Notes to Accounts of ISF Ltd.

Mar 31, 2024

(m) Provisions and contingent liabilities |

A provision is recognized if as a result of a past event, the company has a present obligation (legal or constructive)
that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the
obligation. Provisions are recognized at the best estimate of the expenditure required to settle the present
obligation at the balance sheet date. If the effect of 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.

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A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may,
but probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated
reliably. Contingent liabilities do not warrant provisions but are disclosed unless the possibility of outflow of
resources is remote.

(n) Dividends

Dividend proposed (including income tax thereon) is recognized in the period in which interim dividends are
approved by the Board of Directors or in respect of final dividend when approved by shareholders.

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(o) Borrowing cost

Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized
as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get
ready for its intended use. All other borrowing costs are charged to the Statement of Profit and Loss for the period
for which they are incurred.

(p) Use of Estimates and Critical accounting Judgements

The preparation of Financial Statements is in conformity with generally accepted accounting principles which
requires management to make estimates and assumptions.

The estimates and the associated assumptions are based on historical experience, opinions of experts and other
factors that are considered to be relevant. Actual results may differ from these estimates.

Significant judgements and estimates are made relating to impairment of Property, Plant and Equipments,
recognition of provisions and exposure of contingent liabilities relating to pending litigations or other outstanding
claims etc.

(q) Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs notifies ("MCA") notifies new Standards or amendments to the existing Standards
under Companies (Indian Accounting Standards) Rules, 2023, 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.

b) Fair Value Hierarchy

The Company determines the fair value of its financial instruments on the basis of the following
hierarchy:

Level 1: The fair value of financial instruments that are quoted in active markets are determined on the basis of quoted price
for identical assets or liabilities.

Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation
techniques based on observable market data.

Level 3: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs

that are not based on observable market data (unobservable inputs). Fair value of investment in unquoted equity shares is determined using discounted cash
flow technique.

The carrying amounts of all financial instruments are considered to be the same as their fair values.

c) Financial Risk Management

In the course of its business, the Company is exposed to a number of financial risks: credit risk, liquidity risk etc. This n ote presents the Company''s objectives,
policies and processes for managing its financial risk and capital.

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to mee t its contractual obligations, and arises
principally from the Company''s receivables from customers.

Trade and other receivables

The Company''s Trade Receivables are largely from Hire purchase Financing. The Company''s exposure to credit risk is influenced mainly by the individual
characteristics of each customer.

The Company manages credit risk through credit appr ovals and continuously monitoring the creditworthiness of customers to which the Company grants
credit terms in the normal course of business.

ii) L iquidity Risk

Liquidity risk refers to risk that the Company may encounter difficulties in meeting its obligations associated with financial liabilities that are settled in cash or
other financial assets. The Company regularly monitors the rolling forecasts to ensure that sufficient liquidity is maintained on an ongoing basis to meet
operational needs. The Company manages the liquidity risk by planning the investments in a manner such that the desired quantum of funds could be made
available to meet any of the business requirements within a reasonable period of time.

Exposure to Liquidity Risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include
estimated interest payments and exclude the impact of netting agreements.

²⁸ The Company does not have any borrowings from Banks and Financial Institutions at the balance sheet date.

29 The Company does not own any Immovable Property (other than properties where the company is the lessee and the lease

agreements are duly executed in favour of the lessee).

³⁰ The Company does not have Property/Plant/Equipment during the year.

31 No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined
under the Companies Act 2013), either severally or j ointly with any other person, that are repayable on demand or without
specifying and terms or period of repayment.

32 The Company does not hold any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the

Rules made thereunder.

33 The Company does not have any borrowings from Banks/Financial Institutions on the basis of security of current assets.

34 The Company has not been declared wilful defaulter by any Bank/Financial Institution/ other lender.

35 The Company does not have any transaction with companies struck off under Section 248 of Companies Act, 2013/ Section

560 of Companies Act 1956.

36 The Company does not have any borrowings from Banks/Financial Institutions for which charges/ satisfaction are to be

registered with the Registrar of Companies.

³⁷ The Company does not have any layers prescribed under Clause (87) of Section 2 of the Act, read with Companies (Restriction

on number of Layers) Rules, 2017.

38 No Scheme of Arrangements has been approved by the competent authority in terms of Section 230 to 237 of Companies Act,

2013.

39 The Company has not advanced/loaned/invested funds (either borrowed funds or share premium or any other sources or
kind of funds) to any other person(s) or entity(ies) including foreign entities (intermediaries) with understanding (whether
recorded in writing or otherwise) that the intermediary shall

i. Directly or indirectly lend or invest in other persons or entities identified in any other matter whatsoever by or on behalf of
the company (Ultimate Beneficiaries) or

ii. Provide any guarantee or security or the like to or on behalf of the Ultimate Beneficiaries.

40 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 Company shall

i. Directly or indirectly lend or invest in other persons or entities identified in any matter whatsoever by or on behalf of Funding
Party (Ultimate Beneficiaries) or

ii. Provide any guarantee, security or the like on behalf of Ultimate Beneficiaries.

41 The Company does not have any transaction 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.

42

⁴² The company has not traded or invested in Crypto currency or Virtual currency during the financial year.

43 Previous Year''s figures have been regrouped / rearranged, wherever found necessary. Figures in brackets above are in respect

of previous year.

As per our report of even date attached

For V S S A & Associates For & on behalf of the Board

(Firm Registration No 012421N)

Chartered Accountants

SD/- SD/- SD/- SD/-

CA Samir Vaid Gayathri Muttur

Vishal Dang Hargovind Sachdeva Nagaraj

Partner Wholetime Director Director Director

M. No. 091309 DIN:07971525 DIN: 08105319 DIN: 06742638

Place: New Delhi

Dated :30.05.2024

SD/- SD/- SD/-

Bhupendra Kaushik Vijay Gupta Manisha Saxena

Director CFO Company Secretary

DIN:07016552 PAN: ADZPG3550F M. No.: A71075

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Mar 31, 2014

Note1

Loans from Companies/Directors and Relatives of Directors are accepted for a term of 12 months and carry an interest rate of 12% pa.

2. a) Contingent Liabilities for:

Claims against the company not acknowledged as debts Rs 760550/- (Rs 760550/-) (Net of Advances) (Being contested by the company)

b) In the opinion of the Board, all 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.

3. Loans given, some of the Current Liabilities, Sundry Debtors and Advances are subject to confirmation/ reconciliation.

4. The company has created a Reserve Fund of NIL (previous year Rs. 10000/-) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

5 Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

6 The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with ''Segment Reporting.''

7 The company has assessed its assets for impairment and concluded that there are no impairment losses.

8 Related Party Disclosures under Accounting Standard(AS)-18

a) List of related Parties (As identified by the Management)

i) Subsidiaries- ABG Construction Private Limited, Mulkraj Real Estate Private Limited, Somil Construction Private Limited, Swarg Founder Real Estate Private Limited, Baba Ghanshyam Real Estate Private Limited.

ii) Enterprises owned or significantly influenced by Key Management

Personnel ortheir relatives : ISF Services Pvt. Ltd.,

Simbal Builders Pvt. Ltd.

Simka Hotels & Resorts Pvt. Ltd.

Paradigm Sourcing Solutions Pvt. Ltd.

iii) Key Management Personnel & their relatives

Key Management Personnel : Mr Amaijit Singh,

Relatives : Mr Udayjit Singh

Mrs Simbal Singh Priya Khanna

9. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

10. Notes 1 to 36 form an integral part of Balance Sheet & Statement of Profit & Loss and have been duly authenticated.

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Mar 31, 2013

1. a) Contingent Liabilities for:

Claims against the company not acknowledged as debts Rs 760550/- (Rs 760550/-) (Net of Advances) (Being contested by the company) b) In the opinion of the Board, all 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.

2. Loans given, some of the Current Liabilities, Sundry Debtors and Advances are subject to confirmation/reconciliation.

3. The company has created a Reserve Fund of 10000/- (previous year Rs. 11000/-) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

4. Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

5. The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with ''Segment Reporting.''

6. The company has assessed its assets for impairment and concluded that there are no impairment losses.

7. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

8. Notes 1 to 35 form an integral part of Balance Sheet & Statement of Profit & Loss and have been duly authenticated.

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Mar 31, 2012

1. a) Contingent Liabilities for:

Claims against the company not acknowledged as debts Rs 760550 (Rs 7601:50) (Net of Advances) (Being contested by the company).

b) In the opinion of the Board, all 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.

2. Loans given, some of the Current Liabilities, Sundry Debtors and Advances are subject to confirmation/reconciliation.

3. The company has created a Reserve Fund of 11000/- (previous year Rs. 11000/-) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

4. Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

5. The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with 'Segment Reporting.'

6. The company has assessed its assets for impairment and concluded that there are no impairment losses.

7. Current Assets, Loans & Advances ( Note-2.14) include amounts due from :-

8. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

9. Notes 1 to 2.20 form an integral part of Balance Sheet & Statement of Profit & Loss and have been duly authenticated.

Term loan from Bank of India is secured against assigment of lease and hire purchase agreements and also against personal guarantee of a Director.

Terms of Repayment

Term loan from ICICI Bank was sanctioned for a term of 60months and carries interest rate of 10.74% per annum.

Term loan from Bank of india was sanctioned for a term of 60 months and carries an interest rate of 16% per annum.However the interest rate is linked to PLR as applicable from time to time.

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Mar 31, 2011

1. a) Contingent Liabilities for :

Claims against the company not acknowledged as debts Rs 760550 (Rs 760550 ) ( Net of Advances )( Being contested by the company).

b) In the opinion of the Board, all 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.

2. Loans given, some of the Current Liabilities, Sundry Debtors and Advances are subject to confirmation/reconciliation.

3. The company has created a Reserve Fund of Rs-11000/(previous year Rs.10500/-) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

4. Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

5. The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with 'Segment Reporting.'

6. The company has assessed its assets for impairment and concluded that there are no impairment losses

Note : Figures in brackets above are in respect of previous year.

7. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

8. Schedules 1 to 14 form an integral part of Balance Sheet & Profit & Loss Account and have been duly authenticated.

Note :

1 As defined in Paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All accounting Standards and Guidance Notes issued by ICAI are applicable including for investments and other assets as also assets acquired for calculation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break-up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.

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Mar 31, 2010

1. a) Contingent Liabilities for:

Claims against the company not acknowledged as debts Rs 760550 (Rs 760550 ) (Net of Advances) (Being contested by the company). b) In the opinion of the Board, all 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.

2. The company has created a Reserve Fund of Rs-10500/(previous year Rs.3500) as required under the provisions of Reserve Bank of India (Amendment) Act, 1997.

3. Since the company does not have a substantial number of employees, gratuity liability for eligible employees is provided for on actual basis and not actuarial valuation.

4. The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard (AS)-17 dealing with Segment Reporting.

5. The company has assessed its assets for impairment and concluded that there are no impairment losses.

6. Related Party Disclosures under Accounting Standard (AS)-18 a) List of related Parties (As identified by the Management)

i) Associates

ISF Securities Ltd.,

Paradigm Sourcing Solutions Pvt. Ltd.

ii) Enterprises owned or significantly influenced by Key Management

Personnel or their relatives

ISF Services Pvt. Ltd. ISF Commodity Pvt. Ltd. Spice Towers & Resorts Ltd Simbal Builders Pvt. Ltd. Simka Hotels & Resorts Pvt. Ltd.

iii) Key Management Personnel & their relatives

Managing Director Relatives

Mr. Udayjit Singh, w.e.f. 17.03.2010

Mrs. Amarjit Singh till 17.03.2010

Mrs. Simbal Singh, Mr. R.N. Grover (deceased on 20th

May 2009) Priya Khanna.

7. No. floating charge has been created on statutory liquid assets in terms of RBI circular DNBS (PD)

C.C.No. 87/03.02.004/2006-2007 dated 4.1.2007 because of practical difficulties involved and lack of necessary support facilities from banks etc.

8. Previous year figures have been regrouped/rearranged to make them comparable with those of current year.

9. Schedules 1 to 14 form an integral part of Balance Sheet & Profit & Loss Account and have been duly authenticated.