Notes to Accounts of Explicit Finance Ltd.

Mar 31, 2024

IV. Provisions and contingent liabilities:

Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. If the effect of the time value of money is material, 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 recognised as a
finance cost. Contingent Liabilities are disclosed in respect of possible obligations that arise from past
events but their existence will be confirmed by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Group or where any present obligation cannot
be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot
be made.

J. Functional and Presentation currency

These financial statements are prepared in Indian rupees; the national currency of India, which is
functional currency of the company._

The information regarding suppliers holding permanent registration certificate as an Ancillary
Industrial Undertaking or a Small Scale Industrial undertaking issued by the Directorate of Industries
of State or Union Territory is not available from the relevant parties. There is no overdue outstanding
to MSME Creditors as on 31.03.2023.

25. Segment Reporting

The Company is NBFC company registered with RBI. Hence segment reporting as defined in Ind AS 33 is not
given.

26. IMPACT OF COVID19 PENDEMIC ON THE COMPAN

Due to COVID 19 pandemic and consequent lockdown restrictions imposed by the National Government
from time to time, the impact on various business activities has been disclosed in financial statements, which
caused unforeseen disruption in operation of manufacturing, marketing, demand, supply, orders, debtors,
creditors, and other financial activities during the financial year.

27. In the opinion of the Management, current assets, loans and advances have a value on realization at least
equal to the amount at which they are stated in the Books of Accounts and provision for all known liabilities
has been made, except as mentioned otherwise.

28. Corporate Social Responsibility

As per section 135 of the Companies Act, 2013 a CSR committee has been formed by the company. The Company
is not liable to pay any amount under CSR.

30. The figures for previous year have been regrouped/rearranged wherever necessary to make them
comparable.

In terms of our report of even date

For GMCS & Co. For & on behalf of Board of Directors

Chartered Accountants

Firm Registration No. 141236W

Amit Bansal Rajesh Nanda Avinash

Mainkar

Partner Managing Director Director

M. No : 424232 DIN : 06399927 Din : 01986289

Place : Mumbai
Date : 30.05.2024

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Mar 31, 2015

Note 1 - Gratuity & Leave encashment

Leave Encashment Liability payable on retirement or otherwise has not been provided as the same would be charged in the year o retirement or when paid which is in contravention of accounting standard 15 " Accounting for Retirement Benefits".

Note 2 - Operating leases

The Company has not taken any property or equipment on lease

Note 3 - Amounts due to Micro, Small and Medium Enterprises:

The Company has not received any intimation from the suppliers under the The Micro, Small & Medium Enterprises Development Act 2006 and therefore disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

Note 4 -Previous year figures

The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.

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Mar 31, 2014

Note 1 - Gratuity & Leave encashment

Leave Encashment Liability payable on retirement or otherwise has not been provided as the same would be charged in the year of retirement or when paid which is in contravention of accounting standard 15 " Acccounting for Retirement Benefits".

Note 2 - Operating leases

The Company has not taken any property or epuipment on lease

Note 3 - Amounts due to Micro, Small and Medium Enterprises:

The Company has not received any intimation from the suppliers under the The Micro, Small & Medium Enterprises Development Act 2006 and therefore disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

Note 3 -Previous year figures

The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.

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Mar 31, 2013

Note 1 - Gratuity & Leave encashment

Leave Encashment Liability payable on retirement or otherwise has not been provided as the same would be charged in the year of retirement or when paid which is in contravention of accounting standard 15 " Acccounting for Retirement Benefits".

Note 2 - Operating leases

The Company has not taken any property or epuipment on lease

Note 3 - Amounts due to Micro, Small and Medium Enterprises:

The Company has not received any intimation from the suppliers under the The Micro, Small & Medium Enterprises Development Act 2006 and therefore disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

Note 4 -Previous year figures

The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.

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Mar 31, 2012

Note 1- Share Capital

(a) Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

i) The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share.

ii) On receipt of shareholders' approval in the Annual General meeting of the company held on 30th September, 2011, the Company has increased its authorised share capital from Rs. 3,50,00,000/- (Rupees Three Crores Fifty lakh only ) divided into 35,00,000 Equity Shares of Rs. 10/- each to Rs. 10,00,00,000/- (Rupees Ten Crores )divided into 1,00,00,000 Equity Shares of Rs. 10/- each & the Company has altered its Memorandum & Articles

iii) 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 all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

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Mar 31, 2010

1. Leave Encashment Liability payable on retirement or otherwise has not been provided as the same would be charged in the year of retirement or when paid.

2. Related Party Disclosures

a. The Company had transaction with the following related parties:

Sr. No. Name of The Related party Relationship

1. Shri Gopal Dave Director

b. Transactions with Related Parties:

Name Nature of Expenditure Amount (Rs.) Period

Shri Gopal Dave Salary & 77,500 For Part of the year Remuneration

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

4. Previous year figures have been regrouped / rearranged / reclassified wherever necessary and figures have been rounded off to the nearest rupee.

5. Additional information required pursuant to part II of the schedule VI the Companies Act, 1956 for trading in shares.

* Deferred Tax Asset for Rs.1815/- on account of timing difference is not provided for on account of prudence as per Accounting Standard 22- "Accounting for Taxes" issue by ICAi.

6. Segment Reporting:

The company primarily deals in the business of Shares & Securities hence there is no Primary reportable segment in the context of Accounting Standard 17 issued by The Institute of Chartered Accountants of India. As the Companys Export Turnover is Nil, there is no reportable geographical segment.

7. Details of dues to Micro & Small Enterprises:

Under the Micro, Small and Medium Enterprises Development Act, 2006 certain disclosures are required to be made related to micro, small and medium enterprise. The company is in the process of complying relevant information on the supplier about their coverage under the act. Since relevant information is not readily available, no disclosure is made on this account.

8. Contingent Liabilities

Contingent Liabilities are not provided for and are disclosed by way of Notes.

9.Balance sheet abstract and companys general business profile as per schedule VI, part (IV) of the Companies Act, 1956.