Notes to Accounts of Joindre Capital Services Ltd.

Mar 31, 2025

(k) Provisions and Contingent Liabilities

Provisions for legal claims, volume discounts and returns
are recognised when the Company 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. Provisions are not recognised for future
operating losses.

Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as
a whole. A provision is recognised even if the likelihood
of an outflow with respect to any one item included in
the same class of obligations may be small.

A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may,
but will probably not, require an outflow of resources.
When there is a possible obligation of a present
obligation in respect of which the likelihood of outflow
of resources is remote, no provision disclosure is made.
A contingent asset is not recognised but disclosed in the
financial statements where an inflow of economic benefit
is probable.

(I) Employee benefits

(i) Short-term obligations

Short-term employee benefits are expensed as the
related service is provided. A liability is recognised
for the amount expected to be paid if the Company
has a present legal or constructive obligation to pay
this amount as a result of past service provided by
the employee and the obligation can be estimated
reliably. The Company has a scheme of Performance
Linked Variable Remuneration (PLVR) which rewards
its employees based on either Economic Value
Added (EVA) or Profit before tax (PBT). The PLVR
amount is related to actual improvement made in
either EVA or PBT over the previous year when
compared with expected improvements.

(ii) Other long-term employee benefit obligations
The liabilities for earned leave are not expected to
be settled wholly within 12 months after the end of
the period in which the employees render the
related service. They are therefore measured as
the present value of expected future payments to
be made in respect of services provided by
employees up to the end of the reporting period
using the projected unit credit method. The benefits
are discounted using the market yields at the end
of the reporting period that have terms
approximating to the terms of the related obligation.
Remeasurements as a result of experience
adjustments and changes in actuarial assumptions
are recognised in profit or loss.

The obligations are presented as current liabilities
in the balance sheet if the entity does not have an
unconditional right to defer settlement for at least
twelve months after the reporting period, regardless
of when the actual settlement is expected to occur.

(iii) Post-employment obligations

The Company operates the following post¬
employment schemes:

(a) defined benefit plans such as gratuity, and

(b) defined contribution plans such as provident
fund.

Gratuity obligations

The following post - employment benefit plans are
covered under the defined benefit plans:

Gratuity:

The Company''s net obligation in respect of defined
benefit plans is calculated by estimating the amount of
future benefit that employees have earned in the current
and prior periods, discounting that amount and deducting
the fair value of any plan assets.

The calculation of defined benefit obligations is performed
annually by a qualified actuary using the projected unit
credit method. When the calculation results in a potential
asset for the Company, the recognised asset is limited
to the present value of economic benefits available in
the form of any future refunds from the plan or reductions
in future contributions to the plan.

Defined contribution plans

The Company pays provident fund contributions to
publicly administered provident funds as per local
regulations. The Company has no further payment
obligations once the contributions have been paid. The
contributions are accounted for as defined contribution
plans and the contributions are recognised as employee
benefit expense when they are due.

(iv) Bonus plans

The Company recognises a liability and an expense
for bonuses. The Company recognises a provision
where contractually obliged or where there is a
past practice that has created a constructive
obligation.

(m) Dividends

Provision is made for the amount of any dividend
declared, being appropriately authorised and no longer
at the discretion of the entity, on or before the end of
the reporting period but not distributed at the end of the
reporting period.

(n) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with
an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short- term
deposits, as defined above, net of outstanding bank
overdrafts as they are considered an integral part of the
Company''s cash management.

(o) Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing:
- the profit attributable to owners of the Company

- by the weighted average number of equity
shares outstanding during the financial year,
adjusted for bonus elements in equity shares
issued during the year and excluding treasury
shares.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used
in the determination of basic earnings per share to
take into account:

- the after income tax effect of interest and
other financing costs associated with dilutive
potential equity shares, and

- the weighted average number of additional
equity shares that would have been
outstanding assuming the conversion of all
dilutive potential equity shares.

(p) Statement of Cash flow

Statement of Cash flow is prepared segregating the
cash flows from operating, investing and financing
activities. Cash flow from operating activities is reported
using indirect method. Under the indirect method, the
net surplus is adjusted for the effects of changes during
the period in inventories, operating receivables and
payables transactions of a non-cash nature.

i. Non-cash items such as depreciation, provisions,
deferred taxes, unrealised foreign currency gains
and losses, and undistributed profits of associates;
and

ii. All other items for which the cash effects are
investing or financing cash flows.

(q) Rounding of amounts

All amounts disclosed in the Financial Statements and
Notes have been rounded off to the nearest in Lakhs
with two decimals as per the requirement of Schedule
III, unless otherwise stated.

Note 3: KEY ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of Financial Statements requires management
to make judgments, estimates and assumptions in the
application of accounting policies that affect the reported
amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates. Estimates and
underlying assumptions are reviewed on ongoing basis. Any
changes to accounting estimates are recognized prospectively.
Information about critical judgments in applying accounting
policies, as well as estimates and assumptions that have the
most significant effect on the amounts recognised in the
financial statements are included in the following notes:

a) Provision and contingent liability: On an ongoing
basis, Company reviews pending cases, claims by
third parties and other contingencies. For contingent
losses that are considered probable, an estimated
loss is recorded as an accrual in financial statements.
Loss Contingencies that are considered possible are
not provided for but disclosed as Contingent liabilities
in the financial statements. Contingencies the likelihood
of which is remote are not disclosed in the financial
statements. Gain contingencies are not recognized
until the contingency has been resolved and amounts
are received or receivable.

b) Allowance for impairment of financial asset: Judgments
are required in assessing the recoverability of overdue
loans and determining whether a provision against
those loans is required. Factors considered include
the aging of past dues, value of collateral and any
possible actions that can be taken to mitigate the risk
of nonpayment.

c) Recognition of deferred tax assets: Deferred tax assets
are recognised for unused tax-loss carry forwards and
unused tax credits to the extent that realisation of the
related tax benefit is probable. The assessment of the
probability with regard to the realisation of the tax
benefit involves assumptions based on the history of
the entity and budgeted data for the future.

d) Defined benefit plans: The cost of defined benefit
plans and the present value of the defined benefit
obligations are based on actuarial valuation using the
projected unit credit method. An actuarial valuation
involves making various assumptions that may differ
from actual developments in the future. These include
the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities
involved in the valuation and its long - term nature, a
defined benefit obligation is highly sensitive to changes
in these assumptions.

e) Property, plant and equipment and Intangible Assets:
Management reviews the estimated useful lives and
residual values of the assets annually in order to
determine the amount of depreciation to be recorded
during any reporting period. The useful lives and
residual values as per schedule II of the Companies
Act, 2013 or are based on the Company''s historical
experience with similar assets and taking into account
anticipated technological changes, whichever is more
appropriate.

Note 41: Other Statutory Information :

a) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

b) Compliance with number of Layers of Companies

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017

c) Details of Benami Property Held

The Company does not have any benami property under the Benami Transaction ( Prohibition), Act 1988 (45 of 1988), where
any proceeding has been initiated or pending against the Company for holding any benami property

d) Wilful Defaulter

The Company is not declared wilful defaulter by and bank orfinancials institution or lender during the current and previous
financial year.

e) Loans and Advances Given

The Company has not granted any loans or advances in the nature of loans to Promoters, Directors, KMPs and the Related
Parties (as defined under Companies Act, 2013), which are either severally or jointly with any other person repayable on
demand or without specifying any terms or period of repayment during the current and previous financial year.

f) Utilisation of Borrowed Funds and Share Premium

a) There is no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to any other person(s) or entity(ies), including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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) There is no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (''Funding
Parties''), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(''Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

g) Compliance with Approved Scheme(s) of Arrangements

No Scheme(s) of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013.

h) End use of Borrowed Funds

i) The Company has used the borrowings from banks for the specific purpose for which it was taken at the balance sheet date.

ii) The Company has taken borrowings from banks on the basis of security of Current assets ( only fixed deposits ) during the
current and previous financial year. The borrowings are continue from previous year and no fresh borrowings are taken during
the current and previous year.

iii) There are no charges or satisfaction yet to be registered with the Registrar of Companies beyond the statutory period.

i) Relationship with Struck Off Companies

There is no transactions with the Companies struck off under Section 248 of the the Companies Act, 2013 or Section 560 of
Companies Act, 1956 for the year ended March 31, 2024 and year ended March 31, 2025.

j) Key Financial 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 stock broking business and not an NBFC registered under Section 45-IA of Reserve Bank
of India Act, 1934

b) Compensation of Key Management Personnel of the Company

Key management personnel are those individuals who have the authority and responsibility for planning and exercising
power to directly or indirectly control the activities of the Company and its employees. The Company includes the members
of the Board of Directors which include Independent Directors (and its Sub-Committees) and Executive Committee to
be Key Management Personnel for the purposes of Ind AS 24 Related Party Disclosures.

c) Transactions with Key Management Personnel of the Company

The Company enters into transactions, arrangements and agreements involving Directors, Senior Management and their
Business Associates, or close Family Members, in the ordinary course of business under the same commercial and market
terms, interest and commission rates that apply to non-related parties.

Note 44 : Financial Risk Management

(A) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change
in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk
such as equity price risk and commodity/real estate risk.

(i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates.

Foreign currency Risk Management

In respect of the foreign currency transactions, the Company does not hedge the exposures since the management
believes that the same is insignificant in nature and will not have a material impact on the Company.

(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 change in market interest rates. The management is responsible for the monitoring of the Company interest rate
position. Various variables are considered by the management in structuring the Company''s borrowings to achieve
a reasonable and competitive cost of funding.

In respect of fluctuating interest rate, the Company does not have any borrowings from banks and financial institution
and therefore the Company is not significantly exposed to interest rate risk.

(iii) Market Price Risk

The Company is exposed to market price risk, which arises from FVTPL and FVOCI investments. The management
monitors the proportion of these investments in its investment portfolio based on market indices. Material investments
within the portfolio are managed on an individual basis and all buy and sell decisions are approved by the appropriate
authority.

(B) Credit Risk

Credit risk is the risk that the Company will incur a loss because its customers or counterparties fail to discharge their
contractual obligation. The Company manages and controls credit risk by setting limits on the amount of risk it is willing
to accept for individual counterparties, and by monitoring exposures in relations to such limits. The Company''s exposure
to credit risk arises meagerly from trade receivables. Therefore, the Company applies Ind AS 109 simplified approach
to measuring expected credit losses (ECLs) for trade receivables at an estimated rate decided by the management.

Other financial assets like security deposits, loans and bank deposits are mostly with exchange, lease rent and banks
and hence, the Company does not expect any credit risk with respect to them.

(C) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and
the availability of funding through an adequate amount of credit facilities to meet obligations when due. The Company’s
finance team is responsible for liquidity, funding as well as settlement management. In addition, processes and policies
related to such risks are overseen by senior management. Management monitors the Company’s liquidity position through
rolling forecasts on the basis of expected cash flows.

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. In the table below, borrowings include both interest and principal cash
flows.

The management assessed that the fair value of cash and cash equivalent, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short term maturities of these instruments.

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity
securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial
assets held by the Company is the current bid price. These instruments are included in level 1.

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. This is the case for unlisted equity securities and investment in private equity funds.

ii. Valuation technique used to determine fair value

Specific Valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of unquoted equity instruments has been measured on the basis of their networth and valuation of

their shares.

- the fair value of equity shares of group companies are measured at cost.

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

iii. Valuation processes

The finance department of the Company includes a team that performs the valuations of financial assets and liabilities
required for financial reporting purposes, including level 3 fair values.

Note 46 : Capital Management

The Company manages its capital to ensure that the Company will be able to continue as going concern while maximizing
the return to stakeholder through the optimization of the debt and equity balance.

For the purpose of the Company''s capital management, capital includes issued capital and other equity reserves. The primary
objective of the Company''s capital management is to maximize shareholders value. The Company manages its capital
structure and makes adjustments in the light of changes in economic environment and the requirements of the financial
covenants.

Note 47 : Figures have been Regrouped, Reclassified & Rearranged

Previous year''s figures have been regrouped, reclassified & rearranged to correspond with the current year figures /
presentation wherever necessary.

This is the Standalone Statement of Notes to For and on behalf of the Board of Directors

financial statement referred to in our report of

Anil Mutha Chairman (DIN 00051924)

even date

Subhash Agarwal Whole Time Director (DIN 00022127)

For M/s Banshi Jain & Associates

Ch_art_ered A_ccount_ant_s Dinesh Khandelwal Whole Time Director (DIN 00052077)

Firm Registration No. : 100990W Paras Bathia Whole Time Director (DIN 00056197)

Parag Jain Rakesh Sharma Independent Director (DIN 07622167)

Partner

Membership No. 078548 Sweta Jain Company Secretary

^{Place : Mumbai} Pramod Surana Chief Financial Officer

Dated : 30^th May, 2025

---

Mar 31, 2024

(k) Provisions and Contingent Liabilities

Provisions for legal claims, volume discounts and returns are recognised when the Company 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. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but will probably not, require an outflow of resources. When there is a possible obligation of a present obligation in respect of which the likelihood of outflow of resources is remote, no provision disclosure is made. A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is probable.

(I) Employee benefits

(i) Short-term obligations

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. The Company has a scheme of Performance Linked Variable Remuneration (PLVR) which rewards its employees based on either Economic Value Added (EVA) or Profit before tax (PBT). The PLVR amount is related to actual improvement made in either EVA or PBT over the previous year when compared with expected improvements.

(ii) Other long-term employee benefit obligations The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.

(iii) Post-employment obligations

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity, and

(b) defined contribution plans such as provident fund.

Gratuity obligations

The following post - employment benefit plans are covered under the defined benefit plans:

Gratuity:

The Company''s net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Company, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan.

Defined contribution plans

The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The Company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expense when they are due.

(iv) Bonus plans

The Company recognises a liability and an expense for bonuses. The Company recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

(m) Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.

(n) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short- term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company''s cash management.

(o) Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing: - the profit attributable to owners of the Company

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

(p) Statement of Cash flow

Statement of Cash flow is prepared segregating the cash flows from operating, investing and financing activities. Cash flow from operating activities is reported using indirect method. Under the indirect method, the net surplus is adjusted for the effects of changes during the period in inventories, operating receivables and payables transactions of a non-cash nature.

i. Non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses, and undistributed profits of associates; and

ii. All other items for which the cash effects are investing or financing cash flows.

(q) Rounding of amounts

All amounts disclosed in the Financial Statements and Notes have been rounded off to the nearest in Lakhs with two decimals as per the requirement of Schedule III, unless otherwise stated.

Note 3: KEY ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of Financial Statements requires management to make judgments, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on ongoing basis. Any changes to accounting estimates are recognized prospectively. Information about critical judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect on the amounts recognised in the financial statements are included in the following notes:

a) Provision and contingent liability: On an ongoing basis, Company reviews pending cases, claims by third parties and other contingencies. For contingent losses that are considered probable, an estimated loss is recorded as an accrual in financial statements. Loss Contingencies that are considered possible are not provided for but disclosed as Contingent liabilities in the financial statements. Contingencies the likelihood of which is remote are not disclosed in the financial statements. Gain contingencies are not recognized until the contingency has been resolved and amounts are received or receivable.

b) Allowance for impairment of financial asset: Judgments are required in assessing the recoverability of overdue loans and determining whether a provision against those loans is required. Factors considered include the aging of past dues, value of collateral and any possible actions that can be taken to mitigate the risk of non payment.

c) Recognition of deferred tax assets: Deferred tax assets are recognised for unused tax-loss carry forwards and unused tax credits to the extent that realisation of the related tax benefit is probable. The assessment of the probability with regard to the realisation of the tax benefit involves assumptions based on the history of the entity and budgeted data for the future.

d) Defined benefit plans: The cost of defined benefit plans and the present value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long - term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.

e) Property, plant and equipment and Intangible Assets: Management reviews the estimated useful lives and residual values of the assets annually in order to determine the amount of depreciation to be recorded during any reporting period. The useful lives and residual values as per schedule II of the Companies Act, 2013 or are based on the Company''s historical experience with similar assets and taking into account anticipated technological changes, whichever is more appropriate.

Note 41: Other Statutory Information :

a) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

b) Compliance with number of Layers of Companies

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017

c) Details of Benami Property Held

The Company does not have any benami property under the Benami Transaction ( Prohibition), Act 1988 (45 of 1988), where any proceeding has been initiated or pending against the Company for holding any benami property

d) Wilful Defaulter

The Company is not declared wilful defaulter by and bank or financials institution or lender during the current and previous financial year.

e) Loans and Advances Given

The Company has not granted any loans or advances in the nature of loans to Promoters, Directors, KMPs and the Related Parties (as defined under Companies Act, 2013), which are either severally or jointly with any other person repayable on demand or without specifying any terms or period of repayment during the current and previous financial year.

f) Utilisation of Borrowed Funds and Share Premium

a) There is no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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) There is no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (''Funding Parties''), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (''Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

g) Compliance with Approved Scheme(s) of Arrangements

No Scheme(s) of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

h) End use of Borrowed Funds

i) The Company has used the borrowings from banks for the specific purpose for which it was taken at the balance sheet date.

ii) The Company has taken borrowings from banks on the basis of security of Current assets ( only fixed deposits ) during the current and previous financial year. The borrowings are continue from previous year and no fresh borrowings are taken during the current and previous year.

iii) There are no charges or satisfaction yet to be registered with the Registrar of Companies beyond the statutory period.

i) Relationship with Struck Off Companies

There is no transactions with the Companies struck off under Section 248 of the the Companies Act, 2013 or Section 560 of Companies Act, 1956 for the year ended March 31, 2023 and year ended March 31, 2024.

j) Key Financial 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 stock broking business and not an NBFC registered under Section 45-IA of Reserve Bank of India Act, 1934

Note 43 : Financial Risk Management

(A) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk such as equity price risk and commodity/real estate risk.

(i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.

Foreign Currency Risk Management

In respect of the foreign currency transactions, the Company does not hedge the exposures since the management believes that the same is insignificant in nature and will not have a material impact on the Company.

(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 change in market interest rates. The management is responsible for the monitoring of the Company interest rate position. Various variables are considered by the management in structuring the Company''s borrowings to achieve a reasonable and competitive cost of funding.

In respect of fluctuating interest rate, the Company does not have any borrowings from banks and financial institution and therefore the Company is not significantly exposed to interest rate risk.

(iii) Market Price Risk

The Company is exposed to market price risk, which arises from FVTPL and FVOCI investments. The management monitors the proportion of these investments in its investment portfolio based on market indices. Material investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved by the appropriate authority.

(B) Credit Risk

Credit risk is the risk that the Company will incur a loss because its customers or counterparties fail to discharge their contractual obligation. The Company manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual counterparties, and by monitoring exposures in relations to such limits. The Company''s exposure to credit risk arises meagerly from trade receivables. Therefore, the Company applies Ind AS 109 simplified approach to measuring expected credit losses (ECLs) for trade receivables at an estimated rate decided by the management.

Other financial assets like security deposits, loans and bank deposits are mostly with exchange, lease rent and banks and hence, the Company does not expect any credit risk with respect to them.

The management assessed that the fair value of cash and cash equivalent, and other current financial assets and liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in level 1.

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. This is the case for unlisted equity securities and investment in private equity funds,

ii. Valuation technique used to determine fair value

Specific Valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of unquoted equity instruments has been measured on the basis of their networth and valuation of

their shares.

- the fair value of equity shares of group companies are measured at cost.

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

iii. Valuation processes

The finance department of the Company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values.

Note 45 : Capital Management

The Company manages its capital to ensure that the Company will be able to continue as going concern while maximizing the return to stakeholder through the optimization of the debt and equity balance.

For the purpose of the Company''s capital management, capital includes issued capital and other equity reserves. The primary objective of the Company''s capital management is to maximize shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

Note 46 : Figures have been Regrouped, Reclassified & Rearranged

Previous year''s figures have been regrouped, reclassified & rearranged to correspond with the current year figures / presentation wherever necessary.

This is the Standalone Statement of Notes to For and on behalf of the Board of Directors

financial statement referred to in our report of

even date Anil Mutha Chairman (DIN 00051924)

Subhash Agarwal Whole Time Director (DIN 00022127)

For M/s Banshi Jain & Associates

Ch_art_ered A_ccount_ant_s Dinesh Khandelwal Whole Time Director (DIN 00052077)

Firm Registration No. : 100990W Paras Bathia Whole Time Director (DIN 00056197)

Parag Jain Rakesh Sharma Independent Director (DIN 07622167)

Partner

Membership No. 078548 Sweta Jain Company Secretary

^{Place : Mumbai} Pramod Surana Chief Financial Officer

Dated : 17^th June, 2024

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Mar 31, 2018

1. Related Party Transactions a) Details of related parties

Description of relationship Names of related parties

Subsidiary Company Joindre Commodities Limited

Key Managerial Persons: Anil Mutha, Dinesh Khandelwal, Paras Bathia, Pramod Surana, Subhash Agarwal,

Sunil Jain, Vijay Pednekar

Relatives of Key Managerial Persons: Anil Mutha HUF, Bhagwatidevi Khandelwal, Dinesh Khandelwal HUF, Fenny Yogesh Bathia,

K. C. Jain HUF, Kanchanbai Jain, Kiran Khandelwal, Neeraj Mutha, Neha Sanghvi, Nikita Jain, Nitin Milapchand Jain, Nitin Jain HUF, Paras Bathia HUF, Pradeep Jain HUF, Pradeep Jain, Pravin Mutha, Priti Sumit Baid, Radhika Khandelwal, Ratna Bathia, Sandhya Agarwal, Sneha Agarwal, Saurabh Agarwal, Sangeeta Sunil Jain, Seema Mutha, Shubham Sunil Jain, Subhash Agarwal HUF, Sunil M. Jain HUF, Sunita C. Runwal, Swati Mehta, Vijaya K. Raisoni, Vikas Khandelwal, Vishal D. Khandelwal, Yogesh Bathia.

Companies/ Firms over which the Key Esam Share & Stock Brokers Pvt. Ltd., Goodluck Enterprises, Keshav Realtors, Pvt. Ltd, Managerial Persons/ Relatives have Deity Commercial Pvt. Ltd., Mumbai Stock Brokers Pvt. Ltd., Mutha Resources Pvt. Ltd., significant influence or control: Nalanda Mercantiles Pvt. Ltd., Neharaj Stock Brokers Pvt. Ltd., Pinky Venture Pvt, Ltd.,

Ringman Investments & Finance Company Pvt. Ltd., Shree Swati Investments.

2. Segment Information

The Company is engaged in business of share stock broking & allied activities and there are no separate reportable segments as per Accounting Standard- 17 on "Segment Reporting"

3. Additional information to the financial statements

a) Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any. In the opinion of the Board, the Current Assets, Loans and Advances are stated approximately at the value, if realized in ordinary course of business.

b) The Company had paid a sum of Rs. 7,01,00,000/- to M/s. Kamani Tubes Ltd. towards obtaining sub-lease of the property belonging to them subject to fulfillment of certain conditions as stated in MOUs. However due to dispute between M/s. Kamani Tube Ltd. and Mumbai Port Trust, M/s. Kamani Tubes Ltd. is unable to obtain the necessary permission for transfer of the rights of sub-lease and possession of the said property to the Company. Accordingly the Company is not in a position to enforce its rights of sub-lease and obligations under the MOUs signed between the concerned parties to the transaction and the matter is under dispute. Currently the matter is sub-judice and the Company is in the process of seeking legal remedies available to it, in order to settle the dispute.

c) Micro and Small Enterprises: I) There is no interest paid/payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006. ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for this purpose.

d) The previous year''s figures have been regrouped or rearranged wherever necessary.

---

Mar 31, 2015

A) Terms / Right attached to shares

i) The Company has one class of equity shares having par value of Rs, 10/- per share. Each holders of equity shares is entitled to one vote per share held. The Company declares and pays dividend in Indian rupees. The dividend if proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

ii) 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.

a) Aggregated amount of unquoted investments value of - 20,645,349/- ( Previous year Rs, 20,477,349/-)

b) Aggregated amount of quoted investments value of Rs, 31,072,180/- ( Previous year Rs, 23,167,000/- ) and Market Value there of Rs, 35,054,285/- ( Previous year Rs, 22,880,340/- )

Note: In accordance with the provisions of Schedule II of the Act, in case of fixed assets which have completed their useful life as at 1 April 2014, the carrying value (net of residual value) amounting to Rs, 10.36 lacs (net of deferred tax of Rs, 4.96 lacs) as a transitional provision has been recognized in the Retained Earnings.

1) Further in case of assets acquired prior to 1st April 2014, the carrying value of assets (net of residual value) is depreciated over the remaining useful life as determined effective 1st April, 2014.

2) Depreciation and amortization expenses for the year would have been higher by Rs, 1.53 lacs had the company continued with the previous assessment of useful life of such assets.

1. Related Party Transactions

a) Details of related parties

Description of relationship Names of related parties

Subsidiary Company Joindre Commodities Limited

Key Managerial Persons: Anil Mutha, Dinesh Khandelwal, Paras Bathia, Subhash Agarwal, Sunil Jain

Relatives of Key Managerial Persons: Anil Mutha HUF, Bhagwatidevi Khandelwal, C. D. Mutha, Dinesh Khandelwal HUF, Fenny

Yogesh Bathia, Jaya Nitin Jain, K. C. Jain HUF, Kanchanbai Jain, Kiran Khandelwal, Milapchand Jain HUF, Neeraj Mutha, Neha Sanghvi, Nikita Jain, Nitin Milapchand Jain, Nitin Jain HUF, Paras Bathia HUF, Pradeep M. Jain, Pradeep Jain HUF, Pravin Mutha, Priti Bathia, Radhika Khandelwal, Ratna Bathia, Sachin M. Jain, Sachin Jain HUF, Sandhya Agarwal, Sneha Agarwal, Saurabh Agarwal, Sangeeta Jain, Seema Mutha, Shalini Sachin Jain, Shubham Sunil Jain, Subhash Agarwal HUF, Suganbai Bathia, Sumit Baid, Sunita C. Runwal, Sunil Jain HUF, Swati P. Bathia, Vijaya K. Raisoni,Vikas Khandelwal, Vishal D. Khandelwal, Yogesh Bathia.

Companies / Firms over which the Key Anil Mutha Securities Pvt. Ltd., Esam Share & Stock Brokers Pvt. Ltd., Goodluck Managerial Persons / Relatives have Enterprises, Keshav Realtors, Pvt. Ltd, Malhar Traders Pvt. Ltd., Mumbai Stock Brokers significant influence or control: Pvt. Ltd., Nalanda Mercantiles Pvt. Ltd., Neharaj Stock Brokers Pvt. Ltd., Ringman Investments & Finance Company Pvt. Ltd., Shree Swati Investments.

2. Segment Information

The Company is engaged in business of share & stock broking & allied activities and there are no separate reportable segments as per Accounting Standard- 17 on "Segment Reporting"

3. Additional information to the financial statements

a) Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any. In the opinion of the Board, the Current Assets, Loans and Advances are stated approximately at the value, if realized in ordinary course of business.

b) Consequent upon the judgment of Hon'ble Supreme Court dated 1st February, 2001 in the case of BSE Brokers Forum, Bombay & Others etc versus Securities & Exchange Board of India (SEBI) & Others etc., the Company has paid the registration fees for cash segment. During the financial year 2004-05 the Securities & Exchange Board of India (SEBI) had forwarded to the Company, Fee Liability Statements for BSE Cash Segment showing outstanding principal amount of Rs, 609.24 Lacs plus interest thereon ( to be calculated under the SEBI (Interest Liability Regularization Scheme), 2004). The Company had filed an appeal before the Securities Appellate Tribunal (SAT), Mumbai challenging the said liability. The Hon'ble SAT had passed an interim order restraining the SEBI from enforcing the said liability subject to certain conditions. As per the interim order passed by the SAT, the Company had made payment of the principal and interest amount aggregating to Rs, 19.19 Lacs (for all memberships under the scheme). The Hon'ble SAT, Mumbai has passed a final order dated 9th May, 2006 in favour of the Company and have directed SEBI to consider the claim of the Company by passing an appropriate order. However SEBI has since preferred an appeal against the said order before Hon'ble Supreme Court and the matter is subjudiced.

c) The Company had paid a sum of Rs, 7,01,00,000/- to M/s. Kamani Tubes Ltd. towards obtaining sub-lease of the property belonging to them subject to fulfillment of certain conditions as stated in MOUs. However due to dispute between M/s. Kamani Tube Ltd. and Mumbai Port Trust, M/s. Kamani Tubes Ltd. is unable to obtain the necessary permission for transfer of the rights of sub-lease and possession of the said property to the Company. Accordingly the Company is not in a position to enforce its rights of sub-lease and obligations under the MOUs signed between the concerned parties to the transaction and the matter is under dispute. Currently the matter is sub-judice and the Company is in the process of seeking legal remedies available to it, in order to settle the dispute.

d) Micro and Small Enterprises: i) There is no interest paid/payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006. ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for this purpose.

e) The previous year's figures have been regrouped or rearranged wherever necessary.

---

Mar 31, 2014

(in Rupees)

31st March, 2014 31st March, 2013

1 Contingent Liabilities and Commitments (to the extent not provided for)

a) Contingent Liabilities

i) In respect of bank guarantee to stock exchanges against fixed deposits of Rs. 78,732,191/- ( previous year 7 81,206,313/-) 127,000,000 142,000,000

ii) Claim against the Company not acknowledged as debts in respect of SEBI turnover fee matter {Refer note - 28(b)} 60,924,000 60,924,000

iii) Claim against the company in respect of disputed income tax matters.

The Company has been legally advised that the demand is not tenable. 3,237,745 4,937,483

iv) Other Matters 704,294 -

191,866,039 207,861,483

2 Related Party Transactions

a) Details of related parties

Description of relationship Names of related parties

Subsidiary Company Joindre Commodities Limited

Key Managerial Persons: Anil Mutha, Dinesh Khandelwal, Paras Bathia, Subhash Agarwal, Sunil Jain

Relatives of Key Managerial Persons;

Anil Mutha HUF, C. D. Mutha, Dinesh Khandelwal HUF, Jaya Nitin Jain, K. C. Jain HUF, Kanchanbai Jain, Kiran Khandelwal, Milapchand Jain HUF, Neeraj Mutha, Neha Sanghvi, Nitin Jain, Nitin Jain HUF, Nikita Jain, Paras Bathia HUF, Pradeep M. Jain, Pradeep Jain HUF, Pravin Mutha, Prrti Bathia, Radhika Khandelwal, Ratna Bathia, Sachin M. Jain, Sachin Jain HUF, Sandhya Agarwal, Sneha Agarwal, Saurabh Agarwal, Sangeeta Jain, Seema Mutha, Shalini Sachin Jain, Shubham Sunil Jain, Subhash Agarwal HUF, Suganbai Bathia, Sunil Jain HUF, Swati P. Bathia, Vikas Khandelwal, Yogesh Bathia.

Companies / Firms over which the Key Managerial Persons / Relatives have significant influence or control:

Anil Mutha Securities Pvt. Ltd., Esam Share & Stock Brokers Pvt. Ltd., Goodluck Enterprises, Joindre Finance Pvt. Ltd., Malhar Traders Pvt. Ltd., Mumbai Stock Brokers Pvt. Ltd., Nalanda Mercantiles Pvt. Ltd., Neharaj Stock Brokers Pvt. Ltd., Ringman Investments & Finance Company Pvt. Ltd., Shree Swati Investments, Sachins Lifestyle Insurance Broker Pvt. Ltd.

3 Segment Information

The Company is engaged in business of share & stock broking & allied activities and there are no separate reportable segments as per Accounting Standard- 17 on "Segment Reporting"

4 Additional information to the financial statements

a) Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any. In the opinion of the Board, the Current Assets, Loans and Advances are stated approximately at the value, if realised in ordinary course of business.

b) Consequent upon the judgment of Hon''ble Supreme Court dated 1st February, 2001 in the case of BSE Brokers Forum, Bombay & Others etc versus Securities & Exchange Board of India (SEBI) & Others etc., the Company has paid the registration fees for cash segment. During the financial year 2004-05 the Securities & Exchange Board of India (SEBI) had forwarded to the Company, Fee Liability Statements for BSE Cash Segment showing outstanding principal amount of Rs. 609.24 Lacs plus interest thereon (to be calculated under the SEBI (Interest Liability Regularisation Scheme), 2004). The Company had filed an appeal before the Securities Appellate Tribunal (SAT), Mumbai challenging the said liability. The Hon''ble SAT had passed an interim order restraining the SEBI from enforcing the said liability subject to certain conditions. As per the interim order passed by the SAT, the Company had made payment of the principal and interest amount aggregating to Rs. 19.19 Lacs (for all memberships under the scheme). The Hon''ble SAT, Mumbai has passed a final order dated 9th May, 2006 in favour of the Company and have directed SEBI to consider the claim of the Company by passing an appropriate order. However SEBI has since preferred an appeal against the said order before Hon''ble Supreme Court and the matter is subjudiced.

c) The Company had paid a sum of Rs. 7,01,00,000/- to M/s. Kamani Tubes Ltd. towards obtaining sub-lease of the property belonging to them subject to fulfillment of certain conditions as stated in MOUs. However due to dispute between M/s. Kamani Tube Ltd. and Mumbai Port Trust, M/s. Kamani Tubes Ltd. is unable to obtain the necessary permission for transfer of the rights of sub-lease and possession of the said property to the Company. Accordingly the Company is not in a position to enforce its rights of sub-lease and obligations under the MOUs signed between the concerned parties to the transaction and the matter is under dispute. Currently the matter is sub-judice and the Company is in the process of seeking legal remedies available to it, in order to settle the dispute.

d) Micro and Small Enterprises: I) There is no interest paid/payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006. ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company lor this purpose.

e) The previous year''s figures have been regrouped or rearranged wherever necessary.

---

Mar 31, 2013

1 Operating Lease: Company as lessee

The Company has taken various office premises under operating lease or leave license agreement. The lease terms in respect of such premises are on the basis of individual agreement entered into with respective landlords. The Company has given refundable interest free security deposits in accordance with the agreed terms. The lease payment are recognised in the statement of profit and loss under "Rent" in Note - 21

2 Segment Information

The Company is engaged in business of share & stock broking & allied activities and there are no separate reportable segments as per Accounting Standard - 17 on "Segment Reporting"

3 Additional information to the financial statements

a) Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any. In the opinion of the Board, the Current Assets, Loans and Advances are stated approximately at the value, if realised in ordinary course of business.

b) Consequent upon the judgment of Hon''ble Supreme Court dated 1st February, 2001 in the case of BSE Brokers Forum, Bombay & Other etc versus Securities & Exchange Board of India (SEBI) & Others etc., the Company has paid the registration fees for cash segment. During the financial year 2004-05 the Securities & Exchange Board of India (SEBI) had forwarded to the Company, Fee Liability Statements for BSE Cash Segment showing outstanding principal amount of Rs. 609.24 Lacs plus interest thereon ( to be calculated under the SEBI (Interest Liability Regularisation Scheme), 2004). The Company had filed an appeal before the Securities Appellate Tribunal (SAT), Mumbai challenging the said liability. The Hon''ble SAT had passed an interim order restraining the SEBI from enforcing the said liability subject to certain conditions. As per the interim order passed by the SAT, the Company had made payment of the principal and interest amount aggregating to Rs. 19.19 Lacs (for all memberships under the scheme). The Hon''ble SAT, Mumbai has passed a final order dated 9th May, 2006 in favour of the Company and have directed SEBI to consider the claim of the Company by passing an appropriate order. However SEBI has since preferred an appeal against the said order before Hon''ble Supreme Court and the matter is subjudiced.

c) Micro and Small Enterprises: i) There is no interest paid/payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006. ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for this purpose.

d) The previous year''s figures have been regrouped or rearranged wherever necessary.

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Mar 31, 2012

A) Terms/Right attached to shares

i) The Company has one class of equity shares having par value of Rs. 10/- per share. Each holders of equity shares is entitled to one vote per share held. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of share holders in the ensuing Annual General Meeting, except in case of interim dividend.

ii) 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.

c) Details of shareholders holding more than 5% shares in the Company

1 Contingent Liabilities and Commitments (to the extent not provided for)

i) Contingent liabilities

In respect of bank guarantee to stock exchanges against fixed deposits of Rs. 81,817,287 (previous year Rs. 123,939,398 ) 152,000,000 243,500,000

ii) Claim against the Company not acknowledged as debts in respect of SEBI turnover fee matter 60,924,000 60,924,000

iii) Claim against the company in respect of disputed income tax matters.

The Company has been legally advised that the demand is not tenable. 4,937,483 2,260,528

217,861,483 306,684,528

iv) Commitments

Capital commitment not provided (net of advances) 99,300,000 99,300,000

317,161,483 405,984,528

2 Employee Benefits

Defined benefit plan and long term employment benefit Gratuity [ Defined benefit plan ]:

a) General description:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary [ last drawn salary ] for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

3 Segment Information

The Company is engaged in business of share & stock broking & allied activities and there are no separate reportable segments as per Accounting Standard- 17 on "Segment Reporting"

4 Additional information to the financial statements

a) Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any. In the opinion of the Board, the Current Assets, Loans and Advances are stated approximately at the value, if realised in ordinary course of business.

b) Consequent upon the judgment of Hon'ble Supreme Court dated 1st February, 2001 in the case of BSE Brokers Forum, Bombay & Other etc versus Securities & Exchange Board of India (SEBI) & Others etc., the Company has paid the registration fees for cash segment. During the financial year 2004-05 the Securities & Exchange Board of India (SEBI) had forwarded to the Company, Fee Liability Statements for BSE Cash Segment showing outstanding principal amount of Rs. 609.24 Lacs plus interest thereon ( to be calculated under the SEBI (Interest Liability Regularisation Scheme), 2004). The Company had filed an appeal before the Securities Appellate Tribunal (SAT), Mumbai challenging the said liability. The Hon'ble SAT had passed an interim order restraining the SEBI from enforcing the said liability subject to certain conditions. As per the interim order passed by the SAT, the Company had made payment of the principal and interest amount aggregating to Rs. 19.19 Lacs (for all memberships under the scheme). The Hon'ble SAT, Mumbai has passed a final order dated 9th May, 2006 in favour of the Company and have directed SEBI to consider the claim of the Company by passing an appropriate order. However SEBI has since preferred an appeal against the said order before Hon'ble Supreme Court and the matter is sub-juiced.

c) Micro and Small Enterprises: I) There is no interest paid/payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006. ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for this purpose.

d) For the year ended 31st march 2012, the Revised Schedule VI notified under The Companies Act, 1956 has become applicable to the company for preperation and presentation of its financial statement. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However it has significant impact on presentation and disclosures made in the financial statement. The company has also reclassified, regrouped the previous year figures in accordance with the requirements applicable in the Current Year.

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Mar 31, 2010

(In Rupees)

Particulars 31st March, 2010 31st March, 2009

1) Contingent Liabilities:

a) In respect of Bank Guarantees to Slock Exchanges (Against Fixed Deposits of Rs.8.40.24,362 (8,40.24.204)) 16,60,00,000 16,60,00.000

b) Claim against the Company not acknowledged as debts in respect of SEBI turnover fee matter ( Refer Note No 9 60,924,000 60,924,000 given as below)

c) Capital Commitment not provided for (net of advances) 104,300,000 119,300,000

2) The previous years figures have been regrouped or rearranged wherever necessary and the figures have been rounded of to the nearest rupees

3) Sundry Debtors. Creditors. Loans and Advances are subject to confirmation and reconciliation, if any In the opinion of the Board, the Current Assets, Loans and Advances are stated approximately at the value, it realised in ordinary course of business,

4) Consequent upon the judgment of the Honbfe Supreme Court dated 1st February, 2001 in the case Of BSE Brokers Forum. Bombay 8 Others etc, versus Securities & Exchange Board of India (SEBI) & Others etc. the Company has paid the registration fees for cash segment. During the financial year 2004-05 the Securities & Exchange Board of India {SEBI) had forwarded to the Company. Fee Liability Statements for BSE Cash Segment showing outstanding principal amount of Rs, 609.24 lacs plus inferesf thereon (to be calculated under the SEBI (Interest Liability Regulanzation Scheme) 2004). The Company had filed an appeal before the Securities Appellate Tribunal (SAT), Mumbai challenging the said liability. The Honble SAT had passed an interim order restraining the SEBI from enforcing the said liability subject to certain conditions. As per the Interim order passed by the SAT. the Company had made payment of the principal and interest amount aggregating to Rs, 19.19 lacs (for all memberships under the scheme). The Honbie SAT, Mumbai has passed a final order dated 9" May 2006 in favour of the Company and have directed SEBI to consider the claim of the company by passing an appropniale order. However SEBI has since preferred an appeal against said order before Honble Supreme Court

5) The Company is engaged in business of share & stock broking & allied activities and there are no separate reportable segments as par Accounting Standard -17on "Segment Reporting"

6) The Company has no outstanding dues to any Small Scale Industrial Undertaking.