Notes to Accounts of Indo Thai Securities Ltd.

Mar 31, 2025

m) Provisions

Provision is recognised when an enterprise has a present obligation (legal or constructive) as a result of a past event and it is
probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
provisions are determined based on management estimates required to settle the obligation at the balance sheet date,
supplemented by experience of similar transactions. These are reviewed at the balance sheet date and adjusted to reflect the
current management estimates.

n) Contingent Liabilities and Assets

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which 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 where it is either not probable that an outflow of resources will be
required to settle or a reliable estimate of the amount cannot be made, is termed as a contingent liability. The existence of a
contingent liability is disclosed in the notes to the financial statements.

Contingent assets are neither recognised nor disclosed.

o) Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed using the weighted average number of equity shares and dilutive potential equity shares
outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or loss for the period
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.

p) Cash Flow Statement

Cash flow are reported using Indirect Method, where by profit/(loss) before tax is adjusted for the effect of transaction of non cash
nature and any deferrals or accruals of past or future cash receipt or payments and items of income or expenses associated with
investing or financing cash flow. The cash flow from operating, Investing & financing activities of the company is segregated
based on the available information.

q) Ind AS 117 — Insurance Contracts The amendments introduces a new Accounting Standard, Ind AS 117 in place of existing Ind
AS 104 (Insurance Contracts). This amendment is applicable mainly to issuers of Insurance contracts and re-insurance contracts.
The Company does not expect this amendment to have any significant impact in its financial statements.

(F) Terms/rights attached to equity shares:

Thecompany has only oneclass of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to onevote per share. Thedividend, in case
proposed by the Board of Directors is subject tothe approval of theshareholders in the ensuing Annual General Meeting, except in case of interim dividend. In theeventof
liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their
shareholding.

(j) The company has alloted 9,80,319 Equity warrants convertible into equity shares at an issue price of Rs. 94 per warrants (25% of issue price of RS. 376/-) and 14,60,000 Equity warrants
convertible into equity shares at an issue price of Rs.125 (25% of issue price of Rs. 500/-). Balance amount of Rs.282 per warrant was received against 4,30,819 warrants (out of 9,80,319 Equity
warrants) and Rs. 375 per warrant was received against 3,57,200 warrants (out of 14,60,000 Equity warrants) during the financial year 2024-25 and shares alloted during the year under
consideration.

(k) The company has alloted 9,04,000 Equity Shares on prefrenti''al basis at an issue price of Rs. 500 per Equity Shares dated 14-Jan-25 during the financial year 2024-25 and
shares alloted during the year under consideration.

The Company has followed simplified methodof ECLin case of Trade receivables and the Company recognises lifetime expected losses for all trade receivables that do not constitute a
financing transaction. At each reporting date, the Company assesses the impairment requirements.

Other financial assets considered to have a low credit risk:

Credit risk on cash and cash equivalents is limited as wegenerally invest in deposits with banks and stock exchanges with high credit ratings assigned by international and domestic
credit rating agencies. Investments comprise of Quoted Equity instruments and Mutual Funds which are market tradeable.

b) Liquidity Risk

Liquidity represents the ability of theCompany to generate sufficient cash flow to meetits financial obligations on time, both in normal and in stressed conditions, without having to
liquidate assets or raise funds at unfavourable terms thus compromising its earnings and capital. The Company aims to maintain the level of its cash and cash equivalents and other
highly marketable investments at an amount in excess of expected cash outflow on financial liabilities. Funds required for short period is taken care by borrowings through utilizing
overdraft facility.

c) Market Risk

Market risk arises when movements in market factors (foreign exchange rates, interest rates and equity prices) impact the Company''s income or the market value ofits portfolios. The
Company, in its course of business, is exposed to market risk due to change in equity prices, interest rates and foreign exchange rates. The objective of market risk management is to
maintain an acceptable level of market risk exposure while aiming to maximize returns. The Company classifies exposures to market risk into either trading or non-trading portfolios.
Both the portfolios are managed using the following sensitivity analyses:

i) Equity Price Risk

The Company exposure to price risk arising form investment and security in trade held by thecompany and is classified in the balance sheet through fair value through profit &loss
account. Company has investment in Exchange Traded Funds & equity shares under various scheme and its exposure.

The below sensitivity depicts a scenario where a 10% movement in equity prices, everything else remaining constant, would result in an exchange obligation for both Traded and Non-
traded (client) positions and their impact on statement of profit and loss account

46. Revenue From Contract With Customers

The Company derives revenue primarily from the share broking business. Its other major revenue sources are the Interest income.

1. Disaggregate revenue information

The table below presents disaggregate revenues from contracts with customers for the year ended 31 March 2025 and 31 March 2024. The Company believes that this disaggregation
best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by market and other economic factors.

Nature of Services

(a) Broking Income - Income from services rendered as a broker is recognised upon rendering of the services, in accordance with the terms of contract.

(b) Interest Income - Interest is earned on delayed payments from clients and amounts funded to them as well as term deposits with banks..Interest income is recognised on a time
proportion basis taking into account the amount outstanding from customers or on the financial instrument and the rate applicable.

(c) Depository Income-Income from services rendered on behalf of depository is recognised upon rendering of the services, in accordance with the terms of contract."

Fair value hierarchy

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the
measurement date under current market conditions (i.e., an exit price), regardless of whether that price is directly observable or estimated using a valuation technique.

Level 1 - The fair value hierarchy have been valued using quoted prices for instruments in an active market.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level3-Inputs that are unobservable. This category includes all instruments for which thevaluation technique includes inputs that are not observable and theunobservable
inputs have a significant effect on the instrument''s valuation.

49. Event After Reporting Date

There have been no events after the reporting date that require disclosure in these financial statements.

50. Additional regulatory information required by Schedule III
Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of1988) and Rules made thereunder.

Title deeds of immovable properties not held in name of the company

There are no immovable properties which are not held in name of the company.

Valuation of Property, Plant and Equipment, intangible asset and investment property

The Company has not revalued any of its property, plant and equipment (including right-of-use assets) or intangible assets
during the current year or previous year.

Borrowings from Banks or Financial institution on the basis of Security of Current Assets

The company have outstanding loans of Rs. .41 Lakhs as on 31st March, 2025 (Previous Year 218.30 Lakhs)

Wilful defaulter

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

Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

Ratios

Additional regulatory information required under (WB) (xvi) of Division III of Schedule III amendment, disclosure of ratios, is not
applicable to the Company as it is in broking business and not an NBFC registered under Section 45-IA of Reserve Bank of India
Act, 1934. Other general ratios are:

#Net debt of the company is negative.

**The year-over-year reduction in ROI is largely driven by the prior year''s realization of an exceptional item, which inflated the comparative base.

***a significant rise of over 100% in trade receivables compared to the previous year has resulted in an increase in the debtor turnover ratio in terms of days.

$ The sharp reduction in ROE is primarily a result of the newly issued equity shares.

#The debt-to-equity ratio is negative primarily due to substantial balances held with banks as margin money or security against borrowings, guarantees, and other commitments.

Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

Undisclosed income

There is no income surrendered or remaining to be disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961.

Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

Registration of charges or satisfaction with Registrar of Companies

As at March 31, 2025, the register of charges of the Company as available in records of the Ministry of Corporate Affairs (MCA) includes charges that were created/modified since the inception of the
Company. The Company is in the continuous process of filing the charge satisfaction e-form with MCA, within the timelines, as and when it receives NOCs from the respective charge holders.

As per our report of even date attached For and on behalf of board of directors of Indo Thai Securities Limited

For SPARK & Associates Chartered Accountants LLP

Chartered Accountants Dhanpal Doshi Parasmal Doshi

Firm Reg No. 005313C/C400311 Managing Director Chairman & Whole Time Director

DIN: 00700492 DIN: 00051460

Shruti Sikarwar

Chandresh Singhvi Deepak Sharma Company Secretary &

Partner Chief Financial Officer Compliance Officer

Membership No. 436593

Place: Indore

Date: May 30th, 2025

UDIN: 25436593BMJHUO5716

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Mar 31, 2024

m) Provisions

Provision .s recognised wish an enterprise has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation n respect of which a reliable estimate can be made, provisions are determined based on management estimates required to settle the obligation at the balance sheet date, supplemented by experience of similar transactions. These are reviewed at the balance sheet date and adjusted to reflect the c u rren t m a n a g e me nt est i m at es

n) Contingent Liabilities and Assets

Contingent liabil T es am disclosed when thorn is a poss ble obligation arising from- pas* r''vemts, t.he existence of which will be confirmed only by the oceu rren ee or no n -occ u rrenee of o ne or m o re u n eerta i n tutu re even ts not wh o I ly w it h i n the to nt rol of the Company or a present ob^;iga tion t hat a eses trom past events where it. sether rat probable that an outflow of resources wii¹ be required to settle or a reliab e estimate of the amount cannot be made is termed as a contingent iiab''lily I lie existence of a contingent liability is disclosed in the notes to the financial statements,

Contingent assets are neither recognised nor disclosed.

oj Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted a vpmgenumberofequitysrie res outst^ndingduringtheyear.

DiluTcd earnings per share :s co imputed using the weighted average number of equity shares and dilutive potential equ ity shares Out stand-ng oor-ng th§ year, for L H-s purpose o^r calculating diluted eamr-gs p-e^r share, the net profit or loss for ''.lie period att nputable to equity shareholders and the weighted average number of shares outstanding dtiffing the year a--e Adjusted for the effects of a: I ^ 11 yJive po ten L ja I eq... ty s ha res

p) Cash Flow Statement

Cash flow a re reported using Indirect Method,where by profit/(lossj before tax is adjusted for the effect of transaction of noncash natuic and any defer rn so; a ecru a if. pf past or future cash rece pt or payments and items of income or expenses associated wit h investing or financing cash flow. The cash flow from operating, Investing & financing activities of the company is segregated basedontheavaiablemformepon

yj. Financial Risk Management

I''Tip Company ha=; expo¹.;,re to tin* following riik arising from financial jnrtrymerts: aj Credit Risk

H is risk of tmonc al :o:;s tb^lt the Company will me ui -a Los t bsc au se its customer or ^Mprtterpatty to financial mst( c-menls feus to meet its contractual obligation The CcTip-ariys flr>£nc siassels comprise of Cash and bank balance, Seec Ties tor trade, T''ede recta vab. ns. Loans inveslrntnls an,H Other fittartdal ssseLs winch compi i:;e mainLy a'' deposits. The maximum exposure to credit risk al the : importing date is p;n rarity from Company''!; trade rec e i vable.

Tim Com;ia-fiy Mas followed s-mplil icd method of''ECL in case-of Tmdo receivables and the-Company rceogivsos lifetime expected tosses tor an trade receivables that do hot constitute a financing transaction. At each ic-porbng.datii, the Company assesses impaJfrSnem requinwraSnls.

Other financial assets eonsidered to have a low credit risk:

Credit risk on cash, arid cash. cc|Liivili-^,nts is Limited as we generally invest

bj Liquidity Risk

Lipaicsilv represents treab l-ty of the Company to generate Sufficient Cash 1Vjw to meet ''ts financial obligations on tulle. both- in norm^and ri Stressed conditions. without having to li predate aS$Bft 01 raise fjjfuis at unlovt-ei eblo terms th-''.is tom prom i tin g US carrnnyS arid capital. The Company aims to mu-main the level of ils cesh 3rd cash erruivale-its and other nighty marketable iiiyestiTients at an amount n excess of expected tash outflow on financial Labilities. fund; rcc-u red loi short period i. taken ca-¹ c c-y burrowings through Hosing overdraft facility

fair value hierarchy

l"u r Villus is the price that would he received to eatl an asset or p jmJ Lc ftaoefer, a liabilityIn ai: crdarly hltcIic.''-''i :n the ci incipal ior most ad var Ty y oou s) market at tjKf mcasur-crneiit date under current in a ike L conditions | .v.. an exit pvee}, i ei; a rd less of whether that rrriee is dimtl.y observable or estrn a ted urng ^valuation technique,

t^yel J - The fair value hierarchy have been valued usihej-suoted prices far instruments in an active market

Level.;? - Inputs other than gu-cted prices included withm Level 1 that a if obseivable cither directly (i e. as prices) or indirectly (i e derived frcyri prices) Level 3 - In puts that are u n obseivab le Th- s category irictr i des all ¦ nstru-m arts tor yv h k h the va in ation tec h niqu e id clu dec jup tn.s t !i at a re not observable and the unobservable inputs have a significant effect on the instrument''s valuation

50. Event After Reporting Date

There have been no events after Lh£ reporting date that require disclosure in these financial statements.

51. Additional regulatory information required by Schedule Hi Details of bcnami property hold

No proceedings have deem initiated or. or am pending agar.st thCompany for holding t^nami property und^j the Be.ffemi i ransaclio^s ; Prohibition) Act, 1988 [49 of ^:.98ii) ar’d Pules made mo-rounder.

Title deeds of immovable properties not held in name ofthe company

There are no removable propertieswhich are not held m name of the company

Valuation of Property, Plant and Equipment, intangible asset and investment property

The Company has noT revalued Any of its property, plant and eocipmenr (intruding right-of-use assets) or intangible assets d u r i n g t h c- c u r re nt yea r or previou s yea r.

Borrowings from Banks or Financial institution on the basis of Security of Current Assets

The company harii£ gutgj-Sn^''ng fdahsofRs 21830 r_akhsason31st March 7.02''-

Wilfuidefauiter

The Company has not been declared wrffLl defaulter by any oar,k or financial institutions or government or any government authority,

Relati o n sh ip wit h st ruck off com pa n ies

I he Co n ¦ p a ny h a s n o L^r .i r, i^: a c f o^r: s w i U ¦, L \ ¦¦ & edr r l p a n'' es Sl r u c k o ft... ¦ ¦ j.o i Co rn oa^r’. i s s Ac 2013 pr CjfSjTi pa n ies Ac t. ^:99 8 Compliance with number of layers of companies

i! ie v orr pa.ny has .e.ompl adwith i hf npi r. ber of layers prescribed or-, Jer L r^-, a- Coir- par lf.as Act, 20 13 Com pi ia h t e wit hap proved schemas) of arran ge merits

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial yt!ar.

Undisclosed income

There i-s no income surrendered of remaining to be disclosed as income during the current or previous -.,<:-r,r :r, th-o tavi assessmefit&under the IncbmeTaxAet.lEf&J

Deta i Is of crypto currency or virtua I cu rren cy

The Company-has not traded or ihi/esteef in tr.ypto currency br virtual currency during the current or previous year.

Registration of charges or satisfaction with Registrarof Companies

As March 31. 2G24i L''-s regiiter of.charges of the Company m available in records oi thp Mrn sidy of Corporate Au''.iirs I r-Includes chaises that were created,''''mod tied since the inception of the''-Company, The Company ss in the sentiryuous process of in ng the charge satisfaction e-form with MCA. within the timelines, ss and whpn It recover; IMOCs from the respective charge holders

Utilisation of borrowings availed from banks and financial institutions

T heCom pa ny h as u sed bo r rowed tiiOdforrhepurp ose to r wh tch 11 is ava i I ed

As par our report of evert date attained For and on behalf of board of direct nr* of in do Thai Securities Lirnited

f

Chartered Accountants

Firm Reg No. 0053 T3C/C4 003 H Dhanpat Dosbi P-arasmat Ooshi

Managing Director Chajimtiri & Whole Time Directoi

DiN: 00700491 LJ Iff: 000514&D

Chandrcih Singhvi

Partner

Membership No, 43G5&3 Deepak Sharnia Shnrti Sikarwar

Chief Financial Officer Company Secretary a

Place: Indore ComplianceQfficei

ESatfliMay 10th 2024 UDiN 244365$3i0t

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Mar 31, 2023

n} Provisions

Provision is recognised when ai- onteror sc has a present obligation (IcgtPor constructive! as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can po mado. Provisions arc determined based on management estimates rpqu rod to settle the obligation at the balance Sheet date, supplemented by experience of similar transacting these are reviewed at the balance sheet date and adjusted to reflect the current management estimate.

o) Contingent Liabilities and Assets

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence at which will be confirmed onsy by the occurrence or non-occur re nee ofoneor mo re uncertain future events not wholly within the control of the Com.pany or a present obligation that arses from past events where it is either not probable that an outflow of resources will be required to Settle Or 3 reliable estimate of the amount Cannot be made, is termed as a contingent liability Theexistence of a contingent liability isdisclosed inthenotes to The financial statements.

Co nt i n g e nt assets a re n eit he r recog n i sed nor disclosed

p) Earnings Per Share

Basic earnings opr share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity snares outstanding dur rig the year.

Diluted earnings per share is computed using the weighted average number of equity shares and dilultve potential eqintysharesoutstandingduring theyear Forthe purpose of calculatrngdilutecJearningsper share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted forthe effects of all dilutive potential equity shares.

q) Cash Flow Statement

Cash flow are reponed using Indirect Method, where by profit/jlossl before fax is adjusted Fee the effect of transaction of Encash nature and any deferrals or accruals of past or future cash receipt or payments and items of income or expenses associated with investing or financing cash flow, ihe cash flow from operating, Investing & financing activities of the company is segregated based onthe avaiiable reformat ion.

Hi a Company has fullov.ed amplified method a1 ECL In case af Trad a receivable a and the Com pan y re co o n ¦ ae a 11 Fel i rn ay pacta d [owes tor all trade lacsi-vablos t-.al do not cor; sntutc a Financing Iran saction ft t oach report n g dots ''he Com pany a sm sso s 1 h n im omrrr col ruquirem onls.

Other rirkjvntinl s.tvjisconsidered lo have a !? Hr credit risk:

Cred-t il-sk on cash and cash aqu valerrfi ia Urn Had as we -genaralty invest in deposrta with banka and alack ax-dtiar-ges with high credit ratings assigned by in ter n al i oai arid doi’^- estic credit rating ag an ties Invoslm onts com prisa of Quoted Equity in si rum on Is and r/„ IupI Funds which are m srkei tradeable

b) Liquidity Risk

Liquidity re-presen 1a t lie abiity dt the Com p any to generate sufficient cash flow to m a at Ita financial obligations on trnn a both In norm .si and |n stressed r-undilionc wlhout having tp llqu ibate naaots or ra-se Fund a a I ur Favourable terms thus cam prom ismg its earnings end capital The Com pany aim a to m alnleiri Ilia level id its.uash and cash equivalents and othe'' high''y in ark.atabfe mvestm ents fll an aril aunt in eveesa cl expected cash on irlm* on hnar- m.iI I abilil lea. Funds req uired for short period isiaken care by borrowings through ut tiring ovordiaFl Facility

49 Event After Reporting Date

There have been no events nn.crr Che reporting dote that require disclosure inthese rmanc _:a| statements

50 Additional regulatory information required by Schedule III

There have been na&events after the reporting dale that require disclosure in tfctese financial statements.

Details of benami property held

Title deeds of immovable properties not held in name of the company

There are no immovable orpperties which are not held In nameofthe company.

Valuation of Property, Plant and Equipment, intangible asset and investment pro petty

The Company has not revalued any of Its properly, plant and equipment ffnclud ng dghlM$f-use assets) 01 intangible assets

during the current year or previDusyeai

Sorrowings from banks or Financial institutionon the basis of Security of Current Assets

The company have Outfit a riding loansof Rs Til IS LakhsasonTst M-arch,2G23

Wilful defaulter

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

Relationship with struck off com parties

I he Company has no transaciionswilh the com pa rites struck off Under Com pa hip$ Act or Companies Act, i''JSti.

Com p I i a n ce w if h n u m be r of lay e rS o f co m n ie s

T he Com pa ny das c om pile d w i c h t he n u m her of f ayer s p rest t i bed u nd e-^r t h e Com p a n i ea Ac 1.2013

Compliance with approved scheme{s} of arrangements

The Company has not entered into any scheme of a rr angemefifcWhich has an accounting impact on cur tutor previousfinancial year.

Undisclosed income

There is no income surrendered or remaining to be disclosed gs income during the current or previous year n the tax assessments under the I ncomeT3x Act, 1963

D eta ii s of crypto c u r re ncy or virtu n 1 cu r r e n cy

The Company hasnottraded onnvcsteo in cryptDcurrency or virtual currency during ihecurrento: previous year.

Registration of charges or satisfaction with Registrar of Companies

As at March 31.2023, the register of charges of the Company as available- in records c- the Ministry of Corporate Affairs (MCA) Includes charges that were creAted/mOdiTed Mhce the inception of the Compj&py.TTyeComf^^ it. in the continuous process of I II ng the charge satisfaction c-form with MCA.wuhin the tin'',eh nos. ns and when, it receives NOCs from 1 np respective charge holders

Utilisation of borrowings availed from banks and financial institutions

The Company has used borrowed fund for the purpose for which it is availed

Asparourreporl of even dato attached ForandonbehalfofboardofdifoctorsofladDTnaiSocjrities Lim it od

For SPARK £ Associates Chartered Accountants LLP

Chartered Accountants

Firm Reg No.-0053130^04 00311 Ditanpal Dosfii Parasmal DoshJ

Managing Director & CEO Chasrm an & Whole Tim e Director

DIN;00700432 DIN: D00514SO

Chandresh Singhvl

Partn or

Mem bership No. 436593 Docpak Stiarm a Shnill Sikarwar

Chief Flnanciat Officer Company Secretary &

Place; Indore Com phance Officer

Dale May 23, 2023

UDIN. 234 36593BGU YWM 3069

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Mar 31, 2018

Corporate Information

Indo Thai Securities Limited (“ITSL” or “the Company”) carries on the business as stock and share brokers on the National Stock Exchange of India Limited (“NSE”) and the BSE Limited (“BSE”); depository participants and other related ancillary services. On September 14, 1995 ITSL received a certificate of registration from the Securities and Exchange Board of India (“SEBI”) under sub-section 1 of section 12 of the Securities and Exchange Board of India Act, 1992 to carry on the business as a stock broker. Accordingly, all provisions of the Securities and Exchange Board of India Act, 1992, and Rules and Regulations relating thereto are applicable to the Company. On November 2,2011 the Equity shares of the Company were listed on the NSE and the BSE.

1.1 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, in case proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2.1 Details of amounts due to Micro, Small and Medium Enterprise under the head current liabilities, based on the information available with the Company and relied upon by the auditors-Nil (Previous Year - Nil).

*Non Current Investments are valued at cost

- Market value of quoted non current investment is Rs. 70,71,688/-

3.DEFERRED TAX ASSET

In accordance with the Accounting Standard-22 Accounting for Taxes on Income’issued by the Institute of Chartered Accountants of India, the Company has provided for the Provision for Deferred Tax during the year, as under-

4.1 During the year, the Company had specified banknotes or other denomination note and the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November 2016,to 30th December 2016,is given below:

For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.

Defined Benefit Plans :

Company has made an arrangement with Life Insurance Corporation for Gratuity Benefits. Now the company makes annual contributions to the Employees’ Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India,a funded defined benefit plan for eligible employees. The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuations.

5. Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the company with valid transfer documents.

6. Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

7. The company’s operations predominantly consist of “Broking of shares/securities & other related activities”. As per the definition of Business Segment and Geographical Segment contained in Accounting Standard 17”Segment Reporting”, the management is of the opinion that the Company’s operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

8. The Company has taken office premises on operating lease at various locations. Lease rents in respect of the same have been charged to Profit and Loss account.The agreements are executed for a period ranging from one to five years with a renewable clause. Some agreements have a clause for a minimum lock-in period,The agreements also have a clause for termination by either party giving a prior notice period between 30 to 90 days. The minimum future Lease rentals outstanding as at March 31,2018,are as under:

9. The company has Two wholly owned subsidiary company i.e. Indo Thai Realties Ltd and IndoThai Globe Fin (IFSC) Ltd.

10. The Board has been recommended a dividend @ 10% i.e. Rs, 1/- per equity share of Rs. 10/-each for the financial year ended March 31,2018, subject to the approval of shareholders in the ensuing Annual General Meeting. According to revised AS 4 - ‘Contingencies and events occurring after the balance sheet date’ as notified, the company has not accounted proposed dividend (including tax) as a liability for the year ended March 31,2018. Due to said changes in accounting policy the Reserve & Surplus is overstated and provisions are understated to that extend.

11. Additional information pursuant to provisions of paragraph 5 of schedule III of the Companies Act, 2013.

12. Previous year’s figures have been reclassified regrouped and rearranged wherever found necessary to make them comparable with current year

13. In the opinion of the management, a 11 current assets, loans and advances would be realizable at least an amount equal to the amount at which they are stated in the Balance Sheet. Also there is no impairment of fixed assets.

14. Corporate Social Responsibility (CSR Activity): In pursuance to section 135 of the Companies Act, 2013 Section 135 of the Companies Act, 2013 and Rules made under it prescribed that every company having a net worth of Rs. 500 crore or more, or turnover of Rs. 1000 crore or more or a net profit of Rs. 5 crore or more during any financial year shall ensure that the company spends, in every financial year, at least 2% of of the average net profit made during the three immediately preceding financial year, in pursuance of its Corporate Social Responsibility (CSR) Policy. The provision to CSR as prescribed under the Companies Act, 2013 are applicable to IndoThai Securities Limited.

As per the Companies Act, 2013,the Company is required to spend Rs. 8,37,950/-(Previous year Rs.7,00,267/-) towards CSR Activity. Company has made provision of this amount.

Amount Spent during the period: Rs. 7,00,267/- (Previous year :Rs.2,48,000/-)

15. Disclosure of loans/advances in its subsidiaries and associates etc. As required under regulation 34(3) of SEBI (LODR) regulation 2015.

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Mar 31, 2015

1 The company owes no dues to small and medium enterprises which are outstanding for more than 45 days at the balance sheet date.

The above information regarding the micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of the information available with the company.

2. Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II. Accordingly the unamortized carrying value is being depreciated / amortized over the revised/remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1st April 2014 have been adjusted in the opening balance of Profit and Loss Account amounting to Rs. 7,11,631/-.

Defined Benefit Plans :

During the previous year company has made an arrangement with Life Insurance Corporation for Gratuity Benefits. Now the company makes annual contributions to the Employees'' Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded defined benefit plan for eligible employees. The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuations.

B. The Income-Tax assessments of the Company have been completed up to Assessment Year 2009-10. The disputed demand outstanding for the said Assessment Year is Rs. 18.60 Lacs. Earlier decision of CIT appeal was in favor of company, during the year income tax department has challenged the said decision in Appellate Tribunal. Based on the decisions of the CIT Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be substantially reduced and accordingly no provision has been made. However Company has paid Rs. 9.00 Lacs against said demand.

3. In the opinion of the Board, Debtors, Current Assets and Loans and 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. Balance of Sundry Debtors and Sundry Creditors are subject to confirmations.

4. Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the company with valid transfer documents.

5. Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

6. The company''s operations predominantly consist of “Broking of shares/securities & other related activities ". As per the definition of Business Segment and Geographical Segment contained in Accounting Standard 17 “Segment Reporting”, the management is of the opinion that the Company''s operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

7. During the previous year the company has transferred its 100 % shareholding held in M/s Indo Thai Fincap Ltd. (the Wholly Owned Subsidiary), consequently company has remain only one subsidiary company i.e. Indo Thai Realties Ltd.

8. The Company has recommended a dividend @ 10% i.e. Rs. 1/- per equity share of Rs. 10/-each for the financial year ended March 31, 2015.

9. Expenditure incurred in foreign currency during the year NIL

10. Disclosure of Investment in its subsidiaries and associates etc. As required under clause 32 of the listing agreement.

11 The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

12. In the opinion of the management, fixed assets are not found to be impaired and therefore, no provision for impairment loss is made for the year.

13 RELATED PARTY (As per Accounting Standard 18 - "Related Party Disclosures")

(i) List of related parties where control exists and related parties with whom transactions have taken place and relationships:

Nature of relationship Name of the related party

Key Management Personnel Parasmal Doshi

(KMP) Dhanpal Doshi

Rajendra Bandi Deepak Sharma Anurag Kumar Saxena Relatives of Key Management Personnel Awantabai Doshi

Sadhana Doshi Varsha Doshi Rajmati Hingad Vijaya Jain

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Mar 31, 2014

1 Defined Contribution Plans :

During the year company has made an arrangement with Life Insurance Corporation for Gratuity Benefits. Now the company makes annual contributions to the Employees'' Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded de?ned bene?t plan for eligible employees. The present value of the de?ned bene?t obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuations.

The Company has made provision for Gratuity amounting to Rs. 12.30 Lacs payable to employees, in compliance of recommendation of Accounting Standard 15 "Employees Benefit".

The Income-Tax assessments of the Company have been completed up to Assessment Year 2009-10. The disputed demand outstanding up to the said Assessment Year is 18.60 Lacs. Earlier decision of CIT appeal was in favor of company, during the year income tax department has challenged the said decision in Appellate Tribunal. Based on the decisions of the CIT Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be substantially reduced and accordingly no provision has been made. However Company has paid Rs. 9.00 Lacs against said demand.

2 In the opinion of the Board, Debtors, Current Assets and Loans and 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.

3 Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the company with valid transfer documents.

4 Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

5 The company''s operations predominantly consist of "Broking of shares/securities & other related activities ". As per the definition of Business Segment and Geographical Segment contained in Accounting Standard 17 "Segment Reporting", the management is of the opinion that the Company''s operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed

6 The Company has taken office premises on operating lease at various locations. Lease rents in respect of the same have been charged to Profit and Loss account. The agreements are executed for a period ranging from one to five years with a renewable clause. Some agreements have a clause for a minimum lock-in period. The agreements also have a clause for termination by either party giving a prior notice period between 30 to 90 days. The minimum future Lease rentals outstanding as at March 31, 2014, are as under

7 During the previous year company has formed two 100% wholly owned subsidiaries.

a. Indo Thai Fincap Ltd.

b. Indo Thai Realities Ltd.

8 The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

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Mar 31, 2013

1 CONTINGENT LIABILITIES

Contingent Liabilities not provided for : (Amount in Rs.)

Particulars 2012-13 2011-12

Counter guarantees in respect of guarantees given by banks to the 1,36,80,000 5,86,80,000 Stock Exchanges towards base capital, margin deposits etc.

Pledged of fixed deposts with the bank against the above bank 68,40,000 2,95,14,843 guarantees

2 In the opinion of the Board, Debtors, Current Assets and Loans and 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.

3 Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the company with valid transfer documents.

4 Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

5 The company''s operations predominantly consist of "Broking of shares/securities & other related activities ". As per the definition of Business Segment and Geographical Segment contained in Accounting Standard 17 "Segment Reporting", the management is of the opinion that the Company''s operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

6 During the previous year the Company has made an Initial Public Offer (IPO) of 40 Lacs Equity Shares of Rs. 10/- each at premium of Rs. 64/- per share against which total expenses of Rs. 167.03 Lacs were incurred which were adjusted against Share Premium. Further Company has paid interest of Rs. 12.81 lacs to the Investors due to delay in allotment procedures, has been considered as share issue expenses and treated accordingly.

7 The Company has taken office premises on operating lease at various locations. Lease rents in respect of the same have been charged to Profit and Loss account. The agreements are executed for a period ranging from one to five years with a renewable clause. Some agreements have a clause for a minimum lock-in period. The agreements also have a clause for termination by either party giving a prior notice period between 30 to 90 days. The minimum future Lease rentals outstanding as at March 31, 2013, are as under:

8 During the current year company has formed two 100% wholly owned subsidiaries.

a. Indo Thai Fincap Ltd.

b. Indo Thai Realities Ltd.

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Mar 31, 2012

1. SHARE CAPITAL

1.1 Of the above shares 40,00,000 equity shares are allotted as fully paid-up bonus shares in the year 2010-11 by capitalisation of the Reserves & Surplus.

1.2 During the year the Company has made an Initial Public Offer (IPO) of 40 Lacs Equity Shares of Rs. 10/- each at premium of Rs. 64/- per share for cash aggregating to Rs. 2960 Lacs and shares of the Company has been listed on BSE Ltd. and National Stock Exchange of India Ltd. (NSE) on 2nd November, 2011.

1.3 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.

2. CONTINGENT LIABILITIES:

A. Contingent liability in respect of delayed or non-compliance of any fiscal statute, amount is uncertainable.

B. Contingent Liabilities not provided for :

Particulars 2011-12 2010-11

Counter guarantees in respect of guarantees given by banks to the Stock Exchanges towards base capital, margin deposits etc. 58,680,000 62,000,000

Pledged of fixed deposits with the bank against the above bank guarantees 29,514,843 31,003,329

C. The Income-Tax assessments of the Company have been completed up to Assessment Year 2009-10. The disputed demand outstanding up to the said Assessment Year is 18.40 Lacs. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be substantially reduced and accordingly no provision has been made. However Company has paid Rs. 9.00 Lacs against said demand.

3. In the opinion of the Board, Debtors, Current Assets and Loans and 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.

4. The outstanding balances as at 31st March 2012 in respect of Sundry Debtors, Creditors and loans and Advances are subject to reconciliation & confirmation from the respective parties.

5. Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the company with valid transfer documents.

6. Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

7. The Company has made provision for Gratuity amounting to Rs. 21.48 Lacs payable to employees, in compliance of recommendation of Accounting Standard 15 "Employees Benefit" and Rs. 17.59 Lacs related to previous years shown under exceptional item, resulting in to decrease in profit by the same amount.

8. The company''s operations predominantly consist of "Broking of shares/securities & other related activities ". As per the definition of Business Segment and Geographical Segment contained in Accounting Standard 17 "Segment Reporting", the management is of the opinion that the Company''s operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

9. RELATED PARTY (As per Accounting Standard 18 - "Related Party Disclosures")

(i) List of related parties where control exists and related parties with whom transactions have taken place and

relationships:

Nature of relationship Name of the related party

Key Management Personnel (KMP) Dhanpal Doshi

Parasmal Doshi

Rajendra Bandi

Relatives of Key Management Personnel Awantabai Doshi

Sadhana Doshi

Varsha Doshi

Chandrashekhar Doshi

Rajmati Hingad

Vijaya Jain

Kumkum Jain

Master Nishit Doshi

Master Sarthak Doshi

Nivya Doshi

Ritu Doshi

Praveen Bandi

Sunita Bandi

Jaya Bandi

Anita Khasgiwala

Enterprises where key management personnel Paras Doshi (HUF)

exercise significant influence Dhanpal Doshi (HUF)

Rajendra Bandi (HUF)

M/s Dinesh Enterprises

M/s Sun Décor World

M/s Balmukund Ramkishan Bang

M/s Jaya Securities

Companies where key management personnel 1. Indo Thai Commodities Pvt. Ltd.

exercise significant influence 2. Surana Estate & Commodity Trading Pvt. Ltd.

3. Vistar Villas Private Limited

4. Sand & Stone Residency Private Limited

5. Citadel Real Estates Private Limited

6. Future Infraestates Private Limited

7. Rising Infrareal Private Limited

8. Geetanjali Buildcon Private Limited

9. 3M Consultants Limited

10. Indo Thai Real Estate Private Limited

11. Provident Real Estates Pvt Ltd.

12. Oscar Buildcon Pvt Ltd.

13. Prosperity Residency Pvt Ltd.

14. Red Carpet Residency Pvt Ltd.