Notes to Accounts of Futuristic Securities Ltd.

Mar 31, 2024

1. (i) Provisions, Contingent liabilities and Contingent Assets:

A disclosure for a contingent liability is made after careful evaluation of the facts and legal aspects of
the matter involved, when there is a possible or present obligations that may, but probably will not require
an outflow of resources. When there is possible or present obligations in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made. Provisions are recognised when
the company has a legal/constructive obligation and on management discretion as a result of a past
event, for which it is probable that an outflow of resources will be required to settle the obligation and
in respect of which a reliable estimate can be made. Contingent assets neither recognised nor disclosed
in the financial statements.

1. (j) Cash and Cash equivalents :

Cash and Cash equivalents in the cash flow statements comprises cash at bank and in hand and short
term investments with an original maturity of three months or less.

[I] Capital management

The Company’s capital management objectives is to ensure the Company’s ability to continue as a going
concern.

The capital structure of the Company consists of equity.

The Company sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial
liabilities. The Company manages the capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets.

[II] Financial Risk Management Framework

The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. In
order to manage the aforementioned risks, the Company operates a risk management policy and a program
that performs close monitoring of and responding to each risk factors.

A) CREDIT RISK

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities
(primary trade receivables) and from its financing activities, including deposits with banks and other financial
instruments.

(i) Financial instruments and cash deposits:Credit risk from balances with banks is managed by the
Company in accordance with the Company’s policy. Investments of surplus funds are made only through
bank.

B) LIQUIDITY RISK

(i) Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established
an appropriate liquidity risk management framework for the management of the Company’s short, medium
and long-term funding and liquidity management requirements. The Company manages liquidity risk
by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of
financial assets and liabilities.

(ii) Maturities of financial liabilities

The following tables detail the Company’s remaining contractual maturity for its non-derivative financial
liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based
on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company
can be required to pay.

(iii) Maturities of financial assets

The following table details the Company’s expected maturity for its non-derivative financial assets. The
table has been drawn up based on the undiscounted contractual maturities of the financial assets including
interest that will be earned on those assets. The inclusion of information on non-derivative financial assets
is necessary in order to understand the Company’s liquidity risk management as the liquidity is managed
on a net asset and liability basis.

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 risk comprises three types of risk: currency risk, interest rate risk and
other price risk. The objective of market risk management is to manage and control market risk exposures
within acceptable parameters, while optimising the return. There has been no significant changes to the
Company’s exposure to market risk or the methods in which they are managed or measured.

(i) Currency Risk

The Company undertakes transactions denominated only in Indian Rupees and hence, there is no risk of
foreign exchnage fluctuations.

(ii) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates.

(iii) Other price risk

The Company does not have significant other price risk.

Fair Valuation Techniques and Inputs used

This section explains the judgment and estimates made in determining the fair value of the financial
instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for
which fair value are disclosed in financials statements. To provide an indication about the reliability of the
inputs used in determining the fair value, the Company has classified its financial instruments into the
three levels prescribed under the accounting standards.

Level 1 Inputs:Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the
entity can access at the measurement date. A quoted market price in an active market provides the most
reliable evidence of fair value and is used without adjustment to measure fair value whenever available,
with limited exceptions. If an entity holds a position in a single asset or liability and the asset or liability is
traded in an active market, the fair value of the asset or liability is measured within Level 1 as the product
of the quoted price for the individual asset or liability and the quantity held by the entity, even if the market’s
normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the
position in a single transaction might affect the quoted price.

Level 2 Inputs:Level 2 inputs are inputs other than quoted market prices included within level 1 that are
observable for the asset or liability, either directly or indirectly.

Level 2 inputs include :

- quoted prices for similar assets or liabilities in active markets

- quoted prices for identical or similar assets or liabilities in markets that are not active

- inputs other than quoted prices that are observable for the asset or liability, for example - interest rates
and yield curves observable at commonly quoted interval

- implied volatilities

- credit spreads

- inputs that are derived principally from or corroborated by observable market data by correlation or other
means (‘market-corroborated inputs’)

Level 3 Inputs:Level 3 inputs inputs are unobservable inputs for the asset or liability. Unobservable inputs
are used to measure fair value to the extent that relevant observable inputs are not available, thereby
allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement
date. An entity develops unobservable inputs using the best information available in the circumstances,
which might include the entity’s own data, taking into account all information about market participant
assumptions that is reasonably available.

Note : The Diffence in Debts Service Coverage Ratio, Return of Equity, Net profit ratio, Return on investment
are due to loss in last year.

1. ( p ) - Additional regulatory information
Details of benami property held

No proceedings have been initiated on or are pending against the group for holding benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

Relationship with struck off companies

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

Wilful defaulter

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

Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

In terms of our report attached For and on behalf of the Board of Directors

For MAKK & CO. PRADEEP KUMAR JATWALA

Chartered Accountants Director & CFO

Firm’s Registration no. 117246W DIN: 00053991

ADARSH KUMAR CHOPRA

(CA MUKESH MAHESHWARI) Director

Partner DIN: 00313851

Membership No. 049818 JATIN KHETANI

Company Secretary

Mumbai, Dated : 29/05/2024 Reg.No.A32372

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Mar 31, 2010

1. In the opinion of the Board unless otherwise stated in the Balance Sheet and Schedules attached thereto the current assets and loans and advances as stated in the balance sheet are approximately of the value realisable in the ordinary course of business.

2. Balance of sundry debtors, loans and advances and creditors are subject to confirmation. Necessary adjustment if any, will be made in the accounts on receipt of such confirmations.

3. Special Capital Incentive of Rs.2000000/-received from the State Industrial & Investment Corporation of Maharashtra Ltd. is subject to conditions laid down in the relevant agreement.

4. Segment Reporting - Accounting Standard 17

The Company is engaged in Shares & Securities transactions which falls under one segment and hence no seperate segment reporting is given as envisaged in Accounting Standard 17 issued by ICAI.

5. Taxes on Income - Accounting Standard 22

Taxation:

Accumulated deferred tax assets as at 31st March, 2010 has arisen on account of unabsorbed depreciation, brought forward losses and other timing differences. The Company has not accounted for the same. There is no accumulated deferred tax liability as at 31 st March, 2010.

During the year the only item of timing difference is difference in the depreciation as per accounts and depreciation as per income tax provisions. The depreciation on assets which are subject to timing difference as per accounts is Rs. 1943/- and depreciation on the corresponding assets as per income tax provisions is Rs. 2489/-. The resultant deferred tax credit being nominal has not been quantified and accounted for in the books of account.

6. Disclosure of related parties / related party transactions:

A) Relationship

(a) Associate Companies/Concerns

1. Kores (India) Ltd

2. Kores Services Ltd.

3. Solar Packaging P Ltd.

4. Shashi Finance P Ltd

5. Pepega(l&P)Ltd.

6. Shri Amarsinji Stationery Industries Ltd.



(b) Key Management Personnel & their relatives.

1. A.K. Thirani (Son)

2. S.K. Thirani (Director)

3. Sushila S.Thirani (Wife)

4. Rekha Thirani (Daughter in Law)

5. Nandini Mehta (Grand Daughter)

6. Neha Thirani (Grand Daughter)

7. Shashi Binani

8. Suhasini Lohia