required in terms of Paragraph 13 of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2015 schedule to Balance sheet of a Non Banking Financial Company are annexed hereto.

NOTE NO. - 11 PREVIOUS YEAR FIGURES

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